解碼杜邦分析外文文獻(xiàn)-會(huì)計(jì)系

1、電力大令畢業(yè)設(shè)計(jì)（論文）外文資料翻譯系：經(jīng)濟(jì)系專業(yè)：會(huì)計(jì)學(xué)姓名：陳鯨丞學(xué) 號(hào)：外文出處：（用外文寫）Decoding-dupont-analysis-170000193.html附件：1.外文資料翻譯譯文；2.外文原文。指導(dǎo)教師評(píng)語：所選外文資料（杜邦分析體系和財(cái)務(wù)報(bào)表分析要素兩部分）與研究課 題密切相關(guān)，認(rèn)真學(xué)習(xí)會(huì)對(duì)論文完成有較大幫助；翻譯比較準(zhǔn)確，專業(yè)術(shù) 語準(zhǔn)確。簽名：年 月 日word文檔可自由復(fù)制編輯附件1:外文資料翻譯譯文譯文一：解碼杜邦分析凈資產(chǎn)收益率(ROE是一個(gè)被知識(shí)淵博的投資者密切關(guān)注的數(shù)。也是一個(gè)衡量公司盈利能力的重要指標(biāo)。僅關(guān)注 ROE勺結(jié)果可能是有誤導(dǎo)性的，因?yàn)樵黾悠鋬r(jià)

2、值是件容易的事，但同時(shí)也使股票的風(fēng)險(xiǎn)更大。如果沒有一個(gè)方法將ROEB解分析而只關(guān)注RO的果，投資者可能會(huì)相信一個(gè)公司是一個(gè)很好的投資而實(shí)際上它不是。 閱讀以了解如何使用杜邦分析對(duì) ROE Return項(xiàng)目進(jìn)行了細(xì)分，并清楚的顯示出 凈資產(chǎn)增長的來源。凈資產(chǎn)收益率(ROE：或許太簡單了RO讓所以被廣泛使用，主要還是因?yàn)樗褂玫谋憷?，只要兩個(gè)數(shù)進(jìn)行計(jì)算， 其公式為：ROE =凈利潤 +股東權(quán)益當(dāng)ROE變大，通常意味著這家公司為股東創(chuàng)造的凈利潤在增加。 但問題在于， 如果公司有意通過不合理的手段，如增加大額債務(wù)來壓低股東權(quán)益，實(shí)現(xiàn)ROE勺增長，若對(duì)此不進(jìn)行深入分析，就很容易被表面虛高的ROE旨標(biāo)所

3、蒙蔽而意識(shí)不到公司隱藏的風(fēng)險(xiǎn)?！叭椒ā倍虐罘治龇榱吮苊馍鲜鯮OE勺缺陷，人們一直都在研究一種更為深入的分析指標(biāo)。 在20 世紀(jì)20年代，杜邦公司建立了一個(gè)分析方法，填補(bǔ)了這一需要將 ROE打造成一個(gè) 更復(fù)雜的方程。杜邦分析顯示了指標(biāo)在數(shù)量上的變動(dòng)原因。杜邦分析有兩套計(jì)算方法，一種是“三步法”，后來在此基礎(chǔ)上又延生出“五 步法”?！叭椒ā倍虐罘治瞿Ｐ椭饕婕暗饺齻€(gè)因素，即，凈利潤率、總資產(chǎn)周 轉(zhuǎn)率、權(quán)益乘數(shù)，其中：凈利潤率(Net profit margin ),衡量企業(yè)的運(yùn)營效率;資產(chǎn)周轉(zhuǎn)率(Total asset turnover ),衡量企業(yè)的資產(chǎn)使用效率;權(quán)益乘數(shù)（Equity m

4、ultiplier),衡量企業(yè)的財(cái)務(wù)杠桿作用word文檔可自由復(fù)制編輯三步法杜邦模型公式的推導(dǎo)過程：凈資產(chǎn)收益率=（稅后凈營運(yùn)利潤/銷售）乂 （銷售/平均資產(chǎn)凈值）=（稅后凈營運(yùn)利潤/銷售）乂 （銷售/總資產(chǎn)）乂 （總資產(chǎn)/股東權(quán)益）=凈利潤率X總資產(chǎn)周轉(zhuǎn)率X權(quán)益乘數(shù)我們將凈資產(chǎn)收益率分解為凈利率（公司從收入中獲得多少利潤） ，資產(chǎn)周轉(zhuǎn) 率（公司如何有效利用其資產(chǎn)）和權(quán)益乘數(shù)（衡量公司的杠桿是多少） ?，F(xiàn)在應(yīng)該 更有用。如果RO曲的增長來自于凈利潤率或資產(chǎn)周轉(zhuǎn)率的增長，則表示公司盈利能力 正在加強(qiáng)。如果ROE的增長僅僅是權(quán)益乘數(shù)所貢獻(xiàn)的，并且該公司之前的財(cái)務(wù)杠 桿已經(jīng)保持在適當(dāng)?shù)乃缴希瑒t表明

5、公司目前的財(cái)務(wù)杠桿過高，公司運(yùn)營處于較高 的風(fēng)險(xiǎn)中。即便ROE勺值沒有發(fā)生太大的變化，我們也可以從中發(fā)現(xiàn)一些問題。比如說， 如果公司的凈利潤率和資產(chǎn)周轉(zhuǎn)率都有所下降，而 ROE還能維持在原先水平上， 則說明一方面公司的運(yùn)營能力在下降，另一方面公司的財(cái)務(wù)杠桿存在過高的風(fēng)險(xiǎn)。“五步法”杜邦分析法“五步法”杜邦分析模型是在“三步法”的基礎(chǔ)上對(duì)凈利潤項(xiàng)目進(jìn)一步深入細(xì)分， 觀察息稅后凈利潤的變化情況。從三個(gè)方程，我們看到，在一般情況下，增加的凈 利潤率，資產(chǎn)周轉(zhuǎn)率和杠桿將增加凈資產(chǎn)收益率。五步方程表明，增加的財(cái)務(wù)杠桿 率并不總是顯示在凈資產(chǎn)收益率增加。五步法杜邦模型公式的推導(dǎo)過程由于凈利潤率的分子是凈收

6、入，這可以為稅前盈余（EBT的三個(gè)方程乘以1減去 公司的稅率：凈資產(chǎn)收益率=（稅前/銷售收入）乂 （銷售/資產(chǎn)）乂 （資產(chǎn)/股權(quán)）x （ 1 -稅 率）我們對(duì)這個(gè)再分解一次，由于稅前盈余是簡單的息稅前利潤（EBIT）減去公司的利息費(fèi)用。所以，如果替代了利息支出，我們得到：word文檔可自由復(fù)制編輯凈資產(chǎn)收益率=（息稅前利潤/銷售額）* （銷售/資產(chǎn)）-（利息費(fèi)用/資產(chǎn)）X （資產(chǎn)/股權(quán)）X （ 1 -稅率）凈資產(chǎn)收益率=（營業(yè)利潤率）X （資產(chǎn)周轉(zhuǎn)率）-（利息率）X （權(quán)益乘 數(shù)）X （稅務(wù)保留率）從上述公式中可以很清楚的看出公司外債情況，如果某個(gè)公司外債增加，則其利息 也隨之增加的情況就會(huì)在

7、公式中體現(xiàn)出來，從而財(cái)務(wù)杠桿作用也就被正面放大了。從公式背后邏輯分析公司運(yùn)營能力不論是“三步法”還是“五步法”，杜邦分析模型都在原有ROE旨標(biāo)的簡單計(jì)算基礎(chǔ)上對(duì)凈利潤進(jìn)行了深入觀察。通過對(duì)公司運(yùn)營涉及到的凈利潤、資產(chǎn)、負(fù)債 等方面的分析，衡量公司的凈利潤率質(zhì)量。在利用杜邦模型進(jìn)行分析的時(shí)候，不能 根據(jù)單獨(dú)某個(gè)季度或財(cái)年的數(shù)據(jù)就妄下判斷，而是應(yīng)當(dāng)縱向?qū)Ρ裙練v年來的情 況，另外，還可以與行業(yè)內(nèi)的競爭對(duì)手進(jìn)行比較。例如，對(duì)比兩家公司時(shí)，發(fā)現(xiàn)有一家公司的 ROEE較低，那么，我們應(yīng)當(dāng)看一 看，之所以低的原因是不是：（1）該公司的債權(quán)人認(rèn)為該公司運(yùn)營風(fēng)險(xiǎn)較高，因此 給予的利息較高，從而導(dǎo)致財(cái)務(wù)杠桿作用

8、偏低？ （2）又或者是，是不是該公司的成本偏高，導(dǎo)致公司利潤率較低？總結(jié)ROE旨標(biāo)看似很簡單，但其背后涉及的內(nèi)容卻很豐富。杜邦模型的優(yōu)點(diǎn)就在于把 這些涉及到的因素在同一個(gè)公式中都體現(xiàn)出來，讓人一目了然。簡言之，我們?cè)谶\(yùn) 用某些指標(biāo)進(jìn)行分析的時(shí)候，必須把公式背后隱藏的相關(guān)聯(lián)的因素考慮進(jìn)去，這樣 的分析才會(huì)更全面，也更精準(zhǔn)。譯文財(cái)務(wù)報(bào)表分析要素（部分）作者：Gibson.C.H.本文出自財(cái)務(wù)報(bào)表分析期刊12卷第2期，2009年word文檔可自由復(fù)制編輯比率分析法比率分析法是對(duì)來自企業(yè)年度財(cái)務(wù)報(bào)表的數(shù)據(jù)進(jìn)行計(jì)算和比較的一種分析方 法。通常財(cái)務(wù)比率以百分比或倍數(shù)的形式來表示。（一）流動(dòng)比率流動(dòng)比率一般

9、是用來衡量一個(gè)公司的短期償債能力。主要包括現(xiàn)行負(fù)債率、酸 性測試比率、銷售營運(yùn)資金率。（二）杠桿比率杠桿比率主要衡量公司長期資金供應(yīng)的保障程度，主要包括時(shí)間利息率、固定 費(fèi)用償付率、負(fù)債比率、債務(wù)/權(quán)益比率、債務(wù)與有形凈資產(chǎn)比率、固定資產(chǎn)收益 率、權(quán)益比率。（三）盈利能力比率盈利能力比率主要衡量一個(gè)企業(yè)的盈利能力。包括凈利率、杜邦資產(chǎn)回報(bào)率、 經(jīng)營收入率、資產(chǎn)周轉(zhuǎn)率、營業(yè)資產(chǎn)回收率、固定資產(chǎn)銷售率、返回投資回報(bào)率、 毛利率。（四）變現(xiàn)比率變現(xiàn)比率是衡量一個(gè)公司在資產(chǎn)負(fù)債表中使不同的賬戶轉(zhuǎn)換成現(xiàn)金或銷售收 入能力的指標(biāo)。主要包括應(yīng)收賬款周轉(zhuǎn)率、應(yīng)付賬款周轉(zhuǎn)率、平均付款期限、存貨 周轉(zhuǎn)率、存貨平均

10、年齡、工作周期、總資產(chǎn)周轉(zhuǎn)率、固定資產(chǎn)周轉(zhuǎn)率。（五）市場比率市場比率是指投資者用來評(píng)價(jià)一個(gè)企業(yè)的業(yè)績以確定是否將其作為投資或入 股對(duì)象的指標(biāo)。主要包括每股收益、每股盈余、保留盈余百分比、派息率、股息收 益率、每股賬面價(jià)值。（六）現(xiàn)金流量比率現(xiàn)金流量比率能表明一個(gè)企業(yè)資金的流動(dòng)性、借貸能力以及盈利能力的指標(biāo)。 主要包括經(jīng)營現(xiàn)金流/應(yīng)付票據(jù)、經(jīng)營現(xiàn)金流/總債務(wù)、經(jīng)營每股現(xiàn)金流量、經(jīng)營現(xiàn) 金流量/現(xiàn)金股利等。橫向分析法橫向分析法師以以前年度的某個(gè)項(xiàng)目為基準(zhǔn)，通過計(jì)算分析年度數(shù)據(jù)的增減變 動(dòng)，最后以百分比的形式表現(xiàn)出來的一種分析方法。它能夠顯示出意外變化或意外 維持不變的項(xiàng)目。它以某一年的數(shù)據(jù)作為基準(zhǔn)

11、來顯示出其他年度的數(shù)據(jù)變化。word文檔可自由復(fù)制編輯縱向分析法縱向分析法是指通過將各種賬戶余額除以相應(yīng)的總賬戶余額所得到的百分比 來反映在同一財(cái)務(wù)報(bào)表中各項(xiàng)目的結(jié)構(gòu)關(guān)系的一種分析方法。審查說明性資料分析法一般存在于年度報(bào)告、貿(mào)易期刊以及業(yè)界評(píng)論中的說明性資料，能夠有效的幫 助了解公司的財(cái)務(wù)狀況，說明性材料討論生產(chǎn)資本的擴(kuò)張以及和目標(biāo)有關(guān)的未來銷 售計(jì)劃，如少數(shù)民族聘用或聯(lián)盟談判，或者還會(huì)有助于解釋一個(gè)公司的股利分配政 策。比較分析法絕對(duì)數(shù)字或絕對(duì)比率似乎毫無意義，除非其與其他數(shù)字或比率相比較才會(huì)顯示 其價(jià)值0有見解性的比較方法通常有以下兩種類型 ：（一）趨勢分析法趨勢分析是通過研究一個(gè)企業(yè)過

12、去的業(yè)績來和現(xiàn)在的業(yè)績進(jìn)行比較，通過計(jì)算 比率來反映公司的業(yè)績變化，這種方法有助于及時(shí)發(fā)現(xiàn)企業(yè)存在的問題和挖掘良好 的管理模式，可通過將比率繪制成相應(yīng)的圖表，從而直觀的顯示其是否正在下降、 上升或保持相對(duì)穩(wěn)定。（二）和同行業(yè)平均值及競爭對(duì)手的比較如果一個(gè)企業(yè)的財(cái)務(wù)報(bào)表分析結(jié)果能夠與行業(yè)平均水平及競爭對(duì)手的業(yè)績水 平相比較，這將會(huì)變得非常有意義。從同行業(yè)中選擇三到四個(gè)企業(yè)，然后根據(jù)其財(cái) 務(wù)報(bào)表計(jì)算八到十個(gè)比率，最后用計(jì)算出的比率與本企業(yè)進(jìn)行比較，從而可以分析 出本企業(yè)在同行業(yè)中的不足之處。word文檔可自由復(fù)制編輯附件2:外文原文(復(fù)印件)外文一：Decoding DuPont Analysis

13、Return on equity (ROE) is a closely watched number among knowledgeable investors. It is a strong measure of howwell a companys managementcreates value for its shareholders. The number can be misleading, however, as itis vulnerable to measures that increase its value while also making the stock more

14、risky. Without a way of breaking down ROE components, investors couldbe duped into believing a company is a good investment when its not. Read on to learn how to use DuPont analysis to break apart ROE and get a much better understanding about where movements in ROE are coming from.ROE: Simple, Perha

15、ps too SimpleThe beauty of ROE is that it is an important measure that only requires two numbers to compute: net income and shareholders equity.ROE = net income / shareholders equityIf this number goes up, it is generally a great sign for the company as it is showing that the rate of return on the s

16、hareholders equity is rising.The problem is that this number can also rise simply when the company takes on more debt, thereby decreasing shareholder equity. This would increase the companys leverage, which could be a good thing, but it will also make the stock more risky.Three-Step DuPontTo avoid m

17、istaken assumptions, a more in-depth knowledge of ROE is needed.In the 1920s the DuPont corporation created an analysis method that Illsthis need by breaking down ROEinto a more complex equation. DuPont analysis shows the causes of shifts in the number.word文檔可自由復(fù)制編輯There are two variants of DuPont a

18、nalysis: the original three-step equation, and an extended five-step equation. The three-step equation breaks up ROE into three very important components:ROE = (net profit margin) * (asset turnover) * (equity multiplier)These components include:Operating efficiency - as measured by profit margin.Ass

19、et use efficiency - as measured by total asset turnover.Financial leverage - as measured by the equity multiplier.The Three-Step DuPont CalculationTaking the ROE equation: ROE = net income / shareholders equity and multiplying the equation by (sales / sales), we get:ROE = (net income / sales) * (sal

20、es / shareholders equity)=(net income / sales) * (sales / assets) * (assets / shareholders equity)=(net profit margin) * (asset turnover) * (equity multiplier)We have ROE broken down into net profit margin (how much profit the company gets out of its revenues), asset turnover (how effectively the co

21、mpanymakes use of its assets) and equity multiplier (a measure of how much the company is leveraged). The usefulness should now be clearer.If a companys ROE goes up due to an increase in the net profit margin or asset turnover, this is a very positive sign for the company. However, if the equity mul

22、tiplier is the source of the rise, and the companywas already appropriately leveraged, this is simply making things more risky. If the companyis getting over-leveraged, the stock might deserve more of a discount despite the rise in ROE. The company could be under-leveraged as well. In this case it c

23、ould be positive and show that the company is managing itself word文檔可自由復(fù)制編輯better.Even if a companys ROE has remained unchanged, examination in this way can be very helpful.Suppose a companyreleases numbers and ROEis unchanged.Examination with DuPont analysis could show that both net profit margin a

24、nd asset turnover decreased, two negative signs for the company, and the only reason ROE stayed the same wasa large increase in leverage. No matter what the initial situation of the company, this would be a bad sign.Five-Step DuPontThe five-step, or extended, DuPont equation breaks down net profit m

25、argin further. From the three-step equation we saw that, in general, rises in the net profit margin, asset turnover and leverage will increase ROE. The five-step equation shows that increases in leverage dont always indicate an increase in ROE. ROE= (operating profit margin) * (asset turnover) - (in

26、terest expense rate) * (equity multiplier) * (tax retention rate)If the companyhas a high borrowing cost, its interest expenses on more debt could mute the positive effects of the leverage.Learn the Cause Behind the EffectBoth the three- and five-step equations provide deeper understanding of a comp

27、anys ROE by examining what is really changing in a company rather than looking at one simple ratio. As always with financial statement ratios, they should be examined against the companys history and its competitors.For example, when looking at two peer companies, one may have a lower ROE. With the

28、five-step equation, you can see if this is lower because: creditors perceive the company as riskier and charge it higher interest, the company is poorly managedand has leverage that is too low, or the companyhas higher costs that decrease its operating profit margin. Identifying sources like these l

29、eads to better knowledge of the company and how it should be valued.The Bottom LineA simple calculation of ROE may be easy and tell quite a bit, but it does not provide the whole picture. If a companys ROE is lower than its peers, the three- or five-step identities can help show where the companyis

30、lagging. It can also shed light on how a company is lifting or propping up its ROE.DuPont analysis helps significantly broaden understanding of ROE.word文檔可自由復(fù)制編輯外文二:Essentials for Financial Statements AnalysisGibson.C.H.Journal of Financial Statement Analysis Vol.12 No.2,20092. 1. Ratio AnalysisRati

31、o analysis is the calculation and comparison of ratios which are derived from the information in a companys financial statements. Financial ratios are usually expressed as a percent or as times per period.Liquidity RatiosLiquidity ratios measure a firm s ability to meet its current obligations. Thes

32、e include Current Ratio, Acid Test Ratio, Sales to Working Capital, Working capital.Leverage RatiosLeverage ratios measure the degree of protection of suppliers of long term funds. These include Time Interest Earned, Fixed Charge Coverage, Debt Ratio, Debt / Equity Ratio, Debt to Tangible Net worth

33、Ratio, Current Worth / Net worth Ratio, Total Capitalization Ratio, Fixed Asset Ratio / Equity Ratio, Long term Assets versus Long term Debt.Profitability RatiosProfitability ratios measure the earning ability of a firm. These includeNet Profit Margin, Return on Assets, DuPont Return on Assets, Oper

34、atingIncome Margin, Operating Assets Turnover, Return on Operating Assets, Sales to Fixed Assets, Return on Investment (ROI), Return on Total Equity, Gross Profit Margin.Activity RatiosActivity ratios measure a firms ability to convert different accountswithin their balance sheets into cash or sales

35、. These include Accounts word文檔可自由復(fù)制編輯 Receivable Turnover, Average Collection Period, Accounts Payable Turnover, Average Payment Period, Inventory Turnover, Average Age of Inventory, Operating Cycle, Total Assets Turnover, Fixed Assets Turnover. e) Market RatiosMarket ratios are commonly used by th

36、e investors to assess the performance of a business as an investment and also the cost of issuing stock. These include Dividend per share, Earning per Share, Price/earning Ratio, Percentage of Earnings Retained, Dividend Payout, Dividend Yield, Book Value per Share.f) Statements of Cash FlowCash flo

37、w ratios indicate liquidity, borrowing capacity and profitability.These include Operating Cash Flow /Current Maturities of Long Term Debt and Current Notes Payable, Operating Cash Flow/Total Debt, Operating Cash Flow per Share, Operating Cash Flow/Cash Dividends.Horizontal AnalysisHorizontal analysi

38、s is done by computing the increase or decrease in percentage terms of each item from the prior year. It highlights items that have changed unexpectedly or have unexpectedly remained unchanged. It uses one years worth of entries as a baseline while every other year represents differences in terms of

39、 changes to that baseline.Vertical AnalysisIt is a technique for identifying relationship between items in the same financial statement by expressing all amounts as the percentage of the total amount taken as 100.Review of Descriptive InformationThe descriptive information found in an annual report,

40、 in trade periodicals, and in industry reviews helps in understanding the financial position ofa firm. Descriptive material might discuss the role of research and development in producing future sales, present data on capital expansion and the goal related such as minority hiring or union negotiatio

41、ns, or help word文檔可自由復(fù)制編輯 explain the dividend policy of the firm.ComparisonsAbsolute figures or ratios appear meaningless unless compared to otherfigures or ratios. Several types of comparisons offer insight, e.g.Trend AnalysisTrend analysis studies the financial history of a firm for comparison. Itis the comparative analysis of a companys financial ratios over time. This helps to detect problem