杜邦财务分析法及案例分析（DuPont financial analysis and case
study）
Business University network, DuPont analysis, profitability, financial position
Profitability is an important financial index of the enterprise, to the owners, creditors, investors and government, analysis and evaluation of the profitability of the enterprise is crucial to the decision-making, financial profitability analysis and financial management of enterprises of the important part of.
The ratio of profitability evaluation of the traditional enterprise mainly has: the rate of return on assets, profit margin (or net profit rate), return on equity; earnings of joint-stock enterprises and share profit rate, dividend rate, dividend return rate etc.. These individual indicators are used to measure different factors that influence and determine the profitability of an enterprise, including sales performance, asset management levels, cost control levels, etc..
These indicators analyze the financial status and operating results of a company from a specific point of view, and they are not sufficient to evaluate the overall financial position and operating results of an enterprise in a comprehensive manner. In order to compensate for this deficiency, there must be a met
hod, which can analyze interrelated, relevant indicators and statements together, using appropriate standards for comprehensive analysis and evaluation, which fully embodies the enterprise overall financial situation, and
pointed out the relationship between indicators and indicators and indicators and reports. A DuPont analysis is one of the.
DuPont financial analysis system (TheDuPontSystem) is a more practical financial ratio analysis system. This method of analysis was first created by the manager of the DuPont Co in the United States, so it is called DuPont financial analysis system. The method of financial analysis from the enterprise performance evaluation is the most comprehensive and representative index - net interest rates of use to decompose the basic factors of production, and enterprise cost and expense risk, so as to satisfy the need for performance evaluation through financial analysis, business objectives change operator can timely find out the reasons and correction, and provide the basis for investors, creditors and government evaluation of enterprises.
A DuPont, DuPont analysis method and analysis of the characteristics of the DuPont model diagram is the most significant number for ratio evaluation of the operational efficiency and financial status of
enterprises according to their internal links organically, form a complete index system, and finally through the return on equity to reflect. By this method, the level of financial ratio analysis can be clearer and more coherent, which will provide convenience for the analysts to understand the operation and profitability of enterprises comprehensively and carefully.
DuPont analysis helps enterprise management more clearly see the determinants of equity capital gains rate, relationship and sales net profit rate and total asset turnover rate, debt ratio,
provides a clear roadmap for the company asset management efficiency and the maximization of shareholder returns to management.
DuPont analysis uses the internal relationship between the major financial ratios, establishes a comprehensive model of financial ratio analysis, and comprehensively analyzes and evaluates the financial status and operating performance of enterprises. DuPont analysis chart is used to arrange the relevant indexes according to internal relations, so as to directly reflect the overall situation of the enterprise's financial status and management results.
The DuPont financial analysis system is shown in the figure:
margin rateFigure 1 DuPont analysis chart
Two. Analysis of DuPont drawings
1. the relationship between the financial indicators in the figure:
It can be seen that DuPont analysis actually analyzes the finance from two angles. One is the internal management factor analysis, the other is the capital structure and risk analysis of the two.
Net interest rate = net interest rate of assets * equity multiplier
Equity multiplier (1 = 1, asset liability ratio)
Net asset interest = net selling rate * total asset turnover
Net profit = sales revenue / net sales
The total asset turnover = sales / total assets
Asset liability ratio = Total Liabilities / total assets
2. DuPont analysis chart provides information about the following major financial indicators:
(1) net interest rate is the most comprehensive financial ratio. It is the core of Du Pont analysis system. It reflects the profitability of the owner's capital and reflects the efficiency of the enterprise's financing, investment, asset operation and so on. It depends on the level of the total assets profit margin and the equity capital ratio. There are three factors that determine the net interest rate of equity, equity multiplier, net selling interest rate and total assets turnover. The three ratios of equity multiplier, net interest rate and total asset turnover reflect the debt ratio, profitability ratio and asset management ratio of an enterprise respectively.
(2) the equity multiplier is mainly affected by the asset liability ratio. The greater the debt ratio, the higher the equity multiplier, indicating that the enterprise has a higher degree of debt, and bring more leverage benefits to the enterprise,
At the same time, it also brings more risks to the enterprise.
The net asset interest rate is a comprehensive index, which is affected by both the net selling interest rate and the asset turnover.
(3) the net interest rate of assets is also an important financial ratio, and the comprehensive rate is also stronger. It is the product of the net interest rate and the total asset turnover, so it should be furt
her analyzed from two aspects: sales results and asset operation.
The net sales rate reflects the relationship between the total profit and the sales revenue. In this sense, raising the net sales rate is the key to improving the profitability of the enterprise. To improve the net sales rate: first, to expand sales revenue; two is to reduce costs. To reduce costs and expenses is an important part of enterprise financial management. Through the list of costs and expenses, it is beneficial for enterprises to analyze the structure of cost and expense, and to strengthen cost control, so as to provide the basis for seeking ways to reduce cost.
The operation ability of enterprise assets is not only related to the profitability of an enterprise, but also to the solvency of an enterprise. Generally speaking, the liquid assets directly reflect the solvency and liquidity of the enterprise, and the non current assets reflect the scale and potential of the enterprise. Between the two should be a reasonable structure ratio, if the enterprise's cash holdings more than business needs, it may affect the profitability of enterprises; if enterprises occupy excessive inventory and accounts receivable, it should affect the profitability, solvency and

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