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1、外文资料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 (19
2、95), 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
3、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, electr
4、ical 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 profi
5、t 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
6、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 be
7、came the dominant form of financial analysis until the 1970s. (Blumenthal, 1998) In the 1970s the generally accepted goal of financial management became “maximizing the wealth of the firms owners” (Gitman, 1998) and focus shifted from ROA to ROE. This led to the first major modification of the origi
8、nal Du Pontmodel. In addition to profitability and efficiency, the way in which a firm financed its activities, i.e. its use of “leverage” became a third area of attention for financial managers. The new ratio of interest was called the equity multiplier, which is (total assets / equity). The modifi
9、ed Du Pont model is shown in Equations 1 and 2 below. Eq. 2: ROA x (total assets / equity) = ROE Eq. 3: (net income / sales) x (sales / total assets) x (total assets / equity) = ROEThe modified Du Pont model became a standard in all financial management textbooks and a staple of introductory and adv
10、anced courses alike as students read statements such as: “Ultimately, the most important, or “bottom line” accounting ratio is the ratio of net income to common equity (ROE).” (Brigham and Houston, 2001) The modified model was a powerful tool to illustrate the interconnectedness of a firms income st
11、atement and its balance sheet, and to develop straight-forward strategies for improving the firms ROE. More recently, Hawawini and Viallet (1999) offered yet another modification to the Du Pont model. This modification resulted in five different ratios that combine to form ROE. In their modification
12、 they acknowlege that thefinancial statements firms prepare for their annualreports (which are of most importance to creditorsand tax collectors) are not always useful tomanagers making operating and financialdecisions. (Brigham and Houston, p. 52) Theyrestructured the traditional balance sheet into
13、 a“managerial balance sheet” which is “a moreappropriate tool for assessing the contribution ofoperating decisions to the firms financialperformance.” (Hawawini and Viallet, p. 68)This restructured balance sheet uses the conceptof “invested capital” in place of total assets, andthe concept of “capit
14、al employed” in place oftotal liabilities and ownersequity found on thetraditional balance sheet. The primary differenceis in the treatment of the short-term “workingcapital” accounts. The managerial balance sheet uses a net figure called “working capital requirement” (determined as: accounts receiv
15、able + 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 il
16、lustrated 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 + net fixed assets) This “reall
17、y” modified model still maintains the importance of the impact of operating decisions (i.e. 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 firms operati
18、ng decisions are those that involve the acquisition and disposal of fixed assets and the management of the firms operating assets (mostly inventories and accounts receivable) and operating liabilities (accountspayable and accruals). These are captured in thefirst two ratios of the “really” modified
19、Du Pontmodel. These are: 1. operating profit margin: (Earnings Before Interest & Taxes or EBIT / sales) 2. capital turnover: (sales / invested capital) The firms financing decisions are those that determine the mix of debt and equity used to fund the firms operating decisions. These are captured in
20、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 firms ROE is the incidence of business taxation. The higher the tax rate applied t
21、o a firms 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 is equal to their combined product. (See Equation 4.) Example of Applying t
22、he “Really” Modified Du Pont Model To illustrate how the model works, consider the income statement and balance sheet for the fictitious small firm of Herrera & Company, LLC. Income Statement Net Sales . $766,990 Cost of Goods Sold . (560,000) Selling, General, & Administrative Expenses . (143,342)
23、Depreciation Expense . (24,000) Earnings Before Interest & Taxes $ 39,648 Interest Expense . (12,447) Earnings Before Taxes . $ 27,201 Taxes (8,000) Earnings After Taxes (net profit) . $ 19,201 Balance Sheet Cash .$ 40,000 Notes Payable $ 58,000 Pre-paid Expenses . 12,000 Accounts Payable . 205,000
24、Accounts Receivable 185,000 Accrued Expenses . 46,000 Inventory . 200,000 Current Liabilities . $309,000 Current Assets . $437,000 Long-Term DebtLand/Buildings 160,000 Mortgage . 104,300 Equipment 89,000 8-Year Note 63,000 Less: Acc. Depreciation . (24,000) Owners Equity . 185,700 Net Fixed Assets .
25、 $225,000 Total Liabilities & Equity . $662,000 Total Assets . $662,000 Computation of ROE 1. Operating Profit Margin = $39,648 / $766,990 = .0517 2. Capital Turnover = $766,990 / $411,000* = 1.8662 3. Financial Cost Ratio = $27,201 / $39,648 = .6861 4. Financial Structure Ratio = $411,000 / $185,70
26、0 = 2.2132 5. Tax Effect Ratio = $19,201 / $27,201 = .7059 ROE = .0517 x 1.8662 x .6861 x 2.2132 x .7059 = .1034* or 10.34%* Invested Capital = Cash ($40,000) + Working Capital Requirement $185,000 + $200,000 + $12,000 $205,000 + $46,000 (or $146,000) + Net Fixed Assets ($225,000) = $411,000 * Note
27、that this is the same as conventional computation of ROE: $19,201 / $185,700 = .1034Conclusions & Implications The “really” modified Du Pont model of ratio analysis can demystify relatively complex financial analysis and put strategic financial planning at the fingertips of any small business owner
28、or manager who takes the (relatively little) time needed to understand it. Each operating and financial decision can be made within a framework of how that decision will impact ROE. Easily set up on a computer model (such as a spreadsheet), one can see how decisions “flow through” to the bottom line
29、, which facilitates coordinated financial planning. (Harrington & Wilson,1986). In its simplest form, we can say that to improve ROE the only choices one has are to increase operating profits, become more efficient in using existing assets to generate sales, recapitalize to make better use of debt a
30、nd/or better control the cost of borrowing, or find ways to reduce the tax liability of the firm. Each of these choices leads to a different financial strategy.For example, to increase operating profits one must either increase sales (in a higher proportionthan the cost of generating those sales) or
31、 reduce expenses. Since it is generally more difficult toincrease sales than it is to reduce expenses, a small business owner can try to lower expenses by determining: 1) if a new supplier might offer equivalent goods at a lower cost, or 2) if a website might be a viable alternative to a catalog, or
32、 3) can some tasks currently being done by outsiders be done in-house. In each case net income will rise without any increase in sales and ROE will rise as well. Alternatively, to become more efficient, one must either increase sales with the same level of assets or produce the same level of sales w
33、ith less assets. A small business owner might then try to determine: 1) if it is feasible to expand store hours by staying open later or on weekends, or 2) if a less expensive piece of equipment is available that could replace an existing (more expensive) piece of equipment, or 3) if there is a more
34、 practical way to produce and/or deliver goods or services than is presently being used. Further, small business owners can determine if they are using debt wisely. Refinancing an existing loan at a cheaper rate will reduce interest expenses and, thus, increase ROE. Exercising some of an unused line
35、 of credit can increase the financial structure ratio with a corresponding increase in ROE. And, taking advantage of tax incentives that are often offered by federal, state, and local taxing authorities can increase the tax effect ratio, again with a commensurate increase in ROE. In conclusion, ROE
36、is the most compre-hensive measure of profitability of a firm. It considers the operating and investing decisions made as well as the financing and tax-related decisions. The “really” modified Du Pont model dissects ROE into five easily computed ratios that can be examined for potential strategies f
37、or improvement. It should be a tool that all business owners, managers, and consultants have at their disposal when evaluating a firm and making recommendations for improvement.中文译文真实修改的杜邦分析：五种方式改善股东权益回报率杜邦模型：简史运用财务比率进行分析已经被财务分析家，贷款人，学术研究人员和小企业主在文献资料里广泛运用。（例如，奥斯特扬和康斯坦德（1992），迪瓦恩和西顿（1995）博雅（1998），资产收
38、益率和股东权益回报率的概念对理解一个企业的盈利能力非常重要，具体来说，一个回报比率说明了利润和产生这些利润所需要的投资之间的关系，然而，这些概念常常过于远离日常经营活动以至于很多经理和小企业主很难理解和运用。（斯莱特和奥尔桑，1996）1918年，在杜邦公司财务部工作了四年的机电工程师唐纳森布朗接到了评估公司财务状况的任务，并且杜邦公司刚刚购买了23%的股票（这个公司是通用汽车公司）,布朗意识到两种常用的计算比率即净利率（显然是一个利润指标）和总资产周转率（一个效率指标）与净资产收益率之间存在数学关系，净利率和总资产周转率的乘积等于净资产收益率。这就是原始的杜邦模型，公式如下：公式1：（净利润
39、/销售收入）（销售收入/总资产）=净利润/总资产 即净资产收益率在这一时期，净资产收益率最大化是企业普遍追求和实现的目标，利润和效率对净资产收益率的影响导致了一个规划和控制企业所有经营决策的系统的发展，它成为财务分析的主要形式一直延续到二十世纪七十年代。（布卢门萨尔1998）在二十世纪七十年代，股东权益最大化成为普遍接受的财务管理目标，人们关注的焦点从净资产收益率转到了股东权益报酬率，这导致了原杜邦模型的第一次重大修改，除了盈利能力和效率，公司财务活动的方式即财务杠杆的使用成为三分之一的财务经理们关注的对象，新的利息比率被称为权益乘数，也就是（总资产/股东权益）。修改后的杜邦模型见公式1和公式
40、2公式2：净资产收益率（总资产/股东权益）=股东权益报酬率公式3：（净利润/销售收入）（销售收入/总资产）（总资产/股东权益）=股东权益报酬率修改后的杜邦模型成为所有财务管理教科书和一系列中级高级课程里的标准，就像学生阅读报表例如：“最重要的或者会计比率的底线是普通股权益报酬率（股权报酬率）”（布里格姆和休斯顿，2001）。修改的杜邦模型是一个能够说明企业的损益表和资产负债表之间相互关系的有力工具，并且制定了改善公司净资产收益率的简明策略。哈瓦维尼和维埃里提供了另一个修改的杜邦模型，这一修改使得来自股东权益回报率的五个不同的比率相结合，在他们修改的模型中他们知道依据公司财务报表编制的财务报告（
41、这对债权人和税务人是非常重要的）对管理者做出经营和财务决策并不总是有用的。他们将传统的资产负债表转变为管理性的资产负债表，这是衡量公司经营决策对财务表现的更恰当的工具，这种重组的资产负债表使用投资资本的概念来取代传统资产负债表中的总资产和所有者权益，主要的区别是在短期流动资本账户上。资产负债表的管理使用一个净值称为“营运资本需求”（确定为：【应收账户+存货+预付费用】-【应付账户+预提费用】）作为投资资本的一部分，然后这些账户各自脱离于管理型的资产负债表。更详细的管理资产负债表超出了本文的范围，但将会部分的举例说明。修改后的真实杜邦模型如公式4所示：公式4：（息税前利润/销售额）（销售额/投资
42、资本）（税前利润/息税前利润）（投资资本/股本）（税后净利 /税前利润）=股权回报率（其中：投资资本=现金+营运资金需求 +净固定资产）这种真正的修改模型依然保持对（即经营决策盈利能力和效率）和融资决策（即杠杆）对净资产收益率影响的重要性，但是采用了五种比率的综合来揭示是什么驱动着净资产收益率，并且对于如何改善这个重要比率给出了见解。公司的经营决策是指那些涉及收购和出售固定资产以及公司经营资产（主要是库存和应收账款）和经营负债（应付账款和应计费用）的管理，这些出现在真实修改的杜邦模型的前两个比率中，它们是：营业利润率：（息税前利润/销售收 入）资本周转率：（销售收入/投资资本） 公司的融资决策
43、决策是指那些用于支持公司经营决策的债务和股权的组合，这些记录在真实修改的杜邦模型的第三和第四比率中，它们是：财务费用比率：（税前净利/息税前利润）财务结构比率：（投资资本/股东权益）一个公司净资产收益率的最后决定因素是发生的营业税，公司的税前利润适用的税率越高，其净资产收益率就越低。这个记录在真实修改的杜邦模型的第五个比率中5税务影响率：（税后净利/税前利润）这五个比率联系在一起就是净资产收益率。（见公式4）真实修改的杜邦模型的应用举例为了说明杜邦模型是怎样运行的，考虑虚构的小公司埃雷拉有限责任公司的损益表和资产负债表:损益表净销售额-766,990美元销售成本-（560，000）销售、综合和
44、财务费用-（143,342）折旧费用-（24,000）息税前利润-39,648美元利息费用-（12，447）税前净利-27,201美元所得税-（8000）税后净利润-19,201美元 资产负债表现金-40，000美元 应付票据-58，123 美元预付费用-12,000美元 应付账款-205，000美元应收账款-185,000美元 预提费用-46,000存货-200，000美元 流动负债-309,000美元流动资产-437,000美元 长期负债土地/建筑物-160，000美元 抵押贷款-104,3000设备-89,123美元 8年期债券-63,000减：累计折旧-（24,000） 所有者权益 -185,700固定资产净值-225,000美元 负债及所有总资产 -662,000美元 者权益合计- -662,000股东权益报酬率的计算营业利润率=39,648/766,990=0.0517资本周转率=766,990/411,000=1.8662财务费用比率=27,201/39,648=0.6861财务结构比率=411,000/185，700=2.2132税收效应比率=19,201/27,201=0.7059股东权益报酬率=0.05171.86620.68612.21320.7059=0.1034或13.4%*投资资本=现金（40，000）+营运资金需求【