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标题：The research on DuPont financial analysis system and profitability of listed companies 作者：McGowan J
期刊：Accounting and Finance Research 页码：52-63，第1卷，第2期，2016年 原文
The research on DuPont financial analysis system and profitability of listed
companies McGowan J
Abstract
In order for the company's level of profitability for the correct assessment of financial analysis, have the certain ability is necessary, among them, more applicable to listing Corporation to evaluate the profitability of Du Pont financial analysis system. Financial analysis is not only the historical situation and the present situation analysis of the company also can rely on the analysis of the historical situation and the present situation carries on the forecast to the company's future profitability, so as to be able to correctly assess the company's level of profitability. The success and failure of a company have great relationship with the company's financial level, while the company's financial level can be reflected by the results of the financial analysis. Key Words：DuPont financial analysis System; Profitability; ROE 1 Introduction
Now the trend of globalization is unstoppable, and this makes the competition between enterprises is torn, it also increased the financial crisis and the degree of operating risk. Financial statements reflect the enterprise's financial position and operating results of a form, it is provided by the accounting entity. Enterprise personnel through financial statements reflect the real situation, use financial methods for serious analysis, accurate calculation, gradual decomposition and in-depth research, so that you can know the comprehensive ability of the enterprise, can know how companies can afford to pay the amount of how much power to keep normal operation of enterprises and profit. Enterprise yield strength is its profitability, and profitability is the real reflection of enterprise operating performance good or bad. The profitability of the relationship between the enterprise managers, creditors and the interests of the shareholders, so their attention to profit is very high, they always paid close attention to the trend of the economy, and in a timely manner to make accurate analysis and forecast the future situation. So, the enterprise management's main goal is to improve the profitability of enterprises. Because enterprise's business performance is depend on the profitability of the company related indicators reflect the real, the business operators through the analysis of profitability, can timely to correct some problems in the operation and management and make reasonable plan. We analyze the financial statements there are so many ways, comparison analysis, the main financial ratio method, trend analysis and factor analysis method. But the effect of these methods is limited, so it can't to enterprise's financial position and operating results fully reflected, can only reflect one aspect. So, you need a comprehensive
financial indicators on the financial condition of enterprises are an integral part of the report, at the same time also must combine various related indicators, and then using a certain method to enterprise's financial position and operating results to conduct a comprehensive in-depth research, and the specific method is comprehensive analysis method.
2 Literature review
In 1919, the United States DuPont, Pierre DuPont (Pierre DuPont) and Donaldson Brown (Donaldson Brown) set out the DuPont financial analysis System (DuPont System), the System is based on net assets yield index, in part by part of decomposition, finally to realize the organic combination of financial analysis indicators. Return on equity index is the core of DuPont financial analysis system, sales net profit multiplied by the total assets turnover and the rights and interests is the result of the return on equity, with from top to bottom of key index decomposition, the company's profit ability, operation ability, debt payments and other financial association between more clearly, it is widely used in the actual assessment, but actually very few foreign scholars studied it, let alone to improve its methods, to perfect its theory and practice and research on it, it is a handful. Palmer's office at Harvard University in the United States, and in the analysis and evaluation for enterprises \DuPont financial analysis system and complementary, build the\palmer's financial analysis system \process is layers of decomposition process of financial indicators, this analysis method is actually one more consideration for dividend
payment rate, but there is no big effect. Alex Kane is a professor at the university of California, bode is a professor at the university of Boston, they jointly at Boston college Alan j. Marcus (Alan j. Marcus) (2003), a professor at the essence of the investment of the books seriously analyzed the DuPont financial analysis system of five factors, it put the original DuPont analysis system of the \after the \DuPont financial model to study the three elements, respectively is the interest rate burden ratio, income taxes, the tax burden ratio and sales earnings before interest and tax rate, and more detailed research seriously the debt interest and income tax rate, it's from the number of key indicators changed the DuPont analysis system. By the \elements\asset turnover ratio, ratio of sales compensation and interest burden ratio and the product of the tax burden ratio, and the rights and interests of the factor for the average amount of assets and the ratio of the amount of owners' equity, asset turnover ratio for business income and the ratio of the average total assets, sales compensation ratio for unpaid interest and the ratio of sales revenue, profit before interest burden ratio for the amount of interest and profits before interest payments, the tax burden ratio to the ratio of the income tax amount and profit before tax amount. Can be learned from the above study, \elements\DuPont return on net assets in the financial model depends on the interest factor, asset turnover ratio, ratio of sales compensation and interest burden ratio and tax burden these five key indicators. The model of enterprise income tax's influence on the net interest rate of the rights and
interests is through the single factor of tax burden directly reflected, and financial expenses index is the key of the analysis. The rationality of the assets structure cannot leave the financial cost indicators of guidance. Capital of a limited number of cases in the enterprise, the enterprise can have the most to gain from at the lowest cost is the sign of corporate capital structure is reasonable. The quality of corporate profits is also associated with interest expense. 3 The DuPont financial analysis theory 3.1 Factor analysis method
Factor analysis method, also called index factor analysis method, is the overall change in the statistical index is used to things method to evaluate the impact of different reasons, mainly divided into fixed base substitution method, index decomposition method, the difference analysis method with serial alternative methods. As one of the subordinate application of multivariate statistical analysis, factor analysis method is a good practical method of statistical analysis. In this way, can a set of more able to reflect things characteristics, status and nature of the variables are simplified into a few can decide things fundamental characteristics, embodies the inherent things, the nature of the internal variables, and use this a few interrelated variables on economic indicators or analysis of the impact of financial indicators. This kind of analysis method is the key, when there are multiple factors to the object of study, assuming that other factors are constant, according to the changes in order to determine the individual factors to study the effect of the object. 3.2 Ratio analysis
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