文献信息
标题：The research on DuPont financial analysis system and profitability of listed companies
作者：McGowan J
期刊：Accounting and Finance Research
页码：52-63，第1卷，第2期，2016年
原文
The research on DuPont financial analysis system and profitability of listed
companies
McGowan J
Abstract
In order for the company'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's future profitability, so as to be able to correctly assess the company's level of profitability. The success and failure of a company have great relationship with the company's financial level, while the company's financial level can be reflected by the results of the financial analysis.
Key Words：DuPont financial analysis System; Profitability; ROE
1 Introduction
Now the trend of globalization is unstoppable, and this makes the competition between enterprises is torn, it also increased the financial crisis and the degree of operating risk. Financial statements reflect the enterprise's financial position and operating results of a form, it is provided by the accounting entity. Enterprise personnel through financial statements reflect the real situation, use financial methods for serious analysis, accurate calculation, gradual decomposition and in-depth research, so that you can know the comprehensive ability of the enterprise, can know how companies can afford to pay the amount of how much power to keep normal operation of enterprises and profit. Enterprise yield strength is its profitability, and profitability is the real reflection of enterprise operating performance good or bad. The profitability of the relationship between the enterprise managers, creditors and the interests of the shareholders, so their attention to profit is very high, they always paid close attention to the trend of the economy, and in a timely manner to make accurate analysis and forecast the future situation. So, the enterprise management's main goal is to improve the profitability of enterprises. Because enterprise's business performance is depend on the profitability of the company related indicators reflect the real, the business operators through the analysis of profitability, can timely to correct some problems in the operation and management and make reasonable plan. We analyze the financial statements there are so many ways, comparison analysis, the main financial ratio method, trend analysis and factor analysis method. But the effect of these methods is limited, so it can't to enterprise's financial position and operating results fully reflected, can only reflect one aspect. So, you need a comprehensive
financial indicators on the financial condition of enterprises are an integral part of the report, at the same time also must combine various related indicators, and then using a certain method to enterprise's financial position and operating results to conduct a comprehensive in-depth research, and the specific method is comprehensive analysis method.
2 Literature review
In 1919, the United States DuPont, Pierre DuPont (Pierre DuPont) and Donaldson Brown (Donaldson Brown) set out the DuPont financial analysis System (DuPont System), the System is based on net assets yield index, in part by part of decomposition, finally to realize the organic combination of financial analysis indicators. Return on equity index is the core of DuPont financial analysis system, sales net profit multiplied by the total assets turnover and the rights and interests is the result of the return on equity, with from top to bottom of key index decomposition, the company's profit ability, operation ability, debt payments and other financial association between more clearly, it is widely used in the actual assessment, but actually very few foreign scholars studied it, let alone to improve its methods, to perfect its theory and practice and research on it, it is a handful. Palmer's office at Harvard University in the United States, and in the analysis and evaluation for enterprises "puts forward the sustainable growth rate, and use it as a deformation of DuPont financial analysis system and complementary, build the" palmer's financial analysis system ".This process is layers of decomposition process of financial indicators, this analysis method is actually one more consideration for dividend
payment rate, but there is no big effect. Alex Kane is a professor at the university of California, bode is a professor at the university of Boston, they jointly at Boston college Alan j. Marcus (Alan j. Marcus) (2003), a professor at the essence of the investment of the books seriously analyzed the DuPont financial analysis system of five factors, it put the original DuPont analysis system of the "three elements" refined after the "five factors", will be the past the sales net profit rate target segmentation of DuPont financial model to study the three elements, respectively is the interest rate burden ratio, income taxes, the tax burden ratio and sales earnings before interest and tax rate, and more detailed research seriously the debt interest and income tax rate, it's from the number of key indicators changed the DuPont analysis system. By the "five elements" DuPont model shows: in the net income for the rights and interests of factor, asset turnover ratio, ratio of sales compensation and interest burden ratio and the product of the tax burden ratio, and the rights and interests of the factor for the average amount of assets and the ratio of the amount of owners' equity, asset turnover ratio for business income and the ratio of the average total assets, sales compensation ratio for unpaid interest and the ratio of sales revenue, profit before interest burden ratio for the amount of interest and profits before interest payments, the tax burden ratio to the ratio of the income tax amount and profit before tax amount. Can be learned from the above study, "five elements" DuPont return on net assets in the financial model depends on the interest factor, asset turnover ratio, ratio of sales compensation and interest burden ratio and tax burden these five key indicators. The model of enterprise income tax's influence on the net interest rate of the rights and
interests is through the single factor of tax burden directly reflected, and financial expenses index is the key of the analysis. The rationality of the assets structure cannot leave the financial cost indicators of guidance. Capital of a limited number of cases in the enterprise, the enterprise can have the most to gain from at the lowest cost is the sign of corporate capital structure is reasonable. The quality of corporate profits is also associated with interest expense.
3 The DuPont financial analysis theory
3.1 Factor analysis method
Factor analysis method, also called index factor analysis method, is the overall change in the statistical index is used to things method to evaluate the impact of different reasons, mainly divided into fixed base substitution method, index decomposition method, the difference analysis method with serial alternative methods. As one of the subordinate application of multivariate statistical analysis, factor analysis method is a good practical method of statistical analysis. In this way, can a set of more able to reflect things characteristics, status and nature of the variables are simplified into a few can decide things fundamental characteristics, embodies the inherent things, the nature of the internal variables, and use this a few interrelated variables on economic indicators or analysis of the impact of financial indicators. This kind of analysis method is the key, when there are multiple factors to the object of study, assuming that other factors are constant, according to the changes in order to determine the individual factors to study the effect of the object.
3.2 Ratio analysis
Ratio analysis method is a more important key data from the annual report, the ratio of the various data and comparison, thus for the company's history and an analysis of the present situation and the level of sales methods, it is essential to the evaluation of the financial situation strategy, possibly through the ratio of the two key data in the annual report, the company's operating results and financial condition. Due to the differences of financial analysis of the ultimate goal, different analysts, including government agencies, the emphasis of the management institution, creditors rely on also has very big difference. For stock investment, grasp and use good turnover ratio, growth levels, and ability of debt repayment ratio and profitability ratios these indicators is more important.
3.3 Trend analysis method
Trend analysis method, also known as the method of level analysis, comparative analysis method, this is a kind of the annual report of the various financial information extracted, the same ratio of multiple consecutive compared with key indicators to sequential or calm base contrast, access to these key indicators change amplitude and trend, to the company's cash flow change trend, the operating and financial situation clearly reflected a financial analysis method. When using the trend analysis method research on the company, usually need to compare to the annual report and prepare. By using the trend analysis method, can hold a company's financial change trend, so as to provide a basis for the prediction of the company's future financial condition. 3.4 DuPont financial analysis system
DuPont financial analysis system from the perspective of financial performance
of the company, equity returns ability and profitability analysis of the classical method. The idea of this method is to a company's return on equity is expressed as a number of key financial indicators of multiplication, thus more systematic study of the company's operations. In order to more comprehensive to analyze the company's operating results and financial status, need multiple influences each other key indicators to the level of profitability, debt repayment ability and operation level were analyzed systematically. DuPont financial model is adopted the inherent connection between several important financial indexes, to evaluate a company's financial situation. The system centered on net earnings ratio data, through the evaluation of the level of profitability, solvency, to build a balance sheet and income statement such as a number of key financial data analysis system. DuPont financial analysis System (DuPont financial analysis System) through the inherent connection between several key financial data, to evaluate the company's financial situation and the method, it is a kind of from the perspective of financial performance of the company, equity returns ability and profitability evaluation method of classic. The idea of this method is to a company's return on equity is expressed as a number of key financial indicators of multiplication, thus more systematic study of the company's operations.
译文
杜邦财务分析体系与上市公司盈利能力研究
McGowan J
摘要
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。
关键词：杜邦财务分析；盈利能力；净资产收益率
1 引言
如今全球一体化的趋势势不可挡，这就使得企业之间的竞争越演欲裂，这也加大了财务危机和经营风险的程度。财务报表是反映企业财务状况和经营成果的一种形式，它是由会计主体提供的。企业人员通过财务报表反映的真实情况，运用财务方法进行认真的分析、精确的计算、逐步的分解和深入的研究，这样就可以清楚的知道企业的综合能力，能知道企业能够承担多少的还债金额，能有多大的力量来使企业正常运营和取得盈利。企业取得收益的实力就是它的盈利能力，而企业的盈利能力是企业经营业绩好坏的真实反映。企业的盈利能力关系着企业经理人员，债权人和股东的利益，所以他们对利润率的关注度是十分高的，他们时刻关注着经济变动的趋势，并及时的做出精确的分析和对未来形势进行预测。所以，企业经营的主要目标就是提高企业的盈利能力。因为企业的经营业绩都是依靠企业的盈利能力的相关指标真实的反映出来的，企业经营者经过分析盈利能力，能够及时的对经营管理中的一些问题进行改正和制定合理的方案。我们对财务报表进行分析的方法有很多，主要有比较分析法，财务比率法，趋势分析法和因素分析法。但是这些方法的作用是有限的，它不能对企业的财务状况和经营成
果全面的反映出来，只能反映出一个方面。所以，就需要一个综合的财务指标对企业的财务状况进行一个整体的反映，与此同时还必须把各个有联系的指标结合起来，然后再运用一定的方法对企业的财务状况和经营成果进行全面深入的研究，而这个特定的方法就是综合分析方法。
2 研究综述
1919 年，美国杜邦公司的皮埃尔·杜邦（Pierre DuPont）和唐纳森·布朗（Donaldson Brown）制定出了杜邦财务分析体系（DuPont System），这种体系是以净资产的收益率指标为基础，在经过一部分一部分的分解，最终对财务分析指标实现有机结合。净资产收益率指标就是杜邦财务分析体系的核心，销售净利润乘以总资产的周转率和权益的结果就是净资产收益率，凭借从上往下地对关键指标进行分解，将公司的盈利能力、营运能力、债偿能力等各种财务能力之间的关联更加清楚地体现出来，它广泛的被运用于实际评估当中，但是实际上很少的国外学者深入的研究它，更别说改进它的方法，对它的理论进行完善和对它进行实践研究了，那简直是屈指可数。
帕利普就任于美国哈佛大学，在《企业分析与评价》一书中提出了可持续增长率，并将其作为杜邦财务分析体系的变形和补充，构建了“帕利普财务分析体系”。这其中的过程就是层层分解财务指标的过程，这种分析方法实际上就是多了一个对股利支付率的考虑因素，但是没有什么大的效果。亚力克斯·凯恩（Alex Kane）是加利福尼亚大学的教授、滋维·博迪是美国波士顿大学的教授，他们联合波士顿学院艾伦·J·马库斯（Alan·J·Marcus）教授（2003）在《投资学精要》的书籍中认真的分析了杜邦财务分析体系的五个因素，它把原本的杜邦分析体系的“三要素”经过研究之后细化成“五因素”，（完整译文请到百度文库）将
财务分析外文翻译! 财务报表 报表要求 前面主要讨论了向外界提供的财务资料格式和用途，本章着重讨论的内容，浏览一下资产负债表，其项目如下: 现金主要是指在有偿付能力的银行中的活期存款。在会计期终止时补充的办公和工程备用基金也可包括在内。在职能分权的会计制度中，现金可以包括全部自有业务的各种分项工程银行存款，但是联合账户存款中属本公司的份额。如果不属本公司支配，可以不包括在内。现金不应该包括投标保证金或其它保证金以保证履行合同。也不应包括对雇员的预付款或对提款附加有种种限制的存款。在受货币限制的外国银行中的现金，只要它不超出公司对所在国货币的现金需求，也可视为现金。在建立银行现金明细表时，使存款现金与同一银行未清偿的各项贷款、抵押品、银行给予的最大担保信贷以及上年度的平均余额相符倒是个好主意。每份报告应包括现金预测，至少应在交给管理部门的报告中包括现金预侧。 应收款项可分成下列细目 1.核定的和到期的按进度付款的金额。 2.已开出但尚未核定的按进度付款的金额。 3.收益的金额和可即付的但开单当日实际未付的金额。 4.正在执行中的合同押金。 已完成的工程押金。 5. 6(如果把支付给分散经营的业务和合资企业的预付款看作应收款项，这些预付款应单独列表并单列科目放在资产负债表的首页。是否应将工程利润带来的产权当作应收款项还有争议。但一旦运用这种方式，就应该列出该项目。一般来说，最好
的做法是把合资企业的预付款和未分配的收益标明为“合资企业投资”，并加上适当的附注，说明投资的性质和合资企业的简要财务数据。 7(运转中的工程费用。当这些项目被看作应收账款时。只应列入某一特定工程按进度付款的已赚收益中的超额部分。如果按进度付款超过营业收益，这些费用应当作债务，如果资产负债表分为流动负债和非流动负债两类，这些费用应归人流动负债类。 8(各类销售、服务和保险赔偿金等应收款项 9(应付供应商和雇员的款项，明细附表应详细显示这些项目，当这些项目出自某一特定业务或与某一特定业务有关时，应将这些项目与该业务一并在明细表上标明。库存，从技术上讲，仅限于未拨用的材料，物资和备用件。有时把小工具归入物资类，有时单独列出。无论用那种形式，库存都应该在资产负债表的首页或明细附表中标明、购进的库存物资应按成本价或市场价，根据低的一种价格定价。对从工地归还到中心仓库的主要的旧材料(胶合板和金属模具)和小工具(气锤、钻头等)没有严格和固定的规则。标准处理方法是按成本价加10%将新材料“出售"给工程。当归还到中心仓库时，按原售价冲减so,记人工程账户，并在库存账户记人同样的数目。在下次“出售”给另一工程时，在前一工程的归还值上增加10,。归还时，再次重复这一手续，直到该物品不能用为止。丢失或残余价值微不足道可以不计。10,的加价系数用于弥补小修和仓储的费用。这种方法的另一种形式是指定回收估值而不是不断增加百分比，然而，这种方法需要有足够知识的人在每次回收物品时估值，这样做很麻烦，也不值得。但是，当这些物品出售给合资企业或成本加成工程时，肯定这种价格可以公平代表 材料或小型工具的价值是一种好做法。值得注意的是这种交易文件不能写得让国家把这种交易作为要交营业税的买卖。 财务报表的制订
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文献综述： 基于哈佛分析框架的财务报表分析的 文献综述 财务分析的重要性日益凸显，它不仅代表着企业的经营成果，还为企业以后的发展和管理提供决策依据。财务分析是通过一系列分析技术与方法，对企业的各种能力进行综合分析与评价，及时发现企业经营中出现的问题和不足，为企业的管理者管理和决策的信息。这是一个逻辑性很强的分析过程，需要从各种复杂的信息中把握分析逻辑，形成分析框架，才能获取有价值的信息。另一方面，财务分析对于投资者和股东的未来投资活动具有重要意义，它有助于利益相关者了解企业的经营现状和未来发展。本文对哈佛分析框架的国内外研究成果进行述评，为进一步的研究奠定基础。 1 国外关于财务分析方法的研究 伴随着西方资本市场的发展，其财务分析方法日益完善，财务分析体系快速发展。学者们开始建立财务分析框架，以更好地对企业的财务状况经行分析。少数学者提出从筹资活动、经营活动和投资活进行财务分析。而绝大部分学者则是在财务分析的基础上逐步引进战略分析、会计分析和前景分析三个维度。一部分学者是从三个维度来构建财务分析框架的。以Salmi（1997）为代表的学者提出从概论、会计分析和财务分析三个维度进行财务报表分析。而以Stickney（1999）为代表的学者则是从环境分析、会计分析和财务分析这三个维度展开。相比较而言，Stickney的尝试在原来两维度的基础上增加了环境分析，使得财务分析结果更为可靠。 还有一部分学者是从四个维度来构建财务分析框架的。最具有代表性的是哈佛大学佩普（K.G.Palepu）、希利（P.M.healy) 和伯纳德（V.L.Bemard)（2000）在《运用财务报表进行企业分析与评估》一书中提出了哈佛分析框架。其提出了一种集战略与财务报表分析为一体的、更具实际应用效果的财务分析框架，即哈佛分析框架。该框架由战略分析、会计分析、财务分析、前景分析共四个部分组成。哈佛分析框架的战略分析模块对企业所面临的外部环境进行了全面分析，不仅能发现企业发展中面临的机会和威胁，更能从战略高度为企业发展指出方向。哈佛分析框架做到了结合企业外部经济环境与企业个体特征、行业经济发展状况、生合周期和获利能力等因素对企业进行综合评判，对于投资者
基于可持续增长的杜邦财务分析体系的构 建 文献综述 作者姓名*** 专业财务管理 指导教师姓名*** 专业技术职务副教授
一、引言 杜邦财务分析法是在20世纪20年代由美国杜邦公司首创的一种综合财务分析方法，它以净资产收益率作为主线，利用各个主要财务指标之间的联系，层层分解，逐步深入，形成一个完整的财务分析体系。通过杜邦分析能够反映出企业的经营成果和财务状况，发现企业存在的问题和不足，以促进企业改善经营状况，加强财务管理，是一种评价企业绩效的经典方法。然而，随着我国经济的不断发展，企业会计信息含量的多样化、企业资本运作和经营者盈余管理技能的不断深化，杜邦分析体系越来越多的暴露出自身的缺陷和不足，为了更好的适应现代企业的发展要求，国内外的很多学者针对杜邦分析题的局限性作了许多有益的补充和改进，为人们更好的了解企业的经营成果和财务状况提供了有效地方法和途径。 二、国内外研究现状 2.1国内研究状况 国内学者对杜邦分析体系的研究成果并不是很多，他们的研究主要集中在以下几个方面：一是研究怎样对杜邦分析体系进行改进。一般都是先从分析杜邦财务体系的局限性或不足之处入手，然后根据这些局限和不足提出改进的建议和方法。例如将现金流量分析引入原有的杜邦分析体系，如许秀梅和王秀华在《论杜邦分析体系及其改进》一文中指出，杜邦分析体系的主要缺陷是只利用了资产负债表及损益表中的数据，没有利用现金流量表中的数据。她们认为通过引入现金流量的分析，可以得到企业现金流量来源、结构、数量等信息，从而可以对企业经营资产的真实效率，企业的收益品质即净利润与现金流量的相关程度以及创造现金利润的真正能力作出评价，同时预测企业未来的现金流量，准确判断企业的偿债能力。罗芳在她的《改进现行财务分析指标体系的相关思考》中也认为以现金流量为基础的财务分析指标体系能够更加全面系统和完整的分析企业的财务状况。杨化峰在《改进财务分析体系，提高财务分析质量》一文中除了引进现金流量因素，还将成本管理的目标和所得税负担分析引入到杜邦分析体系中来。李金龙、彭皎和路明明在《传统杜邦分析体系与改进杜邦分析体系的比较》中认为改进的杜邦分析体系要求对资产和负债进行重新分类，区分经营损益和金融损益，改进后的杜邦指标体系为：权益净酬率=净利润/股东权益=(税后经营净利润-税后利息费用)/股东权益=(税后经营净利润/净经营资产)×(净经营资产/股东权益)-(税后利息费用/净负债)×(净负债/股东权益)=净经营资产利润率×(1+净负债/股东权益)-税后利息率×净财务杠杆=净经营资产利润率+(净经营资产利润率-税后利息率)×净财务杠杆。但是这种杜邦体系的改进只适合股东回报能力的分析，并且还要注意指标的波动性以及净财务杠杆大小和企业的偿债能力。肖莹在其《杜邦体系与财务报表新探》中加入了可持续发展率、现金股利、风险、成本习性、盈余构成与盈余质量、自由现金流量以及公司生命周期等因素，从而更能准确地反映和评价企业的综合财务状况，直接揭示各种影响企业经营问题的因素。黄爱华等在《财务分析中杜邦系统与SWOT的结合使用》一文中，将SWOT分析引入到财务管理的财务分析中，并与杜邦分析结合起来，不但能够解决杜邦分析的不足之处，还可以了解企业外部环境，并且更好地从理论和实践上将财务管理融合在企业管理中。二是研究杜邦分析体系在企业中的具
Developing student competencies_ An integrated approach to a financial statement analysis project This paper presents an instructional resource for an integrated fi-nancial statement analysis project. The project requires a quantitative analysis of a company's financial statements and a written re-search report. The project is designed to develop students' critical thinking and analytical capabilities through the application of course concepts to a real company, while also providing opportunities to develop professional competencies. Following Anson's Instruc-tional Design Model (2007), the integrated project includes supporting activities, which are designed to aid students in achiev-ing the project's learning goals. The supporting activities include in-class instruction on financial ratios, a computer lab session on Excel, draft papers, peer reviews of writing, and paper revisions. The in-tegrated project also serves as an example of an assignment that is consistent with two recent education frameworks, the Inte-grated Competency-Based Framework (Lawson et al., 2014) and the AICPA Core Competency Framework (2015), which both advocate for increased integration of professional competencies within the ac-counting curriculum. Our instructional resource provides project instructions, supporting activities, as well as implementation guid-ance and a grading rubric. The paper discusses adaptations to tailor the project to various courses and audiences. The resources in this article are useful for instructors implementing a financial state-ment analysis project into accounting, finance, financial statement analysis and investment courses targeted at either the undergrad-uate or graduate levels.
财务报表分析外文文献及翻译 LNTU---Acc 附录A 财务报表分析的杠杆左右以及如何体现盈利性和值比率 摘要 关键词:财政杠杆;运营债务杠杆;股本回报率;值比率 传统观点认为，杠杆效应是从金融活动中产生的:公司通过借贷来增加运营的资金。 杠杆作用的衡量标准是负债总额与股东权益。然而，一些负债——如银行贷款和发行的债券，是由于资金筹措，其他一些负债——如贸易应付账款，预收收入和退休金负债，是由于在运营过程中与供应商的贸易，与顾客和雇佣者在结算过程中产生的负债。融资负债通常交易运作良好的资本市场其中的发行者是随行就市的商人。与此相反，在运营中公司能够实现高增值。因为业务涉及的是与资本市场相比，不太完善的贸易的输入和输出的市场。 因此，考虑到股票估值，运营负债和融资负债的区别的产生有一些先验的原因。我们研究在资产负债表上，运营负债中的一美元是否与融资中的一美元等值这个问题。因为运营负债和融资负债是股票价值的组成部分，这个问题就相当于问是否股价与账面价值比率是否取决于账面净值的组成。价格与账面比率是由预期回报率的账面价值决定的。所以，如果部分的账面价值要求不同的溢价，他们必须显示出不同的账面价值的预期回报率。因此， 标准的财务报表分析的能够区分股东从运营中和借贷的融资业务中产生的利润。因此，资产回报有别于股本回报率，这种差异是由于杠杆作用。然而，在标准的分析中，经营负债不区别于融资负债。因此，为了制定用于实证分析的规范，
我们的研究结果是用于愿意分析预期公司的收益和账面收益率。这些预测和估值依赖于负债的组成。 这篇文章结构如下。第一部分概述并指出了了能够判别两种杠杆作用类型，连接杠杆作用和盈利的财务报表分析第二节将杠杆作用，股票价值和价格与账面比率联系在一起。 第三节中进行实证分析，第四节进行了概述与结论。 1 杠杆作用的财务报表分析 以下财务报表分析将融资债务和运营债务对股东权益的影响区别开。这个分析从实证的详细分析中得出了精确的杠杆效应等式 普通股产权资本收益率=综合所得?普通股本 (1) 杠杆影响到这个盈利等式的分子和分母。适当的财务报表分析解析了杠杆作用的影响。以下分析是通过确定经营和融资活动中的资产负债表和损益表的组成开始分析。计算每一项活动所获得的利润，然后引入两种类型的杠杆作用来解释运营和融资的盈利以及股东的总体盈利。 1.1 区分运营和融资过程中的盈利 普通股权=经营资产，金融负债,经营负债,金融负债 (2) 侧重于普通股(以便优先股被视为融资债务)，资产负债表方程可重申如下:经营性资产的区别(如贸易应收款，库存和物业，厂房及设备)和金融资产(存款及可出售证券吸收多余现金)在其他方面。然而，债务方面，融资负债也区别于经营负债。不应该把所 有负债都当作融资负债来处理，相反，只有从运营中得到的现金，就像银行贷款，短期商业票据和债券属于这种类型。其他负债，如应付账款，累计费用，预收收入，重组债务和养老金负债，产生于业务。这种区别并不像当前与长远负债那么简单;养老金负债，例如，通常是长期，短期的借款是一种当前的负债。
BI YE SHE JI （20 届） 基于有限元分析的发动机缸体压铸模具设计 所在学院 专业班级材料成型与控制工程 学生姓名学号 指导教师职称 完成日期年月
任务下达日期：2016年3月1日 毕业设计日期：2016年3月1日至2016年6月12日 毕业设计题目：基于有限元分析的发动机缸体压铸模具设计 毕业设计主要内容和要求： 内容： 1、查阅30篇中文文献及10篇左右的英文文献，充分了解设计内容。 2、利用NX10.0建立缸体三维模型，使用Anycasting完成缸体压铸过程模拟分析。 3、参考设计手册和模拟结果完成压铸模具设计，并绘制模具工程图。 4、要求翻译一篇近三年的英文文献，汉字内容应不少于3000字。 要求： 1、努力学习、勤于实践、勇于创新，保质保量地完成毕业设计任务。 2、遵守纪律，保证出勤。因事、因病离岗，应事先向指导老师请假。否则作为缺席处理。 3、独立完成规定的工作内容。不弄虚作假，不抄袭和拷贝别人的工作内容。 4、毕业设计必须符合中国矿业大学毕业论文规范化规定，否则不得参加毕业答辩。 院长签字：指导教师签字：
本文以某汽车的发动机铝合金缸体压铸件为研究对象，对该缸体压铸件可能铸造缺陷进行分析及预测。首先利用NX10.0设计该缸体的三维模型，并参照设计手册完成浇注系统和排溢系统的设计。然后利用铸造模拟软件anycasting v4.0对压铸模具型腔、浇注系统和排溢系统整体进行充填和凝固过程进行模拟研究。分析目前的工艺和设计的浇注系统、排溢系统的是否存在问题，对重要的压铸工艺参数进行优化，并优化压铸模具浇注系统和排溢系统。根据以上模拟结果和设计手册，利用NX10.0、AUTOCAD完成其余结构的设计。使用anycasting v4.0主要完成充型分析，充型过程热分析和热凝固分析，其中重要的工艺参数是冲头快压射速度、浇注温度、冲头高低速转换点和模具预热温度，最后得到一个缺陷比较少的模拟结果。对一般充型缺陷，可以通过优化设计浇注系统、排气系统改进，对凝固缺陷可以通过修改冷却系统的位置进行改进。模具设计部分包括模具型芯部分设计、模架设计、侧抽芯系统设计、顶出系统设计、模具厚度核算、动模座板行程校核、最小合模距离与最大开模距离校核和模具最大外形轮廓校核。最后依据模拟分析结果和模具结构设计，利用NX10.0三维造型软件完成缸体铸件的压铸模具设计。 关键词：铝合金缸体、数值模拟、压铸、模具设计
毕业设计（论文） 外文文献翻译 文献、资料中文题目：财务管理和财务分析 文献、资料英文题目： 文献、资料来源： 文献、资料发表（出版）日期： 院（部）： 专业：财务管理 班级： 姓名： 学号： 指导教师： 翻译日期： 2017.02.14
外文翻译原文 Financial Management and Analysis is an introduction to the concepts,tools, and applications of finance. The purpose of this textbook is to communicate the fundamentals of financial management and financial analysis.This textbook is written in a way that will enable students who are just beginning their study of finance to understand financial decision-making and its role in the decision-making process of the entire firm. Throughout the textbook, you’ll see how we view finance.We see financial decision-making as an integral part of the firm’s decision-making, not as a separate function. Financial decision-making involves coordination among personnel specializing in accounting, marketing, and production aspects of the firm. The principles and tools of finance are applicable to all forms and sizes of business enterprises, not only to large corporations. Just as there are special problems and opportunities for small family-owned businesses(such as where to obtain financing), there are special problems and opportunities for large corporations (such as agency problems that arise when management of the firm is separated from the firm’s owners). But the fundamentals of financial management are the same regardless of the size or form of the business. For example, a dollar today is worth more than a dollar one year from today, whether you are making
本科毕业设计（论文） 外文翻译 题目双汇企业财务报表分析研究 姓名宋孟姣 专业 2010级财务管理本科1班 学号 201040016 指导教师董玥玥 郑州科技学院工商管理学院 二〇一四年三月
FINANCIAL STA TEMENT ANALYSIS OF EVERAGE AND HOW IT INFORMS ABOUT PORABLIITY AND PRICE-TO-BOOK RA TIOS 1 FINANCIAL STATEMENT ANALYSIS OF EVERAGE The following inimical statement analysis separates the effects of enhancing liabilities and operating liabilities on the portability o f shareholders’ equity. The analysis yields explicit leveraging equations from which the speci?cations for the empirical analysis are developed. Shareholder portability, return on common equity, is measured as Return on common equity (ROCE) = comprehensive net income ÷common equity (1) Appropriate inimical statement analysis disentangles the effects of leverage. The analysis below, which elaborates on parts of Nazism and Penman (2001), begins by identifying components of the balance sheet and income statement that involve operating and enhancing activities. The portability due to each activity is then calculated and two types of leverage are introduced to explain both operating and enhancing portability and overall shareholder portability. 1.1 Distinguishing the Portability of Operations from the Portability of Financing Activities Common equity =operating assets＋financial assets－operating liabilities－Financial liabilities （2）The distinction here between operating assets (like trade receivables, inventory and property, plant and equipment) and inimical assets (the deposits and marketable securities that absorb excess cash) is made in other contexts. However, on the liability side, enhancing liabilities are also distinguished here from operating liabilities. Rather than treating all liabilities as enhancing debt, only liabilities that raise cash for operations—like bank loans, short-term commercial paper and bonds—are classier as such. Other liabilities—such as accounts payable, accrued expenses, deferred revenue, restructuring liabilities and pension liabilities—arise from operations. The distinction is not as simple as current versus long-term
浅谈杜邦财务分析体系及其发展 叶伟 内容摘要：杜邦财务分析体系是根据各主要财务比率之间的内在联系，建立财务分析指标体系，综合分析企业财务状况的方法。本文分别介绍了杜邦财务分析体系的原理、运用、改进和发展。随着人们认识的深入，杜邦财务分析体系将继续得到完善和发展。 关键词：杜邦财务分析体系财务比率净资产收益率可持续增长率 Abstract:Du Pont financial analysis system is an integration analysis method of the enterprise’s financial standing, which establishes financial analysis index system, according to the inner connection between each major financial ratio. This paper has respectively introduced its principle, application, improvement and development. As people study it deeply, Du Pont financial analysis system will get continuously to perfect and develop. Key words:Du Pont financial analysis system Financial ratios Return on Equity Sustainable growth rate 一、引言 财务分析是企图了解一个企业经营业绩和财务状况的真实面目，从晦涩的会计程序中将会计数据背后的经济涵义挖掘出来，为投资者和债权人提供决策基础。由于会计系统只是有选择地反映经济活动，而且它对一项经济活动的确认会有一段时间的滞后，再加上会计准则自身的不完善性，以及管理者有选择会计方法的自由，使得财务报告不可避免地会有许多不恰当的地方。虽然审计可以在一定程度上改善这一状况，但审计师并不能绝对保证财务报表的真实性和恰当性，他们的工作只是为报表的使用者做出正确的决策提供一个合理的基础，所以即使是经过审计，并获得无保留意见审计报告的财务报表，也不能完全避免这种不恰当性。这使得财务分析变得尤为重要。 一般来说，财务分析的方法主要有以下四种： 1.比较分析：是为了说明财务信息之间的数量关系与数量差异，为进一步的分析指明方向。这种比较可以是将实际与计划相比，可以是本期与上期相比，也可以是与同行业的其他企业相比； 2.趋势分析：是为了揭示财务状况和经营成果的变化及其原因、性质，帮助预测未来。用于进行趋势分析的数据既可以是绝对值，也可以是比率或百分比数据； 3.因素分析：是为了分析几个相关因素对某一财务指标的影响程度，一般要借助于差异分析的方法； 4.比率分析：是通过对财务比率的分析，了解企业的财务状况和经营成果，往往要借助于比较分析和趋势分析方法。 这些财务分析方法通常是从某一角度或某一方面深入分析研究企业的财务状况与财务成效，很难对企业财务总体状况和业绩的关联性及水平得出综合结论。为解决这一问题，有
Finite element analysis system development present situation and forecast Along with modern science and technology development, the people unceasingly are making the faster transportation vehicle, the large-scale building, the greater span bridge, the high efficiency power set and the preciser mechanical device. All these request engineer to be able precisely to forecast in the design stage the product and the project technical performance, needs to be static, technical parameter and so on dynamic strength to the structure as well as temperature field, flow field, electromagnetic field and transfusion carries on the analysis computation. For example analysis computation high-rise construction and great span bridge when earthquake receives the influence, has a look whether can have the destructive accident; The analysis calculates the nuclear reactor the temperature field, the determination heat transfer and the cooling system are whether reasonable; Analyzes in the new leaf blade the hydrodynamics parameter, enhances its operating efficiency. The sell may sum up as the solution physics question control partial differential equations often is not impossible. In recent years the finite element analysis which develops in the computer technology and under the numerical analysis method support(FEA, Finite Element Analysis) the side principle for solves these complex project analysis estimation problems to provide the effective way. Our country in " 95 " Plan period vigorously promotes the CAD technology, mechanical profession large and middle scalene terries CAD popular rate from " 85 " End 20% enhances that present 70%.With enterprise application of CAD, engineering and technical personnel has gradually get rid drawing board, and will join the main energy how to optimize the design, engineering and improving the quality of products, computer-aided engineering analysis (CAE. Computer Aided Engineering) method and software will be the key technical elements . ln engineering practice, finite element analysis software and CAD system integration design standards should be a qualitative leap, mainly in the following aspects : The increase design function, reduces the design cost; Reduces design and the analysis cycle period; Increase product and project reliability; Uses the optimized design, reduces the material the consumption or the cost;
中文4400字 Babic Z, Plazibat N. Enterprise Value Based On The Analysis Of Financial Statements [J]. International journal of production economics, 2008, 56: 29-35 Enterprise Value Based On The Analysis Of Financial Statements Z Babic, N Plazibat ABSTRACT Analysis of data on the financial statements, the use of discounted cash flow method, the relative value of other methods to analyze financial statements and financial data to find useful data on the enterprise value analysis, with its inherent value is the closest a value to facilitate management by better management decisions and investment decisions of enterprises. Now, under the conditions of market economy, the enterprise itself can be traded in the market of goods, by the profits to maximize the conversion to maximize the value of. Therefore, the enterprise value based on financial statement analysis is particularly important. Financial statements as a reflection of the financial positio n and operating conditions of enterprises, statutory information of listed companies, the real financial statements data can reveal the enterprise's past operating results, the pros and cons of the identification of business, to forecast the future of the enterprise. The article first describes the limitations of the traditional statements and how to improve, then the enterprise value is based on the improved report. KEYWORD: Financial statements, corporate value, Enterprise value evaluation 1 Introduction 1 The meaning of enterprise value The enterprise value is accompanied by the emergence of property rights trading market in the 1960s, a concept first proposed by the U.S. regulators. Under market economy conditions, the goods of the enterprise itself is a transaction in the equity market as the commodity stakeholders, including investors, creditors, managers must understand the value of the business. Enterprise value as a commodity currency performance. 1.2 Analysis of the significance of enterprise value Enterprises maximize the value of thinking helps to improve the company. Each listed
杜邦分析体系在 财务分析中的应用研究 一、杜邦分析体系的研究发展 （一）杜邦分析体系的产生 杜邦分析体系由美国杜邦公司在1919年创立的，后来随着经济和环境的不断变化和发展以及企业利益相关者对企业目标的进一步认识，许多人对杜邦分析进行了变形和补充，使其不断的发展。我国没有完善的杜邦分析体系，主要是借鉴国外的体系并经过改进，形成现在我国普遍使用的杜邦分析体系。 （二）国外研究发展 杜邦分析法在出现初期，净资产收益率最大化是公司普遍追求和实现的目标。因此，原始的杜邦模型是以净资产收益率为核心的。后来美国哈佛大学教授帕里普对杜邦财务分析体系进行了变形，将财务分析体系中的常用财务比率一般被分为四大类：偿债能力比率，盈利比率，资产管理效率比率，现金流量比率。之后，学亚历克斯凯恩教授和波士顿学院艾伦马思库教授提出了将税收，利息费用因素引入杜邦模型的五因素杜邦模型体系。该模型通过税收负担这个单独的因素较直接地反映企业所得税变化对权益净利率的影响程度并将分析得重点集中在财务费用指标上。 （三）国内研究发展 我国并没有完善的杜邦分析体系，只是在1995年财政部发布了一系列的财务评价指标来评价企业财务状况，主要有销售利润率、总资产报酬率、资本收益率、资本保值增值率、资产负债率、流动比率、应收账款周转率、社会贡献率和社会积累率等，但都是孤立的，并没有形成一种体系。因此主要是引进借鉴国外的杜邦分析体系。国内对杜邦财务分析方法的研究成果类论文一般都是先分析其局限性，提出改进的措施。其中余宏奇（2011）针对上市公司最早提出以每股收益为核心指标对杜邦财务分析体系加以改造和运用，并在此基础上引入了现金流量指标，从而使改造后的体系能够提供更加准确有效的财务信息以更好的服务与上市公司的综合财务评价。 二、杜邦财务分析体系 （一）杜邦分析图
附录1 汽车的碰撞安全性越来越得到人们的重视,不论是对轿车、小客车或其它类型的车辆。由于进行碰撞试验往往需要许多时间与金钱,计算机仿真就是一条较好的方法。而且,汽车被动安全性研究的有限元方法的发展,非线性动力显式有限元方法的进步,使得利用计算机仿真来进行汽车安全性评价与改进成为可能。目前,各大汽车公司与研究机构已着手研究从仿真分析的结果中推演出进一步的修改方案,达到在汽车重量与碰撞特性等方面最优的研究。本文以提高汽车耐撞性为目标,以某型七座小客车的初步设计方案为基础,建立了用于正面碰撞仿真的前部碰撞有限元模型,并进行了计算机碰撞模拟,提出了改进方案,提高了汽车的被动安全性设计水平,从而提高了新车型满足碰撞全法规的成功率。 在对汽车进行碰撞性能有限元分析时,汽车整车的建模工作量巨大。本文中的整车有限元模型中的各个零件均由各零件的U G或CATIA 格式的几何模型转入HYPERME2SH 有限元建模软件并进行网格划分,再进行装配而成。碰撞分析的有限元模型的节点数和单元数都超过了14 万,规模较大。有限元分析软件采用LS2DYNA ,它是当前在汽车碰撞有限元仿真中应用较多的一个非线性动力显式有限元软件,它的主要算法采用Lagrangian 描述增量法,利用显示中心差分法离散时间域,积分时间步长大小受Courant 稳定性准则制约。 整车结构由100 多个元件装配而成。建模时,连接的刚度和强度根据实际情况确定。模型中的板壳单元以Be2lytschko - Tsay 四边形壳单元为主。而节点也分为常规节点和模拟部分焊点情况的带失效的固连。发动机和变速器在整车碰撞中的变形不予以考虑,其材料定义为刚性材料。车门和车体的连接是通过铰链和门锁固定的,在数值仿真中,通过约束对应节点的位移自由度建立球铰模型来模拟。 考虑到研究中仿真的碰撞方式是最为典型的正面碰撞,在正面碰撞过程中,A 柱前部的车身结构是变形吸能的主要器件,其变形的模式极为复杂,而中柱之后在碰撞过程中几乎不发生变形。为节省计算时间,将车身的前部单元划分较密,中柱之后则较稀。计算中采用弹性刚度沙漏控制。 按照CMVDR294 碰撞法规的要求,小客车以50km/ h的速度正面撞击刚性墙。设置的初始边界条件与实车实验的初始条件相同,模拟该车以50km/ h 的初速度正面撞击刚体墙。在有限元计算后进行后处理,并对模拟计算的结果进