27090 金融管理 上市资料
标准金融相关资料
标准金融相关资料随着金融市场的不断发展和创新，越来越多的人开始了解和学习金融相关资料。
标准金融相关资料是指在金融领域中用来定义、规范和标准化各种金融产品、交易和行为等的相关文件和资料。
这些文件和资料对于金融市场的稳定和有效运行起着至关重要的作用，同时也是投资者进行投资决策和风险管理的重要依据。
一、标准金融相关资料的分类标准金融相关资料主要分为两类：一是国内的标准金融资料，包括法律法规、行业标准、证券和期货交易所规则等；二是国际标准金融资料，包括国际金融组织制定的国际金融标准、国际惯例和规范等。
1. 国内标准金融相关资料国内标准金融相关资料包含大量的法律和行规。
在这些资料中，主要包括以下内容：（1）中国证监会规章和指导意见：这些规章和指导意见主要用于监管证券公司、基金公司、期货公司等金融机构和市场的行为和交易。
其中包括证券发行和上市管理、信息披露、交易制度、过会制度等方面的规定。
（2）中国银行业监督管理委员会（简称“银监会”）相关规章：银监会是负责监管中国银行业的国家机构。
其中银行法、银行业监管条例等规章对银行业的行为和业务做了详细的说明，为银行业从事各项交易和业务提供了基础性的规定。
（3）中国人民银行相关规章：人民银行是中国的中央银行，其规章对于银行的资金调节、外汇管制和货币政策等方面做了规定。
2. 国际标准金融相关资料国际标准金融资料主要涵盖了国际大型机构和组织所制定的一系列标准和规范。
其中包括：（1）国际贸易金融（Trade Finance）标准：由国际贸易金融协会（ICC）制定的一系列标准和规定。
这些标准主要规定了国际贸易中由银行提供的信用证、保函和担保等一系列贸易付款工具的制度和规范。
（2）国际会计准则（IFRS）：国际会计准则是国际上对企业会计准备和财务报告所制定的国际标准，为跨国公司的会计和金融报表提供了一致的标准。
（3）巴塞尔协议：巴塞尔协议是由巴塞尔银行监管委员会制定的一系列全球银行业监管规约和行为准则，旨在保护银行系统免受金融风险。
金融行业资料清单模板图片
金融行业资料清单模板图片金融行业资料清单模板1. 背景与目的金融行业作为一个关键的经济领域，在信息化的背景下，需要及时、准确地获取大量的资料和信息来支持决策和业务运营。
然而，金融行业的资料种类繁多、数量庞大，管理起来相对复杂。
因此，为了增强资料的可管理性和可用性，有必要建立一个金融行业资料清单模板，方便整理和查找资料。
本文旨在提供一个基于Markdown文本格式的金融行业资料清单模板，帮助金融从业人员更好地管理和利用相关资料。
2. 模板内容2.1 资料分类根据金融行业的特点和资料的性质，将资料分为以下几个主要分类：政策与法规：包括各级政府、监管机构发布的金融政策、法规和规章等相关文件。
市场研究：包括各类市场研究报告、行业分析、市场调研数据等。
金融产品：包括各类金融产品的说明书、销售材料、产品报告等。
经济指标：包括国内外各类经济指标、金融数据报告等。
内部报告：包括公司内部的各类报告、会议纪要、内部文件等。
风险管理：包括风险管理相关的文件、报告、政策等。
培训资料：包括员工培训材料、培训课件、培训手册等。
2.2 资料清单示例下面是一个金融行业资料清单的示例：2.2.1 政策与法规中国人民银行《金融市场基础设施管理办法》中国证监会《证券公司股权管理指引》银保监会《商业银行贷款管理办法》2.2.2 市场研究麦肯锡《中国银行业市场研究报告2022》贝恩公司《全球保险行业研究报告2022》央行研究局《金融服务新技术研究报告》2.2.3 金融产品万能险保险产品说明书理财产品销售材料（A类、B类、C类）股票型基金产品报告（2022年第一季度）2.2.4 经济指标国内生产总值（GDP）历史数据（20002021年）人民币汇率数据报告（2022年）央行利率决策会议纪要（2022年第一季度）2.2.5 内部报告公司年度报告（2021年）风险管理委员会会议纪要（2022年第一季度）董事会决策文件（2022年第一季度）2.2.6 风险管理风险管理政策与程序手册风险评估报告（2022年）信用风险管理报告（2022年第一季度）2.2.7 培训资料理财顾问培训课件风险管理培训手册内部控制培训材料3. 总结通过建立金融行业资料清单模板，可以使金融从业人员更好地组织和管理各类资料，提高工作效率和决策质量。
金融专业推荐书目
金融专业推荐书目金融专业推荐书目(一)《经济学》(宏观)第19版萨缪尔森《经济学》(19版，英文本，典藏版)是萨缪尔森先生的绝笔，它原样保留了萨缪尔森原版书的全部内容，让读者可以读到原汁原味的大师之作。
《经济学》(19版，英文本，典藏版)重现了原书精美的排版和装帧，去除了所有广告和宣传语，让读者有比原版书更好的阅读体验，值得广大经济学爱好者阅读和收藏。
《微观经济学：现代观点》范里安《微观经济学:现代观点》结合经济理论的发展趋势，主要增添了经济机制设计的内容，并运用经济机制设计的思路改写了有关公共物品供给等章节的内容。
此外，第八版还增加了碳税和限额交易、网页广告位置拍卖、双边市场、配对稳定性等内容，帮助人们理解经济学家在解决现实世界中出现的新问题时所使用的经济工具。
《公司理财》(原书第9版)斯蒂芬 A.罗斯《公司理财(原书第9版)》分8篇，共3章，涵盖了公司财务管理的所有问题，包括资产定价、投资决策、融资工具和筹资决策、资本结构和股利分配政策、长期财务规划和短期财务管理、收购兼并、国际理财和财务困境等，并且新增了股票和债券的内容。
《公司理财(原书第9版)》篇章结构十分精妙、逻辑严密、内容新颖、资料翔实、易教易学，既适合作为商学院MBA、财务管理和金融管理本科生、研究生的教科书，又适合作为财务和投资专业人士、大学相关教师和研究人员的必读名著或参考书。
《投资学》(原书第9版)博迪等《投资学(原书第9版)》详细讲解了投资领域中的风险组合理论、资本资产定价模型、套利定价理论、市场有效性、证券评估、衍生证券、资产组合管理等重要内容，并纳入了最新的2023年金融危机方面的相关内容。
《投资学(原书第9版)》观点权威，阐述详尽，结构清楚，设计独特，语言生动活泼，学生易于理解，内容上注重理论与实践的结合。
《投资学(原书第9版)》适用于金融专业高年级本科生、研究生及MBA学生，金融领域的研究人员与从业者。
《货币金融学》(第9版)米什金《货币金融学(第9版)》是货币金融学领域的一本经典著作，自十几年前引入中国以来，一直畅销不衰。
金融行业统计资料目录模板
金融行业统计资料目录模板金融行业统计资料目录模板1. 简介本文档为金融行业统计资料目录模板，用于整理和归档金融行业相关的统计数据。
2. 目录结构以下是金融行业统计资料目录的结构示例：[1. 宏观经济数据](1宏观经济数据)[2. 金融机构数据](2金融机构数据)[3. 证券市场数据](3证券市场数据)[4. 保险行业数据](4保险行业数据)[5. 其他金融数据](5其他金融数据)[6. 参考文献](6参考文献)3. 目录内容1. 宏观经济数据此部分包含金融行业相关的宏观经济统计数据，如国内生产总值（GDP）、消费者物价指数（CPI）、工业生产指数（IPI）等。
[1.1 国内生产总值（GDP）数据](GDP数据.md)[1.2 消费者物价指数（CPI）数据](CPI数据.md)[1.3 工业生产指数（IPI）数据](IPI数据.md)...2. 金融机构数据此部分包含金融机构相关的统计数据，如银行存款、贷款和信用卡发行情况等。
[2.1 银行存款数据](银行存款数据.md)[2.2 银行贷款数据](银行贷款数据.md)[2.3 信用卡发行情况数据](信用卡数据.md)...3. 证券市场数据此部分包含证券市场相关的统计数据，如股票市场指数、成交量、交易所数据等。
[3.1 A股市场数据](A股市场数据.md)[3.2 港股市场数据](港股市场数据.md)[3.3 美股市场数据](美股市场数据.md)...4. 保险行业数据此部分包含保险行业相关的统计数据，如保险公司的资产规模、保费收入等。
[4.1 保险公司资产规模数据](保险公司资产规模数据.md)[4.2 保费收入数据](保费收入数据.md)[4.3 保险赔付数据](保险赔付数据.md)...5. 其他金融数据此部分包含其他金融行业相关的统计数据，如债券市场数据、外汇市场数据等。
[5.1 债券市场数据](债券市场数据.md)[5.2 外汇市场数据](外汇市场数据.md)[5.3 投资基金数据](投资基金数据.md)...6. 参考文献在编写金融统计报告时，参考文献是必不可少的。
金融行业资料清单模板范文
金融行业资料清单模板范文金融行业资料清单模板范文1. 简介本文档是一个金融行业资料清单模板的范文，旨在帮助金融从业人员建立完善的资料整理和管理体系。
金融行业繁杂的业务流程和复杂的资料要求，使得规范的资料清单对于提高工作效率和减少错误至关重要。
本模板包含了常见的金融行业资料清单项目，可以根据具体需求进行调整和补充。
每个项目都包含了清单项、对应文件的存储位置和命名规范等信息，以便于工作人员快速定位和管理相关资料。
2. 资料清单模板在这个模板中，我们列举了金融行业常见的资料清单项目，以供参考。
根据实际情况，您可以增删改其中的项目，使其符合您工作的要求。
2.1 客户资料2.1.1 客户基本信息清单项：客户基本信息表存储位置：CRM系统客户资料模块命名规范：客户姓名_客户编号_日期2.1.2 企业客户股权结构和股东信息清单项：企业股权结构表、股东身份证明材料存储位置：企业信息库股权结构文件夹命名规范：企业全称_日期2.1.3 个人客户征信报告清单项：个人征信报告存储位置：信用查询系统命名规范：客户姓名_身份证号_日期2.2 业务资料2.2.1 授信业务申请资料清单项：授信申请材料存储位置：授信业务系统授信申请模块命名规范：申请单号_日期2.2.2 合同及附件清单项：合同正本、合同附件存储位置：合同管理系统合同文件夹命名规范：合同编号_日期2.2.3 还款记录清单项：还款明细存储位置：贷后管理系统还款记录模块命名规范：客户姓名_贷款编号_日期2.3 风险管理资料2.3.1 风险评估报告清单项：风险评估报告存储位置：风险管理系统风险评估模块命名规范：客户姓名_贷款编号_日期2.3.2 不良资产处理资料清单项：不良资产处理协议、处置决策书等存储位置：不良资产管理系统不良资产文件夹命名规范：不良资产编号_日期3. 结论本文档提供了金融行业资料清单模板的范文，旨在帮助金融从业人员建立完善的资料整理和管理体系。
金融行业的复杂性要求我们严格管理和保护客户资料，合理的资料清单可以帮助我们提高工作效率和减少错误。
金融行业统计资料目录清单
金融行业统计资料目录清单金融行业统计资料目录清单金融行业是社会经济发展中至关重要的一部分，它涉及到各种各样的数据和统计资料。
这些数据可以帮助金融机构、政府机构以及研究人员了解金融市场的运行状况、风险管理、行业发展趋势等重要信息。
本文将介绍一些常见的金融行业统计资料，以便读者更好地了解金融行业的相关数据。
1. 宏观经济数据宏观经济数据对于金融行业的分析和预测至关重要。
以下是一些常见的宏观经济统计资料：国内生产总值（Gross Domestic Product, GDP）通货膨胀率（Inflation Rate）失业率（Unemployment Rate）货币供应量（Money Supply）消费者价格指数（Consumer Price Index, CPI）工业生产指数（Industrial Production Index）这些数据可以用来评估经济增长情况、通胀水平、就业市场状况，以及货币政策对金融市场的影响。
2. 金融市场数据金融市场数据是金融机构和投资者日常分析和决策的重要依据。
以下是几个常见的金融市场统计资料：股票市场指数（Stock Market Index）利率水平（Interest Rates）外汇市场数据（Foreign Exchange Market Data）债券市场数据（Bond Market Data）衍生品市场数据（Derivatives Market Data）这些数据可以用来评估金融市场的波动性、风险水平，以及不同资产类别的表现。
3. 金融机构数据金融机构数据可以帮助了解不同类型的金融机构在市场中的地位和表现。
以下是一些常见的金融机构统计资料：银行资产规模（Bank Assets）银行负债情况（Bank Liabilities）银行存款数据（Bank Deposits）保险公司资产规模（Insurance Company Assets）风险资本投资数据（Venture Capital Investment Data）这些数据可以用来评估不同金融机构的风险承担能力、盈利能力，以及市场份额。
金融学专业推荐参考书目
金融学专业推荐参考书目第一篇：金融学专业推荐参考书目金融学专业阅读参考书目为进一步适应新时期复合型人才培养需要，不断加强我系金融专业学生综合素质的培养，丰富学生课余文化生活，全面促进广大学生专业知识结构、综合应用能力以及创新意识的提高，金融教研室向金融专业同学推荐以下阅读书目：（一）中文类著作推荐书目参考1.黄宪，江春，赵何敏等：《货币金融学（第二版）》，武汉大学出版社，20082.秦国楼：《现代金融中介论》，中国金融出版，20023.满玉华：《金融创新》，中国人民大学出版社，20094.刘仁伍、刘华：《人民币国际化:风险评估与控制》，社会科学文献出版社，20095.高海红：《全球视角下的人民币汇率:政策选择与风险防范》，中国财政经济出版社，20086.陈志武：《金融的逻辑》，国际文化出版公司，20097.吴晓求：《金融危机启示录》，中国人民大学出版社，20098.戴国强：《商业银行经营学（第三版）》，高等教育出版社，20079．马君潞，《国际货币制度研究》，中国财政经济出版社，1995年；10．许绍强，《外汇理论与政策》，上海财经大学出版社，1995年；11．国际货币基金组织，《国际资本市场》，中国金融出版社，1996年；12．钱荣堃，《国际金融专题剖析》，中国金融出版社，1997年；13．黄泽民，《浮动汇率制与金融政策》，上海人民出版社，1997年；14．陈岱孙，厉以宁，《国际金融学说史》，中国金融出版社，1997年；15．姜波克，陆前进，《西方汇率理论与政策》，中国人民大学出版社，1999年；16．姜波克，《国际金融学》高等教育出版社，1999年；17．孙杰，《汇率与国际收支》，经济科学出版社，1999年；18．陈元等主编，《国际金融百科全书》，中国财政经济出版社，1999年；19．王广谦，《20世纪西方货币金融理论研究：进展与评述》，经济科学出版社，2000年；20．李杨、黄金老，《中国金融：直面全球化》，上海远东出版社，2000年；21．钱荣堃，《国际金融》，南开大学出版社，2002年；22．崔孟修，《现代西方汇率决定理论研究》，中国金融出版社，2002年；23．张晓朴，《人民币均衡汇率研究》，中国金融出版社，2002年；24．经济学前言问题探讨 [M].北京：北京大学出版社，2002年；25．王洛林、李杨，《金融结构与金融危机》，经济管理出版社，2002年；26．陈彪如、冯文伟，《经济全球化与中国金融开放》，上海人民出版社，2002年；27．朱孟楠，《金融监管的国际协调与合作》，中国金融出版社，2003年；28．姜波克，杨长江，《国际金融学》，高等教育出版社，2004年；29．杨胜刚，姚小义，《国际金融》，高等教育出版社，2005年；31．王爱俭，《国际金融理论研究：进展与评述》，中国金融出版社，2005年；32．陈平，范小云，马君潞，《国际金融》，科学出版社，2005年；33．易宪容，黄少军，《现代金融理论前沿》，中国金融出版社，2005 年；34．姜波克，朱云高，《资本账户开放和国际收支结构的可维持性》，上海财经大学出版社，2005 年；35．姜学军，《金融对外开放与监管问题研究》，中国时代经济出版社，2005 年3月；36．王广谦，《经济全球化进程中的中国经济与金融发展》，经济科学出版社，2005年 6月；37．姚明龙，《国际金融理论与中国实践》，浙江大学出版社，2005 年10月；38．裴平，《国际金融学（第三版）》，南京大学出版社，2006年；39．陈雨露，《国际金融》，中国人民大学出版社，2006年；40．国家外汇管理局，《外汇管理与社会信用体系建设》，2006 年；41．王灵华，《国际金融学》，清华大学出版社，2007 年1月。
上市企业融资文献综述及外文文献资料
本份文档包含：关于该选题的外文文献、文献综述一、外文文献文献出处：Abor J; Bokpin A. Investment opportunities, corporate finance, and dividend payout policy. Studies in Economics and Finance. 2015; 27(3):180-194.Investment opportunities, corporate finance, and dividend payout policyAbor J; Bokpin AAbstractPurpose - The purpose of this paper is to investigate the effects of investment opportunities and corporate finance on dividend payout policy. Design/methodology/approach - This issue is tested with a sample of 34 emerging market countries covering a 17-year period, 1990-2006. Fixed effects panel model is employed in our estimation. Findings - A significantly negative relationship between investment opportunity set and dividend payout policy is found. There are, however, insignificant effects of the various measures of corporate finance namely, financial leverage, external financing, and debt maturity on dividend payout policy. Profitability and stock market capitalization are also identified as important in influencing dividend payout policy. Profitable firms are more likely to support high dividend payments to shareholders. However, firms in relatively well-developed markets tend to exhibit low dividend payout policy. Originality/value - The main value of the paper is in respect of the fact that it uses a large dataset from emerging market countries. The results generally support existing literature on investment opportunity set and dividend payout policy.Keywords: International; Dividends; Corporate finance;1. IntroductionThe impact of investment and financing decisions on firm value has been the focus of extensive research since [50] Modigliani and Miller (1958) proposed the "separation principle". The theory asserts that in a perfect capital market, the value of the firm is independent of the manner in which its productive assets are financed. In fact someauthors like [12] Barnes et al.(1981) support their view. However, others have contrasted the findings of the earlier studies suggesting that investment, financing, and dividend policy are related ([30] Grabowski and Mueller, 1972; [46] McCabe, 1979;[5] Anderson, 1983). This is predicated on the assumption that Modigliani and Miller's ideal world does not exist. Financial markets are not perfect given taxes, transaction costs, bankruptcy costs, agency costs, and uncertain inflation in the market place. According to [13] Bier man and Hass (1983), management usually addresses the dividend target payout level in the context of forecasting the firm's sources and use of funds. Considering prospective investment opportunities and the internal cash generation potential of the firm, both capital structure and dividend policy are chosen to ensure that sufficient funds are available to undertake all desirable investments without using new equity ([14] Black, 1976). But what constitutes a "desirable" investment? If it is one that has an expected return greater than the cost of funds that finance it, and if the cost of retained earnings is different from the cost of new equity capital, then dividend policy, capital structure, and investment strategy are necessarily jointly determined ([15] Black and Schools, 1974).Dividend payout policy is an important corporate issue and may be closely related to, and interacts with, most of the financial and investment decisions firms make. A proper understanding of dividend policy is critical for many other areas such as asset pricing, capital structure, mergers and acquisitions, and capital budgeting ([2] Allen and Michael, 1995). Firms' dividend decisions could also be influenced by their profit level, risk, and size. Though dividend policy has been identified as a major corporate decision faced by management, it remains one of the puzzles in corporate finance ([52] Obi, 2001). There has been emerging consensus that there is no single explanation of dividends. [19] Brook et al.(1998) agree that, there is no reason to believe that corporate dividend policy is driven by a single goal.Attention of empirical research has been at ascertaining the relationship between investment opportunities, corporate financing and dividend payout ([54] Pruitt and Gilman, 1991; [6] Aviation and Booth, 2003). However, these findings have failed toestablish any clear link concerning this issue. Most of these studies tend to focus on developed markets. Little is, however, known about how investment opportunities and corporate finance influence dividend payout policy of emerging markets. This present study contributes to the extant literature by focusing on emerging markets. Firms in emerging markets tend to exhibit different dividend behavior from those of developed markets like the US. This may be a result of the differences in levels of efficiency and institutional arrangements between developed markets and emerging markets. It is, therefore, useful to improve our understanding of the issue from an emerging market perspective.The purpose of this paper is to examine the effects of investment opportunity set and corporate finance on dividend payout. The contribution of this paper lies in the fact that it considers a large-scale dataset covering 34 emerging market countries over a 17-year period, 1990-2006. The rest of the paper is organized as follows. Section 2 covers the literature on dividend policy. It also reviews the existing literature on the effects of investment opportunities and corporate finance on dividend payout policy. Section 3 discusses the data used in the study and also details the model specification used for the empirical analysis. Section 4 includes the discussion of the empirical results. Finally, Section 5 summarizes and concludes the paper.2. Overview of literatureSince the publication of the dividend irrelevance theory by [47] Miller and Modigliani (1961), a lot of studies have been conducted in the area of determinants of dividend payout the world over. The dividend irrelevance theory is possible in a perfect and efficient market where stockholders are perfectly rational and there are no taxes and transaction costs. The theory, however, pointed out the importance of investment as being the main issue. Miller and Modigliani framework has thus formed the foundation of subsequent work on dividends and payout policy in general. Their framework is rich enough to encompass both dividends and repurchase, as the only determinant of a firm's value is its investment policy ([3] Allen and Michael, 2002). It is arguably said a company's overriding goal is to maximize shareholder wealth ([18]Berkley and Myers, 1996; [16] Block and Hart, 2000), but to [16] Block and Hart (2000) this concept is not a simple task as management cannot directly influence the price of a share but can only act in a manner consistent with the desires of investors. In the view of [61] Woods and Randall (1989), shareholder wealth is generally accepted as the aggregate market value of the common shares, which in turn is assumed to be the present value of the cash flows which will accrue to shareholders, discounted at their required rate of return on equity. These cash flows include dividend and perhaps more importantly capital appreciation except for its high volatility. Firms must, therefore, make important decisions over and over again about how much cash the firm should give back to its shareholders and probably what form it should take.Black (1976) observed that the harder we look at the dividends picture, the more it seems like a puzzle, with pieces that just do not fit together. This attests to the much controversy that surrounds dividend policy. The dividend puzzle revolves around figuring out why companies pay dividends and investors pay attention to dividend. To [18] Berkley and Myers (1996), dividend policy is seen as a trade-off between retaining earnings on one hand and paying out cash and issuing new shares on the other. The theoretical principles underlying the dividend policy of firms range from information asymmetries, tax-adjusted theory to behavioral factors. The information asymmetries encompass several aspects, including the agency cost, free cash flow hypothesis, and signaling models.Tax-adjusted models presume that investors require and secure higher expected returns on shares of dividend-paying stocks. The consequence of tax adjusted theory is the division of investors into dividend tax clientele and the clientele effect is responsible for the alterations in portfolio composition ([49] Modigliani, 1982). To [45] Marsalis and Truman (1988), investors with differing tax liabilities will not be uniform in their ideal firm dividend policy. They conclude that as tax liability increases, the dividend payment decreases while earnings reinvestment increases and vice versa.Shareholders typically face the problem of adverse selection and moral hazard in the face of separation of ownership and control. The problem of information asymmetry is evident in conflicts of interest between various corporate claimholders. It holds that insiders such as managers have more information about the firm's cash flow than the providers of the funds. Agency costs are lower in firms with high managerial ownership stakes because of better alignment of shareholder and managerial control ([39] Jensen and Heckling, 1976) and also in firms with large block shareholders that are better able to monitor managerial activities ([57] Heifer and Vishnu, 1986). [27] Fame and Jensen (1983) argue that agency problems can be resolved by the payment of large dividend to shareholders.According to the free cash flow model, [37] Jensen (1986) explains that finance available after financing all positive net present value projects can result in conflicts of interest between managers and shareholders. Clearly, dividends and debt interest payment decrease the free cash flow available to managers to invest in marginal net present value projects and manager perquisite consumption. Firms with higher levels of cash flow should have higher dividend payout and/or higher leverage.The signaling theory suggests that corporate dividend policy used as a means of putting quality message across has a lower cost than other alternatives ([48] Miller and Rock, 1985; [8] Asquith and Mullins, 1986). This was developed initially for the labor market but its usefulness has been felt in the financial markets. [7] Aero (1970) defines signaling effect as a unique and specific signaling equilibrium in which a job seeker signals his/her quality to a prospective employer. The signaling theory suggests that dividends are used to signal managements' private information regarding the future earnings of the firm. Investors often see announcements of dividend initiations and omissions as managers' forecast of future earnings changes ([34] Healy and Pileup, 1988). Dividends are used in signaling the future prospects, and dividends are paid even if there is profitable investment opportunity ([11] Baker et al., 1985; [54] Pruitt and Gilman, 1991).2.1 Investment opportunities and dividend payoutThe investment opportunities available to the firm constitute an important component of market value. The investment opportunity set of a firm affects the way the firm is viewed by managers, owners, investors, and creditors ([43] Caliper and Tremble, 2001). The literature has given considerable attention in recent years to examining the association between investment opportunity set and corporate policy choices, including financing, dividend, and compensation policies ([59] Smith and Watts, 1992;[29] Giver and Giver, 1993; [41] Caliper and Tremble, 1999; [40] Jones and Sharma, 2001; [1] Abbott, 2001). According to [40] Jones (2001), investment opportunity set represents a firm's investment or growth options but to [51] Myers (1977) its value depends on the discretional expenditures of managers. [51] Myers (1977) further explains investment opportunity as a yet-to-be realized potentially profitable project that a firm can exploit for economic rents. Thus, this represents the component of the firm's value resulting from options to make future investments ([59] Smith and Watts, 1992).Growth opportunities are also represented by the relative fraction of firm value that is accounted for by assets in place (plant, equipment, and other tangible assets), and that the lower the fraction of firm value represented by assets in place, the higher the growth opportunities ([32] Gull and Kelley, 1999). [43] Caliper and Tremble (2001) suggest that, the conventional notion of investment opportunity set is of new capital expenditure made to introduce a new product or expand production of an existing product. This may include an option to make expenditure to reduce costs during a corporate restructuring. An investment opportunity has been measured in various ways by various writers. These include market to book value of equity ([21] Collins and Kithara, 1989; [20] Chung and Charoenwong, 1991), book to market value of assets ([59] Smith and Watts, 1992), and Tobin's q ([58] Skinner, 1993).Existing literature suggests a relationship between investment opportunities and dividend policy. [59] Smith and Watts (1992) argue that firms with high investment opportunity set are likely to pursue a low dividend payout policy, since dividends and investment represent competing potential uses of a firm's cash resources ([29] Giverand Giver, 1993). [40] Jones (2001), extending and modifying the work of [29] Giver and Gaver (1993), found out that high growth firms were associated with significantly lower dividend yields. [32] Gul and Kealey (1999) also found a negative relationship between growth options and dividends. [1] Abbott (2001) argues that firms that experienced an investment opportunity set expansion (decrease) generally reduced (increase) their dividend payout policy. Others support the fact that firms with higher market-to-book value tend to have good investment opportunities, and would retain more funds to finance such investment, thus recording lower dividend payout ratios ([56] Rozeff, 1982; [44] Lloyd et al. , 1985; [22] Collins et al. , 1996; [4] Amidu and Abor, 2006). [55] Riahi-Belkaoui and Picur (2001) also validated the fact that firms in high investment opportunity set group are "PE valued" whilst firms in low investment opportunity set are "dividend yield valued". This implies that for firms in low investment opportunity set, dividends are of greater relevance than earnings whilst the opposite is true for firms in high investment opportunity set. Using market-to-book ratio as proxy for investment opportunity set, [6] Aivazian and Booth (2003), however, found a positive relationship between market-to-book value ratio and dividend payments, suggesting that firms with higher investment opportunities rather pay higher dividends.2.2 Corporate finance and dividend payoutThe financing choice of firms is perhaps the most researched area in finance in the past decades following the seminal article of [50] Modigliani and Miller (1958) raising the issue of the relationship between a firms choice of finance and its value. Recently, there are still increasing research and new evidence being sought for the relevance or otherwise of the theory started by Modigliani and Miller. The theorem hinges on the principle of perfect capital markets. This asserts that firm value is completely independent of how its productive assets are financed. Subsequent researches have suggested a relationship between choice of financing and firm value even though some researchers corroborated the findings of Modigliani and Miller's irrelevance theory ([26] Fama, 1974; [54] Pruitt and Gitman, 1991). However, studiesby [5] Anderson (1983), [53] Peterson and Benesh (1983) have proved that in the "real world" market imperfections effectively prohibit the independence of firm's investment and financing decisions. This market imperfection is primarily coming from the fact that there are taxes, transaction cost, information asymmetry, and bankruptcy cost. This indicates a relationship between the choice of financing and firm value.Financial leverage is said to play an important role in reducing agency costs arising from shareholder-manager conflict and is believed to play a vital role of monitoring managers ([39] Jensen and Meckling, 1976; [37] Jensen, 1986; [60] Stulz, 1988). [28] Farinha (2003) contends that debt is likely to influence dividend decisions because of debt covenants and related restrictions that may be imposed by debtholders. Also, firms with high financial leverage and implied financial risk tend to avoid paying high dividends, so they can accommodate risk associated with the use of debt finance. [56] Rozeff (1982), [25] Easterbrook (1984) and [22] Collins et al. (1996) extending the agency theory observe that firms pay dividend and raise capital simultaneously. In the view of [25] Easterbrook (1984), increasing dividends raises the probability that additional capital will have to be raised externally on a periodic basis. This view is also shared by [31] Green et al. (1993) who argue that dividend payout levels are not totally decided after a firm's financing has been made. [35] Higgins (1972) suggests that firms' dividend payout ratio could be negatively influenced by their need for finance. Thus, dividend decision is taken alongside financing decisions. [36] Higgins (1981) shows a direct link between growth and financing needs, in that rapidly growing firms have external financing need because working capital needs normally exceed the incremental cash flows from new sales. [6] Aivazian and Booth (2003) support the fact that financial constraints can affect dividend decisions, therefore, firms with relatively less debt have greater financial slack and are more likely to pay and maintain their dividends.3. Data and econometric method3.1 Data and variable constructionThis study examines the effects of investment opportunity set and corporate finance on the dividend payout policy of emerging market firms. Our dataset is composed of accounting and market data for a large sample of publicly traded firms in 34 emerging market countries over the period 1990-2006. These countries include: Argentina, Brazil, Chile, China, Columbia, Czech, Egypt, Greece, Hong Kong, Hungary, India, Indonesia, Israel, South Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Portugal, Russian Federation, Singapore, Slovakia, Slovenia, South Africa, Spain, Sri Lanka, Taiwan, Thailand, Turkey, Venezuela, and Zimbabwe. This information is obtained through the Corporate Vulnerability Utility of the International Monetary Fund. The corporate vulnerability utility provides indicators for surveillance of the corporate sector and it relies on accounting data from Worldscope and market data mainly from Datastream.The dependent variable, dividend payout is defined as the ratio of dividend to capital. Dividend is total cash dividend paid to equity and preferred shareholders. The independent variables include investment opportunity set and corporate finance. We also control for profitability, risk, market capitalization, and two other macroeconomic variables: inflation rate and log of gross domestic product (GDP) per capita as a measure of the country's income level.In terms of the independent variables, Tobin's q is used as a proxy for investment opportunity set. Three measures of corporate finance are used. These are; financial leverage (the ratio of debt to equity), external finance (the ratio of external finance to total finance), and debt maturity (the ratio of short-term debt to total debt).In terms of the control variables, profitability is measured as return on assets. Profitability is considered as the primary indicator of the firm's capacity to declare and pay dividends. [11] Baker et al. (1985) find that a major determinant of dividend payment is the anticipated level of future earnings. [54] Pruitt and Gitman (1991) also report that current and past years' profits are important in influencing dividend payments. Others such as [38] Jensen et al. (1992), [6] Aivazian and Booth (2003), and [4] Amidu and Abor (2006) find evidence of a positive association betweenprofitability and dividend payouts. [10] Baker (1989) finds that an important reason cited by firms for not paying dividends is "poor earnings". Similarly, [23] DeAngelo and DeAngelo (1990) find that a significant proportion of firms with losses over a five year period, tend to omit their dividends entirely. A positive relationship should exist between profitability and dividend payout.Risk is defined using the O-Score, which is a measure of probability of default. [54] Pruitt and Gitman (1991) find that risk is a major determinant of firms' dividend policy. Firms which have higher risk profiles are more likely to maintain lower dividend payout policy compared with those with lower risk profiles. Using ßvalue of a firm as a measure of its market risk, [56] Rozeff (1982), [44] Lloyd et al. (1985), and [22] Collins et al. (1996) found a significantly negative relationship between ßand dividend payout. Their findings suggest that firms having a higher level of market risk will pursue lower dividend payout policy. [24] D'Souza (1999) also suggests that risk is significantly and negatively related with firms' dividend payout. We expect risk to be negatively related to dividend payout.We control for size of the market. This is defined as ratio of market capitalization to GDP. Size of the market is used as a proxy for capital market access. Firms with better access to the capital market should be able to pay higher dividends ([6] Aivazian and Booth, 2003). It is expected that a positive relationship will exist between market capitalization and dividend payout policy.We also control for two macroeconomic variables: inflation and GDP per capita. Inflation is the inflation rate. GDP per capita is log of GDP per capita and is included as a measure of the country's income level.3.2 Model specificationWe estimate the following panel data regression model: Equation 1 [Figure omitted. See Article Image.] where subscript i and t represent the country and time, respectively. Y is a measure of dividend payout. Invt is a measure of investment opportunity set. Fin are measures of corporate finance variables including, financialleverage, external finance, and debt maturity. X are the control variables and include profitability, risk, stock market capitalization, inflation, and GDP per capita. μ is the error term. Using this model, it is possible to investigate the effects of investment opportunity set and corporate finance on dividend payout policy.3.3 Estimation issuesThis study adopts a panel data method given that it allows for broader set of data points. Therefore, degrees of freedom are increased and collinearity among the explanatory variables is reduced and the efficiency of economic estimates is improved. Also, panel data can control for individual heterogeneity due to hidden factors, which, if neglected in time-series or cross section estimations leads to biased results ([9] Baltagi, 2005). The panel regression equation differs from a regular time-series or cross-section regression by the double subscript attached to each variable. The general form of the model can be written as: Equation 2 [Figure omitted. See Article Image.] where α is a scalar, ßis KX 1 and X it is the it th observation on K explanatory variables. We assume that the μit follow a one-way error component model: Equation 3 [Figure omitted. See Article Image.] where μi is time-invariant and accounts for any unobservable individual-specific effect that is not included in the regression model. The term V it represents the remaining disturbance, and varies with the individual countries and time. It can be thought of as the usual disturbance in the regression. The choice of the model estimation whether random effects or fixed effects will depend on the underlying assumptions. In a random effect model, μi and V it are random with known disturbances. In the fixed effects model, the μi are assumed to be fixed parameters to be estimated and the remainder disturbances stochastic with V it independent and identically distributed, i.e. νit∼iid (0,σν2 ). The explanatory variables X it are assumed independent of the V it for all i and t . We use the [62] Hausman (1978) specification test in choosing the appropriate model. We report the results of the Hausman specification test in Table III [Figure omitted. See Article Image.].4. Empirical results4.1 Descriptive statisticsTable I [Figure omitted. See Article Image.] presents the descriptive statistics of the dependent and independent variables. The sample covers 34 emerging countries over a 17-year period, 1990-2006. It reports the mean and standard deviation of all the variables used in the study as well as the number of observations over the sample period. The mean value for the dependent variable (dividend payout) is 0.32, implying that across the sample countries the average dividend payout is 32 percent. There is, however, a variation in the dependent variable across the countries over the time period as shown by standard deviation of 0.49 with a minimum and maximum dividend payout of 0.00 and 3.93, respectively.The mean investment opportunity set measured by the Tobin's q is 1.05 with a variation of 0.52. All the countries have positive investment opportunities with minimum and maximum values of 0.06 and 5.01, respectively. Financial leverage, measured by the debt to equity ratio has a mean value of 1.17 and has a standard deviation of 127.58. External finance registers an average value of -0.01 over the period with a standard deviation of 5.27. Debt maturity has a mean figure of 0.58, indicating that short-term debt accounts for 58 percent of total debt. Profitability defined in terms of return on assets also registers an average value of 6.66 percent. The standard deviation is also shown as 5.37. Risk shows a mean value of -3.37. Stock market capitalization to GDP has a mean value of 49.74 percent. The minimum and maximum values for this variable are 0.00 and 528.49, respectively, with a variation of 66.52. The average inflation rate and GDP per capita are 2.61 and 8.04 percent, respectively (Figure 1 [Figure omitted. See Article Image.]).4.2 Correlation analysisWe test for possible degree of multi-collinearity among the regressors by including a correlation matrix of the variables in Table II [Figure omitted. See Article Image.]. Dividend payout shows significantly positive correlations with debt maturity, profitability, and GDP per capita. Investment opportunity set exhibits significantly negative correlations with financial leverage, inflation, and GDP per capita, but shows significantly positive correlations with external finance, debt maturity, profitability,and market capitalization. There is a significant but negative correlation between financial leverage and profitability and a positive correlation between financial leverage and risk. External finance shows significant and positive correlations with profitability and inflation but a negative correlation with GDP per capita. Debt maturity is significantly and negatively correlated with GDP per capita. There are significant and negative correlations between profitability and risk, market capitalization, as well as GDP per capita. However, we found positive correlation between profitability and inflation. There are statistically and significant positive correlations between risk and market capitalization, and GDP per capita. Market capitalization is also positively correlated with GDP per capita. Overall, the magnitude of the correlation coefficients indicates that multi-collinearity is not a potential problem in the regression models.4.3 Panel regression resultsBoth fixed and random effects specifications of the model were estimated. After which the [62] Hausman (1978) test was conducted to determine the appropriate specification. We report the results of the Hausman test in Table III [Figure omitted. See Article Image.]. The test statistics are all significant at 1 percent, implying that the fixed effects model is preferred over the random effects. The Hausman specification test suggests we reject the null hypothesis that the differences in coefficients are not systematic.The results indicate a statistically significant but negative relationship between investment opportunities and dividend payout ratio. It could be inferred that firms with high investment opportunities are more likely to exhibit low dividend payout ratio. In other words, firms with high investment opportunities are more likely to pursue a low dividend payout ratio since dividends and investment represent competing potential uses of a firm's cash resources. Paying low dividends means that such firms could retain enough funds to finance their future growth and investments.[29] Gaver and Gaver (1993) note that firms with high growth potential or investment opportunity set are expected to pay low dividends, since investment and dividends are。
《纳斯达克融资上市简介》课件模板
企业优势
1 等待申核
1 均可获得上市融资机会 可自主选择融资渠道
2 发行新股融资不限制发行 由董事会决定
向监管部门上报即可
时间过长 (3-5-10年)
2 券商费用
3 股票可抵押，获现金贷款 4 向公众发行债券进行融资
成本过高 (1000-1800万)
5 管理层可持股或拥有期权 6 股票过锁定期可流通交易 7 管理层个人利益最大化
后续证券 销售服务
包括
安排注册的证券 公开发售承销团 及做市商做公募 前期宣传辅导
审阅定向发售 备忘录; 审阅 招股说明书
完成公开发 行资金募集
净资产达到400万美元
副版公司 升至
NASDAQ-SCM 标准
年税后利润超过75万美元 市值大于5千万美元
股东人数在300人以上 每股股价高于4美元
- 自负盈亏 - 自主经营 - 自担风险
3 券商费 Incorporated,
美国上市为中国企业带来的优势
合法快速反复融资 成为合资企业享优惠 提高知名度扩大市场 兼并相关企业扩规模 激励高管聘专业人士
中国企业 NASDAQ
上市
套现股票赚取利润 免缴个人所得税
可采用IPO方式筹资 用DR方式在各国上市
• 向美国证交委SEC提交净壳公司Form-8K重大事件披露报告 •新公司依照架构重组方案 实施提交报备 公司股权变更/公司名称变更等
•新公司依照改组方案 变更备案 新股东/新董事/新高管/新董秘/新审计等
•向NASD提交F-211表格; 申请新公司交易代码; 新公司股票正式挂牌交易
4 挂牌交易 证券发行
与IPO 的区别
反向收购简介
IPO上市和反向收购上市的区别
金融学资料(完整版)
填空题◆（票据发行便利）是指银行同意票据发行人在一定期内发行某种票据，并承担包销义务，在这种方式下，借款人以发行票据方式筹措资金，而无须直接向银行借款◆（金融全球化）是经济全球化的高级阶段，是贸易一体化和生产一体化的必然结果◆（法定存款准备金率）通常被认为时货币政策最猛烈地工具之一◆1902年，澳门成立了首家银行，即葡萄的（大西洋银行）又称（海外汇理银行）◆1948年12月1日，子啊原华北银行、北海银行、西北农民银行的基础上建立的（中国人民银行）标志着辛中国金融体系的开始。
◆1981年由中国国际信托投资公司与内资机构合作成立了我国第一家融资租赁公司（中国租赁有限公司）◆1998年的《巴塞尔协议》关于核心资本与风险资本的比率规定为（4%）◆按期限划分，国际资本流动有两种类型，它们分别是（长期资本流动）和（短期资本流动）◆布雷顿森林体系中德“双挂钩”是指（美元与黄金）挂钩，（其他货币与美元）挂钩◆产生通货膨胀的前提条件是（纸币）流通，通货膨胀是其所特有的现象，但不能因此推断存在（纸币）流通就必然产生通货膨胀◆从本质上说，金融市场的交易对象是（货币资金）需要借助（金融工具）来进行交易◆从市场经济的内在要求看，金融监管的理论依据源于（一般管制理论）◆短期资本流动是指期限为一年或一年以下的资本跨国流动。
主要包括（贸易资金流动、套利性资金流动、保值性资金流动）以及（投机性资金流动）等4种类型◆对金融市场监管的内容主要由三方面：对金融工具（发行）的监管，对金融工具（转让交易）的监管，对证券市场（参与者）监管◆对利率按借贷期内利率是否浮动可划分为：（固定利率）与（浮动利率）在借贷期限较短或市场利率变化不大的情况下可以采用（固定利率）。
◆发行人不通过证券承销机构而自己发行的证券的发行方式属于（直接）发行◆发展中国家的金融体系呈现二元结构，指的是（现代化金融机构）和（传统金融机构）并存。
◆佛利德曼认为，人们的财富总额可以用（收入）作为代表性指标◆各国都是以（流动性）作为划分货币层次的主要标准◆各国中央银行都以（流动性）作为划分货币供给层次的标准◆各类利率之间和各类内部都有一定的联系并相互制约，共同构成一个有机整体，即（利率体系），它是一国在一定时期内种类利率的总和。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
注意：这都是本人一个字一个字打上去的，其中有少许错别字，，可以对照课本改过来。
我使用的课本是李昕的《财务报表分析》。
整理出来的这些，都是根据江苏自考上市公司案例分析的试卷整理的！！灰常珍贵！！！下载后，每个题都要背过，因为整理的主要就是简答，论述。
零碎知识点就是选择，填空和名词解释了！大题目都要记熟！告知：论述题目有两个，每个10分，主要从财务报表附注，合并报表，绩效分析里面出题！计算题都比较简单哦~~一各报表分析主体的目的（简答）1投资人分析财务报表的目的（1）投资人进行报表分析最根本目的是了解企业的盈利能力状况，因为盈利能力是投资人资本保值增值的关键（2）为了确保资本保值增值，还要研究企业的权益结构、支付能力和营运状况。
（3）财务报表可以评价企业经营者的经营业绩，发现经营过程中存在的问题，行使股东权利，为企业未来发展指明方向2 债权人分析财务报表的目的（1）看对企业的借款或其他债权是否能及时足额的收回，即研究企业盈利能力的大小（2）看债权人的收益状况与风险程度是否相适应，应将偿债能力和盈利能力进行综合分析3 经营者分析财务报表的目的（1）经营者进行报表分析的目的是综合性和多方面的。
从对所有者负责的角度，他们首先关心盈利能力，这是总目标（2）经营者还关心企业盈利的原因和过程，目的是及时发现生产经营中存在的问题，并及时解决问题，使企业能用现有资源实现盈利，使盈利能力保持持续增长4政府有关部门分析财务报表的目的（1）监督检查党和国家的各项经济政策、法规、制度在企业的执行情况（2）保证企业财务信息和财务报表的真实性、准确性，为宏观决策提供可靠信息5 业务关联单位分析财务报表的目的最关注的是企业的信用状况，包括商品信用和财务信用6 企业内部职工分析财务报表的目的最关注企业所提供的就业机会和稳定性、劳动报酬高低和职工福利好坏方面的资料二财务报表分析的方法（名词解释、选择、填空）1 比较分析法：通过指标对比，从数量上确定差异，并进一步原因的分析方法，是财务报表分析中最基本的方法比较标准有：A公认标准：各类企业在不同时期都普遍适用的指标评价标准。
流动比率2:1,、速动比率1:1B目标标准：企业通过努力应该达到或实现的理想标准C行业标准：某项指标的同行业平均水平或先进水平D历史标准：某项指标的历史同期或历史最好水平，企业过去曾经达到的标准2 比率分析法：是特殊形式的比较分析法，通过计算两项相关数值的比率，来揭示企业财务活动的内在联系，分析经济现象产生原因的分析方法使用相对数进行比较分析，不受规模限制，应用广泛—相关比率分析、构成比率分析3因素分析法：把综合指标分解为各个组成要素，确定各要素对综合指标的影响程度和影响方法。
最常见应用：连环替代法—简化形式：差额计算法4趋势分析法：据算连续若干期的相同指标，揭示和预期财务状况或经营成果发展趋势的分析方法，也成动态比率分析法—A定基动态比率分析：将某指标在某一时期的数额固定为基期数额而计算出一系列的动态比率，借以分析该指标同比变动趋势的分析方法B环比动态比率分析：将某指标在每一分析期的前期数值固定为基期数额而计算出一系列的动态比率，借以分析该指标环比变动趋势的分析方法三现金流量表的项目分析1 经营活动现金流量分析：（1）经营活动的现金流入量（2）…………………流出量（3）现金流量净额（4）现金流量质量分析2 经营活动产生的现金流入量：（1）销售商品、提供劳务收到的现金（2）收到的税费返还（3）收到的其他与经营活动有关的现金3 经营活动产生的现金流出量：（2011.7简答）（1）购买商品、接受劳务支付的现金（2）支付给职工以及为职工支付的现金（3）支付的其他与经营活动有关的现金4 经营活动产生的现金流量净额应该从哪些方面分析：（1）利用主表资料进行分析。
企业当期经营活动现金流入量小计与流出量小计只差，即经营活动现金净流量(2)利用补充资料将净利润调节为经营活动的现金流量（间接法）5 经营活动产生的现金流量应该从哪些方面分析：（2011.4简答）(1)经营活动产生的现金净流量小于零(2)………………………………等于零(3)………………………………大于零—具体分为三种状态：A经营活动产生的现金净流量大于零但不足以弥补不付现成本B………………………………………并刚好弥补当期的不付现成本C………………………………………并在补偿不付现成本后仍有剩余6 投资活动的现金流入量：（2010.7简答）1收回投资收到的现金2取得投资效益的现金3处置固定资产、无形资产和其他长期资产收回的现金净额4收到的其他与投资活动有关的现金7 投资活动现金流出量：1构建固定资产、无形资产和其他长期资产支付的现金2投资支付的现金3取得子公司及其他营业单位支付的现金净额4支付的其他与投资有关的现金8 投资活动产生的现金流量分析：1投资活动产生的现金净流量小于零：应分析企业投资是否与企业发展阶段、企业长期规划及短期计划相吻合，以判断现金流量的质量2………………………………大于或等于零：指企业在投资活动方面的现金流入量大于或者等于现金流出量9 筹资活动现金流入量：（2010.4简答）1吸收投资收到的现金2取得借款收到的现金3收到的其他与筹资活动有关的现金10 筹资活动的现金流出量：1偿还债务支付的现金2分配股利、利润或偿付利息支付的现金3支付的其他与筹资活动有关的现金11筹资活动产生的现金流量质量分析：1筹资活动产生的现金净流量大于或等于零。
指筹资活动的现金流入量大于或等于现金流出量。
这种情况是否正常，关键看企业的筹资活动是否已纳入企业的发展规划2………………………………小于零。
指筹资的现金流入量小于现金流出量12补充资料的分析内容：补充资料是报表附注的重要组成部分，反应内容多，包含信息量大，是报表使用者必须加以关注的重要资料。
主要内容有三部分：(1)将净利润调节为经营活动现金流量(2)不涉及现金收支的投资和筹资活动(3)现金及现金等价物净增加情况四财务报表附注分析（论述为主）1 财务报表附注的性质和作用（2010.4简答）财务报表附注是对在资产负债表、利润表、现金流量表和所有者权益变动表等报表中列示项目的文字描述或明细资料，以及对未能在这些报表中列示项目的补充说明。
是企业财务报表的主要组成部分，也是报表使用者全面客观准确地解读企业会计信息必须参照的重要内容作用：1提高财务报表信息的可比性2增强…………………可理解性3突出…………………重要性2 一般企业财务报表附注的内容：（2011.7论述）(1)企业的基本情况：企业的注册地、组织形式和总部地址；业务性质和主要经营活动；母公司及集团最终母公司的名称；财务报告的批准报出者和日期(2)财务报表的编制基础：会计年度；记账本位币；会计计量所运用的计量基础；现金和现金等价物的构成(3)遵循企业会计准则的声明：声明编制的财务报表符合企业会计准则的要求，真实完整的反映了企业财务状况、经营成果和现金流量等有关信息(4)重要会计政策和会计估计的说明：披露重要会计政策的确定依据和财务报表项目的计量基础，会计估计所采用的关键假设和不确定因素(5)会计政策和会计估计变更以及差错更正的说明(6)报表重要项目的说明(7)或有事项(8)资产负债表日后事项(9)关联方关系及其交易：本企业母公司的有关信息的披露；母公司对本企业的持股比例和表决权比例；本企业子公司有关信息的披露；本企业的合营企业有关信息的披露；本企业与关联方发生交易的，分别说明各关联方关系的性质、交易类型及交易要素3合并企业财务报表附注的内容：（2011.4论述）1—9项与一般企业报表附注内容相同(10)风险管理（11）母公司和子公司信息4 财务报表附注的编制形式：（选择填空）A尾注说明—主要形式，说明内容多B括弧说明—为报表主体提供补充信息。
将补充内容直接纳入主体，更直观、不易被忽视。
缺点是内容过短C备抵与附加账户—单独列示，能够提供更多信息，主要用于资产减值损失等账户的设置D脚注说明—在报表下端说明E补充说明—用单独的补充报表进行说明5 财务报表附注分析应该从哪些方面：（2010.7论述）（1）宏观经济环境分析：宏观经济环境的变动对企业的财务状况具有重大影响，包括经济周期变动分析和经济指标变动分析(2) 宏观经济政策分析：宏观经济政策的变动对市场有直接倒向作用，对企业的经营状况会产生较大影响，包括财政政策变动分析和货币政策变动分析（3）行业分析：分析行业所属的市场类型和生命周期，及影响同行业发债的若干因素，有利于报表使用者准确理解财务报表信息，为正确进行投资决策提供科学的依据（4）企业分析：对企业的经营管理、科技开发实力、工艺设备及技术水平等方面进行分析。
必须在了解企业概况的前提下，重点对企业的经营管理、技术开发、发展前景、企业产品和市场进行具体分析（5）财务报表附注中重点项目的分析应收账款；存货；固定资产；长期股权投资；长期待摊费用；营业收入；营业外收入；管理费用五成本费用报表分析（简答）1 成本费用报表的性质和作用（2011.7简答）成本费用报表是反映企业在一定时期所发生的成本及费用支出情况的报表，属于企业内部管理的一种报表，具体格式和种类由企业自行规定。
作用：A 能够评价成本费用计划的执行情况B 能够揭示成本费用节约或超支的原因C 能够寻求进一步降低成本费用的途径和方法2 成本费用表的分类：（选择填空）（1）反映成本计划执行情况的报表：产品生产成本表；主要产品单位成本表（2）反映费用支出情况的报表：包括制造费用、销售费用、管理费用等明细表3 成本费用报表的特点：（2011.4简答）成本费用表分析除了必须充分占有历史资料以外，还要有严格的财产物资管理制度，以加强成本控制，明确管理人员的岗位责任。
分析中应注意：A实行定额管理制度B建立健全有关成本核算的原始记录和凭证C加强财产物资的管理，严格计量验收和盘点制度D建立健全成本中心和管理人员的岗位责任制4 成本报表的分析：（1）商品产品成本表分析（2）可比产品成本降低计划完成情况的分析（3）主要产品单位成本计划完成情况的分析5 商品产品成本表分析：（1）按成本项目进行分析：（2）按产品类别进行分析6 按成本项目进行分析及步骤：通过按成本项目分析，可以确定全部商品产品成本实际水平脱离计划水平的差异，以及究竟是由哪些那些成本项目的升降引起的，从而抓住重点项目来研究全部商品产品成本的变是动。
步骤：1 按成本项目反映全部商品产品的实际总成本2 将其与按成本项目反映的计划总成本资料进行对比3 确定个成本项目的降低额和降低率，及其占总降低额的份额7 按产品类别进行分析的内容及步骤：（2010.7简答）按产品类别对全部商品产品成本计划完成情况进行分析，就是按产品类别将本期实际总成本与按本期实际产量调整的计划总成本进行比较，确定降低额和降低率，找出全部商品产品成本实际脱离计划的差异是由哪些方面造成的，便于以产品为对象采取降低成本的措施。