杜邦分析法 英文讲义PPT课件

1、What is ROE? The starting point for a systematic analysis of a firms performance is its return on equity(ROE). defined as ROE=Net income/ Total equity ROE is a comprehensive indicator of a firms performance because it provides an indication of how well managers are employing the funds invested by th

2、e firms shareholders to generate returns.第1页/共26页About ROE On average over long periods,large publicly traded firms in the U.S. generate ROEs in the range of 11 to 13 percent. In the long run, the value of the firms equity is determined by the relationship between its ROE and its cost of equity capi

3、tal.That is, those firms that are expected over the long run to generate ROEs in excess of the cost of equity capital should have market values in excess of book value,and vice versa(反之亦然).第2页/共26页the Du Pont IdentityAn expression that breaks ROE down into three parts : Profit margin,Total asset tur

4、nover and F i n a n c i a l l e v e r a g e ( e q u i t y multiplier). it is also known as Dupont Analysis.The method is first used by a firm named Dupont which is a large chemical company.第3页/共26页the Du Pont IdentityDupont Analysis is to analysis enterprises financial position by using the relation

5、ship between several financial ratios.Its basic idea is to divide ROE into a number of financial ratios product, which is help to further a n a l y s i s t h e e n t e r p r i s e s business performance.第4页/共26页Deriving the Du Pont Identity ROE = NI / TE Multiply by 1 and then rearrangeROE = (NI / T

6、E) (TA / TA)ROE = (NI / TA) (TA / TE) = ROA * EM Multiply by 1 again and then rearrangeROE = (NI / TA) (TA / TE) (Sales / Sales)ROE = (NI / Sales) (Sales / TA) (TA / TE)ROE = PM * TAT * EM第5页/共26页the Du Pont Identity ROE = ROA*EM =PM * TAT * EM =Profit margin * Total asset turnover * Equity multipli

7、er =Net income/ Sales * Sales/ Total assets * Total assets/ Total equity第6页/共26页 Even though the above approach is popular used to decompose(分解) a firms ROE,it has several limitations. In the computation of ROA,the denominator(分母) includes the assets claimed by all providers of capital to the firm,b

8、ut the numerator（分子）includes only the earnings avaliable to equity holders.The assets themselves includes both operating assets and financial assets such as cash and short-term investments.第7页/共26页Further,net income includes income from operating activities as well as interest income and e x p e n s

9、 e s , w h i c h a r e consequences of fianancing decisions. Often it is useful to distinguish between these two drivers of performance.第8页/共26页 Finally, the financial leverage ratio used above does not recongnize the fact that a firms cash and short-term investments are in essence negative debt(资本)

10、 because they can be used to pay down the debt on the companys balance sheet. T h e s e i s s u e s a re a d d re s s e d b y a n a l te r n a t i ve a p p roa c h to decomposing ROE. that is ROE=Operating ROA+Spread *Net financial leverage第9页/共26页Using the Du Pont Identity Profit margin is a measur

11、e of the firms operating efficiency how well does it control costs Total asset turnover is a measure of the firms asset use efficiency how well does it manage its assets Equity multiplier is a measure of the firms financial leverage第10页/共26页Payout and Retention Ratios Dividend payout ratio = Cash di

12、vidends / Net income0.86 / 2.17 = 0.3963 or 39.63%A firms dividends payout ratio is a measure of its dividend policy. Firms pay dividends for several reasons. They provide a way to return to shareholders any cash generated in excess of the firms operating and investment needs.第11页/共26页Payout and Ret

13、ention RatiosWhen there are information asymmetries (不对称) between a f i r m s m a n a g e r s a n d i t s shareholders, dividend payments c a n s e r v e a s a s i n g l e t o shareholders about managers expectation of the firms future prospects. Firms may also pay dividends to attract a certain typ

14、e of shareholder base.第12页/共26页Payout and Retention Ratios Retention ratio = Additions to retained earnings / Net income = 1 payout ratio1.31 / 2.17 = 0.6037 = 60.37%Or 1 - 0.3963 =0 .6037 = 60.37%R e t a i n e d r a t i o ( P l o w b a c k ratio)used to measure the current in the total net income w

15、hat is the p e rc e n t a g e re t a i n e d i n t h e enterprise for development, it embodies(体现) the enterprise management policies.第13页/共26页Determinants of GrowthProfit margin operating efficiencyTotal asset turnover asset use efficiencyFinancial leverage choice of optimal debt ratioDividend poli

16、cy choice of how much to pay to shareholders versus reinvesting in the firm第14页/共26页Table 3.6第15页/共26页Sustainable growth rate Suatainable growth rate is the rate at which a firm can grow while keeping its profitability and financial policies unchanged. A firms return on equity and its dividend payou

17、t policy determine the pool of funds avaliable for growth. Of course the firm can grow at a rate different from its sustainable growth rate if its profitability, payout policy,or financial leverage changes. Therefore,the sustainable growth rate provides a benchmark against which a firms growth plans

18、 can be evaluated.第16页/共26页Why Evaluate Financial Statements? Internal uses Performance evaluation compensation and comparison between divisions（部门） Planning for the future guide in estimating future cash flows External uses Creditors Suppliers Customers Stockholders第17页/共26页 To e va l u a te f i a

19、n a n c i a l s t a t e m e n t c a n p ro v i d e u s e f u l a c c o u n t i n g information. Accounting information can help investors and creditors to make the reasonable decision.In a market, enterprises capital mainly from shareholders and creditors,whether its now or potential investors and c

20、reditors.In order to make a reasonable investment and credit decisions, must have certain financial information.第18页/共26页 Accounting information can assess and predict the future cash flow. Enterprise inside and outside users demand of information is mainly to help future economic decisions, predict

21、 the future management of the enterprise activities.The major content（内容） focused on financial projections，such as the cash flow,debt paying ability and so on.第19页/共26页Benchmarking Ratios are not very helpful by themselves; they need to be compared to something Time-Trend Analysis Used to see how th

22、e firms performance is changing through time Internal and external uses Peer Group Analysis - Compare to similar companies or within industry -SIC and NAICS codes第20页/共26页Peer Group Analysis Many such codes exsit-NAICS,SIC codes,etc. And they are widely used to classify businesses,industries and product categories. NAICS： North