杜邦财务分析体系在企业财务分析中的应用研究 ——以万科股份有限公司为例

论文总字数：28864字

摘 要

随着世界经济全球化的不断进一步深入和推动我国经济社会的不断进步与发展,我国中小型企业在市场上经营的风险性和不确定性不断提高,商业信誉和其他方面的外部融资机会都离不开中小型企业优良的生产经营,因此中小型企业在市场上的经营情况所获得的关注持续升高。对于财务报表使用者而言,一个能适当地评估企业的经营情况的财务分析工具就显得愈加重要。作为一种专业财务数据分析管理工具,杜邦的财务分析管理系统由于其自己的强大特点,在许多不同行业领域中都已经具有非常广泛的市场应用。它以公司总资产资本权益周转净利率乘数作为一个公司核心的财务比率,然后再通过逐级分解等的方法后就可以将其财务表现分析出来。它作为公司销售收入净利率、总资产权益周转率及资产权益价值乘数三者之间的综合乘积,以这种综合价值评价一个财务目标企业公司的整体财务状况与整个公司经营管理结果。为了客观地评价与调控企业自身的管理经营效益,可创建完善的杜邦分析框架。在本次研究中，首先对本次研究的背景、研究意义进行分析，然后对笔者广泛收集的国内外与杜邦分析理论体系相关资料进行分析，阐述杜邦分析理论体系中的问题、改善方法，据此确定杜邦分析理论体系的概念以及使用功能。其次，将杜邦分析理论体系应用于企业财务分析管理中，对实际应用中的不足进行分析，并选择房地产行业作为研究对象，对杜邦分析理论体系应用中的不足和完善策略进行探究。在本次研究中，合理应用资产负债表以及管理使用利润表，据此创建一套以可持续增长率目标为主要核心,现金流量指标作为补充的一种经过改进之后的杜邦分析系统。最后，将万科股份公司作为研究案例，分别应用传统的杜邦分析理论体系以及经改进调整的杜邦分析理论体系进行财务管理，选择万科股份公司2015-2019年财务数据进行分析，对公司财务管理状况进行客观公正的评价，并确定杜邦分析理论体系对于公司财务管理的影响，进而阐述了改进后的杜邦分析理论体该关系能够更加全面、精准地反应万科在中国市场上的实际业绩。总而言之,本文主要是通过对杜邦分析理论体系的全面和整体改进和应用研究,目的是为了改善其中一些传统模型所存在的缺点和不足以增强其适应范围,以便于把它们扩大和应用于各个产品和行业的领域。

关键词：杜邦分析体系；万科；财务分析

xStudy on the Application of DuPont Financial Analysis System in Enterprise Financial Management -- Taking Vanke Co. Ltd as an Example

Abstract

Under the background of economic globalization, China"s social and economic development is rapid. However, in the process of globalization, small and medium-sized enterprises are faced with many operational risk factors and other factors. The smooth production and operation of enterprises are generally affected by business reputation, external financing opportunities and other factors, More and more attention has been paid to financial management. In the practical application of financial statements, it is required to use appropriate financial analysis tools to objectively and fairly evaluate the operation of enterprises. DuPont"s financial analysis and management system is a professional financial data analysis and management tool. DuPont"s financial analysis and management system has powerful functions and is widely used in different industries. It takes the company"s total assets capital equity turnover net interest rate multiplier as a company"s core financial ratio, and then analyzes its financial performance by means of step-by-step decomposition. As a comprehensive product of the net profit rate of sales revenue, the turnover rate of total assets equity and the multiplier of assets equity value, it evaluates the overall financial situation of a financial target company and the management results of the whole company. In order to objectively evaluate and control the management and operation benefits of enterprises, a perfect DuPont analysis framework can be established. In this study, first of all, the background and significance of this study are analyzed, and then the author analyzes the relevant data collected by the author at home and abroad and the theoretical system of DuPont analysis, expounds the problems and improvement methods in the theoretical system of DuPont analysis, and determines the concept and use function of the theoretical system of DuPont analysis. Secondly, this paper applies DuPont analysis theory system to enterprise financial analysis management, analyzes the deficiencies in the practical application, and selects the real estate industry as the research object to explore the deficiencies and improvement strategies in the application of DuPont analysis theory system. In this study, reasonable use of balance sheet and management of the use of income statement, based on which to create a sustainable growth rate as the main core, cash flow indicators as a supplement to an improved DuPont analysis system. Finally, taking Vanke Co., Ltd. as a case study, this paper applies the traditional DuPont analysis theory system and the improved DuPont analysis theory system to carry out financial management, and selects the financial data of Vanke Co., Ltd. from 2015 to 2020 to make an objective and fair evaluation of the company"s financial management, It also determines the impact of DuPont analysis theory system on the company"s financial management, and then expounds the improved DuPont analysis theory, which can more comprehensively and accurately reflect the actual performance of Vanke in the Chinese market. In a word, this paper is mainly through the comprehensive and overall improvement and Application Research of DuPont analysis theory system, the purpose is to improve the shortcomings of some of the traditional models and enhance their adaptability, so as to expand and apply them to various products and industries.

Keywords: DuPont Analysis System; Vanke; Financial Analysis

目 录

摘 要 I

Abstract II

第一章 绪论 1

1.1选题的背景和意义 1

1.1.1选题背景 1

1.1.2选题意义 1

第二章 文献综述 3

2.1传统杜邦分析法的意义 3

2.2关于传统杜邦分析体系应用中存在问题的研究 3

2.3关于改进的杜邦财务分析体系的研究 4

第三章 杜邦分析体系的相关理论概述 6

3.1传统杜邦分析体系概述 6

3.1.1传统杜邦分析体系的基本概念 6

3.1.2传统杜邦分析体系的基本功能 6

3.2传统杜邦分析体系的基本模型及其参数解释 7

3.2.1传统杜邦分析体系的基本模型 7

3.2.2传统杜邦分析体系的参数解释 7

第四章 传统杜邦分析体系的改进 8

4.1运用传统杜邦分析体系进行财务分析的局限 8

4.1.1缺少对企业可持续发展能力的分析 8

4.1.2没有重视对股利支付能力的分析 8

4.1.3忽视了对现金流量信息的分析 8

4.1.4没有区分经营活动和金融活动 9

4.2传统杜邦分析体系改进思路 9

4.2.1增加可持续发展能力指标 9

4.2.2新增股利支付信息 9

4.2.3引入现金流量数据 10

4.2.4区分经营活动和金融活动 10

第五章 改进后的杜邦财务分析体系运用：以万科股份公司为例 11

5.1万科股份公司简介 11

5.1.1行业背景 11

5.1.2公司概况 11

5.2运用传统的杜邦分析体系对万科的财务分析 12

5.2.1权益净利率总体趋势分析 12

5.2.2销售净利率总体趋势分析 13

5.2.3总资产周转率总体趋势分析 14

5.2.4权益乘数总体趋势分析 14

5.3运用改进后的杜邦分析体系对万科的财务分析 14

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