本文选取北大荒这一具有代表性的农业类企业，着重介绍其经营及财务现状。同时 利用杜邦分析模型对北大荒公司资产的运营及盈利能力进行分析。在此基础上进一步引 入现金流含量、资产与资本结构指标分析。最后总结出北大荒公司盈利能力不足的因素 主要是成本费用过高、最终利润低，资产周转速度缓慢、利用效率不高，资本结构设置 不合理。导致这些因素产生的原因主要是农产品成本上升及价格下降导致净利润低；以 前年度资产冗余、使用率不高；北大荒公司由国家控股，管理者偏好发行股票筹融资， 债务负担较低。针对北大荒公司所存在的问题，提出降低成本、提高资产使用率、发挥 财务杠杆作用等合理化建议。从而为北大荒公司改进其经营管理模式提供参考意义，同 时也为同领域其他企业在发展与盈利过程中提供帮助。 本文采用的杜邦模型是通过综合分析财务报表的综合性模型。其分析思路是利用财 务报表中的数据计算出相应的指标比例，根据各指标之间的相互关系，反映企业的经营 与财务现状。杜邦模型一般从净资产收益率出发，联系与其相关的其他指标。以往的杜 邦模型只涉及资产负债表及利润表的有关数值。本文加入了现金流量表的分析。利用这 种方式，有助于深入分析比较企业的经营业绩，找准问题所在，提出有效策略加以改进， 进而提升企业的盈利能力。 本文共分五部分： 第一部分为导论。介绍本文的研究背景及意义，研究对象与方法，研究大体思路和 论文的主体框架，最后介绍本文的主要贡献。 第二部分为相关理论综述。主要介绍国内外对杜邦模型的研究状况，同时简要介绍 本文所涉及到的财务概念及理论知识，为下文的分析提供理论支持。 第三部分为北大荒公司的经营及财务现状介绍，为后文分析做好基础。 第四部分为利用杜邦模型对北大荒股公司的盈利能力进行分析。选取 2012 年至摘要 II 2017 年北大荒公司年报财务报表数据进行杜邦分析，进一步与同欧亿·体育（中国）有限公司企业的均值及上市 公司先进企业对比分析，评价其经营能力。 第五部分为北大荒公司盈利能力不足的原因、问题及改进措施，并提出保障制度。 第六部分总结研究的结论，指出其中的不足，并提出下一步改进的方向。 本文采用文献研究法、数据分析及对比法对北大荒公司进行分析，试图找出影响该 公司盈利能力的因素，并针对发现的问题提出改进建议，同时也希望对该欧亿·体育（中国）有限公司其他企业 的发展提供借鉴。 【关键词】杜邦分析法，盈利能力，财务分析 【论文类型】应用研究西北大学硕士学位论文 III Title: Beidahuang Company Profitability analysis Based on DuPont model Specialty:Business Administration Name: Signature: Tutor: Signature: Abstract This paper selects the representative agricultural enterprise of Beidahuang, focusing on its management and financial status. At the same time, the DuPont analysis model is used to analyze the operation and profitability of Beidahuang's assets. On this basis, the analysis of cash flow content, assets and capital structure indicators is further introduced. Finally, it is concluded that the factors lacking the profitability of Beidahuang Company are mainly due to high cost, low final profit, slow asset turnover, low utilization efficiency and unreasonable capital structure. The main reason for these factors is that the rising cost of agricultural products and the decline in prices lead to low net profit; the previous year's asset redundancy and utilization rate are not high; the Beidahuang company is controlled by the state, and the managers prefer to issue stock financing, and the debt burden is low. In response to the problems of Beidahuang Company, it proposes rationalization proposals such as reducing costs, improving asset utilization, and exerting financial leverage. This will provide reference for Beidahuang to improve its business management model, and also help other companies in the same field in the process of development and profitability.Abstract IV The DuPont analysis model used in this paper is a comprehensive financial analysis method. The analysis idea is to use the relationship between several main financial indicators to comprehensively and comprehensively analyze the financial status of the enterprise. The return on net assets is decomposed step by step and becomes the product of different financial ratios. For the traditional DuPont model, only the balance sheet and income statement in the financial statements are analyzed. This paper adds the analysis of the cash flow statement. Using this method will help to analyze and compare the business performance of the company in depth, identify the problem, and propose effective strategies to improve it, thereby improving the profitability of the company. This article is divided into five parts, The first part is an introduction. This paper introduces the research background and significance, research objects and methods, research ideas and framework, and introduces the main contributions of this paper. The second part is a review of relevant theories, mainly the research review of DuPont analysis models and the definition of related concepts at home and abroad. Briefly introduce the theoretical knowledge involved in this article and provide theoretical support for the analysis below. The third part introduces the operation and financial status of Beidahuang Co., Ltd., and understands the company's operating status and financial status.西北大学硕士学位论文 V The fourth part is to use the DuPont analysis model to study the profitability of Beidahuang Co., Ltd. The data of the financial statements of the annual report of Beidahuang Company from 2012 to 2017 were selected for DuPont analysis, and the average value of the same industry enterprises and the advanced enterprises of listed companies were further analyzed to evaluate their operational capabilities. The fifth part is the problems existing in the operation process of Beidahuang Company, and proposes corresponding countermeasures. The sixth part is the research conclusions and prospects, and points out the shortcomings of this paper. This paper uses literature research method, data analysis and comparison method to analyze Beidahuang company, tries to find out the factors affecting the company's profitability, and proposes improvement suggestions for the problems found. It also hopes to provide reference for the development of other enterprises in the industry. 【Key Words】DuPont analysis, profitability, financial analysis 【Research Type】Monographic study目录 VI 目录 摘要............................................................................................................................................. I Abstract.....................................................................................................................................III 表格索引................................................................................................................................VIII 图片索引.................................................................................................................................. IX 第一章 导论...............................................................................................................................1 1.1 研究背景及意义..........................................................................................................1 1.2 研究对象及方法...........................................................................................................2 1.3 研究思路及框架...........................................................................................................3 1.4 本文主要贡献..............................................................................................................6 第二章 相关理论综述...............................................................................................................7 2.1 文献综述......................................................................................................................7 2.2 相关概念界定..............................................................................................................8 第三章 北大荒公司经营及财务现状.....................................................................................11 3.1 欧亿·体育（中国）有限公司发展情况.............................................................................................................11 3.2 北大荒公司介绍.........................................................................................................11 第四