杜邦分析法在财务分析中的应用（英文）开题报告

1. 研究目的与意义

Purpose:The purpose of this paper is to use DuPont analysis financial analysis of listed companies, to deepen the understanding and practical application of DuPont analysis. Find out why a companys profitability, as measured by ROA and ROE, is higher or lower than the industry average ROA or ROE or last years company ROA or ROE.Significance:By using the most comprehensive core indicators- return on equity, DuPont analysis will reflect the company's liabilities ratio, profitability ratios and asset management ratio to every level, better management of the company provided support for the financial analysis and company stakeholders.

2. 国内外研究现状分析

Literature reviewAbstract:Over the years, the financial analysis as an important resource for enterprise information analysis, financial analysis data for business decision-makers to make a scientific decision-making, to grasp the correct direction of enterprise development, the goal of economic efficiency maximization, played an extremely significant support and protection. Fundamentally, any decision that influences product prices, per unit costs, volume or efficiency / productivity will impact profit margin or turnover ratio.And any decision that affects the amount and type of debt and equity used will impact the financial structure as well as cost. DuPont analysis is really helpful for us to apply to corporate financial analysis.Overseas Research Status:In 1919, DuPont analysis, was originally created by the financial manager of the DuPont Company, Donaldson Brown out, so called DuPont financial analysis system. During this period, the return on net assets to maximize the universal pursuit and realization of the goal, therefore, the original DuPont model is based on the core ROE. The formula is: ROE = net profit / total assets = (net profit / sales revenue) x (sales revenue / total assets) Palipu, professor at Harvard University in the United States, DuPont financial analysis system deformation supplement developed financial system called "Palipu financial analysis system. Palipu in its analysis and evaluation, "a book of financial ratios commonly used in the financial analysis system is generally divided into four categories: the solvency ratios, profitability ratios, asset management efficiency ratio, cash flow ratio. Palipu financial analysis is an analysis indicators layers expand, so that you can explore the root causes of the financial indicators change.According to this system: the sustainable growth rate = sales margin asset turnover interests multiplier (1 - dividend payout ratio) consider this analysis method based on the original dividend payout ratio, but have not obtained breakthrough.Boston University Professor Zvi Bodie, Allen and Boston College Professor Alex Kane and Professor AlanJ.Marcus, University of California, the tax, interest five factors of cost factors into the DuPont model the DuPont model system.ROE = (Net profit / profit before tax) (pre-tax profit / EBIT) (EBIT / Sales) x (sales revenue / average total assets) (average total assets / average owners' equity)The five-factor the DuPont model decomposition available:Equity Net profit margin = (1 - tax burden rate) x (1 - the interest burden rate) sales rate of return on equity asset turnover multiplier= Income tax rate of the tax burden / profit before taxThe interest burden rate = amount of interest / EBITThe sales rate of return = EBIT / salesAsset turnover = sales revenue / average total assetsEquity Multiplier = average total assets / average total owners' equityAs can be seen from the above analysis, equity net profit margin in the five-factor the DuPont model analysis system to the tax burden rate, the interest burden rate, the sales rate of return, asset turnover and equity multiplier (or asset-liability ratio) five factors decision. The model through the tax burden on individual factors more directly reflect the changes in the corporate income tax to the extent of the impact of equity net profit margin and analysis focused on finance charges indicators. Financial cost indicators and a reasonable capital structure has a direct contact. The sign of reasonable capital structure is the enterprise value in the case of certain corporate funding requirement while the lowest cost of capital, therefore, the level of interest expense and its impact on corporate profits as a reflection of the corporate capital structure is reasonable "forecast", warned financial managers to optimize the capital structure, and ultimately reduce financial costs and risks, and increase corporate profits.Domestic Research Status;Domestic scholars are not a lot of research to the DuPont analysis system, their research focuses on the following aspects: First, study how to improve DuPont analysis system. Generally start with the analysis of DuPont financial system limitations or deficiencies at the start, then according to these limitations and the lack of recommendations for improvement and methods.For example, cash flow analysis, the introduction of the original DuPont analysis system, such as Xu Xiumei and Wang Xiuhua pointed out in the article "On the DuPont analysis system and its improvement" DuPont analysis system defects only use the balance sheet and profit and loss account data, there is no use of the data in the cash flow statement. They think through the introduction of a cash flow analysis, can be a source of corporate cash flow, structure, quantity, and other information, the real efficiency of the business assets, the quality of corporate income, net profit and cash flow as well as creating a cash profit level true ability to evaluate and predict the enterprise's future cash flows accurately determine the solvency of the enterprise. Aihua financial analysis DuPont system used in conjunction with SWOT "SWOT analysis is introduced into the financial management of the financial analysis DuPont analysis to combine not only be able to solve the inadequacies of the DuPont analysis can also understand the business external environment, and better integration of theory and practice and financial management in the enterprise management. The second is that study DuPont analysis system in the enterprise.As Houxu Hua, Xu Xian "DuPont analysis system transformation and application" of the listed insurance companies, DuPont analysis system to improve Fuan Life Insurance Co., the financial position of the step-by-step analysis. There are also a number of scholars from other angles. WANG Jian Sun Fenge and high Shaowei "dynamic analysis capabilities DuPont financial system build", in order to make good use of EXCLE design DuPont analysis diagram of the defects and deficiencies, proposed the use Crystal Xcelsius to build dynamic analysis capabilities of DuPont analysis Figure, which greatly facilitates the enterprise management personnel to keep abreast of the enterprise's operating results and finance.ConclusionDuPont analysis system can be seen from above, most of the scholars just do some partial improvements, but not address the depth of DuPont analysis system improvements.Although the theory and practice is developing, but to some extent, it has been compared with foreign countries still have a gap. Therefore, it is very important to improve and perfect the corporate financial analysis index system to adapt to the development of a modern economy needs.Reference:1. HUANG AIHUA, HU HAILI, (2007), The combination between SWOT and DuPont Analysis in finance [J] Technology and information.(24)2. WANG JIAN, SUN FENGE, GAO SHAOWEI, (2008), Dynamic analysis capabilities DuPont analysis system [J], Communication of Finance and Accounting,(24) 3. XU XIUMEI, WANG XIUHUA, (2009), On the DuPont financial analysis system and its improvement [J]. Communication of Finance and Accounting, (29)4. Pellika J, (2009), Comparing lodging REITs using DuPont analysis: Evaluating shareholder equity, University of Nevada, Las Vegas.5. Soliman T, (2008), The Use of DuPont Analysis by Market Participants, The Accounting Review, Vol. 83, No. 3, pp. 8238536. Available from: [6 March 2013]7. Griffith J, (2004), The Search for the Best Financial Performance Measure, Financial Analysts Journal. 8. Sheera V, Bishnoi A, (2012), Financial deepening in newly industrialised economies of Asia , International Journal of Economic Policy in Emerging Economies.9. VanHorne J, (2009), Fundamentals of Financial Management, 13th. ed., Prentice Hall, San Francisco 10. Economist. Available from [4 March 2013]

3. 研究的基本内容与计划

Research content:The contents of this paper include DuPont analysis of the theoretical overview, DuPont analysis of ROE layers of analysis, and the combination of the strategic analysis methods of enterprise financial analysis.Research plan:week 1-3, to complete the literature review and thesis proposal.week 4-9, to write the first draft of the paper.week 10-12, to complete a thesis second draft.week 13-15, to revise the paper and print 2 copies after receiving your tutor's review and permission.week 15-16, to make the thesis defense.week 17, to revise the paper according to the defense advice and uploading the final thesis to the specific system.

4. 研究创新点

Innovation and feature:DuPont analysis has its own difficult to overcome the defects. Combining with the strategic analysis methods to facilitate shareholder making decisions, the paper help us to understand the overall situation thorough.