跟讀練習: DuPont analysis explained - 通過影片學習英語口語
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62 句
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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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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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Please subscribe to the Finance Storyteller channel, and take the time to like the video and comment below.
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On average, I post one new video per week.
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本課的詞彙與口語要點
這節 C1 級別的口語課以影片“DuPont analysis explained”為素材。 影片中反覆出現的詞有：asset, return, Dupont, financial, element。 這段影片共有 62 個句子、996 個單詞可供跟讀。 講話部分時長為 6:15。 說話人語速自然，每分鐘約 160 個詞，接近日常對話。 只有 78% 的單詞屬於英語最常用的 3,000 詞，詞彙難度較高。 全部 62 個句子中有 10 個是問句，適合練習疑問語調和簡短回答。
影片中的重點詞彙
影片中最難的 15 個單詞，附發音和釋義：
| 單詞 | 發音 | 釋義 |
|---|---|---|
| turnover 名詞 | /ˈtɝnoʊvɚ/ | 零售額 /零售額, 營業額 /營業額 |
| leverage 名詞 | /ˈlɛv.(ə.)ɹɪd͡ʒ/ | 槓桿 /槓桿 |
| denominator 名詞 | /dɪˈnɒmɪneɪtə(ɹ)/ | 分母 |
| multiply 動詞 | /ˈmʌltɪplaɪ/ | 增長 /增長 |
| fraction 名詞 | /ˈfɹæk.ʃən/ | 部分 |
| trivia 名詞 | /ˈtɹɪvi.ə/ | 冷知識 /冷知識, 豆知識 /豆知識 |
| shareholder 名詞 | /ˈʃɛəˌhəʊl.də(ɹ)/ | 股東 /股東 |
| minimize 動詞 | /ˈmɪn.ɪˌmaɪz/ | 最小化 |
| indicator 名詞 | /ˈɪn.dɪˌkeɪ.tə(ɹ)/ | 指示符 |
| subscribe 動詞 | /səbˈskɹaɪb/ | 簽署 /簽署 |
| variation 名詞 | /ˌvɛəɹiˈeɪʃn̩/ | 變化 /變化, 變動 /變動 |
| holistic 形容詞 | /hoʊˈlɪs.tɪk/ | 全方位的, 全盤的 /全盤的 |
| numerator 名詞 | /ˈnuː.məɹˌeɪ̯.təɹ/ | 分子 |
| ubiquitous 形容詞 | /juːˈbɪkwɪtəs/ | 無處不在的 /無處不在的, 無所不在的 /無所不在的 |
| maximize 動詞 | /ˈmæksəmaɪz/ | 最大化 |
影片中出現的短語動詞
| 單詞 | 釋義 |
|---|---|
| come up with 動詞 | 想出, 提出 |
| go up 動詞 | 上昇 /上升, 上去 |
值得反覆跟讀的句子
影片中簡短而完整的句子，可以直接用在日常對話裡：
- 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?
影片中的語法
說話人最常用的結構，並附上影片中的原話：
| 結構 | 影片中的用法 |
|---|---|
| 被動語態 be + 過去分詞 — 強調發生了什麼，而不是誰做的 | is defined · are logged · are generated |
| 定語從句 who / which + 從句 — 補充說明人或事物 | Sales, which is · tax, which is |
| 現在完成時 have/has + 過去分詞 — 過去發生但與現在仍有關聯的事 | has generated · have seen |
需要注意的發音
- “sh” 和 “zh” 音: fraction /ˈfɹæk.ʃən/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, variation /ˌvɛəɹiˈeɪʃn̩/, negotiate /nəˈɡəʊ.ʃi.eɪt/, isolation /ˌaɪsəˈleɪʃən/
- 長單詞——注意重音位置: denominator /dɪˈnɒmɪneɪtə(ɹ)/, indicator /ˈɪn.dɪˌkeɪ.tə(ɹ)/, numerator /ˈnuː.məɹˌeɪ̯.təɹ/, profitability /ˌpɹɑ.fɪ.təˈbɪl.ɪ.ti/, ubiquitous /juːˈbɪkwɪtəs/
中文母語者容易讀錯的音：
- /v/ — 不要讀成 /w/，上齒輕觸下唇: turnover /ˈtɝnoʊvɚ/, leverage /ˈlɛv.(ə.)ɹɪd͡ʒ/, trivia /ˈtɹɪvi.ə/, variation /ˌvɛəɹiˈeɪʃn̩/, definitive /dɪˈfɪn.ɪ.tɪv/
- 詞尾子音 — 要讀清楚，後面不要加母音: leverage /ˈlɛv.(ə.)ɹɪd͡ʒ/, minimize /ˈmɪn.ɪˌmaɪz/, subscribe /səbˈskɹaɪb/, holistic /hoʊˈlɪs.tɪk/, ubiquitous /juːˈbɪkwɪtəs/
- /r/ 和 /l/ 的區別: leverage /ˈlɛv.(ə.)ɹɪd͡ʒ/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, profitability /ˌpɹɑ.fɪ.təˈbɪl.ɪ.ti/
如何用這段影片練習
- 先完整聽一遍影片，不要開口，記下不認識的單詞。
- 先用 0.75 倍速逐句跟讀，熟練之後再回到正常速度。
- 錄下自己的聲音並與原聲對比，特別注意 turnover, leverage, denominator 這類單詞。
什麼是跟讀法？
跟讀法 (Shadowing) 是一種有科學依據的語言學習技巧，最初開發用於專業口譯員的培訓，並由多語言者Alexander Arguelles博士普及。這個方法簡單而強大：您在聽英語母語原聲的同時立即大聲重複——就像是一個延遲1-2秒緊跟說話者的影子。與被動聽力或語法練習不同，跟讀法強迫您的大腦和口腔肌肉同時處理並模模擬實的講話模式。研究表明它能顯著提高發音準確性，語調，節奏，連讀，聽力理解和口語流利度——使其成為雅思口語備考和真實英語交流最有效的方法之一。