基于杜邦分析体系的汽车行业上市公司盈利能力研究—以长安汽车为例.docxVIP

摘要 加入WTO以来，我国汽车产业发展欣欣向荣。我国在2009年以后连续9年蝉联全球汽车销量冠军，真正成为了一个汽车大国，并且在努力向着汽车强国的道路稳步前进。 重庆长安汽车股份有限公司作为我国汽车企业“三甲阵营”中的一员，近年来发展稳健，在中国整个汽车行业也颇具代表性。本文基于杜邦分析体系，以净资产收益率为核心，对长安汽车的净资产收益率进行分解，再根据分解出的销售净利率、总资产周转率和权益乘数这三个财务比率之间内在的关系，对这三个财务比率进行进一步的分解分析，从而准确全面地找出影响企业盈利能力的原因。 就目前的情况来看，基于杜邦分析对汽车行业上市公司盈利能力进行研究的文章不多，因此本文对此进行了补充。本文以长安汽车为研究对象，基于杜邦分析法对其盈利能力进行综合性地分析与评价，结合运用了连环替代法、因素分析法等不同研究方法，一定程度上找出了长安汽车经营中存在的问题，为改善其经营状况提供建议，也为同行业其他公司的持续健康发展提供参考。 关键词：长安汽车，盈利能力，杜邦分析  ABSTRACT Since joining WTO, China’s automobile industry develops flourishing. China has been the global auto sales champion for nine consecutive years since 2009, truly becoming a big auto country, and china makes teady progress towards becoming a powerful auto country. Chongqing Changan Automobile Company Limited, as a member of the "three first-class camps" of Chinese Automobile enterprises, has developed steadily in recent years and is quite representative in the whole Chinese Automobile industry. Based on dupont analysis system, in order to return on net assets as the core, the return on equity of changan automobile decomposition, and then according to the decomposition of sales net interest rate, total assets turnover and the rights and interests multiplier inherent relationship between the three financial ratios, further decomposition of the three financial ratios analysis, thus an accurate to find out the cause of the influence enterprise profitability. At present, there are few studies on the profitability of listed companies in the automobile industry based on dupont analysis, so this paper makes a supplement. This paper takes changan automobile as the research object, analyzes and evaluates its profitability based on dupont analysis method, combines with the method of serial substitution, factor analysis and other methods,finally finds out the problems existing in the operation of changan automobile, and provides Suggestions for improving its operation, as well as a reference for the sustainable and healthy develpment of