摘要:為了全面、深入地了解企業(yè)經(jīng)營(yíng)管理取得的效果及存在的問(wèn)題，企業(yè)財(cái)務(wù)報(bào)表使用者就必須對(duì)財(cái)務(wù)報(bào)表所提供的會(huì)計(jì)信息進(jìn)行系統(tǒng)地財(cái)務(wù)分析，因此對(duì)相對(duì)來(lái)說(shuō)簡(jiǎn)便實(shí)用的杜邦財(cái)務(wù)分析體系的應(yīng)用和完善就顯得尤為重要。本文基于國(guó)內(nèi)外杜邦分析體系的研究現(xiàn)狀，介紹了杜邦財(cái)務(wù)分析體系的含義，深刻剖析了現(xiàn)行杜邦財(cái)務(wù)分析體系基本方法和體系結(jié)構(gòu)，指出凈資產(chǎn)收益率（ROE）是杜邦財(cái)務(wù)分析的核心指標(biāo)。闡述了杜邦財(cái)務(wù)分析體系的優(yōu)點(diǎn)及局限性，指出該體系沒有充分利用企業(yè)的會(huì)計(jì)數(shù)據(jù)；沒有真實(shí)反映企業(yè)的償債能力和營(yíng)運(yùn)能力；沒有準(zhǔn)確反映企業(yè)的經(jīng)營(yíng)風(fēng)險(xiǎn)和財(cái)務(wù)風(fēng)險(xiǎn)；沒有足夠重視企業(yè)的現(xiàn)金流量的不足。以揚(yáng)子江藥業(yè)集團(tuán)為例，運(yùn)用傳統(tǒng)杜邦分析體系從償債能力、盈利能力、營(yíng)運(yùn)能力、成長(zhǎng)能力等方面分析了揚(yáng)子江藥業(yè)集團(tuán)的財(cái)務(wù)狀況。分別引入了邊際貢獻(xiàn)率、安全邊際率；經(jīng)營(yíng)杠桿系數(shù)、財(cái)務(wù)杠桿系數(shù)和現(xiàn)金流量指標(biāo)對(duì)杜邦分析體系進(jìn)行改進(jìn)，并運(yùn)用改進(jìn)后的的杜邦分析體系對(duì)揚(yáng)子江藥業(yè)集團(tuán)的財(cái)務(wù)狀況進(jìn)行實(shí)際應(yīng)用分析，發(fā)現(xiàn)改進(jìn)之后的杜邦財(cái)務(wù)分析體系便于財(cái)務(wù)報(bào)表使用者理解以及進(jìn)行深入分析，從而為使用者全面了解企業(yè)的經(jīng)營(yíng)和盈利狀況提高利用效率，同時(shí)也能夠在經(jīng)營(yíng)出現(xiàn)問(wèn)題時(shí)幫助企業(yè)的管理者及時(shí)發(fā)現(xiàn)異常并找出問(wèn)題的所在，幫助企業(yè)管理者做出決策。

關(guān)鍵詞  杜邦財(cái)務(wù)分析；凈資產(chǎn)收益率；現(xiàn)金流量；經(jīng)營(yíng)管理

Abstract:　　　Users of a company's financial statements must be comprehensive and in-depth understanding of company’s management achievement and existing problems, it is essential that the users should do some financial analysis by using the accounting information systems. Therefore the easy and convenient the DuPont system of financial analysis and the improvement of it is particularly important. The paper bases on of the status quo of the domestic and international research of the DuPont system of financial analysis, deeply analyzes basic method and the structure of the present DuPont system, and points out ROE is the core of the DuPont system of financial analysis. The paper expounds the advantages and limitations of the system and points out that the system does not take advantage of the corporate accounting data; does not reflect the true solvency and operational capabilities; does not accurately reflect business risk and financial risk; not give enough attention to corporate cash flow deficiencies. Then takes the Yangtze River Pharmaceutical Group as a example, from solvency, profitability, operational capacity, growth and other capabilities to analysis the financial position in Yangtze River Pharmaceutical Group . Namely make the introduction of marginal contribution rate, the margin of safety ratio; operating leverage, financial leverage and cash flow indicator to improve the DuPont system of financial analysis.The use of modified system can makes the financial situation analysis of Yangtze River Pharmaceutical Group truly and makes the financial statement users to understand and carry out in-depth analyze easily. Accordingly,the users not only can understanding the business situation to improve efficiency and profitability fully, but also can help when problems arise in the business enterprise managers to detect anomalies and find out where the problem is.By the modified system can help business managers in decision-making.

Keywords  The DuPont system  ROE  Cash flow  Operation and management