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还杜邦财务分析系统的原貌
DuPontFinancialAnalysisSystem:AComprehensiveApproachtoFinancialAnalysis
TheDuPontFinancialAnalysisSystemisacomprehensiveapproachtofinancialanalysisthatprovidesinsightsintothefinancialhealthandperformanceofacompany.ThissystemwasdevelopedbyDuPontinthe1920sandisstillwidelyusedtoday.TheDuPontModelisapowerfultoolthatcanbeusedtoevaluateacompany'sfinancialperformanceandidentifyareasthatneedimprovement.
TheDuPontModelconsistsofthreeprimarymeasures:profitability,efficiency,andleverage.Profitabilitymeasuresthereturnoninvestment(ROI)generatedbythecompany'soperations.Efficiencymeasurestheefficiencyandproductivityofthecompany'sassets.Leveragemeasuresthecompany'sfinancialriskandthedegreetowhichitusesdebtfinancing.Bycombiningthesemeasures,theDuPontModelprovidesacomprehensivepictureofacompany'sfinancialperformance.
TocalculatetheROI,theDuPontModelusestheformula:
ROI=(NetIncome/Sales)x(Sales/TotalAssets)
Thisformulashowshowefficientlyacompanyisusingitsassetstogenerateprofits.AhighROIindicatesthatthecompanyisgeneratingastrongreturnonitsinvestment.
Tomeasureassetefficiency,theDuPontModelusestheformula:
AssetTurnover=Sales/TotalAssets
Thisformulashowshowefficientlyacompanyisusingitsassetstogeneratesales.Ahighassetturnoverindicatesthatthecompanyismakingeffectiveuseofitsassetstogeneraterevenue.
Finally,tomeasureleverage,theDuPontModelusestheformula:
Leverage=TotalAssets/ShareholderEquity
Thisformulashowshowmuchdebtacompanyisusingtofinanceitsoperations.Ahighleverageratioindicatesthatthecompanyistakingonasignificantamountoffinancialrisk.
Bycombiningthesethreemeasures,theDuPontModelprovidesacomprehensivepictureofacompany'sfinancialperformance.Forexample,acompanywithahighROIandhighassetturnoverbutlowleverageislikelygeneratingstrongprofitsandusingitsassetseffectively.Conversely,acompanywithalowROIandlowassetturnoverbuthighleveragemaybetakingonsignificantfinancialriskandmaybestrugglingtogenerateprofits.
Inadditiontotheseprimarymeasures,theDuPontModelcanalsobeusedtoanalyzeindividua