老字号承载着中华民族的历史文化，是世世代代传承过程中留下的精神财富。全国老字号 商家很多，而目前经营良好的却属于少数。我国传统餐饮业，在个性化消费日益突显、国外大 型餐饮机构纷纷入驻的新形势下，也面临着巨大的发展危机。但伴随着国内经济进入新常态， 消费需求持续增长、消费结构升级加快，餐饮业与互联网的深度融合也同时给餐饮业带来全新 的机遇。 Q集团有限公司作为餐饮业的老字号企业，面对挑战和机遇并存的局面，要想继续获得可 持续发展，使竞争能力和综合实力得到质的提升，首先需要提高自身的盈利能力。然而在公司 近年来的日常经营过程中，盈利能力水平越来越低，为了研究分析盈利能力出现问题的深层次 原因并提出有针对性的解决方案。本文重点利用杜邦分析法结合因素分析法、比率分析法等财 务指标分析方法，对Q集团有限公司2010年至2018年的与盈利能力相关的财务数据进行剖析 研究。发现公司存在的主要问题是主营业务业绩不振、营业总成本控制薄弱、流动资产利用效 率低下、权益融资抑制杠杆作用发挥。最后结合当前所处的内外部环境提出五条提升盈利能力 的方案：优化餐饮及商品销售收入结构，控制人力成本租金物业费用，提高应收账款及货币资 金周转能力，发挥权益融资投资建设作用，建立稳定专业的管理团队。希望通过本文的研究， 给老字号餐饮企业盈利能力提升带来一定的启示。 关键词：杜邦分析法，因素分析法，盈利能力，老字号，餐饮企业 基于杜邦分析法的Q集团有限公司盈利能力研究 II ABSTRACT The time-honored brand carries the history and culture of the Chinese nation and is the spiritual wealth left in the process of inheritance from generation to generation. There are a lot of time-honored enterprises in China, but few of them are well-run at present. The traditional catering industry in China is also facing a huge development crisis under the new situation of increasingly prominent personalized consumption and large foreign catering institutions entering. However, with the domestic economy entering the new normal, the continuous growth of consumption demand and the upgrading acceleration of consumption structure, the deep integration of catering industry and Internet also brings new opportunities to the catering industry. As a time-honored enterprise in the catering industry, Q Group Co., Ltd. faces the challenges and opportunities. In order to achieve sustainable development and improve the competitiveness and comprehensive strength, it needs to improve profitability at first. But the profitability level of the company in the daily operation process is getting lower and lower recent years, in order to analyze the deep-seated causes of problems in profitability and propose targeted solutions. This thesis focuses on the analysis of financial data related to profitability of Q Group Co., Ltd. from 2010 to 2018 by using DuPont analysis combined with factor analysis and analysis. We found that the main problems of the company are the poor performance of the main business, the weak control of the total operating cost， the inefficient use of liquid assets, and the inhibition of leverage by equity financing. Finally five proposals for improving profitability are proposed based on the current internal and external environment: optimizing the income structure of catering and commodity sales, controlling the human cost, rent and property cost, improving the turnover capacity of accounts receivable and monetary capital, giving full play to the role of equity financing investment and construction, and building a stable and professional management team. I hope that it will bring enlightenment to the improvement of the profitability of the time-honored catering enterprises through the research of this thesis. Keywords: DuPont analysis, factor analysis, profitability, time-honored brand, catering enterprises 南京航空航天大学硕士学位论文 III 目 录 第一章 绪论 ............................................................................................................................................ 1 1.1 研究背景和意义....................................................................................................................... 1 1.1.1研究背景 ................................................................................................................................. 1 1.1.2研究意义 ................................................................................................................................. 2 1.2 国内外研究现状概述 ............................................................................................................... 2 1.2.1国内外杜邦分析法研究现状 .................................................................................................. 2 1.2.2国内外盈利能力研究现状 ...................................................................................................... 4 1.2.3餐饮业盈利能力研究现状 ...................................................................................................... 4 1.2.4文献评述 ................................................................................................................................. 5 1.3 研究内容和方法....................................................................................................................... 6 1.3.1研究内容 ................................................................................................................................. 6 1.3.2研究方法 ................................................................................................................................. 6 1.3.3技术路线图.............................................................................................................................. 8 第二章 相关概述及理论基础 ................................................................................................................. 9 2.1 杜邦分析法基本理论 ............................................................................................................... 9 2.1.1杜邦分析法基本理论 .............................................................................................................. 9 2.1.2杜邦分析法特点 .................................................................................................................... 10 2.2 盈利能力及其影响因素理论概述 ......................................................................................... 10 2.2.1盈利能力理论概述 ................................................................................................................ 10 2.2.2盈利能力影响因素理论概述 ................................................................................................ 11 2.3 基于杜邦分析法的盈利能力因素分解分析 ......................................................................... 11 2.3.1净资产收益率分析 ................................................................................................................ 11 2.3.2权益乘数分析........................................................................................................................ 12 2.3.3总资产净利率分析 ................................................................................................................ 12 第三章 Q集团有限公司盈利能力现状分析 ....................................................................................... 14 3.1 我国餐饮业发展现状 ............................................................................................................. 14 3.2 Q集团有限公司发展历程及现状 ......................................................................................... 14 3.3 Q集团有限公司盈利能力分析 ............................................................................................. 15 3.3.1 Q集团有限公司总资产净利率分析 ............................................................................. 15 基于杜邦分析法的Q集团有限公司盈利能力研究 IV 3.3.2 Q集团有限公司权益乘数及净资产收益率分析 ......................................................... 20 3.3.3 Q集团有限公司净资产收益率因素分析 ..................................................................... 21 3.4 Q集团有限公司现存经营问题 ............................................................................................. 28 3.4.1 主营业务业绩