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interests is through the single factor of tax burden directly reflected, and financial expenses index is the key of the analysis. The rationality of the assets structure cannot leave the financial cost indicators of guidance. Capital of a limited number of cases in the enterprise, the enterprise can have the most to gain from at the lowest cost is the sign of corporate capital structure is reasonable. The quality of corporate profits is also associated with interest expense. 3 The DuPont financial analysis theory 3.1 Factor analysis method
Factor analysis method, also called index factor analysis method, is the overall change in the statistical index is used to things method to evaluate the impact of different reasons, mainly divided into fixed base substitution method, index decomposition method, the difference analysis method with serial alternative methods. As one of the subordinate application of multivariate statistical analysis, factor analysis method is a good practical method of statistical analysis. In this way, can a set of more able to reflect things characteristics, status and nature of the variables are simplified into a few can decide things fundamental characteristics, embodies the inherent things, the nature of the internal variables, and use this a few interrelated variables on economic indicators or analysis of the impact of financial indicators. This kind of analysis method is the key, when there are multiple factors to the object of study, assuming that other factors are constant, according to the changes in order to determine the individual factors to study the effect of the object. 3.2 Ratio analysis
Ratio analysis method is a more important key data from the annual report, the ratio of the various data and comparison, thus for the company's history and an analysis of the present situation and the level of sales methods, it is essential to the evaluation of the financial situation strategy, possibly through the ratio of the two key data in the annual report, the company's operating results and financial condition. Due to the differences of financial analysis of the ultimate goal, different analysts, including government agencies, the emphasis of the management institution, creditors rely on also has very big difference. For stock investment, grasp and use good turnover ratio, growth levels, and ability of debt repayment ratio and profitability ratios these indicators is more important. 3.3 Trend analysis method
Trend analysis method, also known as the method of level analysis, comparative analysis method, this is a kind of the annual report of the various financial information extracted, the same ratio of multiple consecutive compared with key indicators to sequential or calm base contrast, access to these key indicators change amplitude and trend, to the company's cash flow change trend, the operating and financial situation clearly reflected a financial analysis method. When using the trend analysis method research on the company, usually need to compare to the annual report and prepare. By using the trend analysis method, can hold a company's financial change trend, so as to provide a basis for the prediction of the company's future financial condition. 3.4 DuPont financial analysis system
DuPont financial analysis system from the perspective of financial performance
of the company, equity returns ability and profitability analysis of the classical method. The idea of this method is to a company's return on equity is expressed as a number of key financial indicators of multiplication, thus more systematic study of the company's operations. In order to more comprehensive to analyze the company's operating results and financial status, need multiple influences each other key indicators to the level of profitability, debt repayment ability and operation level were analyzed systematically. DuPont financial model is adopted the inherent connection between several important financial indexes, to evaluate a company's financial situation. The system centered on net earnings ratio data, through the evaluation of the level of profitability, solvency, to build a balance sheet and income statement such as a number of key financial data analysis system. DuPont financial analysis System (DuPont financial analysis System) through the inherent connection between several key financial data, to evaluate the company's financial situation and the method, it is a kind of from the perspective of financial performance of the company, equity returns ability and profitability evaluation method of classic. The idea of this method is to a company's return on equity is expressed as a number of key financial indicators of multiplication, thus more systematic study of the company's operations. 译文
杜邦财务分析体系与上市公司盈利能力研究
McGowan J
摘要
为了对公司的盈利水平进行正确的评估，具备一定的财务分析能力是很必要的，其中，杜邦财务分析体系比较适用于对上市公司的盈利能力进行评价。财务分析不仅能对公司的历史情形与现状分析，还能够凭借对历史情形与现状的分析，对公司的未来盈利情况进行预测，因而能够正确地评估公司的盈利水平。一个公司的成功与失败，与该公司的财务水平有很大关联，而公司的财务水平能够通过财务分析的结果体现出来。
关键词：杜邦财务分析；盈利能力；净资产收益率 1 引言
如今全球一体化的趋势势不可挡，这就使得企业之间的竞争越演欲裂，这也加大了财务危机和经营风险的程度。财务报表是反映企业财务状况和经营成果的一种形式，它是由会计主体提供的。企业人员通过财务报表反映的真实情况，运用财务方法进行认真的分析、精确的计算、逐步的分解和深入的研究，这样就可以清楚的知道企业的综合能力，能知道企业能够承担多少的还债金额，能有多大的力量来使企业正常运营和取得盈利。企业取得收益的实力就是它的盈利能力，而企业的盈利能力是企业经营业绩好坏的真实反映。企业的盈利能力关系着企业经理人员，债权人和股东的利益，所以他们对利润率的关注度是十分高的，他们时刻关注着经济变动的趋势，并及时的做出精确的分析和对未来形势进行预测。所以，企业经营的主要目标就是提高企业的盈利能力。因为企业的经营业绩都是依靠企业的盈利能力的相关指标真实的反映出来的，企业经营者经过分析盈利能力，能够及时的对经营管理中的一些问题进行改正和制定合理的方案。我们对财务报表进行分析的方法有很多，主要有比较分析法，财务比率法，趋势分析法和因素分析法。但是这些方法的作用是有限的，它不能对企业的财务状况和经营成
果全面的反映出来，只能反映出一个方面。所以，就需要一个综合的财务指标对企业的财务状况进行一个整体的反映，与此同时还必须把各个有联系的指标结合起来，然后再运用一定的方法对企业的财务状况和经营成果进行全面深入的研究，而这个特定的方法就是综合分析方法。 2 研究综述
1919 年，美国杜邦公司的皮埃尔·杜邦（Pierre DuPont）和唐纳森·布朗（Donaldson Brown）制定出了杜邦财务分析体系（DuPont System），这种体系是以净资产的收益率指标为基础，在经过一部分一部分的分解，最终对财务分析指标实现有机结合。净资产收益率指标就是杜邦财务分析体系的核心，销售净利润乘以总资产的周转率和权益的结果就是净资产收益率，凭借从上往下地对关键指标进行分解，将公司的盈利能力、营运能力、债偿能力等各种财务能力之间的关联更加清楚地体现出来，它广泛的被运用于实际评估当中，但是实际上很少的国外学者深入的研究它，更别说改进它的方法，对它的理论进行完善和对它进行实践研究了，那简直是屈指可数。
帕利普就任于美国哈佛大学，在《企业分析与评价》一书中提出了可持续增长率，并将其作为杜邦财务分析体系的变形和补充，构建了“帕利普财务分析体系”。这其中的过程就是层层分解财务指标的过程，这种分析方法实际上就是多了一个对股利支付率的考虑因素，但是没有什么大的效果。亚力克斯·凯恩（Alex Kane）是加利福尼亚大学的教授、滋维·博迪是美国波士顿大学的教授，他们联合波士顿学院艾伦·J·马库斯（Alan·J·Marcus）教授（2003）在《投资学精要》的书籍中认真的分析了杜邦财务分析体系的五个因素，它把原本的杜邦分析体系的“三要素”经过研究之后细化成“五因素”，（完整译文请到百度文库）将