基于EVA改进杜邦财务分析体系的可行性研究以格力电器股份有限公司为例

基于EVA改进杜邦财务分析体系的可行性研究以格力电器股份有限公司为例一、本文概述Overviewofthisarticle随着企业管理的日益精细化，财务分析在企业决策中的重要性愈发凸显。传统的杜邦财务分析体系虽然在一定程度上能够反映企业的财务状况和经营成果，但在实际操作中仍存在诸多不足，如过度关注短期财务指标、忽视企业价值创造等。为了克服这些缺陷，越来越多的企业开始尝试引入经济增加值（EVA）作为财务分析的新视角。本文旨在探讨基于EVA改进杜邦财务分析体系的可行性，并以格力电器股份有限公司为例进行深入分析。Withtheincreasingrefinementofenterprisemanagement,theimportanceoffinancialanalysisinenterprisedecision-makingisbecomingincreasinglyprominent.AlthoughthetraditionalDuPontfinancialanalysissystemcantosomeextentreflectthefinancialstatusandoperatingresultsofenterprises,therearestillmanyshortcomingsinpracticaloperation,suchasexcessivefocusonshort-termfinancialindicatorsandneglectofenterprisevaluecreation.Inordertoovercometheseshortcomings,moreandmorecompaniesareattemptingtointroduceEconomicValueAdded(EVA)asanewperspectiveforfinancialanalysis.ThisarticleaimstoexplorethefeasibilityofimprovingDuPont'sfinancialanalysissystembasedonEVA,andconductin-depthanalysisusingGreeElectricAppliancesCo.,Ltd.asanexample.本文将对EVA的基本概念和计算方法进行介绍，阐述其在财务分析中的应用优势。通过对比分析传统杜邦财务分析体系和基于EVA的改进体系，揭示两者在理念、指标设置和分析重点等方面的差异。在此基础上，本文以格力电器为例，详细展示如何将EVA融入财务分析体系，并通过实际数据对比验证改进后的体系在反映企业价值创造和长期财务绩效方面的优越性。ThisarticlewillintroducethebasicconceptsandcalculationmethodsofEVA,andexplainitsapplicationadvantagesinfinancialanalysis.BycomparingandanalyzingthetraditionalDuPontfinancialanalysissystemandtheimprovedsystembasedonEVA,thisstudyrevealsthedifferencesbetweenthetwointermsofphilosophy,indicatorsetting,andanalysisfocus.Onthisbasis,thisarticletakesGreeElectricAppliancesasanexampletodemonstrateindetailhowtointegrateEVAintothefinancialanalysissystem,andverifiesthesuperiorityoftheimprovedsysteminreflectingenterprisevaluecreationandlong-termfinancialperformancethroughactualdatacomparison.本文的研究不仅有助于深化对EVA及其在财务分析中应用的理解，还能为其他企业在实践中构建更加科学、有效的财务分析体系提供有益的参考和借鉴。通过这一研究，我们期望能够推动财务分析领域的创新与发展，为企业的长远发展和价值创造提供有力支持。ThisstudynotonlyhelpstodeepentheunderstandingofEVAanditsapplicationinfinancialanalysis,butalsoprovidesusefulreferenceandguidanceforotherenterprisestobuildmorescientificandeffectivefinancialanalysissystemsinpractice.Throughthisresearch,wehopetopromoteinnovationanddevelopmentinthefieldoffinancialanalysis,providingstrongsupportforthelong-termdevelopmentandvaluecreationofenterprises.二、杜邦财务分析体系概述OverviewofDuPontFinancialAnalysisSystem杜邦财务分析体系，又称为杜邦分析法，是一种经典的企业财务分析工具，由美国杜邦公司首创并广泛应用于企业绩效评价。该体系以权益净利率为核心指标，通过层层分解，将企业的盈利能力、营运能力、偿债能力及增长能力等多个方面的财务指标有机结合起来，从而全面、系统地揭示企业财务状况和经营成果。TheDuPontFinancialAnalysisSystem,alsoknownastheDuPontAnalysisMethod,isaclassicfinancialanalysistoolforenterprises.ItwasfirstcreatedbyDuPontintheUnitedStatesandwidelyusedinenterpriseperformanceevaluation.Thissystemtakesthenetprofitmarginofequityasthecoreindicator,andthroughlayerbylayerdecomposition,organicallycombinesmultiplefinancialindicatorssuchastheprofitability,operatingability,debtrepaymentability,andgrowthabilityoftheenterprise,therebycomprehensivelyandsystematicallyrevealingthefinancialstatusandoperatingresultsoftheenterprise.在杜邦财务分析体系中，权益净利率被分解为销售净利率、资产周转率和财务杠杆倍数三个主要部分。销售净利率反映了企业的盈利能力，即每销售一定额度的产品或服务能够实现的净利润水平；资产周转率则体现了企业的营运能力，即企业资产的管理效率和使用效果；而财务杠杆倍数则揭示了企业的负债水平和资本结构，反映了企业通过债务融资放大收益的能力。InDuPont'sfinancialanalysissystem,equitynetprofitmarginisdecomposedintothreemainparts:salesnetprofitmargin,assetturnoverratio,andfinancialleverageratio.Thenetprofitmarginofsalesreflectstheprofitabilityofacompany,whichisthelevelofnetprofitthatcanbeachievedforeachsalesofacertainamountofproductsorservices;Theassetturnoverratereflectstheoperationalcapabilityofacompany,thatis,themanagementefficiencyandutilizationeffectofitsassets;Thefinancialleverageratiorevealsthedebtlevelandcapitalstructureofacompany,reflectingitsabilitytoamplifyprofitsthroughdebtfinancing.通过对这三个指标的深入分析和比较，可以对企业的整体财务状况进行综合评价。如果权益净利率较高，通常意味着企业的盈利能力较强，资产管理效率较高，且债务水平合理。反之，如果权益净利率较低，则可能表明企业在盈利能力、资产管理或债务控制等方面存在问题，需要进一步分析和改进。Throughin-depthanalysisandcomparisonofthesethreeindicators,acomprehensiveevaluationoftheoverallfinancialsituationoftheenterprisecanbeconducted.Iftheequitynetprofitmarginishigh,itusuallymeansthatthecompanyhasstrongprofitability,highassetmanagementefficiency,andreasonabledebtlevels.Onthecontrary,iftheequitynetprofitmarginislow,itmayindicatethattheenterprisehasproblemsinprofitability,assetmanagement,ordebtcontrol,andfurtheranalysisandimprovementareneeded.杜邦财务分析体系的优点在于其综合性强、层次清晰、直观易懂。然而，该体系也存在一定局限性，如过分强调短期财务指标而忽视长期价值创造、难以反映非财务信息等。因此，在应用杜邦财务分析体系时，需要结合企业的实际情况和市场环境进行综合分析，以确保评价结果的准确性和有效性。TheadvantagesofDuPont'sfinancialanalysissystemareitsstrongcomprehensiveness,clearhierarchy,andintuitiveandeasytounderstand.However,thissystemalsohascertainlimitations,suchasoveremphasizingshort-termfinancialindicatorswhileignoringlong-termvaluecreation,anddifficultyreflectingnon-financialinformation.Therefore,whenapplyingtheDuPontfinancialanalysissystem,itisnecessarytoconductacomprehensiveanalysisbasedontheactualsituationoftheenterpriseandthemarketenvironmenttoensuretheaccuracyandeffectivenessoftheevaluationresults.以格力电器股份有限公司为例，作为一家家电行业的领军企业，其财务状况和经营成果一直备受关注。通过运用杜邦财务分析体系对格力电器的财务数据进行深入剖析，可以更加清晰地了解其在盈利能力、营运能力、偿债能力及增长能力等方面的表现，从而为投资者、债权人等利益相关者提供有益的决策参考。格力电器也可以利用杜邦财务分析体系进行自我诊断和改进，不断优化财务管理和战略决策，以实现持续稳健的发展。TakingGreeElectricAppliancesCo.,Ltd.asanexample,asaleadingenterpriseinthehomeapplianceindustry,itsfinancialconditionandoperatingresultshavealwaysbeenofgreatconcern.ByusingtheDuPontfinancialanalysissystemtoconductin-depthanalysisofGreeElectric'sfinancialdata,itispossibletogainaclearerunderstandingofitsperformanceintermsofprofitability,operationalability,debtrepaymentability,andgrowthability,therebyprovidingusefuldecision-makingreferencesforinvestors,creditors,andotherstakeholders.GreeElectriccanalsouseDuPont'sfinancialanalysissystemforselfdiagnosisandimprovement,continuouslyoptimizingfinancialmanagementandstrategicdecision-makingtoachievesustainedandstabledevelopment.三、EVA理论及其在财务管理中的应用EVATheoryandItsApplicationinFinancialManagementEVA（经济增加值）理论自上世纪90年代初由思腾思特咨询公司提出以来，便在全球范围内得到了广泛的关注和应用。EVA作为一种新型的财务管理和业绩评估工具，其核心思想在于强调资本成本的重要性，并以此为基础来衡量企业真正的经济利润。与传统的会计利润不同，EVA考虑了所有资本成本，包括股权和债务资本，从而更准确地反映了企业的盈利能力和价值创造能力。TheEVA(EconomicValueAdded)theoryhasreceivedwidespreadattentionandapplicationworldwidesinceitwasproposedbytheconsultingfirmSitengSiTeintheearly1990s.Asanewtypeoffinancialmanagementandperformanceevaluationtool,EVAemphasizestheimportanceofcapitalcostandusesitasabasistomeasurethetrueeconomicprofitofenterprises.Unliketraditionalaccountingprofit,EVAconsidersallcapitalcosts,includingequityanddebtcapital,tomoreaccuratelyreflecttheprofitabilityandvaluecreationabilityoftheenterprise.业绩评估：EVA作为一种业绩评估指标，能够更真实地反映企业的经济利润。通过将EVA与传统的财务指标相结合，可以形成更加全面、准确的业绩评估体系，为企业的战略决策和经营管理提供有力支持。Performanceevaluation:EVA,asaperformanceevaluationindicator,canmoreaccuratelyreflecttheeconomicprofitsofenterprises.BycombiningEVAwithtraditionalfinancialindicators,amorecomprehensiveandaccurateperformanceevaluationsystemcanbeformed,providingstrongsupportforstrategicdecision-makingandbusinessmanagementofenterprises.资本预算：在资本预算过程中，EVA可以作为项目选择的重要依据。通过比较不同项目的EVA值，企业可以优先选择那些能够带来更高经济增加值的项目，从而实现资本的高效配置。Capitalbudgeting:EVAcanserveasanimportantbasisforprojectselectioninthecapitalbudgetingprocess.BycomparingtheEVAvaluesofdifferentprojects,enterprisescanprioritizeprojectsthatcanbringhighereconomicvalueadded,therebyachievingefficientcapitalallocation.价值管理：EVA理论强调价值创造，认为企业的价值增长来源于EVA的持续增长。因此，企业可以通过提高EVA值来增强自身的市场竞争力和可持续发展能力。Valuemanagement:EVAtheoryemphasizesvaluecreationandbelievesthatthegrowthofacompany'svaluecomesfromthecontinuousgrowthofEVA.Therefore,enterprisescanenhancetheirmarketcompetitivenessandsustainabledevelopmentabilitybyincreasingEVAvalue.格力电器股份有限公司作为国内家电行业的领军企业，其财务管理体系一直备受关注。近年来，随着市场竞争的不断加剧和企业自身发展的需要，格力电器开始尝试将EVA理论引入其财务管理体系。通过构建基于EVA的财务分析体系，格力电器不仅可以更加准确地评估自身的盈利能力和价值创造能力，还能够更好地指导企业的战略决策和经营管理。GreeElectricAppliancesCo.,Ltd.,asaleadingenterpriseinthedomestichomeapplianceindustry,hasalwaysreceivedattentionforitsfinancialmanagementsystem.Inrecentyears,withthecontinuousintensificationofmarketcompetitionandtheneedsofenterprisedevelopment,GreeElectricApplianceshasbeguntotrytointroduceEVAtheoryintoitsfinancialmanagementsystem.ByconstructingafinancialanalysissystembasedonEVA,GreeElectricAppliancescannotonlymoreaccuratelyevaluateitsprofitabilityandvaluecreationability,butalsobetterguidethecompany'sstrategicdecision-makingandbusinessmanagement.EVA理论在财务管理中的应用具有重要意义。通过构建基于EVA的财务分析体系，企业可以更加全面地评估自身的财务状况和经营成果，为企业的可持续发展提供有力支持。随着EVA理论的不断完善和推广，其在财务管理领域的应用也将越来越广泛。TheapplicationofEVAtheoryinfinancialmanagementisofgreatsignificance.ByconstructingafinancialanalysissystembasedonEVA,enterprisescancomprehensivelyevaluatetheirfinancialstatusandoperatingresults,providingstrongsupportfortheirsustainabledevelopment.WiththecontinuousimprovementandpromotionofEVAtheory,itsapplicationinfinancialmanagementwillalsobecomeincreasinglywidespread.四、基于EVA改进杜邦财务分析体系的可行性分析FeasibilityanalysisofimprovingDuPont'sfinancialanalysissystembasedonEVA随着经济的发展和市场的日益竞争，传统的杜邦财务分析体系已不能完全满足现代企业的需求。因此，将经济增加值（EVA）引入杜邦财务分析体系，以更全面地评估企业的财务状况和经营绩效，成为了企业财务分析的重要发展方向。本文以格力电器股份有限公司为例，探讨基于EVA改进杜邦财务分析体系的可行性。Withthedevelopmentoftheeconomyandincreasingmarketcompetition,thetraditionalDuPontfinancialanalysissystemcannolongerfullymeettheneedsofmodernenterprises.Therefore,introducingEconomicValueAdded(EVA)intoDuPont'sfinancialanalysissystemtocomprehensivelyevaluateacompany'sfinancialconditionandoperationalperformancehasbecomeanimportantdevelopmentdirectionincorporatefinancialanalysis.ThisarticletakesGreeElectricAppliancesCo.,Ltd.asanexampletoexplorethefeasibilityofimprovingDuPont'sfinancialanalysissystembasedonEVA.EVA作为一种新型的财务指标，其核心优势在于将企业的资本成本纳入考虑范围，从而更真实地反映企业的经济利润。传统的杜邦财务分析体系主要关注企业的净利润，忽略了资本成本的重要性，导致企业的真实盈利状况被高估。而EVA的引入，可以弥补这一缺陷，使企业的财务分析更加全面和准确。Asanewtypeoffinancialindicator,EVA'scoreadvantageliesintakingintoaccountthecostofcapitaloftheenterprise,therebymoreaccuratelyreflectingtheeconomicprofitoftheenterprise.ThetraditionalDuPontfinancialanalysissystemmainlyfocusesonthenetprofitoftheenterprise,neglectingtheimportanceofthecostofcapital,leadingtoanoverestimationofthetrueprofitabilityoftheenterprise.TheintroductionofEVAcancompensateforthisdeficiencyandmakethefinancialanalysisofenterprisesmorecomprehensiveandaccurate.将EVA与杜邦财务分析体系相结合，可以通过调整杜邦体系中的相关指标，如净资产收益率、总资产周转率等，使其更加符合EVA的理念。同时，通过引入EVA作为新的核心指标，可以构建基于EVA的杜邦财务分析体系，从而更好地评估企业的经济价值和经营绩效。BycombiningEVAwithDuPont'sfinancialanalysissystem,relevantindicatorssuchasreturnonequityandtotalassetturnovercanbeadjustedtobetteralignwiththeconceptofEVA.Meanwhile,byintroducingEVAasanewcoreindicator,aDuPontfinancialanalysissystembasedonEVAcanbeconstructedtobetterevaluatetheeconomicvalueandoperationalperformanceofenterprises.以格力电器为例，通过对其近年来的财务数据进行分析，可以发现EVA相较于传统的杜邦财务分析体系，更能真实反映企业的经济利润。在引入EVA后，格力电器的财务分析结果显示，其经济利润与传统的净利润存在较大的差异，这说明了资本成本对企业盈利状况的重要影响。同时，基于EVA的杜邦财务分析体系也为格力电器提供了更加全面和准确的财务状况和经营绩效评估，为其决策提供了有力的支持。TakingGreeElectricAppliancesasanexample,byanalyzingitsfinancialdatainrecentyears,itcanbefoundthatEVAcanmoreaccuratelyreflecttheeconomicprofitsoftheenterprisecomparedtothetraditionalDuPontfinancialanalysissystem.AftertheintroductionofEVA,thefinancialanalysisresultsofGreeElectricAppliancesshowthatthereisasignificantdifferencebetweenitseconomicprofitandtraditionalnetprofit,indicatingtheimportantimpactofcapitalcostsontheprofitabilityoftheenterprise.Meanwhile,theDuPontfinancialanalysissystembasedonEVAalsoprovidesGreeElectricApplianceswithamorecomprehensiveandaccurateevaluationofitsfinancialstatusandoperationalperformance,providingstrongsupportforitsdecision-making.基于EVA改进杜邦财务分析体系的可行性主要体现在以下几个方面：EVA的引入可以弥补传统杜邦体系的缺陷，使企业的财务分析更加全面和准确；基于EVA的杜邦财务分析体系可以更好地评估企业的经济价值和经营绩效，为企业决策提供有力支持；随着EVA理念的普及和应用，越来越多的企业开始重视资本成本的重要性，这也为基于EVA改进杜邦财务分析体系的推广和应用提供了有利条件。ThefeasibilityofimprovingDuPont'sfinancialanalysissystembasedonEVAismainlyreflectedinthefollowingaspects:theintroductionofEVAcancompensatefortheshortcomingsofthetraditionalDuPontsystem,makingthefinancialanalysisofenterprisesmorecomprehensiveandaccurate;TheDuPontfinancialanalysissystembasedonEVAcanbetterevaluatetheeconomicvalueandoperationalperformanceofenterprises,providingstrongsupportforenterprisedecision-making;WiththepopularizationandapplicationofEVAconcept,moreandmoreenterprisesarepayingattentiontotheimportanceofcapitalcost,whichalsoprovidesfavorableconditionsforthepromotionandapplicationofimprovingDuPont'sfinancialanalysissystembasedonEVA.基于EVA改进杜邦财务分析体系在格力电器股份有限公司的应用中是可行的。通过将EVA与杜邦财务分析体系相结合，可以更加全面、准确地评估企业的财务状况和经营绩效，为企业决策提供更加有力的支持。随着EVA理念的普及和应用，基于EVA改进杜邦财务分析体系的可行性也将得到进一步提升。ItisfeasibletoimproveDuPont'sfinancialanalysissystembasedonEVAintheapplicationofGreeElectricAppliancesCo.,Ltd.BycombiningEVAwithDuPont'sfinancialanalysissystem,amorecomprehensiveandaccurateevaluationofacompany'sfinancialconditionandoperationalperformancecanbeachieved,providingstrongersupportforcorporatedecision-making.WiththepopularizationandapplicationoftheEVAconcept,thefeasibilityofimprovingDuPont'sfinancialanalysissystembasedonEVAwillalsobefurtherenhanced.五、案例分析：格力电器股份有限公司的财务状况分析Casestudy:AnalysisofthefinancialsituationofGreeElectricAppliancesCo.,Ltd格力电器股份有限公司（以下简称“格力电器”）作为中国家电行业的领军企业，其财务状况一直备受关注。本章节将基于EVA（经济增加值）改进的杜邦财务分析体系，对格力电器的财务状况进行深入剖析。GreeElectricAppliancesCo.,Ltd.(hereinafterreferredtoas"GreeElectricAppliances"),asaleadingenterpriseinChina'shomeapplianceindustry,hasalwaysbeencloselymonitoredintermsofitsfinancialsituation.Thischapterwillconductanin-depthanalysisofGreeElectric'sfinancialsituationbasedontheimprovedDuPontfinancialanalysissystemofEVA(EconomicValueAdded).从格力电器的利润表来看，近年来公司的营业收入持续增长，净利润也呈现出稳步上升的趋势。这表明格力电器在市场竞争中具有较强的盈利能力和市场拓展能力。然而，传统的杜邦分析体系主要关注净资产收益率（ROE）和权益乘数等指标，难以全面反映公司的经济增加值和资本运用效率。FromGreeElectric'sprofitandlossstatement,itcanbeseenthatthecompany'soperatingrevenuehascontinuedtogrowinrecentyears,anditsnetprofithasalsoshownasteadyupwardtrend.ThisindicatesthatGreeElectricApplianceshasstrongprofitabilityandmarketexpansionabilityinmarketcompetition.However,thetraditionalDuPontanalysissystemmainlyfocusesonindicatorssuchasreturnonequity(ROE)andequitymultiplier,whicharedifficulttofullyreflectthecompany'seconomicvalueaddedandcapitalutilizationefficiency.引入EVA指标后，我们可以更加准确地评估格力电器的财务状况。EVA考虑了资本成本的因素，能够更真实地反映公司的经济利润。通过计算格力电器的EVA值，我们可以发现，尽管公司的净利润有所增长，但其EVA值却并不理想，甚至在某些年份出现了负值。这说明格力电器在资本运用方面存在一定的问题，可能需要进一步优化资本结构和提高资本运用效率。AfterintroducingtheEVAindicator,wecanmoreaccuratelyevaluatethefinancialsituationofGreeElectricAppliances.EVAtakesintoaccountthefactorofcapitalcost,whichcanmoreaccuratelyreflectthecompany'seconomicprofit.BycalculatingtheEVAvalueofGreeElectricAppliances,wecanfindthatalthoughthecompany'snetprofithasincreased,itsEVAvalueisnotideal,andevennegativeinsomeyears.ThisindicatesthatGreeElectricApplianceshascertainproblemsincapitalutilization,whichmayrequirefurtheroptimizationofcapitalstructureandimprovementofcapitalutilizationefficiency.进一步分析格力电器的杜邦财务分析体系，我们可以发现其ROE和权益乘数等指标也存在一定的问题。虽然ROE保持在一个相对较高的水平，但这主要得益于公司较高的财务杠杆和较低的权益乘数。这也意味着格力电器在债务融资方面存在一定的风险，需要关注其债务偿还能力和债务结构。FurtheranalysisofGreeElectric'sDuPontfinancialanalysissystemrevealsthattherearealsocertainissueswithitsROEandequitymultiplierindicators.AlthoughROEremainsatarelativelyhighlevel,thisismainlyduetothecompany'shigherfinancialleverageandlowerequitymultiplier.ThisalsomeansthatGreeElectricApplianceshascertainrisksindebtfinancingandneedstopayattentiontoitsdebtrepaymentabilityanddebtstructure.基于EVA改进的杜邦财务分析体系能够更全面地揭示格力电器的财务状况和存在的问题。格力电器需要在保持盈利能力的更加注重资本运用效率和债务结构的管理，以实现更加稳健和可持续的发展。TheDuPontfinancialanalysissystemimprovedbasedonEVAcanmorecomprehensivelyrevealthefinancialstatusandexistingproblemsofGreeElectricAppliances.GreeElectricAppliancesneedstopaymoreattentiontocapitalutilizationefficiencyanddebtstructuremanagementwhilemaintainingprofitability,inordertoachievemorestableandsustainabledevelopment.六、结论与建议Conclusionandrecommendations本研究以格力电器股份有限公司为例，深入探讨了基于经济增加值（EVA）的杜邦财务分析体系的改进与应用。通过对比分析传统杜邦财务分析体系与基于EVA的改进体系，我们得出以下ThisstudytakesGreeElectricAppliancesCo.,Ltd.asanexampletoexploretheimprovementandapplicationofDuPont'sfinancialanalysissystembasedonEconomicValueAdded(EVA).BycomparingandanalyzingthetraditionalDuPontfinancialanalysissystemwiththeimprovedEVAbasedsystem,wecanconcludethefollowing:传统的杜邦财务分析体系虽然能够提供企业的盈利能力、营运能力和财务杠杆等方面的信息，但在衡量企业价值创造和资本成本方面存在局限性。而基于EVA的杜邦财务分析体系则能够更全面地反映企业的真实经济状况，更好地衡量企业价值创造能力和资本使用效率。AlthoughthetraditionalDuPontfinancialanalysissystemcanprovideinformationonacompany'sprofitability,operationalcapabilities,andfinancialleverage,ithaslimitationsinmeasuringvaluecreationandcapitalcosts.TheDuPontfinancialanalysissystembasedonEVAcanmorecomprehensivelyreflectthetrueeconomicsituationofenterprises,bettermeasuretheirvaluecreationabilityandcapitalutilizationefficiency.通过格力电器股份有限公司的案例分析，我们发现基于EVA的杜邦财务分析体系在格力电器的实际应用中具有一定的可行性和有效性。这一体系不仅能够揭示格力电器在价值创造和资本管理方面的优势，还能够发现其存在的问题和不足，为企业决策者提供更加全面、准确的财务信息。ThroughthecaseanalysisofGreeElectricAppliancesCo.,Ltd.,wefoundthattheDuPontfinancialanalysissystembasedonEVAhascertainfeasibilityandeffectivenessinthepracticalapplicationofGreeElectricAppliances.ThissystemnotonlyrevealsGreeElectric'sadvantagesinvaluecreationandcapitalmanagement,butalsoidentifiesitsexistingproblemsandshortcomings,providingmorecomprehensiveandaccuratefinanci