Principles of Finance · 免费预览
盈利能力与杜邦分析法
盈利能力比率衡量企业将销售额转化为利润、将资产和权益转化为回报的有效程度，而杜邦分析法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，以揭示回报究竟来自经营、资产运用还是杠杆。
1. Three profitability ratios
Three profitability ratios
2. The DuPont decomposition
The DuPont decomposition
3. A worked decomposition
A worked decomposition
4. Using profitability ratios well
Using profitability ratios well
5. The three profitability measures
Which trio lists the profitability ratios of this lesson in order from income-statement focus to balance-sheet focus?
6. The DuPont equation
Which expression correctly states the DuPont decomposition of return on equity?
7. Computing return on equity
A firm earns net income of 300,000 dollars on sales of 5,000,000 dollars, with total assets of 4,000,000 dollars and common equity of 2,500,000 dollars. Using the DuPont drivers, what is return on equity?
8. Same ROE, different model
Two firms both report a 15 percent return on equity, but the first achieves it with a 7.5 percent margin, 1.2 turnover, and 1.67 multiplier, while the second runs a 5 percent margin, 1.5 turnover, and a 2.0 multiplier. What does the comparison reveal?
9. Margin slip sensitivity
A firm runs a 6 percent margin, 1.5 asset turnover, and a 1.8 equity multiplier. If its margin falls to 5 percent while the other drivers hold, what happens to return on equity?
10. Why leverage-led ROE deserves caution
Why should an analyst treat a high return on equity built mainly on a high equity multiplier with special caution?
11. The margin driver
What two-word term names the DuPont driver equal to net income divided by sales? Answer in lowercase.
12. The asset-use driver
What three-word term names the DuPont driver equal to sales divided by total assets? Answer in lowercase.
13. The leverage driver
What two-word term names the DuPont driver equal to total assets divided by common equity? Answer in lowercase.
14. The founding company
What company, whose name the decomposition carries, first implemented this method for internal measurement in 1919? Answer with one word.