外文原文及译文

外文原文及译文
一、外文原文
Subject：Financial Analysis with the DuPont Ratio: A UsefulCompass
Derivation：Steven C. Isberg, Ph.D.
Financial Analysis and the Changing Role of Credit Professionals
In today's dynamic business environment, it is important for credit professionals to be prepared to apply their skills both within and outside the specific credit management function. Credit executives may be called upon to provide insights regarding issues such as strategic financial planning, measuring the success of a business strategy or determining the viability of an acquisition candidate. Even so, the normal duties involved in credit assessment and management call for the credit manager to be equipped to conduct financial analysis in a rapid and meaningful way.
Financial statement analysis is employed for a variety of reasons. Outside investors are seeking information as to the long run viability of a business and its prospects for providing an adequate return in consideration of the risks being taken. Creditors desire to know whether a potential borrower or customer can service loans being made. Internal analysts and management utilize financial statement analysis as a means to monitor the outcome of policy decisions, predict future performance targets, develop investment strategies, and assess capital needs. As the role of the credit manager is expanded cross-functionally, he or she may be required to answer the call to conduct financial statement analysis under any of these circumstances. The DuPont ratio is a useful tool in providing both an overview and a focus for such analysis.
A comprehensive financial statement analysis will provide insights as to a firm's performance and/or standing in the areas of liquidity, leverage, operating efficiency and profitability. A complete analysis will involve both time series and cross-sectional perspectives. Time series analysis will examine trends using the firm's own performance as a benchmark. Cross sectional analysis will augment the process by using external performance benchmarks for comparison purposes. Every meaningful analysis will begin with a qualitative inquiry as to the strategy and policies of the subject company, creating a context for the investigation. Next, goals and objectives of the analysis will be established, providing a basis for interpreting the results. The DuPont ratio can be used as a compass in this process by directing the analyst toward significant areas of strength and weakness evident in the financial statements.
The DuPont ratio is calculated as follows:
ROE = (Net Income/Sales) X (Sales/Average Assets) X (Average Assets/Avenge Equity)
The ratio provides measures in three of the four key areas of analysis, eachrepresenting a compass bearing, pointing the way to the next stage of the investigation.
The DuPont Ratio Decomposition
The DuPont ratio is a good place to begin a financial statement analysis because it measures the return on equity (ROE). A for-profit business exists to create wealth for its owner(s). ROE is, therefore, arguably the most important of the key ratios, since it indicates the rate at which owner wealth is increasing. While the DuPont analysis is not an adequate replacement for detailed financial analysis, it provides an excellent snapshot and starting point, as will be seen below.
The three components of the DuPont ratio, as represented in equation, cover the areas of profitability, operating efficiency and leverage. In the following paragraphs, we examine the meaning of each of these components by calculating and comparing the DuPont ratio using the financial statements and industry standards for Atlantic Aquatic Equipment, Inc. (Exhibits 1, 2, and 3), a retailer of water sporting goods.
Profitability: Net Profit Margin (NPM: Net Income/Sales)
Profitability ratios measure the rate at which either sales or capital is converted into profits at different levels of the operation. The most common are gross, operating and net profitability, which describe performance at different activity levels. Of the three, net profitability is the most comprehensive since it uses the bottom line net income in its measure.
A proper analysis of this ratio would include at least three to five years of trend and cross-sectional comparison data. The cross sectional comparison can be drawn from a variety of sources. Most common are the Dun & Bradstreet Index of Key Financial Ratios and the Robert Morris Associates (RMA) Annual Statement Studies. Each of these volumes provide key ratios estimated for business establishments grouped according to industry (i.e., SIC codes). More will be discussed in regard to comparisons as our example is continued below. As is, over the two years, Whitbread has become less profitable.
Leverage: The Leverage Multiplier (Average Assets/Average Equity)
Leverage ratios measure the extent to which a company relies on debt financing in its capital structure. Debt is both beneficial and costly to a firm. The cost of debt is lower than
the cost of equity, an effect which is enhanced by the tax deductibility of interest payments in contrast to taxable dividend payments and stock repurchases. If debt proceeds are invested in projects which return more than the cost of debt, owners keep the residual, and hence, the return on equity is "leveraged up." The debt sword, however, cuts both ways. Adding debt creates a fixed payment required of the firm whether or not it is earning an operating profit, and therefore, payments may cut into the equity base. Further, the risk of the equity position is increased by the presence of debt holders having a superior claim to the assets of the firm.
二、译文
题目：杜邦分析体系
出处：史蒂文c Isberg运输研究所硕士论文
杜邦分析体系
财务分析与专业信用人员的角色转变
在当今动态商业环境中，信贷的专业人士申请内部外部的特定信贷管理职能的技能非常重要。

可能会要求信贷人员提交财务规划，如战略有关问题的见解，衡量一个企业战略的成功或确定收购后的可行性。

即便如此，信用评估要求所涉及的信用经理在管理正常工作时间内开展有意义的快速的配备和财务分析。

财务报表分析是综合了各种各样的原因。

一个企业为求长期生存能力而寻求外部投资者时，财务报告需要提供一个足够考虑到回报前景及风险的信息。

债权人希望知道服务贷款是否能够获取潜在的借款人或客户。

分析家和内部管理者利用财务报表分析为手段，以监督决策的结果，预测未来的绩效目标，制定投资策略，以及评估资本需求。

信贷经理的作用是跨职能，他或她可能需要对总体情况和细节情况进行财务报表分析。

杜邦比率概述是一个有用的工具，他能同时兼顾统观和细化研究。

全面的财务报表分析提供一个确定的性能和或流动性总结，站在经营效率和盈利能力等方面看待。

一个完整的分析都将牵涉到时间序列和横截面的观点。

时间序列分析研究的趋势将作为一种基准反映公司本身的性能。

横断分析将增加使用的外在表现作比较基准的过程。

每一个有意义的分析将都从一项关于该战略和公司政策的主体定性调查开始，选定一个有利于调查的范围。

接下来建立将分析的目标以结果为基础提供解释。

杜邦比率可在此过程中充当指南针，指导朝着财务报表中明显的实力和弱点。

杜邦分析体系的计算方式如下:
ROE=(净收入/销售)×(销售/平均资产)X(平均资产/复仇的股权)(1)
提供了三种方法在四个关键部分的分析,每个
代表一个方位的方法,指出的下一阶段的调查。

运用杜邦分析体系来开始财务报告的书写是一个很好的选择，因为杜邦分析法体现了净资产收益率。

营利性企业的营业目的便是为企业所有者创造财富。

由于能够清晰地体现出企业财富的增长速率，净资产收益率无疑是一个非常关键的比率指数。

虽然杜邦分析体系不能够完全替代一些更细节的财务分析，但它能够为整个分析报告体现一个通览全局的开头。

正如杜邦公式中体现的那样，杜邦分析体系涵盖了三个部分，分别是利润率、营业效率和杠杆效率。

在接下来的文章中，我们通过结合大西洋水上器材有限公司的财务报表及行业标准来计算并对比杜邦比率最终检验这三个部分的意义。

图表1、2、3。

利润率：净利润率（净利润率=净利润/销售利润）
利润率体现的是在不同运营水平下资金转化为利润的能力的比率最常见的利润率有毛利润率、营业利润率和净利润率。

这三个指数分别体现不同运营状态下的的不同利润水平。

在这三个指标当中，净利润率是最全面的，因为他在运算过程中使用的是净收入底线。

这个比率一个适当的分析将包括至少用三至五年的趋势和横向比较的数据。

横向收益的比较,可以得出从各种各样的资源。

最常见的是在校核及Bradstreet关键财务比率指标和罗伯特莫里斯员工年度报告的研究(陆军”的研究)。

每一个这些数据提供主要商业机构分组的根据行业(例如,SIC编码)的比率估计。

更多相关问题我们将在下面作为例子讨论。

在过去的两个财年,惠特布莱德已变得更有利可图。

杠杆:杠杆乘数(平均资产/平均股本)
杠杆比率测量,在一定程度上,依赖公司债务融资资本结构。

债务是对公司既有益或昂贵。

债务的成本低于权益成本，一个是由利息税增强扣除应税股息和另一个使股票回购效应低。

如果债务在其项目中所得的回报比投资的债务成本更多，业主保留的剩余，股本回报便是“杠杆"了。

但债务是把双刃剑。

增加债务需要创造的固定支付，不论公司是否是赚取经营利润。

因此，支付的费用可能从股本基础中切分。

此外，债务的风险会使得债权人对公司的资产有持有人权利。