Really modified Du Pont analysis Five ways(真正修改后的杜邦分析法 五种方式改善)外文翻译.doc

thomas j. liesz 梅萨州立学院 2003年 真正修改的杜邦分析法：五种方式改善净资产收益率 摘要虽然小企业倒闭的实际数量往往是争论的话题，但事实上，糟糕的财务规划和财务控制，作为企业财务困难和最终破产的最主要原因之一，已被广泛的记载。此外，不管是正在奋斗的还是已成功的小企业主和管理人员都经常思考如何提高他们的从企业中获得的回报。在这方面，比率分析提供了丰富且有益的信息。尤其是，改进后的杜邦模型可以在关注提高回报率时加强决策。本文：1、解释了杜邦比例模型的发展和“真正”修改后杜邦模型的机制，2、给出了使用该模型的实际的方向，3、讨论了该模型作为一种战略管理工具，对于小企业的所有者，管理人员和顾问的影响。第一章、杜邦模型的简史金融分析师，贷款人，学术研究人员及小企业主对财务比率的使用已被广泛记录在文献中。资产收益（以下简称总资产收益率）和股东权益收益（净资产收益率下同）的概念是理解一个企业的盈利能力的重要依据。具体来说，一个“回报”率说明了利润和产生这些利润所需投资的关系。然而，这些概念往往是“过于远离正常活动”，以至于许多管理人员或者是小企业主不能轻易的理解和使用。 （slater 和 olson 1996年）1918年，即机电工程师f. donaldson brown被聘请在杜邦公司的国库署工作的四年后，公司给他安排解析一家股票公司的财务状况任务，刚好杜邦公司购买了占该公司23%股权的股票。（这是通用汽车公司！）布朗认为两种常用的计算比率之间存在着数学关系，即净利润率（显然是衡量盈利能力）和总资产周转率（效率指标）。营业净利率乘以总资产周转率等于净资产利润率，这是传统的杜邦模型，如公式1所示。等式 1：（净利润/销售收入）（销售收入/总资产）=（净利润/总资产），即总资产净利率在此时，总资产净利率最大化是一个共同的目标和企业的居留权都实现了盈利能力的影响，并导致了一个规划和控制的一家公司内所有经营决策系统的开发效率。这成为财务分析的主要形式。（blumenthal, 1998年）在20世纪70年代财务管理普遍接受的目标变成了“所有者权益最大化”（gitman，1998年）重点也从总资产净利率转移到净资产收益率。这导致了第一个原杜邦模式的主要修改。除了盈利能力和效率，一个公司的融资方式，即其“杠杆”的使用成为财务管理人员注意的第三方面，新的利息率被称为权益乘数。修改后的杜邦模型见方程1和2所示。等式2：总资产净利率（总资产/所有者权益总额）=净资产收益率等式3：（净利润/销售收入）（销售收入/总资产）（总资产/所有者权益总额）=净资产收益率修改后的杜邦模型，成为了所有财务管理教科书的标准模式和学生阅读的初级、高级课程的一个样板，如：“归根结底，最重要的”，或“基本”的会计比率就是净资产收益率。（brigham and houston，2001年）修改后的模型是一个可以说明一家公司的损益表和资产负债表之间的相互联系的强有力的工具，和完成提高公司净资产收益率的直接目标。最近，hawawini和viallet（1999年）提供了另一个修改杜邦模型。此修改形成与净资产收益率相结合的五个不同的比率。“真”修改的杜邦模型如下公式4。等式4：（息税前利润/销售收入）（销售收入/投资资本）（/息税前利润）（投资资本/股本）（税后利润/税前利润）=净资产收益率（其中：投资资本=现金+营运资本+固定资产净值）这个“真”修改模式保持了经营决策（即盈利能力和效率）和融资决策（杠杆）对净资产收益率的重要性，但使用这五个比率并不能揭示到底是什么决定着净资产收益率，也不能提出怎样提高净资产收益率。该公司的经营决策是指涉及固定资产购置和资产处置和公司的经营性资产（主要是库存商品和应收账款）和经营性负债（应付帐款和应计费用）。它们是：1营业利润率：（息税前利润/销售收入）2资本周转率：（销售收入/投资资本）公司的融资决策是那些决定债务和权益组合的决策，用于支撑该公司的经营决策。这些将会在“真”修改的模型中的第三和第四个比率显现。它们是：3财务费用比：（税前利润/息税前利润）4财务结构比：（投资资本/所有者权益）一个公司的净资产收益率最终决定因素是营业税收的发生。较高的税率应用于税前利润，其净资产收益率就越低。5税收效应比：（税后利润/税前利润）这五个比率相乘就等于净资产收益率。 （见公式4.）总结在“真正”修改的杜邦分析模型比例分析中可以揭露相对复杂的财务分析神秘性，在决策会影响净资产收益率的基础上，每个经营财务决策都可以制定。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。（harrington和wilson，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 2003really modified du pont analysis:five ways to improve return on equityabstractwhile 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 models use as a strategic management tool for small business owners, managers, and consultants. key words: du pont analysis；modify；implicationschapter one ：the du pont model: a brief historythe 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 roa.the 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 firms 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 attention 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 textbooks and a staple of introductory and advanced courses alike as students read statements such as: “ultimately, the most important, or “bottom line” accounting ratio is the ratio of net income to common equity (roe).” (brigham and houston, 2001) the modified model was a powerful tool to illustrate the interconnectedness of a firms income statement and its balance sheet, and to develop straight-forward strategies for improving the firms roe. more recently, hawawini and viallet (1999) offered yet another modification to the du pont model. this restructured balance sheet uses the concept of “invested capital” in place of total assets, and the concept of “capital employed” in place of total liabilities and owners equity found on the traditional balance sheet. the primary difference is in the treatment of the short-term “working capital” accounts. the managerial balance sheet uses a net figure called “working capital requirement” (determined as: accounts receivable + inventories + prepaid expenses accounts payable + accrued expenses) as a part of invested capital. these accounts then individually drop out of the managerial balance sheet. a more detailed explanation of the managerial balance sheet is beyond the scope of this paper, but will be partially illustrated in an example. the “really” modified du pont model is shown below in equation 4. eq. 4: (ebit / sales) x (sales / invested capital) x (ebt / ebit) x (invested capital / equity) x (eat / ebt) = roe (where: invested capital = cash + working capital requirement + net fixedassets) this “really” modified model still maintains the importance of the impact of operating decisions (i.e. profitability and efficiency) and financing decisions (leverage) upon roe, but uses a total of five ratios to uncover what drives roe and give insight to how to improve this important ratio. the firms operating decisions are those that involve the acquisition and disposal of fixed assets and the management of the firms operating assets (mostly inventories and accountsreceivable) and operating liabilities (accounts payable and accruals). these are: 1. operating profit margin: (earnings before interest & taxes or ebit / sales) 2. capital turnover: (sales / invested capital) the firms financing decisions are those that determine the mix of debt and equity used to fund the firms operating decisions. these are captured in the third and fourth ratios of the “really” modified model. these are: 3. financial cost ratio: (earnings before taxes or ebt / ebit) 4. financial structure ratio: (invested capital / equity) the final determinant of a firms roe is the incidence of business taxation. the higher the tax rate applied to a firms ebt, the lower its roe. this is captured in the fifth ratio of the “really” modified model. 5. tax effect ratio: (earnings after taxes or eat / ebt) the relationship that ties these five ratios together is that roe is equal to their combined product. (see equation 4.) chapter three ：example of applying the “really”modified du pont modelto illustrate how the model works, consider the income statement and balance sheet for the fictitious small firm of herrera & company, llc. income statementnet sales . $766,990cost of goods sold . (560,000)selling, general, & administrative expenses . (143,342)depreciation expense . (24,000)earnings before interest & taxes $39,648interest expense . .(12,447)earnings before taxes . $27,201taxes (8,000)earnings after taxes (net profit) . $19,201balance sheetcash .$40,000 notes payable $58,000pre-paid expenses . 12,000 accounts payable . 205,000accounts receivable 185,000 accrued expenses. 46,000inventory . . 200,000 current liabilities . $309,000current assets . $437,000 long-term debtland/buildings 160,000 mortgage . 104,300equipment 89,000 8-year note 63,000less: acc. depreciation (24,000) owners equity . . 185,700net fixed assets . $225,000 total liabilities & equity . $662,000total assets . $662,000computation of roe 1. operating profit margin = $39,648 / $766,990 = .5.17 %2. capital turnover = $766,990 / $411,000* = 1.8662 3. financial cost ratio = $27,201 / $39,648 = 68.61% 4. financial structure ratio = $411,000 / $185,700 = 2.2132 5. tax effect ratio = $19,201 / $27,201 = 70.59% roe = .0517 x 1.8662 x .6861 x 2.2132 x .7059 = 10.34%invested capital = cash ($40,000) + working capital requirement $185,000 + $200,000 + $12,000 $205,000 + $46,000 (or $146,000) + net fixed assets ($225,000) = $411,000 note that this is the same as conventional computation of roe: $19,201 / $185,700 = 10.34%conclusionsthe “really” modified du pont model of ratio analysis can demystify relatively complex financial analysis .each operating and financial decision can be made within a framework of how that decision will impact roe. easily set up on a computer model (such as a spreadsheet), one can see how decisions “flow through” to the bottom line, which facilitates coordinated financial planning. (harrington & wilson, 1986). in its simplest form, we can say that to improve roe the only choices one has are to increase operating profits, become more efficient in using existing assets to generate sales, recapitalize to make better use of debt and/orbetter control the cost of borrowing, or find ways to reduce the tax liability of the firm. each of these choices leads to a different financial strategy. for example, to increase operating profits one must either increase sales (in a higher proportion than the cost of generating those sales) or reduce expenses. since it is generally more difficult to increase sales than it is to reduce expenses, a small business owner can try to lower expenses by determining: 1) if a new supplier might offer equivalent goods at a lower cost, or 2) if a website might be a viable alternative to a catalog, or 3) can some tasks currently being done by outsiders be done in-house. in each case net income will rise without any increase in sales and roe will rise as well.further, small business owners can determine if they are using debt wisely. refinancing an existing loan at a cheaper rate will reduce interest expenses and, thus, increase roe. exercising some of an unused line of credit can increase the financial structure ratio with a corresponding increase in roe. and, taking advantage of tax incentives that are often offered by federal, state, and local taxing authorities can increase the tax effect ratio, again with a commensurate increase in roe. in conclusion, roe is the most compre-hensive measure of profitability of a firm. it considers the operating and investing decisions made as well as the financing and tax-related decisions. the “really” modified du pont model dissects roe into five easily computed ratios that can be examined for potential strategies for improvement. it should be a tool that all business owners, managers, and consultants have at their disposal when evaluating a firm and making recommendations for improvement.references 1.blumenthal, robin g.this is the gift to be simple: why the 80-year-old du pont model still has fans, cfo magazine, january, 1998, pp. 1-3. 2.brigham, eugene f. and houston, joel f. fundamentals of financial management, concise third edition, harcourt publishers, 2001. 3.b