[雙語翻譯]杜邦分析外文翻譯--杜邦分析法在異常收益評估中的應(yīng)用羅馬尼亞市場的實證研究（英文）

1、 Procedia - Social and Behavioral Sciences 62 ( 2012 ) 1179 – 1183 1877-0428 © 2012 Published by Elsevier Ltd. Selection and/or peer review under responsibility of Prof. Dr. Hüseyin Arasli doi: 10.1016

2、/j.sbspro.2012.09.202 WC-BEM 2012 The use of DuPont analysis in abnormal returns evaluation: Empirical study of Romanian market Marianna Botika Financial Analyst atHewlett-Packard Company 1. Introduction leverage. These

3、 are the key indicator which can immediately show investors the company situation. In the previous research author found that during the financial statement announcement Romanian capital market registered abnormal retu

4、rns. This paper comprehensively explores the DuPont components in order to demonstrate which of behaviour the most. First part of study is dedicated to the advanced research of financial literature. The second and the b

5、iggest part is dedicated to empirical study of Romanian market. The accurate financial analysis was performed for all companies. The results show an interesting evolution: in 2007 little before the beginning of financi

6、al crises the strong dependence between cumulated abnormal returns and profitability and turnover elements were founded. In 2008 investors paid all their attention to the leverage elements associated to secure themselve

7、s as match as possible. In this year investors took care about all the DuPont elements associated with all measured returns. The 2010 may be viewed as a returned year, all the data are extremely similar with 2007 year

8、. In conclusion, the research is indicating the fact that DuPont components represent an important and viable 2. Advanced Research for DuPont Analysis DuPont analysis was developed by E.I. du Pont de Nemours in 1919. I

9、t is one of oldest analyses which present the easier way for better understanding of return ratios and its . The general profitability is represented by margin and turnover. It may be viewed as complex analysis becaus

10、e it includes elements from both the balance sheet and the income statement. The main evaluating performance is the return on equity variable which is considered to © 2012 Published by Elsevier Ltd. Selection and/o

11、r peer review under responsibility of Prof. Dr. Huseyin ArasliAvailable online at www.sciencedirect.com© 2012 Published by Elsevier Ltd. Selection and/or peer review under responsibility of Prof. Dr. Hüseyin Ar

12、asliOpen access under CC BY-NC-ND license.Open access under CC BY-NC-ND license.1181Marianna Botika / Procedia - Social and Behavioral Sciences 62 ( 2012 ) 1179 – 1183 All other studies highlighted the importance

13、 of ROE. However author still mention that as per Ohlson study in 1995 one important characteristic of ROE is highlighted: there is a possibility for ROE to be affected by the firm choice of capital structure, but the

14、values from this change cannot be very relevant. Modigliani and Miller (1958) previously showed that operational values are important the most, but not the financial values which are made by 3. Romanian Market Caracteri

15、stics and Abnormal Behaviour Bucharest Stock Exchange is the main securities exchange market in the Romania. It was re-launched in 1995 but for the first couple of years it role was insignificant. Starting with 1997 th

16、e foreign investors paid an increased interest in Romanian shares and the important of Bucharest Stock Exchange was increased a lot. Unfortunately, the capital market accelerate growth: for the first it was a macroecono

17、mic instability which signalized to the respected at all. Based on all capital market was registered. In the 2004 the capital boom was taking place, the market turnover doubled and the should be viewed a 2005, as in this

18、 year the market liquidity went to its apogee. At the end of year total capitalization was over 15 billion euros, and turnover about 2.2 billion euro. Nowadays Bucharest Stock Exchange is the most important financi

19、al market in the Romania. Unfortunately there are still a lot of companies which should become public in order to have a valid capital market which could coherently represent country performance. The seven indices ar

20、e issued in order to show the market performance. BET, the first index developed by BVB, is the reference index for the BVB market. BET is a index of the most liquid 10 companies. BET-C reflects the price movement of a

21、ll the companies listed on the BVB regulated market. BET-FI is reflecting the price movements of the investment funds (SIFs), ROTX is reflecting the price movement of “blue chip“ companies, BET- XT is reflecting the pri

22、ce evolution of the most liquid 25 shares, and BET-NG is reflecting the price movement of the companies which have the main business activity located in the energy sector and the related utilities. st representative pub

23、lic companies. The database selection was really important for the research output that is why author paid especially high attention to it. The selected companies should be respected two major criteria: to be Category

24、I company (local market specification 1% from BET-C index (BET-C is local market index); and to have at least 4 years history as a public company. The number of 18 companies respected assigned criteria. Author estimated

25、 event window which included day of announcement of financial result for each company plus 10 days before and ten days after the event. The total period was for 21 days for each company. The result of abnormal returns

26、were comparatively low, additional risk importance. The present paper continues previous research and highlight which element from DuPont analysis influence abnormal returns evolution the most. 4. Estimation Result a

27、nd Their Interpretation Research was organised in the next way: author performed deep financial analysis for the above mentioned companies for the whole studied period. The financial analysis included calculation of al

28、l components mention previously in Figure 1, The DuPont three-component triangle. These data were planning to be analysed along with market abnormal returns. Unfortunately after a carefully evaluation of the database t