Kunyatsoongorora Zvinhu Zvitatu Zvokudzoka paEquity
Chii Chinonzi Return on Equity (ROE)?
Zvakarehwa, kudzoka kune kuenzana kunoratidza kuti yakawanda sei mushure mekodzero yekambani kambani yakagamuchira mukuenzanisa nehuwandu hwevashandi vemari inowanika pane bhadharo. Takaisa muchidimbu chirevo chekudzoka pahutano , kana ROE, mune zvidzidzo zvekutsvaga mari yandakanyora kuti ndikubatsire kunzwisisa kuti ungatsanangurira sei chirevo chekuwana uye bhadha rezhizha . Ikoko, wakaona kuti kudzoka kune hutano ndechimwe chezvinhu zvinonyanya kukosha zvekusimudzira zvakasimba uye kukura kunogona. Makambani anozvirumbidza nepamusoro ekudzoka kwehutano nechechi kana kuti kwete chikwereti maererano nekuenzanisa anokwanisa kukura kunze kwekushandisa mari huru yemari, achibvumira vatenzi vebhizimisi kutorazve mari yakawandisa mari uye kuitora kune imwe nzvimbo.
Zvinotengeswa nevashambadzi vakawanda, uye apo kuongorora kweDuPont kudzokera kuEquity kunogona kubatsira, ndeyekuti makambani maviri anogona kuve nekudzoka kwakafanana pamusoro pehutano, asi imwe inogona kuva bhizinesi rakanaka zvikuru ine ngozi shoma shoma.
Izvi zvinogona kuva nemigumisiro inoshamisa yehutoriki yako inodzoka kwenguva yakareba sezvo bhizinesi riri nani rinokwanisa kuwedzera mari yakawanda yekusununguka kana muridzi wemari.
Nhoroondo yeDuPont Kudzoka kuEquity Calculation
Maererano neCFO Magazine , mukuru wehupfumi paEI duPont de Nemours naCh, weWilmington, Delaware, akaita dhipatimendi yekuongorora mari muna DuPont muna 1919.
Izvi zvaiva panguva iyo iyo makemikari yakawanda yaizivikanwa seimwe yevamwe vezvemari yakawanda, innovation corporations kupi zvako panyika. Nenzira shoma, DuPont yakapawo kuve kwemazuva ano nyika yakagadzirwa kuburikidza nekuunza nzira itsva, kunzwisisa, uye mazano kuhutungamiri. Sezvo mafungiro aya uye maitiro ano mazuva ano akashandurwa kune dzimwe nzvimbo nemabhizimisi , kubereka kwakawedzerwa pamwe nemararamiro ehupenyu kune vose veAmerica vakanga vasingazivi kuti vakanga vachiunganidza tsananguro dzezvirevo kubva pane izvi zvakaitika mushure mekushandura kwemabhizimisi.
Muenzaniso weDuPont unokosha zvikuru nekuti hausi kungoda kuziva kuti chii chinodzoka pane kuenzana, pane kudaro, zvinokubvumira kuziva kuti zvipi zvinoshandiswa zvinokonzera kudzoka kwehutano munzvimbo yekutanga. Nokuenzanisa nekusimbisa izvo zviri kuitika, zvinova nyore kuzvinyorera, kuvandudza mazano emakambani ekuvandudza kana kugadzirisa izvo zvinogona kugadziridzwa, uye kutora kutonga kuburikidza nehuchenjeri, hune chinangwa, hunogadziriswa.
Chimiro chekudzoka kuEquity Kushandisa DuPont Model
Pane zvikamu zvitatu muhuwandu hwekudzoka pahutano paunenge uchitarisa muDuPont model.
Izvi ndezvi:
- The Net Profit Margin
- Asset Turnover
- Equity Multiplier
Nokutsvaga chimwe nechimwe chezvikamu izvi mumwe nomumwe, tinogona kuwana mhedzisiro yekudzoka kwekambani pakubatanidzwa uye kuenzanisa nayo kumakwikwi aro. Rega ndifambe iwe kuburikidza nemumwechete uye isu tichadzoka shure uye ini ndichakuratidza kuti ungaita sei Dhup model rekudzoka pahutano kuverenga.
Yechikamu Chekutanga cheDuPont Model: Nhamba Yese Inobatsira
Iko net net profit is the tax-tax profit kambani inokonzerwa nedhora rega rega rega. Nhamba yepamusoro yezviwanikwa inowanzosiyana nemabhizimisi, zvichiita kuti zvive zvakaenzana kuenzanisa kushandiswa kwekutsvaga kune avo vanoita makwikwi. Kunyange zvazvo mutemo mukuru-we-chigunwe ndechokuti yakakwirira yebasa remari inoshandiswa inoshandiswa, hazvisi zvisizvo kuti kutarisira kuve nechinangwa chekuderedza mari yekuwana mari yepamusoro kuitira kuti uwedzere kutengesa kwepamusoro. makambani akadai saWal-Mart neNebraska Furniture Mart muzvinyorwa zvechokwadi.
Pane nzira mbiri dzekuverenga nhamba yemari yakabatana:
- Net Revenue ÷ Revenue
- Net Revenue + Minority Interest + Tax-Adjusted Interest ÷ Revenue.
Chero chero upi zvaunofarira iwe pachako kuongorora, funga nezvekambani yepamusoro purogiramu yekuchengetedza sekuchengetedzwa kwekuchengetedza mupfungwa yokuti, kazhinji kutaura, uye nemamwe mashoma anonyanya kuzivikanwa nechezasi kwemahombekombe, nzvimbo shomanana yekutadza kukanganisa inobata zvinhu zvakadai nengozi yekuverenga uye mari yebhadharo. Zvose zvimwe zvakaenzana, bhizimisi rinoita 5% yebasa remari risina nzvimbo shomanana yekupererwa kwekutadza kupfuura bhizinesi rine 40% yezvikwereti zvinyorwa nokuti zvishoma zvisiri izvo kana zvikanganiso zvinogona kukurudzirwa nenzira dzinogona kutungamirira ku kurasikirwa kwakakura kune vashandi.
Chikamu cheChipiri cheDuPont Model: Asset Chirongwa
Nhamba yehuwandu hwekutsvaga kwezvinhu inosvika pakuita kwekambani kambani inoshandura zvinhu zvayo mukutengesa. Inotaridzwa sezvinotevera:
- Asset Kubudirira = Revenue ÷ Pfuma
Nhamba yekutengeserana kwefa yezvinhu inowanzove yakasiyana-siyana yakabatana nemari inobatsira mari. Iko ndiko kuti, iyo yakasimudza net net profit margin, iyo yakaderera kuwanikwa kwemari. Chigumisiro ndechokuti mutengesi anogona kuenzanisa makambani anoshandisa mitero yakasiyana-siyana (yakaderera-pfuma, yakakwirira-yepamusoro nepamusoro-pfuma, yakaderera-volume) uye inotarisa kuti bhizimisi ripi rinonakidza.
Muenzaniso mukuru weizvi unobva kuWal-Mart Stores, Inc., iyo yandakareva. Muvambi waWal-Mart, akazononoka Sam Walton, kazhinji akanyora uye akataura pamusoro pekunzwisisa kwakamubvumira kuvaka imwe yenhare huru muhupenyu hwevanhu kuburikidza nemhuri yake inobata kambani, Walton Enterprises, LLC. Akaziva kuti aigona kuita zvakanyanya kuwana purogiramu yakakwana nekudhura mazana akawanda ekutengeserana pamadhorobha ezvishoma ari pasi pamusoro pezvaakange aripo zvigadziriswe pane zvaaikwanisa kuburikidza nekukwanisa kubhadhara mari yakawanda pane zvishomanana zvekutengesa. Pamwe pamwe nedzimwe nzira dzaakashandisa, dzakadai sokushandisa mari yevamwe vanhu vachishandisa mari yevatengesi, izvi zvakamubvumira kutora chikamu kubva kumakwikwi uye kukura zvishoma nezvishoma. Akashamisika kuti vanhu vanorwisana naye vaigona kuona kupfuma kwaaiwana asi havana kukwanisa kuzvisvitsa kuti vaende kunotora mufananidzo nekuti vakange vashandurwa kune pfungwa yepamusoro-mitsara yemiganhu, vachitarisa kune mazamu acho panzvimbo yezvikwereti zvachose .
Nokushandisa DuPont muenzaniso wekudzoka kwehutano hwekuenzanisa, mutengesi angadai akaona kuti kudzoka kwakadini kwaWal-Mart pamusoro pekugovana kwevashandi kwakange kuripo pasinei nemiganhu yakaderera inobatsira. Ichi ndicho chimwe chezvikonzero izvo zvakakosha zvikuru kumudzimai webhizimisi, mutungamiri, mukuru, kana mumwe mufambisi kuti aone zvakajeka bhaisiro remabhizimisi raanoshandisa naro nekurimbatira. Walton ainetseka kuti rimwe zuva vashandi vaWal-Mart vaizova nehanya nekunatsiridza zvikwereti kuburikidza nemiganhu yepamusoro yezvikwereti pane kusungirirwa kumari yake yakaderera, nzira yepamusoro yekutsvaga mari iyo yaiva chinhu chinokosha pakubudirira kweumambo hwake. Aiziva kuti dai zuva iroro rakasvika, Wal-Mart aizova pangozi yekurasikirwa nekukwikwidza kwayo.
Chikamu chechitatu cheDuPont Model: Equity Multiplier
Zvinokonzerwa nekambani inekutengesa kunotyisa uye kumativi ekutora kutora chikwereti chakawandisa uye kuwedzera chikonzero chekudzorera kwayo kudzoka kwehutano. Kuwedzera kwehutano, iyo inowanikwa yehutengo hwemari, inobvumira mubhadhari kuti aone chikamu chipi chekudzoka kwehutano ndicho chikonzero chechikwereti.
Kuwedzera kwehutano kunoverengwa sezvinotevera:
- Equity Multiplier = Asset ÷ Evanoshandisa Equity Equity.
Izvi hazvirevi kuti chikwereti nguva dzose chakaipa. Zvechokwadi, chikwereti chikamu chinokosha chekugadzirisa hurongwa hwehumba hwekambani kuunza zvakanakisisa kushandiswa kwekutengeserana pakati pekudzoka kune hupfumi, kukura, uye kushambadzira-zvigaro sezvazvinoreva kuenzanisa kushandiswa . Mamwe maindasitiri, akadai sehurumende dzinoshandiswa uye zviteshi zvezvitima, anenge achitsvaka chikwereti sechinhu chaicho. Uyezve, kusungirirana kwehutano kunomuka musana unokosha wezvemari, uchipa nzira yemari yezvemari yakadai sedzimba uye kuurayiwa kwekambani dzeshuwarensi, yunivhesiti, uye kusina purofiti yekuisa mari yakawandisa kuti ishande kuunza chikwereti chawanikwa .
Dambudziko rine chikwereti chemari rinogona kubuda apo unyanzvi hwemari hunoenda kure. Hazvisi zvisiri zvekuti mari yega yega yekubhadhara mari kutenga bhizinesi, kuiisa nekwereti, kubvisa zvose zvayo, uye kuisiya ichitsvaga pasi pemari yakawanda yekutora mari inotyisidzira solvency yayo. Mune zvimwe zviitiko, mabhizimisi aya anowanikwa zvakare kuburikidza nePO uye anobva asamanikidzwa kushandisa mari uye mari itsva yakasimudzwa kuporesa kukanganisa, dzimwe nguva makore anogara panguva.
Nzira yekuverenga sei DuPont Kudzoka kuEquity
Kuti uverenge kudzoka kwehutano uchishandisa mufananidzo weDuPont, zvose zvaunofanirwa kuita ndezvowowedzera zvinhu zvitatu zvatakambokurukurirana (net net margin, kuwanikwa kwemari, uye kuwedzera muwandu) pamwechete.
- Kudzoka kuEquity = (Net Maritime Margin) (Asset Turnover) (Equity Multiplier).
Sezvaunogona kuona paunotarisa kune zvitubu zvekudzoka kune hutano, kuongorora kuti ungakwevera sei mavhesi matatu ndicho chinhu chinoita kuti uwedzere upfumi hwako. Mune zviitiko zvakawanda, bhizimisi rinotadza asi rinokuvadza rinogona kutorwa nemumwe mutariri ari nani uyo anogona kukwanisa kutyaira ROE kuburikidza nedenga uye ove akapfuma zvikuru mukuita. Mumakore achangobva kupfuura, indasitiri yezvokudya yave iri kuburikidza neizvi semugumisiro wekutengesa kukuru kwekuwanda. Kubudirira kubudirira pasi pekutungamira kwatsva kwakave kwakakura, kunokonzera soro ketchup, chirwere chinopisa, kofi, uye pudding.
Sezvakangoitika, huwandu hwakawanda hwehupfumi hwakavakwa nevarume nevakadzi vanoita basa vakatsvaga makambani akavimbiswa ayo akachengetedzwa pasi pevhesi yavo yeDuPont Kudzoka kuEquity chimiro.
Real-World Inodzokera kuEquity Calculations
Apo ini ndakatanga kunyora iyi chikamu paDuPont Model Return pamusoro Equity kuverengwa makore gumi akapfuura, ndakakufamba iwe kuburikidza nekuverenga kwekudzoka kune kuenzana uchishandisa zvifananidzo kubva kuPepsiCo wegore ra2004 mushumo wegore. Sezvo mitemo inobatanidzwa isingagumi, uye ndiri kunzwa zvishoma nostalgic pamusoro payo, ndiri kuenda kuzorigadzirira pano iwe.
- Revenue: $ 29,261,000,000
- Net Inowanikwa: $ 4,212,000,000
- Asset: $ 27,987,000,000
- Vashandi ve Equity: $ 13,572,000,000
Itai kuti nhamba idzi dzive muhuwandu hwemari dzinoshandiswa kuti dziwane zvikamu zvedu:
Mutengo Wemari Mutsva: Mari Inosvika ($ 4 212,000,000) ÷ Revenue ($ 29,261,000,000) = 0.1439, kana 14.39%
Asset Kuchinja : Imari ($ 29,261,000,000) ÷ Pfuma ($ 27,987,000,000) = 1.0455
Equity Multiplier : Assets ($ 27,987,000,000) ÷ Vatengesi Equity ($ 13,572,000,000) = 2.0621
Pakupedzisira, tinowedzera zvinhu zvitatu pamwe chete kuti tione kudzoka kwehutano:
Dzokera kuEquity: (0.1439) x (1.0455) x (2.0621) = 0.3102, kana kuti 31.02%
Kuongorora ChePu ROE Zvitsva zvePepsiCo
A 31.02% kudzoka kwehutano hwakanaka mune chero ipi zvayo kushandiswa zvakare muna 2004. Asi, kana wakasiya muwandisi wehutano kuti uone kuti PepsiCo yakazove yakawana sei dai yakanga isina chikwereti zvachose, iwe ungadai wakaona kuti ROE yakaderera kusvika 15.04% . Mune mamwe mazwi, gore rakapera muna 2004, 15,4% yekudzoka kwehutano kwakakonzerwa nemiganhu yebatsiro nekutengesa, asi 15,96% yaive yakakonzerwa nemitero yakabhadhara pane chikwereti chebasa mubhizinesi. Kana iwe ukawana kambani iri kuenzana kuenzana nekudzoka kwakafanana pahutano asi huwandu huwandu hukabuda kubva mukati-huwandu hwekutengesa, huchange hwakanyanya kunaka. Enzanisa PepsiCo yeCoca-Cola pachishandiswa izvi uye inova pachena, kunyanya mushure mekugadziriswa kwezvinhu zvekutsvaga izvo zvaive zvakakosha, kuti Coke yakanga iri yakasimba. (Kana uri kutsvaga nyaya inofadza nyaya, ndakaongorora kubhadhara kwePepsiCo neCoca-Cola pamusoro pehupenyu hwangu pabhugi rangu rega.)
Kuverenga DuPont Kudzoka Equity Model kwaJohnson & Johnson
Nguva dzose zvakanaka kupa mienzaniso yakawanda saka ngatitarise Johnson & Johnson yakapedzisa kunyatsogadzirisa gore rose rezvemari, 2015. Kutora fomu ye-10-K yekuisa pasi , tinoona zvakakosha zveDuPont mhando yekudzoka kune zviyero zvinowanikwa muhutatimendi chemukati wemari:
- Imari: $ 70,074,000,000
- Nheyo yeNet: $ 15,409,000,000
- Nhaka: $ 133,411,000,000
- Vashandi ve Equity: $ 71,150,000,000
Kuisa nhamba idzi muhuwandu hwehuwandu hwemari, tinogona kuwana zvinyorwa zvedu zveDuPont:
Mutengo Wemari Mutsva : Mari Inosvika ($ 15,409,000,000) ÷ Imari ($ 70,074,000,000) = 0.2199, kana 21.99%
Asset Kubudirira : Revenue ($ 70,074,000,000) ÷ Pfuma ($ 133,411,000,000) = 0.5252
Equity Multiplier : Assets ($ 133,411,000,000) ÷ Vashandi veEquity ($ 71,150,000,000) = 1.8751
Nezvo, tine zvikamu zvitatu zvatinofanira kuverenga kudzoka pahutano:
Kudzoka Equity : (0.2199) x (0.5252) x (1.8751) = 0.2166, kana 21.66%
Kucherechedza Dhopont Yedu ROE Zvitsva zveJohnson & Johnson
Ndanyora pamusoro penyaya yakaoma yaJohnson & Johnson munguva yakapfuura, achitsanangura kuti iyo ikambani ikambani inobata iyo umiti inowanikwa mumasangano makumi maviri nemasere ekudzivirirwa akapararira munzvimbo dzakasiyana-siyana dzakasiyana-siyana: kushandiswa kwehutano hwevatengi, zvigadzirwa zvemishonga, nemishonga. Tichifunga nezveDuPont yayo inodzoka pakuongorora kwehutano, zvakajeka kuti zvechokwadi ndeimwe yemabhizimisi makuru pane ose akambovapo. Chinoshamisa ndechokuti vatungamiri vakaronga chimiro chesimba kuitira kuti chikwereti chiite basa rinokosha mukudzoka apo chikwereti chakakwana chiri pasi zvakanyanya maererano nekushamba kwemari. Kutaura zvazviri, chikwata chaJohson & Johnson chokufarira chiitiko chakanakisisa, uye mari yacho inoyerera yakachengetedzeka zvakasimba, iyo yakatevera kuparara kwa2008 kusvika ku9 ndiyo yaiva yakaipa zvikuru yezvematongerwo enyika kubvira Kubva Kudenga Kukuru shure muna 1929-1933, yaiva imwe yemakambani mana chete ne Triple A rated bonds .
Kunyanya, iyo DuPont ROE yakaratidza kuti Johnson & Johnson's non-leveraged return in equity ndeye 11.55% uye imwe 10,11% inouya kubva pakushandiswa kwemaji; kuenzanisa iyo nenzira ipi zvayo inokonzera chero ngozi kune kuchengeteka kana kugadzikana kwebhizimisi. Zvinogona kutotaurwawo kuti munhu anonyatsogadzirisa mari angafunga kuti awane mazana aJohnson & Johnson kuti atore hupenyu uye apfuure kuvana nevana vazukuru vachishandisa zvakasimudzwa , chero nguva iyo inotengeswa kana kuti isingakoshi.
Pfungwa dzekupedzisira pakushandisa DuPont Kudzoka paEquity Method
Apo iwe unodzidza kuisa mukati meDuPont Kudzoka paEquity method, unotanga kuona mabhizinesi ose nehupenyu hwavo huri pasi. Zvimwe zvakafanana nemurindi wemaziso ari kutarisa bhezeki uye mumatambudziko anogara pasi pebhajeje ye bejeweled. Nokufamba muchitoro chekutengesa, iwe uchaona zvechokwadi hupfumi hwemabhizimisi, kwete kungochengetedza mashefu nekutengesa. Paunenge uchipfuura mushizha wekugadzira, iwe unogona kubatanidza pamwe kuti uri kuunza sei upfumi kuvaridzi kana uchienzaniswa nezvimwe zvinomera zvekugadzira.
Pasinei nemaratiro ayo emasvomhu anotarisa, kuchinja mafungiro ako kuona nyika kuburikidza nemuenzaniso weDuPont yakangofanana nekuzvipa simba guru. Shandisa mazano ako garner nekuchenjera uye iwe unogona kuita mari yakawanda kana, sezvakakosha, kudzivisa njodzi dzinogona kunge dzisina kukuvadza podfolio yako. Iwe unogona kunyange kubatsira kubvisa dambudziko remakambani akadai iro iro raive nemhuri yaBarilla yaitambura muna 2013 mushure mokunge zvagumbusa mamiriyoni evanhu. Kuedza nekugadzirisa injini yaro yezvemari uye kudzivisa kurasikirwa nemugove wemakwenzi sezvo michero yayo yakabviswa kubva pamashalofu apo boycotts yakazara muUnited States yose neEurope, Barilla akasarudza kuchinja DuPont yayo kudzoka pamiganhu yezvakakwana kuburikidza nekuderedza mararamiro emigumisiro uye kutyaira kuwedzera kusvika dutu yakapfuura. Hazvina mhosva kuti iwe unonzwa sei pamusoro pavo, iyo yaiva nzira yakanakisisa yekuzvibata pasi pemamiriro ezvinhu, kunyange kana mamiriro acho ezvinhu akazara zvachose nekupusa nekusarura kweWGO.