杜邦分析体系在财务的分析中的应用.doc

杜邦分析体系在财务分析中的应用 ——以郑州宇通客车股份有限公司为例 肖美丹，杨君君 （河南农业大学 信息与管理科学学院,河南 郑州,450046） 摘 要：杜邦分析体系是众多财务分析体系中综合性较强的财务分析系统，它能对企业的经营状况和盈利能力作出合理的解释分析，并对影响企业经营目标的主要因素进行深入的挖掘。宇通客车。以宇通客车2011-2015年的财务分析报告为数据来源，采用杜邦分析体系对其进行财务指标进行分析可知，2011-2013年企业的获利能力有所下降，而2014-2015企业的权益净利率明显增加，进而得出2014年是宇通客车公司具有转折性的一年，其中销售净利率的大幅度上升反映了宇通客车销售能力的不断增强。权益乘数的提高也说明了该企业采取了高风险的财务政策使得该年的权益净利率得到上升。 The Application of Du Pont Financial Analysis System in the Financial Analysis ——Take the ZHENGZHOU YUTONG BUS CO.,LTD. as an example XIAO Mei-dan, YANG Jun-jun (Department of Information and Management Science, Henan Agricultural University, Zhengzhou, 450046, China) Abstract: Du Pont Financial Analysis System is a more integrated method of financial analysis among many financial systems, which is able to induce the reasonable interpretation and analysis for the enterprise management state and profitability, digging the main factors affecting the business objectives. Yutong Bus is Chinese leading brand, and achieved the success of the bus industry milepost. Based on the data in the financial analysis report of Yutong Bus between 2011 and 2015, using the DuPont analysis system to analyze the financial index, which revealed that the profitability declined in 2011-2013, while the rate of return on equity increased significantly in 2014-2015, then we could know 2014 was turning point of Yutong Bus Company. And the the rise of sales net profit rate reflected that the sales ability strength ceaselessly. It is proved that the enterprises took a high risk financial policy when the equity multiplier has been increasing which led to an increase in rate of return on equity for the year. Keywords: Du Pont Financial Analysis System; Yutong Bus; financial statements analysis 0引 言 在国民经济迅速发展的时代背景下，我国城市化进程日益加速，因此为客车市场得到较大规模的拓展提供了广阔的发展空间。客车新的需求热点不断增长和明确，之前以大中型为主的产品结构也演变为高、中、低档兼备的产品格局。客车企业也正处于发展的成熟阶段，中国汽车行业研究报告显示，客车行业已经成为汽车行业的主力军，因此客车企业的企业成长与发展至关重要。目前对客车生产企业发展的评价的主要关注点在于企业绩效方面，而企业的财务状况分析则是衡量企业绩效的一个重要指标。近年来杜邦分析体系的应用范围广泛，但主要是用于衡量企业的经营目标是否达到