财务管理专业五种方式改善股东权益回报率外文文献翻译及原文.docVIP

文献、文献、资料中文题目：五种方式改善股东权益回报率 文献、 文献、 资料中文题目：五种方式改善股东权益回报率 资料英文题目： 资料来源： 资料发表（出版）日期： 文献、 院 （部）： 专 业： 财务管理 班 级： 姓 名： 学 号： 指导教师.? 翻译日期: 2017. 02. 14 外文资料及中文译文 A自己动手丰衣足食 外文资料 FIVE WAYS TO IMPROVE RETURN ON EQUITY The Du Pont Model: A Brief History The use of financial ratios by financial analysts, lenders，academic researchers，and small business owners has been widely acknowleged in the literature. (See，for example, Osteryoung Constand (1992)，Devine Seaton (1995)，or Burson (1998) The concepts of Return on Assets (ROA hereafter) and Return on Equity (ROEhereafter) are important for understanding the profitability of a business enterprise. Specifically，a “return on” ratio illustrates the relationship between profits and the investment needed to generate those profits. However，these concepts are often “too far removed from normal activities” to be easily understood and useful to many managers or small business owners. (Slater and Olson, 1996) In 1918，four years after he was hired by the Du Pont Corporation to work in its treasury department，electrical engineer E Donaldson Brown was given the task of untangling the finances of a company of which Du Pont had just purchased 23 percent of its stock. (This company was General Motors!) Brown recognized a mathematical relationship that existed between two commonly computed ratios， namely net profit margin (obviously a profitability measure) and total asset turnover (an efficiency measure)，and ROA. The product of the net profit margin and total asset turnover equals ROA，and this was the original Du Pont model，as illustrated in Equation 1 below. Eq. 1: (net income / sales) x (sales / total assets) = (net income / total assets) i.e. ROA At this point in time maximizing ROA was a common corporate goal and the realization that ROA was impacted by both profitability and efficiency led to the development of a system of planning and control for all operating decisions within a firm. This became the dominant form of financial analysis u