浅谈杜邦分析法的缺陷及改进

浅谈杜邦分析法的缺陷及改进

摘 要

杜邦分析法能够综合地反映出企业的盈利能力、营运能力和偿债能力，在企业财务分析中发挥着极其重要的作用，因而对杜邦分析法进行全面、系统地剖析是很有必要的。本文论述了杜邦分析法的研究背景及意义，主要从杜邦分析法在实际运用中存在的缺陷着手，针对其缺陷，引入经营现金流量、股利支付率等因素，对传统的杜邦分析体系进行改进，以弥补传统杜邦分析体系分析不完整、忽视现金流量作用以及不能反映利润质量等缺陷，从而提高杜邦分析体系在财务分析中的实用价值。最后结合实际案例，通过对上海家化联合股份有限公司使用改进后的杜邦分析体系进行财务分析，体现出了引入经营现金流量和可持续增长率之后的杜邦分析体系的优越之处。

关键词：杜邦分析法 经营现金流量 可持续增长率

Abstract

DuPont analysis can comprehensively reflect the profitability, operational capacity and solvency of the enterprise,and plays an extremely important role in the financial analysis of enterprise,so it is necessary to make a comprehensive and systematic dissection of DuPont analysis.This paper discusses the research background and significance of the DuPont analysis,mainly aims at the defects of the DuPont analysis existing in the practical application .Then this paper introduces operating cash flow,dividend payout ratio and other indicators to improve the traditional DuPont analysis system,to make up for the defects of incomplete analysis, ignoring the function of cash flow and not reflecting the quality of profit,and to enhance the practical value of DuPont analysis in financial analysis. Finally, this paper makes a financial analysis of Shanghai Jahwa Corporation by using the improved DuPont analysis system to reflect the advantages of the DuPont analysis introduced operating cash flow and sustainable growth rate.

Key words:DuPont analysis Operating cash flow Sustainable growth rate

目 录

一、 引言......................................................................................................................................... 1

二、杜邦分析法的原理 ................................................................................................................... 1

（一）杜邦分析法的概念 ....................................................................................................... 1

（二）杜邦分析法的原理 ....................................................................................................... 1

三、杜邦分析法的缺陷 ................................................................................................................... 3

（一）杜邦分析法反映的财务分析内容不完整 ................................................................... 3

（二）杜邦分析法忽视现金流量的作用 ............................................................................... 3

（三）杜邦分析法反映财务报表内容不完整 ....................................................................... 4

(四） 杜邦分析体系不能反映利润的质量 ............................................................................ 5

四、 杜邦分析法的改进 ................................................................................................................. 5

（一）杜邦分析体系的改进 ................................................................................................... 6

1.增加可持续增长率指标 ............................................................................................... 6

2.增加经营活动现金流量指标 ....................................................................................... 7

（二） 改进后的杜邦分析体系的优点 ................................................................................. 7

1. 引入可持续增长率指标 ............................................................................................. 7

2. 引入经营现金流量指标 ............................................................................................. 8

五、改进后的杜邦分析法案例分析-------以上海家化为例 ..................................................... 9

（一）上海家化背景介绍 ....................................................................................................... 9

（二）运用改进后的杜邦分析法分析上海家化 ................................................................... 9

六、总结......................................................................................................... 错误！未定义书签。

参考文献......................................................................................................................................... 13

致谢 ................................................................................................................................................ 14