摘要:随着我国社会和经济的飞速发展，特别是在加入世贸组织后，外国和港澳台资本不断涌入国内，给国内的企业带来了许多国外较为先进的企业管理理论和方法，其中杜邦分析法由于首次系统而完整的揭示了各个财务比率间的内在联系而在财务分析中占据重要位置，越来越多的企业开始应用杜邦财务分析体系。然而，随着市场经济的发展，企业的会计信息含量的复杂性、企业的资本运作能力和企业经营者盈余管理技能的不断深化，杜邦分析体系逐渐暴露出自身的缺陷和不足。为了能够更好的满足现代企业的发展需要，因此需要对杜邦分析体系进行改进与拓展。
针对杜邦财务体系的缺陷，大部分的研究学者都是对杜邦体系的某一方面或者局部进行改进，并没有涉及对杜邦分析法的系统的改进。鉴于此，为了构建出科学完整的杜邦分析模型，笔者在保留传统杜邦分析体系的基础上，通过补充“可持续发展比率”和“现金指数”两个新的财务比率，与传统杜邦分析系统相结合，从而得到一个可以反映企业可持续发展能力的一种综合性的财务分析体系—可持续发展财务分析体系。最后，以常虹钢结构工程有限公司作为案例，分别运用原有杜邦分析体系和改进后的杜邦分析体系对该公司2009-2012年的数据进行财务分析，最后通过两种结果的对比分析，得出启示。
关键词 杜邦财务分析体系；现金指数；可持续发展比率
Abstract:With the rapid development of our society and economy, especially after joining the WTO, along with the foreign and Hong Kong, Macao capital pouring into, have brought many foreign advanced enterprise management theory and method to the domestic enterprises. However, the DuPont analysis system systematic and complete reveals the internal relations between various financial ratios at the first time, so it occupies an important position in financial analysis, and more and more enterprises start to use this system. However, with the development of market economy, the deepening of capital operation skills of earnings management ability and business complexity, enterprise accounting information content of enterprise, the Du Pont system gradually exposed the flaws and shortcomings. In order to meet the needs of the development of modern enterprises, so we need to improve and expand the DuPont analysis system.
According to shortcomings of the DuPont system, most researchers improved the DuPont analysis system for a particular aspect or partial improvement, amelioration of this system is not involved. In view of this, in order to build scientific and complete DuPont analysis model, the author use the original DuPont analysis system as the basis, through added two new financial ratio "sustainable development" and "cash index" , combined with the original DuPont analysis system, finally got a new comprehensive financial analysis: financial analysis system of sustainable development. At last, taking Changhong Steel Structure Engineering Co. Ltd as an example, using the traditional DuPont analysis system and the improved DuPont analysis system of financial analysis, and then through the comparison of the two analysis results, then draw a conclusion.
Keywords Du Pont Financial Analysis System Cash Index Growth of Economy Development
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