基于杜邦财务模型的白酒行业上市公司盈利能力分析——以五粮液集团为例

Analysis of Profitability of Listed Companies in Liquor Industry Based on DuPont Financial Model——Taking Wuliangye Group as an Example

盈利能力是公司经营水平的综合体现,以净资产收益率作为核心指标的杜邦财务模型对其给予了综合全面地反映。白酒行业在我国国民经济的建设和发展中有着举足轻重的作用,近年来,该行业呈现回暖趋势,企业间的竞争日趋激烈,五粮液集团作为白酒行业的龙头企业,其盈利状况对我国白酒行业发展有着重要的引领作用。本文利用杜邦财务模型对影响五粮液集团盈利能力的因素进行分析,发现总资产周转率是引起集团盈利能力变化的重要指标;然后利用多元线性回归方法对总资产周转率进行要素分解,深层次挖掘集团盈利能力的变化动因,结果表明销售收入、无形资产和存货对集团盈利能力的提升有着至关重要的作用。

Profitability,an all-round reflection of a company's operating level,is reflected comprehensively by DuPont’s financial model with ROE as its core indicator.Liquor industry plays an important role in the construction and development of China's national economy.In recent years,the industry has shown a warming trend,and competition among enterprises has become increasingly fierce.As the leading enterprise in liquor industry,Wuliangye Group’s profitability plays an important leading role in the development of liquor industry in China.In this paper,Dupont financial model is used to analyze the factors that affect Wuliangye Group's profitability,and it is found that the turnover rate of total assets is an important index that causes the change of the group’s profitability.Then the multiple linear regression method is a-dopted to decompose the factors of the turnover rate of total assets,and dig deep into the change motivation of the groupy s profitability.The results show that sales revenue,intangible assets and inventory play a vital role in improving the profitability of the group.