解码杜邦分析外文文献会计系.doc

毕业设计(论文)外文资料翻译系 ： 经济系 专 业： 会计学 姓 名： 陈鲸丞 学 号： 1008260101 (用外文写)外文出处： Decoding-dupont-analysis-170000193.html 附 件： 1.外文资料翻译译文；2.外文原文。 指导教师评语：所选外文资料（杜邦分析体系和财务报表分析要素两部分）与研究课题密切相关，认真学习会对论文完成有较大帮助；翻译比较准确，专业术语准确。 签名： 年 月 日附件1：外文资料翻译译文译文一：解码杜邦分析净资产收益率（ROE）是一个被知识渊博的投资者密切关注的数。也是一个衡量公司盈利能力的重要指标。仅关注ROE的结果可能是有误导性的，因为增加其价值是件容易的事，但同时也使股票的风险更大。如果没有一个方法将ROE拆解分析而只关注ROE结果，投资者可能会相信一个公司是一个很好的投资而实际上它不是。阅读以了解如何使用杜邦分析对ROE中Return项目进行了细分，并清楚的显示出净资产增长的来源。净资产收益率（ROE）：或许太简单了ROE之所以被广泛使用，主要还是因为它使用的便利性，只要两个数进行计算，其公式为： ROE =净利润 ÷ 股东权益当ROE值变大，通常意味着这家公司为股东创造的净利润在增加。但问题在于，如果公司有意通过不合理的手段，如增加大额债务来压低股东权益，实现ROE的增长，若对此不进行深入分析，就很容易被表面虚高的ROE指标所蒙蔽而意识不到公司隐藏的风险。“三步法”杜邦分析法为了避免上述ROE的缺陷，人们一直都在研究一种更为深入的分析指标。在20世纪20年代，杜邦公司建立了一个分析方法，填补了这一需要将ROE打造成一个更复杂的方程。杜邦分析显示了指标在数量上的变动原因。杜邦分析有两套计算方法，一种是“三步法”，后来在此基础上又延生出“五步法”。“三步法”杜邦分析模型主要涉及到三个因素，即，净利润率、总资产周转率、权益乘数，其中： 净利润率（Net profit margin），衡量企业的运营效率； 资产周转率（Total asset turnover），衡量企业的资产使用效率； 权益乘数（Equity multiplier），衡量企业的财务杠杆作用。三步法杜邦模型公式的推导过程：净资产收益率 =（税后净营运利润/销售）×（销售/平均资产净值） =（税后净营运利润/销售）×（销售/总资产）×（总资产/股东权益）= 净利润率×总资产周转率×权益乘数我们将净资产收益率分解为净利率（公司从收入中获得多少利润），资产周转率（公司如何有效利用其资产）和权益乘数（衡量公司的杠杆是多少）。现在应该更有用。如果ROE值的增长来自于净利润率或资产周转率的增长，则表示公司盈利能力正在加强。如果ROE值的增长仅仅是权益乘数所贡献的，并且该公司之前的财务杠杆已经保持在适当的水平上，则表明公司目前的财务杠杆过高，公司运营处于较高的风险中。即便ROE的值没有发生太大的变化，我们也可以从中发现一些问题。比如说，如果公司的净利润率和资产周转率都有所下降，而ROE却还能维持在原先水平上，则说明一方面公司的运营能力在下降，另一方面公司的财务杠杆存在过高的风险。“五步法”杜邦分析法“五步法”杜邦分析模型是在“三步法”的基础上对净利润项目进一步深入细分，观察息税后净利润的变化情况。从三个方程，我们看到，在一般情况下，增加的净利润率，资产周转率和杠杆将增加净资产收益率。五步方程表明，增加的财务杠杆率并不总是显示在净资产收益率增加。五步法杜邦模型公式的推导过程由于净利润率的分子是净收入，这可以为税前盈余（EBT）的三个方程乘以1减去公司的税率： 净资产收益率=（税前/销售收入）×（销售/资产）×（资产/股权）×（1税率）我们对这个再分解一次，由于税前盈余是简单的息税前利润（EBIT）减去公司的利息费用。所以，如果替代了利息支出，我们得到： 净资产收益率= （息税前利润/销售额）*（销售/资产）（利息费用/资产）×（资产/股权）×（1税率） 净资产收益率= （营业利润率）×（资产周转率）（利息率）×（权益乘数）×（税务保留率）从上述公式中可以很清楚的看出公司外债情况，如果某个公司外债增加，则其利息也随之增加的情况就会在公式中体现出来，从而财务杠杆作用也就被正面放大了。从公式背后逻辑分析公司运营能力不论是“三步法”还是“五步法”，杜邦分析模型都在原有ROE指标的简单计算基础上对净利润进行了深入观察。通过对公司运营涉及到的净利润、资产、负债等方面的分析，衡量公司的净利润率质量。在利用杜邦模型进行分析的时候，不能根据单独某个季度或财年的数据就妄下判断，而是应当纵向对比公司历年来的情况，另外，还可以与行业内的竞争对手进行比较。例如，对比两家公司时，发现有一家公司的ROE比较低，那么，我们应当看一看，之所以低的原因是不是：（1）该公司的债权人认为该公司运营风险较高，因此给予的利息较高，从而导致财务杠杆作用偏低？（2）又或者是，是不是该公司的成本偏高，导致公司利润率较低？总结ROE指标看似很简单，但其背后涉及的内容却很丰富。杜邦模型的优点就在于把这些涉及到的因素在同一个公式中都体现出来，让人一目了然。简言之，我们在运用某些指标进行分析的时候，必须把公式背后隐藏的相关联的因素考虑进去，这样的分析才会更全面，也更精准。译文二：财务报表分析要素 （部分）作者： Gibson.C.H.本文出自财务报表分析期刊12卷第2期，2009年2.1 比率分析法 比率分析法是对来自企业年度财务报表的数据进行计算和比较的一种分析方法。通常财务比率以百分比或倍数的形式来表示。 (一） 流动比率 流动比率一般是用来衡量一个公司的短期偿债能力。主要包括现行负债率、酸性测试比率、销售营运资金率。 (二） 杠杆比率杠杆比率主要衡量公司长期资金供应的保障程度，主要包括时间利息率、固定费用偿付率、负债比率、债务/权益比率、债务与有形净资产比率、固定资产收益率、权益比率。 (三） 盈利能力比率 盈利能力比率主要衡量一个企业的盈利能力。包括净利率、杜邦资产回报率、 经营收入率、资产周转率、营业资产回收率、固定资产销售率、返回投资回报率、毛利率。(四） 变现比率 变现比率是衡量一个公司在资产负债表中使不同的账户转换成现金或销售收入能力的指标。主要包括应收账款周转率、应付账款周转率、平均付款期限、存货周转率、存货平均年龄、工作周期、总资产周转率、固定资产周转率。 (五）市场比率 市场比率是指投资者用来评价一个企业的业绩以确定是否将其作为投资或入股对象的指标。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、每股账面价值。 (六） 现金流量比率现金流量比率能表明一个企业资金的流动性、借贷能力以及盈利能力的指标。主要包括经营现金流/应付票据、经营现金流/总债务、经营每股现金流量、经营现金流量/现金股利等。2.2 横向分析法 横向分析法师以以前年度的某个项目为基准，通过计算分析年度数据的增减变动，最后以百分比的形式表现出来的一种分析方法。它能够显示出意外变化或意外维持不变的项目。它以某一年的数据作为基准来显示出其他年度的数据变化。2.3 纵向分析法纵向分析法是指通过将各种账户余额除以相应的总账户余额所得到的百分比来反映在同一财务报表中各项目的结构关系的一种分析方法。 2.4 审查说明性资料分析法一般存在于年度报告、贸易期刊以及业界评论中的说明性资料，能够有效的帮助了解公司的财务状况，说明性材料讨论生产资本的扩张以及和目标有关的未来销售计划，如少数民族聘用或联盟谈判，或者还会有助于解释一个公司的股利分配政策。2.5 比较分析法 绝对数字或绝对比率似乎毫无意义，除非其与其他数字或比率相比较才会显示其价值。有见解性的比较方法通常有以下两种类型: (一） 趋势分析法趋势分析是通过研究一个企业过去的业绩来和现在的业绩进行比较，通过计算比率来反映公司的业绩变化，这种方法有助于及时发现企业存在的问题和挖掘良好的管理模式，可通过将比率绘制成相应的图表，从而直观的显示其是否正在下降、上升或保持相对稳定。 (二） 和同行业平均值及竞争对手的比较 如果一个企业的财务报表分析结果能够与行业平均水平及竞争对手的业绩水平相比较，这将会变得非常有意义。从同行业中选择三到四个企业，然后根据其财务报表计算八到十个比率,最后用计算出的比率与本企业进行比较，从而可以分析出本企业在同行业中的不足之处。附件2：外文原文（复印件）外文一：Decoding DuPont AnalysisReturn on equity (ROE) is a closely watched number among knowledgeable investors. It is a strong measure of how well a company's management creates value for its shareholders. The number can be misleading, however, as it is vulnerable to measures that increase its value while also making the stock more risky. Without a way of breaking down ROE components, investors could be duped into believing a company is a good investment when it's 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, Perhaps too Simple The 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 / shareholder's equity If this number goes up, it is generally a great sign for the company as it is showing that the rate of return on the shareholders' 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 company's leverage, which could be a good thing, but it will also make the stock more risky.Three-Step DuPontTo avoid mistaken assumptions, a more in-depth knowledge of ROE is needed. In the 1920s the DuPont corporation created an analysis method that fills this need by breaking down ROE into a more complex equation. DuPont analysis shows the causes of shifts in the number. There are two variants of DuPont analysis: 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. Asset use efficiency - as measured by total asset turnover. Financial leverage - as measured by the equity multiplier.The Three-Step DuPont Calculation Taking the ROE equation: ROE = net income / shareholder's equity and multiplying the equation by (sales / sales), we get: ROE = (net income / sales) * (sales / 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 company makes use of its assets) and equity multiplier (a measure of how much the company is leveraged). The usefulness should now be clearer. If a company's 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 multiplier is the source of the rise, and the company was already appropriately leveraged, this is simply making things more risky. If the company is 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 could be positive and show that the company is managing itself better. Even if a company's ROE has remained unchanged, examination in this way can be very helpful. Suppose a company releases numbers and ROE is unchanged. Examination with DuPont analysis could show that both net profit margin and asset turnover decreased, two negative signs for the company, and the only reason ROE stayed the same was a large increase in leverage. No matter what the initial situation of the company, this would be a bad sign.Five-Step DuPont The five-step, or extended, DuPont equation breaks down net profit margin 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 don't always indicate an increase in ROE.The Five-Step Calculation Since the numerator of the net profit margin is net income, this can be made into earnings before taxes (EBT) by multiplying the three-step equation by 1 minus the company's tax rate: ROE = (earnings before tax / sales) * (sales / assets) * (assets / equity) * (1 tax rate)We can break this down one more time, since earnings before taxes is simply earnings before interest and taxes (EBIT) minus the company's interest expense. So, if a substitution is made for the interest expense, we get: ROE = (EBIT / sales) * (sales / assets) (interest expense / assets) * (assets / equity) * (1 tax rate)The practicality of this breakdown is not as clear as the three-step, but this identity provides us with: ROE = (operating profit margin) * (asset turnover) (interest expense rate) * (equity multiplier) * (tax retention rate)If the company has a high borrowing cost, its interest expenses on more debt could mute the positive effects of the leverage.Learn the Cause Behind the Effect Both the three- and five-step equations provide deeper understanding of a company's 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 company's history and its competitors. For example, when looking at two peer companies, one may have a lower ROE. With the 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 managed and has leverage that is too low, or the company has higher costs that decrease its operating profit margin. Identifying sources like these leads to better knowledge of the company and how it should be valued.The Bottom Line A simple calculation of ROE may be easy and tell quite a bit, but it does not provide the whole picture. If a company's ROE is lower than its peers, the three- or five-step identities can help show where the company is 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.外文二：Essentials for Financial Statements Analysis Gibson.C.H. Journal of Financial Statement Analysis Vol.12 No.2,20092. 1. Ratio Analysis Ratio analysis is the calculation and comparison of ratios which are derived from the information in a company's financial statements. Financial ratios are usually expressed as a percent or as times per period. a) Liquidity Ratios Liquidity ratios measure a firms ability to meet its current obligations. These include Current Ratio, Acid Test Ratio, Sales to Working Capital, Working capital. b) Leverage Ratios Leverage 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 Ratio, Current Worth / Net worth Ratio, Total Capitalization Ratio, Fixed Asset Ratio / Equity Ratio, Long term Assets versus Long term Debt. c) Profitability Ratios Profitability ratios measure the earning ability of a firm. These include Net Profit Margin, Return on Assets, DuPont Return on Assets, Operating Income Margin, Operating Assets Turnover, Return on Operating Assets, Sales to Fixed Assets, Return on Investment (ROI), Return on Total Equity, Gross Profit Margin.d) Activity Ratios Activity ratios measure a firm's ability to convert different accounts within their balance sheets into cash or sales. These include Accounts 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 Ratios Market ratios are commonly used by the 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 flow 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. 2.2. Horizontal Analysis Horizontal analysis 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 year's worth of entries as a baseline while every other year represents differences in terms of changes to that baseline. 2.3. Vertical Analysis It 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. 2.4.Review of Descriptive InformationThe descriptive information found in an annual report, in trade periodicals, and in industry reviews helps in understanding the financial position of a 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 negotiations, or help explain the dividend policy of the firm.2.5.Comparisons Absolute figures or ratios appear meaningless unless compared to other figures or ratios. Several types of comparisons offer insight, e.g. a) Trend Analysis Trend analysis studies the financial history of a firm for comparison. It is the comparative analysis of a company's financial ratios over time. This helps to detect problems or observe good management. Ratios are plotted on graph to see whether the ratios are falling, rising, or remaining relatively constant. b) Industry Averages and Comparisons with Competitors The analysis of an entitys financial statements is more meaningful if the results are compared with industry averages and with results of competitors. You are required to select 3-4 companies from the same industry and then calculate their 8 -10 ratios. You have to compare their ratios results with your companies ratios results. This enables financial analyst to check that where the selected companies fall in that particular industry.