杜邦财务分析法及案例分析DuPont financial analysis and case study

杜邦财务分析法及案例分析（DuPontfinancialanalysisandcasestudy）BusinessUniversitynetwork,DuPontanalysis,profitability,financialpositionProfitabilityisanimportantfinancialindexoftheenterprise,totheowners,creditors,investorsandgovernment,analysisandevaluationoftheprofitabilityoftheenterpriseiscrucialtothedecision-making,financialprofitabilityanalysisandfinancialmanagementofenterprisesoftheimportantpartof.Theratioofprofitabilityevaluationofthetraditionalenterprisemainlyhas:therateofreturnonassets,profitmargin(ornetprofitrate),returnonequity;earningsofjoint-stockenterprisesandshareprofitrate,dividendrate,dividendreturnrateetc..Theseindividualindicatorsareusedtomeasuredifferentfactorsthatinfluenceanddeterminetheprofitabilityofanenterprise,includingsalesperformance,assetmanagementlevels,costcontrollevels,etc..Theseindicatorsanalyzethefinancialstatusandoperatingresultsofacompanyfromaspecificpointofview,andtheyarenotsufficienttoevaluatetheoverallfinancialpositionandoperatingresultsofanenterpriseinacomprehensivemanner.Inordertocompensateforthisdeficiency,theremustbeamethod,whichcananalyzeinterrelated,relevantindicatorsandstatementstogether,usingappropriatestandardsforcomprehensiveanalysisandevaluation,whichfullyembodiestheenterpriseoverallfinancialsituation,andpointedouttherelationshipbetweenindicatorsandindicatorsandindicatorsandreports.ADuPontanalysisisoneofthe.DuPontfinancialanalysissystem(TheDuPontSystem)isamorepracticalfinancialratioanalysissystem.ThismethodofanalysiswasfirstcreatedbythemanageroftheDuPontCointheUnitedStates,soitiscalledDuPontfinancialanalysissystem.Themethodoffinancialanalysisfromtheenterpriseperformanceevaluationisthemostcomprehensiveandrepresentativeindex-netinterestratesofusetodecomposethebasicfactorsofproduction,andenterprisecostandexpenserisk,soastosatisfytheneedforperformanceevaluationthroughfinancialanalysis,businessobjectiveschangeoperatorcantimelyfindoutthereasonsandcorrection,andprovidethebasisforinvestors,creditorsandgovernmentevaluationofenterprises.ADuPont,DuPontanalysismethodandanalysisofthecharacteristicsoftheDuPontmodeldiagramisthemostsignificantnumberforratioevaluationoftheoperationalefficiencyandfinancialstatusofenterprisesaccordingtotheirinternallinksorganically,formacompleteindexsystem,andfinallythroughthereturnonequitytoreflect.Bythismethod,theleveloffinancialratioanalysiscanbeclearerandmorecoherent,whichwillprovideconveniencefortheanalyststounderstandtheoperationandprofitabilityofenterprisescomprehensivelyandcarefully.DuPontanalysishelpsenterprisemanagementmoreclearlyseethedeterminantsofequitycapitalgainsrate,relationshipandsalesnetprofitrateandtotalassetturnoverrate,debtratio,providesaclearroadmapforthecompanyassetmanagementefficiencyandthemaximizationofshareholderreturnstomanagement.DuPontanalysisusestheinternalrelationshipbetweenthemajorfinancialratios,establishesacomprehensivemodeloffinancialratioanalysis,andcomprehensivelyanalyzesandevaluatesthefinancialstatusandoperatingperformanceofenterprises.DuPontanalysischartisusedtoarrangetherelevantindexesaccordingtointernalrelations,soastodirectlyreflecttheoverallsituationoftheenterprise'sfinancialstatusandmanagementresults.TheDuPontfinancialanalysissystemisshowninthefigure:Figure1DuPontanalysischartTwo.AnalysisofDuPontdrawings1.therelationshipbetweenthefinancialindicatorsinthefigure:ItcanbeseenthatDuPontanalysisactuallyanalyzesthefinancefromtwoangles.Oneistheinternalmanagementfactoranalysis,theotheristhecapitalstructureandriskanalysisofthetwo.Netinterestrate=netinterestrateofassets*equitymultiplierEquitymultiplier(1=1,assetliabilityratio)Netassetinterest=netsellingrate*totalassetturnoverNetprofit=salesrevenue/netsalesThetotalassetturnover=sales/totalassetsAssetliabilityratio=TotalLiabilities/totalassets2.DuPontanalysischartprovidesinformationaboutthefollowingmajorfinancialindicators:(1)netinterestrateisthemostcomprehensivefinancialratio.ItisthecoreofDuPontanalysissystem.Itreflectstheprofitabilityoftheowner'scapitalandreflectstheefficiencyoftheenterprise'sfinancing,investment,assetoperationandsoon.Itdependsonthelevelofthetotalassetsprofitmarginandtheequitycapitalratio.Therearethreefactorsthatdeterminethenetinterestrateofequity,equitymultiplier,netsellinginterestrateandtotalassetsturnover.Thethreeratiosofequitymultiplier,netinterestrateandtotalassetturnoverreflectthedebtratio,profitabilityratioandassetmanagementratioofanenterpriserespectively.(2)theequitymultiplierismainlyaffectedbytheassetliabilityratio.Thegreaterthedebtratio,thehighertheequitymultiplier,indicatingthattheenterprisehasahigherdegreeofdebt,andbringmoreleveragebenefitstotheenterprise,Atthesametime,italsobringsmoreriskstotheenterprise.Thenetassetinterestrateisacomprehensiveindex,whichisaffectedbyboththenetsellinginterestrateandtheassetturnover.(3)thenetinterestrateofassetsisalsoanimportantfinancialratio,andthecomprehensiverateisalsostronger.Itistheproductofthenetinterestrateandthetotalassetturnover,soitshouldbefurtheranalyzedfromtwoaspects:salesresultsandassetoperation.Thenetsalesratereflectstherelationshipbetweenthetotalprofitandthesalesrevenue.Inthissense,raisingthenetsalesrateisthekeytoimprovingtheprofitabilityoftheenterprise.Toimprovethenetsalesrate:first,toexpandsalesrevenue;twoistoreducecosts.Toreducecostsandexpensesisanimportantpartofenterprisefinancialmanagement.Throughthelistofcostsandexpenses,itisbeneficialforenterprisestoanalyzethestructureofcostandexpense,andtostrengthencostcontrol,soastoprovidethebasisforseekingwaystoreducecost.Theoperationabilityofenterpriseassetsisnotonlyrelatedtotheprofitabilityofanenterprise,butalsotothesolvencyofanenterprise.Generallyspeaking,theliquidassetsdirectlyreflectthesolvencyandliquidityoftheenterprise,andthenoncurrentassetsreflectthescaleandpotentialoftheenterprise.Betweenthetwoshouldbeareasonablestructureratio,iftheenterprise'scashholdingsmorethanbusinessneeds,itmayaffecttheprofitabilityofenterprises;ifenterprisesoccupyexcessiveinventoryandaccountsreceivable,itshouldaffecttheprofitability,solvencyandinfluence.Tothisend,weshouldfurtheranalyzetheamountofassetsandturnoverspeed.Thecurrentassetsshouldfocusonwhetherthestockbacklogphenomenon,monetaryfunds,accountsreceivableareidleintheanalysisofcustomerpaymentabilityandhavenobaddebts;onthenoncurrentfocusesontheanalysisofthefixedassetsofenterprisesisfulluseofassets.Three,DuPontanalysisisusedasanexampletoanalyzeDuPont'sfinancialanalysismethod,whichcanexplainthereasonsforthechangeofindicatorsandthetrendofchanges,andshowthedirectionfortakingmeasures.Below,takealistedcompanyBeiqiFotonautomobile(600166)asanexampletoillustratetheuseofDuPontanalysis.ThebasicfinancialdataofFotonMotorareasfollows:TabletwoDuPontanalysischart(I)analysisofnetinterestrates;Thenetinterestrateindexofequityisameasureoftheabilityofanenterprisetomakeuseofitsassetstoobtainprofits.Thenetinterestrateofequitytakesfullaccountoftheinfluenceofthemodeoffinancingontheprofitabilityoftheenterprise,sotheprofitabilityreflectedbyitistheresultofthecombinationofvariousfactors,suchasbusinesscapability,financialdecision-makingandfinancingmethods.Thecompany'snetinterestrateshaveimprovedtosomeextentduringtheperiodfrom2001to2002,respectively,fromthe0.112.enterprisesincreasedfrom0.097in2001to2002theinvestorstoalargeextentonthebasisofthisindextojudgewhethertheinvestmentorwhetherthetransferofshares,studyofoperatorperformanceanddividendpolicydecision.Theseindicatorsarealsoimportanttothecompany'smanagers.Corporatemanagersconductfinancialanalysistoimprovetheirfinancialdecisions.Theycansplitnetinterestratesintoequitymultipliersandnetinterestratestofindthecausesoftheproblem.Tablethree:equityinterestrateanalysissheetFotonequitynetinterest=equitymultiplier*equitynetinterestrateThroughthedecomposition,wecanseeclearlythatthechangeofthenetinterestrateofthecompany'sequityliesintheinteractionoftwoaspects,thechangesofthecapitalstructure(equitymultiplier)andtheeffectoftheassetutilization(thenetinterestrateofassets).Thecompany'snetassetinterestrateistoolow,showingapoorassetutilization.(two)decompositionanalysisprocess:Netinterestrate=netinterestrateofassets*equitymultiplierThedecompositionshowsthatthechangeinnetinterestrateisduetochangesincapitalstructure(decliningequitymultiplier),whilechangesinassetutilizationandcostcontrol(netassetinterestrateshavealsochanged).So,wecontinuetodecomposethenetinterestrateofassets:Netassetinterest=netsellingrate*totalassetturnoverThedecompositioncanbeseenin2002thetotalassetsturnoverratehasincreased,theuseofassetsthatbettercontrolisobtained,showsbettereffectthanthepreviousyear,showthatthecompany'suseofitstotalassetsgeneratedsalesrevenueincreaseinefficiency.Asthetotalassetsturnoverimproved,thedecreaseinnetsellinginterestratespreventedtheincreaseinthenetassetinterestrate,andwethendecomposedthenetsalesinterestrate:Netprofit=salesrevenue/netsalesIn2002thecompanygreatlyincreasedsalesrevenue,butnetprofitincreaseisverysmall,thereasonistheincreaseincost,fromatablethatallcostsincreasedfrom4billion39million674thousandand300yuanin2001to7billion367million472thousandand400yuanin2002,withsalesrevenueincreaseofroughlythesamemagnitude.Thefollowingisabreakdownofallcosts:Allcosts=manufacturingcosts+salesexpenses+managementfees+financialexpensesIn2002736747.24=684559.9121740.96225718.205026.17canbeseenthroughthedecompositionofDuPontanalysiseffectivelyexplainsthecauseandtrendofchangeintarget,totakemeasurestodealwiththedirection.Inthiscase,themainreasonforthesmallprofitmarginisthatthetotalcostistoolarge.Itisalsobecausethefullcostincreaseledtoanetprofitincreaseislimited,andgreatlyincreasesales,causedadecreaseinsalesnetinterestrate,showntoreducetheprofitabilityofthecompany'ssales.Theimprovementofthenetassetinterestrate,theimprovementofthetotalassetsturnoverrateandthedecreaseofthenetsellinginterestrate,haveplayedanimportantroleinhinderingtheimprovementofthenetassetsinterestrate.AsseeninTable4,thedeclineintherightsandinterestsofFotonmotorsshowsthattheircapitalstructurehaschangedbetween2001and2002,andtheequitymultiplierin2002wassomewhatsmallerthanin2001.Thesmallertheequitymultiplier,thelowerthedebtleveloftheenterprise,thestrongertheabilitytorepaythedebt,thelowerthefinancialrisk.Theindexalsoreflectstheimpactofleverageonprofitlevels.Financialleveragehastwopositiveandnegativefunctions.Inawellpaidyear,itcanincreasethepotentialreturnofshareholders,butshareholdersshouldbeartheriskofincreasedliabilities;inthebadyear,thepotentialreturnofshareholdersmaybereduced.Thecompany'sequitymultiplierhasbeenbetween2~5,thatis,thedebtratioof50%to80%,belongingtotheradicalstrategicenterprises.Managersshouldaccuratelyunderstandthecompany'senvironment,accuratelypredictprofits,andreasonablycontroltherisksassociatedwithliabilities.Therefore,forFukudaautomobile,themostimportantthingistomakeeffortstoreducecostsandcontrolcosts.Atthesametime,maintainahightotalassetturnover.Inthisway,thesalesmargincanbeimprovedandthenetinterestrateofassetswillbegreatlyimproved.Four,conclusion,DuPontanalysistonetinterestratesasthemainline,theenterpriseinacertainperiodoftimethesalesachievementandasse