英语行业分析报告什么是杜邦财务分析体系
What is the Dupont system of financial analysis
Definition
Dupont financial analysis system ( The Du Pont System ) is a kind of practical financial analysis system, evaluation of enterprise performance from the most comprehensive and representative index - the rate of return on net assets, the main financial ratios between the immanent and organic connection, on the financial situation of enterprises and economic benefits of comprehensive system analysis and evaluation.
Source
Dupont financial analysis system ( The Du Pont System ) by the United States of America Dupont company first name.
Application
The Dupont system of financial analysis to the net assets income rate leading to net assets, rate and equity multiplier as the core, reveals the focus of enterprise profit ability and the equity multiplier effect on the rate of return on net assets, as well as the relevant index mutual effects. Layer decomposition to the most basic factor of production to use, cost and cost constitution and the risks of enterprises, to meet the operator through financial analysis, performance evaluation of the need, the goal of management changes occur to timely find out the reasons and correction.
The Dupont system of financial analysis of several main formula is:
Rate of return on net assets = net sales x asset turnover x equity multiplier
Rate of return on net assets = net profit or net assets;
Rate of return on net assets = equity multiplier x assets net interest rate;
Equity multiplier = 1 / ( 1 - the ratio of liabilities to assets );
Ratio of liabilities to assets = debt / total assets;
Assets = net sales net interest rate X asset turnover ratio;
Sales net profit rate = net profit / sales;
Asset turnover = sales / average total assets.
Dupont analysis of the main points:
First of all, the rate of return on net assets is a comprehensive strong return on investment index, the main determinants of net interest rate is asset and equity multiplier.
Secondly, the net assets of interest rate is the rate of return on net assets of the key indicators, the enterprise in a certain period of net profit and the asset of the enterprise is compared, show the enterprise asset utilization comprehensive effect.
Again, interest multiplier said enterprise debt level, by the assets and liabilities rate influence. Enterprise debt rate is higher, the debt ratio is larger, the higher the equity multiplier, explained that the enterprise has a higher debt level, give an enterprise to bring more leverage, but also to the enterprise has brought more risk.
Case
98 years of Shanghai automobile equity multiplier 1.2 below the FAW Jinbei 2.8_9 net sales of 0.36, slightly higher than the FAW Jinbei 0.11, capital turnover rate 0.4 higher than the FAW Jinbei 0.62. Results, net assets income rate of 0.172% is slightly lower than the FAW Jinbei 0.197%. 96 years Shanghai FAW Jinbei Automobile and the rate of return on net assets were 0.61% and 0.03%, Shanghai automotive operating conditions of a certain degree of deterioration. May see through the analysis, Shanghai car net assets income rate changes in capital structure ( equity multiplier ) changes and asset utilization effect ( net interest rate ) change two respects are collective the result of action, FAW Jinbei net assets income rate is mainly due to changes in interest rates caused by net assets, because of its relatively little change in equity multiplier.
Case shows, the rate of return on net assets reflect the owners' equity of the company 's return on investment, has the very strong comprehensive. Net assets income rate decision factors of equity multiplier, net profit on sales and capital turnover rate, the ratio of the three respectively reflect the enterprise debt ratio, profitability ratio and asset management ratios, thus it reflects the profitability of business ability, financial decision and financing way and the result of various factors. The index decomposition, can make the rate of return on net assets of such a comprehensive index lifting causes specific, quantitative description of enterprise management problems, than an index can provide more clear, more valuable information
定义
杜邦财务分析体系（The Du Pont System）是一种实用的财务分析体系，从评价企业绩效最具综合性和代表性的指标-净资产收益率出发，利用各主要财务比率指标间的内在有机联系，对企业财务状况及经济效益进行综合系统分析评价。
来源
杜邦财务分析体系（The Du Pont System）由美国杜邦公司首创而得名。
应用
杜邦财务分析体系以净资产收益率为龙头，以资产净利率和权益乘数为核心，重点揭示企业获利能力及权益乘数对净资产收益率的影响，以及各相关指标间的相互影响作用关系。层层分解至企业最基本生产要素的使用，成本与费用的构成和企业风险，满足经营者通过财务分析进行绩效评价的需要，在经营目标发生异动时能及时查明原因并予以修正。
杜邦财务分析体系的几个主要公式是：
净资产收益率 = 销售净利率×资产周转率×权益乘数
净资产收益率 = 净利润/净资产；
净资产收益率 = 权益乘数×资产净利率；
权益乘数 = 1/（1- 资产负债率）；
资产负债率 = 负债总额/资产总额；
资产净利率 = 销售净利率×资产周转率；
销售净利率 = 净利润/销售收入；
资产周转率 = 销售收入/平均资产总额。
杜邦分析的要点：
首先，净资产收益率是一个综合性极强的投资报酬指标，决定因素主要是资产净利率和权益乘数。
其次，资产净利率是影响净资产收益率的关键指标，把企业一定期间的净利润与企业的资产相比较，表明企业资产利用的综合效果。
再次，权益乘数表示企业负债程度，受资产负债率影响。企业负债程度越高，负债比率越大，权益乘数越高，说明企业有较高的负债程度，给企业带来较多的杠杆利益，同时也给企业带来了较多的风险。
案例
英语行业分析报告98年上海汽车权益乘数1.2低于一汽金杯的2.8_9,销售净利率0.36略高于一汽金杯的0.11,资金周转率0.4高于一汽金杯的0.62.结果，净资产收益率0.172%略低于一汽金杯的0.197%.而96年上海汽车和一汽金杯的净资产收益率分别为0.61%和0.03%,说明上海汽车的经营状况出现了一定程度的恶化。通过分析可以看出，上海汽车净资产收益率的变动在于资本结构（权益乘数）变动和资产利用效果（资产净利率）变动两方面共同作用的结果，一汽金杯的净资产收益率变动主要是由于资产净利率变动引起的，因为其权益乘数相对变化不大。
案例表明，净资产收益率反映公司所有者权益的投资报酬率，具有很强的综合性。决定净资产收益率高低的因素有权益乘数、销售净利率和资金周转率，这三个比率分别反映了企业的负债比率、盈利能力比率和资产管理比率，因此它所反映的获利能力是企业经营能力、财务决策和筹资方式等多种因素综合作用的结果。这样通过指标分解之后，可以把净资产收益率这样一项综合性指标发生升降的原因具体化，定量地说明企业经营管理中存在的问题，比一项指标能提供更明确、更有价值的信息。