reallymodifieddupontanalysisfiveways(真正修改后的杜邦分析法五种方式改善)-外文翻译

reallymodifieddupontanalysisfiveways(真正修改后的杜邦分析法五种方式改善)-外文翻译内容摘要：

del is shown in Equations 1 and 2 below. Eq. 2: ROA x (total assets / equity) = ROE Eq. 3: ( ine / sales) x (sales / total assets) x (total assets / equity) = ROE The modified Du Pont model became a standard in all financial management textbooks and a staple of introductory and advanced courses alike as students read statements such as: “ Ultimately, the most important, or “bottom line” accounting ratio is the ratio of ine to mon equity (ROE).” (Brigham and Houston, 2020) The modified model was a powerful tool to illustrate the interconnectedness of a firm’s ine statement and its balance sheet, and to develop straightforward strategies for improving the firm’s ROE. More recently, Hawawini and Viallet (1999) offered yet another modification to the Du Pont model. This restructured balance sheet uses the concept of “invested capital” in place of total assets, and the concept of “capital employed” in place of total liabilities and owner’s equity found on the traditional balance sheet. The primary difference is in the treatment of the shortterm “working capital” accounts. The managerial balance sheet uses a figure called “working capital requirement” (determined as: [accounts receivable + inventories + prepaid expenses] – [accounts payable + accrued expenses]) as a part of invested capital. These accounts then individually drop out of the managerial balance sheet. A more detailed explanation of the managerial balance sheet is beyond the scope of this paper, but will be partially illustrated in an example. The “really” modified Du Pont model is shown below in Equation 4. Eq. 4: (EBIT / sales) x (sales / invested capital) x (EBT / EBIT) x (invested capital / equity) x (EAT / EBT) = ROE (Where: invested capital = cash + working capital requirement + fixedassets) This “really” modified model still maintains the importance of the impact of operating decisions (. profitability and efficiency) and financing decisions (leverage) upon ROE, but uses a total of five ratios to uncover what drives ROE and give insight to how to improve this important ratio. The firm’s operating decisions are those that involve the acquisition and disposal of fixed assets and the management of the firm’s operating assets (mostly inventories and accountsreceivable) and operating liabilities (accounts payable and accruals). These are: 1. operating profit margin: (Earnings Before Interest amp。 Taxes or EBIT / sales) 2. capital turnover: (sales / invested capital) The firm’s financing decisions are those that determine the mix of debt and equity used to fund the firm’s operating decisions. These are captured in the third and fourth ratios of the “really” modified model. These are: 3. financial cost ratio: (Earnings Before Taxes or EBT / EBIT) 4. financial structure ratio: (invested capital / equity) The final determinant of a firm’s ROE is the incidence of business taxation. The higher the tax rate applied to a firm’s EBT, the lower its ROE. This is captured in the fifth ratio of the “really” modified model. 5. tax effect ratio: (Earnings After Taxes or EAT / EBT) The relationship that ties these five ratios together is that ROE。