财务管理专业 天马微电子公司盈利能力分析——基于杜邦分析法.docxVIP

PAGE PAGE I PAGE 天马微电子公司盈利能力分析——基于杜邦分析法 摘 要 盈利能力是指企业获取利润的能力，企业通常用其衡量一定期间赚取收益水平的高低。传统的盈利能力分析一般只利用某一单个财务指标进行分析，没有形成一个综合完整的盈利能力分析体系框架，不能对企业盈利能力进行全面综合评价。杜邦分析体系是一种综合财务分析方法，可以将企业的经营成果和财务状况结合起来对其盈利能力进行综合分析，特别是对生产制造类型企业的盈利能力分析效果更是十分显著。杜邦分析体系的核心、指标为净资产收益率，根据杜邦分析体系的分析框架，可将净资产收益率分解为销售净利率、总资产周转率和权益乘数，然后根据各财务比率指标之间的内在联系，再对这三个指标进行进一步的分解，从而找出影响企业盈利能力的原因。天马微电子公司作为高新科技行业的上市公司，其近年来发展势头十分迅猛，在电子面板行业备受关注。本文基于杜邦分析体系对天马微电子公司盈利能力进行分析，不仅可以为公司管理层改善经营决策提供参考建议，也为同行业其他企业的发展提供借鉴。 关键词：盈利能力；杜邦分析体系；净资产收益率  PAGE PAGE II Analysis of Tianma Microelectronics Profitability——Based on DuPont Analysis Abstract Profitability refers to the ability of an enterprise to obtain profits, and it is usually used by enterprises to measure the level of income earned in a certain period. Traditional profitability analysis generally uses only a single financial indicator for analysis. It does not form a comprehensive and comprehensive profitability analysis system framework, and cannot comprehensively evaluate the profitability of enterprises. DuPont analysis system is a comprehensive financial analysis method. It can combine the companys operating results and financial status to comprehensively analyze its profitability, especially the profitability analysis effect of manufacturing enterprises. The core and indicator of the DuPont analysis system is the rate of return on net assets. According to the analysis framework of the DuPont analysis system, the rate of return on net assets can be decomposed into net sales interest rate, total asset turnover rate and equity multiplier. The internal relationship between the three indicators is further decomposed to find out the reasons that affect the profitability of the enterprise. Tianma Microelectronics Co., Ltd., as a listed company in the high-tech industry, has developed rapidly in recent years and has attracted much attention in the electronic panel industry. This article analyzes the profitability of Tianma Microelectronics based on the DuPont analysis sys