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1、外文资料及中文译文作者姓名***专业财务管理指导教师姓名***专业技术职务副教授外文资料FIVEWAYSTOIMPROVERETURNONEQUITYTheDuPontModel:ABriefHistoryTheuseoffinancialratiosbyfinancialanalysts,lenders,academicresearchers,andsmallbusinessownershasbeenwidelyacknowlegedintheliterature.(See,forexample,Osteryoung&Constand(1992),Devine
2、&Seaton(1995),orBurson(1998)TheconceptsofReturnonAssets(ROAhereafter)andReturnonEquity(ROEhereafter)areimportantforunderstandingtheprofitabilityofabusinessenterprise.Specifically,a“returnon”ratioillustratestherelationshipbetweenprofitsandtheinvestmentneededtogeneratethoseprofits.Howe
3、ver,theseconceptsareoften“toofarremovedfromnormalactivities”tobeeasilyunderstoodandusefultomanymanagersorsmallbusinessowners.(SlaterandOlson,1996)In1918,fouryearsafterhewashiredbytheDuPontCorporationtoworkinitstreasurydepartment,electricalengineerF.DonaldsonBrownwasgiventhetaskofunta
4、nglingthefinancesofacompanyofwhichDuPonthadjustpurchased23percentofitsstock.(ThiscompanywasGeneralMotors!)Brownrecognizedamathematicalrelationshipthatexistedbetweentwocommonlycomputedratios,namelynetprofitmargin(obviouslyaprofitabilitymeasure)andtotalassetturnover(anefficiencymeasure
5、),andROA.TheproductofthenetprofitmarginandtotalassetturnoverequalsROA,andthiswastheoriginalDuPontmodel,asillustratedinEquation1below.Eq.1:(netincome/sales)x(sales/totalassets)=(netincome/totalassets)i.e.ROAAtthispointintimemaximizingROAwasacommoncorporategoalandtherealizationthatROAw
6、asimpactedbybothprofitabilityandefficiencyledtothedevelopmentofasystemofplanningandcontrolforalloperatingdecisionswithinafirm.Thisbecamethedominantformoffinancialanalysisuntilthe1970s.(Blumenthal,1998)Inthe1970sthegenerallyacceptedgoaloffinancialmanagementbecame“maximizingthewealthof
7、thefirm’sowners”(Gitman,1998)andfocusshiftedfromROAtoROE.ThisledtothefirstmajormodificationoftheoriginalDuPontmodel.Inadditiontoprofitabilityandefficiency,thewayinwhichafirmfinanceditsactivities,i.e.itsuseof“leverage”becameathirdareaofattentionforfinancialmanagers.Thenewratioofintere
8、stwascalledt
