摘要
作为一个公司成长的基础与前提，盈利是公司从事生产经营活动
的动力来源，是公司实现财务目标的重要途径。但是，在当今市场经
济的环境下，市场机制使得所有市场主体的利益都具有一定的模糊性，
任何一家公司都需要承担一定的风险，都有可能受到一定的经济损失

在这种环境下进行竞争，作为市场主体的公司要想始终向前发展，保
持长久盈利的可能性大大降低。然而，对于上市公司来说，具备优良
的销售业绩，保证稳定的盈利水平，展现强势的发展态势，是非常关
键的，因为这不但有利于公司提升自身的信誉等级，而且有利于增强
股东投资的信心，降低公司的投资成本。在公司的经营业绩不乐观的
情况下，某些上市公司通过虚假财务报表等方式来误导广大投资者，
使得投资者在对公司的实际经营情况进行判断时出现错误。所以，对
于利益相关人员来讲，如何对公司的盈利水平恰当地评估，是非常重
要的

为了对公司的盈利水平进行正确的评估，具备一定的财务分析能
力是很必要的，其中，杜邦财务分析体系比较适用于对上市公司的盈
利能力进行评价。财务分析不仅能对公司的历史情形与现状分析，还
能够凭借对历史情形与现状的分析，对公司的未来盈利情况进行预测，
因而能够正确地评估公司的盈利水平。一个公司的成功与失败，与该
公司的财务水平有很大关联，而公司的财务水平能够通过财务分析的
结果体现出来。本文着重对杜邦财务模型做评估

本文结构分为六章，第一章为绪论部分，主要阐述本文的研究背
景，意义以及目的和国内外相关的文献综述，研究方法；第二章是理
论基础部分，主要是对本文所需要运用的到的杜邦分析法相关概念和
理论做了阐述；第三章是广宇集团概况和盈利能力分析。首先是对广
宇集团做了相关的介绍，其次是对广宇集团的盈利能力现状分析；第
四章是基于杜邦模型的广宇集团盈利能力分析，主要是对杜邦模型做
浙江工业大学硕士学位论文 杜邦分析法在广宇集团盈利能力分析中的应用研究II
了介绍和相关的数据说明，其次是对广宇集团的净资产收益率驱动因
素、销售净利率驱动因素、总资产周转率驱动因素以及权益乘数驱动
因素做了分解和分析；第五章是广宇集团盈利能力不高的原因分析及
对策，提出了广宇集团盈利能力不高的原因，还有相关的对策。最后
第六章做了相关的总结和阐述不足之处和展望

关键词:广宇集团；杜邦财务分析体系；盈利能力；净资产收益率；
财务比率
浙江工业大学硕士学位论文 杜邦分析法在广宇集团盈利能力分析中的应用研究III
Abstract
As the basis and premise of a company&39;s growth, profit is the power source of the
company engaged in production and business activities of the company, is an
important way to achieve financial goals. However, in today&39;s market economy
environment, market mechanism makes all the interests of the subjects of the market
have a certain ambiguity, any company need to take some risks, are likely to be
subject to certain economic loss. To compete in this environment, as the main body of
market, company want to always forward, greatly reduce the possibility of long-term
earnings remain. However, for listing Corporation, have good sales performance,
guarantee the stable profit level, show the development trend of strong, is very
important, because it is not only beneficial to the company to enhance their credit
rating, but also conducive to enhanced shareholder investment confidence, reduce the
cost of investment company. The company&39;s operating performance is not optimistic
in the case, some listing Corporation through the false financial statements and other
means to mislead investors, making investors there is error in the judgment of the
actual operation situation of the company&39;s. So, for the interests of the relevant
personnel, how to properly evaluate the company&39;s level of profitability, is very
important.
In order for the company&39;s level of profitability for the correct assessment of financial
analysis, have the certain ability is necessary, among them, more applicable to listing
Corporation to evaluate the profitability of Du Pont financial analysis system.
Financial analysis is not only the historical situation and the present situation analysis
of the company, also can rely on the analysis of the historical situation and the present
situation, carries on the forecast to the company&39;s future profitability, so as to be able
to correctly assess the company&39;s level of profitability. The success and failure of a
company, have great relationship with the company&39;s financial level, while the
company&39;s financial level can be reflected by the results of the financial analysis. This
paper do an assessment of DuPont financial model.
This paper first indicates that, in the current market on the various financial
analysis method, evaluation of DuPont financial model for a listing Corporation
profitability is the most accurate. Then, through the retail business of A shares in
Shenzhen Stock Exchange listing Corporation W shares of the company from 2008 to
2013 annual report data, extract the important financial data from the annual report,
the company&39;s profit level is studied systematically, including the study of results
about financial status and profitability and business research relating to the capital
operation ability, asset profitability study, to the listing Corporation&39;s profitability, and
through the key financial indicators of various contrast W shares of the company to
浙江工业大学硕士学位论文 杜邦分析法在广宇集团盈利能力分析中的应用研究IV
study. Secondly, this paper through empirical evaluation of W stock company DuPont
Model, selection of the rate of return on net assets as the key indicators of
decomposition analysis, rate of return on net assets, and contrasted with the same
industry in other retail listing Corporation&39;s financial indicators of the DuPont Model,
through the selection of commercial retail industry average come out W
companystatus in the industry, to really determine the value of the company. Reasons
for the low level of profitability of the W shares of the company, put forward
reasonable countermeasures and suggestions. Finally, according to the analysis of
financial data above, factors found W co current profitability influence,
countermeasure and the method to improve the profitability of W shares of the
company. In general, the applicability of this model to enhance the DuPont financial
evaluation of the level of profitability in the company as the basic goal, the Du Pont
model carried out a detailed and systematic study.
Key Words: Guangyu stock company； DuPont financial analysis System ROE；
Profitability； Financial ratios
浙江工业大学硕士学位论文 杜邦分析法在广宇集团盈利能力分析中的应用研究浙江工业大学硕士学位论文 杜邦分析法在广宇集团盈利能力分析中的应用研究
V
目 录
1 绪论 ..1
1.1 选题的背景 ..1
1.2 研究目的与意义 ..........2
1.2.1 研究目的...........2
1.2.2 研究意义...........2
1.3 国内外研究现状 ..........3
1.3.1 国外研究现状.......3
1.3.2 国内研究现状.......4
1.4 研究内容与方法 ..........7
1.4.1 研究内容...........7
1.4.2 研究方法...........8
2 相关概念与理论依据.9
2.1 财务分析的基本方法 ......9
2.2 杜邦分析法的各要素描述..12
2.2.1 净资产收益率分解分析(ROE).....12
2.2.2 总资产净利率分解分析(ROA).....13
2.2.3 权益乘数分解分析(EM)..........13
2.2.4 销售净利率........14
2.2.5 总资产周转率 ......15
2.2.6 资产总额..........15
3 广宇集团概况及盈利能力现状.... 18
3.1 广宇集团的基本情况 .....18
3.2 广宇集团的盈利能力分析以及行业平均情况分析 .....19
3.2.1 净资产收益率 ......19
3.2.2 总资产净利率 ......21
3.2.3 权益乘数..........22
3.2.4 销售净利率 ........23
3.2.5 净利润24
3.2.6 销售收入 ..........25
3.2.7 资产总额 ..........26
3.2.8 利润总额 ..........27
3.2.9 营业利润 ..........28浙江工业大学硕士学位论文 杜邦分析法在广宇集团盈利能力分析中的应用研究
VI
4 基于杜邦分析体系的广宇集团盈利能力分析 .... 30
4.1 净资产收益率驱动因素分解分析 ........
。。。以上简介无排版格式，详细内容请下载查看