杜邦分析法外文翻译文献

杜邦分析法外文翻译文献（文档含中英文对照即英文原文和中文翻译）原文:FIVEWAYSTOIMPROVERETURNONEQUITYTheDuPontModel:ABriefHistoryTheuseoffinancialratiosbyfinancialanalysts,lenders,academicresearchers,andsmallbusinessownershasbeenwidelyacknowlegedintheliterature.(See,forexample,Osteryoung&Constand(1992),Devine&Seaton(1995),orBurson(1998)TheconceptsofReturnonAssets(ROAhereafter)andReturnonEquity(ROEhereafter)areimportantforunderstandingtheprofitabilityofabusinessenterprise.Specifically,a“returnon”ratioillustratestherelationshipbetweenprofitsandtheinvestmentneededtogeneratethoseprofits.However,theseconceptsareoften“toofarremovedfromnormalactivities”tobeeasilyunderstoodandusefultomanymanagersorsmallbusinessowners.(SlaterandOlson,1996)In1918,fouryearsafterhewashiredbytheDuPontCorporationtoworkinitstreasurydepartment,electricalengineerF.DonaldsonBrownwasgiventhetaskofuntanglingthefinancesofacompanyofwhichDuPonthadjustpurchased23percentofitsstock.(ThiscompanywasGeneralMotors!)Brownrecognizedamathematicalrelationshipthatexistedbetweentwocommonlycomputedratios,namelynetprofitmargin(obviouslyaprofitabilitymeasure)andtotalassetturnover(anefficiencymeasure),andROA.TheproductofthenetprofitmarginandtotalassetturnoverequalsROA,andthiswastheoriginalDuPontmodel,asillustratedinEquation1below.Eq.1:(netincome/sales)x(sales/totalassets)=(netincome/totalassets)i.e.ROAAtthispointintimemaximizingROAwasacommoncorporategoalandtherealizationthatROAwasimpactedbybothprofitabilityandefficiencyledtothedevelopmentofasystemofplanningandcontrolforalloperatingdecisionswithinafirm.Thisbecamethedominantformoffinancialanalysisuntilthe1970s.(Blumenthal,1998)Inthe1970sthegenerallyacceptedgoaloffinancialmanagementbecame“maximizingthewealthofthefirm'sowners”(Gitman,1998)andfocusshiftedfromROAtoROE.ThisledtothefirstmajormodificationoftheoriginalDuPontmodel.Inadditiontoprofitabilityandefficiency,thewayinwhichafirmfinanceditsactivities,i.e.itsuseof“leverage”becameathirdareaofattentionforfinancialmanagers.Thenewratioofinterestwascalledtheequitymultiplier,whichis(totalassets/equity).ThemodifiedDuPontmodelisshowninEquations1and2below.Eq.2:ROAx(totalassets/equity)=ROEEq.3:(netincome/sales)x(sales/totalassets)x(totalassets/equity)=ROEThemodifiedDuPontmodelbecameastandardinallfinancialmanagementtextbooksandastapleofintroductoryandadvancedcoursesalikeasstudentsreadstatementssuchas:“Ultimately,themostimportant,or“bottomline”accountingratioistheratioofnetincometocommonequity(ROE).”(BrighamandHouston,2001)Themodifiedmodelwasapowerfultooltoillustratetheinterconnectednessofafirm'sincomestatementanditsbalancesheet,andtodevelopstraight-forwardstrategiesforimprovingthefirm'sROE.Morerecently,HawawiniandViallet(1999)offeredyetanothermodificationtotheDuPontmodel.ThismodificationresultedinfivedifferentratiosthatcombinetoformROE.Intheirmodificationtheyacknowlegethatthefinancialstatementsfirmspreparefortheirannualreports(whichareofmostimportancetocreditorsandtaxcollectors)arenotalwaysusefultomanagersmakingoperatingandfinancialdecisions.(BrighamandHouston,p.52)Theyrestructuredthetraditionalbalancesheetintoa“managerialbalancesheet”whichis“amoreappropriatetoolforassessingthecontributionofoperatingdecisionstothefirm'sfinancialperformance.”(HawawiniandViallet,p.68)Thisrestructuredbalancesheetusestheconceptof“investedcapital”inplaceoftotalassets,andtheconceptof“capitalemployed”inplaceoftotalliabilitiesandowner'sequityfoundonthetraditionalbalancesheet.Theprimarydifferenceisinthetreatmentoftheshort-term“workingcapital”accounts.Themanagerialbalancesheetusesanetfigurecalled“workingcapitalrequirement”(determinedas:[accountsreceivable+inventories+prepaidexpenses]—[accountspayable+accruedexpenses])asapartofinvestedcapital.Theseaccountsthenindividuallydropoutofthemanagerialbalancesheet.Amoredetailedexplanationofthemanagerialbalancesheetisbeyondthescopeofthispaper,butwillbepartiallyillustratedinanexample.The“really”modifiedDuPontmodelisshownbelowinEquation4.Eq.4:(EBIT/sales)x(sales/investedcapital)x(EBT/EBIT)x(investedcapital/equity)x(EAT/EBT)=ROE(Where:investedcapital=cash+workingcapitalrequirement+netfixedassets)This“really”modifiedmodelstillmaintainstheimportanceoftheimpactofoperatingdecisions(fitabilityandefficiency)andfinancingdecisions(leverage)uponROE,butusesatotaloffiveratiostouncoverwhatdrivesROEandgiveinsighttohowtoimprovethisimportantratio.Thefirm'soperatingdecisionsarethosethatinvolvetheacquisitionanddisposaloffixedassetsandthemanagementofthefirm'soperatingassets(mostlyinventoriesandaccountsreceivable)andoperatingliabilities(accountspayableandaccruals).Thesearecapturedinthefirsttworatiosofthe“really”modifiedDuPontmodel.Theseare:operatingprofitmargin:(EarningsBeforeInterest&TaxesorEBIT/sales)capitalturnover:(sales/investedcapital)Thefirm'sfinancingdecisionsarethosethatdeterminethemixofdebtandequityusedtofundthefirm'soperatingdecisions.Thesearecapturedinthethirdandfourthratiosofthe“really”modifiedmodel.Theseare:financialcostratio:(EarningsBeforeTaxesorEBT/EBIT)financialstructureratio:(investedcapital/equity)Thefinaldeterminantofafirm'sROEistheincidenceofbusinesstaxation.Thehigherthetaxrateappliedtoafirm'sEBT,theloweritsROE.Thisiscapturedinthefifthratioofthe“really”modifiedmodel.taxeffectratio:(EarningsAfterTaxesorEAT/EBT)

TherelationshipthattiesthesefiveratiostogetheristhatROEisequaltotheircombinedproduct.(SeeEquation4.)ExampleofApplyingthe“Really”ModifiedDuPontModelToillustratehowthemodelworks,considertheincomestatementandbalancesheetforthefictitioussmallfirmofHerrera&Company,LLC.IncomeStatement$766,990NetSales……………………..$766,990CostofGoodsSold…………..(560,000)Selling,General,&AdministrativeExpenses……………….(143,342)DepreciationExpense……….. (24,000)EarningsBeforeInterest&Taxes……………$39,648InterestExpense……………... (12,447)EarningsBeforeTaxes……….$27,201Taxes…………(8,000)EarningsAfterTaxes(netprofit)…………….$19,201BalanceSheetCash $ 40,000NotesPayable$58,000Pre-paidExpenses………...Cash $ 40,000NotesPayable$58,000Pre-paidExpenses………...12,000AccountsPayable……………..205,000AccountsReceivable………185,000AccruedExpenses…………….46,000Inventory…Inventory…..200,000CurrentLiabilities……………. $309,000CurrentAssets$437,000LongCurrentAssets$437,000Long-TermDebtLand/BuildingsLand/Buildings……………104,300Equipment…63,000Less:Acc.Depreciation…...160,000Mortgage…….89,000 8-YearNote…(24,000) Owner'sEquity………………..185,700NetFixedAssets…………..$225,000TotalLiabilities&Equity…….. $662,000TotalAssets……………….$662,000ComputationofROEOperatingProfitMargin=$39,648/$766,990=.0517CapitalTurnover=$766,990/$411,000*=1.8662FinancialCostRatio=$27,201/$39,648=.6861FinancialStructureRatio=$411,000/$185,700=2.2132TaxEffectRatio=$19,201/$27,201=.7059ROE=.0517x1.8662x.6861x2.2132x.7059=.1034**or10.34%*InvestedCapital=Cash ($40,000)+ WorkingCapitalRequirement [$185,000+$200,000+$12,000]—[$205,000+$46,000](or$146,000)+NetFixedAssets($225,000)=$411,000**NotethatthisisthesameasconventionalcomputationofROE:$19,201/$185,700=.1034Conclusions&ImplicationsThe“really” modified DuPontmodelofratioanalysiscandemystifyrelativelycomplexfinancialanalysisandputstrategicfinancialplanningatthefingertipsofanysmallbusinessownerormanagerwhotakesthe(relativelylittle)timeneededtounderstandit.EachoperatingandfinancialdecisioncanbemadewithinaframeworkofhowthatdecisionwillimpactROE.Easilysetuponacomputermodel(suchasaspreadsheet),onecanseehowdecisions“flowthrough”tothebottomline,whichfacilitatescoordinatedfinancialplanning.(Harrington&Wilson,1986).Initssimplestform,wecansaythattoimproveROEtheonlychoicesonehasareto・ ・ T <*・ ・ • ・ ・ ・increaseoperatingprofits,becomemoreefficientinusingexistingassetstogeneratesales,recapitalizetomakebetteruseofdebtand/orbettercontrolthecostofborrowing,orfindwaystoreducethetaxliabilityofthefirm.Eachofthesechoicesleadstoadifferentfinancialstrategy.Forexample,toincreaseoperatingprofitsonemusteitherincreasesales(inahigherproportionthanthecostofgeneratingthosesales)orreduceexpenses.Sinceitisgenerallymoredifficulttoincreasesalesthanitistoreduceexpenses,asmallbusinessownercantrytolowerexpensesbydetermining:1)ifanewsuppliermightofferequivalentgoodsatalowercost,or2)ifawebsitemightbeaviablealternativetoacatalog,or3)cansometaskscurrentlybeingdonebyoutsidersbedonein-house.IneachcasenetincomewillrisewithoutanyincreaseinsalesandROEwillriseaswell.Alternatively,tobecomemoreefficient,onemusteitherincreasesaleswiththesamelevelofassetsorproducethesamelevelofsaleswithlessassets.Asmallbusinessownermightthentrytodetermine:1)ifitisfeasibletoexpandstorehoursbystayingopenlateroronweekends,or2)ifalessexpensivepieceofequipmentisavailablethatcouldreplaceanexisting(moreexpensive)pieceofequipment,or3)ifthereisamorepracticalwaytoproduceand/ordelivergoodsorservicesthanispresentlybeingused.Further,smallbusinessownerscandetermineiftheyareusingdebtwisely.Refinancinganexistingloanatacheaperratewillreduceinterestexpensesand,thus,increaseROE.ExercisingsomeofanunusedlineofcreditcanincreasethefinancialstructureratiowithacorrespondingincreaseinROE.And,takingadvantageoftaxincentivesthatareoftenofferedbyfederal,state,andlocaltaxingauthoritiescanincreasethetaxeffectratio,againwithacommensurateincreaseinROE.Inconclusion,ROEisthemostcompre-hensivemeasureofprofitabilityofafirm.Itconsiderstheoperatingandinvestingdecisionsmadeaswellasthefinancingandtax-relateddecisions.The“really”modifiedDuPontmodeldissectsROEintofiveeasilycomputedratiosthatcanbeexaminedforpotentialstrategiesforimprovement.Itshouldbeatoolthatallbusinessowners,managers,andconsultantshaveattheirdisposalwhenevaluatingafirmandmakingrecommendationsforimprovement.译文：真实修改的杜邦分析：五种方式改善股东权益回报率杜邦模型：简史运用财务比率进行分析已经被财务分析家，贷款人，学术研究人员和小企业主在文献资料里广泛运用。（例如，奥斯特扬和康斯坦德（1992），迪瓦恩和西顿（1995）博雅（1998），资产收益率和股东权益回报率的概念对理解一个企业的盈利能力非常重要，具体来说，一个回报比率说明了利润和产生这些利润所需要的投资之间的关系，然而，这些概念常常过于远离日常经营活动以至于很多经理和小企业主很难理解和运用。（斯莱特和奥尔桑，1996）1918年，在杜邦公司财务部工作了四年的机电工程师唐纳森布朗接到了评估公司财务状况的任务，并且杜邦公司刚刚购买了23%的股票（这个公司是通用汽车公司）,布朗意识到两种常用的计算比率即净利率（显然是一个利润指标）和总资产周转率（一个效率指标）与净资产收益率之间存在数学关系，净利率和总资产周转率的乘积等于净资产收益率。这就是原始的杜邦模型，公式如下：公式1：（净利润/销售收入）x（销售收入/总资产）二净利润/总资产即净资产收益率在这一时期，净资产收益率最大化是企业普遍追求和实现的目标，利润和效率对净资产收益率的影响导致了一个规划和控制企业所有经营决策的系统的发展，它成为财务分析的主要形式一直延续到二十世纪七十年代。（布卢门萨尔1998）在二十世纪七十年代，股东权益最大化成为普遍接受的财务管理目标，人们关注的焦点从净资产收益率转到了股东权益报酬率，这导致了原杜邦模型的第一次重大修改，除了盈利能力和效率，公司财务活动的方式即财务杠杆的使用成为三分之一的财务经理们关注的对象，新的利息比率被称为权益乘数，也就是（总资产/股东权益）。修改后的杜邦模型见公式1和公式2公式2：净资产收益率X（总资产/股东权益）二股东权益报酬率公式3：（净利润/销售收入）X（销售收入/总资产）X（总资产/股东权益）=股东权益报酬率修改后的杜邦模型成为所有财务管理教科书和一系列中级高级课程里的标准，就像学生阅读报表例如：“最重要的或者会计比率的底线是普通股权益报酬率（股权报酬率）”（布里格姆和休斯顿，2001）。修改的杜邦模型是一个能够说明企业的损益表和资产负债表之间相互关系的有力工具，并且制定了改善公司净资产收益率的简明策略。哈瓦维尼和维埃里提供了另一个修改的杜邦模型，这一修改使得来自股东权益回报率的五个不同的比率相结合，在他们修改的模型中他们知道依据公司财务报表编制的财务报告（这对债权人和税务人是非常重要的）对管理者做出经营和财务决策并不总是有用的。他们将传统的资产负债表转变为管理性的资产负债表，这是衡量公司经营决策对财务表现的更恰当的工具，这种重组的资产负债表使用投资资本的概念来取代传统资产负债表中的总资产和所有者权益，主要的区别是在短期流动资本账户上。资产负债表的管理使用一个净值称为“营运资本需求”（确定为：【应收账户+存货+预付费用】-【应付账户+预提费用】）作为投资资本的一部分，然后这些账户各自脱离于管理型的资产负债表。更详细的管理资产负债表超出了本文的范围，但将会部分的举例说明。修改后的真实杜邦模型如公式4所示：公式4：（息税前利润/销售额）X（销售额/投资资本）X（税前利润/息税前利润）x（投资资本/股本）x（税后净利/税前利润）二股权回报率（其中：投资资本=现金+营运资金需求+净固定资产）这种真正的修改模型依然保持对（即经营决策盈利能力和效率）和融资决策（即杠杆）对净资产收益率影响的重要性，但是采用了五种比率的综合来揭示是什么驱动着净资产收益率，并且对于如何改善这个重要比率给出了见解。公司的经营决策是指那些涉及收购和出售固定资产以及公司经营资产（主要是库存和应收账款）和经营负债（应付账款和应计费用）的管理，这些出现在真实修改的杜邦模型的前两个比率中，它们是：营业利润率：（息税前利润/销售收入）资本周转率：（销售收入/投资资本）公司的融资决策决策是指那些用于支持公司经营决策的债务和股权的组合，这些记录在真实修改的杜邦模型的第三和第四比率中，它们是：财务费用比率：（税前净利/息税前利润）财务结构比率：（投资资本/股东权益）一个公司净资产收益率的最后决定因素是发生的营业税，公司的税前利润适用的税率越高，其净资产收益率就越低。这个记录在真实修改的杜邦模型的第五个比率中5．税务影响率：（税后净利/税前利润）这五个比率联系在一起就是净资产收益率。（见公式4）真实修改的杜邦模型的应用举例为了说明杜邦模型是怎样运行的，考虑虚构的小公司埃雷拉有限责任公司的损益表和资产负债表:损益表净销售额 766,990美元销售成本 （560，000）销售、综合和财务费用 （143,342）折旧费用 （24,000）息税前利润 39,648美元利息费用 （12，447）税前净利 27,201美元所得税 （8000）税后净利润 19,201美元资产负债表

现金 -40，000美元应付票据 58，123美元预付费用 12,000美元应付账款 -205，000美元应收账款 -