reallymodifieddupontanalysisfiveways(真正修改后的杜邦分析法五種方式改善)-外文翻譯(參考版)
2024-11-07 06:00本頁面
【正文】 Wilson, 1986). In its simplest form, we can say that to improve ROE the only choices one has are to increase operating profits, bee more efficient in using existing assets to generate sales, recapitalize to make better use of debt and/orbetter control the cost of borrowing, or find ways to reduce the tax liability of the firm. Each of these choices leads to a different financial strategy. For example, to increase operating profits one must either increase sales (in a higher proportion than the cost of generating those sales) or reduce expenses. Since it is generally more difficult to increase sales than it is to reduce expenses, a small business owner can try to lower expenses by determining: 1) if a new supplier might offer equivalent goods at a lower cost, or 2) if a website might be a viable alternative to a catalog, or 3) can some tasks currently being done by outsiders be done inhouse. In each case ine will rise without any increase in sales and ROE will rise as , small business owners can determine if they are using debt wisely. Refinancing an existing loan at a cheaper rate will reduce interest expenses and, thus, increase ROE. Exercising some of an unused line of credit can increase the financial structure ratio with a corresponding increase in ROE. And, taking advantage of tax incentives that are often offered by federal, state, and local taxing authorities can increase the tax effect ratio, again with a mensurate increase in ROE. In conclusion, ROE is the most prehensive measure of profitability of a firm. It considers the operating and investing decisions made as well as the financing and taxrelated decisions. The “really” modified Du Pont model dissects ROE into five easily puted ratios that can be examined for potential strategies for improvement. It should be a tool that all business owners, managers, and consultants have at their disposal when evaluating a firm and making remendations for improvement. References [1].Blumenthal, Robin G..This is the gift to be simple: Why the 80yearold Du Pont model still has fans, CFO Magazine, January, 1998, pp. 13. [2].Brigham, Eugene F. and Houston, Joel F. Fundamentals of Financial Management, Concise Third Edition, Harcourt Publishers, 2020. [3].Bruno,A,Leidecker, J. and Harder, J. Why firms fail,Business Horizons, March/April 1987, . [4].Burson, Robert, Tools you can use for improved ratio analysis, San Diego Business Journal, 12/07/98, Vol. 19, Issue 49, pp. 1923. [5].Devine, Kevin and Seaton, Lloyd. An examination of quarterly financial ratio stability: implications for financial decision making, Journal of Applied Business Research, Winter, 1995, pp. 8198. [6].Gaskill, L.,Van Auken,H and Manning,R. A factor analytic study of the perceived causes of small business failure,Journal of Small Business Management, 1993, 31, pp. 1831. [7].Gill, James O. Financial Basics of Small Business Success, Crisp Publications, 1994. [8].Gitman, Lawrence J. Principles of Financial Management, 8th Edition, Addison Wesley Publishers, 2020. [9].Harrison, Diana and Wilson, Brent. Corporate Financial Analysis, Business Publications, Inc. 1986.
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