摘要:在一个企业中，每年的财务报表体现着企业的经营状况，管理状况，以及企业的整体状况，对于企业的经营者和投资者来说，企业财务报表体现出来的东西是否真实对于他们来讲尤其重要，这将关系到是否对其进行进一步的投资。如果企业的财务报表出现不实的状况，将对企业的经营者和广大投资者的利益产生很大的影响。在以往的财务分析中，一直在企业中使用的是传统杜邦财务分析体系，广受好评，但是随着在现代企业中对于财务分析的要求越来越高，传统的杜邦财务分析体系渐渐显现出来一定的缺点，分析时缺少现金流量数据，在现金流量这块没有得到一定的重视，但是现金流量恰恰是企业的资金动向，没有关注到现金流量这块，也就无法了解企业的资金动向，也无法做好相关的财务预算，所以在本文中阐述了引入现金流量分析的杜邦财务分析指标的设计，以A制药公司2009-2010年财务数据为例，运用新的杜邦财务分析体系，与传统的杜邦财务分析体系进行对比分析，主要从支付能力指标，收益质量指标，营运效率指标以及成长潜力等指标进行了对比分析，进行分析后得出的结论大相径庭，本文也旨在能以本次研究为经营者和投资者在对企业分析财务状况起到一定的作用。
关键词：现金流量；杜邦财务分析；改进；案例应用
ABSTRACT:In the enterprise, the annual financial statement reflects the state of operation, management situation and the overall situation of the enterprise. For the enterprise managers and investors, the reliability of the information of financial statement is very important. And the reliability of statement would influence the plan of investment. If the enterprise's financial statements are not authentic, these will bring serious impact on the benefit of the business operators and investors. In the past, the traditional Du Pont financial analysis system was a good way in the enterprises, and widely acclaimed. But with the request financial analysis in the modern enterprises increasing, this system gradually showed some shortcomings. For example, lack of cash flow data, and it didn't pay enough attention to the cash flow, but the cash flow is the movement of the enterprises funds. Without attention to the cash flow, we were not able to realize the movement of the enterprises funds, and couldn’t make a correct financial budget. So this paper expounds the index design of the DuPont financial analysis after the cash flow analysis introduced. In the case of the 2009-2010 financial data of pharmaceutical company A, applied the new Du Pont financial analysis system, and compared with the traditional Du Pont financial analysis system， mainly from the affordability index, earnings quality index, operating efficiency index，growth potential index and so on. The conclusions of these two systems are quite different. And this article aims to offer some advice about financial analysis to the operators and investors.
Keywords: Cash flow; Du Pont financial analysis; improvement; applicati
通过引入现金流量的新的杜邦财务分析体系，可以从现金流方面更加确切的知道资金走向，能够帮助决策者了解企业真实的财务状况及收益能力，正确评估企业的价值，分析影响财务状况和经营成果的各种因素，以便从各方面揭露矛盾、找出差距、寻求措施，也能了解未来企业的现金流是否能够支撑企业进行投资和扩大规模等未来企业发展方向。同时也不断挖掘企业改善财务状况和扩大财务成果的内部潜力，有效地降低财务风险。
传统的杜邦财务分析体系和现金流量分析体系的融合，对于企业来说是一个比较好的分析体系，我们认为，在传统的杜邦财务分析体系中加入现金流量指标，从而了解企业的现金流量以及资本运作方向，对于企业的管理人员还是有一定的帮助作用。新的体系不再是以资产负债表和利润表进行分析，而在其中加入了现金流量的分析，了解现金的流入流出，资本的流转方向，让经营者对现金进行一定的预测和正确的评估企业的价值。
