| The entry of the real estate industry into the silver age means that the era of the rapid expansion of the real estate industry as a whole has ended,and competition will be fiercer and operational risks higher.In order for real estate companies to continue to develop without being eliminated,maintaining a healthy financial status is particularly important.Therefore,objective,effective and comprehensive financial analysis of corporate financial statements is required.Although there are many current financial analysis methods,and the DuPont analysis system is still widely applicable,due to the special circumstances of real estate companies,the traditional DuPont analysis method is not very reasonable for real estate companies.Therefore,constructing a scientific The improved DuPont analysis system for real estate companies has certain practical significance.First,this article discusses the background and significance of this topic,reviews and summarizes domestic and foreign traditions.The existing problems of DuPont analysis system and some corresponding improvement studies,and explained the traditional DuPont analysis system basic concepts and functions.Then,this article combines the limitations of the traditional DuPont analysis system and the particularity of real estate companies,and analyzes that the traditional DuPont analysis system cannot meet the financial analysis needs of real estate companies.An improved DuPont analysis system suitable for financial analysis of real estate companies is proposed,that is,the core equity index EVA ratio and net asset FCF ratio are used as indicators to measure the value of the enterprise.Management financial statements are introduced,and the core indicators are further subdivided to obtain the The indicator's value driver system is designed to enable objective,comprehensive and effective financial analysis of the enterprise.Finally,the article selects Vanke Real Estate,a representative company in the real estate industry,as the research object,and verifies the applicability of the improved DuPont analysis system through comparative analysis.That is,using the DuPont analysis system before and after the improvement,combined with the trend analysis method and the serial replacement method to comprehensively analyze Vanke's financial reports from 2014 to 2018,and comparing the financial analysis results,it is proposed that Vanke's operating capabilities need to be strengthened and the capital structure design needs to be more reasonable And other suggestions,and evaluate the use of the improved DuPont analysis system.All in all,this article aims to improve the applicability of the traditional DuPont analysis system by studying the improvements and applications of the DuPont analysis system.This improvement study also has shortcomings,but I hope that companies can treat various financial analysis methods with a dialectical attitude.Only through continuous improvement and corresponding adjustments can companies obtain more effective financial analysis results and help companies continue development. |
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