摘要:为了全面、深入地了解企业经营管理取得的效果及存在的问题，企业财务报表使用者就必须对财务报表所提供的会计信息进行系统地财务分析，因此对相对来说简便实用的杜邦财务分析体系的应用和完善就显得尤为重要。本文基于国内外杜邦分析体系的研究现状，介绍了杜邦财务分析体系的含义，深刻剖析了现行杜邦财务分析体系基本方法和体系结构，指出净资产收益率（ROE）是杜邦财务分析的核心指标。阐述了杜邦财务分析体系的优点及局限性，指出该体系没有充分利用企业的会计数据；没有真实反映企业的偿债能力和营运能力；没有准确反映企业的经营风险和财务风险；没有足够重视企业的现金流量的不足。以扬子江药业集团为例，运用传统杜邦分析体系从偿债能力、盈利能力、营运能力、成长能力等方面分析了扬子江药业集团的财务状况。分别引入了边际贡献率、安全边际率；经营杠杆系数、财务杠杆系数和现金流量指标对杜邦分析体系进行改进，并运用改进后的的杜邦分析体系对扬子江药业集团的财务状况进行实际应用分析，发现改进之后的杜邦财务分析体系便于财务报表使用者理解以及进行深入分析，从而为使用者全面了解企业的经营和盈利状况提高利用效率，同时也能够在经营出现问题时帮助企业的管理者及时发现异常并找出问题的所在，帮助企业管理者做出决策。
关键词 杜邦财务分析；净资产收益率；现金流量；经营管理
Abstract: Users of a company's financial statements must be comprehensive and in-depth understanding of company’s management achievement and existing problems, it is essential that the users should do some financial analysis by using the accounting information systems. Therefore the easy and convenient the DuPont system of financial analysis and the improvement of it is particularly important. The paper bases on of the status quo of the domestic and international research of the DuPont system of financial analysis, deeply analyzes basic method and the structure of the present DuPont system, and points out ROE is the core of the DuPont system of financial analysis. The paper expounds the advantages and limitations of the system and points out that the system does not take advantage of the corporate accounting data; does not reflect the true solvency and operational capabilities; does not accurately reflect business risk and financial risk; not give enough attention to corporate cash flow deficiencies. Then takes the Yangtze River Pharmaceutical Group as a example, from solvency, profitability, operational capacity, growth and other capabilities to analysis the financial position in Yangtze River Pharmaceutical Group . Namely make the introduction of marginal contribution rate, the margin of safety ratio; operating leverage, financial leverage and cash flow indicator to improve the DuPont system of financial analysis.The use of modified system can makes the financial situation analysis of Yangtze River Pharmaceutical Group truly and makes the financial statement users to understand and carry out in-depth analyze easily. Accordingly,the users not only can understanding the business situation to improve efficiency and profitability fully, but also can help when problems arise in the business enterprise managers to detect anomalies and find out where the problem is.By the modified system can help business managers in decision-making.
Keywords The DuPont system ROE Cash flow Operation and management
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