杜邦财务分析体系外文文献翻译最新译文.docx

杜邦财务分析体系外文文献翻译最新译文.docx

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杜邦财务分析体系外文文献翻译最新译文

文献信息

标题：

TheresearchonDuPontfinancialanalysissystemandprofitabilityoflistedcompanies

作者：

McGowanJ

期刊：

AccountingandFinanceResearch

页码：

52-63，第1卷，第2期，2016年

原文

TheresearchonDuPontfinancialanalysissystemandprofitabilityoflistedcompanies

McGowanJ

Abstract

Inorderforthecompany'slevelofprofitabilityforthecorrectassessmentoffinancialanalysis,havethecertainabilityisnecessary,amongthem,moreapplicabletolistingCorporationtoevaluatetheprofitabilityofDuPontfinancialanalysissystem.Financialanalysisisnotonlythehistoricalsituationandthepresentsituationanalysisofthecompanyalsocanrelyontheanalysisofthehistoricalsituationandthepresentsituationcarriesontheforecasttothecompany'sfutureprofitability,soastobeabletocorrectlyassessthecompany'slevelofprofitability.Thesuccessandfailureofacompanyhavegreatrelationshipwiththecompany'sfinanciallevel,whilethecompany'sfinanciallevelcanbereflectedbytheresultsofthefinancialanalysis.

KeyWords：

DuPontfinancialanalysisSystem;Profitability;ROE

1Introduction

Nowthetrendofglobalizationisunstoppable,andthismakesthecompetitionbetweenenterprisesistorn,italsoincreasedthefinancialcrisisandthedegreeofoperatingrisk.Financialstatementsreflecttheenterprise'sfinancialpositionandoperatingresultsofaform,itisprovidedbytheaccountingentity.Enterprisepersonnelthroughfinancialstatementsreflecttherealsituation,usefinancialmethodsforseriousanalysis,accuratecalculation,gradualdecompositionandin-depthresearch,sothatyoucanknowthecomprehensiveabilityoftheenterprise,canknowhowcompaniescanaffordtopaytheamountofhowmuchpowertokeepnormaloperationofenterprisesandprofit.Enterpriseyieldstrengthisitsprofitability,andprofitabilityistherealreflectionofenterpriseoperatingperformancegoodorbad.Theprofitabilityoftherelationshipbetweentheenterprisemanagers,creditorsandtheinterestsoftheshareholders,sotheirattentiontoprofitisveryhigh,theyalwayspaidcloseattentiontothetrendoftheeconomy,andinatimelymannertomakeaccurateanalysisandforecastthefuturesituation.So,theenterprisemanagement'smaingoalistoimprovetheprofitabilityofenterprises.Becauseenterprise'sbusinessperformanceisdependontheprofitabilityofthecompanyrelatedindicatorsreflectthereal,thebusinessoperatorsthroughtheanalysisofprofitability,cantimelytocorrectsomeproblemsintheoperationandmanagementandmakereasonableplan.Weanalyzethefinancialstatementstherearesomanyways,comparisonanalysis,themainfinancialratiomethod,trendanalysisandfactoranalysismethod.Buttheeffectofthesemethodsislimited,soitcan'ttoenterprise'sfinancialpositionandoperatingresultsfullyreflected,canonlyreflectoneaspect.So,youneedacomprehensivefinancialindicatorsonthefinancialconditionofenterprisesareanintegralpartofthereport,atthesametimealsomustcombinevariousrelatedindicators,andthenusingacertainmethodtoenterprise'sfinancialpositionandoperatingresultstoconductacomprehensivein-depthresearch,andthespecificmethodiscomprehensiveanalysismethod.

2Literaturereview

In1919,theUnitedStatesDuPont,PierreDuPont（PierreDuPont）andDonaldsonBrown（DonaldsonBrown）setouttheDuPontfinancialanalysisSystem（DuPontSystem）,theSystemisbasedonnetassetsyieldindex,inpartbypartofdecomposition,finallytorealizetheorganiccombinationoffinancialanalysisindicators.ReturnonequityindexisthecoreofDuPontfinancialanalysissystem,salesnetprofitmultipliedbythetotalassetsturnoverandtherightsandinterestsistheresultofthereturnonequity,withfromtoptobottomofkeyindexdecomposition,thecompany'sprofitability,operationability,debtpaymentsandotherfinancialassociationbetweenmoreclearly,itiswidelyusedintheactualassessment,butactuallyveryfewforeignscholarsstudiedit,letalonetoimproveitsmethods,toperfectitstheoryandpracticeandresearchonit,itisahandful.Palmer'sofficeatHarvardUniversityintheUnitedStates,andintheanalysisandevaluationforenterprises"putsforwardthesustainablegrowthrate,anduseitasadeformationofDuPontfinancialanalysissystemandcomplementary,buildthe"palmer'sfinancialanalysissystem".Thisprocessislayersofdecompositionprocessoffinancialindicators,thisanalysismethodisactuallyonemoreconsiderationfordividendpaymentrate,butthereisnobigeffect.AlexKaneisaprofessorattheuniversityofCalifornia,bodeisaprofessorattheuniversityofBoston,theyjointlyatBostoncollegeAlanj.Marcus（Alanj.Marcus）（2003）,aprofessorattheessenceoftheinvestmentofthebooksseriouslyanalyzedtheDuPontfinancialanalysissystemoffivefactors,itputtheoriginalDuPontanalysissystemofthe"threeelements"refinedafterthe"fivefactors",willbethepastthesalesnetprofitratetargetsegmentationofDuPontfinancialmodeltostudythethreeelements,respectivelyistheinterestrateburdenratio,incometaxes,thetaxburdenratioandsalesearningsbeforeinterestandtaxrate,andmoredetailedresearchseriouslythedebtinterestandincometaxrate,it'sfromthenumberofkeyindicatorschangedtheDuPontanalysissystem.Bythe"fiveelements"DuPontmodelshows:

inthenetincomefortherightsandinterestsoffactor,assetturnoverratio,ratioofsalescompensationandinterestburdenratioandtheproductofthetaxburdenratio,andtherightsandinterestsofthefactorfortheaverageamountofassetsandtheratiooftheamountofowners'equity,assetturnoverratioforbusinessincomeandtheratiooftheaveragetotalassets,salescompensationratioforunpaidinterestandtheratioofsalesrevenue,profitbeforeinterestburdenratiofortheamountofinterestandprofitsbeforeinterestpayments,thetaxburdenratiototheratiooftheincometaxamountandprofitbeforetaxamount.Canbelearnedfromtheabovestudy,"fiveelements"DuPontreturnonnetassetsinthefinancialmodeldependsontheinterestfactor,assetturnoverratio,ratioofsalescompensationandinterestburdenratioandtaxburdenthesefivekeyindicators.Themodelofenterpriseincometax'sinfluenceonthenetinterestrateoftherightsandinterestsisthroughthesinglefactoroftaxburdendirectlyreflected,andfinancialexpensesindexisthekeyoftheanalysis.Therationalityoftheassetsstructurecannotleavethefinancialcostindicatorsofguidance.Capitalofalimitednumberofcasesintheenterprise,theenterprisecanhavethemosttogainfromatthelowestcostisthesignofcorporatecapitalstructureisreasonable.Thequalityofcorporateprofitsisalsoassociatedwithinterestexpense.

3TheDuPontfinancialanalysistheory

3.1Factoranalysismethod

Factoranalysismethod,alsocalledindexfactoranalysismethod,istheoverallchangeinthestatisticalindexisusedtothingsmethodtoevaluatetheimpactofdifferentreasons,mainlydividedintofixedbasesubstitutionmethod,indexdecompositionmethod,thedifferenceanalysismethodwithserialalternativemethods.Asoneofthesubordinateapplicationofmultivariatestatisticalanalysis,factoranalysismethodisagoodpracticalmethodofstatisticalanalysis.Inthisway,canasetofmoreabletoreflectthingscharacteristics,statusandnatureofthevariablesaresimplifiedintoafewcandecidethingsfundamentalcharacteristics,embodiestheinherentthings,thenatureoftheinternalvariables,andusethisafewinterrelatedvariablesoneconomicindicatorsoranalysisoftheimpactoffinancialindicators.Thiskindofanalysismethodisthekey,whentherearemultiplefactorstotheobjectofstudy,assumingthatotherfactorsareconstant,accordingtothechangesinordertodeterminetheindividualfactorstostudytheeffectoftheobject.

3.2Ratioanalysis

Ratioanalysismethodisamoreimportantkeydatafromtheannualreport,theratioofthevariousdataandcomparison,thusforthecompany'shistoryandananalysisofthepresentsituationandthelevelofsalesmethods,itisessentialtotheevaluationofthefinancialsituationstrategy,possiblythroughtheratioofthetwokeydataintheannualreport,thecompany'soperatingresultsandfinancialcondition.Duetothedifferencesoffinancialanalysisoftheultimategoal,differentanalysts,includinggovernmentagencies,theemphasisofthemanagementinstitution,creditorsrelyonalsohasverybigdifference.Forstockinvestment,graspandusegoodturnoverratio,growthlevels,andabilityofdebtrepaymentratioandprofitabilityratiostheseindicatorsismoreimportant.

3.3Trendanalysismethod

Trendanalysismethod,alsoknownasthemethodoflevelanalysis,comparativeanalysismethod,thisisakindoftheannualreportofthevariousfinancialinformationextracted,thesameratioofmultipleconsecutivecomparedwithkeyindicatorstosequentialorcalmbasecontrast,accesstothesekeyindicatorschangeamplitudeandtrend,tothecompany'scashflowchangetrend,theoperatingandfinancialsituationclearlyreflectedafinancialanalysismethod.Whenusingthetrendanalysismethodresearchonthecompany,usuallyneedtocomparetotheannualreportandprepare.Byusingthetrendanalysismethod,canholdacompany'sfinancialchangetrend,soastoprovideabasisforthepredictionofthecompany'sfuturefinancialcondition.

3.4DuPontfinancialanalysissystem

DuPontfinancialanalysissystemfromtheperspectiveoffinancialperformanceofthecompany,equityreturnsa