物流服务公司财务报表的分析外文文献翻译
财务报表分析中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：ANALYSIS OF FINANCIAL STATEMENTSWe need to use financial ratios in analyzing financial statements.—— The analysis of comparative financial statements cannot be made really effective unless it takes the form of a study of relationships between items in the statements. It is of little value, for example, to know that, on a given date, the Smith Company has a cash balance of $1oooo. But suppose we know that this balance is only -IV per cent of all current liabilities whereas a year ago cash was 25 per cent of all current liabilities. Since the bankers for the company usually require a cash balance against bank lines, used or unused, of 20 per cent, we can see at once that the firm's cash condition is exhibiting a questionable tendency.We may make comparisons between items in the comparative financial statements as follows:1. Between items in the comparative balance sheeta) Between items in the balance sheet for one date, e.g., cash may be compared with current liabilitiesb) Between an item in the balance sheet for one date and the same item in the balance sheet for another date, e.g., cash today may be compared with cash a year agoc) Of ratios, or mathematical proportions, between two items in the balance sheet for one date and a like ratio in the balance sheet for another date, e.g., the ratio of cash to current liabilities today may be compared with a like ratio a year ago and the trend of cash condition noted2. Between items in the comparative statement of income and expensea) Between items in the statement for a given periodb) Between one item in this period's statement and the same item in last period's statementc) Of ratios between items in this period's statement and similar ratios in last period's statement3. Between items in the comparative balance sheet and items in the comparative statement of income and expensea) Between items in these statements for a given period, e.g., net profit for this year may be calculated as a percentage of net worth for this yearb) Of ratios between items in the two statements for a period of years, e.g., the ratio of net profit to net worth this year may-be compared with like ratios for last year, and for the years preceding thatOur comparative analysis will gain in significance if we take the foregoing comparisons or ratios and; in turn, compare them with:I. Such data as are absent from the comparative statements but are of importance in judging a concern's financial history and condition, for example, the stage of the business cycle2. Similar ratios derived from analysis of the comparative statements of competing concerns or of concerns in similar lines of business What financialratios are used in analyzing financial statements.- Comparative analysis of comparative financial statements may be expressed by mathematical ratios between the items compared, for example, a concern's cash position may be tested by dividing the item of cash by the total of current liability items and using the quotient to express the result of the test. Each ratio may be expressed in two ways, for example, the ratio of sales to fixed assets may be expressed as the ratio of fixed assets to sales. We shall express each ratio in such a way that increases from period to period will be favorable and decreases unfavorable to financial condition.We shall use the following financial ratios in analyzing comparative financial statements:I. Working-capital ratios1. The ratio of current assets to current liabilities2. The ratio of cash to total current liabilities3. The ratio of cash, salable securities, notes and accounts receivable to total current liabilities4. The ratio of sales to receivables, i.e., the turnover of receivables5. The ratio of cost of goods sold to merchandise inventory, i.e., the turnover of inventory6. The ratio of accounts receivable to notes receivable7. The ratio of receivables to inventory8. The ratio of net working capital to inventory9. The ratio of notes payable to accounts payableIO. The ratio of inventory to accounts payableII. Fixed and intangible capital ratios1. The ratio of sales to fixed assets, i.e., the turnover of fixed capital2. The ratio of sales to intangible assets, i.e., the turnover of intangibles3. The ratio of annual depreciation and obsolescence charges to the assetsagainst which depreciation is written off4. The ratio of net worth to fixed assetsIII. Capitalization ratios1. The ratio of net worth to debt.2. The ratio of capital stock to total capitalization .3. The ratio of fixed assets to funded debtIV. Income and expense ratios1. The ratio of net operating profit to sales2. The ratio of net operating profit to total capital3. The ratio of sales to operating costs and expenses4. The ratio of net profit to sales5. The ratio of net profit to net worth6. The ratio of sales to financial expenses7. The ratio of borrowed capital to capital costs8. The ratio of income on investments to investments9. The ratio of non-operating income to net operating profit10. The ratio of net operating profit to non-operating expense11. The ratio of net profit to capital stock12. The ratio of net profit reinvested to total net profit available for dividends on common stock13. The ratio of profit available for interest to interest expensesThis classification of financial ratios is permanent not exhaustive. -Other ratios may be used for purposes later indicated. Furthermore, some of the ratios reflect the efficiency with which a business has used its capital while others reflect efficiency in financing capital needs. The ratios of sales to receivables, inventory, fixed and intangible capital; the ratios of net operating profit to total capital and to sales; and the ratios of sales to operating costs and expenses reflect efficiency in the use of capital.' Most of the other ratios reflect financial efficiency.B. Technique of Financial Statement AnalysisAre the statements adequate in general?-Before attempting comparative analysis of given financial statements we wish to be sure that the statements are reasonably adequate for the purpose. They should, of course, be as complete as possible. They should also be of recent date. If not, their use must be limited to the period which they cover. Conclusions concerning 1923 conditions cannot safely be based upon 1921 statements.Does the comparative balance sheet reflect a seasonable situation? If so, it is important to know financial conditions at both the high and low points of the season. We must avoid unduly favorable judgment of the business at the low point when assets are very liquid and debt is low, and unduly unfavorable judgment at the high point when assets are less liquid and debt likely to be relatively high.Does the balance sheet for any date reflect the estimated financial condition after the sale of a proposed new issue of securities? If so, in order to ascertain the actual financial condition at that date it is necessary to subtract the amount of the security issue from net worth, if the. issue is of stock, or from liabilities, if bonds are to be sold. A like amount must also be subtracted from assets or liabilities depending upon how the estimated proceeds of the issue are reflected in the statement.Are the statements audited or unaudited? It is often said that audited statements, that is, complete audits rather than statements "rubber stamped" by certified public accountants, are desirable when they can be obtained. This is true, but the statement analyst should be certain that the given auditing film's reputation is beyond reproach.Is working-capital situation favorable ?-If the comparative statements to be analyzed are reasonably adequate for the purpose, the next step is to analyze the concern's working-capital trend and position. We may begin by ascertaining the ratio of current assets to current liabilities. This ratioaffords-a test of the concern's probable ability to pay current obligations without impairing its net working capital. It is, in part, a measure of ability to borrow additional working capital or to renew short-term loans without difficulty. The larger the excess of current assets over current liabilities the smaller the risk of loss to short-term creditors and the better the credit of the business, other things being equal. A ratio of two dollars of current assets to one dollar of current liabilities is the "rule-of-thumb" ratio generally considered satisfactory, assuming all current assets are conservatively valued and all current liabilities revealed.The rule-of-thumb current ratio is not a satisfactory test ofworking-capital position and trend. A current ratio of less than two dollars for one dollar may be adequate, or a current ratio of more than two dollars for one dollar may be inadequate. It depends, for one thing, upon the liquidity of the current assets.The liquidity of current assets varies with cash position.-The larger the proportion of current assets in the form of cash the more liquid are the current assets as a whole. Generally speaking, cash should equal at least 20 per cent of total current liabilities (divide cash by total current liabilities). Bankers typically require a concern to maintain bank balances equal to 20 per cent of credit lines whether used or unused. Open-credit lines are not shown on the balance sheet, hence the total of current liabilities (instead of notes payable to banks) is used in testing cash position. Like the two-for-one current ratio, the 20 per cent cash ratio is more or less a rule-of-thumb standard.The cash balance that will be satisfactory depends upon terms of sale, terms of purchase, and upon inventory turnover. A firm selling goods for cash will find cash inflow more nearly meeting cash outflow than will a firm selling goods on credit. A business which pays cash for all purchases will need more ready money than one which buys on long terms of credit. The more rapidly the inventory is sold the more nearly will cash inflow equal cash outflow, other things equal.Needs for cash balances will be affected by the stage of the business cycle. Heavy cash balances help to sustain bank credit and pay expenses when a period of liquidation and depression depletes working capital and brings a slump in sales. The greater the effects of changes in the cycle upon a given concern the more thought the financial executive will need to give to the size of his cash balances.Differences in financial policies between different concerns will affect the size of cash balances carried. One concern may deem it good policy to carry as many open-bank lines as it can get, while another may carry only enough lines to meet reasonably certain needs for loans. The cash balance of the first firm is likely to be much larger than that of the second firm.The liquidity of current assets varies with ability to meet "acid test."- Liquidity of current assets varies with the ratio of cash, salable securities, notes and accounts receivable (less adequate reserves for bad debts), to total current liabilities (divide the total of the first four items by total current liabilities). This is the so-called "acid test" of the liquidity of current condition. A ratio of I: I is considered satisfactory since current liabilities can readily be paid and creditors risk nothing on the uncertain values of merchandise inventory. A less than 1:1 ratio may be adequate if receivables are quickly collected and if inventory is readily and quickly sold, that is, if its turnover is rapid andif the risks of changes in price are small.The liquidity of current assets varies with liquidity of receivables. This may be ascertained by dividing annual sales by average receivables or by receivables at the close of the year unless at that date receivables do not represent the normal amount of credit extended to customers. Terms of sale must be considered in judging the turnover of receivables. For example, if sales for the year are $1,200,000 and average receivables amount to $100,000, the turnover of receivables is $1,200,000/$100,000=12. Now, if credit terms to customers are net in thirty days we can see that receivables are paid promptly.Consideration should also be given market conditions and the stage of the business cycle. Terms of credit are usually longer in farming sections than in industrial centers. Collections are good in prosperous times but slow in periods of crisis and liquidation.Trends in the liquidity of receivables will also be reflected in the ratio of accounts receivable to notes receivable, in cases where goods are typically sold on open account. A decline in this ratio may indicate a lowering of credit standards since notes receivable are usually given to close overdue open accounts. If possible, a schedule of receivables should be obtained showing those not due, due, and past due thirty, sixty, and ninety days. Such a, schedule is of value in showing the efficiency of credits and collections and in explaining the trend in turnover of receivables. The more rapid the turnover of receivables the smaller the risk of loss from bad debts; the greater the savings of interest on the capital invested in receivables, and the higher the profit on total capital, other things being equal.Author(s): C. O. Hardy and S. P. Meech译文：财务报表分析A.财务比率我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。
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LNTU---Acc附录A财务报表分析的杠杆左右以及如何体现盈利性和值比率摘要关键词:财政杠杆;运营债务杠杆;股本回报率;值比率传统观点认为，杠杆效应是从金融活动中产生的:公司通过借贷来增加运营的资金。
杠杆作用的衡量标准是负债总额与股东权益。
然而，一些负债——如银行贷款和发行的债券，是由于资金筹措，其他一些负债——如贸易应付账款，预收收入和退休金负债，是由于在运营过程中与供应商的贸易，与顾客和雇佣者在结算过程中产生的负债。
融资负债通常交易运作良好的资本市场其中的发行者是随行就市的商人。
与此相反，在运营中公司能够实现高增值。
因为业务涉及的是与资本市场相比，不太完善的贸易的输入和输出的市场。
因此，考虑到股票估值，运营负债和融资负债的区别的产生有一些先验的原因。
我们研究在资产负债表上，运营负债中的一美元是否与融资中的一美元等值这个问题。
因为运营负债和融资负债是股票价值的组成部分，这个问题就相当于问是否股价与账面价值比率是否取决于账面净值的组成。
价格与账面比率是由预期回报率的账面价值决定的。
所以，如果部分的账面价值要求不同的溢价，他们必须显示出不同的账面价值的预期回报率。
因此，标准的财务报表分析的能够区分股东从运营中和借贷的融资业务中产生的利润。
因此，资产回报有别于股本回报率，这种差异是由于杠杆作用。
然而，在标准的分析中，经营负债不区别于融资负债。
因此，为了制定用于实证分析的规范，我们的研究结果是用于愿意分析预期公司的收益和账面收益率。
这些预测和估值依赖于负债的组成。
这篇文章结构如下。
第一部分概述并指出了了能够判别两种杠杆作用类型，连接杠杆作用和盈利的财务报表分析第二节将杠杆作用，股票价值和价格与账面比率联系在一起。
第三节中进行实证分析，第四节进行了概述与结论。
1 杠杆作用的财务报表分析以下财务报表分析将融资债务和运营债务对股东权益的影响区别开。
这个分析从实证的详细分析中得出了精确的杠杆效应等式普通股产权资本收益率=综合所得?普通股本(1) 杠杆影响到这个盈利等式的分子和分母。
物流外文文献翻译(DOC)
外文文献原稿和译文原稿Logistics from the English word "logistics", the original intent of the military logistics support, in the second side after World War II has been widely used in the economic field. Logistics Management Association of the United States is defined as the logistics, "Logistics is to meet the needs of consumers of raw materials, intermediate products, final products and related information to the consumer from the beginning to the effective flow and storage, implementation and control of the process of . "Logistics consists of four key components: the real flow, real storage, and management to coordinate the flow of information. The primary function of logistics is to create time and space effectiveness of the effectiveness of the main ways to overcome the space through the storage distance.Third-party logistics in the logistics channel services provided by brokers, middlemen in the form of the contract within a certain period of time required to provide logistics services in whole or in part. Is a third-party logistics companies for the external customer management, control and operation of the provision of logistics services company.According to statistics, currently used in Europe the proportion of third-party logistics services for 76 percent, the United States is about 58%, and the demand is still growing; 24 percent in Europe and the United States 33% of non-third-party logistics service users are actively considering the use of third-party logistics services. As a third-party logistics to improve the speed of material flow, warehousing costs and financial savings in the cost effective means of passers-by, has become increasingly attracted great attention.First, the advantages of using a third-party logisticsThe use of third-party logistics enterprises can yield many benefits, mainly reflected in:1, focus on core businessManufacturers can use a third-party logistics companies to achieve optimal distribution of resources, limited human and financial resources to concentrate on their core energy, to focus on the development of basic skills, develop new products in the world competition, and enhance the core competitiveness of enterprises.2, cost-savingProfessional use of third-party logistics providers, the professional advantages of mass production and cost advantages, by providing the link capacity utilization to achieve cost savings, so that enterprises can benefit from the separation of the cost structure. Manufacturing enterprises with the expansion of marketing services to participate in any degree of depth, would give rise to a substantial increase in costs, only the use of professional services provided by public services, in order to minimize additional losses. University of Tennessee in accordance with the United States, United Kingdom and the United States EXEL company EMST & YOUNG consulting firm co-organized a survey: a lot of cargo that enable them to use third-party logistics logistics costs declined by an average of 1.18 percent, the average flow of goods from 7.1 days to 3.9 days, stock 8.2% lower.3, reduction of inventoryThird-party logistics service providers with well-planned logistics and timely delivery means, to minimize inventory, improve cash flow of the enterprise to achieve cost advantages.4, enhance the corporate imageThird-party logistics service providers and customers is a strategic partnership, the use of third-party logistics provider of comprehensive facilities and trained staff on the whole supply chain to achieve completecontrol, reducing the complexity of logistics, through their own networks to help improve customer service, not only to establish their own brand image, but also customers in the competition.Second, The purpose of the implementation of logistics managementThe purpose of the implementation of logistics management is to the lowest possible total cost of conditions to achieve the established level of customer service, or service advantages and seek cost advantages of a dynamic equilibrium, and thus create competitive enterprises in the strategic advantage. According to this goal, logistics management to solve the basic problem, simply put, is to the right products to fit the number and the right price at the right time and suitable sites available to customers.Logistics management systems that use methods to solve the problem. Modern Logistics normally be considered by the transport, storage, packaging, handling, processing in circulation, distribution and information constitute part of all. All have their own part of the original functions, interests and concepts. System approach is the use of modern management methods and modern technology so that all aspects of information sharing in general, all the links as an integrated system for organization and management, so that the system can be as low as possible under the conditions of the total cost, provided there Competitive advantage of customer service. Systems approach that the system is not the effectiveness of their various local links-effective simple sum. System means that, there's a certain aspects of the problem and want to all of the factors affecting the analysis and evaluation. From this idea of the logistics system is not simply the pursuit of their own in various areas of the lowest cost, because the logistics of the link between the benefits of mutual influence, the tendency of mutual constraints, there is the turn of the relationship between vulnerability. For example, too much emphasis on packaging materials savings, it could cause damage because of their easy to transport and handling costs increased. Therefore, the systemsapproach stresses the need to carry out the total cost analysis, and to avoid the second best effect and weigh the cost of the analysis, so as to achieve the lowest cost, while meeting the established level of customer se rvice purposes.Third, China's enterprises in the use of third-party logistics problems inWhile third-party logistics company has many advantages, but not many enterprises will be more outsourcing of the logistics business, the reasons boil down to:1, resistance to changeMany companies do not want the way through the logistics outsourcing efforts to change the current mode. In particular, some state-owned enterprises, we reflow will also mean that the dismissal of outsourcing a large number of employees, which the managers of state-owned enterprises would mean a very great risk.2, lack of awarenessFor third-party logistics enterprise's generally low level of awareness, lack of awareness of enterprise supply chain management in the enterprise of the great role in the competition.3, fear of losing controlAs a result of the implementation of supply chain companies in enhancing the competitiveness of the important role that many companies would rather have a small but complete logistics department and they do not prefer these functions will be handed over to others, the main reasons it is worried that if they lose the internal logistics capabilities, customers will be exchanges and over-reliance on other third-party logistics companies.4, the logistics outsourcing has its own complexitySupply chain logistics business and companies are usually other services, such as finance, marketing or production of integrated logistics outsourcing itself with complexity. On a number of practical business, including theintegration of transport and storage may lead to organizational, administrative and implementation problems. In addition, the company's internal information system integration features, making the logistics business to a third party logistics companies have become very difficult to operate.5, to measure the effect of logistics outsourcing by many factors Accurately measure the cost of information technology, logistics and human resources more difficult. It is difficult to determine the logistics outsourcing companies in the end be able to bring the cost of how many potential good things. In addition, all the uniqueness of the company's business and corporate supply chain operational capability, is usually not considered to be internal to the external public information, it is difficult to accurately compare the inter-company supply chain operational capability.Although some manufacturers have been aware of the use of third-party logistics companies can bring a lot of good things, but in practical applications are often divided into several steps, at the same time choose a number of logistics service providers as partners in order to avoid the business by a logistics service providers brought about by dependence. Fourth, China's third-party logistics companies in the development of the problems encounteredA successful logistics company, the operator must have a larger scale, the establishment of effective regional coverage area, with a strong command and control center with the high standard of integrated technical, financial resources and business strategy.China's third-party logistics companies in the development of the problems encountered can be summarized as follows:1, operating modelAt present, most of the world's largest logistics companies take the head office and branch system, centralized headquarters-style logistics operation to take to the implementation of vertical business management. Theestablishment of a modern logistics enterprise must have a strong, flexible command and control center to control the entire logistics operations and coordination. Real must be a modern logistics center, a profit center, business organizations, the framework, the institutional form of every match with a center. China's logistics enterprises in the operating mode of the problems of foreign logistics enterprises in the management model should be from the domestic logistics enterprises.2, the lack of storage or transport capacityThe primary function of logistics is to create time and space utility theft. For now China's third-party logistics enterprises, some companies focus on storage, lack of transport capacity; other companies is a lot of transport vehicles and warehouses throughout the country little by renting warehouses to complete the community's commitment to customers. 3, network problemsThere are a few large companies have the logistics of the entire vehicle cargo storage network or networks, but the network coverage area is not perfect. Customers in the choice of logistics partner, are very concerned about network coverage and network of regional branches of the density problem. The building of the network should be of great importance to logistics enterprises.4, information technologyThe world's largest logistics enterprises have "three-class network", that is, orders for information flow, resources, global supply chain network, the global Resource Network users and computer information network. With the management of advanced computer technology, these customers are also the logistics of the production of high value-added products business, the domestic logistics enterprises must increase investment in information systems can change their market position.Concentration and integration is the third-party logistics trends in the development of enterprises. The reasons are: firstly, the company intends tomajor aspects of supply chain outsourcing to the lowest possible number of several logistics companies; the second, the establishment of an efficient global third party logistics inputs required for increasing the capital; the third Many third-party logistics providers through mergers and joint approaches to expand its service capabilities.译文物流已广泛应用于经济领域中的英文单词“物流”，军事后勤保障的原意，在二战结束后的第二面。
财务报告分析双语(3篇)
第1篇Executive SummaryThis analysis aims to provide a comprehensive overview of the financial performance of XYZ Corporation over the past fiscal year. By examining the financial statements, including the balance sheet, income statement, and cash flow statement, we can gain insights into the company's profitability, liquidity, solvency, and overall financial health. This report will be presented in both English and Chinese, with key findings and conclusions translated for clarity.I. IntroductionXYZ Corporation, a leading company in the technology industry, has released its financial report for the fiscal year ending December 31, 2022. The report provides a detailed account of the company's financial activities, performance, and position during the period. This analysis will focus on the key financial indicators and ratios, highlighting the company's strengths and weaknesses, and offering recommendations for improvement.II. Financial Statements AnalysisA. Balance SheetThe balance sheet provides a snapshot of the company's financialposition at a specific point in time. The following analysis will focus on the key components of the balance sheet:1. Assets: XYZ Corporation's total assets increased by 15% from the previous fiscal year, driven by a 20% growth in current assets and a 10% increase in non-current assets. This indicates that the company has been successful in expanding its asset base.2. Liabilities: The total liabilities of XYZ Corporation also increased by 12%, with current liabilities growing by 15% and non-currentliabilities by 10%. This suggests that the company has taken on additional debt to finance its growth.3. Equity: The equity of XYZ Corporation increased by 18% over thefiscal year, reflecting the company's profitability and reinvestment in the business.B. Income StatementThe income statement shows the company's revenue, expenses, and net income over a specific period. The following points highlight the key aspects of the income statement:1. Revenue: XYZ Corporation's revenue increased by 20% from the previous fiscal year, driven by strong sales in the technology sector.2. Expenses: The company's expenses increased by 15%, with cost of goods sold (COGS) increasing by 18% and selling, general, and administrative expenses (SG&A) increasing by 12%. This indicates that the company has been able to control its cost of goods sold but has experienced some increases in SG&A expenses.3. Net Income: XYZ Corporation's net income increased by 25% over the fiscal year, reflecting the company's strong operational performance.C. Cash Flow StatementThe cash flow statement provides insights into the company's cashinflows and outflows. The following analysis focuses on the key components of the cash flow statement:1. Operating Cash Flow: XYZ Corporation's operating cash flow increased by 30% over the fiscal year, indicating strong cash-generating capabilities.2. Investing Cash Flow: The company's investing cash flow decreased by 5%, primarily due to lower capital expenditures.3. Financing Cash Flow: Financing cash flow increased by 20%, driven by higher dividends paid to shareholders and an increase in long-term debt.III. Financial Ratios AnalysisA. Liquidity Ratios1. Current Ratio: XYZ Corporation's current ratio increased from 1.5 to 1.8, indicating improved short-term liquidity.2. Quick Ratio: The quick ratio improved from 1.2 to 1.5, suggestingthat the company has a strong ability to meet its short-term obligations.B. Solvency Ratios1. Debt-to-Equity Ratio: The debt-to-equity ratio decreased from 1.2 to 1.0, indicating a more conservative financial structure.2. Interest Coverage Ratio: The interest coverage ratio improved from 5.0 to 6.0, reflecting the company's ability to cover its interest expenses.C. Profitability Ratios1. Gross Profit Margin: The gross profit margin remained stable at 40%, indicating efficient cost management.2. Net Profit Margin: The net profit margin increased from 15% to 20%, reflecting the company's improved profitability.IV. ConclusionXYZ Corporation has demonstrated strong financial performance over the past fiscal year, with significant growth in revenue, net income, and operating cash flow. The company's liquidity and solvency ratios are also healthy, indicating a strong financial position. However, there are areas of concern, such as the increase in SG&A expenses and the need to manage long-term debt.V. Recommendations1. Cost Control: XYZ Corporation should focus on managing SG&A expenses to improve profitability.2. Debt Management: The company should consider strategies to manage long-term debt, such as refinancing or paying down existing debt.3. Investment in Research and Development: Investing in research and development can help the company stay competitive in the technology industry.VI. 中文摘要本报告旨在全面分析XYZ公司过去一个财年的财务表现。
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。
(完整word版)物流外文文献翻译
外文文献原稿和译文原稿Logistics from the English word "logistics", the original intent of the military logistics support, in the second side after World War II has been widely used in the economic field. Logistics Management Association of the United States is defined as the logistics, "Logistics is to meet the needs of consumers of raw materials, intermediate products, final products and related information to the consumer from the beginning to the effective flow and storage, implementation and control of the process of . "Logistics consists of four key components: the real flow, real storage, and management to coordinate the flow of information. The primary function of logistics is to create time and space effectiveness of the effectiveness of the main ways to overcome the space through the storage distance.Third-party logistics in the logistics channel services provided by brokers, middlemen in the form of the contract within a certain period of time required to provide logistics services in whole or in part. Is a third-party logistics companies for the external customer management, control and operation of the provision of logistics services company.According to statistics, currently used in Europe the proportion of third-party logistics services for 76 percent, the United States is about 58%, and the demand is still growing; 24 percent in Europe and the United States 33% of non-third-party logistics service users are actively considering the use of third-party logistics services. As a third-party logistics to improve the speed of material flow, warehousing costs and financial savings in the cost effective means of passers-by, has become increasingly attracted great attention.First, the advantages of using a third-party logisticsThe use of third-party logistics enterprises can yield many benefits, mainly reflected in: 1, focus on core businessManufacturers can use a third-party logistics companies to achieve optimal distribution of resources, limited human and financial resources to concentrate on their coreenergy, to focus on the development of basic skills, develop new products in the world competition, and enhance the core competitiveness of enterprises.2, cost-savingProfessional use of third-party logistics providers, the professional advantages of mass production and cost advantages, by providing the link capacity utilization to achieve cost savings, so that enterprises can benefit from the separation of the cost structure. Manufacturing enterprises with the expansion of marketing services to participate in any degree of depth, would give rise to a substantial increase in costs, only the use of professional services provided by public services, in order to minimize additional losses. University of Tennessee in accordance with the United States, United Kingdom and the United States EXEL company EMST & YOUNG consulting firm co-organized a survey: a lot of cargo that enable them to use third-party logistics logistics costs declined by an average of 1.18 percent, the average flow of goods from 7.1 days to 3.9 days, stock 8.2% lower.3, reduction of inventoryThird-party logistics service providers with well-planned logistics and timely delivery means, to minimize inventory, improve cash flow of the enterprise to achieve cost advantages.4, enhance the corporate imageThird-party logistics service providers and customers is a strategic partnership, the use of third-party logistics provider of comprehensive facilities and trained staff on the whole supply chain to achieve complete control, reducing the complexity of logistics, through their own networks to help improve customer service, not only to establish their own brand image, but also customers in the competition.Second, The purpose of the implementation of logistics management The purpose of the implementation of logistics management is to the lowest possible total cost of conditions to achieve the established level of customer service, or service advantages and seek cost advantages of a dynamic equilibrium, and thus create competitive enterprises in the strategic advantage. According to this goal, logistics management to solve the basic problem, simply put, is to the right products to fit the number and the right price atthe right time and suitable sites available to customers.Logistics management systems that use methods to solve the problem. Modern Logistics normally be considered by the transport, storage, packaging, handling, processing in circulation, distribution and information constitute part of all. All have their own part of the original functions, interests and concepts. System approach is the use of modern management methods and modern technology so that all aspects of information sharing in general, all the links as an integrated system for organization and management, so that the system can be as low as possible under the conditions of the total cost, provided there Competitive advantage of customer service. Systems approach that the system is not the effectiveness of their various local links-effective simple sum. System means that, there's a certain aspects of the problem and want to all of the factors affecting the analysis and evaluation. From this idea of the logistics system is not simply the pursuit of their own in various areas of the lowest cost, because the logistics of the link between the benefits of mutual influence, the tendency of mutual constraints, there is the turn of the relationship between vulnerability. For example, too much emphasis on packaging materials savings, it could cause damage because of their easy to transport and handling costs increased. Therefore, the systems approach stresses the need to carry out the total cost analysis, and to avoid the second best effect and weigh the cost of the analysis, so as to achieve the lowest cost, while meeting the established level of customer se rvice purposes.Third, China's enterprises in the use of third-party logistics problems in While third-party logistics company has many advantages, but not many enterprises will be more outsourcing of the logistics business, the reasons boil down to:1, resistance to changeMany companies do not want the way through the logistics outsourcing efforts to change the current mode. In particular, some state-owned enterprises, we reflow will also mean that the dismissal of outsourcing a large number of employees, which the managers of state-owned enterprises would mean a very great risk.2, lack of awarenessFor third-party logistics enterprise's generally low level of awareness, lack of awareness of enterprise supply chain management in the enterprise of the great role in thecompetition.3, fear of losing controlAs a result of the implementation of supply chain companies in enhancing the competitiveness of the important role that many companies would rather have a small but complete logistics department and they do not prefer these functions will be handed over to others, the main reasons it is worried that if they lose the internal logistics capabilities, customers will be exchanges and over-reliance on other third-party logistics companies. 4, the logistics outsourcing has its own complexitySupply chain logistics business and companies are usually other services, such as finance, marketing or production of integrated logistics outsourcing itself with complexity. On a number of practical business, including the integration of transport and storage may lead to organizational, administrative and implementation problems. In addition, the company's internal information system integration features, making the logistics business to a third party logistics companies have become very difficult to operate.5, to measure the effect of logistics outsourcing by many factorsAccurately measure the cost of information technology, logistics and human resources more difficult. It is difficult to determine the logistics outsourcing companies in the end be able to bring the cost of how many potential good things. In addition, all the uniqueness of the company's business and corporate supply chain operational capability, is usually not considered to be internal to the external public information, it is difficult to accurately compare the inter-company supply chain operational capability.Although some manufacturers have been aware of the use of third-party logistics companies can bring a lot of good things, but in practical applications are often divided into several steps, at the same time choose a number of logistics service providers as partners in order to avoid the business by a logistics service providers brought about by dependence. Fourth, China's third-party logistics companies in the development of the problems encounteredA successful logistics company, the operator must have a larger scale, the establishment of effective regional coverage area, with a strong command and control center with the high standard of integrated technical, financial resources and business strategy.China's third-party logistics companies in the development of the problems encountered can be summarized as follows:1, operating modelAt present, most of the world's largest logistics companies take the head office and branch system, centralized headquarters-style logistics operation to take to the implementation of vertical business management. The establishment of a modern logistics enterprise must have a strong, flexible command and control center to control the entire logistics operations and coordination. Real must be a modern logistics center, a profit center, business organizations, the framework, the institutional form of every match with a center. China's logistics enterprises in the operating mode of the problems of foreign logistics enterprises in the management model should be from the domestic logistics enterprises.2, the lack of storage or transport capacityThe primary function of logistics is to create time and space utility theft. For now China's third-party logistics enterprises, some companies focus on storage, lack of transport capacity; other companies is a lot of transport vehicles and warehouses throughout the country little by renting warehouses to complete the community's commitment to customers. 3, network problemsThere are a few large companies have the logistics of the entire vehicle cargo storage network or networks, but the network coverage area is not perfect. Customers in the choice of logistics partner, are very concerned about network coverage and network of regional branches of the density problem. The building of the network should be of great importance to logistics enterprises.4, information technologyThe world's largest logistics enterprises have "three-class network", that is, orders for information flow, resources, global supply chain network, the global Resource Network users and computer information network. With the management of advanced computer technology, these customers are also the logistics of the production of high value-added products business, the domestic logistics enterprises must increase investment in information systems can change their market position.Concentration and integration is the third-party logistics trends in the development ofenterprises. The reasons are: firstly, the company intends to major aspects of supply chain outsourcing to the lowest possible number of several logistics companies; the second, the establishment of an efficient global third party logistics inputs required for increasing the capital; the third Many third-party logistics providers through mergers and joint approaches to expand its service capabilities.译文物流已广泛应用于经济领域中的英文单词“物流”，军事后勤保障的原意，在二战结束后的第二面。
英文财务报告分析范文(3篇)
第1篇Executive Summary:This analysis aims to provide a comprehensive overview of XYZ Corporation's financial performance for the year 2022. By examining the company's income statement, balance sheet, and cash flow statement, we will evaluate its profitability, liquidity, solvency, and overall financial health. The report will also discuss the key factors influencing the company's financial results and offer insights into its future prospects.1. Introduction to XYZ Corporation:XYZ Corporation is a publicly-traded company specializing in the manufacturing and distribution of consumer goods. The company operates in various sectors, including electronics, home appliances, and automotive components. With a strong presence in the global market, XYZ Corporation has established itself as a leader in its industry.2. Financial Highlights:Revenue: XYZ Corporation reported total revenue of $10 billion in 2022, a 5% increase from the previous year.Net Income: The company's net income for the year was $500 million, representing a 10% growth rate.Earnings Per Share (EPS): EPS increased by 8% to $2.50.Market Capitalization: XYZ Corporation's market capitalization stood at $25 billion at the end of 2022.3. Income Statement Analysis:3.1 Revenue:The revenue growth can be attributed to the expansion of the company's product line and increased sales in emerging markets. Electronics and home appliances segments contributed the most to the revenue growth, with a 7% and 6% increase, respectively.3.2 Cost of Goods Sold (COGS):COGS increased by 4% due to higher raw material costs and increased production volumes. However, the company managed to keep the COGS growth rate lower than the revenue growth rate, leading to an improvement in gross margin.3.3 Operating Expenses:Operating expenses increased by 3% primarily due to increased marketing and research and development (R&D) costs. Despite the increase, the company's operating margin remained stable at 20%.3.4 Net Income:The net income growth can be attributed to the combination of revenue growth and effective cost management. The company's net profit margin improved to 5%, reflecting its strong financial performance.4. Balance Sheet Analysis:4.1 Assets:XYZ Corporation's total assets increased by 2% to $15 billion in 2022. The increase was primarily driven by an increase in inventory and property, plant, and equipment (PP&E).4.2 Liabilities:Total liabilities decreased by 1% to $10 billion. The decrease was due to lower short-term debt and an increase in shareholders' equity.4.3 Shareholders' Equity:Shareholders' equity increased by 3% to $5 billion. The increase was primarily due to the company's retained earnings.5. Cash Flow Statement Analysis:5.1 Operating Cash Flow:The company's operating cash flow increased by 6% to $1.2 billion. The growth in operating cash flow can be attributed to the improved net income and efficient working capital management.5.2 Investing Cash Flow:Investing cash flow decreased by 2% to $500 million. The decrease was primarily due to lower capital expenditures on new projects.5.3 Financing Cash Flow:Financing cash flow decreased by 4% to $300 million. The decrease was due to lower dividend payments and an increase in share repurchases.6. Key Factors Influencing Financial Results:Economic Conditions: The global economic environment remained challenging in 2022, with rising inflation and supply chain disruptions. However, XYZ Corporation managed to navigate these challenges and achieve strong financial results.Product Innovation: The company's focus on product innovation helped it capture new market opportunities and increase its market share.Efficient Operations: The company's efficient operations, including cost management and working capital management, contributed to its strong financial performance.7. Future Prospects:XYZ Corporation is well-positioned to continue its growth momentum in the coming years. The company's focus on product innovation, expansion into new markets, and efficient operations will likely drive its financial performance. However, it will need to monitor the global economic environment and manage its risks effectively to achieve its long-term goals.8. Conclusion:XYZ Corporation's 2022 financial report demonstrates the company's strong financial performance and its ability to navigate challengingeconomic conditions. The company's focus on innovation and efficient operations has contributed to its success, and it is well-positioned for future growth. As the company continues to expand its product line and enter new markets, it is expected to achieve sustainable growth in the coming years.Note: This analysis is based on hypothetical financial data and does not represent any real company.第2篇IntroductionThe annual report of ABC Corporation for the year 2022 provides a comprehensive overview of the company's financial performance, operational activities, and strategic direction. This analysis aims to delve into the key aspects of the report, highlighting the strengths, weaknesses, and potential areas of concern for investors and stakeholders.Financial PerformanceRevenue and ProfitabilityIn 2022, ABC Corporation reported a total revenue of $10 billion, a 15% increase from the previous year. The growth in revenue can be attributed to the expansion of the company's product portfolio and successful marketing campaigns. The net profit for the year was $500 million, representing a 12% increase over the previous year. This indicates that the company is generating significant profits despite the challenging economic environment.Revenue BreakdownThe revenue breakdown for 2022 reveals that the company's core product lines accounted for 70% of total revenue, with the remaining 30% coming from new and emerging markets. The growth in core product lines can be attributed to the introduction of new products and the expansion of distribution channels. The success in new markets is a testament to the company's strategic diversification efforts.Earnings Per Share (EPS)The EPS for 2022 was $2.50, which is in line with market expectations. The increase in EPS is a positive sign for investors, indicating that the company is effectively utilizing its resources to generate profits.Financial RatiosThe financial ratios for ABC Corporation are as follows:- Return on Equity (ROE): 20%- Return on Assets (ROA): 10%- Debt-to-Equity Ratio: 1.5- Current Ratio: 2.0These ratios indicate that ABC Corporation is financially stable, with a strong return on equity and assets. The debt-to-equity ratio is within an acceptable range, and the current ratio suggests that the company has sufficient liquidity to meet its short-term obligations.Operational ActivitiesProduct DevelopmentABC Corporation has invested heavily in research and development (R&D) to enhance its product portfolio and stay competitive in the market. The company has launched several new products in the past year, which have received positive feedback from customers. The continued focus on innovation is expected to drive future growth.Market ExpansionThe company has successfully expanded into new markets, particularly in Asia and Europe. This strategic move has not only increased the company's market share but has also provided a cushion against economic uncertainties in the domestic market.Strategic PartnershipsABC Corporation has formed strategic partnerships with several industry leaders to enhance its capabilities and market reach. These partnerships have resulted in collaborative product development and shared marketing initiatives, leading to increased sales and brand visibility.Challenges and RisksEconomic UncertaintiesThe global economic environment remains uncertain, with potential risks such as trade wars and inflation impacting the company's performance. ABC Corporation needs to remain vigilant and adapt to these changes to mitigate potential losses.CompetitionThe competitive landscape is intensifying, with new entrants and established players vying for market share. ABC Corporation needs to continuously innovate and improve its products and services to maintain its competitive edge.Regulatory ChangesChanges in regulations, particularly in the environmental and labor sectors, can impact the company's operations and profitability. ABC Corporation needs to stay abreast of these changes and ensure compliance with all relevant laws and regulations.ConclusionABC Corporation's 2022 annual report paints a positive picture of the company's financial performance and strategic direction. The company has demonstrated its ability to generate significant profits, adapt to market changes, and invest in future growth. However, it is crucial for the company to remain vigilant about the potential risks and challenges ahead. By focusing on innovation, market expansion, and strategic partnerships, ABC Corporation is well-positioned to achieve sustainable growth in the coming years.Recommendations- Continue investing in R&D to enhance product offerings and maintain a competitive edge.- Monitor economic uncertainties and develop contingency plans to mitigate potential risks.- Strengthen strategic partnerships to expand market reach and share.- Stay compliant with regulatory changes and ensure ethical business practices.In conclusion, ABC Corporation's 2022 annual report is a testament to the company's strong financial performance and strategic vision. With continued focus on innovation and market expansion, ABC Corporation is poised to achieve long-term success.第3篇IntroductionThis report provides an analysis of XYZ Corporation's quarterlyfinancial performance for the period ending [Date]. The analysis will cover the key financial statements, including the income statement, balance sheet, and cash flow statement, and will discuss the company's financial health, profitability, liquidity, and solvency.Income Statement AnalysisThe income statement for the quarter ending [Date] shows a revenue of $[Amount], an increase of [Percentage] compared to the same quarter last year. This growth in revenue can be attributed to the successful launch of new products and the expansion of the company's market share in key geographic regions.Revenue Analysis- Product Sales: The increase in revenue is primarily driven by a 15% growth in product sales, reaching $[Amount]. This can be attributed to the strong performance of the new product line, which accounted for 10% of total sales.- Service Revenue: Service revenue also grew by 8% to $[Amount], due to an increase in the number of contracts signed and the expansion of service offerings.Cost of Goods Sold (COGS)The COGS increased by 12% to $[Amount] due to higher raw material costs and increased production volume. Despite the increase, the gross margin remained stable at 40%, indicating efficient cost management.Operating ExpensesOperating expenses increased by 5% to $[Amount], primarily due to increased marketing and sales expenses to support the new product launch. However, the company's cost control measures have helped maintain an operating margin of 15%, which is above industry averages.Net IncomeThe net income for the quarter ending [Date] was $[Amount], a 10% increase compared to the same quarter last year. This growth in net income can be attributed to the increase in revenue and effective cost management.Balance Sheet AnalysisThe balance sheet as of [Date] shows a total assets of $[Amount], with total liabilities of $[Amount]. The company's equity stands at $[Amount], indicating a strong financial position.Liquidity AnalysisThe current ratio as of [Date] is 2.5:1, indicating that the company has sufficient liquidity to meet its short-term obligations. The quick ratio is 1.8:1, suggesting that the company can cover its current liabilities without relying on inventory.Solvency AnalysisThe debt-to-equity ratio is 0.8:1, indicating that the company's leverage is moderate. The interest coverage ratio is 4.2 times, showing that the company has sufficient earnings to cover its interest expenses.Cash Flow Statement AnalysisThe cash flow statement for the quarter ending [Date] shows a net cash inflow of $[Amount]. The operating activities generated $[Amount], while the investing activities used $[Amount] for capital expenditures. The financing activities showed a net inflow of $[Amount] due to new equity issuance.ConclusionXYZ Corporation has demonstrated strong financial performance for the quarter ending [Date]. The increase in revenue, stable gross margin, and effective cost management have contributed to the company'sprofitability. The strong liquidity and moderate leverage positions the company well for future growth. However, the company should continue to monitor its expenses and manage its working capital to ensure sustainable growth.Recommendations- Continue to invest in research and development to maintain a competitive edge.- Explore new markets and expand the company's customer base.- Implement cost-saving initiatives to enhance profitability.- Maintain a strong liquidity position to support future growth.Appendix- Detailed financial statements for the quarter ending [Date]- Industry benchmarks for financial ratios- Key performance indicators (KPIs)This report provides a comprehensive analysis of XYZ Corporation's financial performance. It is recommended that stakeholders use this report as a basis for making informed decisions regarding their investment in the company.。
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文献信息：标题: Financial statement analysis of logistics service providers: ways of enhancing performance作者: Hofmann, Erik; Lampe, Kerstin期刊名称: International Journal of Physical Distribution & Logistics Management卷: 43；期: 4；页: 321-342；年份: 2013文档ID: 1355291837文档URL:.au/login?url=/docview/1355291837?accountid=16926版权: Copyright Emerald Group Publishing Limited 2013数据库: ProQuest Central原文Financial statement analysis of logistics service providers: ways ofEnhancing performance Hofmann and LampeHofmann; LampeAbstractPurpose - Despite the relevance of financial information relating to logistics service providers (LSPs), recent research has paid little attention to the financial analysis of LSPs. The aim of this paper is to examine the balance sheet structure of LSPs in order to find out if there are differences between single providers or defined LSP groups (clusters), respectively. Furthermore, the dependency of asset, capital and liquidity structures on LSPs specific characteristics is pointed out. Finally, we show which financial indicators positively influence profitability.Design/methodology/approach - A total of 150 quoted LSPs from all over the world, allocated to six different clusters depending on scope of service were examined. Adetailed balance sheet analysis using contingency theory, complemented by a correlation analysis, provides information about the financial structure, similarities and differences within and in-between the LSP clusters.Findings - It was found that there are many differences regarding the financial structures of LSPs. The asset and liquidity structure of LSPs show significant differences, while the capital structure is mostly homogeneous. Profitability is achieved in various ways: Focusing on high net profit margin or asset turnover rates. Research limitations/implications - Only quoted LSPs are analyzed. With this broad research approach the authors point out the range of possibilities for financial statement analysis of LSPs and demonstrate the potential Practical implications - Financial analysis yields information for making strategic decisions including organic growth, outsourcing, mergers and acquisitions or cooperation between LSPs. Originality/value - This paper contributes to further performance examinations of LSPs by providing a profound financial statement analysis with potential benefits for logistics executives, analysts and researchers.Keywords: Financial performance, financial statements, Balance sheet analysis, Asset structure, Capital structure, Liquidity structure, Profitability, Cross cluster correlation, Contingency theory.1 IntroductionIn recent years, the demand for global logistics services has been increasing consistently ([28] Harrison and van Hoek, 2010). In order to compete in global markets, companies in all industry sectors strive for improved efficiency, so that logistical performance has become a substantial business challenge and key success factor ([8] Bowersox et al. , 2007; [9] Branch, 2009; [37] Liu and Lyons, 2010). To meet this challenge, companies whose core-competencies do not include logistics activities tend to outsource these functions to logistics service providers (LSPs) ([34] Lieb and Bentz, 2005a). Due to this development and to fulfill customer requirements, LSPs have broadened their scope of services, also in order to meet intensified competition.Besides the range of services, the financial performance of LSPs is an important criterion for outsourcing decisions ([23] Gotzamani et al. , 2010). However, the trend towards outsourcing is not the sole reason for the growth of the LSP market.Globalization, the increased importance of knowledge-based consulting services, as well as the trend towards "one-stop-shopping" are among the external influence factors ([53] Semeijn and Vellenga, 1995), while amongst others, "economies of scale" and "economies of scope" are internal drivers of LSPs growth ([49] Persson and Virum, 2001).LSPs have developed from simple carriers (1PL LSP) to comprehensive providers of various logistics services (2/3PL LSPs) ([54] Sheffi, 1990). In order to maintain growth, various strategic directions can be pursued, including organic growth, mergers &acquisitions (M&A's) or establishing cooperation with other LSPs. In any case, the financial structure or key performance indicators (KPIs) constitute important company information: this applies to credit assessment regarding organic-growth and capital procurement, general information about the takeover target regarding M&A's ([26] Häkkinen et al., 2004), and assessing the financial situation of a potential partner regarding cooperation.It is remarkable that, despite the relevance of financial information relating to LSPs, researchers have so far paid little attention to the financial analysis of LSPs. As [37] Liu and Lyons (2010, p. 547) stated, practitioners would benefit from understanding the correlation between the performance of LSPs and the various types of service provision, "to formulate appropriate strategies for leveraging their full business potential and mitigating investment risks". Balance sheet analysis and the interpretation of KPIs are established methods for analyzing the financial situation and therewith performance of a company (Lapide, 2000). The financial performance of LSPs has only been analyzed in few studies. [19] Ellinger et al. (2003) followed an objective approach (using absolute values, e.g. from financial databases), analyzing eight financial to evaluate the association between internet utilization and financial performance within the transportation industry. [46] Panayides (2007) as well as [47] Panayides and So (2005) evaluated each one financial item (market share). Finally, [37] Liu and Lyons (2010), focused on gross profit margin and sales growth. Contrary to [19] Ellinger et al. (2003), these authors follow a subjective approach, referring to estimations from primary data (e.g. surveys or interviews). Up to the present, research focusing on the balance sheet analysis of LSPs is very limited. Hence, that there is a clear need to analyze the financial structure and performance of LSPs.By means of balance sheet analysis, this paper poses to answer the following researchquestions:RQ1. Is there a "unique" balance sheet structure for LSPs?RQ2.Are the asset-, capital- and liquidity-structures of LSPs dependent on their specific characteristics?RQ3. Which financial indicators positively influence profitability of LSPs?RQ1 can be considered as the main question raised in this paper, and RQ2 and RQ3 the sub-questions. For the purposes of analysis, LSPs are clustered into six groups, depending on the scope and nature of services offered. With this segmentation, we rely on the work of [37] Liu and Lyons (2010), who analyze the relationship between service provision and financial performance.2 Background, methodology and sample selectionIn Section 2.1, the methodology of financial statement analysis and integration of contingency theory are described. A detailed overview of sample selection is given in Section 2.2 and the Appendix.2.1 Financial statement analysis and contingency frameworkThe financial statement analysis investigates the current and future financial, capital and income situation of companies. Amongst other sources, the analysis is based on information from the annual balance sheet and considers historical and present data and information ([20] Fridson, 1991). The financial statement analysis enables the depiction and interpretation of financial situations and developments ([6] Bernstein, 1990). It is one of the most common business analysis methods and the basis for further analysis in this paper.The first step in the financial statement analysis presented in this paper is the collection of relevant information about the LSPs to be analyzed. Firm-specific and financial information from Bloomberg and Factiva web database, which is based on FactSet data, were used. Bloomberg as well as FactSet are providers of company information and financial data. Furthermore, information publicized by the analyzed companies (especially the annual balance sheets) serves as an additional data source. The focus of financial statement analysis is the determination and evaluation of KPIs, which enables a detailed overview of a company. KPIs illustrate the strengths, weaknesses and aberrations which form the basis for comparisons and valuations ([48]Penman, 2001). For the financial statement analysis in this paper, asset, capital, liquidity and profitability KPIs have been chosen, referring to [24] Granhof et al. (1993) and [22] Gibson (1982).2.2 Sample selection and cluster characterizationCluster formation, LSP selection (peer group) and the allocation of LSPs to cluster groups were conducted as follows.The first step was the definition of LSP clusters. LSPs are any companies which perform logistics activities on behalf of others ([16] Delfmann et al. , 2002). Due to the broadness of the term LSP, six clusters are formed with regard to scope of services offered by the LSPs and related aspects (e.g. duration of business relationship, degree of integration (Figure 2 [Figure omitted. See Article Image.]). The clusters are: sea freight, railway, trucking, courier-, express-, parcel- service (CEP) LSPs, third-party (3PL) LSPs and fourth-party (4PL) LSPs.The selected LSP clusters depend on:- The scope of services provided ([68] Zacharia et al. , 2011; [61] Stefansson, 2006), from basic services like transportation and warehousing (scope of service: low) to value-added services ([5] Berglund et al. , 1999) as well as supply chain coordination ([64] van Hoek and Chong, 2001) (scope of service: broad).- The degree of customization, from low, meaning standardized products, to high, meaning customer specific solutions ([61] Stefansson, 2006; [5] Berglund et al., 1999).- The degree of integration and duration of business relationship ([57] Skjoett-Larsen, 2000; [2] Bagchi and Virum, 1998; [43] Murphy and Poist, 1998), referring to the strategic dimension of LSPs.Companies in the clusters sea freight, railway and trucking are carriers, meaning transport operators that haul products ([54] Sheffi, 1990; [56] Sink et al., 1996). These services are also referred to as basic services, like transportation or warehousing.3 Balance sheet analysis of LSP clustersIn the following four sections, selected KPIs are discussed. For reasons of relevance and to enhance the clarity, only the six LSP clusters are discussed (not Top and Flopor the Big and Small 20 clusters that are also listed in Table III).3.1 Asset structure of LSPsThe industry sector of LSPs is characterized by an asset structure ([1] Africk and Calkins, 1994; [41] Muller, 1993; [68] Zacharia et al. , 2011). In the past, LSPs had their own exclusive transportation fleet and warehouses ([54] Sheffi, 1990). Orders were executed by means of the company's own capacities, so that LSPs recorded large transportation and warehousing assets in their balance sheets. [1] Africk and Calkins (1994) had already questioned whether asset ownership still had any real meaning for logistics services, their quality, costs and risk. In recent years, the development of LSPs operating without the use of their own assets could be observed. Globalization, the pursuit of excellence and efficiency constraints led LSPs to adapt their business model to the market and customer demands. The logistics industry has experienced several phases of diversification over the past decades, which also led to a diversified asset structure context in logistics ([11] Cheng and Tsai, 2009).Our analysis of selected LSP clusters reveals a clear difference between asset structures. The comparison clearly indicates which operators fulfill the role of coordination and which provide asset-based services. The most noticeable difference is clearly identifiable between the clusters of carriers and 4PL LSPs. While the asset structure of carriers consists of a high proportion of non-current assets, the asset structure of 4PL LSPs demonstrates the converse. Due to the service scope of 3PL and CEP LSPs, that is, between carriers and 4PL LSPs, their asset structure is also located between these two poles. Unlike 4PL LSPs, CEP LSPs and 3PL LSPs offer physical transportation on their own and, compared to carriers, they outsource services and work in partnerships with other LSPs. To sum up, the asset structure of LSPs indicates the extent to which LSPs accomplish, for example physical transportation services themselves or subcontract to other LSPs. The higher the degree of customization and integration as well as scope of services and average duration of business relationships (Figure 2 [Figure omitted. See Article Image.]), the lower the intensity of investment, meaning the non-current assets to total assets ratio, and the asset intensity 1 (non-current assets to current assets ratio) (Table III [Figure omitted. See Article Image.]). The asset turnover rate increases with increasing asset intensity 2 (current assets to non-current assets ratio). This indicates that non-current assets generate less turnover than current assets. The intensity of investment is also anindicator of asset flexibility (the lower the intensity of investment, the greater the asset flexibility): carriers have, due to their need for transportation assets, limited flexibility in comparison with the non-asset-based clusters.3.2 Capital structure of LSPsThe capital structure reveals how assets are financed, by debt or equity ([39] Modigliani and Miller, 1958). The debt-to-equity ratio is the major indicator for financial risk assessment ([7] Bhandari, 1988). As debtors have to guarantee payback, debt capital is relatively cheap compared to equity, but associated with higher risk, because illiquidity may lead to foreclosure. Higher costs of equity can be ascribed to payments to stockholders in the form of dividends ([59] Speh and Novack, 1995). "The ratio of debt to equity will influence the return on equity (ROE) and will also have implications for cash flow in terms of interest payments and debt repayment" ([12] Christopher, 2005, p. 87).译文物流服务公司财务报表的分析:提高业绩的方式霍夫曼；兰普摘要研究目的：尽管财务信息的相关性与物流服务公司有关，最近的研究很少关注物流公司的财务分析。