シャドーイング練習: DuPont analysis explained - 動画で英語スピーキングを学ぶ
レッスンを作成中...
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Return on Equity, ROA Return on Assets, ROS Return on Sales.
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This video takes you through the financial ratios of the ROE formula, the ROA formula, the ROS formula, asset turnover and leverage, and shows how they fit together.
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The very basics and the very essence of financial ratio analysis.
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The beauty of financial ratios is that they link together information from two of the three main financial statements, the income statement or profit and loss statement, and the balance sheet.
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This gives you a more holistic view of a company's performance than merely looking at one financial statement in isolation.
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ROE, or Return on Equity, is defined as net income divided by equity.
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In other words, the net profit that the company has generated during a year, divided by the book value of the shareholder capital invested in the company.
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ROE is a measure of the rate of return to shareholders.
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For return on equity, at first sight you would say, the higher this ratio is, the better.
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The return on equity financial ratio becomes more meaningful when you dive into its drivers.
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What made the ROE go up or down versus prior year, if you look at the same company?
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Why is the ROE for two companies in different industries, or even in the same industry, different?
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This is where financial analysts owe a big thank you to the DuPont Corporation, for coming up with the idea of breaking ROE into three distinct elements.
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Let me walk you through these elements, ROS, Asset Turnover and Leverage, shortly.
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But first a trivia question.
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In which period did the DuPont Corporation start using the DuPont analysis?
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Was it the 1890s, the 1920s, the 1950s, or 1980s?
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When you are logged into YouTube and are watching this video from a computer, then please click the voting card on the top right to submit your vote.
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I will explain you first what the DuPont formula is, and then share the answer to the quiz question towards the end of the video.
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Here's the three-part version of the DuPont analysis.
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Mathematically, this split makes little sense, as you are multiplying fraction bars where the denominator in one of the fractions is the numerator in another fraction,
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hence they will cancel each other out when multiplied.
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For financial analysis, to split into three pieces makes a lot of sense.
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The first element, ROS or Return on Sales, is Net Income divided by Sales, which is an indicator of the relative profitability or operating efficiency.
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How many cents of profit are generated for every dollar of sales?
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The higher the ROS, the better.
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The second element is Asset Turnover, calculated as Sales divided by Assets, a measure of asset use efficiency.
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Can we maximize the amount of sales we generate with the assets that we have?
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A solid control of working capital is key here to decrease the denominator of assets.
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What are the terms you negotiate with your customers?
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Are you getting your customers to pay on time?
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Is your manufacturing and supply chain operation efficient, so the amount of inventory or stock along the way is minimized?
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All of those help to minimize the denominator.
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The first two elements together, ROS multiplied by Asset Turnover, form ROA .
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This ratio of ROA has many variations.
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Some companies measure ROIC , ROTC , ROCE or RONOA .
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These are all variations on the same theme.
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You look at the returns generated during a period, and compare them to the capital invested in the company to generate those returns.
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ROA is an indicator of business success, influenced by two factors, ROS or Margin Performance,
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and Asset Turnover, which you could call speed or velocity.
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The last element of the DuPont three-part equation is leverage, assets divided by equity.
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Whether they should be high or low is a much discussed question among business people, finance people, and academics, and I don't think there is a definitive answer.
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On the one side, if you can borrow money, take on debt, at low interest rates, and put this money to productive use, you could grow the company faster, and generate higher returns.
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On the other side, if debt is very high compared to the equity in the company, you could increase the risk profile, and decrease your buffer against bankruptcy.
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We have seen plenty of examples of companies that were too highly leveraged, going under in various financial crises over the years.
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Alright, that's the most commonly known three-step version of the DuPont formula.
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Are you ready for some more excitement?
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You can expand the DuPont formula to five steps if you want even more analytical insight
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into the drivers of where your ROE increase or decrease is coming from.
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The two elements on the right stay the same, asset turnover and leverage.
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However, ROS gets split into three elements.
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Net income divided by earnings before tax, which is called tax burden, earnings before tax divided by EBIT,
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called interest burden, and EBIT divided by sales, which is EBIT percentage.
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In a lot of companies, improving the EBIT percentage and increasing the asset turnover are important targets for the management team, whereas the other elements are for the finance,
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treasury and tax departments to manage.
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To close the loop on the DuPont formula, the answer to the trivia question is that this financial ratio analysis method came into use in the 1920s.
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It is still in ubiquitous use, and it can help you to understand the drivers of performance for your company.
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So thank you very much to Donaldson Brown of the DuPont Corporation!
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On the Finance Storyteller YouTube channel, you can find lots of well-researched videos explaining business, finance and accounting topics.
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このレッスンの語彙とスピーキングのポイント
このC1レベルのスピーキングレッスンは、動画「DuPont analysis explained」を教材にしています。 繰り返し出てくる語は次のとおりです：asset, return, Dupont, financial, element。 この動画には、シャドーイング用の文が62文、単語が996語あります。 音声の長さは6:15です。 話す速さは1分あたり約160語で、日常会話に近い自然なペースです。 英語の頻出3,000語に含まれる単語は78%だけなので、語彙は難しめです。 全62文のうち10文が疑問文なので、疑問文のイントネーションや短い受け答えの練習に向いています。
この動画の重要語彙
動画の中で特に難しい単語15語を、発音と意味つきで紹介します。
| 単語 | 発音 | 意味 |
|---|---|---|
| turnover 名詞 | /ˈtɝnoʊvɚ/ | 取引高 |
| leverage 名詞 | /ˈlɛv.(ə.)ɹɪd͡ʒ/ | レバレッジ, レバ |
| denominator 名詞 | /dɪˈnɒmɪneɪtə(ɹ)/ | 分母 |
| multiply 動詞 | /ˈmʌltɪplaɪ/ | 掛ける |
| fraction 名詞 | /ˈfɹæk.ʃən/ | 断片 |
| trivia 名詞 | /ˈtɹɪvi.ə/ | 豆知識 |
| shareholder 名詞 | /ˈʃɛəˌhəʊl.də(ɹ)/ | 株主 |
| minimize 動詞 | /ˈmɪn.ɪˌmaɪz/ | 最小化する |
| indicator 名詞 | /ˈɪn.dɪˌkeɪ.tə(ɹ)/ | インジケータ, インジケーター |
| subscribe 動詞 | /səbˈskɹaɪb/ | 購読する |
| variation 名詞 | /ˌvɛəɹiˈeɪʃn̩/ | 変動, 変化 |
| numerator 名詞 | /ˈnuː.məɹˌeɪ̯.təɹ/ | 分子 |
| ubiquitous 形容詞 | /juːˈbɪkwɪtəs/ | 遍在する |
| maximize 動詞 | /ˈmæksəmaɪz/ | 最大化する |
| quiz 名詞 | /kwɪz/ | クイズ |
動画に出てくる句動詞
| 単語 | 意味 |
|---|---|
| go up 動詞 | 上がる, 登る |
繰り返し練習したい文
動画に出てくる短く完結した文です。日常会話でそのまま使えます。
- What are the terms you negotiate with your customers?
- Are you getting your customers to pay on time?
- Are you ready for some more excitement?
この動画の文法
話し手がよく使っている文型を、動画の実際の表現とともに紹介します。
| 文型 | 動画での表現 |
|---|---|
| 受動態 be + 過去分詞 — 誰がするかより、何が起きるかに焦点を当てる | is defined · are logged · are generated |
| 関係詞節 who / which + 節 — 人や物について情報を加える | Sales, which is · tax, which is |
| 現在完了形 have/has + 過去分詞 — 過去の出来事が今も関係している | has generated · have seen |
注意したい発音
- 「sh」と「zh」の音: fraction /ˈfɹæk.ʃən/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, variation /ˌvɛəɹiˈeɪʃn̩/, negotiate /nəˈɡəʊ.ʃi.eɪt/, isolation /ˌaɪsəˈleɪʃən/
- 長い単語（アクセントの位置に注意）: denominator /dɪˈnɒmɪneɪtə(ɹ)/, indicator /ˈɪn.dɪˌkeɪ.tə(ɹ)/, numerator /ˈnuː.məɹˌeɪ̯.təɹ/, profitability /ˌpɹɑ.fɪ.təˈbɪl.ɪ.ti/, ubiquitous /juːˈbɪkwɪtəs/
日本語話者が苦手な音：
- /r/ と /l/ の区別 — /l/ は舌先を歯茎につけ、/r/ はどこにもつけない: leverage /ˈlɛv.(ə.)ɹɪd͡ʒ/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, profitability /ˌpɹɑ.fɪ.təˈbɪl.ɪ.ti/
- /v/ — /b/ にならないように、上の歯を下唇に当てる: turnover /ˈtɝnoʊvɚ/, leverage /ˈlɛv.(ə.)ɹɪd͡ʒ/, trivia /ˈtɹɪvi.ə/, variation /ˌvɛəɹiˈeɪʃn̩/, definitive /dɪˈfɪn.ɪ.tɪv/
- /f/ — 「フ」ではなく、上の歯と下唇で出す: fraction /ˈfɹæk.ʃən/, profitability /ˌpɹɑ.fɪ.təˈbɪl.ɪ.ti/, buffer /ˈbʌfəɹ/, definitive /dɪˈfɪn.ɪ.tɪv/
この動画での練習方法
- まず声を出さずに動画を最後まで聞き、知らない単語をメモします。
- まず0.75倍速で一文ずつシャドーイングし、慣れてきたら通常の速度に戻します。
- 自分の声を録音して元の音声と比べます。turnover, leverage, denominatorなどの単語に特に注意しましょう。
シャドーイングとは？英語上達に効果的な理由
シャドーイング（Shadowing）は、もともとプロの通訳者養成プログラムで開発された言語学習法で、多言語習得者として知られるDr. Alexander Arguelles によって広く普及されました。方法はシンプルですが非常に効果的：ネイティブスピーカーの英語を聞きながら、1〜2秒の遅延で声に出してすぐに繰り返す——まるで「影（shadow）」のように話者を追いかけます。文法ドリルや受動的なリスニングと異なり、シャドーイングは脳と口の筋肉が同時にリアルタイムで英語を処理・再現することを強制します。研究により、発音精度、抑揚、リズム、連音、リスニング力、そして会話の流暢さが大幅に向上することが確認されています。IELTSスピーキング対策や自然な英語コミュニケーションを目指す方に特におすすめです。