财务外文翻译--基于财务报表分析企业价值

中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：ANALYSIS OF FINANCIAL STATEMENTSWe need to use financial ratios in analyzing financial statements.—— The analysis of comparative financial statements cannot be made really effective unless it takes the form of a study of relationships between items in the statements. It is of little value, for example, to know that, on a given date, the Smith Company has a cash balance of $1oooo. But suppose we know that this balance is only -IV per cent of all current liabilities whereas a year ago cash was 25 per cent of all current liabilities. Since the bankers for the company usually require a cash balance against bank lines, used or unused, of 20 per cent, we can see at once that the firm's cash condition is exhibiting a questionable tendency.We may make comparisons between items in the comparative financial statements as follows:1. Between items in the comparative balance sheeta) Between items in the balance sheet for one date, e.g., cash may be compared with current liabilitiesb) Between an item in the balance sheet for one date and the same item in the balance sheet for another date, e.g., cash today may be compared with cash a year agoc) Of ratios, or mathematical proportions, between two items in the balance sheet for one date and a like ratio in the balance sheet for another date, e.g., the ratio of cash to current liabilities today may be compared with a like ratio a year ago and the trend of cash condition noted2. Between items in the comparative statement of income and expensea) Between items in the statement for a given periodb) Between one item in this period's statement and the same item in last period's statementc) Of ratios between items in this period's statement and similar ratios in last period's statement3. Between items in the comparative balance sheet and items in the comparative statement of income and expensea) Between items in these statements for a given period, e.g., net profit for this year may be calculated as a percentage of net worth for this yearb) Of ratios between items in the two statements for a period of years, e.g., the ratio of net profit to net worth this year may-be compared with like ratios for last year, and for the years preceding thatOur comparative analysis will gain in significance if we take the foregoing comparisons or ratios and; in turn, compare them with:I. Such data as are absent from the comparative statements but are of importance in judging a concern's financial history and condition, for example, the stage of the business cycle2. Similar ratios derived from analysis of the comparative statements of competing concerns or of concerns in similar lines of business What financialratios are used in analyzing financial statements.- Comparative analysis of comparative financial statements may be expressed by mathematical ratios between the items compared, for example, a concern's cash position may be tested by dividing the item of cash by the total of current liability items and using the quotient to express the result of the test. Each ratio may be expressed in two ways, for example, the ratio of sales to fixed assets may be expressed as the ratio of fixed assets to sales. We shall express each ratio in such a way that increases from period to period will be favorable and decreases unfavorable to financial condition.We shall use the following financial ratios in analyzing comparative financial statements:I. Working-capital ratios1. The ratio of current assets to current liabilities2. The ratio of cash to total current liabilities3. The ratio of cash, salable securities, notes and accounts receivable to total current liabilities4. The ratio of sales to receivables, i.e., the turnover of receivables5. The ratio of cost of goods sold to merchandise inventory, i.e., the turnover of inventory6. The ratio of accounts receivable to notes receivable7. The ratio of receivables to inventory8. The ratio of net working capital to inventory9. The ratio of notes payable to accounts payableIO. The ratio of inventory to accounts payableII. Fixed and intangible capital ratios1. The ratio of sales to fixed assets, i.e., the turnover of fixed capital2. The ratio of sales to intangible assets, i.e., the turnover of intangibles3. The ratio of annual depreciation and obsolescence charges to the assetsagainst which depreciation is written off4. The ratio of net worth to fixed assetsIII. Capitalization ratios1. The ratio of net worth to debt.2. The ratio of capital stock to total capitalization .3. The ratio of fixed assets to funded debtIV. Income and expense ratios1. The ratio of net operating profit to sales2. The ratio of net operating profit to total capital3. The ratio of sales to operating costs and expenses4. The ratio of net profit to sales5. The ratio of net profit to net worth6. The ratio of sales to financial expenses7. The ratio of borrowed capital to capital costs8. The ratio of income on investments to investments9. The ratio of non-operating income to net operating profit10. The ratio of net operating profit to non-operating expense11. The ratio of net profit to capital stock12. The ratio of net profit reinvested to total net profit available for dividends on common stock13. The ratio of profit available for interest to interest expensesThis classification of financial ratios is permanent not exhaustive. -Other ratios may be used for purposes later indicated. Furthermore, some of the ratios reflect the efficiency with which a business has used its capital while others reflect efficiency in financing capital needs. The ratios of sales to receivables, inventory, fixed and intangible capital; the ratios of net operating profit to total capital and to sales; and the ratios of sales to operating costs and expenses reflect efficiency in the use of capital.' Most of the other ratios reflect financial efficiency.B. Technique of Financial Statement AnalysisAre the statements adequate in general?-Before attempting comparative analysis of given financial statements we wish to be sure that the statements are reasonably adequate for the purpose. They should, of course, be as complete as possible. They should also be of recent date. If not, their use must be limited to the period which they cover. Conclusions concerning 1923 conditions cannot safely be based upon 1921 statements.Does the comparative balance sheet reflect a seasonable situation? If so, it is important to know financial conditions at both the high and low points of the season. We must avoid unduly favorable judgment of the business at the low point when assets are very liquid and debt is low, and unduly unfavorable judgment at the high point when assets are less liquid and debt likely to be relatively high.Does the balance sheet for any date reflect the estimated financial condition after the sale of a proposed new issue of securities? If so, in order to ascertain the actual financial condition at that date it is necessary to subtract the amount of the security issue from net worth, if the. issue is of stock, or from liabilities, if bonds are to be sold. A like amount must also be subtracted from assets or liabilities depending upon how the estimated proceeds of the issue are reflected in the statement.Are the statements audited or unaudited? It is often said that audited statements, that is, complete audits rather than statements "rubber stamped" by certified public accountants, are desirable when they can be obtained. This is true, but the statement analyst should be certain that the given auditing film's reputation is beyond reproach.Is working-capital situation favorable ?-If the comparative statements to be analyzed are reasonably adequate for the purpose, the next step is to analyze the concern's working-capital trend and position. We may begin by ascertaining the ratio of current assets to current liabilities. This ratioaffords-a test of the concern's probable ability to pay current obligations without impairing its net working capital. It is, in part, a measure of ability to borrow additional working capital or to renew short-term loans without difficulty. The larger the excess of current assets over current liabilities the smaller the risk of loss to short-term creditors and the better the credit of the business, other things being equal. A ratio of two dollars of current assets to one dollar of current liabilities is the "rule-of-thumb" ratio generally considered satisfactory, assuming all current assets are conservatively valued and all current liabilities revealed.The rule-of-thumb current ratio is not a satisfactory test ofworking-capital position and trend. A current ratio of less than two dollars for one dollar may be adequate, or a current ratio of more than two dollars for one dollar may be inadequate. It depends, for one thing, upon the liquidity of the current assets.The liquidity of current assets varies with cash position.-The larger the proportion of current assets in the form of cash the more liquid are the current assets as a whole. Generally speaking, cash should equal at least 20 per cent of total current liabilities (divide cash by total current liabilities). Bankers typically require a concern to maintain bank balances equal to 20 per cent of credit lines whether used or unused. Open-credit lines are not shown on the balance sheet, hence the total of current liabilities (instead of notes payable to banks) is used in testing cash position. Like the two-for-one current ratio, the 20 per cent cash ratio is more or less a rule-of-thumb standard.The cash balance that will be satisfactory depends upon terms of sale, terms of purchase, and upon inventory turnover. A firm selling goods for cash will find cash inflow more nearly meeting cash outflow than will a firm selling goods on credit. A business which pays cash for all purchases will need more ready money than one which buys on long terms of credit. The more rapidly the inventory is sold the more nearly will cash inflow equal cash outflow, other things equal.Needs for cash balances will be affected by the stage of the business cycle. Heavy cash balances help to sustain bank credit and pay expenses when a period of liquidation and depression depletes working capital and brings a slump in sales. The greater the effects of changes in the cycle upon a given concern the more thought the financial executive will need to give to the size of his cash balances.Differences in financial policies between different concerns will affect the size of cash balances carried. One concern may deem it good policy to carry as many open-bank lines as it can get, while another may carry only enough lines to meet reasonably certain needs for loans. The cash balance of the first firm is likely to be much larger than that of the second firm.The liquidity of current assets varies with ability to meet "acid test."- Liquidity of current assets varies with the ratio of cash, salable securities, notes and accounts receivable (less adequate reserves for bad debts), to total current liabilities (divide the total of the first four items by total current liabilities). This is the so-called "acid test" of the liquidity of current condition. A ratio of I: I is considered satisfactory since current liabilities can readily be paid and creditors risk nothing on the uncertain values of merchandise inventory. A less than 1:1 ratio may be adequate if receivables are quickly collected and if inventory is readily and quickly sold, that is, if its turnover is rapid andif the risks of changes in price are small.The liquidity of current assets varies with liquidity of receivables. This may be ascertained by dividing annual sales by average receivables or by receivables at the close of the year unless at that date receivables do not represent the normal amount of credit extended to customers. Terms of sale must be considered in judging the turnover of receivables. For example, if sales for the year are $1,200,000 and average receivables amount to $100,000, the turnover of receivables is $1,200,000/$100,000=12. Now, if credit terms to customers are net in thirty days we can see that receivables are paid promptly.Consideration should also be given market conditions and the stage of the business cycle. Terms of credit are usually longer in farming sections than in industrial centers. Collections are good in prosperous times but slow in periods of crisis and liquidation.Trends in the liquidity of receivables will also be reflected in the ratio of accounts receivable to notes receivable, in cases where goods are typically sold on open account. A decline in this ratio may indicate a lowering of credit standards since notes receivable are usually given to close overdue open accounts. If possible, a schedule of receivables should be obtained showing those not due, due, and past due thirty, sixty, and ninety days. Such a, schedule is of value in showing the efficiency of credits and collections and in explaining the trend in turnover of receivables. The more rapid the turnover of receivables the smaller the risk of loss from bad debts; the greater the savings of interest on the capital invested in receivables, and the higher the profit on total capital, other things being equal.Author(s): C. O. Hardy and S. P. Meech译文：财务报表分析A.财务比率我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。

目录基于财务报表分析的企业价值分析 (1)引言 (1)研究背景 (1)研究目的 (2)研究意义 (3)财务报表分析的基本概念 (3)财务报表的定义 (3)财务报表分析的目的 (4)财务报表分析的方法 (5)企业价值分析的理论基础 (6)企业价值的概念 (6)企业价值的影响因素 (7)企业价值的评估方法 (8)基于财务报表分析的企业价值分析方法 (9)财务报表分析在企业价值分析中的作用 (9)财务报表分析的指标选择 (10)财务报表分析的具体步骤 (11)案例分析：基于财务报表分析的企业价值评估 (12)选取一家企业进行案例分析 (12)运用财务报表分析方法进行企业价值评估 (13)分析结果及结论 (15)财务报表分析的局限性及应对策略 (16)财务报表分析的局限性 (16)应对策略及建议 (16)结论 (18)研究总结 (18)研究展望 (18)基于财务报表分析的企业价值分析引言研究背景随着市场经济的发展和全球化的进程，企业价值分析在金融领域中扮演着越来越重要的角色。

企业价值分析是一种通过对企业财务报表进行深入分析，评估企业的价值和潜力的方法。

通过对企业的财务状况、经营绩效和未来发展趋势进行全面评估，企业价值分析可以帮助投资者、管理者和其他利益相关者做出明智的决策。

财务报表是企业财务状况的重要反映，包括资产负债表、利润表和现金流量表等。

通过对财务报表的分析，可以了解企业的财务状况、经营绩效和盈利能力等关键指标。

然而，仅仅依靠财务报表本身并不能全面准确地评估企业的价值。

财务报表往往只能提供过去的信息，而对于企业未来的发展趋势和潜力，财务报表无法提供直接的线索。

因此，基于财务报表分析的企业价值分析成为了一种重要的方法。

企业价值分析的目的是评估企业的价值和潜力，为投资者、管理者和其他利益相关者提供决策依据。

对于投资者来说，企业价值分析可以帮助他们判断是否值得投资某个企业，以及投资的风险和回报。

对于管理者来说，企业价值分析可以帮助他们了解企业的财务状况和经营绩效，为企业的战略决策提供支持。

Free Cash Flow, Enterprise Value, and Investor CautionHarlan PlattCollege of Business AdministrationNortheastern UniversitySebahattin DemirkanSchool of ManagementSUNY Binghamton UniversityMarjorie PlattCollege of Business AdministrationNortheastern UniversityAbstract：By analyzing actual cash flows in comparison with enterprise values (market capitalization plus debt minus cash) we document that the market dramaticall undervalues firms. The findings suggest that the equity market appears to have an extraordinarily high discount rate which negates future earnings in the calculus of firm value. That is, the discount rate is so high that the vast majority of future cash flows are virtually ignored.Our research finds that stock prices do not reflect future corporate earnings. This finding contrasts with the well known statement in finance textbooks that “the value of a firm equals the present discounted value of future cash flows.” In fact, we find that enterprise values are substantially less than the present discounted value of future cash flows. A one-dollar increase in future cash flows produces only a 75 cent increase in a firm’s enterprise value.The implication of our work is clear: companies are worth far more than the market believes. This provides strong support to the idea behind the private equity industry. We realize that of late private equity firms have overpaid for acquisitions and may lose their entire investment during the current phase of deleveraging. Yet, if private equity firms acquire companies at reasonable prices using less debt, they are likely to create substantial value as a consequence of the fact that companies are so undervalued by the market relative to their cash flows.There are no previous research efforts following our methodological design based on actual cash flows. Rather, .prior research studies have focused on the relationship between forecasted cash flows (by market analysts) and enterprise value. Our approach focuses on a different question – the relationship between discounted future cash flows and the current market value as posited by financial theory.Keywords: Enterprise Value, Actual Cash Flow, Cash Flow, Valuation1.IntroductionThe common explanation provided in finance textbooks for the value of the firm is that it equals the present discounted value of future free cash flows (FCF). Few analysts or market observers disagree with this statement. Despite its universal acceptance, there are few studies of the basic FCF proposition and the theory that underlies the science of valuation. In this paper, we explore the question of whether the value of the firm is related to its future cash flows. Existent literature on this subject includes a few studies conceptually similar to ours and a large body of work on questions peripheral to the basic issue addressed in this paper. Those related works use the FCF valuation theory to address issues of market efficiency. Our work is directed at valuation and not the market efficiency question.Obviously actual future cash flows are unknown when analysts estimate value. Lacking actual future cash flow data, analysts create careful projections of annual cash flows for several years, usually less than 10, and then estimate cash flows in additional years with a terminal value. Public companies have value forecasts prepared for them by many unrelated individuals and organizations. Some forecasts are too optimistic while others are too pessimistic. Presumably optimistic forecasters are buyers of securities while pessimistic forecasters are sellers. A secu rity’s market price would then be the share value that clears the market of optimists and pessimists.The specific projections of all individual forecasters are unavailable. What is known, at a point in time, is the actual market capitalization and enterprise value (EV) that results from the interactions of these many forecasts. Some researchers have tested the relationship between the value of the firm and cash flow forecasts by obtaining a sample of analyst’s forecasts or forecasts from other published so urces. We instead substitute actual cash flows for forecasted cash flows. Our null hypothesis assumes that the market-clearing forecast of future free cash flows is correct for every company. In that case, actual cash flows can be substituted for cash flow forecasts. If the market clearing forecast is too optimistic (pessimistic) then the observed EV exceeds (is less than) the present discounted value of actual free cash flows. Our first empirical test examines how closely EV compare with the present discounted value of actual subsequent cash flows. Finding the theory to be less than complete, our second empirical exercise considers additional explanatory factors to explain EV. This portion of the paper tests whether the accepted FCF theory fully explains EVs.2.LITERATURE REVIEWThe earliest written discussion of the idea that the value of something is related to its future cash flows comes from Johan de Witt (1671); though the basic idea traces back to the early Greeks1. In modern times, the idea that corporate value is related to 1See Daniel Rubinstein, Great Moments in Financial Economics, Journal of Investment Management (Winter 2003).future dividends was first described by John Williams (1938)2. Durand (1957) observed what later became known as the Gordon growth model, that a dividend growing at a constant rate forever can be capitalized to estimate a firm’s va lue.The literature that tests the FCF theory examines a variety of valuation methods. All of these tests rely on forecasts of cash flows or earnings made contemporaneously with the valuation estimate. That is, starting in a given year, they compare actual EV against forecasts, made that year, for the same company. For example, Francis, Olsson, and Oswald (2000) compared three theoretical valuation models-- discounted dividends (DD), discounted FCF, and discounted abnormal earnings (AE)3– by analyzing Value Line annual forecasts for the period 1989 – 1993 for a sample of2,907 firm years that ranges between 554 and 607 firms per year. They found that the AE model had a 27% lower absolute prediction error than the FCF model and a 57% lower absolute prediction error than the DD model.Sougiannis and Yaekura (2001) also consider three multiperiod accounting based valuation methods: an earnings capitalization model (similar to FCF), residual income (a version of AE) without a terminal value, and residual income with a terminal value4. They put analyst’s earnings forecasts into the three theoretical models and find overall that they provide greater insight than merely relying on current earnings, book values or dividends. Their sample covered 36,532 firm years over the period 1981 – 1998 of which 22,705 consisted of one year forecasts, 9,420 of two year forecasts, 1,279 of three year forecasts, and 3,128 of four year forecasts. They found that the AE model with a terminal value most accurately predicted current equity values in 48% of cases, the FCF model was most accurate in 18% of cases, and the AE without a terminal value was most accurate in 13% of cases. Current income and book values provided the best forecasts for the remaining 21% of the sample.Liu, Nissim and Thomas (LNT) (2002) in an article similar to Sougiannis and Yaekura (2001) found that multiples based on analyst’s forward earnings projections (made in the same year) explain stock prices within 15% of their actual value while historical earnings, cash flow measures, book value, and sales were not nearly as insightful. LNT argue that multiples value future profits and risk better than present value forecasts. Their multiples are derived based on current earnings and stock prices.Gentry, Whitford, Sougiannis, and Aoki (2001) took a different theoretical and empirical approach comparing an accounting method which looked at the discounted value of future net income to a finance method that looked at the discounted value of FCFs to equity. Their analysis tested the closeness with which each model predicted capital gains. The sample included both US (1981 – 1998) and Japanese companies (1985– 1998). Each year had between 881 and 1034 US companies and 166 to 3652See, Aswath Damodaran, “Valuation Approaches and Metrics: A Survey of the Theory,” Stern School of Business Working Paper, November 2006. Damodaran notes that Ben Graham saw the connection between value and dividends but not with a discounted valuation model.3Abnormal earnings as discussed by Ohlson (1995) assume that the value of equity equals the sum ofbook value plus abnormal earnings.4They also report that a 4% constant growth rate provides the best terminal value, even better than onesbased on individual firm growth forecasts.Japanese companies. They found that the FCFs to equity method were not closely related to capital gains rates of return for either US or Japanese companies. In the US they found a strong relationship between cash flows associated with operations, interest, and financing (the accounting method) to capital gains; no similar relationship was found in Japan.Finally, Dontoh, Radhakrishnan, and Ronen (2007) compared the association between stock prices and accounting figures. They found that the association between stock prices and accounting numbers has been declining over time. They suggest that this may be due to increased noise in stock prices resulting from higher trading volume driven by non-information based trading.A further related literature examines the relationship between valuation and changes in dividends . These studies are concerned with market efficiency. Dividends are a straightforward concept: they are the payments made to equity holders by a company. Dividends may also be thought to include all cash payouts to equity including share repurchases, share liquidations, and cash dividends. Several studies have examined whether changes in dividends relate to changes in equity values; among these are Shiller (1981), LeRoy and Porter (1981), and Campbell and Shiller (1987). These tests generally find that stock market volatility can not be explained by subsequent changes in dividends. Larrain and Yogo (2008) take a slightly different look at equity volatility. Using a more aggregate sample they find that the majority of the change in asset prices (88%) is explained by cash flow growth while the remaining 12% is explained by changes in asset returns. They conclude that stock prices are not explained by dividend changes.The residual income method is conceptually more similar to FCF than to dividends. Residual income at its most basic equals the firm’s net income minus the cost of its capital. In the accounting literature, Ohlson’s (1991, 1995) formulation of a residual income model (RIM) is widely accepted and has been subjected to numerous tests. RIM begins with an accounting identity; namely that the change in book value equals the difference between net income and dividends. Ohlson then defines AE as the difference between net income and lagged book value. It is then a small step to observe that the present discounted value of expected future abnormal earnings plus the book value of equity equals stock price5. Jiang and Lee (2005) test both the RIM and the dividend discount model. Their test of equity volatility finds that RIM provides more and better information than dividends.3.METHODOLOGYUnlike previous studies, we rely on actual subsequent cash flows over a period of time rather than forecasts of cash flow made contemporaneously with EV. Previous researchers can be thought of as studying the consistency between contemporaneous EV determined in the market and forecasts of future cash flows. Our study does not have that focus. We instead are interested in the actual accuracy of market determined EVs. We compare EVs at a point in time to subsequent cash flows. The closer these values are the more accurate is the market in valuing companies based on their future 5See Jiang and Lee (2005), page 1466.cash flows.In order to estimate corporate value with FCFs, annual costs of capital must be estimated for each company. An alternative is to determine value using the capital cash flow (CCF) method. CCF yields the same present value as FCF6but only requires a single cost of capital estimate for each firm. This is the approach we follow.CCF is determined following Arzac (2005) as follows:CCF = net income + depreciation - capital expenditures –Δ working capital +Δ deferred taxes + net interestEstimated enterprise value (EEV) is calculated with the CCF estimates as follows:EEV =Σ(CCFi,j ) /(1+ kj )t TVj /(1+ kj )y , (i=1….y)where k is cost of capital, TV is terminal value, i is year, y is the final year with cash flow data and j represents firm. Terminal value is estimated according to the Gordon growth model. EEV estimates are compared with EV, the firm’s actual va lue as of the last trading day of the year. EV is calculated following Arzac (2005) as follows;EV = MarketCap + Debt −CashThe comparison between EV and EEV is a test of the accuracy of the market’s valuation process. Cases where EV exceeds (is less than) EEV are ones of overly optimistic (pessimistic) market valuation.4.DataWe begin with all firms with fiscal year end for which there is data for:• cash and short-term investments (data1),• total assets (data6),• current assets (data4),• current liabilities (data5),• short-term debt (data44),• long-term debt (data9),• notes payable (data206), and• deferred taxes (data74),• capital expenditures (data128)• sales (data12),• net income (data172)• depreciation (data14)• interest expense (data15)• interest income (data62)• common shares outstanding (data25),• year-end stock price (data199).This results in an initial sample of 131,518 firm-year observations. All firms are classified into their respective industries using historical SIC codes (data324).For each firm-year in the initial sample, we compute the following variables;EV = Market Cap (data199*data25) + Debt (data9 + data44 + data206)6See Arzac (2005) or Platt (2008).- Cash (data1)WC= Net current assets (data4 - data5) – cash (data1) + notes (data206)D= Long term (data9) + short term (data44 + data206)E= Share price (data199) * Number of shares (data25)(where EV is enterprise value, WC is working capital, D is debt, and E is equity) In addition we also compute lagged values for WC and deferred taxes (data74).Next, we obtain betas for firm-years from Compustat’s Research Insight. Betas are winsorized at the 1st and 99th percentiles to account for extreme outliers in the data.Interest rates based on the 10-year constant maturity series (I10YR) are obtain from the Federal Reserve Bank’s website. After merging with the interest rate data and the betas, the sample size reduces to 69,643 firm-year observations. The loss in observations is largely due to missing data on the betas or deletions due tonon-availability of lagged firm-year data.With the merged dataset, we compute the following variables, where LWC represents the lagged value of WC and Ldata74 is the lagged value for data74: CCF = net income (data172) + depreciation (data14) - capital expenditures(data128) + WC - LWC + deferred taxes (data74) - Ldata74 +interest paid (data15) –interest received (data62);βA = (1 / (1 + D/E))*βKU1 = I10YR + βA *ERP1KU2 = I10YR + βA *ERP2KU3 = I10YR + βA *ERP3;(where CCF is capital cash flow, βA is the asset beta, ERP is the equity risk premium, and KU1, KU2 and KU3 are estimates of the unlevered cost of capital for three different ERPs (ERP1 = 0.03;ERP2 = 0.05;ERP3 = 0.07)Results were essential identical regardless of the choice of ERP and so we report on those for ERP3. We then drop all observations with fiscal year greater than 2000 to allow a sufficient numbers of years of actual cash flow data to be in the dataset.From the summary files of the Institutional Brokers Estimate System (IBES) database, we extract median values of long-term growth in sales forecasts for all firms. The median value is based on all analyst estimates of long-term (5 to 10 years) growth forecasts made for each firm. Prior studies use this as a measure of the estimated growth rate for a firm’s cash flow. Many of the growth rate forecasts were extraordinarily large, and so we followed Sougiannis and Yaekura (2001) by using the growth rate in GDP instead of the IBES values.The final dataset consists of 27,027 firm-year observations with complete data on all variables of interest. Of this 2,820 firm-years are data for companies with five or more years of information. Firm’s whose last year of data had negative FCF were dropped from the sample since terminal value could not be calculated for them. This left us with 1,821 firms.Some companies in our sample have only five years of actual cash flow data; others have as many as 12 years of data. Recently it has been argued that the terminal value estimate dominates estimates of present value, see Platt and Demirkan (2008).To insure that EEV estimates are not unduly influenced by estimates of terminal value, EEV is calculated repeatedly for each company starting with using five years of data and then using more years,12 years, depending on how much data the company has available.5.CONCLUSIONWe began this paper saying that the most common explanation in finance textbooks for the value of the firm was that it equaled the present discounted value of future cash flows. Our results suggest that a better description for textbooks is that the value of the firm is related to but unequal to the present discounted value of future cash flows. In conjunction with Platt and Demirkan (2008) which finds that the TV is the principle part of EEV (i.e., approximately 92.3%) it would seem that the market values firms based on their near term (perhaps five years or fewer) subsequent cash flows. In fact, one dollar increase in future cash flows produces far less of an increase in a firm’s EV. Theoretically this conforms to a version of the Gordon (1962)two-stage growth model with a WACC based discount rate during the early period and a very high discount rate during the future period).Supporting evidence to our surprising finding appear in everyday stock market tables. For example, the following quote from of December 8, 2008 speaks precisely to our findings.“Cheapest Stocks Since 1995 Show Cash Exceeds Market(By Michael Tsang and Alexis Xydias)Dec. 8 (Bloomberg) –“Stocks have fallen so far that 2,267companies around the globe are offering profits to investors for free. That’s eight times as many as at t he end of the last bear market, when the shares rose 115 percent over the next year.Bank of New York Mellon Corp. in New York, Danieli SpA in Buttrio, Italy and Seoul-based Namyang Dairy Products Co. Hold more cash than the value of their stock and debt as the slowing world economy wiped out $32 trillion in capitalization this year.”The Bank of New York Mellon, for example, on that day had a market capitalization of $31.71 billion, debt of $35.83 billion, and cash of $75.50 billion. In this case, the market has an infinite discount rate on any and all cash flows.A possible explanation for our higher EEV estimate than actual EV is that our unlevered cost of capital (KU) estimate is too low and therefore associated with a too high TV estimate. However, we calculated three KU estimates, based on generally accepted equity risk premium (ERP) levels and then used the highest KU. It is true however, that there is a KU which equilibrates EV with our EEV.Another possible explanation is that forecasts relied upon the valuation process are inaccurate and that future cash flows far exceed what analysts had expected. We find this to be the least satisfactory explanation.REFERENCESArzac, Enrique, 2005, Valuation For Mergers, Buyouts, and Restructuring, John Wiley & Sons.Campbell, J., and Shiller, R., 1987, Cointegration and Tests of Present Value Models, Journal of Political Economy, 95(5):1062-88.Daines, R, 2001, Does Delaware law improve firm value?, Journal of Financial Economics, 62: 525-558Damodaran, A., 2006, Valuation Approaches and Metrics: A Survey of the Theory, Working Paper, Stern School of Business..Dontoh, A., Radhakrishnan, S., and Ronen, J., 2007, Is Stock Price a Good Measure for Assessing Value-Relevance of Earnings? An Empirical Test, Review of Managerial Science, 1(1):3-45.Fama Eugene F. and Kenneth R. French, 1992, The Cross- Section of Expected Stock Returns, The Journal of Finance,47: 427-465.Fama Eugene F. and Kenneth R. French., "Size and Book-to-Market Factors in Earnings and Returns", The Journal of Finance, 1995, No. 50. -pp. 131-155. Francis, J., Olsson, P., and Oswald, D, 2000, Comparing the Accuracy and Explainability of Dividend, Free Cash Flow, and Abnormal Earnings Equity Value Estimates, Journal of Accounting Research, 38(1).Gentry, J. Whitford, D., Sougiannis, T., and Aoki S., 2001, Do Accounting Earnings or Free Cash Flows Provide a Better Estimate of Capital Gain Rates of Return on Stocks?, Security Analysts Journal, 39(5):66-78.Hovakimian, A., T. Opler, and S. Titman, 2001, The debt-equity choice, Journal of Financial and Quantitative Analysis, 36(1):1–24.Larrain, B. and Yogo, M., 2008, Does firm value move too much to be justified by subsequent changes in cash flow, Journal of Financial Economics, 87(1):200-26. LeRoy, S. F. and Porter, R. D., 1981, The Present-Value Relation: Tests Based on Implied Variance Bounds, Econometrica, 49(3):555-574.20Jiang, X. and Lee B., 2005, An Empirical Test of the Accounting-Based Residual Income Model and the Traditional Dividend Discount Model, Journal of Business, 78(4):1465–1504.Larrain, B., Yogo, M., 2008. Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?, Journal of Financial Economics, 87 (1),200–226.Liu, J., Nissim, D., and Thomas, J., 2002, Equity Valuation using Multiples, Journal of Accounting Research, 40(1): 135- 172.Myers, S. C., 1977, Determinants of corporate borrowing, Journal of Financial Economics, 5:147-175.Ohlson, J., 1991, The theory of value and earnings, an introduction to the Ball-Brown analysis, Contemporary Accounting Research, 8:1-19.Ohlson, J., 1995, Earnings, book values, and dividends in security valuation, Contemporary Accounting Research, 11: 661-87.Polk, C., Thompson, S. and Vuolteenaho, T., 2006, Cross-sectional forecasts of the equity premium, Journal of Financial Economics, 1:101-141.Platt, H, 2008, Cash Flow Contradistinctions, Commercial Lending Review, 23 (2):19-24Platt, H. and Demirkan, S., 2008, Perilous Forecasts: Implications of Reliance onTerminal Value, Working Paper, Northeastern University.Shiller, R.J., 1981, Do stock prices move too much to be justified by subsequent movements in dividends?, American Economic Review,71 (3): 421-36. Sougiannis, T., and Yaekura, T.,2001, The Accuracy and Bias of Equity Values Inferred from Analysts Earnings Forecasts, The Journal of Accounting, Auditing, and Finance, 16(4):331–362.Rubinstein D.,2003, Great Moments in Financial Economics: II. Modigliani-Miller Theorem, Journal of Investment Management. 1(2).Tsang M. and Xydias A., 2008 Cheapest Stocks Since 1995 Show CashExceeds Market, , December 8, 2008.。

财务报表分析外文文献及翻译LNTU---Acc附录A财务报表分析的杠杆左右以及如何体现盈利性和值比率摘要关键词:财政杠杆;运营债务杠杆;股本回报率;值比率传统观点认为，杠杆效应是从金融活动中产生的:公司通过借贷来增加运营的资金。

杠杆作用的衡量标准是负债总额与股东权益。

然而，一些负债——如银行贷款和发行的债券，是由于资金筹措，其他一些负债——如贸易应付账款，预收收入和退休金负债，是由于在运营过程中与供应商的贸易，与顾客和雇佣者在结算过程中产生的负债。

融资负债通常交易运作良好的资本市场其中的发行者是随行就市的商人。

与此相反，在运营中公司能够实现高增值。

因为业务涉及的是与资本市场相比，不太完善的贸易的输入和输出的市场。

因此，考虑到股票估值，运营负债和融资负债的区别的产生有一些先验的原因。

我们研究在资产负债表上，运营负债中的一美元是否与融资中的一美元等值这个问题。

因为运营负债和融资负债是股票价值的组成部分，这个问题就相当于问是否股价与账面价值比率是否取决于账面净值的组成。

价格与账面比率是由预期回报率的账面价值决定的。

所以，如果部分的账面价值要求不同的溢价，他们必须显示出不同的账面价值的预期回报率。

因此，标准的财务报表分析的能够区分股东从运营中和借贷的融资业务中产生的利润。

因此，资产回报有别于股本回报率，这种差异是由于杠杆作用。

然而，在标准的分析中，经营负债不区别于融资负债。

因此，为了制定用于实证分析的规范，我们的研究结果是用于愿意分析预期公司的收益和账面收益率。

这些预测和估值依赖于负债的组成。

这篇文章结构如下。

第一部分概述并指出了了能够判别两种杠杆作用类型，连接杠杆作用和盈利的财务报表分析第二节将杠杆作用，股票价值和价格与账面比率联系在一起。

第三节中进行实证分析，第四节进行了概述与结论。

1 杠杆作用的财务报表分析以下财务报表分析将融资债务和运营债务对股东权益的影响区别开。

这个分析从实证的详细分析中得出了精确的杠杆效应等式普通股产权资本收益率=综合所得?普通股本(1) 杠杆影响到这个盈利等式的分子和分母。

第1篇Executive SummaryThis analysis aims to provide a comprehensive overview of the financial performance of XYZ Corporation over the past fiscal year. By examining the financial statements, including the balance sheet, income statement, and cash flow statement, we can gain insights into the company's profitability, liquidity, solvency, and overall financial health. This report will be presented in both English and Chinese, with key findings and conclusions translated for clarity.I. IntroductionXYZ Corporation, a leading company in the technology industry, has released its financial report for the fiscal year ending December 31, 2022. The report provides a detailed account of the company's financial activities, performance, and position during the period. This analysis will focus on the key financial indicators and ratios, highlighting the company's strengths and weaknesses, and offering recommendations for improvement.II. Financial Statements AnalysisA. Balance SheetThe balance sheet provides a snapshot of the company's financialposition at a specific point in time. The following analysis will focus on the key components of the balance sheet:1. Assets: XYZ Corporation's total assets increased by 15% from the previous fiscal year, driven by a 20% growth in current assets and a 10% increase in non-current assets. This indicates that the company has been successful in expanding its asset base.2. Liabilities: The total liabilities of XYZ Corporation also increased by 12%, with current liabilities growing by 15% and non-currentliabilities by 10%. This suggests that the company has taken on additional debt to finance its growth.3. Equity: The equity of XYZ Corporation increased by 18% over thefiscal year, reflecting the company's profitability and reinvestment in the business.B. Income StatementThe income statement shows the company's revenue, expenses, and net income over a specific period. The following points highlight the key aspects of the income statement:1. Revenue: XYZ Corporation's revenue increased by 20% from the previous fiscal year, driven by strong sales in the technology sector.2. Expenses: The company's expenses increased by 15%, with cost of goods sold (COGS) increasing by 18% and selling, general, and administrative expenses (SG&A) increasing by 12%. This indicates that the company has been able to control its cost of goods sold but has experienced some increases in SG&A expenses.3. Net Income: XYZ Corporation's net income increased by 25% over the fiscal year, reflecting the company's strong operational performance.C. Cash Flow StatementThe cash flow statement provides insights into the company's cashinflows and outflows. The following analysis focuses on the key components of the cash flow statement:1. Operating Cash Flow: XYZ Corporation's operating cash flow increased by 30% over the fiscal year, indicating strong cash-generating capabilities.2. Investing Cash Flow: The company's investing cash flow decreased by 5%, primarily due to lower capital expenditures.3. Financing Cash Flow: Financing cash flow increased by 20%, driven by higher dividends paid to shareholders and an increase in long-term debt.III. Financial Ratios AnalysisA. Liquidity Ratios1. Current Ratio: XYZ Corporation's current ratio increased from 1.5 to 1.8, indicating improved short-term liquidity.2. Quick Ratio: The quick ratio improved from 1.2 to 1.5, suggestingthat the company has a strong ability to meet its short-term obligations.B. Solvency Ratios1. Debt-to-Equity Ratio: The debt-to-equity ratio decreased from 1.2 to 1.0, indicating a more conservative financial structure.2. Interest Coverage Ratio: The interest coverage ratio improved from 5.0 to 6.0, reflecting the company's ability to cover its interest expenses.C. Profitability Ratios1. Gross Profit Margin: The gross profit margin remained stable at 40%, indicating efficient cost management.2. Net Profit Margin: The net profit margin increased from 15% to 20%, reflecting the company's improved profitability.IV. ConclusionXYZ Corporation has demonstrated strong financial performance over the past fiscal year, with significant growth in revenue, net income, and operating cash flow. The company's liquidity and solvency ratios are also healthy, indicating a strong financial position. However, there are areas of concern, such as the increase in SG&A expenses and the need to manage long-term debt.V. Recommendations1. Cost Control: XYZ Corporation should focus on managing SG&A expenses to improve profitability.2. Debt Management: The company should consider strategies to manage long-term debt, such as refinancing or paying down existing debt.3. Investment in Research and Development: Investing in research and development can help the company stay competitive in the technology industry.VI. 中文摘要本报告旨在全面分析XYZ公司过去一个财年的财务表现。

文献信息文献标题: The Need Of Financial Statement Analysis In A Firm or0 rgnization(企业或机构财务报表分析的必要性)国外作者: Suneetha G 文献出处:《International Journal of Science Engineering and Advancel Technology (.JSEAT)) 2017, 5(6): 731-735字数统计:2541单词,15110字符;中文4377汉字外文文献:The Need Of Financial Statement AnalysisIn A Firm Or An Orgnization Abstract Financial statement analysis play a dominate role in setting the frame watt of managerial decisions through analysis and interpretation of financial statement This paper discusses about financial , strength and weakness of the company by properly establishing relationship between the items of balance shed and profit and loss account. In order to judge the profitability and financial soundness of the company horizontal, and vertical analyze or done. The various technique used in analyzing financial statement included 'comparative statement, common size statement, trend analysis and ratio analysis. The results suggest that the ratio approach is a highly useful tool in financial statement analysis, especially when a set of ratios is used to evaluate a firm's performanceKey words: Financial statement analysis, to evaluate a firm's performance Comparative statement. Common size statement, trend analysis and ratio analysis1 Introductionhe basis for financial analysis planning and decision making is financiainformation/a business firm has to prepares its financial accounts viz.. balance sheet profit and loss account which provides useful financial information for the purpose of decision making Financial information is needed to predict. Compare and evaluate the fin's earnings ability. The formers statements viz. profit and loss account shows that operating activities of the concern and the later balance sheet depicts the balance value of the acquired assets and of liabilities at a particular point of time. However these statements don't disclose all of the necessary for ascertaining the financial strengths and weaknesses of an enterprise. it is necessary to analyze the data depicted n the financial statements. The finance manager has certain analytical tools which helps is financial analysis and planning. [Doron nissim, stephen h. Penman, (2003) Financialstatement Analysis of Leverage and How it Informs About Profitability and Price-to-book Ratios. Survey of Accounting Studies. Kluwer Academic PublishersAs per examine by Dissim. StephePenman' on Financia proclamation investigation of Leverage and how it illuminates about gainfulness and cost to book proportions, money related explanation examination that recognizes use that emerges in financing exercises from use that emerges in operations. The examination yields two utilizing conditions. one for getting to back operations and one for obtaining over the span of operations. This examination demonstrates that the budgetary explanation investigation clarifies cross-sectional contrasts in present and future rates of return and additionally cost to-snare proportions, which depend onexpected rates of profit for value. This investigation helps in understandorkins influence contrasts in productivity in the cross-areas. changes in future productivity from current benefit and legally binding working liabilities from evaluated liabilities Yating Van, HW. Chuang, (2010) Financial Ratio Adjustment Process: Evidence from Taiwan and North America, ISSN 1450-2887 Issue 43 (2010)0 Euro Journa Publishing Inc. 20102. Financial statements analysisprocess of identifying the financial strengths and weaknesses of a firm from the available accounting data and financial statements. The analysis is done by properly establishing the relationship between the items of balance sheet and profitnd loss account. The first task of the financial analyst is to determine the information relevant the decision under consideration from the total information contained in financial statement. The second step is to arrange information in a way to highlightsignificant relationships. The final step is interpretation and drawing of infed conclusions. Thus financial analysis is the process of selection, relating and evaluation of the accounting data or informationPurpose of financial statements analysis Financial statements analysis is the meaningful interpretation of 'financial statements for panics demanding financial information. It is not necessary for the proprietors alone. In general, the purpose of financial statements analysis is to aidmaking between the users of accounts To evaluate past performance and financial position To predict future performance Tools and techniques of financial analysis Comparative balance sheet common size balance shee Trend analysis Ratio analysis Comparative balance sheet Comparative financial statements is a statement of the financial position of a business so designed as to facilitate comparison of different accounting variables for drawing useful inferences. Financial statements of two or more business enter prices may be compared over period of years. This is known as inter firm comparison Financial statements of the particular business enter pries may be compared over two periods of years. This is known inter period comparisonCommon size statements It facilities the comparison of two or more business entities with a commonbase .in case of balance sheet, total assets or liabilities or capital can be taken ascommon base. These statements are called common measurements or components percentage or 100 percent statements. Since each statement is representated as a %ofthe total of 100 which in variably serves as the baseIn this manner the announcements arranged to draw out the proportion of every benefit of risk to the aggregate of the monetary record and the proportion of every thing of cost or incomes to net deals known as the basic size articulationsPattern investigation Even examination of money related explanations can likewise be completed by figuring pattern rates. Pattern rate expresses quite a long while's budgetary formation as far as a base year. The base year rises to 100 % with every single other year expressed in some rate of this baseProportion investigation Proportion investigation is the technique or process by which the relationship of things or gatherings of things in the budgetary proclamations are registered. decided and introduced. Proportion investigation is an endeavor to determine quantitative measures or aides concerning the money related wellbeing and benefit of the business nture. Proportion investigation can be utilized both in pattern and static examinationhere are a few proportions at the examiner yet the gathering of proportions he wouincline toward relies upon the reason and the destinations of the investigationBookkeeping proportions are viable apparatuses of examination; they are pointers of administrative and over all operational productivity. Proportions, when appropriately utilized are fit for giving valuable data. proportion examination characterized as the deliberate utilization of proportions to decipher the money related explanations with the goal that the qualities and shortcomings of a firm and in addition its chronicled execution and current monetary condition can be resolved the term proportion alludes to the numerical or quantitative connection between things factors this relationship can be communicated as (Fraction (2)Percentages (3)Proportion of numbers These option strategies for communicating things which are identified with eacstigation,examination. It ought to be seen that processing the proportion does not include data in the figures of benefit or deals. What the proportions do is that they uncover the relationship in a more important manner in order to empower us to reach inferences from th As indicated by look into by the Yating yang and 11. W. Chuang. on 'Monetary Ratio Adjustment Process: Evidence from Taiwan and North America. measurable legitimacy of the proportion strategy in monetary articulation examination is researched. The outcomes hence recommend that the proportion approach is a valuable instrument in monetary explanation investigation, particularly when an arrangement of proportions is utilized to assess an association's execution. The straightforwardness of this strategy additionally underpins the utilization of proportions in money related basic leadership3.Money related proportions in perspective of GAAGAAP is the arrangement of standard systems for recording business exchanges and detailing accounting report passages. The components of GAAP incorporatethings onetaryd. and how to ascertain exceptional offer estimations. The models fused into (MAP give general consistency in assumes that are thusly used to ascertain imperative money related proportions that financial specialists and investigators use to assess the organization. Indeed, even agreeable monetary records can be trying to unravel, yet without a framework characterizing every class of section, corporate money related articulations would be basically dark and uselessThere are seven fundamental rule that guide the foundation of the Generall Accepted Accounting Principles. The standards of normality, consistency, perpetuality and genuineness go towardsurging organizations to utilize the legitimate bookkeeping hones quarter after quarter in a decent confidence push to demonstrate the genuine money related state of the organization. None remuneration judiciousness and progression build up rules for how to set up a monetary record, by and large to report the budgetary status of the organization as it is without treatin resources in irregular ways that distort the operations of the organization just to balance different sections. The rule of periodicity basic implies that salary to be gotten extra time ought to be recorded as it is booked to be gotten, not in a singular amountThe brought together arrangement of bookkeeping in this manner has various advantages. Not exclusively does it give a specific level of straightforwardness into an organization's funds. it likewise makes for generally simple examinations between organizations. Subsequently, GAAPempowers venture by helping financial specialists pick shrewdly. GAAP gives America organizations preference over remote ones where financial specialists, unless they have a cozy comprehension of the business may have a great deal more trouble figuring the potential dangers and prizes of a venture. GAAP applies to U.S.-based enterprises just, however every other real nation has bookkeeping measures set up for their local organizations. Now and again remote bookkeeping is genuinely like U.S. GAAP, changing in just minor and fectively represented ways. In different cases, the models change fundamentally aking direct examinations questionable, best case scenarioAdvantages and Limitations of Financial Ratio Analysis Financial ratio analysis is a useful tool for users of financial statement. It hasFocal pointselated proclamations It helps in contrasting organizations of various size and each other. It helps in drift examination which includes looking at a solitary organization over a period It highlights imperative data in basic frame rapidly. A client can judge an organization by simply taking a gander at few number as opposed to perusing of the entire monetary explanationsRestrictions Regardless of convenience, finance.ial proportion examination has a few burdens Some key faults of budgetary proportion examination areDifferent organizations work in various enterprises each having distinctive natural conditions, for example, control, showcase structure, and so on. Such factors curve so huge that a correlation of two organizations from various ventures may beecelvilFinancial bookkeeping data is influenced by assessments and presumptions Bookkeeping principles permit diverse bookkeeping arrangements, which disables likeness and subsequently proportion examination is less helpful in suchcircumstancesRatio investigation clarifies connections between past data while clients are more worried about present and future datThe investigation helps for breaking down the alteration procedure of moneelated proportionsmodel states three impacts which circular segment an association's interior impact, expansive impact, and key administration. It encourages(That a company's budgetary proportions reflect unforeseen changes in the business(2)Active endeavors to accomplish the coveted focus by administration and (3)An individual association's money related proportion developmentMonetary proclamations investigation is the way toward looking at connections among components of the organization's "bookkeeping articulations" or money related explanations (accounting report, salary articulation. proclamation of income and the announcement of held profit) and making correlations with pertinent data. It is a significant instrument utilized by financial specialists. leasers, monetary investigators proprietors. administrators and others in their basic leadership handle The most well known sorts of money related explanations examination curveHorizontal Analysis: monetary data are thought about for at least two years for a solitary organizationVertical anaery thing on a solitary monetary explanation is figured as a rate of an aggregate for a solitary organizationRatio Analysis: analyze things on a solitary budgetary articulation or look at the connections between things on two monetary proclamationsMoney related proportions examination is the most widely recognized type o budgetary explanations investigation. Monetary proportions delineate connections between various parts of an organization's operations and give relative measures of the company's conditions and execution. Monetary proportions may give intimationsand side effects of the money related condition and signs of potential issue regionsby and large holds no importance unless they are looked at against something else, as past execution, another organization/contender or industry normal. In this way, the proportions of firms in various enterprises, which confront distinctive conditions, are generally difficult to analyzeMoney related proportions can be a critical instrument for entrepreneurs and dministrators to gauge their advance toward achieving organization objectives, an toward contending with bigger organizations inside an industry; likewise, followin different proportions after some time is an intense approach to recognize patterns Proportion examination, when performed routinely after some time, can likewise give assistance independent ventures perceive and adjust to patterns influencing their operationsMoney related proportions are additionally utilized by financiers. Speculators and business experts to survey different traits of an organization's monetary quality or working outcomes, this is another motivation behind why entrepreneurs need to comprehend money related proportions in light of the fact that, all the time, a business' capacity to get financing or value financing will rely upon the organization's budgetary proportions. Money related proportions are ordered by the monetary part of he business which the proportion measures. Liquidity proportions look at the ccessibility of organization's money to pay obligation. Productivity proportions measure the organization's utilization of its benefits and control of its costs to create a satisfactory rate of return. Use proportions look at the organization's techniques for financing and measure its capacity to meet budgetary commitments. Productivity proportions measure how rapidly a firm changes over non-money resources for money resources. Market proportions measure financial specialist reaction to owning an organization's stock and furthermore the cost of issuing stockProportion Analysis is a type of Financial Statement Analysis that is utilized acquire a snappy sign of an association's money related execution in a few key territories. Proportion investigation is utilized to assess connections among money related proclamation things. The proportions are utilized to distinguish inclines after some time for one organization or to look at least two organizations at one point in ime. Money related explanation proportion investigation concentrates on three key parts of a business: liquidity, benefit, and dissolvability The proportions are sorted as Short-term Solvency Ratios, Debt MaRatios and Asset management Ratios. Productivity Ratios, and Market Value ratios Proportion Analysis as an instrument has a few vital elements. The information, which are given by budgetary proclamations. are promptly accessible. The calculation of proportions encourages the examination of firms which contrast in measure oportions can be utilized to contrast anassociation's money related execution and industry midpoints. What's more, proportions can be utilized as a part of a type of ttern investigation to recognize zones where execution has enhanced or crumbled after some time. Since Ratio Analysis depends on bookkeeping data, its adequacy is restricted by the bends which emerge in budgetary explanations because of such things as Historical Cost Accounting and swelling. Thusly, Ratio Analysis should just be utilized as an initial phase in money related examination, to get a snappy sign of an association's execution and to distinguish territories which should be explored further.中文译文:企业或机构财务报表分析的必要性摘要财务报表分析在制定管理决策框架方面起着主导作用,其方法是通过对财务报表进行分析和解释。

中文4400字基于财务报表分析企业价值摘要随着市场经济的不断发展，越来越多的人开始注意到企业价值的重要性，并且开始对企业的价值进行研究，而且是以财务报表作为价值研究的基础，并对企业有重大的影响，所以基于财务报表对企业价值的研究对企业价值管理有重要的意义。

本文通过对财务报表数据的分析，运用了现金流量折现法、相对价值法等方法对财务报表进行分析，在财务数据中找到对企业价值有用的数据进行分析，得到与企业的内在价值最相近的一个价值以便于管理者更好的对企业做出管理决策和投资决策。

现在,在市场经济条件下,企业本身就是可以在市场中交易的商品,企业由利润最大化转化到价值最大化。

因此，基于财务报表分析企业价值尤为重要。

财务报表作为企业的财务状况和企业的经营状况的反映，成为上市公司的法定资料，真实的财务报表数据，可以揭示企业过去的经营业绩，识别企业的优劣，预测企业的未来。

该文章首先介绍的是传统的报表的局限性和怎样改进，然后是基于改进后的报表对企业价值进行研究。

关键字：财务报表,企业价值,企业价值评价1 绪论1.1企业价值的含义企业价值是20世纪60年代伴随着产权交易市场的出现，由美国管理者最早提出的一个概念。

在市场经济条件下，企业本身也是一种可以在产权市场上交易的商品，作为该商品的利益相关者，包括投资人、债权人、管理者等，都必须要了解企业的价值。

企业价值是指企业作为一种商品的货币表现。

1.3 评价企业价值的作用1.3.1 企业价值评价用于企业管理随着经济的发展和人们认识的提高，财务管理目标由“利润最大化”转为“企业价值最大化”，我们知道企业作为一类特殊的资产，有其自身的特点：盈利性、持续经营性、整体性。

而企业价值最大化作为财务目标符合企业本身的特点，即企业价值关注的是企业长期的盈利能力。

企业价值最大化是通过企业财务上的合理经营，采用最优的财务政策，充分考虑资金的时间价值和风险与报酬的关系，在保证企业长期稳定发展的基础上使企业总价值最大。

财务报表分析中英文对照外文翻译文献编辑Introduction:Financial statement analysis is an essential tool used by businesses and investors to evaluate the financial performance and position of a company. It involves the examination of financial statements such as the balance sheet, income statement, and cash flow statement to assess the company's profitability, liquidity, solvency, and efficiency. In this document, we will provide a detailed analysis and translation of foreign literature related to financial statement analysis.1. Importance of Financial Statement Analysis:Financial statement analysis provides valuable insights into a company's financial health and helps stakeholders make informed decisions. It enables investors to assess the profitability and growth potential of a company before making investment decisions. Additionally, it helps creditors evaluate the creditworthiness and repayment capacity of a company before extending credit. Furthermore, financial statement analysis assists management in identifying areas of improvement and making strategic decisions to enhance the company's performance.2. Key Elements of Financial Statement Analysis:a) Balance Sheet Analysis:The balance sheet provides a snapshot of a company's financial position at a specific point in time. It presents the company's assets, liabilities, and shareholders' equity. By analyzing the balance sheet, stakeholders can assess the company's liquidity, solvency, and financial stability.b) Income Statement Analysis:The income statement, also known as the profit and loss statement, presents the company's revenues, expenses, and net income over a specific period. It helps stakeholders evaluate the company's profitability, revenue growth, and cost management.c) Cash Flow Statement Analysis:The cash flow statement details the inflows and outflows of cash during a specific period. It provides insights into the company's operating, investing, and financing activities. By analyzing the cash flow statement, stakeholders can assess the company's ability to generate cash, meet its financial obligations, and fund its growth.3. Financial Ratios for Analysis:Financial ratios are essential tools used in financial statement analysis to assess a company's performance and compare it with industry benchmarks. Some commonly used financial ratios include:a) Liquidity Ratios:- Current Ratio: Measures a company's ability to meet short-term obligations.- Quick Ratio: Measures a company's ability to meet short-term obligations without relying on inventory.b) Solvency Ratios:- Debt-to-Equity Ratio: Measures the proportion of debt to equity in a company's capital structure.- Interest Coverage Ratio: Measures a company's ability to meet interest payments on its debt.c) Profitability Ratios:- Gross Profit Margin: Measures the profitability of a company's core operations.- Net Profit Margin: Measures the profitability of a company after all expenses, including taxes.d) Efficiency Ratios:- Inventory Turnover Ratio: Measures how quickly a company sells its inventory.- Accounts Receivable Turnover Ratio: Measures how quickly a company collects cash from its customers.4. Translation of Foreign Literature:In this section, we will provide a translation of key points from foreign literature related to financial statement analysis. The literature emphasizes the importance of accurate financial reporting, the use of financial ratios for analysis, and the interpretation of financial statements to make informed decisions.Conclusion:Financial statement analysis is a crucial process for evaluating a company's financial performance and position. It provides valuable insights into a company's profitability, liquidity, solvency, and efficiency. By analyzing financial statements and using financial ratios, stakeholders can make informed decisions regarding investments, credit extension, and strategic planning. Accurate translation and understanding of foreign literature related to financial statement analysis can further enhance the effectiveness of this process.。

中英文对照外文翻译文献(文档含英文原文和中文翻译)Banks analysis of financial dataAbstractA stochastic analysis of financial data is presented. In particular we investigate how the statistics of log returns change with different time delays t. The scale-dependent behaviour of financial data can be divided into two regions. The first time range, the small-timescale region (in the range of seconds) seems to be characterised by universal features. The second time range, the medium-timescale range from several minutes upwards can be characterised by a cascade process, which is given by a stochastic Markov process in the scale τ. A corresponding Fokker–Planck equation can be extracted from given data and provides a non-equilibrium thermodynamical description of the complexity of financial data.Keywords:Banks; Financial markets; Stochastic processes;Fokker–Planck equation1.IntroductionFinancial statements for banks present a different analytical problem than manufacturing and service companies. As a result, analysis of a bank’s financial statements requires a distinct approach that recognizes a bank’s somewhat unique risks.Banks take deposits from savers, paying interest on some of these accounts. They pass these funds on to borrowers, receiving interest on the loans. Their profits are derived from the spread between the rate they pay forfunds and the rate they receive from borrowers. This ability to pool deposits from many sources that can be lent to many different borrowers creates the flow of funds inherent in the banking system. By managing this flow of funds, banks generate profits, acting as the intermediary of interest paid and interest received and taking on the risks of offering credit.2. Small-scale analysisBanking is a highly leveraged business requiring regulators to dictate minimal capital levels to help ensure the solvency of each bank and the banking system. In the US, a bank’s primary regulator could be the Federal Reserve Board, the Office of the Comptroller of the Currency, the Office of Thrift Supervision or any one of 50 state regulatory bodies, depending on the charter of the bank. Within the Federal Reserve Board, there are 12 districts with 12 different regulatory staffing groups. These regulators focus on compliance with certain requirements, restrictions and guidelines, aiming to uphold the soundness and integrity of the banking system.As one of the most highly regulated banking industries in the world, investors have some level of assurance in the soundness of the banking system. As a result, investors can focus most of their efforts on how a bank will perform in different economic environments.Below is a sample income statement and balance sheet for a large bank. The first thing to notice is that the line items in the statements are not the same as your typical manufacturing or service firm. Instead, there are entries that represent interest earned or expensed as well as deposits and loans.As financial intermediaries, banks assume two primary types of risk as they manage the flow of money through their business. Interest rate risk is the management of the spread between interest paid on deposits and received on loans over time. Credit risk is the likelihood that a borrower will default onits loan or lease, causing the bank to lose any potential interest earned as wellas the principal that was loaned to the borrower. As investors, these are the primary elements that need to be understood when analyzing a bank’s financial statement.3. Medium scale analysisThe primary business of a bank is managing the spread between deposits. Basically when the interest that a bank earns from loans is greater than the interest it must pay on deposits, it generates a positive interest spread or net interest income. The size of this spread is a major determinant of the profit generated by a bank. This interest rate risk is primarily determined by the shape of the yield curve.As a result, net interest income will vary, due to differences in the timing of accrual changes and changing rate and yield curve relationships. Changes in the general level of market interest rates also may cause changes in the volume and mix of a bank’s balance sheet products. For example, when economic activity continues to expand while interest rates are rising, commercial loan demand may increase while residential mortgage loan growth and prepayments slow.Banks, in the normal course of business, assume financial risk by making loans at interest rates that differ from rates paid on deposits. Deposits often have shorter maturities than loans. The result is a balance sheet mismatch between assets (loans) and liabilities (deposits). An upward sloping yield curve is favorable to a bank as the bulk of its deposits are short term and their loans are longer term. This mismatch of maturities generates the net interest revenue banks enjoy. When the yield curve flattens, this mismatch causes net interest revenue to diminish.4.Even in a business using Six Sigma® methodology. an “optimal” level of working capital manageme nt needs to beidentified.The table below ties together the bank’s balance sheet with the income statement and displays the yield generated from earning assets and interest bearing deposits. Most banks provide this type of table in their annual reports. The following table represents the same bank as in the previous examples: First of all, the balance sheet is an average balance for the line item, rather than the balance at the end of the period. Average balances provide a better analytical framework to help understand the bank’s financial performance. Notice that for each average balance item there is a correspondinginterest-related income, or expense item, and the average yield for the time period. It also demonstrates the impact a flattening yield curve can have on a bank’s net interest income.The best place to start is with the net interest income line item. The bank experienced lower net interest income even though it had grown average balances. To help understand how this occurred, look at the yield achieved on total earning assets. For the current period ,it is actually higher than the prior period. Then examine the yield on the interest-bearing assets. It is substantially higher in the current period, causing higher interest-generating expenses. This discrepancy in the performance of the bank is due to the flattening of the yield curve.As the yield curve flattens, the interest rate the bank pays on shorter term deposits tends to increase faster than the rates it can earn from its loans. This causes the net interest income line to narrow, as shown above. One way banks try o overcome the impact of the flattening of the yield curve is to increase the fees they charge for services. As these fees become a larger portion of the bank’s income, it b ecomes less dependent on net interest income to drive earnings.Changes in the general level of interest rates may affect the volume ofcertain types of banking activities that generate fee-related income. For example, the volume of residential mortgage loan originations typically declines as interest rates rise, resulting in lower originating fees. In contrast, mortgage servicing pools often face slower prepayments when rates are rising, since borrowers are less likely to refinance. Ad a result, fee income and associated economic value arising from mortgage servicing-related businesses may increase or remain stable in periods of moderately rising interest rates.When analyzing a bank you should also consider how interest rate risk may act jointly with other risks facing the bank. For example, in a rising rate environment, loan customers may not be able to meet interest payments because of the increase in the size of the payment or reduction in earnings. The result will be a higher level of problem loans. An increase in interest rate is exposes a bank with a significant concentration in adjustable rate loans to credit risk. For a bank that is predominately funded with short-term liabilities, a rise in rates may decrease net interest income at the same time credit quality problems are on the increase.5.Related LiteratureThe importance of working capital management is not new to the finance literature. Over twenty years ago. Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant. a nationwide chain of department stores. should have been anticipated because the corporation had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a study of the Fortune 500’s financial management practices. Gilbert and Reichert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects. while inventory management models were used in 60 percent of the companies. More recently. Farragher. Kleiman andSahu (1999) find that 55 percent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding accounts receivable and inventory management. or the variations of any current asset accounts or liability accounts across industries. Thus. mixed evidence exists concerning the use of working capital management techniques.Theoretical determination of optimal trade credit limits are the subject of many articles over the years (e.g.. Schwartz 1974; Scherr 1996). with scant attention paid to actual accounts receivable management. Across a limited sample. Weinraub and Visscher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities. Simultaneously investigating accounts receivable and payable issues. Hill. Sartoris. and Ferguson (1984) find differences in the way payment dates are defined. Payees define the date of payment as the date payment is received. while payors view payment as the postmark date. Additional WCM insight across firms. industries. and time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term financial management activities. However. these models are generic models and do not consider unique firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a company is located in may ha ve more influence on that company’s fortunes than overall GNP” (2002. 507). In fact. a careful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions. virtually nothing on industry factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card” (128) and nothing on WCM stability over time. This research will attempt to fill thisvoid by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resources provided very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradley’s (2003) article on c ash flow management and one of inventory control as a result of effective supply chain management by Hadley (2004).6.Research MethodThe CFO RankingsThe first annual CFO Working Capital Survey. a joint project with REL Consultancy Group. was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management consulting firm specializing in working capital issues for its global list of clients. The original survey reports several working capital benchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 companies. REL continues to update the original information on an annual basis.REL uses the “cash flow from operations” value located on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transforms revenues into cash flow. A “days of working capital” (DWC) value is based on the dollar amount in each of the aggregate. equally-weighted receivables. inventory. and payables accounts. The “days of working capital” (DNC) represents the time period between purchase of inventory on acccount from vendor until the sale to the customer. the collection of the receivables. and payment receipt. Thus. it reflects the company’s ability to finance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firmand industry values for days sales outstanding (A/R). inventory turnover. and days payables outstanding (A/P).7.Research FindingsAverage and Annual Working Capital Management Performance Working capital management component definitions and average values for the entire 1996 – 2000 period . Across the nearly 1.000 firms in the survey. cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion efficiency” (CCE). averages 9.0 percent. Incorporating a 95 percent confidence interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and inventories less payables divided by daily sales. averages 51.8 days and is very similar to the days that sales are outstanding (50.6). because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days). In all instances. the standard deviation is relatively small. suggesting that these working capital management variables are consistent across CFO reports.8.Industry Rankings on Overall Working Capital Management PerformanceCFO magazine provides an overall working capital ranking for firms in its survey. using the following equation:Industry-based differences in overall working capital management are presented for the twenty-six industries that had at least eight companies included in the rankings each year. In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performance. Since the best average ranking possible for an eight-company industry is 4.5 (this assumes that the eight companies are ranked one through eight for the entire survey). it is quite obvious that all firms in the petroleumindustry must have been receiving very high overall working capital management rankings. In fact. the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later in this paper). Furthermore. the petroleum industry had the lowest standard deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry. which ranked second in CCE and fourth in DWC. The two industries with the worst working capital rankings were Textiles and Apparel. Textiles rank twenty-second in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measures9. Results for Bayer dataThe Kramers–Moyal coefficients were calculated according to Eqs. (5) and (6). The timescale was divided into half-open intervalsassuming that the Kramers–Moyal coefficients are constant with respect to the timescaleτin each of these subintervals of the timescale. The smallest timescale considered was 240 s and all larger scales were chosen such that τi ＝0.9*τi+1. The Kramers–Moyal coefficients themselves were parameterised in the following form:This result shows that the rich and complex structure of financial data, expressed by multi-scale statistics, can be pinned down to coefficients with a relatively simple functional form.10. DiscussionCredit risk is most simply defined as the potential that a bank borrower or counter-party will fail to meet its obligations in accordance with agreed terms. When this happens, the bank will experience a loss of some or all of the credit it provide to its customer. To absorb these losses, banks maintain anallowance for loan and lease losses. In essence, this allowance can be viewed as a pool of capital specifically set aside to absorb estimated loan losses. This allowance should be maintained at a level that is adequate to absorb the estimated amount of probable losses in the institution’s loan portfolio.A careful review of a bank’s financial statements can highlight the key factors that should be considered becomes before making a trading or investing decision. Investors need to have a good understanding of the business cycle and the yield curve-both have a major impact on the economic performance of banks. Interest rate risk and credit risk are the primary factors to consider as a bank’s financial performance follows the yield curve. When it flattens or becomes inverted a bank’s net interest revenue is put under greater pressure. When the yield curve returns to a more traditional shape, a bank’s net interest revenue usually improves. Credit risk can be the largest contributor to the negative performance of a bank, even causing it to lose money. In addition, management of credit risk is a subjective process that can be manipulated in the short term. Investors in banks need to be aware of these factors before they commit their capital.银行的金融数据分析摘要财务数据随机分析已经被提出，特别是我们探讨如何统计在不同时间τ记录返回的变化。

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译文2012年3月1.原文Financ i al stat e me n t a na I ysi s 一th e use of f i nancial accounting i nf o rm a ti o nMany y e ars・ R e as o nable min i mum c u r r ent ra t I o was c o n firm e d as 20 00 ? Until the mid- 1960s, the ty p i cal e nterpr i s e will f low rat S o con t rol a t 2・ 00 or high e r Q Since th e n, ma n y compani e s t h e cur r en t r ati o below 2.00 now, man y compan i es can not c ont r o 1 t h e curr e n t ratio o v er 2。

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This shows th a t t he liq u idity of many compan i e s on t h e d e cline・In th e a n a I y s i s of an enterp r i s e，s 1 i quidity r a t io, it i s n ece s s a ry t o a v e rag e cur rent rat i o wit h t h e industry t o compar e ・ In some in d us tri e s , the c u r r en t rat i o below 2C 0 is c o n si d e re d n ormal, b ut som e in d us t r y c u rrent r atio m u st b e bi g 2 .00 > In gene r a 1, t he shorte r the ope r a tin g cycle, the I ow er t he c u rrent ratio: t h e lo n g er the opera ting cycle, th ehigher the cur r ent rati o ・The cu r rent rat i o c o m p a re d to the same en t e rprise i n di f f erent periods, and comp are d with t h e i n dustry a vera g e , will h e I p to dr y to d e termine t he hig h or I ow current rati o • This c o m p a r iso n do e s n ot expl a in why or vvh y low・Weca n f in d out the reasons from t he by -po i n t a nal y s i s o f t h e curre n t a ssets a nd c u rrent li o b i lit i es<> The main re a s o n for the e x cep t i o n of the cu r rent r at i o sho u I d b e t o fi n d out the r esu I ts of a d e t a iled a n aly s is of ac c ounts r eceivable a nd in v entory.F l l ow rati o better t h a n w o r kin g c apit a 1 p er f o r ma n ce o f enterpri s e shor t —term solvency. Wo r king capi t a 1 re f lect onl y curren t asset s and cur r ent 1 iabilit i e s , the a b sol u te n umbe r of di f ferences. T h e c u r rent ratio is a Iso cons i der e d t h e relatio nship bet ween the cu r rent asse t size a nd th e si z e of t he cur r ent liabil i ties, ma k e the ind i c a to r s mor e compa r ab I e ・ For e x a mpl e , t he c u r r e n t ratio b e tween Gen e ral Motor s and C h r ys Ic o mpari son b e tw e en the two c com p anies of diffe r e nt s i ze s ・compar e d to using t h e LI F O meth o d busin esses and other c h e ent erpris e shoul d pay p a rt i c ular attent i o n to t hi s oCompare t h e curre nt r a tio, analysts should calc u late t h ea c co u n t s r ece i vable turn o ve r rate and c o mmo d i t y i n ven t o ry t u r no v e r. T his cal c u I ation e n a bles th e analysis of propos e d I i q ui d ity problems exist in shou I d Re c eived the v i ews of the accounts and (o r ) I nve n tor i e s 0 Views or op i nio n s on the cum ent ra t io o f account s receivabl e an d the de p osit will affect the ana I yst ・ If t h e receiv ab les I rec e i v a b le and liquidi t y problems, r e q u i r e cu r r ent r atio hig her ・ e r Motors Corp o r a tio n ・ Theompani e s wo r kin g ca p i t aI i s me a nin g less, becaus eInve n t o ry using L I F O France will f low rati o cause problems, t his is b e cau s e the st o ck is underv a 1 u e d 0 Theres ult wil I be t o u nd e restimate thecu r r en t ra t io. Therefo r e w h en o s ts of tThird, th e a c id te s t ratio ( q u i ck r a tio)The current r atio i s the e valuatio n of t h e I i q u idi t y co n d it J o n s i n the current a ssets and c urrent lia b i I it i es. O f t en t people e x pe c t t o get m o re imm e di a t e than t he cu r re n t r atio reflect t h e s i tu a t i on. The acid test r a t io (liquid rate) on t h e relat i o n s h ip of current asset s t o cur rent I iab i lities.To calc ulate t h e acid test ( qu i ck ) rat i o. From t h e cu r ren t as s et s e xcl u din g i n v entor y p ar t ・ Thi s i s b eca u se of t he si o w f low o f inv ent ory, t h e in v entory may be o bsolet e i nven t or y may als o be u se d as a specific cred i to r *s securi t y ・ For ex a mple, the win e ry's pro ducts to T ibet for a Ion g peri o d o f t ime be f o re s o Id・ If y o u calcu late the acid test (liquid ) t o incl u d i ng w i n e obstr u ct in v entory will ov e restima t e the e n ter p rise mobilit y ・ Inventory v a I uation, because the c o st d ata may b e re I at e d to t h e c u rre n t p rice I evel d ifferenc e °・・S e ction VI ana I yt i cal s cre e ni n g p r ocedu resA u dit i ng S tan d ards D e s c ri p t ion No. 2 3・ Anal y t ical s c reening proced u re s , p rovides guidanc e for the use o f this procedu r e in the au d it0 A n a I y t ic a I in s pe c tio n pro g r a m g o al i s t o id e ntify sig n ifi c a nt changes from the bu s iness s t a tistic s and u n us u al it e m s oAnal y tic a 1 sc reening p roc e d u r e s duri n g the aud i t c a n run a diff e ren t number of times, including the p I a nning p h a se, th e audit o f t he impl e ment a t ion p ha se and the c omp I etio n of the audi t stage o Ana lytical insp e c tio n p r oce d u r e s ca n1 e a d to a s pe c ial aud i t p r oced u r e s , s u c h a s :Tr a nsverse th e same type ofanalysi s of the i n com e s tatement shows an i t em, s u ch as c ost o f sa I e s d u rin g t h at p eriod ab n o r mal. Thi s wil I lead to a careful review o f t he project cost o f sale s ・ Th e income sta t ement v e rtical the s am e t y pe o f a naly si s by c o m p a r i s on with the p r ev i ous s a d die, c an b e foun d a I rea d y f or sal e to th e h a r m onious p r o p o rt i ons o f the a mount of c o mmodi t y co s ts an d sal e s r e v e n u e・Ac c ounts receivab I e turnover rati o and in dust ry data c om p a ri s o n m a y show the typical speed o f t h e a c c o u n t s rec e iv a ble tu rn o v e r rat e i s f ar be I o w the i n dust r y Q This shows t h a t ac areful analysis o f th e r e sp o n s e t o ac c o u n t s receivable Q4 and deb t comp a red to ca s h f low has s i g n i fican t ly dec rea s e d a b i I i t y t o r ep ay the debt with in t e r na I ly genera t ed cash flow is esse n tially d ropped・5 a I dehyde test r atio decre a se d si g nifican t I y, i n die a ting that t he a bility t o repay current I ia b ilit i es w i th current as s ets ot h er th a n in v ent o r y o utside i s e s sent i ally dr o p p edWhe n the aud i tors foun d that t he r e p or t or a n im p o r t an t t r end than th( 3 str i ng, t h e n e xt procedur e s ho u Id b e car r ie d out t o dete r min e why th i s > tr e nd. This study (s u r vey) can o ften lead to i mportant d isc o v e r ie s ・Se c tion VI ana I y ti c a I sc r eening p ro c eduresAudi t ing S t andards D e s c ription No o 2 3 0 Anal ytic a 1 s creeni n g pr o cedur e s , prov i des gui d ance for the use of t h is pro c e d u re in the aud it. A n al y t i cal i n s pection pro g ram goa I is t o id e ntify sign ifica n t cha n ges from the b u s in e s s stat isti c s an d unusual items, jAna lytic a 1 s c r ee n i n g pro c ed u res during t h e a udit ca n ru n a differ e n t number o f times, i nelu d in g t he planning ph a se t t h e a u d i t o f the imp I emen t ation phase a n d the com p le t ion o f t h e audi t s t a ge. Ana lyti c a I i n s pectio n p r ocedures can I e a d t o a s pec I a I audit proce d ures, such as：T r a ns v e rs e the same type of analy s i s o f t h e income s t ate men t shows a n it e m, such as cost of sales d u r i ng that p e riod a b n ormal・ This will lead to a ca r e ful r e v i e w o f th e proj e ct cost of s al e s. Thei n c om estat e men t ve rtical t he sam e type o fana I y si s by compari son wit h t h e pre v i o us s addle, can b e foun d al r e a dy for sal e to the harmon i ous pr o port i on s of the amou n t o f c o mmodi t y c osts an d s al e s rev e nue・Acc o unts re c ei v a ble t urn o ver ratio and in d ustry d a ta compa ris o n may s how the t y p i cal speed o f t h e accounts rece iva b I e t u r no v er rat e is far below t h e in d u s t ry0 T his sh o w s t h a t a c a r e f ul a n alysi s of t her e s p onse t o a c counts rec e i v a ble.4and de b t compa red to ca s h f lo w has sign i fi c ant I y decrease d ability t o repay th e debt with i nter n ally g e nerated c ash flow i s e s se n t i a I ly dro p pe d ・5 a Idehyde test r a t io d ecr e as e d s ignifi c an t ly, i n d icating t h at t heability t o repay current I iabi I ities w i th cur r ent a s s ets o t her tha n inve n tory out sideis es s en t ially droppedW h en t h e a uditor s f ou n d t h at t he r e port o r an im p o rtant tr e n d t han the string, the next p roce d ure should beca r r i ed ou t t o det ermine why th i s t r e nd0T h is study ( surv ey) can often le a d to imp o rt a nt d i s c o v e r i es02.译文财务报表分析“利用财务会计信息许多年来.合理的最低流动比率被确认为2. OOo直到60年代中期，典型的企业都将流动比率控制在2。

XXX财务分析体系外文文献翻译最新译文XXX the use of DuPont financial analysis system in XXX DuPont system breaks down the return on equity (ROE) into three components: net profit margin。

asset turnover。

and financial leverage。

Using data from a sample of listed companies。

the study finds that the DuPont system is effective in XXX。

the XXX that it should be used in n with other financial analysis tools.In recent years。

there has been a growing interest in using financial analysis tools to XXX financial analysis system is one such tool that has XXX in the 1920s to analyze the performance of its own ns。

Since then。

it has been widely used in the financial XXX.The DuPont system breaks down the ROE into three components: net profit margin。

asset XXX。

and financial leverage。

The net profit margin measures the XXX efficiency of the company's use of its assets to generate sales。

Review of accounting studies,2003,16(8):531-560 Financial Statement Analysis of Leverage and How It Informs About Protability and Price-to-Book RatiosDoron Nissim, Stephen. PenmanAbstractThis paper presents a financial statement analysis that distinguish es leverage that arises in financing activities from leverage that arises in operations. The analysis yields two leveraging equations, one for borrowing to finance operations and one for borrowing in the course of operations. These leveraging equations describe how the two types of leverage affect book rates of return on equity. An empirical analysis shows that the financial statement analysis explains cross-sectional differences in current and future rates of return as well as price-to-book ratios, which are based on expected rates of return on equity. The paper therefore concludes that balance sheet line items for operating liabilities are priced differently than those dealing with financing liabilities. Accordingly, financial statement analysis that distinguis hes the two types of liabilities informs on future profitability and aids in the evaluation of appropriate price-to-book ratios.Keywords: financing leverage; operating liability leverage; rate of return on equity; price-to-book ratioLeverage is traditiona lly viewed as arising from financing activities: Firms borrow to raise cash for operations. This paper shows that, for the purposes of analyzing profitability and valuing firms, two types of leverage are relevant, one indeed arising from financing activities b ut another from operating activities. The paper supplies a financial statement analysis of the two types of leverage that explains differences in shareholder profitability and price-to-book ratios.The standard measure of leverage is total liabilities to equity. However, while some liabilities—like bank loans and bonds issued—are due to financing, other liabilities—like trade payables, deferred revenues, and pension liabilities—result from transactions with suppliers, customers and employees in conducting operations. Financing liabilities are typically traded in well-functioning capital markets where issuers are price takers. In contrast, firms are able to add value in operations because operations involve trading in input and output markets that are less perfect than capital markets. So, with equity valuation in mind, there are a priori reasons for viewing operating liabilities differently from liabilities that arise in financing.Our research asks whether a dollar of operating liabilities on the balance sheet is priced differently from a dollar of financing liabilities. As operating and financing liabilities are components of the book value of equity, the question is equivalent to asking whether price-to-book ratios depend on the composition of book values. The price-to-book ratio is determined by the expected rate of return on the book value so, if components of book value command different price premiums, they must imply different expected rates of return on book value. Accordingly, the paper also investigates whether the two types of liabilities are associated with differences in future book rates of return.Standard financial statement analysis distinguishes shareholder profitability that arises fromoperations from that which arises from borrowing to finance opera tions. So, return on assets is distinguished from return on equity, with the difference attributed to leverage. However, in the standard analysis, operating liabilities are not distinguished from financing liabilities. Therefore, to develop the specification s for the empirical analysis, the paper presents a financial statement analysis that identifies the effects of operating and financing liabilities on rates of return on book value—and so on price-to-book ratios—with explicit leveraging equations that explain when leverage from each type of liability is favorable or unfavorable.The empirical results in the paper show that financial statement analysis that distinguishes leverage in operations from leverage in financing also distinguishes differences in contempora neous and future profitability among firms. Leverage from operating liabilities typically levers profitability more than financing leverage and has a higher frequency of favorable effects.Accordingly, for a given total leverage from both sources, firms with hig her leverage from operations have higher price-to-book ratios, on average. Additionally, distinction between contractual and estimated operating liabilities explains further differences in firms’ profitability and their price-to-book ratios.Our results are of consequence to an analyst who wishes to forecast earnings and book rates of return to value firms. Those forecasts—and valuations derived from them—depend, we show, on the composition of liabilities. The financial statement analysis of the paper, supported by the empirical results, shows how to exploit information in the balance sheet for forecasting and valuation.The paper proceeds as follows. Section 1 outlines the financial statements analysis that identifies the two types of leverage and lays out expres sions that tie leverage measures to profitability. Section 2 links leverage to equity value and price-to-book ratios. The empirical analysis is in Section 3, with conclusions summarized in Section 4.1. Financial Statement Analysis of LeverageThe following financial statement analysis separates the effects of financing liabilities and operating liabilities on the profitability of shareholders’ equity. The analysis yields explicit leveraging equations from which the specifications for the empirical analysis are developed. Shareholder profitability, return on common equity, is measured asReturn on common equity (ROCE) = comprehensive net income ÷common equity (1) Leverage affects both the numerator and denominator of this profitability measure. Appropriate financial statement analysis disentangles the effects of leverage. The analysis below, which elaborates on parts of Nissim and Penman (2001), begins by identifying components of the balance sheet and income statement that involve operating and financing act ivities. The profitability due to each activity is then calculated and two types of leverage are introduced to explain both operating and financing profitability and overall shareholder profitability.1.1 Distinguishing the Protability of Operations from the Protability of Financing ActivitiesWith a focus on common equity (so that preferred equity is viewed as a financial liability), the balance sheet equation can be restated as follows:Common equity =operating assets＋financial assets－operating liabilities－Financial liabilities (2) The distinction here between operating assets (like trade receivables, inventory and property,plant and equipment) and financial assets (the deposits and marketable securities thatabsorb excess cash) is made in other contexts. However, on the liability side, financing liabilities are also distinguished here from operating liabilities. Rather than treating all liabilities as financing debt, only liabilities that raise cash for operations—like bank loans, short-term commercial paper and bonds—are classified as such. Other liabilities—such as accounts payable, accrued expenses, deferred revenue, restructuring liabilities and pension liabilities—arise from operations. The distinction is not as simple as current versus long-term liabilities; pension liabilities, for example, are usually long-term, and short-term borrowing is a current liability.Rearranging terms in equation (2),Common equity = (operating assets－operating liabilities)－(financial liabilities－financial assets)Or,Common equity = net operating assets－net financing debt (3) This equation regroups assets and liabilities into operating and financing activities. Net operating assets are operating assets less operating liabilities. So a firm might invest in inventories, but to the extent to which the suppliers of those inventories grant credit, the net investment in inventories is reduced. Firms pay wages, but to the extent to which the payment of wages is deferred in pension liabilities, the net investment required to run the business is reduced. Net financing debt is financing debt (including preferred stock) minusfinancial assets. So, a firm may issue bonds to raise cash for operations but may also buy bonds with excess cash from operations. Its net indebtedness is its net position in bonds. Indeed a firm may be a net creditor (with more financial assets than financial liabilities) rather than a net debtor.The income statement can be reformulated to distinguish income that comes from operating and financing activities:Comprehensive net income = operating income－net financing expense (4) Operating income is produced in operations and net financial expense is incurred in the financing of operations. Interest income on financial assets is netted against interest expense on financial liabilities (including preferred dividends) in net financial expense. If interest i ncome is greater than interest expense, financing activities produce net financial income rather than net financial expense. Both operating income and net financial expense (or income) are after tax.3 Equations (3) and (4) produce clean measures of after-tax o perating profitability and the borrowing rate:Return on net operating assets (RNOA) = operating income ÷net operating assets (5) andNet borrowing rate (NBR) = net financing expense ÷net financing debt (6) RNOA recognizes that profitabilit y must be based on the net assets invested in operations. So firms can increase their operating profitability by convincing suppliers, in the course of business, to grant or extend credit terms; credit reduces the investment that shareholders would otherwise have to put in the business. Correspondingly, the net borrowing rate, by excluding non-interest bearing liabilities from the denominator, gives the appropriate borrowing rate for the financing activities.Note that RNOA differs from the more common return on assets (ROA), usually defined as income before after-tax interest expense to total assets. ROA does not distinguish operating and financing activities appropriately. Unlike ROA, RNOA excludes financial assets in the denominator and subtracts operating liabilities. Nissim and Penman (2001) report a median ROAfor NYSE and AMEX firms from 1963–1999 of only 6.8%, but a median RNOA of 10.0%—much closer to what one would expect as a return to business operations.1.2 Financial Leverage and its Effect on Shareholder ProtabilityFrom expressions (3) through (6), it is straightforward to demonstrate that ROCE is a weighted average of RNOA and the net borrowing rate, with weights derived from equation (3): ROCE= [net operating assets ÷common equity× RNOA]－[net financing debt÷common equity ×net borrowing rate (7) Additional algebra leads to the following leveraging equation:ROCE = RNOA＋[FLEV× ( RNOA－net borrowing rate )] (8) where FLEV, the measure of leverage from financing activities, isFinancing leverage (FLEV) =net financing debt ÷common equity (9) The FLEV measure excludes operating liabilities but includes (as a net against financing debt) financial assets. If financial assets are greater than financial liabilities, FLEV is negative. The leveraging equation (8) works for negative FLEV (in which case the net borrowing rate is the return on net financial assets).This analysis breaks shareholder profitability, ROCE, down into that which i s due to operations and that which is due to financing. Financial leverage levers the ROCE over RNOA, with the leverage effect determined by the amount of financial leverage (FLEV) and the spread between RNOA and the borrowing rate. The spread can be positive (favorable) or negative (unfavorable).1.3 Operating Liability Leverage and its Effect on Operating ProtabilityWhile financing debt levers ROCE, operating liabilities lever the profitability of operations, RNOA. RNOA is operating income relative to net operating assets, and net operating assets are operating assets minus operating liabilities. So, the more operating liabilities a firm has relative to operating assets, the higher its RNOA, assuming no effect on operating income in the numerator. The intensity of the use of operating liabilities in the investment base is operating liability leverage:Operating liability leverage (OLLEV) =operating liabilities ÷net operating assets (10) Using operating liabilities to lever the rate of return from operations may not come for free, however; there may be a numerator effect on operating income. Suppliers provide what nominally may be interest-free credit, but presumably charge for that credit with higher prices for the goods and services supplied. This is the reason why operating liabilities are inextricably a part of operations rather than the financing of operations. The amount that suppliers actually charge for this credit is difficult to identify. But the market borrowing rate is observable. The amount that suppliers would implicitly charge in prices for the credit at this borrowing rate can be estimated as a benchmark:Market interest on operating liabilities= operating liabilities×market borrowing ratewhere the market borrowing rate, given that most credit is short term, can be approximated by the after-tax short-term borrowing rate. This implicit cost is benchmark, for it is the cost that makes suppliers indifferent in supplying cred suppliers are fully compensated if they charge implicit interest at the cost borrowing to supply the credit. Or, alternatively, the firm buying the goods or services is indifferent between trade credit and financing purchases at the borrowin rate.To analyze the effect of operating liability leverage on operating profitability, w e d efine: Return on operating assets (ROOA) =(operating income＋market interest on operatingliabilities)÷operating assets(11)The numerator of ROOA adjusts operating income for the full implicit cost of trad credit. If suppliers fully charge the implicit cost of credit, ROOA is the return of operating assets that would be earned had the firm no operating liability leverage. suppliers do not fully charge for the credit, ROOA measures the return fro operations that includes the favorable implicit credit terms from suppliers.Similar to the leveraging equation (8) for ROCE, RNOA can be expressed as:RNOA = ROOA＋[ OLLEV ×(ROOA－market borrowing rate )] (12) where the borrowing rate is the after-tax short-term interest rate.Given ROOA, the effect of leverage on profitability is determined by the level of operating liability leverage and the spread between ROOA and the short-term after-tax interest rate. Like financing l everage, the effect can be favorable or unfavorable: Firms can reduce their operating profitability through operating liability leverage if their ROOA is less than the market borrowing rate. However, ROOA will also be affected if the implicit borrowing cost on operating liabilities is different from the market borrowing rate.1.4 Total Leverage and its Effect on Shareholder ProtabilityOperating liabilities and net financing debt combine into a total leverage measure:Total leverage (TLEV) = ( net financing debt＋operating liabilities)÷common equityThe borrowing rate for total liabilities is:Total borrowing rate = (net financing expense＋market interest on operating liabilities) ÷net financing debt＋operating liabilitiesROCE equals the weighted average of ROOA and the total borrowing rate, where the weights are proportional to the amount of total operating assets and the sum of net financing debt and operating liabilities (with a negative sign), respectively. So, similar to the leveraging equations (8) and (12):ROCE = ROOA ＋[TLEV×(ROOA －total borrowing rate)] (13) In summary, financial statement analysis of operating and financing activities yields three leveraging equations, (8), (12), and (13). These equations are based on fixed accounting re lations and are therefore deterministic: They must hold for a given firm at a given point in time. The only requirement in identifying the sources of profitability appropriately is a clean separation between operating and financing components in the financial statements.2. Leverage, Equity Value and Price-to-Book RatiosThe leverage effects above are described as effects on shareholder profitability. Our interest is not only in the effects on shareholder profitability, ROCE, but also in the effects on shareholder value, which is tied to ROCE in a straightforward way by the residual income valuation model. As a restatement of the dividend discount model, the residual income model expresses the value of equity at date 0 (P0) as:B is the book value of common shar eholders’ equity, X is comprehensive income tocommon shareholders, and r is the required return for equity investment. The price premium over book value is determined by forecasting residual income, Xt –rBt-1. Residual income is determined in part by income relative to book value, that is, by the forecasted ROCE. Accordingly, leverage effects on forecasted ROCE (net of effects on the required equity return) affect equity value relative to book value: The price paid for the book value depends on the expect ed profitability of the book value,and leverage affects profitability.So our empirical analysis investigates the effect of leverage on both profitability and price-to-book ratios. Or, stated differently, financing and operating liabilities are distinguishable components of book value, so the question is whether the pricing of book values depends on the composition of book values. If this is the case, the different components of book value must imply different profitability. Indeed, the two analyses (of profitab ility and price-to-book ratios) are complementary.Financing liabilities are contractual obligations for repayment of funds loaned. Operating liabilities include contractual obligations (such as accounts payable), but also include accrual liabilities (such as deferred revenues and accrued expenses). Accrual liabilities may be based on contractual terms, but typically involve estimates. We consider the real effects of contracting and the effects of accounting estimates in turn. Appendix A provides some examples of contractual and estimated liabilities and their effect on profitability and value.2.1 Effects of Contractual liabilitiesThe ex post effects of financing and operating liabilities on profitability are clear from leveraging equations (8), (12) and (13). These expressions always hold ex post, so there is no issue regarding ex post effects. But valuation concerns ex ante effects. The extensive research on the effects of financial leverage takes, as its point of departure, the Modigliani and Miller (M&M) (1958) financing irrelevance proposition: With perfect capital markets and no taxes or information asymmetry, debt financing has no effect on value. In terms of the residual income valuation model, an increase in financial leverage due to a substitution of debt for equity may increase expected ROCE according to expression (8), but that increase is offset in the valuation (14) by the reduction in the book value of equity that earns the excess profitability and the increase in the required equity return, leaving total value (i.e., the value of equity and debt) unaffected. The required equity return increases because of increased financing risk: Leverage may be expected to be favorable but, the higher the leverage, the greater the loss to shareholders should the leverage turn unfavorable ex post, with RNOA less than the borrowing rate.In the face of the M&M proposition, research on the value effects of financial leverage has proceeded to relax the conditions for the proposition to hold. Modigliani and Miller (1963) hyp othesized that the tax benefits of debt increase after-tax returns to equity and so increase equity value. Recent empirical evidence provides support for the hypothesis (e.g., Kemsley and Nissim, 2002), although the issue remains controversial. In any case, since the implicit cost of operating liabilities, like interest on financing debt, is tax deductible, the composition of leverage should have no tax implications.Debt has been depicted in many studies as affecting value by reducing transaction and contracting costs. While debt increases expected bankruptcy costs and introduces agency costs between shareholders and debtholders, it reduces the costs that shareholders must bear in monitoring management, and may have lower issuing costs relative to equity. One might expect these considerations to apply to operating debt as well as financing debt, with the effectsdiffering only by degree. Indeed papers have explained the use of trade debt rather than financing debt by transaction costs (Ferris, 1981), differentia l access of suppliers and buyers to financing (Schwartz,1974), and informational advantages and comparative costs of monitoring (Smith, 1987; Mian and Smith, 1992; Biais and Gollier, 1997). Petersen and Rajan (1997) provide some tests of these explanations.In addition to tax, transaction costs and agency costs explanations for leverage, research has also conjectured an informational role. Ross (1977) and Leland and Pyle (1977) characterized financing choice as a signal of profitability and value, and subseque nt papers (for example, Myers and Majluf, 1984) have carried the idea further. Other studies have ascribed an informational role also for operating liabilities. Biais and Gollier (1997) and Petersen and Rajan (1997), for example, see suppliers as having mo re information about firms than banks and the bond market, so more operating debt might indicate higher value. Alternatively, high trade payables might indicate difficulti es in paying suppliers and declining fortunes.Additional insights come from further relaxing the perfect frictionless capital markets assumptions underlying the original M&M financing irrelevance proposition. When it comes to operations, the product and input markets in which firms trade are typically less competitive than capital markets. In deed, firms are viewed as adding value primarily in operations rather than in financing activities because of less than purely competitive product and input markets. So, whereas it is difficult to ‘‘make money off the debtholders,’’ firms can be seen as ‘‘mak ing money off the trade creditors.’’ In operations, firms can exert monopsony power, extracting value from suppliers and employees. Suppliers may provide cheap implicit financing in exchange for information about products and markets in which the firm operates. They may also benefit from efficiencies in the firm’s supply and distribution chain, and may grant credit to capture future business.2.2 Effects of Accrual Accounting EstimatesAccrual liabilities may be based on contractual terms, but typically involve estimates. Pension liabilities, for example, are based on employment contracts but involve actuarial estimates. Deferred revenues may involve obligations to service customers, but also involve estimates that allocate revenues to periods. While contractual liabilities are typically carried on the balance sheet as an unbiased indication of the cash to be paid, accrual accounting estimates are not necessarily unbiased. Conservative accounting, for example, might overstate pension liabilities or defer more revenue than required by contracts with customers.Such biases presumably do not affect value, but they affect accounting rates of return and the pricing of the liabilities relative to their carrying value (the price-to-book ratio). The effect of accounting estimates on operating liability leverage is clear: Higher carrying values for operating liabilities result in higher leverage for a given level of operating assets. But the effect on profitability is also clear from leveraging equation (12): While conservati ve accounting for operating assets increases the ROOA, as modeled in Feltham and Ohlson (1995) and Zhang (2000), higher book values of operating liabilities lever up RNOA over ROOA. Indeed, conservative accounting for operating liabilities amounts to leverage of book rates of return. By leveraging equation (13), that leverage effect flows through to shareholder profitability, ROCE.And higher anticipated ROCE implies a higher price-to-book ratio.The potential bias in estimated operating liabilities has opposite effects on current and future profitability. For example, if a firm books higher deferred revenues, accrued expenses orother operating liabilities, and so increases its operating liability leverage, it reduces its current profitability: Current revenues must be lower or expenses higher. And, if a firm reports lower operating assets (by a write down of receivables, inventories or other assets, for example), and so increases operating liability leverage, it also reduces current profitability: Current expense s must be higher. But this application of accrual accounting affects future operating income: All else constant, lower current income implies higher future income. Moreover, higher operating liabilities and lower operating assets amount to lower book value of equity. The lower book value is the base for the rate of return for the higher future income. So the analysis of operating liabilities potentially identifies part of the accrual reversal phenomenon documented by Sloan (1996) and interprets it as affecti ng leverage, forecasts of profitability, and price-to-book ratios.3. Empirical AnalysisThe analysis covers all firm-year observations on the combined COMPUSTAT (Industry and Research) files for any of the 39 years from 1963 to 2001 that satisfy the following requirements: (1) the company was listed on the NYSE or AMEX; (2) the company was not a financial institution (SIC codes 6000–6999), thereby omitting firms where most financial assets and liabilities are used in operations; (3) the book value of common equity is at least $10 million in 2001 dollars; and (4) the averages of the beginning and ending balance of operating assets, net operating assets and common equity are positive (as balance sheet variables are measured in the analysis using annual averages). T hese criteria resulted in a sample of 63,527 firm-year observations.Appendix B describes how variables used in the analysis are measured. One measurement issue that deserves discussion is the estimation of the borrowing cost for operating liabilities. As most operating liabilities are short term, we approximate the borrowing rate by the after-tax risk-free one-year interest rate. This measure may understate the borrowing cost if the risk associated with operating liabilities is not trivial. The effect of such measurement error is to induce a negative correlation between ROOA and OLLEV. As we show below, however, even with this potential negative bias we document a strong positive relation between OLLEV and ROOA.4. ConclusionTo finance operations, firms borrow in the financial markets, creating financing leverage. In running their operations, firms also borrow, but from customers, employees and suppliers, creating operating liability leverage. Because they involve trading in different types of markets, the two types of leverage may have different value implications. In particular, operating liabilities may reflect contractual terms that add value in different ways than financing liabilities, and so they may be priced differently. Operating liabilities also involve accrual accounting estimates that may further affect their pricing. This study has investigated the implications of the two types of leverage for profitability and equity value.The paper has laid out explicit leveraging equations that show how shareholder p rofitability is related to financing leverage and operating liability leverage. For operating liability leverage, the leveraging equation incorporates both real contractual effects and accounting effects. As price-to-book ratios are based on expected profitab ility, this analysis also explains how price-to-book ratios are affected by the two types of leverage. The empirical analysis in the paper。

Review of accounting studies，2003,16（8）:531-560 Financial Statement Analysis of Leverage and How It Informs About Protability and Price-to—Book RatiosDoron Nissim，Stephen. PenmanAbstractThis paper presents a financial statement analysis that distinguish es leverage that arises in financing activities from leverage that arises in operations。

The analysis yields two leveraging equations, one for borrowing to finance operations and one for borrowing in the course of operations。

These leveraging equations describe how the two types of leverage affect book rates of return on equity。

An empirical analysis shows that the financial statement analysis explains cross-sectional differences in current and future rates of return as well as price—to—book ratios, which are based on expected rates of return on equity。

The paper therefore concludes that balance sheet line items for operating liabilities are priced differently than those dealing with financing liabilities。

中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：ANALYSIS OF FINANCIAL STATEMENTSWe need to use financial ratios in analyzing financial statements.—— The analysis of comparative financial statements cannot be made really effective unless it takes the form of a study of relationships between items in the statements. It is of little value, for example, to know that, on a given date, the Smith Company has a cash balance of $1oooo. But suppose we know that this balance is only -IV per cent of all current liabilities whereas a year ago cash was 25 per cent of all current liabilities. Since the bankers for the company usually require a cash balance against bank lines, used or unused, of 20 per cent, we can see at once that the firm's cash condition is exhibiting a questionable tendency.We may make comparisons between items in the comparative financial statements as follows:1. Between items in the comparative balance sheeta) Between items in the balance sheet for one date, e.g., cash may be compared with current liabilitiesb) Between an item in the balance sheet for one date and the same item in the balance sheet for another date, e.g., cash today may be compared with cash a year agoc) Of ratios, or mathematical proportions, between two items in the balance sheet for one date and a like ratio in the balance sheet for another date, e.g., the ratio of cash to current liabilities today may be compared with a like ratio a year ago and the trend of cash condition noted2. Between items in the comparative statement of income and expensea) Between items in the statement for a given periodb) Between one item in this period's statement and the same item in last period's statementc) Of ratios between items in this period's statement and similar ratios in last period's statement3. Between items in the comparative balance sheet and items in the comparative statement of income and expensea) Between items in these statements for a given period, e.g., net profit for this year may be calculated as a percentage of net worth for this yearb) Of ratios between items in the two statements for a period of years, e.g., the ratio of net profit to net worth this year may-be compared with like ratios for last year, and for the years preceding thatOur comparative analysis will gain in significance if we take the foregoing comparisons or ratios and; in turn, compare them with:I. Such data as are absent from the comparative statements but are of importance in judging a concern's financial history and condition, for example, the stage of the business cycle2. Similar ratios derived from analysis of the comparative statements of competing concerns or of concerns in similar lines of business What financialratios are used in analyzing financial statements.- Comparative analysis of comparative financial statements may be expressed by mathematical ratios between the items compared, for example, a concern's cash position may be tested by dividing the item of cash by the total of current liability items and using the quotient to express the result of the test. Each ratio may be expressed in two ways, for example, the ratio of sales to fixed assets may be expressed as the ratio of fixed assets to sales. We shall express each ratio in such a way that increases from period to period will be favorable and decreases unfavorable to financial condition.We shall use the following financial ratios in analyzing comparative financial statements:I. Working-capital ratios1. The ratio of current assets to current liabilities2. The ratio of cash to total current liabilities3. The ratio of cash, salable securities, notes and accounts receivable to total current liabilities4. The ratio of sales to receivables, i.e., the turnover of receivables5. The ratio of cost of goods sold to merchandise inventory, i.e., the turnover of inventory6. The ratio of accounts receivable to notes receivable7. The ratio of receivables to inventory8. The ratio of net working capital to inventory9. The ratio of notes payable to accounts payableIO. The ratio of inventory to accounts payableII. Fixed and intangible capital ratios1. The ratio of sales to fixed assets, i.e., the turnover of fixed capital2. The ratio of sales to intangible assets, i.e., the turnover of intangibles3. The ratio of annual depreciation and obsolescence charges to the assetsagainst which depreciation is written off4. The ratio of net worth to fixed assetsIII. Capitalization ratios1. The ratio of net worth to debt.2. The ratio of capital stock to total capitalization .3. The ratio of fixed assets to funded debtIV. Income and expense ratios1. The ratio of net operating profit to sales2. The ratio of net operating profit to total capital3. The ratio of sales to operating costs and expenses4. The ratio of net profit to sales5. The ratio of net profit to net worth6. The ratio of sales to financial expenses7. The ratio of borrowed capital to capital costs8. The ratio of income on investments to investments9. The ratio of non-operating income to net operating profit10. The ratio of net operating profit to non-operating expense11. The ratio of net profit to capital stock12. The ratio of net profit reinvested to total net profit available for dividends on common stock13. The ratio of profit available for interest to interest expensesThis classification of financial ratios is permanent not exhaustive. -Other ratios may be used for purposes later indicated. Furthermore, some of the ratios reflect the efficiency with which a business has used its capital while others reflect efficiency in financing capital needs. The ratios of sales to receivables, inventory, fixed and intangible capital; the ratios of net operating profit to total capital and to sales; and the ratios of sales to operating costs and expenses reflect efficiency in the use of capital.' Most of the other ratios reflect financial efficiency.B. Technique of Financial Statement AnalysisAre the statements adequate in general?-Before attempting comparative analysis of given financial statements we wish to be sure that the statements are reasonably adequate for the purpose. They should, of course, be as complete as possible. They should also be of recent date. If not, their use must be limited to the period which they cover. Conclusions concerning 1923 conditions cannot safely be based upon 1921 statements.Does the comparative balance sheet reflect a seasonable situation? If so, it is important to know financial conditions at both the high and low points of the season. We must avoid unduly favorable judgment of the business at the low point when assets are very liquid and debt is low, and unduly unfavorable judgment at the high point when assets are less liquid and debt likely to be relatively high.Does the balance sheet for any date reflect the estimated financial condition after the sale of a proposed new issue of securities? If so, in order to ascertain the actual financial condition at that date it is necessary to subtract the amount of the security issue from net worth, if the. issue is of stock, or from liabilities, if bonds are to be sold. A like amount must also be subtracted from assets or liabilities depending upon how the estimated proceeds of the issue are reflected in the statement.Are the statements audited or unaudited? It is often said that audited statements, that is, complete audits rather than statements "rubber stamped" by certified public accountants, are desirable when they can be obtained. This is true, but the statement analyst should be certain that the given auditing film's reputation is beyond reproach.Is working-capital situation favorable ?-If the comparative statements to be analyzed are reasonably adequate for the purpose, the next step is to analyze the concern's working-capital trend and position. We may begin by ascertaining the ratio of current assets to current liabilities. This ratioaffords-a test of the concern's probable ability to pay current obligations without impairing its net working capital. It is, in part, a measure of ability to borrow additional working capital or to renew short-term loans without difficulty. The larger the excess of current assets over current liabilities the smaller the risk of loss to short-term creditors and the better the credit of the business, other things being equal. A ratio of two dollars of current assets to one dollar of current liabilities is the "rule-of-thumb" ratio generally considered satisfactory, assuming all current assets are conservatively valued and all current liabilities revealed.The rule-of-thumb current ratio is not a satisfactory test ofworking-capital position and trend. A current ratio of less than two dollars for one dollar may be adequate, or a current ratio of more than two dollars for one dollar may be inadequate. It depends, for one thing, upon the liquidity of the current assets.The liquidity of current assets varies with cash position.-The larger the proportion of current assets in the form of cash the more liquid are the current assets as a whole. Generally speaking, cash should equal at least 20 per cent of total current liabilities (divide cash by total current liabilities). Bankers typically require a concern to maintain bank balances equal to 20 per cent of credit lines whether used or unused. Open-credit lines are not shown on the balance sheet, hence the total of current liabilities (instead of notes payable to banks) is used in testing cash position. Like the two-for-one current ratio, the 20 per cent cash ratio is more or less a rule-of-thumb standard.The cash balance that will be satisfactory depends upon terms of sale, terms of purchase, and upon inventory turnover. A firm selling goods for cash will find cash inflow more nearly meeting cash outflow than will a firm selling goods on credit. A business which pays cash for all purchases will need more ready money than one which buys on long terms of credit. The more rapidly the inventory is sold the more nearly will cash inflow equal cash outflow, other things equal.Needs for cash balances will be affected by the stage of the business cycle. Heavy cash balances help to sustain bank credit and pay expenses when a period of liquidation and depression depletes working capital and brings a slump in sales. The greater the effects of changes in the cycle upon a given concern the more thought the financial executive will need to give to the size of his cash balances.Differences in financial policies between different concerns will affect the size of cash balances carried. One concern may deem it good policy to carry as many open-bank lines as it can get, while another may carry only enough lines to meet reasonably certain needs for loans. The cash balance of the first firm is likely to be much larger than that of the second firm.The liquidity of current assets varies with ability to meet "acid test."- Liquidity of current assets varies with the ratio of cash, salable securities, notes and accounts receivable (less adequate reserves for bad debts), to total current liabilities (divide the total of the first four items by total current liabilities). This is the so-called "acid test" of the liquidity of current condition. A ratio of I: I is considered satisfactory since current liabilities can readily be paid and creditors risk nothing on the uncertain values of merchandise inventory. A less than 1:1 ratio may be adequate if receivables are quickly collected and if inventory is readily and quickly sold, that is, if its turnover is rapid andif the risks of changes in price are small.The liquidity of current assets varies with liquidity of receivables. This may be ascertained by dividing annual sales by average receivables or by receivables at the close of the year unless at that date receivables do not represent the normal amount of credit extended to customers. Terms of sale must be considered in judging the turnover of receivables. For example, if sales for the year are $1,200,000 and average receivables amount to $100,000, the turnover of receivables is $1,200,000/$100,000=12. Now, if credit terms to customers are net in thirty days we can see that receivables are paid promptly.Consideration should also be given market conditions and the stage of the business cycle. Terms of credit are usually longer in farming sections than in industrial centers. Collections are good in prosperous times but slow in periods of crisis and liquidation.Trends in the liquidity of receivables will also be reflected in the ratio of accounts receivable to notes receivable, in cases where goods are typically sold on open account. A decline in this ratio may indicate a lowering of credit standards since notes receivable are usually given to close overdue open accounts. If possible, a schedule of receivables should be obtained showing those not due, due, and past due thirty, sixty, and ninety days. Such a, schedule is of value in showing the efficiency of credits and collections and in explaining the trend in turnover of receivables. The more rapid the turnover of receivables the smaller the risk of loss from bad debts; the greater the savings of interest on the capital invested in receivables, and the higher the profit on total capital, other things being equal.Author(s): C. O. Hardy and S. P. Meech译文：财务报表分析A.财务比率我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。

论文分类号：F23 学校代码：毕业设计说明书(论文) 题目：基于财务报表分析的企业价值研究学生姓名：学号：系部：专业班级：指导教师：二〇一二年六月I Based on the analysis of Financial statements of the Enterprisevalue researchABSTRACTThis paper is intended to study based on financial analysis of enterprise value research. Through the analysis of financial statements of business value, understand enterprises financial condition and results of operations ,so the financial statements of listed companies to become a regularly published legal information .with the development of capital market, financial reporting and corporate value relations gets increasingly the attention of people, this article is through analysis of financial statements in the value of the enterprise .discussed how to use the financial statements to reveal the problems of enterprise value.Through the accounting data of the financial statement compared to find out the business performance of enterprises, discern the quality of enterprises, predict the future of enterprises. That is to say the financial statements provided by the accounting data analysis, can assess the value of enterprises, enterprises on the future forecast, in order to make rational decision.This article first introduces the financial statements and the concept of enterprise value, the specific discussion of the relation between both, the conclusion is itself of financial forms for reporting statistics enterprise value is the carrier of information, analysis of the financial statements of the enterprise value through financial statements data analysis tools. This chapter also introduced through the analysis of the financial statements of the enterprise value framework .Then this paper analyzes the traditional financial statement itself, index analysis and improved methods of analysis, in order to make financial statements analysis and enterprise value more related.Finally, through a specific case explain how to use the improved financial statement analysis compared to the traditional financial statements analysis in enterprise value with respect to response.KEY WORDS: Financial statements, Financial statement analysis, Enterprise valueII基于财务报表分析的企业价值研究摘要本论文意在探讨基于财务报表分析的企业价值研究。

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XXX components。

XXX understanding of a company's financial health and XXX.The study examines the financial data of 50 XXX on the New York Stock Exchange (NYSE) over a five-year d。

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the system provides a more detailed picture of a company's financial health and can help XXX.XXX through financial analysis。

it is XXX abilities。

the DuPont financial analysis system is particularly XXX。

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The success or failure of a company is closely related to its financial level。