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1、外文翻译原文Whythe80-year-oldDuPontmodelstillhasfans.MaterialSource:CFOMagazineJanuary1,1998.Author:RobinGoldwynBlumenthalMuchhasbeensaidinfavorofnewfinancialmetricsthatmarrysuchelementsasgrowthrateandstockpricetoacompany'sinnerfinancialmechanisms.Likeoldfrien
2、ds,however,someseasonedmetricscontinuetodelivervalueifonlybyvirtueoffamiliarityandsimplicity.ThemostprominentamongtheseistheDuPontsystemoffinancialanalysis.Developedin1919byafinanceexecutiveatE.I.duPontdeNemoursandCo.,ofWilmington,Delaware,inthedayswhent
3、hechemicalgiantcookedupfinancialformulaeaswellashydrocarbons,theDuPontsystemstillhelpsmanycompaniesvisualizethecriticalbuildingblocksinreturnonassetsandreturnoninvestments."TheDuPontmodelisawayofvisualizingtheinformationsothateveryonecanseeit,"saysaccoun
4、tingandMISprofessorStephenJablonskyofPennStateUniversity.AtypicalDuPontchartresemblesachartdrawntomarktheprogressofcompetitorsinatennisorbasketballtournament.Entriesthatultimatelymakeupbefore-taxreturnoninvestmentincludecostofgoodssold,sellingexpenses,ad
5、ministrativeexpenses,inventories,accountsreceivable,andcash.Atsuccessivestages,theyareadded,subtracted,divided,ormultiplieduntilreturnonequityisreached.Inhisnewbook,TheManager'sGuidetoFinancialStatementAnalysis,tobepublishedinFebruarybyJohnWiley&Sons,Jab
6、lonskystressesDuPont'senduringappeal."Wherefinancialpeopleareintegratedintothebusiness,"saysJablonsky,"theyusetraditionalmeasuresofevaluatingperformance,suchasprofitmargins,returnonassets,andreturnonequity,allcontainedintheDuPontmodel."Outsidethecloister
7、edconfinesoffinancedepartments,wherefinancialperformancehasnottakenrootamongrank-and-fileworkers,theDuPontmodelcanbeveryeffective.DuPontanalysis"isagoodtoolforgettingpeoplestartedinunderstandinghowtheycanhaveanimpactonresults,"saysDougMcCallen,6budgetsan
8、dforecastsmanageratconstructionandminingequipmentmakerCaterpillarInc.,inPeoria,Illinois,whereperformancehasturnedaroundsincethecompanylaunchedareorganizationin1991.Thatwastheyearitformallyheightenedfocusonspecificaccountab
