Really modified Du Pont analysis Five ways(真正修改后的杜邦分析法 五种方式改

轻

松建立一个计算 机模型

（如电子表格）

，

人们可以了解 决策如何

“流到”

的基层，

这有利于统一财务规划。

（

Harringto n

和

Wilson

，

< br>1986

年）

。

在其最简单的形式，

我们可以说，

提高

ROE

的唯一的选择是增加营业利润，

成为使用现有 的资产产生的销售，

资产重组，

以更好地利用债务和或更好的控 制

更有效的借贷成本，或者，想办法，以减少企业税务负担。这些选择导致了每一

个不同的财务战略。

例如，

为了增加营业利润 一要么增加销售额

（以比产生的销

售成本的比例较高）

，或减少开支。因增加销售额通常比减少开支更困难，小企

业主可以尝试 通过成本控制降低费用：

1.

如果一个新的供应商可能会降低销 售价

格；

2.

如果一个网站可能是一种 可行的替代的产品目录；

3.

以前由其他企业做一

些任务可以在内部完成。在每一种情况下即使没有任何销售，纯收入都将增长，

与此同时净资产收益率也将上升。

此外，

小企业主可确定它们 是否明智地使用债

务。再融资的成本下降将减少现有的贷款利息开支，因此，增加净资产 收益率。

行使未使用的信贷可以增加一些相应的财务结构比例，使得净资产收益率增加。

而且，

考虑到税收措施经常是由联邦，

州和地方税务机构的制定的优势可以增加

税收的效果比，再次在净资产收益率相应增加。

总之，

净资产收益率是评价一个公司 的盈利情况的最全面的指标。

它考虑了

运营和投资决策以及与税 收有关的决定。在“真正”修改的杜邦模型中，净资产

收益率分为五个容易计算，

可用于改善企业潜力的战略研究比率。

它是所有的企

< br>业主，经理和顾问们评估和提出改善建议的所拥有一个工具。

注：图表、参考文献已略去（见原文）

Thomas J. Liesz Mesa State College 2003

Really modified Du Pont analysis:

Five ways to improve return on equity

Abstract

While the actual number of small business failures is often a topic of debate, the

fact that poor financial planning and control ranks as one of the top causes of business

distress

and

ultimate

failure

has

been

widely

documented.

Further,

owners

and

managers of both struggling and successful small businesses alike often ponder how

to improve the return they are getting from their enterprises. Ratio analysis provides a

wealth

of

information

that

is

useful

in

this

regard

and

one

type

of

analysis

in

particular

–

the

modified

Du

Pont

technique

–

can

be

used

to

enhance

decision

making with an eye on improving return. This paper: 1

）

explains the development and

mechanics of the “really” modified Du Pont ratio model, 2) gives practical direction

for

the

use

of

the

model,

and

3)

discusses

implications

for

the

model

’s

use

as

a

strategic management tool for small business owners, managers, and consultants.

Key words:

Du Pont analysis< /p>

；

modify

；

implications

Chapter one

：

The Du Pont Model: A Brief History

The

useof

financial

ratios

by

financial

analysts,

lenders,

academic

researchers,

and

small

business

owners

has

been

widely

acknowleged

in

the

literature.(See,

for

example, Osteryoung & Constand (1992),Devine & Seaton (1995), or Burson (1998)

The

concepts

of

Return

on

Assets

(ROA

hereafter)

and

Return

on

Equity

(ROE

hereafter)

are

important

for

understanding

the

profitability

of

a

business

enterprise.

Specifically,

a

“return

on”

ratio

illustrates

the

relationship

between

profits

and

the

investment

needed

to

generate

those

profits.

However,

these

conceptsare

often

“too

far

removed

from

normal

activities”

to

be

easily

understood

and

useful

to

many

managers or small business owners. (Slater and Olson, 1996)

In 1918, four years after he was hired by the Du Pont Corporation to work in its

treasury

department,

electrical

engineer

F.

Donaldson

Brown

was

given

the

task

of

untangling the finances of a company of which Du Pont had just purchased 23 percent

of its stock. (This company was General Motors!) Brown recognized a mathematical

relationship that existed between two commonly computed ratios, namely net profit

margin

(obviously

a

profitability

measure)

and

total

asset

turnover

(an

efficiency

measure),

and

product

of

the

net

profit

margin

and

total

asset

turnover

equals ROA.

Eq. 1:

(net income / sales) x (sales / total assets) = (net income / total assets) i.e.

ROA

At

this

point

in

time

maximizing

ROA

was

a

common

corporate

goal

and

the

realization

that

ROA

was

impacted

by

both

profitability

and

efficiency

led

to

the

development of a system of planning and control for all operating decisions within a

firm. This became the dominant form of financial analysis. (Blumenthal, 1998)

In

the

1970s

the

generally

accepted

goal

of

financial

management

became

“maximizing the wealth of the firm’s owners” (Gitman, 1998

) and focus shifted from

ROA to ROE. This led to the first major modification of the original Du Pont model.

In

addition

to

profitability

and

efficiency,

the

way

in

which

a

firm

financed

its

activities,

i.e.

its

use

of

“leverage”

became

a

third

area

of

at

tention

for

financial

managers. The new ratio of interest was called the equity multiplier, which is (total

assets / equity). The modified Du Pont model is shown in Equations 1 and 2 below.

Eq. 2:

ROA x (total assets / equity) = ROE

Eq. 3:

(net income / sales) x (sales / total assets) x (total assets / equity) = ROE

The

modified

Du

Pont

model

became

a

standard

in

all

financial

management