为什么80年后杜邦分析模型还有热衷他的粉丝外文翻译.doc

外文翻译 原文 Why the 80-year-old DuPont model still has fans. Material Source: CFO Magazine January 1, 1998. Author:Robin Goldwyn Blumenthal Much has been said in favor of new financial metrics that marry such elements as growth rate and stock price to a company's inner financial mechanisms. Like old friends, however, some seasoned metrics continue to deliver value if only by virtue of familiarity and simplicity. The most prominent among these is the DuPont system of financial analysis. Developed in 1919 by a finance executive at E.I. du Pont de Nemours and Co., of Wilmington, Delaware, in the days when the chemical giant cooked up financial formulae as well as hydrocarbons, the DuPont system still helps many companies visualize the critical building blocks in return on assets and return on investments. "The DuPont model is a way of visualizing the information so that everyone can see it," says accounting and MIS professor Stephen Jablonsky of Penn State University. A typical DuPont chart resembles a chart drawn to mark the progress of competitors in a tennis or basketball tournament. Entries that ultimately make up before-tax return on investment include cost of goods sold, selling expenses, administrative expenses, inventories, accounts receivable, and cash. At successive stages, they are added, subtracted, divided, or multiplied until return on equity is reached. In his new book, The Manager's Guide to Financial Statement Analysis, to be published in February by John Wiley & Sons, Jablonsky stresses DuPont's enduring appeal. "Where financial people are integrated into the business," says Jablonsky, "they use traditional measures of evaluating performance, such as profit margins, return on assets, and return on equity, all contained in the DuPont model." Outside the cloistered confines of finance departments, where financial performance has not taken root among rank-and-file workers, the DuPont model can be very effective. DuPont analysis "is a good tool for getting