會計系外文翻譯--解碼杜邦分析

1、<p><b>　　中文1860字</b></p><p>　　畢業(yè)設計(論文)外文資料翻譯</p><p>　　系 ： 經(jīng)濟系 </p><p>　　專 業(yè)： 會計學 </p><p>

2、　　姓 名： </p><p>　　學 號： </p><p>　　外文出處： http://finance.yahoo.com/news/ </p><p>　　Decodi

3、ng-dupont-analysis-170000193.html </p><p>　　附 件： 1.外文資料翻譯譯文；2.外文原文。 </p><p>　　附件1：外文資料翻譯譯文</p><p><b>　　譯文一：</b></p><p><b&g

4、t;　　解碼杜邦分析</b></p><p>　　凈資產(chǎn)收益率（ROE）是一個被知識淵博的投資者密切關注的數(shù)。也是一個衡量公司盈利能力的重要指標。僅關注ROE的結(jié)果可能是有誤導性的，因為增加其價值是件容易的事，但同時也使股票的風險更大。如果沒有一個方法將ROE拆解分析而只關注ROE結(jié)果，投資者可能會相信一個公司是一個很好的投資而實際上它不是。閱讀以了解如何使用杜邦分析對ROE中Return項目進行了細

5、分，并清楚的顯示出凈資產(chǎn)增長的來源。</p><p>　　凈資產(chǎn)收益率（ROE）：或許太簡單了</p><p>　　ROE之所以被廣泛使用，主要還是因為它使用的便利性，只要兩個數(shù)進行計算，其公式為： ROE =凈利潤 ÷ 股東權(quán)益</p><p>　　當ROE值變大，通常意味著這家公司為股東創(chuàng)造的凈利潤在增加。但問題在于，如果公司有意通過不合理的手段，如

6、增加大額債務來壓低股東權(quán)益，實現(xiàn)ROE的增長，若對此不進行深入分析，就很容易被表面虛高的ROE指標所蒙蔽而意識不到公司隱藏的風險。</p><p>　　“三步法”杜邦分析法</p><p>　　為了避免上述ROE的缺陷，人們一直都在研究一種更為深入的分析指標。在20世紀20年代，杜邦公司建立了一個分析方法，填補了這一需要將ROE打造成一個更復雜的方程。杜邦分析顯示了指標在數(shù)量上的變動原因。

7、</p><p>　　杜邦分析有兩套計算方法，一種是“三步法”，后來在此基礎上又延生出“五步法”。“三步法”杜邦分析模型主要涉及到三個因素，即，凈利潤率、總資產(chǎn)周轉(zhuǎn)率、權(quán)益乘數(shù)，其中：</p><p>　　■ 凈利潤率（Net profit margin），衡量企業(yè)的運營效率；</p><p>　　■ 資產(chǎn)周轉(zhuǎn)率（Total asset turnover），衡量企業(yè)

8、的資產(chǎn)使用效率；</p><p>　　■ 權(quán)益乘數(shù)（Equity multiplier），衡量企業(yè)的財務杠桿作用。</p><p>　　三步法杜邦模型公式的推導過程：</p><p>　　凈資產(chǎn)收益率 =（稅后凈營運利潤/銷售）×（銷售/平均資產(chǎn)凈值）</p><p>　　=（稅后凈營運利潤/銷售）×（銷售/總資產(chǎn)）

9、15;（總資產(chǎn)/股東權(quán)益）</p><p>　　= 凈利潤率×總資產(chǎn)周轉(zhuǎn)率×權(quán)益乘數(shù)</p><p>　　我們將凈資產(chǎn)收益率分解為凈利率（公司從收入中獲得多少利潤），資產(chǎn)周轉(zhuǎn)率（公司如何有效利用其資產(chǎn)）和權(quán)益乘數(shù)（衡量公司的杠桿是多少）。現(xiàn)在應該更有用。</p><p>　　如果ROE值的增長來自于凈利潤率或資產(chǎn)周轉(zhuǎn)率的增長，則表示公司盈利能力正

10、在加強。如果ROE值的增長僅僅是權(quán)益乘數(shù)所貢獻的，并且該公司之前的財務杠桿已經(jīng)保持在適當?shù)乃缴希瑒t表明公司目前的財務杠桿過高，公司運營處于較高的風險中。</p><p>　　即便ROE的值沒有發(fā)生太大的變化，我們也可以從中發(fā)現(xiàn)一些問題。比如說，如果公司的凈利潤率和資產(chǎn)周轉(zhuǎn)率都有所下降，而ROE卻還能維持在原先水平上，則說明一方面公司的運營能力在下降，另一方面公司的財務杠桿存在過高的風險。</p>

11、<p>　　“五步法”杜邦分析法</p><p>　　“五步法”杜邦分析模型是在“三步法”的基礎上對凈利潤項目進一步深入細分，觀察息稅后凈利潤的變化情況。從三個方程，我們看到，在一般情況下，增加的凈利潤率，資產(chǎn)周轉(zhuǎn)率和杠桿將增加凈資產(chǎn)收益率。五步方程表明，增加的財務杠桿率并不總是顯示在凈資產(chǎn)收益率增加。</p><p>　　五步法杜邦模型公式的推導過程</p>&l

12、t;p>　　由于凈利潤率的分子是凈收入，這可以為稅前盈余（EBT）的三個方程乘以1減去公司的稅率：</p><p>　　■ 凈資產(chǎn)收益率=（稅前/銷售收入）×（銷售/資產(chǎn)）×（資產(chǎn)/股權(quán)）×（1–稅率）</p><p>　　我們對這個再分解一次，由于稅前盈余是簡單的息稅前利潤（EBIT）減去公司的利息費用。所以，如果替代了利息支出，我們得到：</p

13、><p>　　■ 凈資產(chǎn)收益率= [（息稅前利潤/銷售額）*（銷售/資產(chǎn)）–（利息費用/資產(chǎn)）]×（資產(chǎn)/股權(quán)）×（1–稅率）</p><p>　　■ 凈資產(chǎn)收益率= [（營業(yè)利潤率）×（資產(chǎn)周轉(zhuǎn)率）–（利息率）]×（權(quán)益乘數(shù)）×（稅務保留率）</p><p>　　從上述公式中可以很清楚的看出公司外債情況，如果某個公司外

14、債增加，則其利息也隨之增加的情況就會在公式中體現(xiàn)出來，從而財務杠桿作用也就被正面放大了。</p><p>　　從公式背后邏輯分析公司運營能力</p><p>　　不論是“三步法”還是“五步法”，杜邦分析模型都在原有ROE指標的簡單計算基礎上對凈利潤進行了深入觀察。通過對公司運營涉及到的凈利潤、資產(chǎn)、負債等方面的分析，衡量公司的凈利潤率質(zhì)量。在利用杜邦模型進行分析的時候，不能根據(jù)單獨某個季度

15、或財年的數(shù)據(jù)就妄下判斷，而是應當縱向?qū)Ρ裙練v年來的情況，另外，還可以與行業(yè)內(nèi)的競爭對手進行比較。</p><p>　　例如，對比兩家公司時，發(fā)現(xiàn)有一家公司的ROE比較低，那么，我們應當看一看，之所以低的原因是不是：（1）該公司的債權(quán)人認為該公司運營風險較高，因此給予的利息較高，從而導致財務杠桿作用偏低？（2）又或者是，是不是該公司的成本偏高，導致公司利潤率較低？</p><p><

16、b>　　總結(jié)</b></p><p>　　ROE指標看似很簡單，但其背后涉及的內(nèi)容卻很豐富。杜邦模型的優(yōu)點就在于把這些涉及到的因素在同一個公式中都體現(xiàn)出來，讓人一目了然。簡言之，我們在運用某些指標進行分析的時候，必須把公式背后隱藏的相關聯(lián)的因素考慮進去，這樣的分析才會更全面，也更精準。</p><p>　　附件2：外文原文（復印件）</p><p>

17、;<b>　　外文一：</b></p><p>　　Decoding DuPont Analysis</p><p>　　Return on equity (ROE) is a closely watched number among knowledgeable investors. It is a strong measure of how well a compa

18、ny'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 dow

19、n 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 apa</p><p>　　ROE: Simple, Perhaps too Simple&l

20、t;/p><p>　　The beauty of ROE is that it is an important measure that only requires two numbers to compute: net income and shareholders' equity.</p><p>　　ROE = net income / shareholder's equ

21、ity </p><p>　　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

22、 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.</p>

23、<p>　　Three-Step DuPont</p><p>　　To 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 breaki

24、ng down ROE into a more complex equation. DuPont analysis shows the causes of shifts in the number.</p><p>　　There are two variants of DuPont analysis: the original three-step equation, and an extended five-

25、step equation. The three-step equation breaks up ROE into three very important components:</p><p>　　ROE = (net profit margin) * (asset turnover) * (equity multiplier) </p><p>　　These components

26、include:</p><p>　　■ Operating efficiency - as measured by profit margin.</p><p>　　■ Asset use efficiency - as measured by total asset turnover.</p><p>　　■ Financial leverage - as me

27、asured by the equity multiplier.</p><p>　　The Three-Step DuPont Calculation</p><p>　　Taking the ROE equation: ROE = net income / shareholder's equity and multiplying the equation by (sales /

28、 sales), we get:</p><p>　　ROE = (net income / sales) * (sales / shareholders' equity)</p><p>　　= (net income / sales) * (sales / assets) * (assets / shareholders' equity)</p><

29、p>　　= (net profit margin) * (asset turnover) * (equity multiplier)</p><p>　　We have ROE broken down into net profit margin (how much profit the company gets out of its revenues), asset turnover (how effec

30、tively 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.</p><p>　　If a company's ROE goes up due to an inc

31、rease 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 si

32、mply 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

33、 and show that the c</p><p>　　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

34、 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 situ

35、ation of the company, this would be a bad sign.</p><p>　　Five-Step DuPont</p><p>　　The five-step, or extended, DuPont equation breaks down net profit margin further. From the three-step equation

36、 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.</p>&l

37、t;p>　　The Five-Step Calculation</p><p>　　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

38、 company's tax rate:</p><p>　　■ ROE = (earnings before tax / sales) * (sales / assets) * (assets / equity) * (1 – tax rate)</p><p>　　We can break this down one more time, since earnings befo

39、re 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:</p><p>　　■ ROE = [(EBIT / sales) * (sale

40、s / assets) – (interest expense / assets)] * (assets / equity) * (1 – tax rate)</p><p>　　The practicality of this breakdown is not as clear as the three-step, but this identity provides us with:</p>&

41、lt;p>　　■ ROE = [(operating profit margin) * (asset turnover) – (interest expense rate)] * (equity multiplier) * (tax retention rate)</p><p>　　If the company has a high borrowing cost, its interest expense

42、s on more debt could mute the positive effects of the leverage.</p><p>　　Learn the Cause Behind the Effect</p><p>　　Both the three- and five-step equations provide deeper understanding of a comp

43、any'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 compet

44、itors.</p><p>　　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 cha

45、rge 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

46、of the company and how it should be valued.</p><p>　　The Bottom Line</p><p>　　A simple calculation of ROE may be easy and tell quite a bit, but it does not provide the whole picture. If a compan

47、y'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 signifi