[雙語翻譯]杜邦分析外文翻譯--杜邦分析法在異常收益評估中的應用羅馬尼亞市場的實證研究

1、2600 英文單詞， 英文單詞，14000 英文字符，中文 英文字符，中文 4400 字文獻出處： 文獻出處：Botika M. The use of DuPont analysis in abnormal returns evaluation: Empirical study of Romanian market[J]. Procedia-Social and Behavioral Sciences, 2012, 62: 1179-1

2、183.The use of DuPont analysis in abnormal returns evaluation:Empirical study of Romanian marketMarianna BotikaAbstractThis paper comprehensively explores the DuPont components in order to demonstrate which of three area

3、s influences stocks abnormal behavior the most. The results show an interesting evolution: in 2007 the strong dependence between cumulated abnormal returns and profitability and ROA were founded. The 2008 and 2009 were a

4、 middle years which made investors to be unpredictable. The 2010 may be viewed as a returned year, all the data are extremely similar with 2007 year but with different elements. The research is indicating the fact that D

5、uPont components represent an important and viable form of stocks abnormal returns analysis.Keywords: Abnormal Returns, DuPont Analysis, Financial Statement Analysis, Romanian Capital Market;1. IntroductionDuPont analysi

6、s is highlighting company^ performances in three major areas: profitability, turnover, and leverage. These are the key indicator which can immediately show investors the company situation. In the previous research author

7、 found that during the financial statement announcement Romanian capital market registered abnormal returns. This paper comprehensively explores the DuPont components in order to demonstrate which of three areas influenc

8、es stocks abnormal behaviour the most. First part of study is dedicated to the advanced research of financial literature. The second and the biggest part is dedicated to empirical study of Romanian market. The accurate f

9、inancial analysis was performed for all companies. The results show an interesting evolution: in 2007 little before the beginning of financial crises the strong dependence between cumulated abnormal returns and profitabi

10、lity and turnover elements were founded. In 2008 investors paid all their attention to the leverage elements associated with stocks abnormal return evolution. The 2009 was a middle year which made investors to be unpredi

11、ctable and to secure themselves as match as possible. In this year investors took care about all the DuPont elements associated with all measured returns. The 2010 may be viewed as a returned year, all the data are extre

12、mely similar with 2007 year. In conclusion, the research is indicating the fact that DuPont components represent an important and viable form of stocks abnormal returns analysis which supports market participants in maki

13、ng their investment decisions.2. Advanced Research for DuPont AnalysisDuPont analysis was developed by E.I. du Pont de Nemours in 1919. It is one of oldest analyses which present the easier way for better understanding o

14、f return ratios and its changing^. The general profitability is represented by margin and turnover. It may be viewed as complex analysis because it includes elements from both the balance sheet and the income statement.

15、The main evaluating performance is the return on equity variable which is considered to be one of the most important guides of company wealth. The latest studies started to research about return on equity (ROE) in order

16、to find the most important characteristics of it. Lambert and Larcker study in 1987 and Banker and Datar study from 1989 was one of the first studies with evaluates the role turnover, where the Operation income has highe

17、r volatility compared with any other variable (Company’s turnover and Total assets). The expected different time series components lead to the next hypothesis:Hypothesis 2: Abnormal Net profits are less durable that Tota

18、l asset turnover.All other studies highlighted the importance of ROE. However author still mention that as per Ohlson study in 1995 one important characteristic of ROE is highlighted: there is a possibility for ROE to be

19、 affected by the firm choice of capital structure, but the values from this change cannot be very relevant. Modigliani and Miller (1958) previously showed that operational values are important the most, but not the finan

20、cial values which are made by company’s management.3. Romanian Market Caracteristics and Abnormal BehaviourBucharest Stock Exchange is the main securities exchange market in the Romania. It was re-launched in 1995 but fo

21、r the first couple of years it role was insignificant. Starting with 1997 the foreign investors paid an increased interest in Romanian shares and the important of Bucharest Stock Exchange was increased a lot. Unfortunate

22、ly, the initial forecast of Romanian market accelerate growth wasn’t realized. There a lot of conditions which postpone capital market accelerate growth: for the first it was a macroeconomic instability which signalized

23、to the international investors the higher risk as expected; for the second there wasn’t a listed company transparency which created a big barriers in the capital gains, and third minority shareholders5 right wasn’t respe

24、cted at all. Based on all that conditions market went down along this investor^ interests until 2002, when an important growth of Romanian capital market was registered. In the 2004 the capital boom was taking place, the

25、 market turnover doubled and the investors9 profits was the biggest since the Bucharest Stock Exchange opening. However the most important year should be viewed a 2005, as in this year the market liquidity went to its ap

26、ogee. At the end of year total capitalization was over 15 billion euros, and turnover about 2.2 billion euro.Nowadays Bucharest Stock Exchange is the most important financial market in the Romania. Unfortunately there ar

27、e still a lot of companies which should become public in order to have a valid capital market which could coherently represent country performance.The seven indices are issued in order to show the market performance. BET

28、, the first index developed by BVB, is the reference index for the BVB market. BET is a index of the most liquid 10 companies. BET-C reflects the price movement of all the companies listed on the BVB regulated market. BE

29、T-FI is reflecting the price movements of the investment funds (SIFs), ROTX is reflecting the price movement of “blue chip“ companies, BET- XT is reflecting the price evolution of the most liquid 25 shares, and BET-NG is

30、 reflecting the price movement of the companies which have the main business activity located in the energy sector and the related utilities.Previous author9s study identified the abnormal behavior of most representative

31、 public companies. The database selection was really important for the research output that is why author paid especially high attention to it. The selected companies should be respected two major criteria: to be Categor

32、y I company (local market specification which divide companies based on company^ equity into Category I or Category II company) or to represent at least 1% from BET-C index (BET-C is local market index); and to have at l

33、east 4 years history as a public company. The number of 18 companies respected assigned criteria. Author estimated event window which included day of announcement of financial result for each company plus 10 days before