译文（字数 3113）

真实修改的杜邦分析：五种方式改善股东权益回报率

杜邦模型：简史

运用财务比率进行分析已经被财务分析家，贷款人，学术研究人员和小企业主在文献资料里广泛运用。（例如，奥斯特扬和康斯坦德（1992），迪瓦恩和西顿（1995）博雅（1998），资产收益率和股东权益回报率的概念对理解一个企业的盈利能力非常重要，具体来说，一个回报比率说明了利润和产生这些利润所需要的投资之间的关系，然而，这些概念常常过于远离日常经营活动以至于很多经理和小企业主很难理解和运用。（斯莱特和奥尔桑，1996）

1918年，在杜邦公司财务部工作了四年的机电工程师唐纳森布朗接到了评估公司财务状况的任务，并且杜邦公司刚刚购买了23%的股票（这个公司是通用汽车公司）,布朗意识到两种常用的计算比率即净利率（显然是一个利润指标）和总资产周转率（一个效率指标）与净资产收益率之间存在数学关系，净利率和总资产周转率的乘积等于净资产收益率。这就是原始的杜邦模型，公式如下：

公式1：（净利润/销售收入）×（销售收入/总资产）=净利润/总资产 即净资产收益率

在这一时期，净资产收益率最大化是企业普遍追求和实现的目标，利润和效率对净资产收益率的影响导致了一个规划和控制企业所有经营决策的系统的发展，它成为财务分析的主要形式一直延续到二十世纪七十年代。（布卢门萨尔1998）

在二十世纪七十年代，股东权益最大化成为普遍接受的财务管理目标，人们关注的焦点从净资产收益率转到了股东权益报酬率，这导致了原杜邦模型的第一次重大修改，除了盈利能力和效率，公司财务活动的方式即财务杠杆的使用成为三分之一的财务经理们关注的对象，新的利息比率被称为权益乘数，也就是（总资产/股东权益）。修改后的杜邦模型见公式1和公式2

公式2：净资产收益率×（总资产/股东权益）=股东权益报酬率

公式3：（净利润/销售收入）×（销售收入/总资产）×（总资产/股东权益）=股东权益报酬率

外文原文（字符数 9476）

FIVE WAYS TO IMPROVE RETURN ON EQUITY 

The Du Pont Model: A Brief History 

The use of financial ratios by financial analysts, lenders, academic researchers, and small business owners has been widely acknowleged in the literature.  (See, for example, Osteryoung & Constand (1992), Devine & Seaton (1995), or Burson (1998)  The concepts of Return on Assets (ROA hereafter) and Return on Equity (ROEhereafter) are important for understanding the profitability of a business enterprise.  Specifically, a “return on” ratio illustrates the relationship between profits and the investment needed to generate those profits.  However, these concepts are often “too far removed from normal activities” to be easily understood and useful to many managers or small business owners.  (Slater and Olson, 1996)

In 1918, four years after he was hired by the Du Pont Corporation to work in its treasury department, electrical engineer F. Donaldson Brown was given the task of untangling the finances of a company of which Du Pont had just purchased 23 percent of its stock.  (This company was General Motors!)  Brown recognized a mathematical relationship that existed between two commonly computed ratios, namely net profit margin (obviously a profitability measure) and total asset turnover (an efficiency measure), and ROA.  The product of the net profit margin and total asset turnover equals ROA, and this was the original Du Pont model, as illustrated in Equation 1 below. 

Eq. 1:  (net income / sales) x (sales / total assets) = (net income / total assets) i.e. ROA 

At this point in time maximizing ROA was a common corporate goal and the realization that ROA was impacted by both profitability and efficiency led to the development of a system of planning and control for all operating decisions within a firm.  This became the dominant form of financial analysis until the 1970s.  (Blumenthal, 1998)