在现行财务管理教材中,杜邦财务分析体系对于净资产收益率(ROCE)影响因素分析的替代排序为:销售净利率、资产周转率和权益乘数,但在进行指标变动原因的定量分析时,各分解指标的替代顺序改变,则各因素的影响程度也就不同。笔者认为,按权益乘数、资产周转率和销售净利率的变动顺 In the current teaching materials of financial management, the alternative ranking of DuPont’s financial analysis system for the analysis of the factors influencing return on equity (ROCE) is: sales net profit margin, asset turnover rate and equity multiplier. However, in the quantitative analysis of the reasons for the change of the index, Changes in the order of decomposition of the indicators of change, the impact of various factors will be different. In my opinion, according to the multiplier of equity, asset turnover and net profit margin changes