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1、Twoparts:1.TheDuPontIdentity_w22XAska2命标X“2.UsingFinancialstatee许Information办uWhatisROE2Thestartingpointforasystematicanalysisofafirmsperformanceisitsreturnonequity(ROE).definedasROE=Netincome/Totalequity。ROEisacomprehensiveindicatorofa品Sperformancebecauseitprovidesicationofhowwemanagersarehareholde
2、rstogeneratereturns.E代=DZwxapK关江AboutROE。Onaverageoverlongperiods,largepubliclytradedfirmsinthe“U.5.generateROEsintherangeof11to13percent.Inthelongrun,thevalueofthefirmsequityisdeterminedbytherelationshipbetweenitsROEanditscostofequitycapital.Thatis,thosefjasthatareexpectedoverthelong仁朝generateROEsi
3、nexcessoftheequitycapitalshouldhavetvaluesinexcessofbookB79ndviceversa(反之亦然4“cermres辽caztheDuPontldentityAnexpressionthatbreaksROEdownintothreeparts:Profitmargin,TotalassetturnoverandFinancialleverage(equitymultiplier).itisalsoknownas“DuponitAaIysiS.辽cazstheDuPontldentity。DupontAnalysisistoanalysise
4、nterprisesfinancialpositionbyusingtherelationshipbetweenseveralfinancialratios.ltsbasicideaistodivideROEintoa_numberoffinanciailratiosct,whichishelptofurtherSlesistheenterprisesbusinesstheDuPontIdentity。ROE=NI1TEMultiplyby1andthenrearrangeROE=(NI1ITE)(TA/1TA)ROE=(NI/TA)(TA1TE)=ROA*EMMultiplyby1again
5、andthenrearrangeE=(NI/1Sales)(Sales/TA)(TA/1TE)吊命E-Pu+TAT*EM孙Eemrr工caassitheDuPontldentity。ROE=ROA*EM“=PM*TAT*EM“=Profitmargin。*Totalassetturnover。“*口quitymultiplier=Netincome/Sales*Sales/Totalassets“Totalassets/Totalequity任Ry/52/EYefstheughthe_above_approachispopularusedtodecompose(分解)afirmsROE,ith
6、asseverallimitations.“Inthe_computation_ofROA,thedenominator(分母)includestheassetsclaimedbyallprovidersofcapitaltothefirm,buttnenumerattar(分子;includesonly_theearningsavaliabletoequityTheassetsthemselvesincludesMokhii鸿ratingassetsandfinancialassets晓8觉ashandshort-terminvestments.东RJ个DZwusxapK关汀。Further
7、,netincomeinCludesincomefromoperatingactivitiesaswellasinterestincomeandexpenses,which“areconsequencesoffianancingdecisions、OftenitisLISefulto|lnguIshbetweenthesetwo心sofperformance.j/扮钨稽奉thefinancialleverageratiousedabovedoesnotrecongnizethefactthatafirmscashandshort-terminvestmentsareinessence“negativedebt(资本)“becausetheycanbeusedtopaydownthedebtonthecompanysbalancesheet.eseissuesareaddressedbyanativeapproachtodecomposing7ROE=OperatingROA+Sp鸣薯gxNetfinancial|everage
