杜邦分析係將股東權益報酬率拆解成淨利率、資產報酬率及財務槓桿三因子。本研究檢視杜邦分析三因子與企業價值的關聯性，並檢視商業策略對前述關聯性的調節效果。依照Miles and Snow (1978, 2003)的分類法，本研究將商業策略分為探勘者(Prospector)跟防禦者(Defender)；衡量方式則根據Abernethy et al. (2019)的研究。實證結果發現，淨利率及資產周轉率，分別與企業價值呈正相關。探勘者策略會負向調節淨利率與企業價值之相關性；防禦者策略則會正向調節資產周轉率與企業價值之相關性。

The DuPont analysis decomposes the return on equity into three factors: net profit margin, asset turnover, and financial leverage. This study examines the relationship between the three DuPont factors and firm value, and explores the moderating effect of business strategy on this relationship. According to the classification by Miles and Snow (1978, 2003), business strategies are categorized as Prospector and Defender; the measurement method is based on the research by Abernethy et al. (2019). The empirical results indicate that net profit margin and asset turnover are positively correlated with firm value. The Prospector strategy negatively moderates the relationship between net profit margin and firm value, while the Defender strategy positively moderates the relationship between asset turnover and firm value.

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