财务报告透明度外文翻译文献
《报告的及时性和财务信息的质量》外文献英文与翻译
英文原文Timeliness of Reporting and the Quality of Financial InformationAbstractThis study is designed to investigate the effects of sector, reporting type, and income on firms’ timely annual financial reporting practices listed on Istanbul Stock Exchange (ISE). Regression model is utilized to examine the effects of sector (financial firms),financial statement type (consolidated-non-consolidated firms), and income (positive-negative income) for the years from 2005 to 2008. The results reveal that sector, financial statement type and income have significant impact on timely reporting financial statements of selected firms. The coefficient estimates for sector, financial statement type, and income are statistically significant. Effects of sector and financial statement type on lead time are positive while income’s is negative. Based on the results,non financial firms publish their financial statements later than others. Similarly,consolidated firms report their financial statements later than non-consolidated firms.Finally, firms that report positive income release financial statements earlier than others.Keywords: Timeliness, Reporting Financial Statements, Quality of Financial Information,Lead Time, Timely ReportingJEL Classification Codes:1. IntroductionIn this study, we investigate the effects of sector (financial-non-financial firms), financial statement type (consolidated-non-consolidated financial statements), and income (positive-negative income) on timely reporting practices of companies listed on Istanbul Stock Exchange (ISE –stanbul Menkul Kıymetler Borsası, IMKB). The sector is defined as financial firms andnon-financial firms that are listed on ISE. Financial statement type term is used for firms that report their financial statement as consolidated and non-consolidated. Finally, income is considered as firms that report positive income and negative income. The results of our analysis indicate that those variables have significant impacts on timelines of financial statements.Financial statements and mandatory financial reporting are prominent sources of information for financial statement users in decision making. Financial statements must have certain attributes to be useful: understandable, reliable, relevant, and comparable. Quality of data that financial statements provide is usually checked in accordance with those attributes of statements.High-quality information is essential to the proper functioning of equity markets, financial markets, and financial decisions (Shaw, 2003). In order to be functional, financial information gathered out of financial statements must be useful to its users.The usefulness of accounting information to financial statement users is an important criterion of quality of earnings. Financial data that are not providing useful information to users are not valuable. As a matter of fact, The Financial Accounting Standards Board (FASB) outlines the components of quality information: predictive value, feedback value, timeliness, verifiability,neutrality, and representational faithfulness (Velury and Jenkins, 2006).Timeliness is one of the most important components of relevancy. Both timeliness and relevance are important features of useful information. Therefore, financial statements should be published on time to be useful to its users in their decision making.The concept of timeliness in financial reporting has two dimensions: the frequency of financial reporting and the lag between theend of the reporting period and the date the financial statements are issued (Davies ,1980).Timely corporate financial reporting is an important qualitative attribute and a necessary component of financial accounting. Financial information needs to be available to its users as rapidly as possible to make corporate financial statement information relevant decision making process.Timely reporting on financial statements is necessary for healthy financial markets. Timely financial reporting helps in efficient and timely allocation of resources by reducing dissemination of asymmetric information, by improving pricing of securities, and by mitigating insider trading, leaks and rumors in the market (Kamran, 2003).Many studies have discussed various aspects of corporate governance. In the area of timeliness of financial reporting, for example, the Accounting Principles Board (1970) recognized the general principle several decades ago. The Financial Accounting Standards Board (1980) recognized the importance of timeliness in one of its Concepts Statements (McGee, 2009,).Timeliness is a necessary component of relevant financial information that is receiving increased attention by accounting regulators and listing authorities worldwide. For example, in the United States (U.S.) the Securities and Exchange Commission (SEC), New York Stock Exchange(NYSE), and NASDAQ have issued requirements and recommendations regarding the timely dissemination of financial information (Abdelsalam and Street, 2007,).Timeliness of financial statements is being discussed in the OECD Principles of Corporate Governance1. Discloser and transparency are explained as follows: “The corporate governance framework should ensure that timely and accurate disclosure is made on all material mattersregarding the corporation, including the financial situation, performance, ownership, and governance of the company. Disclosure should include, but not be limited to, material information on:The financial and operating results of the company. Information should be prepared and disclosed in accordance with high quality standards of accounting and financial and non-financial disclosure…” (OECD, 2004,p.22).Timely reporting on financial statements is affected by many factors. The regulations, accounting standards, and sector and firm-specifics are some of those. While there may be many factors, company-specific and audit-related ones have been examined in prior studies as being particularly important. Company-specific factors are those that enable management of a firm either to produce more timely financial statements or to reduce costs of delaying in reporting. Such factors include company size, profitability, gearing, financial condition, industry type and ownership structure(Ansah and Leventis, 2006). In this study, we explore the effects of sector, financial statement type,and income on timely reporting.1.1. The Regulatory Framework for Timely Reporting in TurkeyFor listed companies two legal sources govern timely reporting: Turkish Commercial Code and Law of Capital Market. In addition to those sources, Turkish Accounting Standards Board is publishing accounting standards including timeliness in financial reporting.The Turkish Commercial Code requires annual reports to be prepared at least 15 days before the date of the annual general meeting. In addition, Capital Market Board (CMB) of Turkey published several communiqués related to financial reporting process between 1989 and 2003. In 2003, the Board issued a broad set of financial reporting standards that are translation of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). Currently, TurkishAccounting Standards Board (TASB) is the only organization that publishes accounting standards.According to regulations that enacted in 2003, companies that are listed on the stock exchange must publish their audited annual financial statements by the 10th week after their financial year-end.However, consolidated financial statements must be published within 14 weeks of the financial year end(Türel, 2010).2. Review of the LiteratureA number of studies have discussed the aspects and components of timeliness in financial reporting.Actually, most of those studies examine what effects timely reporting of financial statements. The literature contains studies that are discussing international differences on timely reporting of financial statements as well.Many works state mixed conclusions regarding the relationship of timeliness of reporting and the quality of the information being reported. Some studies show that good news is reported before bad news, whereas other studies show that bad news is reported before good news. Some researchers found that many companies are not willing to report bad news and because of that companies take more time to calculate the numbers or apply creative accounting techniques when they need to report bad news.On the other hand, some studies found that bad news are reported before good news because the market would not focus enough on good news (McGee, 2009).Basu (1997) states that reporting bad news sooner could be just because of conservatism and reported earnings respond more completely or quickly to bad news than good news. However,sometimes because of less incentive in tax system, conservatism is not an important variable in reporting bad news or good news sooner (Jindrichovska and Mcleay, 2005).When financial statements are released earlier than expected, they tend to have larger price effects than when they are released on time or later than expected. Further,unexpectedly early reports arecharacterized by good news, whereas unexpectedly late reports tend to bearbad news (Chambers & Penman, 1984). Kross and Schroeder (1984) concludethat abnormal returns of companies that are announced early (late) weresignificantly higher (lower) than the returns of firms that are announcedlate (early). And their results are consistent with previous studies.The relationship between company size and timeliness of financialreports is another aspect being discussed by researchers. Aroly(1989)state that large firms report earnings relatively early, but the associated market reaction tends to be small due to the size effect. Onthe other hand,small size firms release later, but their associated marketreaction tends to be high due to the size effect.Timeliness of financial statements is being discussed from theview of sector characteristics.Türel (2010) indicates that Ahmad andKamarudin (2003) investigate the determinants of audit delay in the KualaLumpur Stock Exchange during the period 1996-2000. The results suggestthat the audit delay is significantly longer for companies classified innon-financial industry.Some researchers examined the timeliness of accounting disclosurefrom the view of stock returns. Alford, and Jones (1994) examine thetimeliness of accounting disclosures and report that firms who file beyondthe filing requirement have poorer performance by both accountingmeasures and stock returns. The late filers have lower returns on equity,smaller growth in earnings per share, higher financial leverage, and lowerinternal liquidity for the fiscal year in which they file late.Marketadjusted stock returns are also lower during the fiscal year in which thefirm files late.Furthermore, the authors find that market adjusted stockreturns for late filers are lower in the post 90-day period, past the timewhen an investor would already be aware that a late filing firm waspotentially facing financial difficulty.Our study is designed to test the effects of sector, financial statement type, and income on timely reporting. Research is designed based on data that are collected from ISE for the selected firms.3. Research Design3.1. SampleData were gathered for the companies listed on ISE for the years 2005, 2006, 2007, and 2008. Number of firms by years indicated in Table 1. We chose our sample on the basis of the following criteria. We eliminated the firms that do not have sufficient data because of bankruptcy or any other reasons.Table 1: Number of firmsNumber of firms by yearsYear Number of firms2005 3102006 3192007 3232008 316In most studies (Ansah and Leventis (2006), McGee (2009), Türel (2010)), timeliness was defined by counting the number of days that elapsed between year-end and the date of the financial reporting deadline. As in Ansah and Leventis (2006), we define “timeliness” as the number of days between a firm’s financial year-end and the day on which the firm publishes its financial statements according to regulatory deadline. Lead-time is used instead of “delay” to denote timeliness because firms released financial statements by legal deadline. Therefore we present lead-time as dependent variable in the model that we developed below.3.2. The ModelIn this study following model is designed to examine the effects ofsector(non-financial- financial firms),firm-specific-types of reporting (consolidated-non-consolidated), and income on timely reporting financial statements. The model designed for the years 2005-2008. We estimated the model by ordinary least squares (OLS) method to evaluate variables below.Table 2: Regression ModelLEAD-TIME = b0 + b1SECTOR + b2 FINSTATYPE + b3INCOME + ELEAD-TIME= Lead-time is the number of days between financial year-end and the date release of firm’s annualSECTOR = Type of firm is represented by a 1 for non-financial firms, a 0 for financialFINSTATYPE = Type of financial statement is represented by a1 for consolidated, a 0 for non-consolidatedINCOME = Firms with positive net income were assigned as 1, otherwise as 0.4 .ConclusionsWe estimated the model by ordinary least squares (OLS) method to evaluate the variables. The coefficient estimates for sector, financial statements type , and income are statistically significant. Effects of sector and financial statements type on lead-time are positive while income is negative.Effects of sector and financial statement type on lead time are positive while income is negative. The presence of sector has positive effects on timely reporting financial statements. That means non-financial companies publish their financial statements about 6 days later than others.Financial statement type has positive effect on lead time. Consolidated firms are reporting their financial statements about 20 dayslater than non-consolidated firms and this is an expected result. Consolidated financial statements’ publishing deadline is set longer by the regulatory institutions for those firms. Companies that report positive income publish their financial statements about 8 days earlier than others. It can be said that firms that are reporting loss release the news late.The statistical test reveals that sector, financial statements type and income have significant impacts on timely reporting financial statements of selected firms for the years of 2005-2008. The coefficient estimates for sector, financial statement type, and income are statistically significant.中文原文报告的及时性和财务信息的质量摘要本研究的目的是调查部门，报告类型和收入的影响，这些是列在伊斯坦布尔证券交易所关于上市企业及时年度的财务报告。
财务报表分析外文文献
财务报表分析外文文献财务报表分析是财务管理中不可或缺的一环。
通过对企业的财务报表进行分析，可以帮助投资者、债权人、管理层等利益相关方了解企业的财务状况和经营情况，从而作出更准确的决策。
本文将介绍一篇关于财务报表分析的外文文献，并对文中的内容进行总结与分析。
该篇外文文献的题目是《财务报表分析：概念、方法和应用》。
作者在文中首先对财务报表分析进行了定义和概述，随后介绍了常用的财务报表分析方法和应用。
文章中提及的财务报表包括资产负债表、利润表和现金流量表，这些财务报表通常是企业向外界披露财务状况和经营情况的重要工具。
作者在文中对财务报表分析的方法进行了详细介绍。
其中，垂直分析方法将财务报表中的各项数据与同一报表的总计数进行对比，以揭示各项数据在整体中的占比情况。
水平分析方法则将不同时间点的财务报表数据进行对比，以反映企业在不同时间段的财务状况和经营变化。
此外，比率分析方法通过计算财务指标的比率，评估企业的财务健康状况。
文章还提到了利用财务报表分析来评估企业的经营情况和未来发展趋势。
例如，通过分析利润表中的销售收入、销售成本和销售利润的变化趋势，可以评估企业的销售能力和盈利能力。
通过分析资产负债表中的资产和负债的比例，可以评估企业的偿债能力和财务稳定性。
通过分析现金流量表中的现金流入和流出情况，可以评估企业的现金流动性和经营能力。
此外，作者还介绍了财务报表分析在投资决策和贷款决策中的应用。
投资者可以通过分析企业的财务报表，判断企业的潜在价值和盈利能力，从而决定是否投资该企业的股票或债券。
债权人可以通过分析企业的财务报表，评估企业的偿债能力和财务稳定性，从而决定是否向企业提供贷款。
综上所述，财务报表分析是一项重要的财务管理工具。
通过对财务报表进行分析，可以帮助利益相关方了解企业的财务状况和经营情况，从而作出更准确的决策。
常用的财务报表分析方法包括垂直分析、水平分析和比率分析。
财务报表分析可以应用于评估企业的经营情况和未来发展趋势，以及在投资和贷款决策中的应用。
财务管理财务分析中英文对照外文翻译文献
覆盖大量的可供选择的债券工具。由于债券市场的改革，出现了由企业发行的可供选择形式的债券工具。在第15章中，向你介绍了三种工具。我们然后致力于第一章提出的由企业负债发行的最具流动性的可供选择企业债券，企业首次发行的资产有价证券。
(文档含英文原文和中文翻译)
附录A
财务管理和财务分析作为财务学科中应用工具。本书的写作目的在于交流基本的财务管理和财务分析。本书用于那些有能力的财务初学者了解财务决策和企业如何做出财务决策。
通过对本书的学习，你将了解我们是如何理解财务的。我们所说的财务决策作为公司所做决策的一部分，不是一个被分离出来的功能。财务决策的做出协调了企业会计部、市场部和生产部。
1财务管理与分析的介绍
财务是经济学原理的应用的概念，用于商业决策和问题的解决。财务被认为有三部分组成：财务管理，投资，和金融机构：
■财务管理有时被称为公司理财或者企业理财。财务的范围就企业单位的财务决策的重要性划分的。财务管理决策包括保持现金流平衡，延长信用，获得其他公司借款，银行的借款和发行股票和基金。
覆盖项目租赁和项目资金融资。我们提供深度的项目租赁的内容在本书的第27章，阐明项目租赁的利弊，你在本书中会频繁的看到和专业的项目资金融资。项目融资的增长十分重要不仅对企业而言，对为了追求发展基础设施的国家也十分的重要。在第28章，本书提供了便于理解项目融资的基本原理。
早期介绍衍生工具。衍生工具（期货、交换物、期权）在理财中发挥着重要作用。在第4章向你介绍这些工具。而衍生工具被看作是复杂的工具，通过介绍将让你明确它们的基础投资工具特征。在早期介绍的衍生工具时，你可以接受那些评估隐含期权带来的困难（第9章）那些在资本预算中隐含的期权（第14章），以及如何运用隐含期权来减少成本及负债（第15章）。
财务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。
外文翻译--税务,会计和透明度：财务和税务会计的相互作用
原文：Taxation, Accounting and Transparency:The Interaction of Financial and Tax Accounting1. IntroductionIn the last years, economic areas have constantly moved together. As a consequence, companies, especially the big players in the markets, have headed towards using the international capital markets and to get access to stock exchanges in different jurisdictions.As a prerequisite, the prevailing international accounting standards, be it IFRS and/or U.S. GAAP, have to be followed. On the other side, as tax legislation is still “local” and not harmonized, the companies always have to look for getting the best tax environment they can for carrying on their businesses. The following article tries to summarize shortly the influence of internationalization on taxation and accounting in general and with regard to transparency of tax effects in the international accounts in particular. As a consequence of more transparency, it is important to be aware of possibilities and boundaries of existing influences on the tax rate as well and to clearly define a framework for tax planning, which not only is in line with legal requirements, but as well with ethical standards, as each individual company cannot afford loosing its good reputation.2. Taxation and Accounting – Two Different Worlds?2.1 Status QuoAs taxation is still local, multinational corporations have to align business opportunities and needs with finding the suitable tax environment for doing business and structuring their business activities. Needless to say that national and international rule of allocating profits has to be taken as unchangeable preconditions, but nevertheless tax planning is crucial. It is not the local tax rate, but the effective tax burden that in the end really counts, taking always the tax bases as well into account. And there is still flexibility how to structure the business activities, e.g. with regard to setting up the whole group structure, financing, choosing the appropriate legal form.Taking the complexity of the local tax systems and the shortcomings of the existing double taxation treaties, the avoidance of double taxation is one of the most important goals in this context –and it is clearly not getting to tax-exempt, nowhere taxed “white” income. There is no doubt: The key objective for tax planning is to support business. Each business decision has to make sense without a look at the tax burden. However, if a business decision is taken, the most efficient structure from a tax point of view has to be chosen.From the view of a global player, and as tax rates are only rough indicators for the effective tax burden, the political demand with regard to taxation at least medium or long term should clearly be world-wide harmonization of the tax systems. Then, a fair tax competition via tax rates, not via complex and non-transparent tax bases would be carried out. Therefore, the industry highly welcomes the thoughts of the EU Commission towards a Common Consolidated Corporate Tax Base (CCCTB).Even if this CCCTB is restricted to Member States of the European Community, it would be a big step forward. Unfortunately it looks as if a lot of the EC countries take this approach not too serious, as tax revenues might be threatened. But this shows clearly the necessity of a CCCTB: If companies were taxed on their EU-wide consolidated income, e.g. taxes on non-realized profits arising as a consequence of intra group transactions would be avoided. Transfer Pricing adjustments which very often lead to double taxation would be at least within the EU obsolete. The reluctance of some Member States even proves the necessity: taxation should always and only be based on profits realized through a market transaction.2.2 OutlookFortunately enough, the jurisdiction of the European Court of Justice might put pressure towards harmonization: As the Court takes the basic principles of the Internal Market very serious, the Court puts always emphasis on basic Community Law, especially on non discrimination of EC residents, free movement of capital and freedom of establishment. As a consequence, a lot of restricting national tax laws has already been challenged. Especially with regard to cross border transactions, this jurisdiction will lead by itself on the long run towards a forced harmonization.Therefore, it would from this point of view as well be in the interest of the EC Member States to actively support the EU Commission towards a joint tax jurisdiction.In this context, it is fair to say that some taxation principles have definitely to be taken into account, even if this might be self-evident: Taxation must always be based on the individual ability to pay taxes. In Germany, this principle is even anchored in the Constitutional Law. As a consequence, taxes should only be levied on realized profits. Mark to market valuation would generally not adequately reflect the ability to pay taxes, as the then potentially taxed unrealized gains are volatile. Taxation has to be based on net income, and not on substance. Business expenses must therefore always be wholly deductible. This means an unrestricted loss carry forward as well.Third, taxation has to be based on objective criteria, and the accruals principle has to be taken into account.Additionally, avoidance of double taxation means avoidance not only of legal, but as well of economic double taxation. Therefore, e.g. dividends should be excluded from taxable income, as the underlying profits have already been taxed in the hands of the distributing corporation. The treatment of capital gains should always follow the treatment of dividends. Capital gains on the sale of participations should therefore be exempt as well, as they either represent already taxed retained earnings or hidden reserves which materialize and lead to taxes in the future.From an accounting point of view, it is fair to say that some countries – by far not all – define their tax basis based on national GAAP (principle that the tax base follows accounting principles; e.g. Germany). However, there exists a tendency to modernize the national GAAP and to integrate thoughts of international accounting, especially IAS/IFRS as well into this modernization. The same is true with regard to the EC Directives on the Accounts and Consolidated Accounts (4th and 7th EC Directive).If a modernization took place it is definitely sure that the modernization will be based on IAS/IFRS as well.As, however, the targets of international accounting and taxation do not match,the principle that taxation follows accounting is always dependent on the underlying local GAAP and questionable in case of any changes with regard to these principles. Take as an example Germany: The national accounts have been so far suitable for taxation as the underlying principles have complied with taxation principles.Especially the targets of capital maintenance, protecting the rights of creditors and being the instrument to determine the possible dividend distributions have lead to a basis that complies with the ability to pay taxes as well. On the contrary, IAS/IFRS are rather a tool for information and take therefore unrealized gains as well into account.If the German accounting principles get modernized towards IAS/IFRS, then as a consequence the principle that tax follows accounting has at least partially to be given up. At least, each individual law has to be reviewed and evaluated according to its suitability for taxation.A CCCTB must be based on similar views. First, IAS/IFRS can from a mere formal point of view never be taken as basis for calculating taxable profits. A democratic authorization of the IASB does not exist. Besides, e.g. Germany applies the principle of legislative sovereignty. Therefore, a transformation into national law would always be necessary. Taking IAS/IFRS as tax base would mean endless and ongoing processes of adapting the national law to changes in IAS/IFRS. Secondly, and more important, IAS/IFRS are from a material point of view in general not suitable either: The IAS/IFRS principles can lead to a taxation of unrealized gains, which is in contrast to the ability to pay taxes principle. They contain a lot of management judgments which contradict uniform tax treatment of all taxpayers as the tax basis would then depend on individual judgment. And partially, a taxation of mere profit projections would be the result. However, IAS/IFRS can be taken as starting point for taxation: Each standard should then be evaluated whether or not it is compliant with basic taxation principles. This judgment seems now to be consensus on EC level.When describing the tax base, the EU Commission tends either to define a separate independent tax balance sheet law, or a separate set of tax rules that definethe tax base not based on the accounts, but rather on profits and losses, with description of income, tax-exempt income, and deductible and not-deductible business expenses.At the moment, the EU Commission seeks a solution rather based on defining taxable profits and losses. This approach makes uniformity on EC level more likely; however, this approach is more difficult in application for the companies, as in the end they must calculate –if there are timing differences compared to accounting –deferred taxes as well. By filing a tax balance sheet control and substantiation of potential differences and the deferred tax assets/liabilities thereon is much easier.3. Transparency of the International Accounts and Influence of Transparency on Tax Planning3.1 Actual versus Effective Tax RateAs the tax burden constitutes a cost factor to all business activities, the effective tax rate plays an important role for management, and not just the current tax payments have to be looked at. The local accounting principles, but much more IAS/IFRS and U.S. GAAP lead to showing the “right” tax burden, taking temporary differences between accounting and taxation as well into account, followed by numerous information on taxes. This transparency of the accounts further leads to analysts challenging the tax burden and management needs for explanations of the tax line. Thus, information that was only a decade ago due to the tax secrecy in a lot of countries confidential constantly becomes more and more public.Take the concept of deferred tax assets and tax liabilities. Postponed or up-front tax payments due to differences in calculating taxable profits and losses which reverse over the time loose importance. These timing differences lead only to temporary tax savings/tax burden and as a consequence, a deferred tax liability/tax asset has to be accounted for. The accounts show in these cases the overall tax burden that would arise based on the accounts of the prevailing year (i.e. current taxes and deferred taxes).An example for timing differences which lead to setting up a tax asset are write downs that are not at once acknowledged for tax purposes, but reverse over time. Ascurrent taxes are higher than the tax burden that matches with the accounts, a deferred tax asset can be set up. A deferred tax liability may result from reserves which are tax deductible according to national law, but constitute equity according to IFRS/U.S. GAAP.According to international accounting principles, a tax asset on losses carried forward has as well to be set up: loss carry forwards lead to potential tax savings in the future, as the underlying net business expenses are therefore not lost, but can be used against future, not yet realized profits. However, the company has to examine the realization possibility of this tax asset, and in case that realization seems not/not fully realistic, make a total/partial valuation allowance.Let me give two examples for permanent differences and their impact on the effective tax rate: Tax exempt dividends or capital gains lead to a tax rate below the actual tax rate in the prevailing country. The effective tax rate takes this into account.In case of additional profit distributions or capital gains that were not planned the effective tax rate is even lower than the expected effective tax rate. Interest expenses, which in some countries are not tax-deductible if in direct connection with tax exempt income lead to a higher effective tax rate than the normal local tax rate. If refinancing is shifted to another location (e.g. debt push down), and the interest burden is in this country deductible, then the overall tax burden decreases.Of course one has always to be aware of so-called quasi-permanent differences, i.e. differences that never reverse due to the prevailing individual situation of the company: As an example, the minimum taxation in Germany might lead to a situation, especially with regard to volatile businesses, that loss carry forwards can be used up in theory, but not in practice, as profits have always to be integrated to 40% in taxable income regardless of a still existing loss carry forward.3.2 Disclosures and Notes to the AccountsIn the international accounts, an explanation of the main drivers of the effective tax rate (compared to the expected tax rate) is done in a so-called “reconciliation”. As far as this information has to be disclosed (e.g. Form 20-F), this transparency leads to a deeper analysis and understanding of the tax situation, as well as of businessdecisions: e.g. in case of high tax-exempt income the analysts might assume that extraordinary (not operating) income was earned (e.g. additional profit distribution or additional capital gains).In case tax assets on loss carry forwards are written down, this might be a consequence of too aggressive multi year plans in the past. However, it might also be the consequence of tax rate changes (e.g. the tax reform 2008 in Germany will lead to a write down on tax assets on losses and other temporary differences of around 25%), as the tax rate differential is 10% (40% to 30%). Thus the hit has rather to be taken as a one time effect.A write back on deferred tax assets on losses might have different reasons as well: It might be a consequence of overachieving on plans and targets and therefore higher taxable operating income. It might be the consequence of structures to use up losses, e.g. buying in of income or selling of loss carry forwards to external parties.And of course, effects of tax audits might be open to the analysts in case of materiality as well. In this context, the question might arise, whether or not tax planning was too aggressive. The setting up of tax contingency reserves might also have quite different reasons: It can be an indicator for too aggressive tax planning, but as well of uncertain tax interpretation or change in jurisdiction.Source: Martina Baumgartel,2008 “Taxation, Accounting and Transparency: The Interaction of Financial and Tax Accounting” . Tax and Corporate Governance, vol.3, no.2, march,pp. 93-100.译文：税务，会计和透明度：财务和税务会计的相互作用1、简介在过去几年中，经济领域不断发展。
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。
企业财务状况评价外文文献及翻译
企业财务状况评价外文文献及翻译摘要本文通过对国内外财务状况评价相关外文文献的调研和翻译，总结了不同学者对企业财务状况评价的方法和指标，以及其对企业经营决策和风险管理的影响。
同时，还分析了现有文献中的研究局限，并提出了相应的进一步研究方向。
引言企业财务状况的评价在企业经营决策和风险管理中具有重要的作用。
随着全球经济的不断发展，企业财务状况评价的方法和指标也得到了不断的完善和更新。
本文旨在通过对国内外相关文献的调研和翻译，探讨企业财务状况评价的相关内容。
方法本文通过检索相关数据库和学术期刊，筛选了一批与企业财务状况评价相关的外文文献。
然后，进行了文献综述和内容翻译，并总结出其中的关键信息和研究成果。
结果1. 企业财务状况评价方法根据文献翻译和分析，目前学者们在企业财务状况评价方面主要采用以下方法：- 财务比率分析：通过对企业财务报表的比率分析，评估企业的偿债能力、盈利能力、运营效率等方面的状况。
- 资产负债表分析：通过对企业资产负债表的分析，揭示企业的资产结构、债务水平和净资产价值等方面的情况。
- 现金流量分析：通过对企业现金流量表的分析，探讨企业的现金流入流出情况以及可持续性问题。
- 经验判断和专家评估：通过对企业经营情况的判断和专家的评估，综合考虑多个因素对企业财务状况的影响。
2. 企业财务状况评价指标研究发现，在企业财务状况评价中，常用的指标包括：- 流动比率：反映企业短期偿债能力的指标。
- 速动比率：更加严格地评估企业短期偿债能力的指标。
- 盈利能力指标：如净利润率、毛利率等，用于评估企业的盈利水平。
- 储蓄比率：评估企业的盈利再投资能力的指标。
- 负债比率：反映企业债务水平和承担风险的指标。
3. 对企业经营决策和风险管理的影响学者们的研究表明，企业财务状况评价对企业经营决策和风险管理有重要影响。
合理评估企业财务状况可以帮助企业制定更加科学的经营决策，提高企业效益和竞争力。
同时，对企业财务状况的评价还可以帮助企业及时发现和应对潜在的经营风险，降低经营风险带来的不确定性。
财务报表分析外文文献及翻译
财务报表分析外⽂⽂献及翻译Review of accounting studies,2003,16(8):531-560 Financial Statement Analysis of Leverage and How It Informs About Protability and Price-to-Book RatiosDoron Nissim, Stephen. PenmanAbstractThis paper presents a ?nancial statement analysis that distinguishes leverage that arises in ?nancing activities from leverage that arises in operations. The analysis yields two leveraging equations, one for borrowing to ?nance operations and one for borrowing in the course of operations. These leveraging equations describe how the two types of leverage affect book rates of return on equity. An empirical analysis shows that the ?nancial statement analysis explains cross-sectional differences in current and future rates of return as well as price-to-book ratios, which are based on expected rates of return on equity. The paper therefore concludes that balance sheet line items for operating liabilities are priced differently than those dealing with ? nancing liabilities. Accordingly, ?nancial statement analysis that distinguis hes the two types of liabilities informs on future pro?tability and aids in the evaluation of appropriate price-to-book ratios.Keywords: financing leverage; operating liability leverage; rate of return on equity; price-to-book ratioLeverage is traditiona lly viewed as arising from ?nancing activities: Firms borrow to raise cash for operations. This paper shows that, for the purposes of analyzing pro?tability and valuing ?rms, two types of leverage are relevant, one indeed arising from ?nancing activities b ut another from operating activities. The paper supplies a ?nancial statement analysis of the two types of leveragethat explains differences in shareholder pro?tability and price-to-book ratios.The standard measure of leverage is total liabilities to equity. However, while some liabilities—like bank loans and bonds issued—are due to ?nancing, other liabilities—like trade payables, deferred revenues, and pension liabilities—result from transactions with suppliers, customers and employees in conducting operations. Financing liabilities are typically traded in well-functioning capital markets where issuers are price takers. In contrast, ?rms are able to add value in operations because operations involve trading in input and output markets that are less perfect than capital markets. So, with equity valuation in mind, there are a priori reasons for viewing operating liabilities differently from liabilities that arise in ?nancing.Our research asks whether a dollar of operating liabilities on the balance sheet is priced differently from a dollar of ?nancing liabilities. As operating and ?nancing liabilities are components of the book value of equity, the question is equivalent to asking whether price-to-book ratios depend on the composition of book values. The price-to-book ratio is determined by the expected rate of return on the book value so, if components of book value command different price premiums, they must imply different expected rates of return on book value. Accordingly, the paper also investigates whether the two types of liabilities are associated with differences in future book rates of return.Standard ?nancial statement analysis distinguishes shareholder pro?tability that arises from operations from that which arises from borrowing to ?nance opera tions. So, return on assets is distinguished from return on equity, with the difference attributed to leverage. However, in the standard analysis, operating liabilities are not distinguished from ?nancing liabilities. Therefore, to develop the speci?cation s for the empirical analysis, the paper presents a ?nancial statement analysis that identi?es the effects of operating and ?nancing liabilities on rates of return on book value—andso on price-to-book ratios—with explicit leveraging equations that explain when leverage from each type of liability is favorable or unfavorable.The empirical results in the paper show that ?nancial statement analysis that distinguishes leverage in operations from leverage in ?nancing also distinguishes differences in contemporaneous and future pro?tability among ?rms. Leverage from operating liabilities typically levers pro?tability more than ?nancing leverage and has a higher frequency of favorable effects.Accordingly, for a given total leverage from both sources, ?rms with hig her leverage from operations have higher price-to-book ratios, on average. Additionally, distinction between contractual and estimated operating liabilities explains further differences in ?rms’ pro?tability and their price-to-book ratios.Our results are of consequence to an analyst who wishes to forecast earnings and book rates of return to value ?rms. Those forecasts—and valuations derived from them—depend, we show, on the composition of liabilities. The ?nancial statement analysis of the paper, supported by the empirical results, shows how to exploit information in the balance sheet for forecasting and valuation.The paper proceeds as follows. Section 1 outlines the ?nancial statements analysis that identi?es the two types of leverage and lays out expres sions that tie leverage measures to pro?tability. Section 2 links leverage to equity value and price-to-bookratios. The empirical analysis is in Section 3, with conclusions summarized in Section 4.1. Financial Statement Analysis of LeverageThe following ?nancial statement analysis separates the effects of ?nancing liabilities and operating liabilities on the pro? tability of shareholders’ equity. The analysis yields explicit leveraging equations from which the speci?cations for the empirical analysis are developed.Shareholder pro?tability, return on common equity, is measured asReturn on common equity (ROCE) = comprehensive net income ÷common equity (1) Leverage affects both the numerator and denominator of this pro?tability measure. Appropriate ?nancial statement analysis disentangles the effects of leverage. The analysis below, which elaborates on parts of Nissim and Penman (2001), begins by identifying components of the balance sheet and income statement that involve operating and ?nancing activities. The pro?tability due to each activity is then calculated and two types of leverage are introduced to explain both operating and ?nancing pro?tability and overall shareholder pro?tability.1.1 Distinguishing the Protability of Operations from the Protability of Financing ActivitiesWith a focus on common equity (so that preferred equity is viewed as a ?nancial liability), the balance sheet equation can be restated as follows:Common equity =operating assets＋financial assets－operating liabilities－Financial liabilities (2)The distinction here between operating assets (like trade receivables, inventory and property,plant and equipment) and ? nancial assets (the deposits and marketable securities that absorb excess cash) is made in other contexts. However, on the liability side, ?nancing liabilities are also distinguished here from operating liabilities. Rather than treating all liabilities as ? nancing debt, only liabilities that raise cash for operations—like bank loans, short-term commercial paper and bonds—are classi?ed as such. Other liabilities—such as accounts payable, accrued expenses, deferred revenue, restructuring liabilities and pension liabilities—arise from operations. The distinction is not as simple as current versus long-term liabilities; pension liabilities, for example, are usually long-term, and short-term borrowing is a current liability.Rearranging terms in equation (2),Common equity = (operating assets－operating liabilities)－(financial liabilities－financial assets)Or,Common equity = net operating assets－net financing debt (3) This equation regroups assets and liabilities into operating and nancing activities. Net operating assets are operating assets less operating liabilities. So a rm might invest in inventories, but to the extent to which the suppliers of those inventories grant credit, the net investment in inventories is reduced. Firms pay wages, but to the extent to which the payment of wages is deferred in pension liabilities, the net investment required to run the business is reduced. Net ?nancing debt is ?nancing debt (including preferred stock) minus?nancial assets. So, a ?rm may issue bonds to raise cash for operations but may also buy bonds with excess cash from operations. Its net indebtedness is its net position in bonds. Indeed a ?rm may be a net creditor (with more ?nancial assets than ?nancial liabilities) rather than a net debtor.The income statement can be reformulated to distinguish income that comes from operating and ?nancing activities: Comprehensive net income = operating income－net financing expense (4) Operating income is produced in operations and net ?nancial expense is incurred in the ?nancing of operations. Interest income on ?nancial assets is netted against interest expense on ?nancial liabilities (including preferred dividends) in net ?nancial expense. If interest i ncome is greater than interest expense, ?nancing activities produce net ?nancial income rather than net ?nancial expense. Both operating income and net ?nancial expense (or income) are after tax.3Equations (3) and (4) produce clean measures of after-tax o perating pro?tability and the borrowing rate:Return on net operating assets (RNOA) = operating income ÷net operating assets (5) andNet borrowing rate (NBR) = net financing expense ÷net financing debt (6) RNOA recognizes that pro?tabilit y must be based on the net assets invested in operations. So ?rms can increase their operating pro?tability by convincing suppliers, in the course of business, to grant or extend credit terms; credit reduces the investment that shareholders would otherwise have to put in the business. Correspondingly, the net borrowing rate, by excluding non-interest bearing liabilities from the denominator, gives the appropriate borrowing rate for the ?nancing activities.Note that RNOA differs from the more common return on assets (ROA), usually de?ned as income before after-tax interestexpense to total assets. ROA does not distinguish operating and ?nancing activities appropriately. Unlike ROA, RNOA excludes ?nancial assets in the denominator and subtracts operating liabilities. Nissim and Penman (2001) report a median ROA for NYSE and AMEX ?rms from 1963–1999 of only 6.8%, but a median RNOA of 10.0%—much closer to what one would expect as a return to business operations.1.2 Financial Leverage and its Effect on Shareholder ProtabilityFrom expressions (3) through (6), it is straightforward to demonstrate that ROCE is a weighted average of RNOA and the net borrowing rate, with weights derived from equation (3): ROCE= [net operating assets ÷common equity× RNOA]－[net financ ing debt÷common equity ×net borrowing rate (7) Additional algebra leads to the following leveraging equation:ROCE = RNOA＋[FLEV× ( RNOA－net borrowing rate )] (8) where FLEV, the measure of leverage from ?nancing activities, isFinancing leverage (FLEV) =net financing debt ÷common equity (9) The FLEV measure excludes operating liabilities but includes (as a net against ?nancing debt) ?nancial assets. If ?nancial assets are greater than ?nancial liabilities, FLEV is negative. The leveraging equation (8) works for negative FLEV (in which case the net borrowing rate is the return on net ? nancial assets).This analysis breaks shareholder pro?tability, ROCE, down into that which i s due to operations and that which is due to ? nancing. Financial leverage levers the ROCE over RNOA, with the leverage effect determined by the amount of ?nancial leverage (FLEV) and the spread between RNOA and the borrowing rate. The spread can be positive (favorable) or negative (unfavorable). 1.3 Operating Liability Leverage and its Effect on Operating ProtabilityWhile ?nancing debt levers ROCE, operating liabilities lever the pro?tability of operations, RNOA. RNOA is operating income relative to net operating assets, and net operating assets are operating assets minus operating liabilities. So, the more operating liabilities a ?rm has relative to operating assets, the higher its RNOA, assuming no effect on operating income in the numerator. The intensity of the use of operating liabilities in the investment base is operating liability leverage: Operating liability leverage (OLLEV) =operating liabilities ÷net operating assets (10) Using operating liabilities to lever the rate of return from operations may not come for free, however; there may be a numerator effect on operating income. Suppliers provide what nominally may be interest-free credit, but presumably charge for that credit with higher prices for the goods and services supplied. This is the reason why operating liabilities are inextricably a part of operationsrather than the ?nancing of operations. The amount that suppliers actually charge for this credit is dif?cult to identify. But the market borrowing rate is observable. The amount that suppliers would implicitly charge in prices for the credit at this borrowing rate can be estimated as a benchmark: Market interest on operating liabilities= operating liabilities×market borrowing ratewhere the market borrowing rate, given that most credit is short term, can be approximated by the after-tax short-term borrowing rate. This implicit cost is benchmark, for it is the cost that makes suppliers indifferent in supplying cred suppliers are fully compensated if they charge implicit interest at the cost borrowing to supply the credit. Or, alternatively, the ?rm buying the goods o r services is indifferent between trade credit and ?nancing purchases at the borrowin rate.To analyze the effect of operating liability leverage on operating pro?tability, w e d e?ne:Return on operating assets (ROOA) =(operating income＋market interest on operating liabilities)÷operating assets(11)The numerator of ROOA adjusts operating income for the full implicit cost of trad credit. If suppliers fully charge the implicit cost of credit, ROOA is the return of operating assets that would be earned had the ?rm no operating liability leverage. suppliers do not fully charge for the credit, ROOA measures the return fro operations that includes the favorable implicit credit terms from suppliers.Similar to the leveraging equation (8) for ROCE, RNOA can be expressed as:RNOA = ROOA＋[ OLLEV ×(ROOA－market borrowing rate )] (12) where the borrowing rate is the after-tax short-term interest rate.Given ROOA, the effect ofleverage on pro?tability is determined by the level of operating liability leverage and the spread between ROOA and the short-term after-tax interest rate. Like ?nancing l everage, the effect can be favorable or unfavorable: Firms can reduce their operating pro?tability through operating liability leverage if their ROOA is less than the market borrowing rate. However, ROOA will also be affected if the implicit borrowing cost on operating liabilities is different from the market borrowing rate. 1.4 Total Leverage and its Effect on Shareholder ProtabilityOperating liabilities and net ?nancing debt combine into a total leverage measure:Total leverage (TLEV) = ( net financing debt＋operating liabilities)÷common equityThe borrowing rate for total liabilities is:Total borrowing rate = (net financing expense＋market interest on operating liabilities) ÷net financing debt＋operating liabilitiesROCE equals the weighted average of ROOA and the total borrowing rate, where the weights are proportional to the amount of total operating assets and the sum of net ?nancing debt and operating liabilities (with a negative sign), respectively. So, similar to the leveraging equations (8) and (12):ROCE = ROOA ＋[TLEV×(ROOA －total borrowing rate)](13)In summary, ?nancial statement analysis of operating and ?nancing activities yields three leveraging equations, (8), (12), and (13). These equations are based on ?xed accounting re lations and are therefore deterministic: They must hold for a given ? rm at a given point in time. The only requirement in identifying the sources of pro?tability appropriately is a clean separation betweenoperating and ?nancing components in the ?nancial statements.2. Leverage, Equity Value and Price-to-Book RatiosThe leverage effects above are described as effects on shareholder pro?tability. Our interest is not only in the effects on shareholder pro?tability, ROCE, but also in the effects on shareholder value, which is tied to ROCE in a straightforward way by the residual income valuation model. As a restatement of the dividend discount model, the residual income model expresses the value of equity at date 0 (P0) as:B is the book value of common shar eholders’ equity, X is comprehensive income to common shareholders, and r is the required return for equity investment. The price premium over book value is determined by forecasting residual income, Xt –rBt-1. Residual income is determined in part by income relative to book value, that is, by the forecasted ROCE. Accordingly, leverage effects on forecasted ROCE (net of effects on the required equity return) affect equity value relative to book value: The price paid for the book value depends on the expect ed pro?tability of the book value, and leverage affects pro?tability. So our empirical analysis investigates the effect of leverage on both pro?tability and price-to-book ratios. Or, stated differently, nancing and operating liabilities are distinguishable components of book value, so the question is whether the pricing of book values depends on the composition of book values. If this is the case, the different components of book value must imply different pro?tability. Indeed, the two analyses (of pro?tab ility and price-to-book ratios) are complementary.Financing liabilities are contractual obligations for repayment of funds loaned. Operatingliabilities include contractual obligations (such as accounts payable), but also include accrual liabilities (such as deferred revenues and accrued expenses). Accrual liabilities may be based on contractual terms, but typically involve estimates. We consider the real effects of contracting and the effects of accounting estimates in turn. Appendix A provides some examples of contractual and estimated liabilities and their effect on pro?tability and value.2.1 Effects of Contractual liabilitiesThe ex post effects of ?nancing and operating liabilities on pro?tability are clear from leveraging equations (8), (12) and (13). These expressions always hold ex post, so there is no issue regarding ex post effects. But valuation concerns ex ante effects. The extensive research on the effects of ?nancial leverage takes, as its point of departure, the Modigliani and Miller (M&M) (1958) ?nancing irrelevance proposition: With perfect capital markets and no taxes or information asymmetry, debt ?nancing has no effect on value. In terms of the residual income valuation model, an increase in ?nancial leverage due to a substitution of debt for equity may increase expected ROCE according to expression (8), but that increase is offset in the valuation (14) by the reduction in the book value of equity that earns the excess pro?tability and the increase in the required equity return, leaving total value (i.e., the value of equity and debt) unaffected. The required equity return increases because of increased ? nancing risk: Leverage may be expected to be favorable but, the higher the leverage, the greater the loss to shareholders should the leverage turn unfavorable ex post, with RNOA less than the borrowing rate.In the face of the M&M proposition, research on the value effects of ?nancial leverage has proceeded to relax the conditions for the proposition to hold. Modigliani and Miller (1963) hyp othesized that the tax bene?ts of debt increase after-tax returns to equity and so increase equityvalue. Recent empirical evidence provides support for the hypothesis (e.g., Kemsley and Nissim, 2002), although the issue remains controversial. In any case, since the implicit cost of operating liabilities, like interest on ?nancing debt, is tax deductible, the composition of leverage should have no tax implications.Debt has been depicted in many studies as affecting value by reducing transaction and contracting costs. While debt increases expected bankruptcy costs and introduces agency costs between shareholders and debtholders, it reduces the costs that shareholders must bear in monitoring management, and may have lower issuing costs relative to equity. One might expect these considerations to apply to operating debt as well as ?nancing debt, with the effects differing only by degree. Indeed papers have explained the use of trade debt rather than ?nancing debt by transaction costs (Ferris, 1981), differentia l access of suppliers and buyers to ?nancing (Schwartz,1974), and informational advantages and comparative costs of monitoring (Smith, 1987; Mian and Smith, 1992; Biais and Gollier, 1997). Petersen and Rajan (1997) provide some tests of these explanations.In addition to tax, transaction costs and agency costs explanations for leverage, research has also conjectured an informational role. Ross (1977) and Leland and Pyle (1977) characterized ?nancing choice as a signal of pro?tability and value, and subseque nt papers (for example, Myers and Majluf, 1984) have carried the idea further. Other studies have ascribed an informational role also for operating liabilities. Biais and Gollier (1997) and Petersen and Rajan (1997), for example, see suppliers as having mo re information about ?rms than banks and the bond market, so more operating debt might indicate higher value. Alternatively, high trade payables might indicate dif?culti es in paying suppliers and declining fortunes.Additional insights come from further relaxing the perfect frictionless capital markets assumptions underlying the original M&M nancing irrelevance proposition. When it comes to operations, the product and input markets in which rms trade are typically less competitive than capital markets. In deed, ?rms are viewed as adding value primarily in operations rather than in nancing activities because of less than purely competitive product and input markets. So, whereas it is difficult to ‘‘make money off the debtholders,’’ ?rms can be seen as ‘‘mak ing money off the trade creditors.’’ In operations, ?rms can exert monopsony power, extracting value from suppliers and employees. Suppliers may provide cheap implicit ?nancing in exchange for information about products and markets in which the ?rm operates. They may also bene?t from ef?ciencies in the ?rm’s supply and distribution chain, and may grant credit to capture future business.2.2 Effects of Accrual Accounting EstimatesAccrual liabilities may be based on contractual terms, but typically involve estimates. Pension liabilities, for example, are based on employment contracts but involve actuarial estimates. Deferred revenues may involve obligations to service customers, but also involve estimates that allocate revenues to periods. While contractual liabilities are typically carried on the balance sheet as an unbiased indication of the cash to be paid, accrual accounting estimates are not necessarily unbiased. Conservative accounting, for example, might overstate pension liabilities or defer more revenue than required by contracts with customers.Such biases presumably do not affect value, but they affect accounting rates of return and the pricing of the liabilities relative to their carrying value (the price-to-book ratio). The effect of accounting estimates on operating liability leverage is clear: Higher carrying values for operatingliabilities result in higher leverage for a given level of operating assets. But the effect on pro?tability is also clear from leveraging equation (12): While conservative accounting for operating assets increases the ROOA, as modeled in Feltham and Ohlson (1995) and Zhang (2000), higher book values of operating liabilities lever up RNOA over ROOA. Indeed, conservative accounting for operating liabilities amounts to leverage of book rates of return. By leveraging equation (13), that leverage effect ?ows through to shareholder pro?tability, ROCE.And higher anticipated ROCE implies a higher price-to-book ratio.The potential bias in estimated operating liabilities has opposite effects on current and future pro?tability. For example, if a ? rm books higher deferred revenues, accrued expenses or other operating liabilities, and so increases its operating liability leverage, it reduces its current pro?tability: Current revenues must be lower or expenses higher. And, if a ?rm reports lower operating assets (by a write down of receivables, inventories or other assets, for example), and so increases operating liability leverage, it also reduces current pro?tability: Current expense s must be higher. But this application of accrual accounting affects future operating income: All else constant, lower current income implies higher future income. Moreover, higher operating liabilities and lower operating assets amount to lower book value of equity. The lower book value is the base for the rate of return for the higher future income. So the analysis of operating liabilities potentially identi?es part of the accrual reversal phenomenon documented by Sloan (1996) and interprets it as affecting leverage, forecasts of pro?tability, and price-to-book ratios.3. Empirical AnalysisThe analysis covers all ?rm-year observations on the combined COMPUSTAT (Industry and Research) ?les for any of the 39 years from 1963 to 2001 that satisfy the following requirements: (1)the company was listed on the NYSE or AMEX; (2) the company was not a ?nancial institution (SIC codes 6000–6999), thereby omitting ?rms where most ?nancial assets and liabilities are used in operations; (3) the book value of common equity is at least $10 million in 2001 dollars; and (4) the averages of the beginning and ending balance of operating assets, net operating assets and common equity are positive (as balance sheet variables are measured in the analysis using annual averages). T hese criteria resulted in a sample of 63,527 ?rm-year observations.Appendix B describes how variables used in the analysis are measured. One measurement issue that deserves discussion is the estimation of the borrowing cost for operating liabilities. As most operating liabilities are short term, we approximate the borrowing rate by the after-tax risk-free one-year interest rate. This measure may understate the borrowing cost if the risk associated with operating liabilities is not trivial. The effect of such measurement error is to induce a negative correlation between ROOA and OLLEV. As we show below, however, even with this potential negative bias we document a strong positive relation between OLLEV and ROOA.4. ConclusionTo ?nance operations, ?rms borrow in the ?nancial markets, creating ?nancing leverage. In running their operations, ?rms also borrow, but from customers, employees and suppliers, creating operating liability leverage. Because they involve trading in different types of markets, the two types of leverage may have different value implications. In particular, operating liabilities may re?ect contractual terms that add value in different ways than ?nancing liabilities, and so they may be priced differently. Operating liabilities also involve accrual accounting estimates that may further affect their pricing. This study has investigated the implications of the two types of leverage for pro?tability and equity value.The paper has laid out explicit leveraging equations that show how shareholder p ro?tability is related to ?nancing leverage and operating liability leverage. For operating liability leverage, the leveraging equation incorporates both real contractual effects and accounting effects. As price-to-book ratios are based on expected pro?tab ility, this analysis also explains how price-to-book ratios are affected by the two types of leverage. The empirical analysis in the paper demonstrates that operating and ?nancing liabilities imply different pro?tability and are priced differently in the stock market.Further analysis shows that operating liability leverage not only explains differences in pro?tability in the cross-section but also informs on changes in future pro?tability from current pro?tability. Operating liability leverage and changes in operating liability leverage are indicators of the quality of current reported pro?tability as a predictor of future pro?tability.Our analysis distinguishes contractual operating liabilities from estimated liabilities, but further research might examine operating liabilities in more detail, focusing on line items such as accrued expenses and deferred revenues. Further research might also investigate the pricing of operating liabilities under differing circumstances; for example, where ?rms have ‘‘market power’’ over their suppliers.会计研究综述，2003,16(8):531-560财务报表分析的杠杆左右以及如何体现盈利性和值⽐率摘要本⽂提供了区分⾦融活动和业务运营中杠杆作⽤的财务报表分析。
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财务报告透明度外文翻译文献(文档含英文原文和中文翻译)财务报告的透明度财务分析者对某公司进行基本分析进而作出投资决策需要经过具体步骤，一般包括: 了解公司所在行业近期及未来的发展状况；了解公司在该行业中的地位及所面临的机会和风险；判断该公司财务报告的透明度, 对其会计政策进行全面调整；分析财务报告, 判断公司的盈利性和风险；预测公司未来的盈利性和风险, 对公司及其股票价值进行评估。
在这些步骤中, 分析者必须在第三步中确定财务报告是否对公司的经济实质进行了正确反映,才能决定是否进行下面的财务分析步骤, 因此其必须对财务报告的透明度进行确认。
文中将财务报告透明度作为一个多层次的概念, 从财务分析角度出发, 构造一个透明度分析模型，以帮助财务分析人员全面、有效地确认财务报告的透明度。
为了使模型清晰简练,将不考虑财务报告的其他方面, 而集中分析财务报告的信息。
透明度分析模型具有六个等级, 是一个层级分析体系，该体系的最终目标是恰当反映公司的经营成果和财务状况。
在此体系中, 等级越高, 其透明度对分析者越重要, 并且高等级透明度的缺失，将会降低所有低等级层级的透明度。
第一层: 交易和事项透明度。
该层透明度反映的是财务报告对该公司在本期中所有影响财务状况和经营成果的交易和事项的反应程度。
这是最重要的透明度，因为不管其他层次的透明度如何, 任何虚假的交易和事项以及对会计数据所属账户的错误归类, 将导致该模型中其他层次的信息闭塞, 而这一层次上任何程度的闭塞都将导致对公司经济状况实质的曲解。
一般来说, 财务分析者主要通过国际注册会计师（ACCA）的审计来判断这一层的透明度。
然而, 实证研究表明, 公司治理结构和企业关联方关系对财务报告的透明度也有重大影响。
合理的公司治理结构能够促使公司财务信息更加透明, 分析者也可以从对关联方关系的解释以及对关联方交易的披露中得出有用的信息。
第二层: 确认与计量透明度。
该层透明度反映的是在确认和计量交易和事项的经济影响时, 企业是否对相关的会计准则提供了足够的信息。
这一层次的透明度要求分析者判断公司所使用的确认计量方法是否恰当, 与同行业中的其他企业是否具有可比性。
即使外部审计机构认可公司所使用的会计政策，财务分析者也需要进行独立判断。
例如国际注册会计师（ACCA）根据会计准则的具体规定，认可企业将一项长期租赁确认为融资租赁，但这不一定意味着这种处理遵守了实质重于形式原则。
分析者不仅要了解企业所使用的会计政策，还要清楚企业如何使用这些会计原则和方法。
如果对该层次的信息了解闭塞, 则会导致分析者无法判断公司所使用的会计政策是否在恰当的期间恰当地反映了交易和事项。
第三层: 职业判断透明度。
会计政策的运用经常需要管理层对交易事项的经济影响数量、时间和不确定性进行估计和判断本层是关于管理层进行职业判断和会计估计的透明度, 它反映了会计确认和计量的另一个方面。
分析者必须了解管理层在编制财务报告时的基本假设，及进行重要会计估计的程序。
如了解公司有关租赁的会计信息, 理解企业在计算最低租赁付款额的现值和残值时如何选择折现率等。
所有重要的职业判断和会计估计的信息，以及所使用的基本假设和会计程序, 能帮助分析者判断公司所采用的会计政策是激进型、保守型还是中庸型。
第四层: 经济实质透明度。
第二层和第三层透明度有助于分析者判断第四层的透明度，即反映企业经济实质的透明度。
管理层通过职业判断、选择会计政策、进行会计估计后, 最终的财务报表数字能否恰当地反映公司当期的经营成果, 能否正确反映公司现在和将来的现金流量, 是否多计了收入和资产, 少计了负债, 管理层是否操纵会计政策, 进行了盈余管理？这些问题直接关系到企业经济实质的综合反映是否恰当。
如果第二层和第三层透明度对会计核算方法的披露足够透明, 分析者就可以单独评价每项业务和事项的会计核算信息质量，从而确定财务报告在多大程度上反映了公司的经济实质。
分析者还可将该企业的会计政策与同行业中的其他企业进行比较，如果有必要, 还可作适当的调整。
在这两项活动中, 如果能深入理解公司会计政策和会计估计, 则有利于分析者对公司整体会计信息进行职业判断和恰当调整。
第五层: 预测透明度。
分析者一旦认可公司会计信息恰当反映了经济实质, 就会进一步预测企业未来的经营成果。
对分析者来说, 财务报告的预测透明度表现为公司在会计政策、会计估计、会计确认、会计计量有重大变化时，是否及时、恰当地披露了这些变化以及该变化对财务报告的影响。
此外还可以通过披露收入、费用的永久性或暂时性因素来提高预测透明度。
该层次的透明度为分析者提供了一个了解企业长期业绩的角度, 为预测公司未来现金流量的数量、时间和不确定性提供了基础。
第六层: 使用透明度。
第六层透明度反映了财务报告的组织与披露方式, 反映公司是否为使用者提供便了捷的方式获得前五层所讨论的信息, 是否有检索, 能否有效地指引分析者找到财务报告中的相关材料。
该层级不涉及会计信息的确认和计量, 其透明度对理解财务报告的重要程度最低。
然而在现实中, 第六层透明度的缺失会增加分析者的信息搜索成本, 增加分析者错过重要信息的风险。
财务报告透明度可以理解为上市公司通过财务报告这一工具向外部信息使用者传递公司真实经济状况的能力高低，是在上市公司面向外部信息使用者的信息传递过程中形成的。
作为一个动态的概念，财务报告透明度不局限于财务报告所具有的某些静态特征，而是把公司对外披露信息与以投资者为主体的外部信息使用者接收、理解信息联系起来，是公司真实、完整“图像”对外部信息使用者的“透明”程度，也就是外部信息使用者通过财务报告能够了解公司当前财务状况、经营成果及风险等真实、全面情况的程度。
透明度最终是由信息的生产、传递、传播等一系列复杂因素所共同决定的，是这一系统过程中各个元素共同作用的结果。
本文把财务报告透明度的形成划分为五个环节：1. 上市公司作为财务报告的生产者和发布主体，构成了财务报告的生成基础；2. 财务报告是信息传递的载体，其自身的相关特征对透明度起着决定性的作用； 3. 为了维护市场正常运转，监管部门会对财务报告进行多种形式的监督制约；4. 财务报告的传播途径和方法，对于投资者接收、理解信息有着重要影响；5. 财务报告的可理解性和反馈的便利程度是影响信息传递效果的直接因素。
财务报告的生成基础是指上市公司作为财务报告的生产者和发布主体，在报告的内容组成、结构安排、渠道选择等方面有着天然的决定权，对财务报告透明度会产生基础性的影响。
在这一环节中，内控监督和公司治理两方面因素发挥着重要作用。
强有力的内控监督能保证财务报告所提供信息的准确可靠，而良好的公司治理则有助于上市公司进行财务报告的相关决策，使投资者的合法权益更有可能得到有效保障。
财务报告的相关特征对财务报告透明度的形成影响重大。
除了财务报告的内容构成对投资者获取信息有直接影响外，报告的及时性和预测性财务信息也对投资者决策发挥着重要作用。
因此，这一环节应该包括以下五个方面：投资者所关心的关键财务信息是否充分披露，如担保状况、大额营业外收支的解释等；是否有充分、详实的管理层讨论与分析；定期报告是否及时；当发生重大财务事项时，是否进行了充分披露；预测性财务信息及其准确程度。
为维护投资者利益，在财务报告编制完成后，需要实施严格的监督制约，以此来提高财务报告在信息传递方面的作用。
当前，基本的监督制约方式有独立审计师的外部审计和监管部门的行政监管两类。
因此，这一环节包括公司所受到的行政监管记录和外部审计意见两方面内容。
显然，良好的行政监管记录和清洁的审计意见对于保证投资者通过财务报告了解公司信息是非常必要的。
原文:Financial Reporting TransparencyFinancial analysis to perform basic analysis of a company and then make investment decisions need to go through specific steps generally include: understanding the recent and future development of the company’s industry; about the company’s position in the industry and the opportunities and risks; determine thetransparency of corporate financial reporting, accounting policies to make sweeping changes; analysis of financial reports to determine the company’s profit and risk; forecast the company’s future profitability and risk assessment of the company and its stock value. In these steps, the analyst must determine whether the financial statements correctly reflect the economic substance of the company in the third step, in order to decide whether to conduct a financial analysis of the following steps, so it must confirm the transparency of financial reporting. This article aims to transparency in financial reporting as a multi-layered concept, from the perspective of financial analysis, construct a transparency of the analysis model to help financial analysts to fully and effectively confirm the transparency of financial reporting. To make the model clear and concise, I will not consider other aspects of financial reporting, and focus on the analysis of financial reporting information.Transparency of the analysis model has six levels, a level of analysis system, the system’s ultimate goal is to properly reflect the company’s operating results and financial position. In this system, the higher the level of transparency is more important to analysts, and the lack of high-grade transparency will reduce the transparency of all low-grade level.First floor: transactions and issues of transparency. The layer transparency reflects the degree of response of the financial report of the company in the issue affecting the financial condition and operating results, transactions and matters.This is the most important transparency, because no matter how the other levels of transparency, any false transactions and events as well as the accounts of the accounting data misclassified, will lead to lack of information of the other levels of the model, this level with any degree occlusion will lead to substantial misinterpretation of the company’s economic situation. In general, the financial analysis by a certified public accountant audit to determine the level of transparency. However, empirical studies show that the corporate governance structure and corporate related party relationships have a significant impact on transparency in financial reporting. Reasonable corporate governance structure to promote the company’s financial i nformation more transparent, the analysis can also be derived from the interpretation of the related party relationships and related party transactions disclosure of useful information.The second layer: Recognition and Measurement transparency.The layer transparency to reflect the economic impact of the recognition and measurement of transactions and events, whether the relevant accounting standards to provide enough information. This level of transparency requires analysis of the confirmation of measurement methods used by those who judge the company whether it is appropriate, comparable with the other businesses in the same industry. Even if the accounting policies used by the external audit institution recognized companies, financial analysis also need to exercise independent judgment. Such as certified public accountant according to the specific provisions of the Accounting Standards, Accreditation of business will be a long-term leases are recognized as a finance lease, but does not necessarily mean that this treatment to comply with the substance over form principle. The analysis not only to understand the accounting policies used by the enterprises, but also clear how to use these accounting principles and methods. If the level of information to understand the occlusion will result in the analyst can not determine whether the accounting policies used by the company at the right period to properly reflect the transactions and events.The third layer: the transparency of professional judgment. The use of accounting policies often need a number of the economic impact of management transactions, time, and the uncertainty of estimates and judgments of this layer on the management of professional judgment and the transparency of the accounting estimates, which reflects the accounting recognition and measurement of another aspects. The analyst must understand the basic assumptions of the management in the preparation of financial reports, and procedures for critical accounting estimates. Such as understanding th e company’s lease accounting information, and understand how to choose the discount rate in computing the present value of minimum lease payments and residual value. All important professional judgments and accounting estimates of the information, and using the basic assumptions and accounting procedures, accounting policies used to help the analyst to judge the company is a radical type, conservative or moderate type.The fourth layer: the real economic transparency. The second and third tiers of transparency helps the analyst to determine the fourth level of transparency, that reflect the transparency of the substance of the enterprise economy. Through the professional judgment of the management to select accounting policies, accounting estimates, the final number of financial statements ability to appropriately reflect the company’s current operating results correctly reflect the current and future cash flows of the company, whether to count the income and assets less about the debt management to manipulate accounting policy, earnings management? Comprehensive reflection of these issues directly related to the enterprise economy in real terms is appropriate. If the second and third tiers of the transparency of disclosure of accounting methods transparent enough, the analyzer can be used alone to evaluate the quality of the information of every business and accounting matters, to determine the financial report reflected the extent to which the economic substance of the company. Analysts can compare with other enterprises in the same industry of the enterprise’s accounting policies, if necessary, can also make appropriate adjustments. In these two activities, if they can-depthunderstanding of the company’s accounting policies and accounting estimates, it will help the analysis of accounting information on the company’s overall professional judgment and an appropriate adjustment.The fifth layer: prediction transparency. Analysts recognized the company’s accounting information to properly reflect the economic substance will be further predicted that the future results of operations of the enterprise. Analyst forecast transparency of financial reporting performance in accounting policies, accounting estimates, accounting recognition, there are significant changes in the accounting measurement, timely and appropriate disclosure of the impact of these changes and the changes in financial reporting. In addition, disclosure of income, expenses, permanent or temporary factors to improve the transparency of forecast. The level of transparency for the analysis provides an understanding of the long-term performance of the enterprise point of view, to provide a basis for the forecast the company’s future cash flow number, time and uncertainty.The sixth floor: transparency. The sixth floor of transparency reflects the organization of financial reporting and disclosure of the company provided for the user a convenient way to obtain the information discussed by the former five-story, whether there is retrieval, ability to effectively guide the analysts to find the financial report related materials. The level does not involve the recognition and measurement of accounting information, the transparency of the lowest degree of importance of the understanding of the financial reports. However, in reality, the sixth floor of the lack of transparency will increase the analysis of information search costs, increase analyze the risk of missing important information.Transparency in financial reporting can be understood for listed companies by the level of financial reporting tools to the real economic situation of the ability of external users of information transfer company formed by listed companies for the external users of information transfer process. As a dynamic concept, the transparency of financial reporting is not confined to the financial report has some static characteristics, but the company disclosed information and the investor as themain external information users receive, understand the information linked to the company’s true , a complete image of the degree of external information users “transparent”, that is, external information users be able to understand the company’s current financial position, operating results and risks through the financial report is true, the extent of the overall situation.Transparency is ultimately a complex series of factors of production, transmission, and dissemination of information shared by the decision, the results of the various elements together in the process of this system. Based on this, the transparency of financial reporting is divided into five parts: a listed company as a financial reporting producers and released the main, constitutes a generation basis for financial reporting; financial report is the carrier of the transmission of information, its the relevant characteristics of transparency plays a decisive role; in order to maintain the normal operation of the market, regulators would be financial reporting various forms of supervision and control; the route of transmission and methods of financial reporting for investors to receive and understand information has an important influence; ease of understandability of financial reporting and feedback is the effect of the transmission of information directly.The financial reports generated based on the listed companies as producers of financial reporting and publishing the main, the contents of the report, structural arrangements, such as channel selection has a natural right to decide on the transparency of financial reporting will produce basic. In this part of the internal control oversight and corporate governance factors play an important role. Strong internal control and supervision to ensure the financial reporting of the information provided is accurate and reliable, and good corporate governance would help listed companies financial reporting decisions, and more likely to be effective in protecting investors’ legitimate rights and interests.Significant impact on financial reporting characteristics of the formation of the transparency of financial reporting. In addition to the financial contents of the report constitutes a direct impact on access to information to investors, the report on the timeliness and predictability offinancial information to investors decision-making plays an important role. Therefore, this part should include key financial information of the following five areas: investors are concerned about the adequacy of disclosure, such as the security situation, the interpretation of the large non-operating income; whether a full, detailed Management Discussion and Analysis; periodic reports in a timely manner; the event of a major financial matters, whether full disclosure; forecast financial information and its degree of accuracy. To safeguard the interests of investors, after the completion of the preparation of financial reports need to implement strict supervision and control, in order to improve financial reporting in the transmission of information. Current supervision over the administrative supervision of two types of independent auditors, external audit and regulatory authorities. Therefore, this process also includes the two aspects of the administrative supervision by the record company and external audit observations. Obviously, a good record of administrative supervision and clean audit opinion is necessary to ensure that investors understand the company through the financial report information.谢谢下载！。