摘要:本文首先介紹了杜邦分析體系的基本原理,通過分析指出了傳統(tǒng)杜邦分析法的不足:缺少現(xiàn)金流量表指標(biāo)的分析，缺少產(chǎn)品對(duì)企業(yè)貢獻(xiàn)能力分析，不能反映企業(yè)的風(fēng)險(xiǎn)，沒有反映企業(yè)的可持續(xù)發(fā)展能力，不利于企業(yè)對(duì)未來進(jìn)行預(yù)測。針對(duì)傳統(tǒng)杜邦分析法的不足之處，做了如下改進(jìn)：引入了權(quán)益現(xiàn)金率這個(gè)新指標(biāo)，它能準(zhǔn)確地、全面地反映企業(yè)的獲利能力；對(duì)銷售凈利率指標(biāo)重新分解，加入了邊際貢獻(xiàn)率、財(cái)務(wù)杠桿和經(jīng)營杠桿的計(jì)算。引入可持續(xù)發(fā)展率，并以它作為核心指標(biāo)。通過改進(jìn)前后的杜邦體系對(duì)海博公司進(jìn)行財(cái)務(wù)分析的比較，證實(shí)改進(jìn)后的杜邦分析法在保留了傳統(tǒng)杜邦分析系統(tǒng)優(yōu)點(diǎn)的同時(shí)，又彌補(bǔ)了傳統(tǒng)杜邦分析法的缺陷，為企業(yè)的管理者及其相關(guān)信息使用者提供更可靠的的依據(jù)。

關(guān)鍵詞 杜邦分析法；權(quán)益現(xiàn)金率；銷售凈利率；可持續(xù)發(fā)展率

Abstract:This paper introduces the basic principles of Du Pont analysis system at first. We point out the shortages of traditional Du Pont analysis method through analyzing. The old system is lacked of the analysis of the Cash Flow Indicator, and lack the analysis of the ability that products contribute to enterprises. What’s worse, the old system does not reflect the risk and the sustainable development capacity of enterprises, which is not conducive to enterprises to make predictions about the future. We do the following improvement aiming at the deficiency of traditional Du Pont analysis method: we introduce a new indicator- Equity cash ratio, which can reflect the enterprise's profit ability and performance accurately and comprehensively; then through decomposing the Net Profit Margin on Sales, we add Marginal Contribution, Financial leverage, operating leverage to calculation; finally, we introduce sustainable growth rate and take it as the core indicator. Contrast Analysis on new and traditional Du Pont System based on Haibo company's financial affairs confirms that the advantages of  traditional Du Pont System are reserved, and the new one makes up the defects, which provides more reliable basis for enterprise managers and relevant information users .

Keywords  Du Pont analysis  Equity cash ratio  Net Profit Margin on Sales  Sustainable Growth Rate