杜邦分析法在林业企业盈利能力分析中的应用研究毕业论文_农林经济管理毕业论文

杜邦分析法在林业企业盈利能力分析中的应用研究毕业论文

2021-04-08更新

摘 要

林业是我国公益事业与基础产业的主要组成部分,具备必然的社会责任和义务。而林业行业的主要生产力在于林业上市公司,林业上市公司的整体发展在推动我国国民经济发展和林业产业精准扶贫方面起到了举足轻重的作用。盈利能力水平的好坏影响着林业企业从事生产经营活动的动力。对于上市公司而言,保证良好稳定的盈利水平是非常关键的。因此,必须恰当地评估本企业的盈利水平。

本文以福建金森林业股份有限公司为例,选取其2014年至2017年的财务数据,对该企业的盈利能力采取一般性分析以及基于杜邦分析法的综合性分解分析。对企业盈利能力作一般性分析时,诸如每股收益、资产息税前利润率等盈利指标数据过于单一,在上市公司盈利分析中存在一定的局限性,因此需要引入杜邦分析体系,对核心指标净资产收益率进行层层分解,找到影响该企业盈利能力的因素,并且发现企业发展运营中存在的问题,提出相应的建议。以福建金森林业上市公司作为研究对象采用杜邦分析法,对其他同类企业具有启示意义。

研究结果为:(1)一般分析法下:该企业的每股收益、资产息税前利润率在2016年之前呈现下降趋势,自2016年后呈上升趋势,企业的盈利能力逐渐得到提升。(2)基于杜邦分析体系的综合性分析法下:1)在销售净利率方面,在2016年之前呈现下降趋势,在2016年至2017年为上升趋势,企业的销售收益能力在2016年开始得到改善;2)在权益乘数指标方面,在 2016年之前显现上升趋向,2016年至2017年显现下降趋向。该企业的负债情况在2014年至2016年不断加深,在2017年得到缓解,但整体趋势是上升的,存在一定的经营风险。3)在总资产周转率方面,企业的应收账款周转速率在2016年开始呈现大幅度下降趋势,且存货周转率上下波动、整体为下降趋势,两者共同影响着该企业的总资产周转率,从而影响企业盈利能力水平的提升。综上所述,整体来说, 2016年是企业经营过程中处于盈利能力发展相对困难的时期,自2016年至2017年较于2016年之前,该企业的盈利能力水平得到较好改善。

关键词:福建金森林业股份有限公司;盈利能力;杜邦分析法;

Abstract

Forestry is an important part of China’s public welfare undertakings and basic industries, with certain social responsibilities and obligations. The main productivity of the forestry industry lies in listed forestry enterprises, whose overall development plays a decisive role in promoting China’s national economy and targeted poverty alleviation in the forestry industry. The level of profitability affects the motivation of enterprises to engage in production and operation activities. For listed companies, it is very critical to ensure their good and stable profitability. Accordingly, must evaluate the profit level of this enterprise appropriately.

Taking Fujian dickinson co. LTD as an example, this paper selected its financial data from 2014 to 2017,The profitability of the enterprise adopts general analysis and comprehensive analysis based on dupont analysis. In the general analysis of corporate profitability, earnings indicators such as earnings per share and gross profit margin of sales are too single, and there are certain limitations in the earnings analysis of listed companies. Therefore, dupont analysis system should be introduced. Decompose the core index roe layer by layer, find out the factors affecting the profitability of the enterprise, and find the problems existing in the development and operation of the enterprise, and put forward the corresponding suggestions.It has implications for other similar enterprises.

The research results are as follows:(1).Under the general analysis method, the company’s earnings per share and net asset profit margin showed a declining trend before 2016 and an increasing trend after 2016, and the company’s profitability gradually improved. (2)Comprehensive analysis based on dupont analysis system :1) In terms of the net interest rate on sales, it showed a downward trend before 2016 and an upward trend from 2016 to 2017. The sales revenue capacity of enterprises began to improve in 2016. 2) In terms of equity multiplier indicator, it showed an upward trend before 2016 and a downward trend from 2016 to 2017. The debt situation of the company deepened continuously from 2014 to 2016 and was alleviated in 2017. However, the overall trend was upward and there were certain operational risks. 3)In terms of the total asset turnover rate, the enterprise’s receivables turnover rate began to show a significant downward trend in 2016, and the inventory turnover rate fluctuated up and down, with an overall downward trend, both of which affect the total asset turnover rate of the enterprise, thus affecting the improvement of the enterprise’s profitability.In conclusion, on the whole, 2016 is a relatively difficult period for the development of profitability in enterprise operation. From 2016 to 2017, the company’s level of profitability improved compared to before 2016.

Key words: Fujian Jinsen Forestry Co. Ltd.; Profitability; Dupont analysis;

目 录

1绪论 1

1.1选题的背景 1

1.2研究目的和意义 1

1.2.1研究目的 2

1.2.2研究意义 2

1.3文献综述 2

1.3.1国外研究现状 2

1.3.2国内研究现状 3

1.4研究内容 4

1.5研究方法 5

1.6创新 6

2.企业盈利能力分析的相关概念与理论依据 7

2.1相关概念的界定 7

2.1.1杜邦分析法 7

2.1.2基于杜邦分析法的盈利能力分解分析 7

3.福建金森林业股份有限公司概况及盈利能力分析 9

3.1福建金森林业股份有限公司的概况 9

3.2福建金森林业企业主要盈利能力指标一般性分析 9

3.2.1每股收益 10

3.2.2资产息税前利润率 11

3.2.3净资产收益率 12

4.福建金森林业企业基于杜邦分析体系的盈利能力综合性分析 14

4.1净资产收益率分解分析 14

4.1.1销售净利率分析 16

4.1.2权益乘数分析 18

4.1.3总资产周转率分析 20

4.2存货周转率分析 21

4.3应收账款周转率分析 22

5.结论与展望 24

5.1研究结论 24

5.2研究展望 25

致 谢 26

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