| China's real estate industry began in the 80 s of last century.As a pillar industry of China's economy,its rapid development has also made an outstanding contribution to the development of various industries in China and the rapid and steady growth of domestic GDP.After 2003,housing prices in China sharply increased,resulting in a series of social problems,such as market speculation,inflation and widening gap between rich and poor,which seriously hampered the healthy development of China's national economy.In 2010,Premier Wen Jiabao made it clear in his government work report that we must strengthen and improve macro regulation and control of real estate enterprises,and promote stable and healthy development of the economy,and put it in one of the eight key tasks of the state.Since then,the government's macro control of the housing enterprises is deepening,and the competition between the housing enterprises is becoming more and more intense.In this fierce game,if a housing company wants to get a favorable position,it must first maintain a healthy and healthy financial situation.Therefore,it is particularly important to conduct a comprehensive and systematic financial analysis of the enterprise.DuPont's financial analysis system is one of the most commonly used methods of analysis in the previous financial analysis methods.It takes equity net profit assessment ratio,then decomposed into the total asset turnover,three important financial indicators of sales net interest rate and equity multiplier,then according to the three index down further decomposition,finally will be closely linked with the various indicators and driving factors,the formation of strong comprehensive financial analysis system.Through index decomposition,DuPont analysis system organically combines business operation capability,profitability and solvency,reflecting the business policy and financial strategy of enterprises.But with the rapid development of modern economy,the environment of enterprises is becoming more and more complex.The disadvantages of traditional DuPont financial analysis system are gradually exposed,which has been unable to meet the requirements of financial analysis for contemporary enterprises.First of all,this paper reviews briefly the relevant research reviews of DuPont analysis system,expounds its basic theory and points out its limitations in contemporary corporate financial analysis.Secondly,in this paper the traditional DuPont analysis system to construct a DuPont analysis system suitable for the current enterprise financial evaluation,the sustainable growth rate as the core indicators,and the introduction of cash flow index in the system,at the same time in between the business activities and financial activities,on the balance sheet and income statement finally,after adjustment,adjustment of the balance sheet,improve financial analysis of the DuPont analysis system for data of profit statement and cash flow statement after adjustment.After the analysis and evaluation of its applicability in real enterprise applications,Hengda Real Estate as a case,using the improved DuPont financial analysis system,combined with trend analysis of the financial situation in 2011-2016 years,Hengda chain substitution analysis found that Hengda overall development in good condition,but the cash flow and profitability and solvency and other aspects of the situation is not optimistic.Finally,according to the results of financial analysis and combined with the reality of Hengda,we put forward suggestions for improving cash flow status,improving profitability and changing business strategy,so as to help enterprises develop better. |
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