财务绩效与竞争策略-台湾大学陈明贤.pptVIP

財務績效與競爭策略 Competitive Strategies and Financial Performance-- An Application to Medical Service Industry 陳明賢 教授 台大管理學院 財務金融系 ROE = NI / Equity (manager’s goal) ROA = NI /TA (operating strategies) × Leverage ratio =TA / E = (1+ D/E) (Financial strategy) × Asset turnover = Sales / TA (Low cost leadership) Profit margin = NI / Sales (product differentiation) The Du Pont System NI: Net Income, TA: total Assets, D: Debt, E: Equity The Du Pont System Firm pursues highest shareholders’ wealth (ROE). Firm needs to do good in both operating strategy (good ROA) and financial strategy. (leverage)