上市公司杜邦财务分析体系的研究.doc

杜邦财务分析体系在上市公司的应用 【内容摘要】众所周知，实现股东财富最大化或公司价值最大化是公司进行财务管理的中心目标，任何一个公司的生存与发展都依赖于该公司能否创造价值。在两权分离的条件下，经营者受聘于投资者而经营一个公司，出于向投资者（股东）解释经营成果和提高经营管理水平的需要，他们需要一套实用、有效的财务指标体系，以便据此评价和判断企业的经营绩效、经营风险、财务状况、获利能力和经营成果。在我国上市公司中，应用较广泛的是杜邦财务分析体系，它是一种有效的财务综合分析方法，在企业财务分析中具有重要的意义，并占重要的地位。本文从杜邦财务分析体系的概念结构出发，层层深入剖析，以海尔，春兰，格力三个上市公司为例着重讨论了杜邦财务分析在我国上市公司的应用情况以及发现的一些不足及应采取的措施，主要阐述以下几方面的问题：第一部分导言：主要对杜邦分析体系进行综合介绍。第二部分文献回顾：主要对国内国外学者对杜邦分析的研究及看法进行简单介绍，并通过图示的方式对对杜邦分析体系进行解释说明，阐述其在财务分析中的作用。第三部分实例分析，以海尔，春兰，格力三个上市公司为例,通过纵横向的比较，着重讨论了杜邦分析法在我国上市公司的应用情况。第四部分发现问题：笔者对杜邦分析体系在具体应用时发现的问题，揭示这一体系的不足之处。第五部分解决方法：对杜邦体系在原有基础上进行的改进。最后进行评价：改进后的杜邦体系的优点及应用性。 关键词：杜邦分析 净资产收益? 财务比率权益乘数 [Abstract] As we all know, maximization of shareholder wealth maximization of the value of the company or the companys financial management center, any one companys survival and development are dependent on the company can create value. The separation of powers under the conditions employed in the business investors who operate a company, For investors (shareholders) explained operating results and improving the management level of need, they need a practical, an effective system of financial indicators with which to evaluate and judge the performance of the enterprises, operating risks, financial situation, profitability and operating results. Chinas listed companies, the broader application of the DuPont financial analysis system, it is an effective method of financial analysis, financial analysis of enterprises in China is of great significance, and occupy an important place. From DuPont Financial Analysis of the concept of system structure, layers of in-depth analysis, Haier, Chunlan, Geli three listed companies as an example of DuPont focused on the financial analysis of listed companies and the application of discovered in the and the lack of measures to be taken, mainly on the following several aspects: the first part Introduction: DuPont analysis of the main system overview. Part II Review of the Literature: Major to domestic and foreign sc