跟读练习: DuPont analysis explained - 通过视频学习英语口语
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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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On average, I post one new video per week.
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本课的词汇与口语要点
这节 C1 级别的口语课以视频“DuPont analysis explained”为素材。 视频中反复出现的词有：asset, return, Dupont, financial, element。 这段视频共有 62 个句子、996 个单词可供跟读。 讲话部分时长为 6:15。 说话人语速自然，每分钟约 160 个词，接近日常对话。 只有 78% 的单词属于英语最常用的 3,000 词，词汇难度较高。 全部 62 个句子中有 10 个是问句，适合练习疑问语调和简短回答。
视频中的重点词汇
视频中最难的 15 个单词，附发音和释义：
| 单词 | 发音 | 释义 |
|---|---|---|
| turnover 名词 | /ˈtɝnoʊvɚ/ | 零售額 /零售额, 營業額 /营业额 |
| leverage 名词 | /ˈlɛv.(ə.)ɹɪd͡ʒ/ | 槓桿 /杠杆 |
| denominator 名词 | /dɪˈnɒmɪneɪtə(ɹ)/ | 分母 |
| multiply 动词 | /ˈmʌltɪplaɪ/ | 增長 /增长 |
| fraction 名词 | /ˈfɹæk.ʃən/ | 部分 |
| trivia 名词 | /ˈtɹɪvi.ə/ | 冷知識 /冷知识, 豆知識 /豆知识 |
| shareholder 名词 | /ˈʃɛəˌhəʊl.də(ɹ)/ | 股東 /股东 |
| minimize 动词 | /ˈmɪn.ɪˌmaɪz/ | 最小化 |
| indicator 名词 | /ˈɪn.dɪˌkeɪ.tə(ɹ)/ | 指示符 |
| subscribe 动词 | /səbˈskɹaɪb/ | 簽署 /签署 |
| variation 名词 | /ˌvɛəɹiˈeɪʃn̩/ | 變化 /变化, 變動 /变动 |
| holistic 形容词 | /hoʊˈlɪs.tɪk/ | 全方位的, 全盤的 /全盘的 |
| numerator 名词 | /ˈnuː.məɹˌeɪ̯.təɹ/ | 分子 |
| ubiquitous 形容词 | /juːˈbɪkwɪtəs/ | 無處不在的 /无处不在的, 無所不在的 /无所不在的 |
| maximize 动词 | /ˈmæksəmaɪz/ | 最大化 |
视频中出现的短语动词
| 单词 | 释义 |
|---|---|
| come up with 动词 | 想出, 提出 |
| go up 动词 | 上昇 /上升, 上去 |
值得反复跟读的句子
视频中简短而完整的句子，可以直接用在日常对话里：
- 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?
视频中的语法
说话人最常用的结构，并附上视频中的原话：
| 结构 | 视频中的用法 |
|---|---|
| 被动语态 be + 过去分词 — 强调发生了什么，而不是谁做的 | is defined · are logged · are generated |
| 定语从句 who / which + 从句 — 补充说明人或事物 | Sales, which is · tax, which is |
| 现在完成时 have/has + 过去分词 — 过去发生但与现在仍有关联的事 | has generated · have seen |
需要注意的发音
- “sh” 和 “zh” 音: fraction /ˈfɹæk.ʃən/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, variation /ˌvɛəɹiˈeɪʃn̩/, negotiate /nəˈɡəʊ.ʃi.eɪt/, isolation /ˌaɪsəˈleɪʃən/
- 长单词——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/
中文母语者容易读错的音：
- /v/ — 不要读成 /w/，上齿轻触下唇: turnover /ˈtɝnoʊvɚ/, leverage /ˈlɛv.(ə.)ɹɪd͡ʒ/, trivia /ˈtɹɪvi.ə/, variation /ˌvɛəɹiˈeɪʃn̩/, definitive /dɪˈfɪn.ɪ.tɪv/
- 词尾辅音 — 要读清楚，后面不要加元音: leverage /ˈlɛv.(ə.)ɹɪd͡ʒ/, minimize /ˈmɪn.ɪˌmaɪz/, subscribe /səbˈskɹaɪb/, holistic /hoʊˈlɪs.tɪk/, ubiquitous /juːˈbɪkwɪtəs/
- /r/ 和 /l/ 的区别: leverage /ˈlɛv.(ə.)ɹɪd͡ʒ/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, profitability /ˌpɹɑ.fɪ.təˈbɪl.ɪ.ti/
如何用这段视频练习
- 先完整听一遍视频，不要开口，记下不认识的单词。
- 先用 0.75 倍速逐句跟读，熟练之后再回到正常速度。
- 录下自己的声音并与原声对比，特别注意 turnover, leverage, denominator 这类单词。
什么是跟读法？
跟读法 (Shadowing) 是一种有科学依据的语言学习技巧，最初开发用于专业口译员的培训，并由多语言者Alexander Arguelles博士普及。这个方法简单而强大：您在听英语母语原声的同时立即大声重复——就像是一个延迟1-2秒紧跟说话者的影子。与被动听力或语法练习不同，跟读法强迫您的大脑和口腔肌肉同时处理并模仿真实的讲话模式。研究表明它能显着提高发音准确性，语调，节奏，连读，听力理解和口语流利度——使其成为雅思口语备考和真实英语交流最有效的方法之一。