财务分析外文翻译!

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财务分析英文

Financial AnalysisIntroductionFinancial analysis is a crucial aspect of any business operation. It involves evaluating financial statements and other relevant data to gain insights into the financial health and performance of a company. This analysis helps in making informed decisions, identifying areas for improvement, and predicting future trends. In this document, we will discuss various aspects of financial analysis and their importance in the business world.Objectives of Financial AnalysisThe primary objectives of financial analysis are as follows:1. Assessing Financial PerformanceFinancial analysis allows businesses to evaluate their financial performance over a specific period. It helps in understanding the company’s profitability, liquidity, solvency, and efficiency. By analyzing financial ratios and metrics, such as return on investment (ROI), current ratio, and debt-to-equity ratio, companies can determine their status and compare it with industry standards.2. Detecting Financial TrendsFinancial analysis helps in identifying and understanding financial trends. By analyzing historical financial data, businesses can detect patterns and make predictions about future performance. This allows them to anticipate potential risks and opportunities, enabling proactive decision-making.3. Supporting Decision MakingFinancial analysis provides critical information to support strategic decision-making. It helps in evaluating investment opportunities, assessing the viability of new projects, and determining the overall financial health of the company. By examining the financial consequences of different options, organizations can make more informed decisions and allocate resources efficiently.4. Facilitating Stakeholder CommunicationFinancial analysis plays a significant role in communicating the financial position of a company to stakeholders. By presenting financial statements, reports, and analysis, businesses can provide transparency and build trust with investors, creditors, and shareholders. This information helps stakeholders make informed decisions and understand the company’s financial performance.Methods of Financial AnalysisThere are various methods and tools used in financial analysis. Some of the commonly employed methods include:1. Ratio AnalysisRatio analysis involves assessing the relationship between different financial variables to evaluate a company’s performance. It helps in gauging profitability, liquidity, efficiency, and solvency. Example ratios include gross profit margin, return on assets, and inventory turnover ratio. By comparing these ratios with industry benchmarks, businesses can identify areas of improvement and assess their competitive position.2. Trend AnalysisTrend analysis involves analyzing financial data over a period to identify patterns and trends. It helps in understanding the direction in which various financial metrics are moving. By studying trends in revenue, expenses, and profitability, businesses can make predictions and take necessary actions to capitalize on opportunities or mitigate risks.3. Cash Flow AnalysisCash flow analysis assesses a company’s inflows and outflows of cash over a specific period. It helps in understanding the liquidity and cash position of the company. By analyzing cash flow statements, businesses can identify their ability to meet short-term obligations and fund operational activities. This analysis is essential for managing working capital and ensuring financial stability.4. Comparative AnalysisComparative analysis involves comparing the financial performance of a company with industry peers or competitors. It helps in benchmarking and understanding the company’s relative position in the market. By analyzing financial ratios, profitability, and growth metrics of competitors, businesses can identify areas for improvement and set realistic goals.5. Break-even AnalysisBreak-even analysis helps businesses determine the point at which their revenue equals their total costs. It identifies the level of sales required to cover both fixed and variable costs. By conducting break-even analysis, companies can assess the feasibility of a business venture, set pricing strategies, and evaluate the impact of changes in costs or sales volume.ConclusionFinancial analysis is an essential tool for businesses to evaluate their financial performance, detect trends, make informed decisions, and communicate with stakeholders. By utilizing various methods such as ratio analysis, trend analysis, cash flow analysis, comparative analysis, and break-even analysis, companies can gain valuable insights into their financial health and take necessary actions to improve their operations. Effective financial analysis forms the foundation for strategic planning and sustainable growth in today’s competitive business environment.。

财务管理财务分析中英文对照外文翻译文献

覆盖大量的财务报表分析的内容。而大部分的文章只提供一些财务报表分析的内容，我们在本书的第六部分提供给你更多的描述。在第六部分的第六章和第三章主要讲解财务报表分析。
覆盖大量的可供选择的债券工具。由于债券市场的改革，出现了由企业发行的可供选择形式的债券工具。在第15章中，向你介绍了三种工具。我们然后致力于第一章提出的由企业负债发行的最具流动性的可供选择企业债券，企业首次发行的资产有价证券。
(文档含英文原文和中文翻译)
附录A
财务管理和财务分析作为财务学科中应用工具。本书的写作目的在于交流基本的财务管理和财务分析。本书用于那些有能力的财务初学者了解财务决策和企业如何做出财务决策。
通过对本书的学习，你将了解我们是如何理解财务的。我们所说的财务决策作为公司所做决策的一部分，不是一个被分离出来的功能。财务决策的做出协调了企业会计部、市场部和生产部。
1财务管理与分析的介绍
财务是经济学原理的应用的概念，用于商业决策和问题的解决。财务被认为有三部分组成：财务管理，投资，和金融机构：
■财务管理有时被称为公司理财或者企业理财。财务的范围就企业单位的财务决策的重要性划分的。财务管理决策包括保持现金流平衡，延长信用，获得其他公司借款，银行的借款和发行股票和基金。
覆盖项目租赁和项目资金融资。我们提供深度的项目租赁的内容在本书的第27章，阐明项目租赁的利弊，你在本书中会频繁的看到和专业的项目资金融资。项目融资的增长十分重要不仅对企业而言，对为了追求发展基础设施的国家也十分的重要。在第28章，本书提供了便于理解项目融资的基本原理。
早期介绍衍生工具。衍生工具（期货、交换物、期权）在理财中发挥着重要作用。在第4章向你介绍这些工具。而衍生工具被看作是复杂的工具，通过介绍将让你明确它们的基础投资工具特征。在早期介绍的衍生工具时，你可以接受那些评估隐含期权带来的困难（第9章）那些在资本预算中隐含的期权（第14章），以及如何运用隐含期权来减少成本及负债（第15章）。

财务管理分析【外文翻译】

外文翻译原文Material source：《Analysis For Financial Management》Author：Robert C. HigginsMost thoughtful individuals and some investment bankers know that all interesting financial decisions involve risk as well as return. By their nature, business investments require the expenditure of a known sum of money today in anticipation of uncertain future benefits. Consequently, if the discounted cash flow techniques discussed in the last chapter are to be useful in evaluating realistic investments, they must incorporate considerations of risk as well as return. Tow such considerations are relevant. At an applied level, risk increases the difficulty of estimating relevant cash flows. More importantly at a conceptual level, risk itself enters as a fundamental determinant of investment value. Thus, if two investments promise the same expected return but have differing risk, most of us will prefer the low-risk alternative. In the jargon of economics, we are risk averse, and as a result, risk reduces investment value.The details of the market line need not detain us here. What is important is realization that knowledge of an investment’s expected return is not enough to determine its worth. Instead, investment evaluation is a two-dimensional task involving a balancing of risk against return.1.Risk DefinedSpeaking broadly, there are two aspects to investment risk: The dispersion of an investment’s possible returns, and the correlation of these returns with those available on other assets. An investment’s expected return i s the probability-weighted average of the deviations of three returns are possible—8、12and 18 percent—and if the chance of each occurring is 40、30and 30 percent, respectively, the investment’s expected return is:Expected return=0.40*8%+0.30*12%+0.30*18%=12.2%Dispersion risk captures the intuitively appealing notion that risk is tied to the rang of possible outcomes, or alternatively to the uncertainty surrounding the outcome.Thus because investment A shows considerable bunching of possible returns about the expected return, its risk is low. Investment B, on the other hand, evidences considerably less clustering, and is thus higher risk. Borrowing from statistics, one way to measure this clustering tendency is to calculate the standard deviation of return. The details of calculating an investment’s expected return and standard deviation of return need not concern us here. It is enough to know that risk relates to the dispersion, or uncertainty, in possible outcomes and that techniques exist to measure this dispersion.2.Estimating Investment RiskIn some business situations, an investment’s risk can be calculated objectively from scientific or historical evidence. This is true, for instance, of oil and gas development wells. Once an exploration company has found a field and mapped out its general configuration, the probability that a development well drilled within the boundaries of the field will be commercially successful can be determined with reasonable accuracy.Sometimes history can be a guide. A company that has opened 1,000 fast-food restaurants around the world should have a good idea about the expected return and risk of opening the 1,001st. Similarly, if you are thinking about buying AT＆T stock, the historical record of the past variability of annual return to AT＆T shareholders is an important starting point when estimating the risk of AT＆T shares. I will say more about measuring the systematic risk of traded assets, such as AT＆T shares, in a few pages.Three previously mentioned techniques--sensitivity analysis, scenario analysis, and simulation—are useful for making subjective estimates of investment risk. Although none of the techniques provides an objective measure of investment risk, they all help the executive to think systematically about the sources of risk and their effect on project return. Reviewing briefly, an investment’s IRR or NPV depends on a number of uncertain economic factors, such as selling price, quantity sold, useful life, and so on. Sensitivity analysis involves an estimation o f how the investment’s figure of merit varies with changes in one of these uncertain factors. One commonly used approach is to calculate three returns corresponding to an optimistic, a pessimistic, and a most likely forecast of the uncertain variables. This provides some indication of the range of possible outcomes. Scenario analysis is a modest extension that changes several of the uncertain variables in a mutually consistent way to describe a particular event.Simulation is an extension of sensitivity and scenario analysis in which the analyst assigns a probability distribution to each uncertain factor, specifies any interdependence among the factors, and asks a computer repeatedly to select values for the factors according to their probability of occurring. For each set of values chosen, the computer calculates a particular outcome. The chief benefits of sensitivity analysis, scenario analysis, and simulation are that they force the analyst to think systematically about the individual economic determinants of investment risk, indicate the sensitivity of the investment’s return to each of these determinants, and provide information about the range of possible returns.3.Including risk in investment EvaluationOnce you have an idea of the degree of risk inherent in an investment, the second step is to incorporate this information into your evaluation of the opportunity.The most common way to do this is to the discount rate; that is, discount the expected value of the risky cash flows at a discount rate that includes a premium for risk. Alternatively, you can compare an investment’s IRR, based on expected cash flows, to a required rate of return that again includes a risk premium. The size of the premium naturally increases with the perceived risk of the investment.To illustrate the use of such risk-adjusted discount rates, consider a $10 million investment promising risky cash flows with an expected value of $2 million annually for 10 years. What is the investment’s NPV when the risk-free interest rate is 5 percent and management has decided to use a 7 percent risk premium to compensate for the uncertainty of the cash flows?The bell-shaped curve above the diagram shows the distribution of uncertain annual cash flows. At a 12 percent risk-adjusted discount rat e, the project’s NPV is $1.3 million ($10 million initial cost + $11.3 million present value of future cash flows as shown below).Because the investment’s NPV is positive, the investment is attractive even after adjusting for risk. An equivalent approach is to calculate the investment’s IRR, using expected cash flows, and compare it to the risk-adjusted rate. Because the project’s IRR of 15.1% exceeds 12%, we again conclude that the investment is attractive despite its risk.Note how the risk-adjusted disc ount rate reduces the investment’s appeal. If the investment were riskless, its NPV at a 5% discount rate would be $5.4 million, but because a higher risk-adjusted rate is deemed appropriate, NPV falls by over $4million. In essence, management requires an inducement of at least this amount before it is willing to make the investment.译文资料来源：《财务管理分析》作者：罗伯特C.希金斯很多周到具体的个人和一些投资银行家都知道，所有有利的财务决策都既包含风险也有收益。

关于财务报告分析的英语(3篇)

第1篇Introduction:Financial reporting is a crucial aspect of any organization, providing stakeholders with vital information about its financial performance and position. Analyzing financial reports helps investors, creditors, and other interested parties make informed decisions. This article aims to provide a comprehensive guide to financial report analysis, covering various aspects such as balance sheets, income statements, cash flow statements, and ratio analysis.I. Understanding Financial Reports1. Financial Statements:Financial statements are formal records of the financial activities of a company. They include the balance sheet, income statement, and cash flow statement.a. Balance Sheet:The balance sheet provides a snapshot of a company's financial position at a specific point in time. It consists of assets, liabilities, and shareholders' equity.b. Income Statement:The income statement shows a company's financial performance over a specific period. It includes revenues, expenses, and net income.c. Cash Flow Statement:The cash flow statement presents the inflow and outflow of cash within a company over a specific period. It consists of operating, investing, and financing activities.2. Notes to Financial Statements:Notes to financial statements provide additional information about the figures presented in the statements. They help users understand theaccounting policies, assumptions, and estimates used in preparing the financial statements.II. Analyzing Financial Reports1. Horizontal Analysis:Horizontal analysis, also known as trend analysis, compares financial data over multiple periods to identify trends and patterns. It helps in assessing the growth rate, profitability, and financial stability of a company.2. Vertical Analysis:Vertical analysis involves expressing each item in a financial statement as a percentage of a base figure, such as total assets or total sales. This analysis helps in understanding the relative importance of each item in the statement.3. Ratio Analysis:Ratio analysis involves calculating and interpreting various ratios to assess the financial health and performance of a company. Common ratios include liquidity ratios, profitability ratios, solvency ratios, and efficiency ratios.a. Liquidity Ratios:Liquidity ratios measure a company's ability to meet its short-term obligations. Common liquidity ratios include the current ratio and quick ratio.b. Profitability Ratios:Profitability ratios assess a company's ability to generate profits from its operations. Common profitability ratios include the gross profit margin, operating profit margin, and net profit margin.c. Solvency Ratios:Solvency ratios measure a company's ability to meet its long-term obligations. Common solvency ratios include the debt-to-equity ratio and interest coverage ratio.d. Efficiency Ratios:Efficiency ratios measure how effectively a company utilizes its assets and resources. Common efficiency ratios include the inventory turnover ratio and receivables turnover ratio.III. Key Aspects of Financial Report Analysis1. Earnings Per Share (EPS):EPS is a measure of a company's profitability. It is calculated by dividing net income by the number of outstanding shares. A higher EPS indicates higher profitability.2. Return on Equity (ROE):ROE measures how effectively a company utilizes its shareholders' equity to generate profits. It is calculated by dividing net income by shareholders' equity. A higher ROE indicates better profitability.3. Return on Assets (ROA):ROA measures how effectively a company utilizes its assets to generate profits. It is calculated by dividing net income by total assets. A higher ROA indicates better asset utilization.4. Debt-to-Equity Ratio:The debt-to-equity ratio compares a company's total debt to its shareholders' equity. A higher ratio indicates higher financial leverage and higher risk.5. Inventory Turnover Ratio:The inventory turnover ratio measures how quickly a company sells its inventory. A higher ratio indicates efficient inventory management.IV. ConclusionFinancial report analysis is a critical tool for understanding a company's financial performance and position. By analyzing various financial statements, ratios, and key aspects, stakeholders can make informed decisions about their investments, lending, and other business activities. It is important to consider both historical and current data while analyzing financial reports to gain a comprehensive understanding of a company's financial health.Remember, financial report analysis is not an exact science, and it requires a thorough understanding of accounting principles and industry-specific factors. By following the guidelines provided in this article, stakeholders can navigate the complexities of financial report analysis and make well-informed decisions.第2篇IntroductionFinancial reporting is a critical aspect of any business, providing stakeholders with vital information about the company's financial performance, position, and cash flows. This guide aims to delve into the intricacies of financial report analysis, offering insights into how to interpret financial statements, assess financial health, and make informed decisions. By the end of this article, readers should have a comprehensive understanding of the key components of financial report analysis and the tools required to perform it effectively.Understanding Financial StatementsFinancial statements are the primary source of information for financial report analysis. The main financial statements include the balance sheet, income statement, and cash flow statement. Each statement serves a different purpose and provides a unique perspective on the company's financial health.1. Balance SheetThe balance sheet provides a snapshot of the company's financialposition at a specific point in time. It consists of three main sections:assets, liabilities, and equity. The balance sheet follows the accounting equation, which states that assets equal liabilities plus equity.- Assets: These are the resources owned by the company, including cash, accounts receivable, inventory, property, and equipment.- Liabilities: These are the company's obligations, such as accounts payable, loans, and other debts.- Equity: This represents the ownership interest in the company, which includes retained earnings and common stock.2. Income StatementThe income statement, also known as the profit and loss statement, shows the company's financial performance over a specific period. It consists of three main sections: revenue, expenses, and net income.- Revenue: This represents the income generated from the company's primary business activities.- Expenses: These are the costs incurred in generating revenue, including salaries, rent, utilities, and other operating expenses.- Net Income: This is the difference between revenue and expenses, representing the company's profit or loss for the period.3. Cash Flow StatementThe cash flow statement provides information about the company's cash inflows and outflows during a specific period. It consists of three main sections: operating activities, investing activities, and financing activities.- Operating Activities: These are the cash flows resulting from the company's primary business activities.- Investing Activities: These are the cash flows resulting from the company's investments in assets and other businesses.- Financing Activities: These are the cash flows resulting from the company's financing activities, such as issuing or repurchasing stock and taking on or repaying debt.Key Financial RatiosFinancial ratios are tools used to analyze the financial statements and assess the company's performance and health. Here are some of the most common financial ratios:1. Liquidity RatiosLiquidity ratios measure the company's ability to meet its short-term obligations. The most common liquidity ratios include:- Current Ratio: This ratio compares current assets to current liabilities, indicating the company's ability to cover its short-term obligations.- Quick Ratio: This ratio is similar to the current ratio but excludes inventory, providing a more stringent measure of liquidity.- Cash Ratio: This ratio compares cash and cash equivalents to current liabilities, indicating the company's ability to meet its short-term obligations using only cash.2. Solvency RatiosSolvency ratios measure the company's ability to meet its long-term obligations. The most common solvency ratios include:- Debt-to-Equity Ratio: This ratio compares total debt to total equity, indicating the extent to which the company is using debt financing.- Interest Coverage Ratio: This ratio compares earnings before interest and taxes (EBIT) to interest expense, indicating the company's ability to cover its interest payments.- Times Interest Earned Ratio: This ratio compares EBIT to interest expense, indicating the number of times the company can cover its interest payments.3. Profitability RatiosProfitability ratios measure the company's ability to generate profits from its operations. The most common profitability ratios include:- Gross Margin Ratio: This ratio compares gross profit to revenue, indicating the company's ability to generate profits from its sales.- Net Margin Ratio: This ratio compares net income to revenue, indicating the company's overall profitability.- Return on Assets (ROA): This ratio compares net income to total assets, indicating the company's efficiency in using its assets to generate profits.- Return on Equity (ROE): This ratio compares net income to shareholders' equity, indicating the company's profitability from the perspective of its shareholders.4. Efficiency RatiosEfficiency ratios measure the company's ability to manage its assets and liabilities effectively. The most common efficiency ratios include:- Inventory Turnover Ratio: This ratio compares cost of goods sold to average inventory, indicating the company's ability to manage its inventory effectively.- Accounts Receivable Turnover Ratio: This ratio compares net credit sales to average accounts receivable, indicating the company's ability to collect payments from its customers.- Total Asset Turnover Ratio: This ratio compares net sales to average total assets, indicating the company's ability to generate sales from its assets.Performing Financial Report AnalysisTo perform a comprehensive financial report analysis, follow these steps:1. Gather Financial Statements: Obtain the company's financial statements, including the balance sheet, income statement, and cash flow statement.2. Calculate Financial Ratios: Calculate the relevant financial ratios using the data from the financial statements.3. Compare Ratios: Compare the company's financial ratios to industry averages and historical performance to identify strengths and weaknesses.4. Identify Trends: Analyze the company's financial ratios over time to identify trends and patterns in its financial performance.5. Perform Vertical and Horizontal Analysis: Perform vertical analysis (also known as common-size analysis) to compare different line items within a financial statement as a percentage of a base item. Perform horizontal analysis to compare financial statement items over different periods.6. Analyze Cash Flow: Analyze the cash flow statement to understand the company's cash inflows and outflows and its ability to generate cash.7. Assess Financial Health: Based on the analysis, assess the company's financial health and make informed decisions about its future prospects.ConclusionFinancial report analysis is a crucial tool for understanding a company's financial performance and health. By interpreting financial statements, calculating financial ratios, and analyzing trends, stakeholders can make informed decisions about their investments, business operations, and overall financial strategy. This guide has provided a comprehensive overview of financial report analysis, offering insights into the key components and tools required to perform it effectively.第3篇Introduction:Financial report analysis is a crucial process for businesses to evaluate their financial performance, make informed decisions, and identify areas for improvement. By thoroughly analyzing financial reports, businesses can gain insights into their profitability, liquidity, solvency, and overall financial health. This guide will provide an overview of financial report analysis, covering key components, techniques, and best practices.I. Understanding Financial Reports:1. Income Statement:The income statement, also known as the profit and loss statement, provides a summary of a company's revenues, expenses, gains, and losses over a specific period. It helps assess the company's profitability.2. Balance Sheet:The balance sheet presents a snapshot of a company's financial position at a particular point in time. It includes assets, liabilities, and shareholders' equity, providing a clear picture of the company's financial structure.3. Cash Flow Statement:The cash flow statement tracks the inflow and outflow of cash within a company over a specific period. It helps evaluate the company'sliquidity and cash management capabilities.II. Key Components of Financial Report Analysis:1. Horizontal Analysis:Horizontal analysis compares financial data over multiple periods to identify trends, growth rates, and changes in performance. It involves calculating percentage changes and ratios.2. Vertical Analysis:Vertical analysis, also known as common-size analysis, expresses each item on the financial statements as a percentage of a base figure,typically total assets or total sales. This technique provides insights into the composition and structure of the financial statements.3. Ratio Analysis:Ratio analysis involves calculating and interpreting various financial ratios to assess a company's financial performance and position. Common ratios include liquidity ratios (current ratio, quick ratio), solvency ratios (debt-to-equity ratio, interest coverage ratio), profitability ratios (return on assets, return on equity), and efficiency ratios (inventory turnover, receivables turnover).III. Techniques for Financial Report Analysis:1. Trend Analysis:Trend analysis involves examining the historical data of a company to identify patterns, trends, and cyclicality. It helps predict future performance and assess the sustainability of past trends.2. Benchmarking:Benchmarking involves comparing a company's financial performance with industry averages or competitors. This technique helps identify areas of strength and weakness and provides a reference for improvement.3. DuPont Analysis:DuPont analysis breaks down the return on equity (ROE) into three components: net profit margin, asset turnover, and equity multiplier. This technique helps identify the factors driving ROE and assess the company's efficiency and profitability.IV. Best Practices for Financial Report Analysis:1. Data Accuracy and Consistency:Ensure that the financial data used for analysis is accurate, complete, and consistent. Inconsistencies or errors can lead to misleading conclusions.2. Contextual Analysis:Consider the broader economic, industry, and company-specific factors that may impact financial performance. Contextual analysis helps avoid making hasty conclusions based solely on financial data.3. Long-term Perspective:Focus on long-term trends and performance rather than short-term fluctuations. Financial report analysis should provide insights into the company's sustainable growth potential.4. Continuous Learning:Stay updated with the latest financial reporting standards, analysis techniques, and industry trends. Continuous learning ensures that the analysis remains relevant and effective.Conclusion:Financial report analysis is a vital tool for businesses to evaluate their financial performance, make informed decisions, and identify areas for improvement. By understanding the key components, techniques, and best practices, businesses can gain valuable insights from their financial reports and achieve long-term success.。

财务报表分析中英文对照外文翻译文献

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。

财务分析英语词汇表

财务分析英语词汇表一、资产类词汇1、 Assets（资产）：企业拥有或控制的具有经济价值的资源。

2、 Current assets（流动资产）：能够在一年内或一个经营周期内变现或运用的资产，如 Cash（现金）、Accounts receivable（应收账款）、Inventory（存货）等。

3、 Fixed assets（固定资产）：使用期限较长，价值较高，并在使用过程中保持原有实物形态的资产，例如 Plant and equipment（厂房和设备）、Land（土地）。

4、 Intangible assets（无形资产）：没有实物形态，但能为企业带来经济利益的资产，如 Patents（专利）、Trademarks（商标）、Goodwill（商誉）。

二、负债类词汇1、 Liabilities（负债）：企业过去的交易或事项形成的、预期会导致经济利益流出企业的现时义务。

2、 Current liabilities（流动负债）：需要在一年或一个经营周期内偿还的债务，如 Accounts payable（应付账款）、Shortterm loans（短期借款）。

3、Longterm liabilities（长期负债）：偿还期限在一年以上的债务，例如 Bonds payable（应付债券）、Longterm loans（长期借款）。

三、所有者权益类词汇1、 Owner's equity（所有者权益）：企业资产扣除负债后由所有者享有的剩余权益。

2、 Share capital（股本）：公司通过发行股票所筹集的资金。

3、 Retained earnings（留存收益）：企业历年实现的净利润留存于企业的部分。

四、利润表相关词汇1、 Revenue（收入）：企业在日常活动中形成的、会导致所有者权益增加的、与所有者投入资本无关的经济利益的总流入，如 Sales revenue（销售收入）、Service revenue（服务收入）。

财务分析(双语课)

财务分析（双语课）Financial Analysis (双语课)财务分析是指从财务角度对企业经营状况进行的分析，旨在揭示企业的财务状况、盈利能力、偿债能力、运营能力等方面的情况。

Financial analysis refers to the analysis of enterprise operating conditions from a financial perspective, aiming to reveal the company's financial status, profitability, debt repayment ability,and operational capabilities.财务分析的四大基本原则包括全面、系统性、定量化和相对性，通过对财务报表上的数据进行处理和分析，产生出一系列重要的财务比率和指标，这些指标可以帮助投资者、债权人、政府、分析师等各种利益相关者更好地理解企业的财务状况和运营状况，从而做出更加合理的决策。

The four basic principles of financial analysis include comprehensiveness, systematicity, quantification, and relativity.By processing and analyzing the data on financial statements, a series of important financial ratios and indicators are generated. These indicators can help investors, creditors, governments, analysts and other stakeholders to better understand the financial and operational conditions of enterprises, and make more reasonable decisions.财务分析的核心就是利用财务比率和指标，对企业的财务状况、盈利能力、偿债能力、运营能力等方面的情况进行分析，以此评估企业的投资价值和风险程度。

财务报表分析外文文献及翻译

财务报表分析外⽂⽂献及翻译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 ?nancial statement analysis that distinguishes leverage that arises in ?nancing activities from leverage that arises in operations. The analysis yields two leveraging equations, one for borrowing to ?nance 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 ?nancial 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 ? nancing liabilities. Accordingly, ?nancial statement analysis that distinguis hes the two types of liabilities informs on future pro?tability 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 ?nancing activities: Firms borrow to raise cash for operations. This paper shows that, for the purposes of analyzing pro?tability and valuing ?rms, two types of leverage are relevant, one indeed arising from ?nancing activities b ut another from operating activities. The paper supplies a ?nancial statement analysis of the two types of leveragethat explains differences in shareholder pro?tability 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 ?nancing, 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, ?rms 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 ?nancing.Our research asks whether a dollar of operating liabilities on the balance sheet is priced differently from a dollar of ?nancing liabilities. As operating and ?nancing 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 ?nancial statement analysis distinguishes shareholder pro?tability that arises from operations from that which arises from borrowing to ?nance 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 ?nancing liabilities. Therefore, to develop the speci?cation s for the empirical analysis, the paper presents a ?nancial statement analysis that identi?es the effects of operating and ?nancing liabilities on rates of return on book value—andso 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 ?nancial statement analysis that distinguishes leverage in operations from leverage in ?nancing also distinguishes differences in contemporaneous and future pro?tability among ?rms. Leverage from operating liabilities typically levers pro?tability more than ?nancing leverage and has a higher frequency of favorable effects.Accordingly, for a given total leverage from both sources, ?rms 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 ?rms’ pro?tability 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 ?rms. Those forecasts—and valuations derived from them—depend, we show, on the composition of liabilities. The ?nancial 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 ?nancial statements analysis that identi?es the two types of leverage and lays out expres sions that tie leverage measures to pro?tability. Section 2 links leverage to equity value and price-to-bookratios. The empirical analysis is in Section 3, with conclusions summarized in Section 4.1. Financial Statement Analysis of LeverageThe following ?nancial statement analysis separates the effects of ?nancing liabilities and operating liabilities on the pro? tability of shareholders’ equity. The analysis yields explicit leveraging equations from which the speci?cations for the empirical analysis are developed.Shareholder pro?tability, 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 pro?tability measure. Appropriate ?nancial 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 ?nancing activities. The pro?tability due to each activity is then calculated and two types of leverage are introduced to explain both operating and ?nancing pro?tability and overall shareholder pro?tability.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 ?nancial 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 ? nancial assets (the deposits and marketable securities that absorb excess cash) is made in other contexts. However, on the liability side, ?nancing liabilities are also distinguished here from operating liabilities. Rather than treating all liabilities as ? nancing debt, only liabilities that raise cash for operations—like bank loans, short-term commercial paper and bonds—are classi?ed 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 nancing activities. Net operating assets are operating assets less operating liabilities. So a rm 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 ?nancing debt is ?nancing debt (including preferred stock) minus?nancial assets. So, a ?rm 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 ?rm may be a net creditor (with more ?nancial assets than ?nancial liabilities) rather than a net debtor.The income statement can be reformulated to distinguish income that comes from operating and ?nancing activities: Comprehensive net income = operating income－net financing expense (4) Operating income is produced in operations and net ?nancial expense is incurred in the ?nancing of operations. Interest income on ?nancial assets is netted against interest expense on ?nancial liabilities (including preferred dividends) in net ?nancial expense. If interest i ncome is greater than interest expense, ?nancing activities produce net ?nancial income rather than net ?nancial expense. Both operating income and net ?nancial expense (or income) are after tax.3Equations (3) and (4) produce clean measures of after-tax o perating pro?tability 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 pro?tabilit y must be based on the net assets invested in operations. So ?rms can increase their operating pro?tability 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 ?nancing activities.Note that RNOA differs from the more common return on assets (ROA), usually de?ned as income before after-tax interestexpense to total assets. ROA does not distinguish operating and ?nancing activities appropriately. Unlike ROA, RNOA excludes ?nancial assets in the denominator and subtracts operating liabilities. Nissim and Penman (2001) report a median ROA for NYSE and AMEX ?rms 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 financ ing 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 ?nancing activities, isFinancing leverage (FLEV) =net financing debt ÷common equity (9) The FLEV measure excludes operating liabilities but includes (as a net against ?nancing debt) ?nancial assets. If ?nancial assets are greater than ?nancial liabilities, FLEV is negative. The leveraging equation (8) works for negative FLEV (in which case the net borrowing rate is the return on net ? nancial assets).This analysis breaks shareholder pro?tability, ROCE, down into that which i s due to operations and that which is due to ? nancing. Financial leverage levers the ROCE over RNOA, with the leverage effect determined by the amount of ?nancial 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 ?nancing debt levers ROCE, operating liabilities lever the pro?tability 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 ?rm 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 operationsrather than the ?nancing of operations. The amount that suppliers actually charge for this credit is dif?cult 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 ?rm buying the goods o r services is indifferent between trade credit and ?nancing purchases at the borrowin rate.To analyze the effect of operating liability leverage on operating pro?tability, w e d e?ne:Return on operating assets (ROOA) =(operating income＋market interest on operating liabilities)÷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 ?rm 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 ofleverage on pro?tability is determined by the level of operating liability leverage and the spread between ROOA and the short-term after-tax interest rate. Like ?nancing l everage, the effect can be favorable or unfavorable: Firms can reduce their operating pro?tability 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 ?nancing 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 ?nancing 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, ?nancial statement analysis of operating and ?nancing activities yields three leveraging equations, (8), (12), and (13). These equations are based on ?xed accounting re lations and are therefore deterministic: They must hold for a given ? rm at a given point in time. The only requirement in identifying the sources of pro?tability appropriately is a clean separation betweenoperating and ?nancing components in the ?nancial statements.2. Leverage, Equity Value and Price-to-Book RatiosThe leverage effects above are described as effects on shareholder pro?tability. Our interest is not only in the effects on shareholder pro?tability, 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 to common 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 pro?tability of the book value, and leverage affects pro?tability. So our empirical analysis investigates the effect of leverage on both pro?tability and price-to-book ratios. Or, stated differently, nancing 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 pro?tability. Indeed, the two analyses (of pro?tab ility and price-to-book ratios) are complementary.Financing liabilities are contractual obligations for repayment of funds loaned. Operatingliabilities 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 pro?tability and value.2.1 Effects of Contractual liabilitiesThe ex post effects of ?nancing and operating liabilities on pro?tability 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 ?nancial leverage takes, as its point of departure, the Modigliani and Miller (M&M) (1958) ?nancing irrelevance proposition: With perfect capital markets and no taxes or information asymmetry, debt ?nancing has no effect on value. In terms of the residual income valuation model, an increase in ?nancial 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 pro?tability 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 ? nancing 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 ?nancial leverage has proceeded to relax the conditions for the proposition to hold. Modigliani and Miller (1963) hyp othesized that the tax bene?ts of debt increase after-tax returns to equity and so increase equityvalue. 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 ?nancing 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 ?nancing debt, with the effects differing only by degree. Indeed papers have explained the use of trade debt rather than ?nancing debt by transaction costs (Ferris, 1981), differentia l access of suppliers and buyers to ?nancing (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 ?nancing choice as a signal of pro?tability 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 ?rms than banks and the bond market, so more operating debt might indicate higher value. Alternatively, high trade payables might indicate dif?culti es in paying suppliers and declining fortunes.Additional insights come from further relaxing the perfect frictionless capital markets assumptions underlying the original M&M nancing irrelevance proposition. When it comes to operations, the product and input markets in which rms trade are typically less competitive than capital markets. In deed, ?rms are viewed as adding value primarily in operations rather than in nancing activities because of less than purely competitive product and input markets. So, whereas it is difficult to ‘‘make money off the debtholders,’’ ?rms can be seen as ‘‘mak ing money off the trade creditors.’’ In operations, ?rms can exert monopsony power, extracting value from suppliers and employees. Suppliers may provide cheap implicit ?nancing in exchange for information about products and markets in which the ?rm operates. They may also bene?t from ef?ciencies in the ?rm’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 operatingliabilities result in higher leverage for a given level of operating assets. But the effect on pro?tability is also clear from leveraging equation (12): While conservative 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 ?ows through to shareholder pro?tability, 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 pro?tability. For example, if a ? rm books higher deferred revenues, accrued expenses or other operating liabilities, and so increases its operating liability leverage, it reduces its current pro?tability: Current revenues must be lower or expenses higher. And, if a ?rm 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 pro?tability: 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 identi?es part of the accrual reversal phenomenon documented by Sloan (1996) and interprets it as affecting leverage, forecasts of pro?tability, and price-to-book ratios.3. Empirical AnalysisThe analysis covers all ?rm-year observations on the combined COMPUSTAT (Industry and Research) ?les 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 ?nancial institution (SIC codes 6000–6999), thereby omitting ?rms where most ?nancial 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 ?rm-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 ?nance operations, ?rms borrow in the ?nancial markets, creating ?nancing leverage. In running their operations, ?rms 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 re?ect contractual terms that add value in different ways than ?nancing 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 pro?tability and equity value.The paper has laid out explicit leveraging equations that show how shareholder p ro?tability is related to ?nancing 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 pro?tab ility, this analysis also explains how price-to-book ratios are affected by the two types of leverage. The empirical analysis in the paper demonstrates that operating and ?nancing liabilities imply different pro?tability and are priced differently in the stock market.Further analysis shows that operating liability leverage not only explains differences in pro?tability in the cross-section but also informs on changes in future pro?tability from current pro?tability. Operating liability leverage and changes in operating liability leverage are indicators of the quality of current reported pro?tability as a predictor of future pro?tability.Our analysis distinguishes contractual operating liabilities from estimated liabilities, but further research might examine operating liabilities in more detail, focusing on line items such as accrued expenses and deferred revenues. Further research might also investigate the pricing of operating liabilities under differing circumstances; for example, where ?rms have ‘‘market power’’ over their suppliers.会计研究综述，2003,16(8):531-560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本⽂提供了区分⾦融活动和业务运营中杠杆作⽤的财务报表分析。

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财务分析外文翻译!财务报表报表要求前面主要讨论了向外界提供的财务资料格式和用途，本章着重讨论的内容，浏览一下资产负债表，其项目如下:现金主要是指在有偿付能力的银行中的活期存款。

在会计期终止时补充的办公和工程备用基金也可包括在内。

在职能分权的会计制度中，现金可以包括全部自有业务的各种分项工程银行存款，但是联合账户存款中属本公司的份额。

如果不属本公司支配，可以不包括在内。

现金不应该包括投标保证金或其它保证金以保证履行合同。

也不应包括对雇员的预付款或对提款附加有种种限制的存款。

在受货币限制的外国银行中的现金，只要它不超出公司对所在国货币的现金需求，也可视为现金。

在建立银行现金明细表时，使存款现金与同一银行未清偿的各项贷款、抵押品、银行给予的最大担保信贷以及上年度的平均余额相符倒是个好主意。

每份报告应包括现金预测，至少应在交给管理部门的报告中包括现金预侧。

应收款项可分成下列细目1.核定的和到期的按进度付款的金额。

2.已开出但尚未核定的按进度付款的金额。

3.收益的金额和可即付的但开单当日实际未付的金额。

4.正在执行中的合同押金。

已完成的工程押金。

5.6(如果把支付给分散经营的业务和合资企业的预付款看作应收款项，这些预付款应单独列表并单列科目放在资产负债表的首页。

是否应将工程利润带来的产权当作应收款项还有争议。

但一旦运用这种方式，就应该列出该项目。

一般来说，最好的做法是把合资企业的预付款和未分配的收益标明为“合资企业投资”，并加上适当的附注，说明投资的性质和合资企业的简要财务数据。

7(运转中的工程费用。

当这些项目被看作应收账款时。

只应列入某一特定工程按进度付款的已赚收益中的超额部分。

如果按进度付款超过营业收益，这些费用应当作债务，如果资产负债表分为流动负债和非流动负债两类，这些费用应归人流动负债类。

8(各类销售、服务和保险赔偿金等应收款项9(应付供应商和雇员的款项，明细附表应详细显示这些项目，当这些项目出自某一特定业务或与某一特定业务有关时，应将这些项目与该业务一并在明细表上标明。

库存，从技术上讲，仅限于未拨用的材料，物资和备用件。

有时把小工具归入物资类，有时单独列出。

无论用那种形式，库存都应该在资产负债表的首页或明细附表中标明、购进的库存物资应按成本价或市场价，根据低的一种价格定价。

对从工地归还到中心仓库的主要的旧材料(胶合板和金属模具)和小工具(气锤、钻头等)没有严格和固定的规则。

标准处理方法是按成本价加10%将新材料“出售"给工程。

当归还到中心仓库时，按原售价冲减so,记人工程账户，并在库存账户记人同样的数目。

在下次“出售”给另一工程时，在前一工程的归还值上增加10,。

归还时，再次重复这一手续，直到该物品不能用为止。

丢失或残余价值微不足道可以不计。

10,的加价系数用于弥补小修和仓储的费用。

这种方法的另一种形式是指定回收估值而不是不断增加百分比，然而，这种方法需要有足够知识的人在每次回收物品时估值，这样做很麻烦，也不值得。

但是，当这些物品出售给合资企业或成本加成工程时，肯定这种价格可以公平代表材料或小型工具的价值是一种好做法。

值得注意的是这种交易文件不能写得让国家把这种交易作为要交营业税的买卖。

财务报表的制订业务量增加到有必要雇佣一个专职雇员作为记账员时，承包商常常发现他能够雇佣的记账员并不具备制订财务报表和他可能需要的其它财务分析的知识。

另外，记账员很需要有专家指导，告诉他们怎样做月报和季报，怎样做年终结算，当然还有怎样做所得税申报表、在这个阶段，通常最节约的和最令人满意的是雇佣一个完全可以胜任的执业会计师(最好雇用具有建筑财会经验的注册职业会计师)来实施这项工作。

同样，在这个时期，执业会计师能够也应该为承包商提供一个重要的控制手段，因为他能够对承包商办公室制作的财务报表和税务申报表是否准确进行审查。

在选择执业会计师时，承包商征求他的银行家和担保公司的意见，让他们推荐建筑行业中声誉良好的会计公司或会计人员，这是一个好办法。

即使执业会计师对财务报表和税务申报表的准确性提出了另外的一些控制手段，财务报表和税务申报表也要等到承包商本人对其准确性感到满意时才能发送。

任何重要的法律上或税务方面的决策都应该经这个领域中的专家核对。

当承包商的业务规模扩大时，他通常发现雇佣一个专职的会计来监督他的记账员是有好处的，而且他是能够胜任制订定期的财务报表和税务申报表的。

这种侧重点的变化和承包商要求从执业会计师那里得到的服务类型的变化同时产生。

在这一点上，更强烈的需要是确保承包商雇佣的会计师精于建筑公司中的一般会计和税收问题，而且如果可能的话，也要精于承包商所从事的特殊的建筑类型的这类业务。

当执业会计师对财务报表无异议时，他有责任使财务报表和税务申报表的准确性得到保证，他通常会以自己的名义制作这类报表，并将报表写在印有自己头衔的信笺上。

另一方面，虽然他可能不依据普遍接受的审计标准而进行审计工作，但是在容许将他的名字与这种报表联系在一起之前，他将做大量的工作以确保报表是依据普遍接受的会计原则制订的。

当完成这项工作的时候，他应该给财务报表附上一封信，说明随信寄出的报表是根据承包商的会计档案和承包商提供的资料制作的，未经审计，因此对财务报表是否合理不发表意见。

当审计员发现提供的情况有问题时，他不可以无视这些事实，必须证明他的意见是正确的。

如果执业会计师能够做好他的工作，除了对需要技术或建筑知识的重要问题的会计和税务的处理意见需承包商提出决定外，一般不必要求承包商花时间来审查。

也许在这个阶段，执业会计师将依据普遍接受的审计标准进行审计工作，并且提供审计报告和审计员对财务报表的意见。

如果需要的话，承包商的担保公司将经常要求进行审计，而且承包商的银行业者也有可能要求这样做。

然而执业会计师的主要作用在于使承包商不必对记账工作进行详细的监督，这种监督在外部会计师做全部或部分账目的制度中是必不可少的。

在这一点上，承包商也开始享有对自己的见解、会计方法以及记账步骤的外部检查带来的好处，同时也享有能为其银行业和担保公司提供通过审计的财务报表所带来的好处。

经理的权限以应计制会计原则为基础的财务报表是专为投资者和贷款人而不是为经理设计的。

经理与投资者和货款人不同，他们负贵计划和控制企业的各项活动(很少把注意力放到对现金流转的预侧或对公司的整体业绩的评估上。

相反，他们关心的是某一工程、活动和资产所产生的现金流转情况，他们应对各部门经理或公司各部门的业绩做出评估。

经理手头要有为做出决定特别准备的资料。

给投资者和贷款人看的报表对经理常常是不适宜的。

因为报表没有单独指出决策对资财带来的各种变化，比如，收益表中报告的收支情况往往不能正确估计某一经营活动的现金流转情况。

预算、分配及应计制会计中要求的对会计原则做出的选择都对其有影响(假定一经理得决定是否增加现有产量。

支出，即卖出的商品成本并不能反映增加产量所带来的额外生产成本的增加情况。

已售出产品的成本包括固定成本的分配，增产后它不会改变。

另外，生产成本受两个因素影响，一个是估算，另一个是盘存方式的选择，这一选择会影响报表中的支出数据，但它并不是真正的生产成本(董事会需要的是直接反映因增加产量而增加的现金流量情况的报表。

同样，经理们评估公司部门或科室做出的成绩时，必须特别注意各单位负责的生产活动的各个方面，用公认的应计制会计方法计算出来的收益汇总的不可能都是各部门经理负责的范围的项目。

比如折旧费用的多少反映的是以前的决定，它是以购买时付的资产为依据的;而资产可能在现在经理任职之前已购买。

当然一段时间后，现任经理可以决定淘汰旧资产，购买新资产，但在一段时间内他们得承担折旧费用，他们无法减少折旧费。

相应地，每个单位可能会得到公司总部“任意”拨下的收益或承担公司总部“硬性摊派”的费用。

一生产单位的收益可以表示为“售”给公司市场处的公司内部销售额。

销售价由公司自己决定。

其支出包括分摊到的公司的一般开支，这也是公司董事会决定的。

由于单位不能控制收入中的一个或几个重要来源(因此收入不能用来有效地评估业绩。

认为应计制会计为基础的财务报表对经理无用，而只对投资者和贷款人有用，这样的推断是不正确的。

当经理购买其他公司的证券或贷款给其它公司时，他们自己也是投资者或贷款人。

投资者、贷款人在决定是否对建议的公司项目提供资金支助时，他们也像管理部门一样做出分析。

总而言之，应计制会计是向投资者和贷款人提供财务信息的最佳手段，经理们需要的是为即将做出的决策而专门设计的报表。

现金流量表的演变现今，绝大多数经理、投资者和金融分析家把现金流量表列为与一个企业的资产负债表或收益表同等的地位。

但是，与其它主要的财务报表相比，现金流量表是新近才有的。

1961年以前，会计师有时要对公司资产负债表账目的变化写出一个简单的分析报告，常常称之为“来龙去脉表”。

然而，对外报道并不需要有正式的现金流量表。

1961年，美国执业会计师协会发起了一个对现金流量分析领域的研究。

研究报告建议，每个公司的年度财务报表中应包括某种现金流量分析表。

1971年，该协会下属的会计原则委员会开始要求公司的财务报表中必须含有一份财务状况变动表。

在随后的二十年里，这些报表在形式、内容和对财务报表使用者的重要性上都有了很大的改进。

1987年，财务会计标准委员会发表了他们的第九十五号标准，此标准要求现金流量表必须按本单元介绍的方法来做。

现金流量表的目的现金流量表的主要目的是提供公司在某个特定时期内其现金来源与使用的情况。

这种信息可以让财务报表使用者了解公司的经营、投资、以及与现金来源及使用情况有关的筹资活动。

现金与视同库存现金任何一家企业都需要现金来付账、偿付工人的工资和购置设备等等。

同时，公司还尽量管理好资金以避免手头留有超过所需的现金。

作为现金管理项目的一个内容，很多公司把他们的资金的一部分投人到短期的、随时可兑现的投资项目中去。

这样投资的例子包括金融市场账户和美国短期国库债券。

这些投资能够使公司从投资额中获取一笔收益。

同时，如果必要，这笔资金随时可用。

因为这种短期投资的兑现很方便，在某种意义上说，它们就是视同库存现金。

视同库存现金被定义为随时可兑现的投资，它可很容易兑换成一笔已知数目的现金，而且到期日也很近。

表格的内容与设置财务会计标准委员会规定，现金流量表应设置三项内容，每个部分都详细记录在会计期内某一活动的现金流量。

这种报表的三个部分显示了在经营、投资和筹资活动中的现金流量。

下面是对这几种类型活动的介绍。

经营活动经营活动被定义为所有除投资和筹资活动以外的事项或交易。

一个公司的经营包括所有与提供商品和服务有关的活动。

这样，来自商品的销售或服务的现金收入应列在现金流量表的“经营活动”这一栏里。

同属此栏的现金支出包括所有以产品生产和服务为目的的支出。