关于杜邦分析法的外文翻译FIVE WAYS TO IMPROVE RETURN ON EQUITY.doc

外文资料及中文译文 　　作 者 姓 名 *** 　　专 业 财务管理 　　指导教师姓名 *** 专业技术职务 副教授 　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, andsmall business owners has been widely acknowleged in the literature. （See, forexample, Osteryoung Constand （1992）， Devine Seaton （1995）， or Burson （1998）The concepts of Return on Assets （ROA hereafter） and Return on Equity（ROEhereafter） are important for understanding the profitability of a businessenterprise. Specifically, a “return on” ratio illustrates the relationship betweenprofits and the investment needed to generate those profits. However, these conceptsare often “too far removed from normal activities” to be easily understood and usefulto 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 itstreasury department, electrical engineer F. Donaldson Brown was given the task ofuntangling the finances of a company of which Du Pont had just purchased 23 percentof its stock. （This company was General Motors!） Brown recognized amathematical relationship that existed between two commonly computed ratios,namely net profit margin （obviously a profitability measure） and total asset turnover（an efficiency measure）， and ROA. The product of the net profit margin and totalasset turnover equals ROA, and this was the original Du Pont model, as illustrated inEquation 1 below. 　　Eq. 1: （net income / sales） x （sales / total assets） = （net income / total assets） i.e. 　　ROA 　　At this point in time maximizing ROA was a common corporate goal and therealization that ROA was impacted by both profitability and efficiency led to thedevelopment of a system of planning and control for all operating decisions within afirm. This became the dominant form of financial analysis until the 1970s. 　　（Blumenthal, 1998） 　　In the 1970s