譯文（字數 3113）

真實修改的杜邦分析：五種方式改善股東權益回報率

杜邦模型：簡史

運用財務比率進行分析已經被財務分析家，貸款人，學術研究人員和小企業主在文獻資料里廣泛運用。（例如，奧斯特揚和康斯坦德（1992），迪瓦恩和西頓（1995）博雅（1998），資產收益率和股東權益回報率的概念對理解一個企業的盈利能力非常重要，具體來說，一個回報比率說明了利潤和產生這些利潤所需要的投資之間的關系，然而，這些概念常常過于遠離日常經營活動以至于很多經理和小企業主很難理解和運用。（斯萊特和奧爾桑，1996）

1918年，在杜邦公司財務部工作了四年的機電工程師唐納森布朗接到了評估公司財務狀況的任務，并且杜邦公司剛剛購買了23%的股票（這個公司是通用汽車公司）,布朗意識到兩種常用的計算比率即凈利率（顯然是一個利潤指標）和總資產周轉率（一個效率指標）與凈資產收益率之間存在數學關系，凈利率和總資產周轉率的乘積等于凈資產收益率。這就是原始的杜邦模型，公式如下：

公式1：（凈利潤/銷售收入）×（銷售收入/總資產）=凈利潤/總資產 即凈資產收益率

在這一時期，凈資產收益率最大化是企業普遍追求和實現的目標，利潤和效率對凈資產收益率的影響導致了一個規劃和控制企業所有經營決策的系統的發展，它成為財務分析的主要形式一直延續到二十世紀七十年代。（布盧門薩爾1998）

在二十世紀七十年代，股東權益最大化成為普遍接受的財務管理目標，人們關注的焦點從凈資產收益率轉到了股東權益報酬率，這導致了原杜邦模型的第一次重大修改，除了盈利能力和效率，公司財務活動的方式即財務杠桿的使用成為三分之一的財務經理們關注的對象，新的利息比率被稱為權益乘數，也就是（總資產/股東權益）。修改后的杜邦模型見公式1和公式2

公式2：凈資產收益率×（總資產/股東權益）=股東權益報酬率

公式3：（凈利潤/銷售收入）×（銷售收入/總資產）×（總資產/股東權益）=股東權益報酬率

外文原文（字符數 9476）

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 F. 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 until the 1970s.  (Blumenthal, 1998)