摘要:本文首先介绍了杜邦分析体系的基本原理,通过分析指出了传统杜邦分析法的不足:缺少现金流量表指标的分析，缺少产品对企业贡献能力分析，不能反映企业的风险，没有反映企业的可持续发展能力，不利于企业对未来进行预测。针对传统杜邦分析法的不足之处，做了如下改进：引入了权益现金率这个新指标，它能准确地、全面地反映企业的获利能力；对销售净利率指标重新分解，加入了边际贡献率、财务杠杆和经营杠杆的计算。引入可持续发展率，并以它作为核心指标。通过改进前后的杜邦体系对海博公司进行财务分析的比较，证实改进后的杜邦分析法在保留了传统杜邦分析系统优点的同时，又弥补了传统杜邦分析法的缺陷，为企业的管理者及其相关信息使用者提供更可靠的的依据。
关键词 杜邦分析法；权益现金率；销售净利率；可持续发展率
Abstract:This paper introduces the basic principles of Du Pont analysis system at first. We point out the shortages of traditional Du Pont analysis method through analyzing. The old system is lacked of the analysis of the Cash Flow Indicator, and lack the analysis of the ability that products contribute to enterprises. What’s worse, the old system does not reflect the risk and the sustainable development capacity of enterprises, which is not conducive to enterprises to make predictions about the future. We do the following improvement aiming at the deficiency of traditional Du Pont analysis method: we introduce a new indicator- Equity cash ratio, which can reflect the enterprise's profit ability and performance accurately and comprehensively; then through decomposing the Net Profit Margin on Sales, we add Marginal Contribution, Financial leverage, operating leverage to calculation; finally, we introduce sustainable growth rate and take it as the core indicator. Contrast Analysis on new and traditional Du Pont System based on Haibo company's financial affairs confirms that the advantages of traditional Du Pont System are reserved, and the new one makes up the defects, which provides more reliable basis for enterprise managers and relevant information users .
Keywords Du Pont analysis Equity cash ratio Net Profit Margin on Sales Sustainable Growth Rate
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