譯文（字?jǐn)?shù) 3113）

真實(shí)修改的杜邦分析：五種方式改善股東權(quán)益回報(bào)率

杜邦模型：簡(jiǎn)史

運(yùn)用財(cái)務(wù)比率進(jìn)行分析已經(jīng)被財(cái)務(wù)分析家，貸款人，學(xué)術(shù)研究人員和小企業(yè)主在文獻(xiàn)資料里廣泛運(yùn)用。（例如，奧斯特?fù)P和康斯坦德（1992），迪瓦恩和西頓（1995）博雅（1998），資產(chǎn)收益率和股東權(quán)益回報(bào)率的概念對(duì)理解一個(gè)企業(yè)的盈利能力非常重要，具體來(lái)說(shuō)，一個(gè)回報(bào)比率說(shuō)明了利潤(rùn)和產(chǎn)生這些利潤(rùn)所需要的投資之間的關(guān)系，然而，這些概念常常過(guò)于遠(yuǎn)離日常經(jīng)營(yíng)活動(dòng)以至于很多經(jīng)理和小企業(yè)主很難理解和運(yùn)用。（斯萊特和奧爾桑，1996）

1918年，在杜邦公司財(cái)務(wù)部工作了四年的機(jī)電工程師唐納森布朗接到了評(píng)估公司財(cái)務(wù)狀況的任務(wù)，并且杜邦公司剛剛購(gòu)買(mǎi)了23%的股票（這個(gè)公司是通用汽車(chē)公司）,布朗意識(shí)到兩種常用的計(jì)算比率即凈利率（顯然是一個(gè)利潤(rùn)指標(biāo)）和總資產(chǎn)周轉(zhuǎn)率（一個(gè)效率指標(biāo)）與凈資產(chǎn)收益率之間存在數(shù)學(xué)關(guān)系，凈利率和總資產(chǎn)周轉(zhuǎn)率的乘積等于凈資產(chǎn)收益率。這就是原始的杜邦模型，公式如下：

公式1：（凈利潤(rùn)/銷(xiāo)售收入）×（銷(xiāo)售收入/總資產(chǎn)）=凈利潤(rùn)/總資產(chǎn) 即凈資產(chǎn)收益率

在這一時(shí)期，凈資產(chǎn)收益率最大化是企業(yè)普遍追求和實(shí)現(xiàn)的目標(biāo)，利潤(rùn)和效率對(duì)凈資產(chǎn)收益率的影響導(dǎo)致了一個(gè)規(guī)劃和控制企業(yè)所有經(jīng)營(yíng)決策的系統(tǒng)的發(fā)展，它成為財(cái)務(wù)分析的主要形式一直延續(xù)到二十世紀(jì)七十年代。（布盧門(mén)薩爾1998）

在二十世紀(jì)七十年代，股東權(quán)益最大化成為普遍接受的財(cái)務(wù)管理目標(biāo)，人們關(guān)注的焦點(diǎn)從凈資產(chǎn)收益率轉(zhuǎn)到了股東權(quán)益報(bào)酬率，這導(dǎo)致了原杜邦模型的第一次重大修改，除了盈利能力和效率，公司財(cái)務(wù)活動(dòng)的方式即財(cái)務(wù)杠桿的使用成為三分之一的財(cái)務(wù)經(jīng)理們關(guān)注的對(duì)象，新的利息比率被稱(chēng)為權(quán)益乘數(shù)，也就是（總資產(chǎn)/股東權(quán)益）。修改后的杜邦模型見(jiàn)公式1和公式2

公式2：凈資產(chǎn)收益率×（總資產(chǎn)/股東權(quán)益）=股東權(quán)益報(bào)酬率

公式3：（凈利潤(rùn)/銷(xiāo)售收入）×（銷(xiāo)售收入/總資產(chǎn)）×（總資產(chǎn)/股東權(quán)益）=股東權(quán)益報(bào)酬率

外文原文（字符數(shù) 9476）

FIVE WAYS TO IMPROVE RETURN ON EQUITY 

The Du Pont Model: A Brief History 

The use of financial ratios by financial analysts, lenders, academic researchers, and small business owners has been widely acknowleged in the literature.  (See, for example, Osteryoung & Constand (1992), Devine & Seaton (1995), or Burson (1998)  The concepts of Return on Assets (ROA hereafter) and Return on Equity (ROEhereafter) are important for understanding the profitability of a business enterprise.  Specifically, a “return on” ratio illustrates the relationship between profits and the investment needed to generate those profits.  However, these concepts are often “too far removed from normal activities” to be easily understood and useful to many managers or small business owners.  (Slater and Olson, 1996)

In 1918, four years after he was hired by the Du Pont Corporation to work in its treasury department, electrical engineer F. Donaldson Brown was given the task of untangling the finances of a company of which Du Pont had just purchased 23 percent of its stock.  (This company was General Motors!)  Brown recognized a mathematical relationship that existed between two commonly computed ratios, namely net profit margin (obviously a profitability measure) and total asset turnover (an efficiency measure), and ROA.  The product of the net profit margin and total asset turnover equals ROA, and this was the original Du Pont model, as illustrated in Equation 1 below. 

Eq. 1:  (net income / sales) x (sales / total assets) = (net income / total assets) i.e. ROA 

At this point in time maximizing ROA was a common corporate goal and the realization that ROA was impacted by both profitability and efficiency led to the development of a system of planning and control for all operating decisions within a firm.  This became the dominant form of financial analysis until the 1970s.  (Blumenthal, 1998)