摘 要

杜邦分析体系创建于美国杜邦公司的财务工作人员之手，他们通过在工作中的不断探索，并反复钻研财务工作中产生的各种问题，最终得出杜邦分析体系。该体系是一种综合的对财务指标进行分析的方法，它包括了企业的偿债能力、营运能力以及获利能力等方面的内容，并将这些财务指标相互融合，并入了一个有机的总体。系统性地深入地对公司所发生的财务情况及经营成果进行细化、解析，进而对公司的经济效益的好坏做出综合的评判。杜邦分析体系这一综合的财务分析体系的出现使得经营者的管理效率得到了显著的提高、增强了投资者的收益水平、并对债权人的根本利益做出了保障，与此同时提高了政府宏观调控的水平。杜邦分析体系自创立至今一直在被不断的运用，它简单明了的结构让各个公司为之倾倒。但是没有一种方法是十全十美的，杜邦分析体系的不足也随着经济的发展不断显现出来。当前市场环境下，公司的经营环境发生了巨大的变革，市场的竞争愈发激烈，公司的经营风险也愈发的增加，在当下，现行的杜邦分析体系已然不能完全满足公司对于财务需进行精准分析与评价等方面的要求。伴随着时代的进步，社会经济也在不断发展，传统杜邦分析体系在公司中的运用也不断的增多。传统杜邦分析体系的不足之处也日渐显现出来。就目前的市场大环境而言，我们现在的公司所经营的环境同过去相比发生了翻天覆地的变化，市场里各个方面的竞争也愈发激烈，公司的经营风险也不断增加，传统的杜邦分析面对着越来越多的压力，它该如何适应新的环境呢？

关键词：杜邦分析体系；杜邦分析体系的优缺点；实际案例分析

The improvement and application of DuPont analysis system

ABSTRACT

Abstract: DuPont analysis system was established in the hands of the DuPont company of America's financial staff, through their in the work of continuous exploration, and repeatedly study the problems generated in the financial work, finally draws the Du Pont analysis system. The system is a comprehensive of financial indicators of analysis method. It includes enterprise solvency, operating capacity and profitability and the mutual integration of these financial indicators merging into an organic whole. Systematically, the financial situation and business results of the company are refined and resolved, and then the economic benefit of the company to make comprehensive evaluation.. DuPont analysis system which is a comprehensive financial analysis system of the operator's management efficiency has been significantly improved and enhanced the investors of the level of income, and the fundamental interests of the creditors to make the security. At the same time, improve the level of the government's macroeconomic regulation and control. The system of DuPont analysis has been used continuously since its inception, and its structure is simple and clear.. But there is no one way is perfect, the problem of the DuPont analysis system is also emerging as the economic development. The current market environment, the company's operating environment happened great changes, increasingly fierce competition in the market, are also increasingly increase the management risk of the company, in the moment, current of DuPont analysis system already can not fully meet the company for the financial needs of the requirements of precision analysis and evaluation. Along with the progress of the times, the social economy is also developing constantly, and the application of the traditional DuPont analysis system in the company is also increasing.. The shortcomings of the traditional DuPont analysis system are becoming apparent.. In terms of the current market environment, our company now operating environment as in the past compared to the earth shaking changes have taken place, the market in all aspects of the competition is increasingly fierce, the management risk of the company will continue to increase, the traditional DuPont analysis facing more and more pressure, it how to adjust to the new environment?

Key words：DuPont analysis system; advantages and disadvantages of DuPont Analysis System ;Actual case studies

目 录

1前言…………………………………………………………………………………………………………1

2杜邦分析体系概述…………………………………………………………………………………………2

2.1杜邦分析体系的概念………………………………………………………………………………3

2.2杜邦分析体系的优势………………………………………………………………………………3

2.2.1以指标之间的联系为分析基础………………………………………………………………3

2.2.2以指标综合性强为分析核心……………………………………………………………………3

2.2.3分析方法简单直观………………………………………………………………………………4

2.2.4层次性的分析……………………………………………………………………………………4

2.3杜邦分析体系的不足………………………………………………………………………………4

2.3.1忽视了对其经营风险和财务风险的分析……………………………………………………4

2.3.2忽视了现金流量表的数据……………………………………………………………………4

2.3.3忽视了按成本性态分析所反映的成本信息…………………………………………………5

2.3.4忽视了公司资金增值能力……………………………………………………………………5

2.3.5忽视了部分管理会计的数据…………………………………………………………………5

3杜邦分析的改进……………………………………………………………………………………………6

3.1杜邦分析体系的改进设想……………………………………………………………………………6

3.1.1引入留存收益比率…………………………………………………………………………6

3.1.2引入净资产剩余现金回收率…………………………………………………………………6

3.1.3引入留利现金比率……………………………………………………………………………6

3.1.4引入现金流量表信息…………………………………………………………………………6

3.1.5引入净资产留存收益率………………………………………………………………………7

3.2改进后的杜邦分析……………………………………………………………………………………7

4杜邦分析体系新旧方法比较………………………………………………………………………………9

4.1案例概述……………………………………………………………………………………………9

4.2传统杜邦分析体系的相关分析……………………………………………………………………8

4.3新杜邦分析体系的相关分析………………………………………………………………………11