杜邦财务分析法及案例分析（DuPontfinancialanalysisandcasestudy）

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 method, 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:
Figure 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 further 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
influence. To this end, we should further analyze the amount of assets and turnover speed. The current assets should focus on whether the stock backlog phenomenon, monetary funds, accounts receivable are idle in the analysis of customer payment ability and have no bad debts; on the non current focuses on the analysis of the fixed assets of enterprises is full use of assets.
Three, DuPont analysis is used as an example to analyze DuPont's financial analysis method, which can explain the reasons for the change of indicators and the trend of changes, and show the direction for taking measures. Below, take a listed company Beiqi Foton automobile (600166) as an example to illustrate the use of DuPont analysis.
The basic financial data of Foton Motor are as follows:
Table two
DuPont analysis chart
(I) analysis of net interest rates;
The net interest rate index of equity is a measure of the ability of an enterprise to make use of its assets to obtain profits. The net interest rate of equity takes full account of the influence of the mode of financing on the profitability of the enterprise, so the profitability reflected by it is the result of the combination of various factors, such as business capability, financial decision-making and financing methods.
The company's net interest rates have improved to some extent during the period from 2001 to 2002, respectively, from the 0.112. enterprises increased from 0.097 in 2001 to 2002 the investors to a large extent on the basis of this index to judge whether the investment or whether the transfer of shares, study of operator performance and dividend policy decision. These indicators are also important to the company's managers.
Corporate managers conduct financial analysis to improve their financial decisions. They can split net interest rates into equity multipliers and net interest rates to find the causes of the problem.
Table three: equity interest rate analysis sheet
Foton equity net interest = equity multiplier * equity net interest rate
Through the decomposition, we can see clearly that the change of the net interest rate of the company's equity lies in the interaction of two aspects, the changes of the capital structure (equity multiplier) and the effect of the asset utilization (the net interest rate of assets). The company's net asset interest rate is too low, showing a poor asset utilization.
(two) decomposition analysis process:
Net interest rate = net interest rate of assets * equity multiplier
The decomposition shows that the change in net interest rate is due to changes in capital structure (declining equity multiplier), while changes in asset utilization and cost control (net asset interest rates have also changed). So, we continue to decompose the net interest rate of assets:
Net asset interest = net selling rate * total asset turnover
The decomposition can be seen in 2002 the total assets turnover rate has increased, the use of assets that better control is obtained, shows better effect than the previous year, show that the company's use of its total assets generated sales revenue increase in efficiency. As the total assets turnover improved, the decrease in net selling interest rates prevented the increase in the net asset interest rate, and we then decomposed the net sales interest rate:
Net profit = sales revenue / net sales
In 2002 the company greatly increased sales revenue, but net profit increase is very small, the reason is the increase in cost, from a table that all costs increased from 4 billion 39 million 674 thousand and 300 yuan in 2001 to 7 billion 367 million 472 thousand and 400 yuan in 2002, with sales revenue increase of roughly the same magnitude. The following is a breakdown of all costs:
All costs = manufacturing costs + sales expenses + management fees + financial expenses
In 2002 736747.24 = 684559.9121740.96225718.205026.17 can be
seen through the decomposition of DuPont analysis effectively explains the cause and trend of change in target, to take measures to deal with the direction.
In this case, the main reason for the small profit margin is that the total cost is too large. It is also because the full cost increase led to a net profit increase is limited, and greatly increase sales, caused a decrease in sales net interest rate, shown to reduce the profitability of the company's sales. The improvement of the net asset interest rate, the improvement of the total assets turnover rate and the decrease of the net selling interest rate, have played an important role in hindering the improvement of the net assets interest rate.
As seen in Table 4, the decline in the rights and interests of Foton motors shows that their capital structure has changed between 2001 and 2002, and the equity multiplier in 2002 was somewhat smaller than in 2001. The smaller the equity multiplier, the lower the debt level of the enterprise, the stronger the ability to repay the debt, the lower the financial risk. The index also reflects the impact of leverage on profit levels. Financial leverage has two positive and negative functions. In a well paid year, it can increase the potential return of shareholders, but shareholders should bear the risk of increased liabilities; in the bad year, the potential return of shareholders may be reduced. The company's equity multiplier has been between 2~5, that is, the debt ratio of 50% to 80%, belonging to the radical strategic enterprises. Managers should accurately understand the company's environment, accurately predict profits, and reasonably control the risks associated with liabilities.
Therefore, for Fukuda automobile, the most important thing is to make efforts to reduce costs and control costs. At the same time, maintain a high total asset turnover. In this way, the sales margin can be improved and the net interest rate of assets will be greatly improved.
Four, conclusion, DuPont analysis to net interest rates as the main line, the enterprise in a certain period of time the sales achievement and asset operational condition comprehensive together, the layers of decomposition, step by step, constitute a complete analysis system. It can help managers find financial and management problems, can provide valuable information for improving enterprise management, which is widely recognized and widely used in practical work.
DuPont analysis, however, is one of the methods of financial analysis. As a comprehensive analysis method, it does not exclude other methods of financial analysis. On the contrary, combined with other analysis methods, not only can make up for their shortcomings and shortcomings, but also make up for shortcomings of other methods, which makes the analysis results more complete and more scientific. For example, DuPont analysis as the foundation, combined with the special analysis, some problems related to the subsequent analysis for further more detailed analysis to understand; can also be combined with the method of comparative analysis and trend analysis method, the different period of DuPont analysis by comparing the results of trend analysis, thus the dynamic formation, identify financial changes, provide the basis for the prediction of or, decision-making; some enterprises and financial risk analysis
methods, the necessary risk analysis, also provides the basis for managers, so this combination is also the need of the development of DuPont analysis. The analyst should pay attention to this when applying.。