reallymodifieddupontanalysisfiveways(真正修改后的杜邦分析法五種方式改善)-外文翻譯-wenkub.com
2025-10-20 06:00 本頁面
【正文】 Equity .. $662,000 Total Assets ………………. $662,00 0 Computation of ROE 1. Operating Profit Margin = $39,648 / $766,990 = . % 2. Capital Turnover = $766,990 / $411,000* = 3. Financial Cost Ratio = $27,201 / $39,648 = % 4. Financial Structure Ratio = $411,000 / $185,700 = 5. Tax Effect Ratio = $19,201 / $27,201 = % ROE = .0517 x x .6861 x x .7059 = % Invested Capital = Cash ($40,000) + Working Capital Requirement [$185,000 + $200,000 + $12,000] –[$205,000 + $46,000] (or $146,000) + Net Fixed Assets ($225,000) = $411,000 Note that this is the same as conventional putation of ROE: $19,201 / $185,700 = % Conclusions The “really” modified Du Pont model of ratio analysis can demystify relatively plex financial analysis .Each operating and financial decision can be made within a framework of how that decision will impact ROE. Easily set up on a puter model (such as a spreadsheet), one can see how decisions “flow through” to the bottom line, which facilitates coordinated financial planning. (Harrington amp。 Taxes or EBIT / sales) 2. capital turnover: (sales / invested capital) The firm’s financing decisions are those that determine the mix of debt and equity used to fund the firm’s operating decisions. These are captured in the third and fourth ratios of the “really” modified model. These are: 3. financial cost ratio: (Earnings Before Taxes or EBT / EBIT) 4. financial structure ratio: (invested capital / equity) The final determinant of a firm’s ROE is the incidence of business taxation. The higher the tax rate applied to a firm’s EBT, the lower its ROE. This is captured in the fifth ratio of the “really” modified model. 5. tax effect ratio: (Earnings After Taxes or EAT / EBT) The relationship that ties these five ratios together is that ROE is equal to their bined product. (See Equation 4.) Chapter three ： Example of applying the “really” modified Du Pont model To illustrate how the model works, consider the ine statement and balance sheet for the fictitious small firm of Herrera amp。它是所有的企業(yè)主，經(jīng)理和顧問們評估和提出改善建議的所擁有一個(gè)工具。而且，考慮到稅收措施經(jīng)常是由聯(lián)邦，州和地方稅務(wù)機(jī)構(gòu)的制定的優(yōu)勢可以增加稅收的效果比，再次在凈資產(chǎn)收益率相應(yīng)增加。在每一種情況 下即使沒有任何銷售，純收入都將增長，與此同時(shí)凈資產(chǎn)收益率也將上升。 在其最簡單的形式 ，我們可以說，提高 ROE 的唯一的選擇是增加營業(yè)利潤，成為使用現(xiàn)有的資產(chǎn)產(chǎn)生的銷售，資產(chǎn)重組，以更好地利用債務(wù)和或更好的控制更有效的借貸成本，或者，想辦法，以減少企業(yè)稅務(wù)負(fù)擔(dān)。 5．稅收效應(yīng)比：（稅后利潤 /稅前利潤） 這五個(gè)比率相乘就等于凈資產(chǎn)收益率。它們是： 1．營業(yè)利潤率：（息稅前利潤 /銷售收入） 2．資本周轉(zhuǎn)率：（銷售收入 /投資資本） 公司的融資決策是那些決定債務(wù)和權(quán)益組合的決策，用于支撐該公司的經(jīng)營決策。此修改形成與凈資產(chǎn)收益率相結(jié)合的五個(gè)不同的比率。修改后的杜邦模型見方程 1 和 2 所示。這成為財(cái)務(wù)分析的主要形式。 （ Slater 和 Olson 1996 年） 1918 年，即機(jī)電工程師 F. Donaldson Brown 被聘請?jiān)诙虐罟镜膰鴰焓鸸ぷ鞯乃哪旰?，公司給他安排解析一家股票公司的財(cái)務(wù)狀況任務(wù)，剛好杜邦公司購買了占該公司 23%股權(quán)的股票。 第一章、杜邦模型的簡史 金融分析師，貸款人，學(xué)術(shù)研究人員及小企業(yè)主對財(cái)務(wù)比率的使用已被廣泛記錄在文獻(xiàn)中。此外，不管是正在奮斗的還是已成功的小企業(yè)主和管理人員都經(jīng)常思考如何提高他們的從企業(yè)中獲得的回報(bào)。在這方面，比率分析提供了豐富且有益的信息。資產(chǎn)收益（以下簡稱總資產(chǎn)收益率）和股東權(quán)益收益（凈資產(chǎn)收益率下同）的概念是理解一個(gè)企業(yè)的盈利能力的重要依據(jù)。（這是通用汽車公司！）布朗認(rèn)為兩種常用的計(jì)算比率之間存在著數(shù)學(xué)關(guān)系，即凈利潤率（顯然是衡量盈利能力）和總資產(chǎn)周轉(zhuǎn)率（效率指標(biāo)）。（ Blumenthal, 1998 年） 在 20 世紀(jì) 70 年代財(cái)務(wù)管理普遍接受的目標(biāo)變成了 “ 所有者權(quán)益最大化 ”（ Gitman， 1998 年）重點(diǎn)也從總資產(chǎn)凈利率轉(zhuǎn)移到凈
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