当今世界经济发展越来越快，科技变化日新月异，所有企业都必须不断强化 自己的盈利能力以提高自己在行业的竞争力。分析企业盈利能力的方法有很多， 杜邦分析法作为一种经典的综合财务分析方法，主要是围绕净资产收益率这一核 心指标，通过逐层分解分析，最终对企业的经营状况和财务状况做一个综合分析 及评价。晶科能源作为光伏行业的领跑者，对整个行业具有代表性，运用杜邦分 析理论对其分析研究，找出影响其净资产收益率的因素并提出对策建议，从而有 利于引导光伏行业健康持续发展。 本文以上市公司晶科能源为研究对象，首先对其连续五年的财务报表进行纵 向对比分析，又引入有力竞争对手正泰电器公司基于五年报表进行横向比较，得 出晶科能源在基本财务及经营情况。其次，基于重构杜邦模型从现金流情况、盈 利质量、运营能力、资本结构四个方面对晶科能源的财务状况及经营业绩进行分 析评价。在实际的分析过程中综合运用了文献综述法、对比分析法、连环替代法 及趋势分析法多种财务分析方法，对晶科能源重构杜邦模型体系涉及的项目因素 进行了各种量化分析，找出其在现金流管理、资产运营、成本费用及资本结构上 存在问题并给出建议。再次，本文对传统杜邦模型引入现金流量指标使其变为： 销售现金比率、净利润现金比率、总资产周转率、权益乘数四个指标，把销售净 利率分解为销售现金比率和净利润现金比率，销售净利率只能反映公司的盈利能 力，不能反映公司的实实在在的现金流情况以及盈利的质量和经营风险，而销售 现金比率和净利润现金比率恰恰弥补了这一不足。最后，本文用重构杜邦分析法 对晶科能源的财务及经营问题进行研究，因为对杜邦分析法了解不够透彻以及视 野不够开阔所以其研究结果也具有相对的局限性。 关键词：现金流量指标；重构杜邦分析体系；净资产收益率 II Abstract Withtheeconomygrowingfaster,allcompaniesmustcontinuetostrengthen theirprofitability.Therearemanywaystoanalyzetheprofitabilityofanenterprise. Asaclassiccomprehensivefinancialanalysismethod,theDuPontanalysismethod mainlyfocusesonthecoreindicatorofreturnonnetassets,throughlayer-by-layer decompositionanalysis,andfinallydoesthebusinessstatusandfinancialstatusofthe enterprise.JinkoSolar,asaleaderinthephotovoltaicindustry,usesDuPontanalysis theorytoanalyzeandstudyit,findoutthefactorsthataffectitsreturnonnetassets andproposecountermeasures,whichisconducivetoguidingthehealthyand sustainabledevelopmentofthephotovoltaicindustry. ThisarticletakesJinkoEnergyastheresearchobject.First,itconductsa longitudinalcomparativeanalysisofitsfiveconsecutiveyearsoffinancialstatements, andthenintroducesChintElectricCo.,Ltd.,toconductahorizontalcomparisonbased onthefive-yearreports.Secondly,basedonthereconstructedDuPontmodel, JinkoSolar'sfinancialstatusandoperatingperformancewereanalyzedandevaluated fromfouraspects:cashflow,profitquality,operatingcapacity,andcapitalstructure.In theactualanalysisprocess,useliteraturereviewmethod,comparativeanalysis method,serialreplacementmethodandtrendanalysismethod.Findouttheir problemsincashflowmanagement,assetoperation,costandcapitalstructureand givesuggestions.Again,thisarticleintroducesthetraditionalDuPontmodelofcash flowindicatorstobecome:salescashratio,netprofitcashratio,totalassetturnover ratio,equitymultiplierfourindicators,thesalesnetinterestrateisdecomposedinto salescashratioandnetprofitcashRatio,netprofitmarginofsalescannotreflectthe company'sactualcashflowandoperatingriskofprofit.Thesalescashratioandnet profitcashratiomakeupforthisshortfall.Finally,Becausetheunderstandingof DuPontanalysisisnotthoroughenoughandthefieldofvisionisnotbroadenough, itsresearchresultsalsohaverelativelimitations. Keywords:cashflowindex;reconstructionofDuPontanalysissystem;returnon netassets III 目录 摘要................................................................................................................................I Abstract......................................................................................................................II 图表索引......................................................................................................................VI 第一章引言................................................................................................1 1.1研究背景........................................................................................1 1.2研究意义........................................................................................2 1.2.1理论意义...............................................................................................2 1.2.2实践意义...............................................................................................2 1.3研究内容与研究方法....................................................................3 1.3.1研究内容...............................................................................................3 1.3.2研究方法...............................................................................................4 1.4研究框架........................................................................................5 1.4.1研究思路...............................................................................................5 1.4.2本文总体框架.......................................................................................6 1.5研究创新点....................................................................................7 1.5.1研究对象创新.......................................................................................7 1.5.2研究技术与方法创新...........................................................................8 第二章文献综述.......................................................................................9 2.1国外研究现状................................................................................9 2.2国内研究现状..............................................................................10 2.3研究述评......................................................................................12 2.4本章小结......................................................................................13 第三章相关概念阐述.............................................................................14 3.1财务分析的基本方法..................................................................14 3.1.1比较分析法.........................................................................................14 3.1.2因素分析法.........................................................................................14 3.1.3比率分析法.........................................................................................14 IV 3.1.4趋势分析法.........................................................................................14 3.2财务分析综合评价方法..............................................................15 3.2.1沃尔分析法.........................................................................................15 3.2.2杜邦分析体法.....................................................................................15 3.2.3杜邦分析体系的优势.........................................................................15 3.2.4杜邦分析体系的局限性.....................................................................15 3.3重构杜邦分析体系的研究..........................................................16 3.3.1引入现金流指标的必要性.................................................................16 3.3.2引入现金流量质量的杜邦体系重构.................................................16 3.3.3引入现金流量指标在光伏企业运用的意义.....................................17 第四章晶科能源概况及财务状况.........................................................18 4.1晶科能源基本情况及运营情况介绍..........................................18 4.1.1公司简介................................................................ 4.1.2公司运营情况.....................................................................................18 4.1.3行业竞争格局和发展趋势.................................................................19 4.2财务状况分析..............................................................................20 4.2.1净资产收益率.....................................................................................20 4.2.2总资产净利率.....................................................................................22 4.2.3资产负债率..