Ukuhlalutya iinqunto ezintathu zokubuyisela kwi-equity
Yintoni ebuyelayo kwi-Equity (ROE)?
Ngokucacileyo, ukubuyela kwi-equity kubonisa ukuba inzuzo enkulu emva kwentlawulo yenkampani eyenziwa ngokuthelekiswa nomyinge wobungakanani bamasheya atholakala kwibhalansi. Sifumene ngokufutshane ngcamango yokubuyela kwi-equity , okanye i-ROE, kwizifundo zokutshala imali ebhaliweyo ukuba ndikuncede ukuba uqonde indlela yokuhlalutya ingxelo yemali kunye ne- balance sheet . Kukho, ufumene ukuba ukubuyela kwi-equity ngenye yezona zibonakaliso ezibalulekileyo zenkxaso yenkampani kunye nokukhula okungenzeka. Iinkampani eziqhayisa ukubuyiswa okuphezulu ngokulingana kunye nokuba akukho matyala malunga nokulingana ziyakwazi ukukhula ngaphandle kwemali eninzi, ukuvumela abanikazi bezoshishino ukuba bathathe imali eyongezelelekileyo yenkcitho kwaye bayisebenzise kwenye indawo.
Ingaba abatshali-mali abaninzi abahluleka ukuyiqonda, kwaye apho i-DuPont Ukubuyela kwi-Analysis ye-Equity inganceda, ngaba iinkampani ezimbini zingaba nokubuyela okufanayo kwi-equity, kodwa enye inokuba yinkampani engcono kakhulu enobungozi obuphantsi.
Oku kunokuba nemiphumo emihle kwimbuyekezo yeepotfoliyo kwixesha elide njengoko ishishini elingcono liyakwazi ukuvelisa ukuhamba kwemali engenahla okanye ukufumana umvuzo.
Imbali yeDuPont kubuya kwi-Equity Calculation
Ngokutsho kweCFO Magazine , umlawuli wezezimali e-EI du Pont de Nemours kunye neCh, waseWilmington, iDelaware, wadala inkqubo ye-DuPont yohlalutyo lwezimali ngo-1919.
Oku kwakukho ngexesha eliqhelekileyo lekhemikhali laliyaziwa njengelinye lezona zininzi zezemali, iinkampani ezintsha kwiplanethi. Ngendlela encinci, iDuPont inegalelo ekuphuculweni kwehlabathi eliphuhlisiwe ngokuzisa iindlela ezintsha, ukuqonda kunye nokuqonda kwi-management. Njengoko ezi ngcamango kunye neendlela zanamhlanje zatshintshwe kuwo onke amacandelo nakwamashishini , ukuveliswa kwenyuka kunye nemigangatho yokuphila kwabo bonke abantu baseMerika abangenayo ingcamango yokuba baqokelela iingcamango zesiganeko kule mpu melelo yenguqu yezoshishino.
Imodeli yeDuPont ibaluleke gqitha kuba ayifuni nje ukufuna ukwazi ukuba yiyiphi imbuyekezo ekulinganisweni, kunoko, ikuvumela ukwazi ukuba yiziphi iinguqu ezinokubangela ukuba kubuyiselwe ukulingana kwindawo yokuqala. Ngokulinganisa nokugqamisa ezo zinto zenzeke, kuya kuba lula ukuzijolisa, ukuphuhlisa iinkqubo zenkampani ukuphucula okanye ukuguqula oko kulungiselelwa, kwaye uthathe ulawulo ngokuthatha isenzo esilumkileyo, esinenjongo, nesigqibo.
Ukubunjwa kokubuyela kwi-Equity Ukusebenzisa umzekelo weDuPont
Kukho iinxalenye ezintathu ekubaleni ukubuyela kwi-equity xa wenza uhlalutyo lohlobo lweDuPont.
Zezi:
- I- Net Incit Margin
- I-Asset
- I-Equity Multiplier
Xa sijonga nganye kwezi ziphumo, siyakwazi ukufumana umthombo wekhampani yokubuyisela ngokulingana kwaye uyilinganise nakwiinkampani zayo. Makhe ndihambe ngawe ngamnye emva koko siya kujikeleza kwaye ndiza kukubonisa indlela yokwenza ukubuyisela imodeli yeDuP kwi-calcity equity.
Icandelo Lokuqala leModeli yaseDuPont: uMargin onenzuzo
Umvuzo wenzuzo yintlawulo yintlawulo yerhafu emva kwerhafu yenkampani eyenzelwe idoli nganye yenzuzo. Amanqanaba enzuzo ahlukileyo ahlukeneyo kumashishini, okwenza kubalulekile ukuthelekisa ukutyalo-mali olwenziwe kumashishini abo. Nangona umgaqo-jikelele we-thumb kukuba i-marge yenzuzo yentengo ephakamileyo inokuthandwa, akuqhelekanga ukuba ulawulo lucacise ngenjongo yokukhangela ukuthengisa okuphezulu. iinkampani ezinjengeWal-Mart ne-Nebraska ifowuni yeMart kwii-hemoth ezifanelekileyo.
Kukho iindlela ezimbini zokubala umlinganiselo wenzuzo:
- Imali engenayo ÷ Ingeniso
- Imali yeNgeniso + Inqaku elincinci + Intela-Intlawulo ehlengahlengisiweyo ÷ Ingeniso.
Naluphi ukubala ozikhethayo kwisicatshulwa sakho, cinga ngomlinganiselo wenzuzo wenzuzo njengomkhuseleko wokhuseleko ngendlela yokuba, ngokuthetha ngokubanzi, kunye nemibandela embalwa ebonakalayo engezantsi kwinqanaba, igumbi elincinci lokulawula impazamo xa lijongene nezinto ezifana izingozi zobalo kunye neendleko zokuhlawula. Yonke into elinganayo, ishishini elivelisa ama-5% enkcaso enzuzo engenayo inamagumbi angaphantsi kokungaphumeleli kokuphumelela ngaphandle kweshishini elinamaxabiso angama-40% ngenxa yezinto ezincinci okanye iimpazamo ezinokuthi zikhutshwe ngeendlela ezingakhokelela ekulahlekelweni okukhulu kwabanini-mali.
Icandelo lesibini leModeli yeDuPont: Ukubuyiswa kwempahla
Umlinganiselo wokuthengiswa kwee-asethi umlinganiselo wendlela impumelelo ngayo inkampani iguqula impahla yayo kwixabiso. Kubalwa ngolu hlobo lulandelayo:
- I-Asset Revenue = Iingeniso ÷ Iimpahla
Isilinganiselo sokuthengiswa kwee-asethi sinokuthi sihambelane ngokuthe ngqo kumlinganiselo wenzuzo. Oko kukuthi, iphakamileyo yenzuzo yomnatha, i-downset ye-assets. Isiphumo kukuba umnini-mali unokuthelekisa iinkampani ezisebenzisa imizekelo eyahlukeneyo (i-low-profit, high-volume vs. high-profit, low-volume) kwaye ichaze ukuba yeyiphi ibhizinisi ekhangayo.
Umzekelo omkhulu wale nto uvela kuWal-Mart Stores, Inc., endikhankanyileyo ngaphambili. Umsunguli kaWal-Mart, u-Sam Walton, wayehlala ebhala waza wathetha ngengqiqo eyamvumela ukuba akhe enye yeenzuzo ezinkulu kwiimbali zabantu ngokusebenzisa inkampani yakhe ebambe iqela, i-Walton Enterprises, LLC. Wayeqonda ukuba unako ukwenza inzuzo enkulu kakhulu ngokukhupha imithwalo enkulu yempahla kwixabiso elincinci lentlawulo kwi-asethi yakhe esele ikhona kunokuba athathe inzuzo ephezulu kwiintengiso ezithengiweyo. Ngokunye namanye amaqhinga awasebenzisa, njengemithombo yokusebenzisa imali yabanye abantu ngokusebenzisa imali yokuthengisa, oko kwamvumela ukuba athathe isabelo semarike ukusuka kumncintiswano kwaye akhule ngokuzenzekelayo. Wayemangaliswa kukuba abantu abakhuphisana naye babenokubona ukuba wasisityebi kangangokuba bebengakwazi ukuzitshintshela kumzekelo wesaphulelo ngenxa yokuba bebenomlutha kwiingcamango zengeniso ephezulu, egxininise kule mijelo endaweni yenzuzo epheleleyo .
Ngokusebenzisa ukubuyiswa kwemodeli yeDuont ngokuchithwa kwamanyathelo, umtyalo-mali unokuboni ukuba ukubuyela kwe-Wal-Mart ephakamileyo kwi-equity equityer equity kwakuphi nangona ixabiso lentlawulo ephantsi. Enye yezizathu ezibaluleke kakhulu kumnini-shishini lomncinci, umphathi, ulawulo, okanye omnye umqhubi ukuba achaze ngokucacileyo imodeli yoshishino ayeza kuyisebenzisa kwaye ayibambelele kuyo. UWalton wayekhathazekile ukuba abasebenzi baseWal-Mart babeya kuba nexhala ngakumbi ekuphuculeni inzuzo ngemida engaphezulu kunokuba bahambelane neendleko zakhe eziphantsi, i-asere ephezulu yokubuyiswa kwempahla eyayiyimpumelelo kwimpumelelo yayo. Wayeyazi ukuba ukuba loo mini yafika, iWal-Mart yayiya kuba yingozi yokulahlekelwa inzuzo yayo yokukhuphisana.
Isiqendu sesithathu seModeli yeDuPont: I-Multi-Equity Multiplier
Kunokwenzeka ukuba inkampani eneentengiso ezihlaselayo kunye neendandatho zokuthabatha ityala eligqithisileyo kwaye yandisa ngokuphindaphindiweyo ukubuyela kwayo ngokulingana. Umthengisi wokulingana, umlinganiselo wezemali, uvumela umtyalo-mali ukuba abone ukuba yiyiphi inxalenye yokubuyela kwi-equity iyiphumo lesatyala.
Umphindisi wokulingana ubalwa ngale ndlela:
- Ubungakanani bentsebenziswano = Iimpahla ÷ Amashishini angabalingani.
Oku akuthethi ukuba ityala lihlala libi. Enyanisweni, ityala liyinxalenye ebalulekileyo yokuphucula umgaqo-siseko wequmrhu ukuze kuveliswe urhwebo olungcono phakathi kokubuyisela kwi-capital, ukukhula kunye ne-trade-offs njengoko kubhekiselele ekuphuculeni ukulingana . Amashishini athile, afana neenkonzo ezisemthethweni kunye nomzila woololiwe, phantse ukufuna ityala njengento ethile. Ukongezelela, izibophelelo zenkampani eziphakanyisiweyo ziyimpembelelo ebalulekileyo yoqoqosho, ukubonelela indlela yamaziko emali afana nepropati kunye neenkampani zomshuwalense, ezo zinika i-yunivesithi kunye neengeniso ngenjongo yokubeka ixabiso lempahla engaphezulu.
Ingxaki ngeemali zemali inokuvela xa ubunjineli bezezimali behamba kakhulu. Akuqhelekanga kwi-fund equity fund ukuthenga ishishini, ukulifaka ngetyala, ukukhupha zonke i-equity, kwaye lihambe liye litshintshwe phantsi kweentlawulo ezinkulu zeendleko ezithintela i-solvency yayo. Kwezinye iimeko, ezi shishini ziphinda ziphinde zikarhulumente nge-IPO kwaye zinyanzeliswa ukuba zisebenzise imali yokufumana imali kunye nentsha ephakanyiswayo ukuphulukisa umonakalo, ngamanye amaxesha iminyaka ehleliyo ngexesha.
Indlela yokubala i-DuPont Buyisela kwi-Equity
Ukubala ukubuyiswa kokulingana usebenzisa umzekelo weDuPont, konke okufuneka ukwenze kwandisa izixhobo ezintathu esizixubushe ngazo (umyinge wenzuzo, inzuzo yempahla kunye nomthengisi wokulingana) kunye.
- Ukubuyela kwi-Equity = (iNtlawulo yeNzuzo eNzuzo) (Ukubuyiswa kweeAset)
Njengoko unokubona xa ubheka kwimithombo yokubuyela kwi-equity, ukucinga indlela yokukrazula ezo ntambo ezintathu kukubalulekileyo ekukhuleni ubutyebi bakho. Kwiimeko ezininzi, ukuqhuba kakubi kodwa ishishini elithembisayo lingathatyathwa ngumphathi ongcono oya kukwazi ukuqhuba i-ROE ngephahla kwaye abe nobutyebi kakhulu kwinkqubo. Kwiminyaka yakutshanje, ishishini lokutya liye laphumela kulo mphumo ngenxa yokuthengwa kwamanani amaninzi. Impumelelo yomkhiqizo phantsi kolawulo olutsha luye lwaba lukhulu, lugubungela i-ketchup yokulala, inja eshushu, ikhofi kunye neemakethi zentambo.
Njengokuba kunjalo, ininzi inkunzi eyakhelwe ngamadoda kunye nabasetyhini abaye bafuna iinkampani ezithembisayo ezilawulwa ngaphantsi kwe-DuPont yazo ye-Return on Equality figure.
Ukubuyiselwa kweNyani-Yehlabathi kwiMali yokuBala
Xa ndiqala ukubhala le ngqungquthela kwiDuPont Model Return kwi-Equity calculation ngaphezu kweminyaka elishumi edlulileyo, ndakuhamba ngokubalwa kokubuyisela ngokulingana ngokusebenzisa izibalo ezivela kwingxelo yonyaka ka-2004 yePepsiCo. Ekubeni imimiselo echaphazelekayo ayinasiphelo, kwaye ndivakalelwa kukuba, ndiza kugcina apha kuwe.
- Ingeniso: $ 29,261,000,000
- Imali engenayo: $ 4,212,000,000
- Iimpahla: i-$ 27,987,000,000
- Ubulungisa Bama-Shareholders: $ 13,572,000,000
Fakela la manani kwimilinganiselo yemali ifomula ukufumana izixhobo zethu:
Umvuzo oyiNzuzo: iNgeniso yeNtlawulo ($ 4,212,000,000) ÷ Ingeniso ($ 29,261,000,000) = 0.1439, okanye 14.39%
Ukubuyiswa kwempahla : Imali engenayo (i-$ 29,261,000,000) ÷ Iimpahla (i-$ 27,987,000,000) = 1.0455
I-Equity Multiplier : ii-asethi (i-$ 27,987,000,000) ÷ Ama-Equity Shareholders ($ 13,572,000,000) = 2.0621
Ekugqibeleni, sinokuphinda sinyathele izixhobo ezintathu ukuze sibalwe ukubuyisela ukulingana:
Buyela kwi-Equity : (0.1439) x (1.0455) x (2.0621) = 0.3102, okanye i- 31.02%
Ukuhlaziya i-DuPont ROE Iziphumo zePepsiCo
Ukubuyiswa kwe-31.02% kulungelelaniso kulunga nawuphi na umshishini emva ko-2004. Kodwa ke, ukuba ushiye umqhubi wezobulungisa ukuba ubone ukuba ingakanani i-PepsiCo eyayiyifumana ukuba yayingekho ngokupheleleyo ityala, ubungayifumanisa ukuba i-ROE iwele kwi-15.04% . Ngamanye amagama, kunyaka ophele ngomhla ka-2004, i-15.04% yokubuyisela kwi-equity yayingenxa yemida yokuthengisa kunye neentengiso, ngelixa i-15.96% yayingenxa yokubuyiselwa kwamatyala emsebenzini. Ukuba ufumene inkampani ngokulinganisela okulinganayo kunye nokubuyela okufanayo kwi-equity kodwa ipesenti ephakamileyo yavela kwii-sales-generated sales, kuya kuba mnandi. Thelekisa i-PepsiCo yeCoca-Cola kule siseko kwaye iyacaca, ngakumbi emva kokulungelelanisa ukukhetha okukhethiweyo kweso sikhundla, okokuba uCoke wayengumqondiso onamandla. (Ukuba ufuna i-fun case study, ndahlola ukusebenza kwe-PepsiCo kunye neCoca-Cola ngaphezu kwam ebomini yam.)
Ukubala i-DuPont Ukubuyela kwi-Equity Model kuJohnson & Johnson
Kuhlala kukuhle ukubonelela imizekelo emininzi ukuze sijonge kwi-Johnson & Johnson yonyaka ogqityiweyo ogqityiweyo wonyaka wezimali, ngo-2015. Ukukhupha ifom ye-Fomu ye-10-K , sifumana imfuneko yokubuyisela imodeli ye-DuPont kwiinkcazo zecandelo lemali:
- Ingeniso: $ 70,074,000,000
- Imali engenayo: $ 15,409,000,000
- Iimpahla: i-133,411,000,000 yezigidi
- Ama-Equity Shareholders: $ 71,150,000,000
Ukubeka ezi manani kwimilinganiselo yezemali, siyakwazi ukufumana izixhobo zokuhlalutya zeDuPont:
Imali yeNzuzo: iNtlawulo yeNtlawulo (i-$ 15,409,000,000) ÷ Ingeniso ($ 70,074,000,000) = 0.2199, okanye i-21.99%
Ukubuyiswa kwee- asethi : Imali engenayo (i-$ 70,074,000,000) ÷ Iimpahla (i-133,411,000,000) = 0.5252
Ama-Multiplier Equity : Ii-asethi (i-133,411,000,000 zamawaka) ÷ Ama-Equity Shareholders ($ 71,150,000,000) = 1.8751
Ngaloo nto, sinezinto ezintathu esizifunayo ukuba sibalwe ukubuyela kwi-equity:
Buyela kwi-Equity : (0.2199) x (0.5252) x (1.8751) = 0.2166, okanye i- 21.66%
Ukuhlaziya i-DuPont ROE Iziphumo zeJohnson & Johnson
Ndibhalile ngembali edibeneyo kaJohnson & Johnson esikhathini esidlulileyo, ndichaza ukuba yinkampani ebambe iqumrhu elinobunini bebunikazi kwiinkxaso-mali ezilawulwa yi-265 ezazisasaza kwiinkalo ezahlukeneyo ezahlukeneyo ezintathu: ukunakekelwa kwempilo yabathengi, izixhobo zonyango kunye namayeza. Ukujonga i-DuPont yayo kubuya ngokuhlalutya ubulungisa, kuyacaca ukuba ngokwenene yenye yezona shishini ezinkulu kunazo zonke. Yintoni ephawulekayo kukuba ulawulo lulungiselele isakhiwo senkampani ukwenzela ukuba ityala lidlala indima enkulu ekubuyiseni ngelixa iqondo letyala elipheleleyo liphantsi kakhulu kunxulumene nokuhamba kwemali. Enyanisweni, u-Johnson & Johnson unomdla wokuba nomdla kakhulu, kwaye ukuhamba kwemali kuhamba ngokukhuselekileyo, okokulandela ukuwa kwe-2008-2009 eyona nto yayisona sikhulu sezoqoqosho esona sikhulu kunazo zonke ukususela ngo-1929 ukuya ku-1933, kwakukho inkampani ezine kuphela. Izibophelelo ezilinganisiweyo .
Ngokucacileyo, uhlalutyo lwe-DuPont ROE lubonisa ukuba ukubuyiswa kukaJohnson & Johnson okungenasisigxina kwi-equity ku-11.55% kunye nezinye i-10.11% ezivela ekusebenziseni umgangatho; ukujonga ukuba akukho ndlela ibeka kuyo nayiphi na isongelo ukhuseleko okanye ukuzinza kweshishini. Kusenokuthiwa ukuba umtyalomali onobuqili unokucinga ukuba ufumane izabelo zikaJohnson & Johnson ukuba abambelele ebomini aze adlulisele kubantwana kunye nabazukulu basebenzise umgaqo- siseko , nangona naliphi ixesha elifanelekileyo okanye elingabalulekanga.
Iingcamango zokugqibela ekusebenziseni iDuPont kubuya kwi-Equity Method
Xa ufunda ukufaka i-DuPont Return kwi-Equity method, uqala ukubona onke amashishini ngamacandelo abo asezantsi. Kufana ne-watchmaker ejongene ne-bezel kunye neengxaki ezihlala phantsi kwe-casing bejeweled. Xa uhamba kwisitolo sokuthengisa, uza kubona ngokwenene uqoqosho lwebhizinisi, kungekhona nje ukugcina iithalafu kunye neentengiso. Xa udlula isityalo sokuvelisa, unokuqhawula kunye nendlela yokuvelisa ubutyebi kubanikazi ngokuthelekiswa nezinye izityalo zokuvelisa.
Nangona kubonakala kwimiba yeemathematika, kubonakala ukuba utshintshe ingqondo yakho ukujonga ihlabathi ngamehlo eDuPont imodeli ifana nokuzinikela ngamandla. Faka isicelo esilungileyo ngokugcina ngokuhlakanipha kwaye unokwenza imali eninzi okanye, ngokubalulekayo, ugweme iintlekele ezinokuthi zonakalise ezinye iipotifoliyo. Unokukunceda ukunqumla inkxalabo yenkampani enjengaleyo uBarilla owayenomndeni wabulawa ngo-2013 emva kokucaphukisa izigidi zabantu. Ukuzama nokuzinzisa injini yayo yezoqoqosho kunye nokuphepha ukulahlekelwa isabelo semarike njengoko iimveliso zayo zatshitshiswa kuma-shelf ngelixa i-boycotts yaqhutyelwa kuyo yonke i-United States naseYurophu, uBarilla wagqiba ukuguqula i-DuPont yayo yokubuya ngokuchithwa kwemilinganiselo ngokunciphisa iindleko zexabiso kunye nokuqhubela umqulu ukuya kwesaqhwithi kudlula. Kungakhathaliseki ukuba uvakalelwa njani ngabo, loo nto yayiyindlela efanelekileyo yokuziphatha phantsi kweemeko, nokuba loo miqathango yayingenxa yobungenangqondo nokuxhatshazwa kwe-CEO.