摘 要
本文首先运用传统财务比率分析法，对重庆 CA 汽车公司 2008-2012 年间的偿债、
盈利、周转、发展等各类财务指标进行了趋势分析，并与同为中国四大汽车集团的
SH 汽车公司进行了同业比较，最后利用杜邦财务分析模型对公司各财务指标直接的
相互影响关系进行了全面分析，发现报告期内尽管公司在发展过程中存在短暂震荡，
但总体处于快速发展轨道，并保持了良好的盈利能力，总体发展呈现出向上的趋势。

然而，通过进一步的研究，本文发现上述分析所依据的传统利润表列报方式存在
混淆可持续性的经营性利润与不可持续性的非经营性利润的重大缺陷，这一缺陷对本
文分析结果的准确性与全面性造成了严重不利影响。为纠正这一缺陷，本文以是否具
备可持续性为衡量标准，将传统利润表中的损益项目区分为经营性利润与非经营性利
润两大部分，分别用以反映企业持续性的生产经营活动与不可持续的投资收益等损益
项目的收益情况，从而重新构建了利润表，并与传统利润表进了行对比分析，发现通
过新的利润表列报方式，可以直观的看出 CA 公司在 5 个报告年度中的 3 个年度中，
实际生产经营业绩处于亏损状态，其盈利年度的生产经营实际盈利能力也显著低于传
统财务方法的分析结果，同时，其盈利持续性指数数值亦呈现出持续下降的不良倾向。

这些迹象一定程度表明 CA 公司正面临持续盈利能力与长期发展能力恶化的威胁。

总的来说，通过 CA 汽车公司这一案例研究，本文创新性的将利润表列报中的损
益项目划分为了“经营性项目”与“非经营性项目”，直观揭示了企业经营管理活动
的真实盈利状况，纠正了企业利用“非经营性业绩”美化“经营性业绩”亏损的财务
现象，为企业真实业绩分析提供了可供借鉴的方法和思路。

关键词：财务分析；杜邦体系；利润表列报；经营性利润

III
Abstract
This paper made a trend analysis on the solvency, profitability, turnover capability,
and development abilities of Chongqing CA automobile company limited between the year
of 2008 and 2012,and compared with those of SH automobile company limited, which is
also one of four biggest automobile companies in China. Then it analyzed the co-relations
among the company’s financial indicators with DuPont analysis. According to these
analyses, though being turbulent in the process, CA has been developing fast, profitable
and generally upwards.
However, further research implied that this conclusion was based on the traditional
form of income statement, which obviously confused the operating profits with
non-operating profits and therefore affected the accuracy of the conclusion above
efficiently in a bad way. To solve this issue, this paper divided the items in the income
statement into operating ones and non-operating ones, which reflect the sustainable profits
from daily operation and management and the non-sustainable profits from investments et
cetera separately. With the new income statement, it’s easy to find that CA has been in
deficit in 3 out of 5 years recently, and its profitability was remarkably less than that
deduced by traditional financial analysis. Meanwhile, the sustainable index of CA’s
profitability has been decreasing. Of course all these implied that CA has been facing the
threat of deterioration of its profitability and long-term development.
To sum, through the case study of CA automobile, this paper innovatively divided the
items of income statement into operating ones and the other ones, which directly indicated
the real profitability generated by operation and management, and therefore provided a
practicable approach to analyze the real achievement made by the entrepreneurs.
Keywords: Financial Analysis;DuPont Analysis;Income Statement; Operating Profit