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净资产收益率是衡量上市公司经营业绩的最具综合性的核心指标之一,而对该指标进行综合分析的最常用方法就是杜邦财务分析体系。该体系通过对净资产收益率进行指标分解的方式,来分析企业经营业绩的变动原因和趋势。但是该分析体系不便于将企业存在的经营效率问题和财务政策问题区分开来,也不便于明确所得税率高低以及债务成本、财务风险等因素对净资产收益率的影响。本文拟提出弥补上述缺陷的改进思路,以提高该体系的适用性。
ROE is one of the most comprehensive core indicators to measure the performance of a listed company. The most common method for comprehensively analyzing this indicator is the DuPont financial analysis system. The system through the return on net assets index decomposition approach to analyze the causes of business performance changes and trends. However, this analysis system is not easy to distinguish the existing problems of business efficiency and financial policy, and it is not easy to clarify the impact of the income tax rate and the cost of debt, financial risk and other factors on the return on net assets. This article intends to propose ways to make up for these shortcomings in order to improve the applicability of the system.