基于杜邦体系的比亚迪盈利能力研究

Study on Profitability of BYD Based on DuPont System

选取2014—2018年比亚迪公司财务报表,运用杜邦分析体系,通过因素分析法研究营业净利率、总资产周转率、权益乘数三个指标对净资产收益率的贡献程度。研究发现影响公司盈利增长的原因主要有成本上升、应收账款高企、杠杆利用效率低下等,针对这些薄弱点提出针对性改善建议,包括推出新的产品、加强成本费用的管理;调整信用政策,强化风险意识,加速应收账款回款;优化筹资,加强资金管理,以此提高杠杆使用效率等,改善比亚迪的盈利能力。

This paper selects the financial statements of BYD Company from 2014 to 2018 by using DuPont analysis system to study the contribution degree of net operating rate,total asset turnover and equity multiplier to ROE through factor analysis.It is found that the weak links that affect the company’s growth are mainly due to the rising cost,high accounts receivable,and low leverage efficiency.Aiming at these weak points,targeted improvement suggestions are proposed to improve BYD’s profitability,including launching new products,strengthening the management of costs and expenses,adjusting credit policy,strengthening risk consciousness,accelerating receivables collection,optimizing fund raising and strengthening capital management to improve the efficiency of leverage.