쉐도잉 연습: DuPont analysis explained - 영상으로 영어 말하기 배우기
레슨 만드는 중...
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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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이 레슨의 어휘와 말하기 포인트
이 C1 수준 말하기 레슨은 영상 “DuPont analysis explained”을(를) 바탕으로 합니다. 가장 자주 반복되는 단어는 다음과 같습니다: asset, return, Dupont, financial, element. 이 영상에는 섀도잉할 문장 62개와 단어 996개가 있습니다. 말하는 구간의 길이는 6:15입니다. 화자는 분당 약 160단어로, 일상 대화에 가까운 자연스러운 속도로 말합니다. 영어에서 가장 많이 쓰이는 3,000단어에 속하는 단어가 78%뿐이라 어휘가 어려운 편입니다. 전체 62문장 중 10문장이 질문이어서 의문문 억양과 짧은 대답을 연습하기에 좋습니다.
이 영상의 핵심 어휘
영상에서 가장 어려운 단어 15개를 발음, 뜻과 함께 정리했습니다.
| 단어 | 발음 | 뜻 |
|---|---|---|
| turnover 명사 | /ˈtɝnoʊvɚ/ | 영업 이익 |
| denominator 명사 | /dɪˈnɒmɪneɪtə(ɹ)/ | 분모 |
| multiply 동사 | /ˈmʌltɪplaɪ/ | 곱하다 |
| fraction 명사 | /ˈfɹæk.ʃən/ | 분수 |
| trivia 명사 | /ˈtɹɪvi.ə/ | 잡학 |
| shareholder 명사 | /ˈʃɛəˌhəʊl.də(ɹ)/ | 주주 |
| minimize 동사 | /ˈmɪn.ɪˌmaɪz/ | 최소화(最小化)하다 |
| indicator 명사 | /ˈɪn.dɪˌkeɪ.tə(ɹ)/ | 인디케이터, 지시약 |
| subscribe 동사 | /səbˈskɹaɪb/ | 구독하다 |
| variation 명사 | /ˌvɛəɹiˈeɪʃn̩/ | 변화 |
| numerator 명사 | /ˈnuː.məɹˌeɪ̯.təɹ/ | 분자 |
| maximize 동사 | /ˈmæksəmaɪz/ | 최대화(最大化)하다 |
| quiz 명사 | /kwɪz/ | 퀴즈 |
| calculate 동사 | /ˈkælkjʊleɪt/ | 정산하다, 계산하다 |
| velocity 명사 | /vəˈlɑsəti/ | 속도 |
영상에 나오는 구동사
| 단어 | 뜻 |
|---|---|
| go up 동사 | 올라가다 |
따라 말해 볼 만한 문장
영상에 나오는 짧고 완결된 문장으로, 일상 대화에서 그대로 쓸 수 있습니다:
- 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?
이 영상의 문법
화자가 가장 많이 쓰는 문형을 영상 속 실제 표현과 함께 정리했습니다.
| 문형 | 영상 속 표현 |
|---|---|
| 수동태 be + 과거분사 — 누가 하는지보다 무슨 일이 일어나는지에 초점 | is defined · are logged · are generated |
| 관계절 who / which + 절 — 사람이나 사물에 대한 추가 정보 | Sales, which is · tax, which is |
| 현재완료 have/has + 과거분사 — 과거의 일이 지금도 관련이 있을 때 | has generated · have seen |
주의할 발음
- “sh”와 “zh” 소리: fraction /ˈfɹæk.ʃən/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, variation /ˌvɛəɹiˈeɪʃn̩/, negotiate /nəˈɡəʊ.ʃi.eɪt/, isolation /ˌaɪsəˈleɪʃən/
- 긴 단어 — 강세 위치에 주의: denominator /dɪˈnɒmɪneɪtə(ɹ)/, indicator /ˈɪn.dɪˌkeɪ.tə(ɹ)/, numerator /ˈnuː.məɹˌeɪ̯.təɹ/, profitability /ˌpɹɑ.fɪ.təˈbɪl.ɪ.ti/, ubiquitous /juːˈbɪkwɪtəs/
한국어 화자가 어려워하는 소리:
- /f/ — ㅍ(/p/)으로 바꾸지 말고 윗니를 아랫입술에 대기: fraction /ˈfɹæk.ʃən/, profitability /ˌpɹɑ.fɪ.təˈbɪl.ɪ.ti/, buffer /ˈbʌfəɹ/, definitive /dɪˈfɪn.ɪ.tɪv/
- /v/ — ㅂ(/b/)과 구별하기: turnover /ˈtɝnoʊvɚ/, leverage /ˈlɛv.(ə.)ɹɪd͡ʒ/, trivia /ˈtɹɪvi.ə/, variation /ˌvɛəɹiˈeɪʃn̩/, definitive /dɪˈfɪn.ɪ.tɪv/
- /z/ — ㅈ이 아니라 성대를 울리는 /s/: minimize /ˈmɪn.ɪˌmaɪz/, maximize /ˈmæksəmaɪz/, quiz /kwɪz/
이 영상으로 연습하는 방법
- 먼저 말하지 않고 영상을 끝까지 듣고 모르는 단어를 적어 둡니다.
- 0.75배속으로 한 문장씩 섀도잉을 시작하고, 익숙해지면 보통 속도로 돌아갑니다.
- 자신의 목소리를 녹음해 원본과 비교하고, turnover, denominator, multiply 같은 단어에 특히 주의합니다.
쉐도잉이란? 영어 실력을 빠르게 키우는 과학적 방법
쉐도잉(Shadowing)은 원래 전문 통역사 훈련을 위해 개발된 언어 학습 기법으로, 다언어 학자인 Dr. Alexander Arguelles에 의해 대중화된 방법입니다. 핵심 원리는 간단하지만 매우 강력합니다: 원어민의 영어를 들으면서 1~2초의 짧은 지연으로 즉시 소리 내어 따라 말하는 것——마치 '그림자(shadow)'처럼 화자를 따라가는 것입니다. 문법 공부나 수동적인 청취와 달리, 쉐도잉은 뇌와 입 근육이 동시에 실시간으로 영어를 처리하고 재현하도록 훈련합니다. 연구에 따르면 이 방법은 발음 정확도, 억양, 리듬, 연음, 청취력, 말하기 유창성을 크게 향상시킵니다. IELTS 스피킹 준비와 자연스러운 영어 소통을 원하는 분들에게 특히 효과적입니다.