杜邦財(cái)務(wù)分析體系外文文獻(xiàn)翻譯最新譯文

1、杜邦財(cái)務(wù)分析體系外文文獻(xiàn)翻譯最新譯文文獻(xiàn)信息標(biāo)題： The research on DuPont financial analysis system and profitabilityof listedcompanies作者： McGowan J期刊： Accounting and Finance Research頁(yè)碼： 52-63，第 1 卷，第 2 期， 2016 年原文The research on DuPont financial analysis system and profitability of listedcompaniesMcGowan JAbstractIn order

2、for the companys level of profitabilityfor the correct assessmentoffinancial analysis, have the certain ability is necessary, among them, more applicableto listing Corporation to evaluate the profitability of Du Pont financial analysis system.Financial analysis is not only the historical situation a

3、nd the present situation analysisof the company also can rely on the analysis of the historical situation and the presentsituation carries on the forecast to the companys future profitability, so as to be ableto correctly assess the companyslevel of profitability. The success and failure of acompany

4、 have great relationship withthe companys financiallevel, whilethecompanys financial level can be reflected by the results of the financial analysis.Key Words：DuPont financial analysis System; Profitability; ROE1 Introduction杜邦財(cái)務(wù)分析體系外文文獻(xiàn)翻譯最新譯文Now the trend of globalization is unstoppable, and this m

5、akes the competitionbetween enterprises is torn, it also increased the financial crisis and the degree ofoperating risk. Financial statements reflect the enterprises financial position andoperating results of a form, it is provided by the accounting entity. Enterprisepersonnel through financial stat

6、ements reflect the real situation, use financial methodsforserious analysis, accurate calculation, gradual decomposition and in-depthresearch, so that you can know the comprehensive ability of the enterprise, can knowhow companies can afford to pay the amount of how much power to keep normal operati

7、on of enterprises and profit. Enterprise yield strength is its profitability, and profitability is the real reflection of enterprise operating performance good or bad.The profitability of the relationship between the enterprise managers, creditors and theinterests of the shareholders, so their atten

8、tion to profit is very high, they always paidclose attention to the trend of the economy, and in a timely manner to make accurateanalysis and forecast the future situation. So, the enterprise managements main goalistoimprovethe profitabilityofenterprises. Because enterprises businessperformance is d

9、epend on the profitability of the company related indicators reflectthe real, the business operators through the analysis of profitability,can timely tocorrect some problems in the operation and management and make reasonable plan.We analyze the financial statements there are so many ways, compariso

10、n analysis, themain financial ratio method, trend analysis and factor analysis method. But the effectof these methods is limited, so it cant to enterprises financial position and operatingresults fully reflected, can only reflect one aspect. So, you need a comprehensive杜邦財(cái)務(wù)分析體系外文文獻(xiàn)翻譯最新譯文financial in

11、dicators on the financial condition of enterprises are an integral part of thereport, at the same time also must combine various related indicators, and then using acertain method to enterprises financial position and operating results to conduct acomprehensive in-depth research, and the specific me

12、thod is comprehensive analysismethod.2 Literature reviewIn1919, the UnitedStates DuPont, Pierre DuPont (Pierre DuPont) andDonaldson Brown (Donaldson Brown) set out the DuPont financial analysis System(DuPont System), the System is based on net assetsyield index, in part by part ofdecomposition, fina

13、llyto realize the organic combination of financial analysisindicators. Return on equity index is the core of DuPont financial analysis system,sales net profit multiplied by the total assets turnover and the rights and interests is theresult of the return on equity, with from top to bottom of key ind

14、ex decomposition, thecompanys profitability,operation ability,debt payments and other financialassociation between more clearly, it is widely used in the actual assessment,butactually very few foreign scholars studied it, let alone to improve its methods, toperfect its theory and practice and resear

15、ch on it, it is a handful. Palmers office atHarvard University in the United States, and in the analysis and evaluation forenterprises puts forward the sustainable growth rate, and use it as a deformation ofDuPont financial analysis system and complementary, build the palmers financialanalysis syste

16、m .This process is layers of decomposition process of financialindicators, this analysis method is actually one more consideration for dividend杜邦財(cái)務(wù)分析體系外文文獻(xiàn)翻譯最新譯文payment rate, but there is no big effect. Alex Kane is a professor at the university ofCalifornia, bode is a professor at the university of

17、 Boston, they jointlyat Bostoncollege Alan j. Marcus (Alan j. Marcus) (2003), a professor at the essenceof theinvestment of the books seriously analyzed the DuPont financial analysis system offive factors, it put the original DuPont analysis system of the three elements refinedafter the five factors

18、, will be the past the sales net profit rate target segmentation ofDuPont financial model to study the three elements, respectively is the interest rateburden ratio, income taxes, the tax burden ratio and sales earnings before interest andtax rate, and more detailed research seriously the debt inter

19、est and income tax rate, itsfrom the number of key indicators changed the DuPont analysis system. By the fiveelements DuPont model shows: in the net income for the rights and interests of factor,asset turnover ratio, ratio of sales compensation and interest burden ratio and theproduct of the tax bur

20、den ratio, and the rights and interests of the factor for theaverage amount of assets and the ratio of the amount of owners equity, asset turnoverratio for business income and the ratio of the average total assets, sales compensationratio for unpaid interest and the ratio of sales revenue, profit be

21、fore interest burdenratio for the amount of interestand profits before interest payments, the tax burdenratio to the ratio of the income tax amount and profit before tax amount. Can belearned from the above study, five elements DuPont return on net assets in thefinancial model depends on the interes

22、t factor, asset turnover ratio, ratio of salescompensation and interest burden ratio and tax burden these five key indicators. Themodel of enterprise income taxs influence on the net interest rate of the rights and杜邦財(cái)務(wù)分析體系外文文獻(xiàn)翻譯最新譯文interests is through the single factor of tax burden directly reflec

23、ted, and financialexpenses index is the key of the analysis. The rationality of the assets structure cannotleave the financial cost indicators of guidance. Capital of a limited number of cases inthe enterprise, the enterprise can have the most to gain from at the lowest cost is thesign of corporate

24、capital structure is reasonable. The quality of corporate profits isalso associated with interest expense.3 The DuPont financial analysis theory3.1 Factor analysis methodFactor analysis method, also called index factor analysis method, is the overallchange in the statistical index is used to things

25、method to evaluate the impact ofdifferentreasons, mainlydividedintofixedbase substitutionmethod, indexdecomposition method, the difference analysis method with serial alternative methods.As one of the subordinate application of multivariate statistical analysis, factoranalysis method is a good pract

26、ical method of statistical analysis. In this way, can aset of more able to reflect things characteristics, status and nature of the variables aresimplified into a few can decide things fundamental characteristics, embodies theinherent things, the nature of the internal variables, and use this a few

27、interrelatedvariables on economic indicators or analysis of the impact of financial indicators. Thiskind of analysis method is the key, when there are multiple factors to the object ofstudy, assuming that other factors are constant, according to the changes in order todetermine the individual factor

28、s to study the effect of the object.3.2 Ratio analysis杜邦財(cái)務(wù)分析體系外文文獻(xiàn)翻譯最新譯文Ratio analysis method is a more important key data from the annual report, theratio of the various data and comparison, thus for the companys history and ananalysis of the present situation and the level of sales methods, it is

29、essential to theevaluation of the financial situation strategy, possibly through the ratio of the two keydata in the annual report, the companys operating results and financial condition. Dueto the differences of financial analysis of the ultimate goal, different analysts,including government agenci

30、es, the emphasis of the management institution, creditorsrely on also has very big difference. For stock investment, grasp and use goodturnover ratio, growth levels, and ability of debt repayment ratio and profitabilityratios these indicators is more important.3.3 Trend analysis methodTrend analysis

31、 method, also known as the method of level analysis, comparativeanalysis method, this is a kind of the annual report of the various financial informationextracted, the same ratio of multiple consecutive compared with key indicators tosequential or calm base contrast, access to these key indicators c

32、hange amplitude andtrend, to the companys cash flow change trend, the operating and financial situationclearly reflected a financial analysis method. When using the trend analysis methodresearch on the company, usually need to compare to the annual report and prepare.By using the trend analysis meth

33、od, can hold a companys financial change trend, soas to provide a basis for the prediction of the companys future financial condition.3.4 DuPont financial analysis systemDuPont financial analysis system from the perspective of financial performance杜邦財(cái)務(wù)分析體系外文文獻(xiàn)翻譯最新譯文of the company, equity returns abi

34、lity and profitability analysis of the classical method.The idea of this method is to a companys return on equity is expressed as a number ofkeyfinancialindicators ofmultiplication,thus more systematic study ofthecompanys operations. In order to more comprehensive to analyze the companysoperating re

35、sults and financial status, need multipleinfluences each other keyindicators to the level of profitability, debt repayment ability and operation level wereanalyzed systematically. DuPont financial model is adopted the inherent connectionbetween several important financial indexes, to evaluate a comp

36、anys financialsituation. The system centered on net earnings ratio data, through the evaluation of thelevel of profitability, solvency, to build a balance sheet and income statement such asa number of key financial data analysis system. DuPont financial analysis System(DuPont financial analysis Syst

37、em) through the inherent connection between severalkey financial data, to evaluate the companys financial situation and the method, it is akind of from the perspective of financial performance of the company, equity returnsability and profitability evaluation method of classic. The idea of this meth

38、od is to acompanys return on equity is expressed as a number of key financial indicators ofmultiplication, thus more systematic study of the companys operations.譯文杜邦財(cái)務(wù)分析體系與上市公司盈利能力研究McGowan J摘要杜邦財(cái)務(wù)分析體系外文文獻(xiàn)翻譯最新譯文為了對(duì)公司的盈利水平進(jìn)行正確的評(píng)估，具備一定的財(cái)務(wù)分析能力是很必要的，其中，杜邦財(cái)務(wù)分析體系比較適用于對(duì)上市公司的盈利能力進(jìn)行評(píng)價(jià)。財(cái)務(wù)分析不僅能對(duì)公司的歷史情形與現(xiàn)狀分析，還能夠憑借對(duì)歷史情形與現(xiàn)狀的分析，對(duì)公司的未來(lái)盈利情況進(jìn)行預(yù)測(cè)，因而能夠正確地評(píng)估公司的盈利水平。一個(gè)公司的成功與失敗， 與該公司的財(cái)務(wù)水平有很大關(guān)聯(lián)，而公司的財(cái)務(wù)水平能夠通過(guò)財(cái)務(wù)分析的結(jié)果體現(xiàn)出來(lái)。關(guān)鍵詞：杜邦財(cái)務(wù)分析；盈利能力；凈資產(chǎn)收益率1 引言如今全球一體化的趨勢(shì)