财管类毕业论文外文翻译--杜邦分析法

外文资料及中文译文A自己动手丰衣足食作者姓名***专业财务管理指导教师姓名***专业技术职务副教授外文资料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(i.e.profitabilityandefficiency)andfinancingdecisions(leverage)uponROE,butusesatotaloffiveratiostouncoverwhatdrivesROEandgiveinsighttohowtoimprovethisimportantratio.Thefirm’soperatingdecisionsarethosethatinvolvetheacquisitionanddisposaloffixedassetsandthemanagementofthefirm’soperatingassets(mostlyinventoriesandaccountsreceivable)andoperatingliabilities(accountspayableandaccruals).Thesearecapturedinthefirsttworatiosofthe“really”modifiedDuPontmodel.Theseare:1.operatingprofitmargin:(EarningsBeforeInterest&TaxesorEBIT/sales)2.capitalturnover:(sales/investedcapital)Thefirm’sfinancingdecisionsarethosethatdeterminethemixofdebtandequityusedtofundthefirm’soperatingdecisions.Thesearecapturedinthethirdandfourthratiosofthe“really”modifiedmodel.Theseare:3.financialcostratio:(EarningsBeforeTaxesorEBT/EBIT)4.financialstructure