《报告的及时性和财务信息的质量》外文献英文与翻译

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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

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

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。

财务报表与财务分析中英文

n In finance, the most important item that can be extracted from financial statements is the actual cash flow of the firm.
n The cash flow received from the firm’s assets (CF(A)) must equal the cash flows to the firm’s creditors (CF(B)) and stockholders (CF(S)).
• Thus, income is reported when it is earned, even though no cash flow may have occurred.
2. Non-Cash Items 3. Time and Costs
财务报表与财务分析中英文
Non-Cash Items
the “bottom line.”
•Taxes
• 84
•(3) • Current: $71
• Deferred: $13
•Net income
•$86
• Retained earnings:
$43
• Dividends:
$43
财务报表与财务分析中英文
Income Statement Analysis
财务报表与财务分析中英文
2020/12/22
财务报表与财务分析中英文
The Stockholders’ Report
n The guidelines used to prepare and maintain financial records and reports are generally accepted accounting principles (GAAP)(用於準備

有关会计信息质量的参考文献

有关会计信息质量的参考文献会计信息质量参考文献1. Beneish, M. D. (1999). Detecting earning manipulation. Financial Analysts Journal, 55(2), 24-36.2. Ballas, V., & Galanis, G. (2003). Investigating audit quality in the audit market: An empirical analysis. Managerial Auditing Journal, 18(8), 544-555.3. Ferguson, R., Gordon, S.B. and Feroz, E. (2004). The Effects of SFAS No. 133 on Financial Reporting Quality. Financial Analysts Journal, 60(4), 35-48.4. Cohen, J. R., & Zarowin, P. (1999). Accruals manipulation and external fraud: Evidence from a focus study. The Accounting Review, 74(3), 423-437.5. Kumar, A., and Subramanyam, K. R. (2001). Quality of accruals and Earnings Management. Accounting Review, 76(3), 459-473.6. Ahmed, A.S., and Duellman, S.C. (2005). Effects of Earnings Management on the Quality of Financial Reporting: A Review and Research Opportunities. Journal of Accounting and Public Policy, 24(5), 361-386.7. Dechow, P. M., Hull, R. and Sloan, R. G. (2005). Enforcement of Accounting Rules When Incentives and Opportunities Differ: Evidence from the Toxic Releases Inventory. Journal of Accounting and Economics, 39(3), 307-337.8. Robison, S., and Johnson, S (2006). An Examination of Auditor Quality, Audit Committees, and Financial Reporting Quality. TheAccounting Review, 81(1), 139-161.9. Gonedes, N.J. (2007). Reducing Earnings Management Opportunities: Fair Value Accounting and Other Strategies. Managerial Auditing Journal, 22(2), 139-152.10. Brown, L., Lo, K., and Lys, T. Z. (2008). Earnings Management and Corporate Governance: The Role of the Board and the Audit Committee. Journal of Corporate Finance, 14(3), 257-274.。

会计文献中英文对照

The Optimization Method of Financial Statements Based on Accounting Management Theory基于会计管理理论的财务报表的优化方法Abstract—This paper develops an approach to enhance the reliability and usefulness of financial statements. International Financial Reporting Standards (IFRS) was fundamentally flawed by fair value accounting and asset-impairment accounting. According to legal theory and accounting theory, accounting data must have legal evidence as its source document. The conventional “mixed attribute” accounting system should be replaced by a “segregated” system with historical cost and fair value being kept strictly apart in financial statements. The proposed optimizing method will significantly enhance the reliability and usefulness of financial statements.摘要——本文提供了一个方法，以提高财务报表的可靠性和实用性。

国际财务报告准则（IFRS）的根本缺陷是由公平价值核算和资产减值核算。

财务报表分析中英文对照外文翻译文献编辑

文献信息：文献标题：The Need Of Financial Statement Analysis In A Firm orAn Orgnization（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 AdvanceI 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 OrgnizationAbstract 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 performance.Key words: Financial statement analysis, to evaluate a firm's performance.'Comparative statement. Common size statement, trend analysis and ratio analysis.1．IntroductionThe basis for financial analysis , planning and decision making is financial information/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 in 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 Publishers] As per examine by 'Doron Nissim. Stephen H. Penman' on Financial 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 on expected rates of profit for value. This investigation helps in understanding working 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, H.W. Chuang,(2010) Financial Ratio Adjustment Process: Evidencefrom Taiwan and North America,1SSN 1450-2887 Issue 43 (2010)0 Euro Journals Publishing, Inc. 2010]2．Financial statements analysisIt is a process 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 profit and 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 highlight significant relationships. The final step is interpretation and drawing of inferences and conclusions. Thus financial analysis is the process of selection, relating and evaluation of the accounting data or information.Purpose of financial statements analysisFinancial 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 aid decision making between the users of accounts•To evaluate past performance and financial position•To predict future performanceTools and techniques of financial analysis:•Comparative balance sheet•Common size balance sheet•Trend analysis•Ratio analysis•Comparative balance sheetComparative 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 statementsIt facilities the comparison of two or more business entities with a common base .in case of balance sheet, total assets or liabilities or capital can be taken as a common base. These statements are called common measurements or components percentage or 100 percent statements. Since each statement is representated as a %of the total of 100 which in variably serves as the base.In 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 articulations.Pattern investigationEven examination of money related explanations can likewise be completed by figuring pattern rates. Pattern rate expresses quite a long while's budgetary information as far as a base year. The base year rises to 100 %, with every single other year expressed in some rate of this baseProportion investigationProportion 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 quantitativemeasures or aides concerning the money related wellbeing and benefit of the business venture. Proportion investigation can be utilized both in pattern and static examination. There are a few proportions at the examiner yet the gathering of proportions he would incline toward relies upon the reason and the destinations of the investigation.Bookkeeping 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 is 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:(1)Fraction(2)Percentages(3)Proportion of numbersThese option strategies for communicating things which are identified with each other are, for reason for money related investigation, alluded to as proportion examination. It ought to be seen that processing the proportion does not include any 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 them.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. Thestraightforwardness of this strategy additionally underpins the utilization of proportions in money related basic leadership.3．Money related proportions in perspective of GAAPGAAP is the arrangement of standard systems for recording business exchanges and detailing accounting report passages. The components of GAAP incorporate norms for how to figure income, how to arrange things on a monetary record, 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 useless.There are seven fundamental rule that guide the foundation of the Generally Accepted Accounting Principles. The standards of normality, consistency, perpetual quality and genuineness go towards the urging organizations to utilize the same 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 treating 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 amount in advance.The 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 betweenorganizations. Subsequently, GAAP empowers 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 effectively represented ways. In different cases, the models change fundamentally making direct examinations questionable, best case scenario.4．Advantages and Limitations of Financial Ratio AnalysisFinancial ratio analysis is a useful tool for users of financial statement. It has following advantages:Focal points•It improves the money related 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 explanations.RestrictionsRegardless of convenience, finance.ial proportion examination has a few burdens. Some key faults of budgetary proportion examination are:•Different organizations work in various enterprises each having distinctivenatural conditions, for example, control, showcase structure, and so on. Such factors curve so huge that a correlation of two organizations from various ventures may be deceiving.•Financial 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 such circumstances.• Ratio investigation clarifies connections between past data while clients are more worried about present and future data.The investigation helps for breaking down the alteration procedure of money related proportions; the model states three impacts which circular segment an association's interior impact, expansive impact, and key administration. It encourages us to clarify(1)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 development.DialogMonetary 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 curve:•Horizontal Analysis: monetary data are thought about for at least two years for asolitary organization:•Vertical Analysis: every thing on a solitary monetary explanation is figured as a rate of an aggregate for a solitary organization;•Ratio Analysis: analyze things on a solitary budgetary articulation or look at the connections between things on two monetary proclamations.Money related proportions examination is the most widely recognized type of 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 intimations and side effects of the money related condition and signs of potential issue regions. It by 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 analyze.Money related proportions can be a critical instrument for entrepreneurs and administrators to gauge their advance toward achieving organization objectives, and toward contending with bigger organizations inside an industry; likewise, following 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 operations.Money 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 ofthe business which the proportion measures. Liquidity proportions look at the accessibility 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 stock.5．ConclusionProportion Analysis is a type of Financial Statement Analysis that is utilized to 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 time. 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 Management Ratios, 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. Proportions can be utilized to contrast an association's money related execution and industry midpoints. What's more, proportions can be utilized as a part of a type of pattern 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 justbe 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。

(完整版)哈佛分析框架外文文献及翻译

经营分析与估值克雷沙·G.帕利普保罗·M.希利摘自书籍“Business Analysis and Valuation”第五版第一章节1.简介本章的目的是勾勒出一个全面的财务报表分析框架。

因为财务报表提供给公共企业经济活动最广泛使用的数据，投资者和其他利益相关者依靠财务报告评估计划企业和管理绩效率。

各种各样的问题可以通过财务状况及经营分析解决，如下面的示例所示：一位证券分析师可能会对问：“我的公司有多好？这家公司是否符合我的期望？如果没有，为什么不呢？鉴于我对公司当前和未来业绩的评估，该公司的股票价值是多少？”一位信贷员可能需要问：“这家公司贷款给这家公司有什么贷款？公司管理其流动性如何？公司的经营风险是什么？公司的融资和股利政策所产生的附加风险是什么？“一位管理顾问可能会问：“公司经营的行业结构是什么？该策略通过在工业各个企业追求的是什么？不同企业在行业中的相对表现是什么？”公司经理可能会问：“我的公司是正确的估值的投资者吗？是我们在通信程序中有足够的投资者来促进这一过程？”财务报表分析是一项有价值的活动，当管理者在一个公司的战略和各种体制因素完成后，他们不可能完全披露这些信息。

在这一设置中，外部分析师试图通过分析财务报表数据来创建“中端信息”，从而获得有价值的关于该公司目前业绩和未来前景的展望。

了解财务报表分析所做的贡献，这是很重要的理解在资本市场的运作，财务报告的作用，形成财务报表制度的力量。

因此，我们首先简要说明这些力量，然后我们讨论的步骤，分析师必须执行，以提取信息的财务报表，并提供有价值的预测。

2.从经营活动到财务报表企业管理者负责从公司的环境中获取物理和财务资源，并利用它们为公司的投资者创造价值。

当公司在资本成本的超额投资时，就创造了价值。

管理者制定经营战略，实现这一目标，并通过业务活动实施。

企业的经营活动受其经济环境和经营战略的影响。

经济环境包括企业的产业、投入和产出的市场，以及公司经营的规章制度。

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。

关于会计的英文文献原文(带中文翻译)

The Optimization Method of Financial Statements Based on Accounting Management TheoryABSTRACTThis paper develops an approach to enhance the reliability and usefulness of financial statements. International Financial Reporting Standards (IFRS) was fundamentally flawed by fair value accounting and asset-impairment accounting. According to legal theory and accounting theory, accounting data must have legal evidence as its source document. The conventional “mixed attribute” accounting system should be re placed by a “segregated” system with historical cost and fair value being kept strictly apart in financial statements. The proposed optimizing method will significantly enhance the reliability and usefulness of financial statements.I.. INTRODUCTIONBased on international-accounting-convergence approach, the Ministry of Finance issued the Enterprise Accounting Standards in 2006 taking the International Financial Reporting Standards (hereinafter referred to as “the International Standards”) for reference. The Enterprise Accounting Standards carries out fair value accounting successfully, and spreads the sense that accounting should reflect market value objectively. The objective of accounting reformation following-up is to establish the accounting theory and methodology which not only use international advanced theory for reference, but also accord with the needs of China's socialist market economy construction. On the basis of a thorough evaluation of the achievements and limitations of International Standards, this paper puts forward a stand that to deepen accounting reformation and enhance the stability of accounting regulations.II. OPTIMIZA TION OF FINANCIAL STATEMENTS SYSTEM: PARALLELING LISTING OF LEGAL FACTS AND FINANCIAL EXPECTA TIONAs an important management activity, accounting should make use of information systems based on classified statistics, and serve for both micro-economic management and macro-economic regulation at the same time. Optimization of financial statements system should try to take all aspects of the demands of the financial statements in both macro and micro level into account.Why do companies need to prepare financial statements? Whose demands should be considered while preparing financial statements? Those questions are basic issues we should consider on the optimization of financial statements. From the perspective of "public interests", reliability and legal evidence are required as qualitative characters, which is the origin of the traditional "historical cost accounting". From the perspective of "private interest", security investors and financial regulatory authoritieshope that financial statements reflect changes of market prices timely recording "objective" market conditions. This is the origin of "fair value accounting". Whether one set of financial statements can be compatible with these two different views and balance the public interest and private interest? To solve this problem, we design a new balance sheet and an income statement.From 1992 to 2006, a lot of new ideas and new perspectives are introduced into China's accounting practices from international accounting standards in a gradual manner during the accounting reform in China. These ideas and perspectives enriched the understanding of the financial statements in China. These achievements deserve our full assessment and should be fully affirmed. However, academia and standard-setters are also aware that International Standards are still in the process of developing .The purpose of proposing new formats of financial statements in this paper is to push forward the accounting reform into a deeper level on the basis of international convergence.III. THE PRACTICABILITY OF IMPROVING THE FINANCIAL STATEMENTS SYSTEMWhether the financial statements are able to maintain their stability? It is necessary to mobilize the initiatives of both supply-side and demand-side at the same time. We should consider whether financial statements could meet the demands of the macro-economic regulation and business administration, and whether they are popular with millions of accountants.Accountants are responsible for preparing financial statements and auditors are responsible for auditing. They will benefit from the implementation of the new financial statements.Firstly, for the accountants, under the isolated design of historical cost accounting and fair value accounting, their daily accounting practice is greatly simplified. Accounting process will not need assets impairment and fair value any longer. Accounting books will not record impairment and appreciation of assets any longer, for the historical cost accounting is comprehensively implemented. Fair value information will be recorded in accordance with assessment only at the balance sheet date and only in the annual financial statements. Historical cost accounting is more likely to be recognized by the tax authorities, which saves heavy workload of the tax adjustment. Accountants will not need to calculate the deferred income tax expense any longer, and the profit-after-tax in the solid line table is acknowledged by the Company Law, which solves the problem of determining the profit available for distribution.Accountants do not need to record the fair value information needed by security investors in the accounting books; instead, they only need to list the fair value information at the balance sheet date. In addition, because the data in the solid line table has legal credibility, so the legal risks of accountants can be well controlled. Secondly, the arbitrariness of the accounting process will be reduced, and the auditors’ review process will be greatly simplified. The independent auditors will not have to bear the considerable legal risk for the dotted-line table they audit, because the risk of fair value information has been prompted as "not supported by legalevidences". Accountants and auditors can quickly adapt to this financial statements system, without the need of training. In this way, they can save a lot of time to help companies to improve management efficiency. Surveys show that the above design of financial statements is popular with accountants and auditors. Since the workloads of accounting and auditing have been substantially reduced, therefore, the total expenses for auditing and evaluation will not exceed current level as well.In short, from the perspectives of both supply-side and demand-side, the improved financial statements are expected to enhance the usefulness of financial statements, without increase the burden of the supply-side.IV. CONCLUSIONS AND POLICY RECOMMENDATIONSThe current rule of mixed presentation of fair value data and historical cost data could be improved. The core concept of fair value is to make financial statements reflect the fair value of assets and liabilities, so that we can subtract the fair value of liabilities from assets to obtain the net fair value.However, the current International Standards do not implement this concept, but try to partly transform the historical cost accounting, which leads to mixed using of impairment accounting and fair value accounting. China's accounting academic research has followed up step by step since 1980s, and now has already introduced a mixed-attributes model into corporate financial statements.By distinguishing legal facts from financial expectations, we can balance public interests and private interests and can redesign the financial statements system with enhancing management efficiency and implementing higher-level laws as main objective. By presenting fair value and historical cost in one set of financial statements at the same time, the statements will not only meet the needs of keeping books according to domestic laws, but also meet the demand from financial regulatory authorities and security investorsWe hope that practitioners and theorists offer advices and suggestions on the problem of improving the financial statements to build a financial statements system which not only meets the domestic needs, but also converges with the International Standards.基于会计管理理论的财务报表的优化方法摘要本文提供了一个方法，以提高财务报表的可靠性和实用性。

外文文献翻译上市公司表外负债与会计信息质量

外文文献原文+译文原文Off-balance-sheet liabilities of listed companies and the quality of accountinginformationLandsman DAbstractOff-balance sheet liabilities is a corresponding concept to the liabilities in the table, mainly refers to those who have become or may become a liability company, but according to the current accounting standards and system and other reasons not reflected in the company's balance sheet liabilities, including liabilities off-balance-sheet financing and uncertainty. Due to its flexibility and concealment, a listed company through off-balance-sheet liabilities may transfer the debt in the table to table, which will cover its real debt, misleading regulators and external stakeholders. At the same time to the listed company it also bring huge operational risk, long-term, massive occult debt will make the company into a vicious cycle of bad debts, misappropriation of good assets, which in turn bear heavy debt burden. Keywords: Off-balance sheet liabilities; Commercial credit; Quality of accounting information1 IntroductionOff-balance sheet debt financing methods is between legal boundaries, under current accounting standards, it can make the listed companies without any increase in the carrying debt information obtains financing. But the financial fraud of listed company has repeatedly confirmed that off-balance-sheet liabilities have strong concealment, in addition to the debt off-balance sheet form misleading shareholders and regulators to gate, inflated profits back to the listed company itself buried under the enormous risk of insolvency. In off-balance-sheet debt crisis before the outbreak of the market is calm, but once the crisis outbreak is devastating, not only make the country suffered huge losses, shareholder, creditor, the listed company itself is on the verge of bankruptcy. As a result, improve the quality of accounting information, timely monitoring off-balance-sheet liabilities risk to maintain market runningsmoothly play a crucial role. But under current accounting standards, off-balance sheet liabilities in code outside the scope of mandatory disclosure, in regulatory gray area, how to break through the existing conditions to identify off-balance-sheet liability risks and strengthen supervision? This is the main purpose of this study. Off-balance-sheet liabilities to listed companies and accounting information users have brought huge hidden risks. In this article, through the empirical study found that off-balance-sheet liabilities of information disclosure and significantly positively related to the accounting information quality, the voluntary disclosure of information off-balance sheet liabilities has the high quality of accounting information of listed companies. And the same as alternative ways of financing is significantly related to the commercial credit and off-balance-sheet liabilities that is to say, commercial credit can be used as information identification and supervision of off-balance sheet liabilities for substitution variables. For how to improve the quality of accounting information has the certain enlightenment, and the realistic condition for limit regulators to strengthen off-balance-sheet liabilities under supervision and optimal risk control functions, as well as external stakeholder identification off-balance sheet liabilities risk provides credible basis.2 Theoretical analysesBased on the principal-agent theory, the accounting information is seen as reducing agent cost effective contracting technology of component, thus the corresponding contract value. Full and transparent accounting information is not natural, but after a long process of historical development. Off-balance-sheet disclosure is the financial statement disclosure of information outside of the body, should belong to the important component of the accounting information disclosure. Off-balance-sheet disclosure has experienced the development of the specific, from the role of the information inside the table added gradually developed to the role of information in the table are equally important. As the changes of the capital market and the improvement of accounting standards, off-balance sheet liabilities due to its concealment and harmfulness of gradually become academics and regulators focus on the object of off-balance-sheet disclosure. The listed company to off-balance-sheetliabilities motivation is what? Through off-balance-sheet liabilities of listed companies to open up the financing channels, to exaggerate the investment yield, hid losses inflated profits, increase financial leverage effect, such as objective, the behavior that accounting information is no longer complete and true, even from a certain extent with the deceptive. For the disadvantages of off-balance sheet liabilities and standard way, Levy think off-balance-sheet liabilities while enhances the company's ability to borrow but did not make the actual financial situation improved, he proposed that the accounting principles board (APB) revised accounting standards as soon as possible so as to promote the lease and capitalization subsidiary merger standardization. Hancock on derivative financial instruments after study that off-balance-sheet liabilities off-balance sheet liabilities in increasing scale and complexity, but also in its risk multiplied. Miller think off-balance-sheet liabilities to hide the real financial situation, induction of the accounting information users to accept a lower return on capital, the difference of off-balance-sheet liabilities correspond to the risk/reward. They further suggest that accounting principles board to improve the quality of financial statements to revision of generally accepted accounting principles (GAAP), by all the important lease capitalization in its market value at the balance sheet so as to realize internalization. Under the joint efforts of research and practice, regulators began to off-balance-sheet liabilities disclosed standardization into the agenda. The Securities and Exchange Commission (SEC) in 2000 formally adopted the fair information disclosure law, the law requires the listed companies must take the initiative to disclose off-balance sheet transactions, arrangements and debt and a series of outside the table can bring significant impact on the company's financial information. The securities and exchange commission introduced by the Sarbanes act again to off-balance-sheet disclosure made strictly regulate, including section 401 clear requirements must be disclosed in the annual report and quarterly reports of listed companies all involve significant off-balance-sheet business of the company, or liabilities (including contingent liabilities) of the contract. From which it can be seen that the securities and exchange commission to off-balance-sheet disclosure regulation by off-balance-sheet disclosureproject to strengthen the disclosure of off-balance sheet liabilities.3 The hypothesisRegulation of accounting information of listed companies has become increasingly strict, the concealment and flexibility of off-balance sheet liabilities has gradually become the preferred means of financial fraud, the serious influence the use of external information users of accounting information. Modern contract theory, the asymmetric information may cause "adverse selection" and "moral hazard" and other problems, and damage to the relevance and reliability of accounting information. As a result, improve the quality of accounting information become topics of great concern to scholars and external information users. So what is the high quality of accounting information? Watts and Zimmerman, the study found information about cash flow and the value of the company to be able to pass through the accounting surplus. Then after scholars to further improve the consensus, the surplus quality directly decides the quality of the accounting information, the higher earnings quality, and external information users can directly according to the surplus information more accurately assess the value of the company and to predict the future cash flow, so the accounting information quality also is higher. Existing research shows that in addition to complete the mandatory disclosure in the table, many companies are still a lot of off-balance sheet on voluntary disclosure of information in the form of notes. Some really active in the form of notes to financial statements of listed companies exposed part of the off-balance sheet liability information, its aim is to eliminate the contract both sides due to information asymmetry and the potential crisis. American economist Fama think, effective capital market asset prices can quickly fully respond to all available information, this means that even if via notes or other forms of off-balance-sheet disclosure, off-balance sheet liabilities information will also be able to fully convey the liability or risk information to the user. But if the capital market is weak efficient, off-balance sheet liabilities only be moved to the table to reflect, to report the reader's attention. In this premise, the listed company off-balance-sheet liabilities note type of voluntary disclosure of information to improve the quality of accounting information? Under the conditions of weak efficient capital market, theexternal information users and how to effectively identify off-balance-sheet liabilities risk? Thus we proposed:Hypothesis 1: off-balance-sheet liabilities voluntary disclosure of information of listed companies is helpful to improve the quality of accounting information, thus the weak efficient market quality of the external information users of accounting information available to determine off-balance sheet liabilities of listed companies to disclose the situation.Off-balance sheet debt reduced the overall paper sheets, through this kind of financing way of listed companies will not only satisfy the capital demand and reduce the asset-liability ratio. In order to ensure the smooth running of the market order, and for regulators and external stakeholders, effective identification off-balance-sheet liabilities risk of listed company that is more important.That is to say that commercial credit supply is greater than the demand, thus infer the commercial credit of listed companies can get enough. Therefore, when there is a shortage of funds of listed companies operating problem, off-balance sheet debt and commercial credit both accessible informal financing has become a necessary tool. So if there is a kind of connection between the two? Thus we propose:Hypothesis 2: in monetary policy loose, big off-balance-sheet liabilities of listed companies may suggest that the operation problems, so it will also increase demand for commercial credit, namely the off-balance sheet liabilities rise will lead to the increase of commercial credit.4 ConclusionsThis paper listed companies from the concealment of the off-balance sheet liabilities and risk, through the empirical research for regulators and external stakeholders to identify a feasible way to off-balance-sheet liabilities risk effectively. Study found that off-balance-sheet liabilities disclosed to significantly improving the quality of accounting information, so in the table, liabilities emerge in endlessly, and various forms of today, for regulators and external stakeholders, low quality of accounting information may imply poor disclosure of information of off-balance-sheet liabilities. This conclusion on the premise of weak effective capital market is veryimportant, off-balance sheet liabilities in the form of notes to the information does not make effective use of external information users, but the external information users can through the quality of accounting information to judge the off-balance sheet liabilities of listed companies to disclose. That is to say, the low quality of accounting information of listed companies may be lurking behind the huge off-balance-sheet liabilities, worthy of regulatory focus on, external stakeholders to strengthen risk prevention. Because the quality of accounting information is relate to the off-balance sheet liability information more accessible, this research conclusion has realistic feasibility. In addition, the results confirmed that the off-balance sheet liability information incomplete and not standard disclosure will reduce the quality of accounting information, this is very bad for the accounting information users, will increase the agency cost. Therefore, strengthen the information disclosure regulation of off-balance sheet liabilities. Accelerating the process of off-balance sheet internalization of system construction can effectively improve the quality of accounting information.文献出处：Landsman D. Off-balance-sheet liabilities of listed companies and the quality of accounting information [J]. Accounting and Business Research, 2016, 4(3): 19-30.译文上市公司表外负债与会计信息质量Landsman D摘要表外负债是与表内负债相对应的概念，主要指那些已经成为或有可能成为公司负债，但按照现行会计准则和制度及其它原因而未能在公司资产负债表中得到反映的负债，包括表外筹资和不确定性负债。

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(总20页)-CAL-FENGHAI.-(YICAI)-Company One1-CAL-本页仅作为文档封面，使用请直接删除Review of accounting studies,2003,16(8):531-560 Financial Statement Analysis of Leverage and How It Informs About Protability and Price-to-Book RatiosDoron Nissim, Stephen. PenmanAbstractThis paper presents a ﬁnancial statement analysis that distinguishes leverage that arises in ﬁnancing activities from leverage that arises in operations. The analysis yields two leveraging equations, one for borrowing to ﬁnance operations and one for borrowing in the course of operations. Theseleveraging equations describe how the two types of leverage affect book rates of return on equity. An empirical analysis shows that the ﬁnancial statement analysis explains cross-sectional differences in current and future rates of return as well as price-to-book ratios, which are based on expected rates of return on equity. The paper therefore concludes that balance sheet line items for operating liabilities are priced differently than those dealing withﬁnancing liabilities. Accordingly, ﬁnancial statement analysis that distinguishes the two types of liabilities informs on future proﬁtability and aids in the evaluation of appropriate price-to-book ratios.Keywords: financing leverage; operating liability leverage; rate of return on equity; price-to-book ratioLeverage is traditionally viewed as arising from ﬁnancing activities: Firms borrow to raise cash for operations. This paper shows that, for the purposes of analyzing proﬁtability and valuing ﬁrms, two types of leverage are relevant, one indeed arising from ﬁnancing activities but another from operating activities. The paper supplies a ﬁnancial statement analysis of the two types of leverage that explains differences in shareholder proﬁtability and price-to-book ratios.The standard measure of leverage is total liabilities to equity. However, while some liabilities—like bank loans and bonds issued—are due to ﬁnancing, other liabilities—like trade payables, deferred revenues, and pension liabilities—result from transactions with suppliers, customers and employees in conducting operations. Financing liabilities are typically traded in well-functioning capital markets where issuers are price takers. In contrast, ﬁrms are able to add value in operations because operations involve trading in input and output markets that are less perfect than capital markets. So, with equity valuation in mind, there are a priori reasons for viewing operating liabilities differently from liabilities that arise in ﬁnancing.Our research asks whether a dollar of operating liabilities on thebalance sheet is priced differently from a dollar of ﬁnancing liabilities. As operating and ﬁnancing liabilities are components of the book value of equity, the question is equivalent to asking whether price-to-book ratios depend on the composition of book values. The price-to-book ratio is determined by the expected rate of return on the book value so, if components of book value command different price premiums, they must imply different expected rates of return on book value. Accordingly, the paper also investigates whether the two types of liabilities are associated with differences in future book rates of return.Standard ﬁnancial statement analysis distinguishes shareholder proﬁtability that arises from operations from that which arises from borrowing to ﬁnance operations. So, return on assets is distinguished from return on equity, with the difference attributed to leverage. However, in the standard analysis, operating liabilities are not distinguished from ﬁnancing liabilities. Therefore, to develop the speciﬁcations for the empirical analysis, the paper presents a ﬁnancial statement analysis that identiﬁes the effects of operating and ﬁnancing liabilities on rates of return on book value—and so on price-to-book ratios—with explicit leveraging equations that explain when leverage from each type of liability is favorable or unfavorable.The empirical results in the paper show that ﬁnancial statement analysis that distinguishes leverage in operations from leverage in ﬁnancing also distinguishes differences in contemporaneous and future proﬁtability among ﬁrms. Leverage from operating liabilities typically levers proﬁtability more than ﬁnancing leverage and has a higher frequency of favorable , for a given total leverage from both sources, ﬁrms with higher leverage from operations have higher price-to-book ratios, on average. Additionally, distinction between contractual and estimated operating liabilities explains further differences in ﬁrms’ proﬁtability and their price-to-book ratios.Our results are of consequence to an analyst who wishes to forecast earnings and book rates of return to value ﬁrms. Those forecasts—and valuations derived from them—depend, we show, on the composition of liabilities. The ﬁnancial statement analysis of the paper, supported by the empirical results, shows how to exploit information in the balance sheet for forecasting and valuation.The paper proceeds as follows. Section 1 outlines the ﬁnancial statements analysis that identiﬁes the two types of leverage and lays out expressions that tie leverage measures to proﬁtability. Section 2 links leverage to equity value and price-to-book ratios. The empirical analysis is in Section 3, with conclusions summarized in Section 4.1. Financial Statement Analysis of LeverageThe following ﬁnancial statement analysis separates the effects ofﬁnancing liabilities and operating liabilities on the proﬁtability ofshareholders’ equity. The analysis yields explicit leveraging equations fromwhich the speciﬁcations for the empirical analysis are developed. Shareholderproﬁtability, 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 proﬁtabilitymeasure. Appropriate ﬁnancial statement analysis disentangles the effects ofleverage. The analysis below, which elaborates on parts of Nissim and Penman (2001), begins by identifying components of the balance sheet and incomestatement that involve operating and ﬁnancing activities. The proﬁtabilitydue to each activity is then calculated and two types of leverage areintroduced to explain both operating and ﬁnancing proﬁtability and overallshareholder proﬁtability.Distinguishing the Protability of Operations from the Protability ofFinancing ActivitiesWith a focus on common equity (so that preferred equity is viewed as aﬁnancial liability), the balance sheet equation can be restated as follows: Common equity =operating assets＋financial assets－operating liabilities－Financial liabilities (2) The distinction here between operating assets (like trade receivables, inventory and property,plant and equipment) and ﬁnancial assets (the depositsand marketable securities that absorb excess cash) is made in other contexts. However, on the liability side, ﬁnancing liabilities are also distinguishedhere from operating liabilities. Rather than treating all liabilities asﬁnancing debt, only liabilities that raise cash for operations—like bankloans, short-term commercial paper and bonds—are classiﬁed as such. Other liabilities—such as accounts payable, accrued expenses, deferred revenue, restructuring liabilities and pension liabilities—arise from operations. The distinction is not as simple as current versus long-term liabilities; pension liabilities, for example, are usually long-term, and short-term borrowing isa current liability.Rearranging terms in equation (2),Common equity = (operating assets－operating liabilities)－(financialliabilities－financial assets)Or,Common equity = net operating assets－net financing debt (3)This equation regroups assets and liabilities into operating and ﬁnancing activities. Net operating assets are operating assets less operatingliabilities. So a ﬁrm might invest in inventories, but to the extent to whichthe suppliers of those inventories grant credit, the net investment ininventories is reduced. Firms pay wages, but to the extent to which thepayment of wages is deferred in pension liabilities, the net investmentrequired to run the business is reduced. Net ﬁnancing debt is ﬁnancing debt(including preferred stock) minus ﬁnancial assets. So, a ﬁrm may issue bondsto raise cash for operations but may also buy bonds with excess cash fromoperations. Its net indebtedness is its net position in bonds. Indeed a ﬁrmmay be a net creditor (with more ﬁnancial assets than ﬁnancial liabilities)rather than a net debtor.The income statement can be reformulated to distinguish income that comesfrom operating and ﬁnancing activities:Comprehensive net income = operating income－ net financing expense (4)Operating income is produced in operations and net ﬁnancial expense isincurred in the ﬁnancing of operations. Interest income on ﬁnancial assets isnetted against interest expense on ﬁnancial liabilities (including preferred dividends) in net ﬁnancial expense. If interest income is greater thaninterest expense, ﬁnancing activities produce net ﬁnancial income rather thannet ﬁnancial expense. Both operating income and net ﬁnancial expense (orincome) are after Equations (3) and (4) produce clean measures of after-taxoperating proﬁtability and the borrowing rate:Return on net operating assets (RNOA) = operating income ÷net operatingassets (5)andNet borrowing rate (NBR) = net financing expense ÷net financing debt (6)RNOA recognizes that proﬁtability must be based on the net assetsinvested in operations. So ﬁrms can increase their operating proﬁtability byconvincing suppliers, in the course of business, to grant or extend creditterms; credit reduces the investment that shareholders would otherwise haveto put in the business. Correspondingly, the net borrowing rate, by excludingnon-interest bearing liabilities from the denominator, gives the appropriateborrowing rate for the ﬁnancing activities.Note that RNOA differs from the more common return on assets (ROA),usually deﬁned as income before after-tax interest expense to total assets.ROA does not distinguish operating and ﬁnancing activities appropriately.Unlike ROA, RNOA excludes ﬁnancial assets in the denominator and subtractsoperating liabilities. Nissim and Penman (2001) report a median ROA for NYSEand AMEX ﬁrms from 1963–1999 of only %, but a median RNOA of %—much closerto what one would expect as a return to business operations.Financial Leverage and its Effect on Shareholder ProtabilityFrom expressions (3) through (6), it is straightforward to demonstratethat ROCE is a weighted average of RNOA and the net borrowing rate, withweights derived from equation (3):ROCE= [net operating assets ÷common equity×RNOA]－[net financingdebt÷common equity ×net borrowing rate(7)Additional algebra leads to the following leveraging equation:ROCE = RNOA＋[FLEV×( RNOA－net borrowing rate )] (8)where FLEV, the measure of leverage from ﬁnancing activities, isFinancing leverage (FLEV) =net financing debt ÷common equity (9)The FLEV measure excludes operating liabilities but includes (as a netagainst ﬁnancing debt) ﬁnancial assets. If ﬁnancial assets are greater thanﬁnancial liabilities, FLEV is negative. The leveraging equation (8) works fornegative FLEV (in which case the net borrowing rate is the return on netﬁnancial assets).This analysis breaks shareholder proﬁtability, ROCE, down into that whichis due to operations and that which is due to ﬁnancing. Financial leveragelevers the ROCE over RNOA, with the leverage effect determined by the amountof ﬁnancial leverage (FLEV) and the spread between RNOA and the borrowingrate. The spread can be positive (favorable) or negative (unfavorable).Operating Liability Leverage and its Effect on Operating ProtabilityWhile ﬁnancing debt levers ROCE, operating liabilities lever theproﬁtability of operations, RNOA. RNOA is operating income relative to netoperating assets, and net operating assets are operating assets minusoperating liabilities. So, the more operating liabilities a ﬁrm has relativeto operating assets, the higher its RNOA, assuming no effect on operatingincome in the numerator. The intensity of the use of operating liabilities inthe investment base is operating liability leverage:Operating liability leverage (OLLEV) =operating liabilities ÷netoperating assets (10)Using operating liabilities to lever the rate of return from operationsmay not come for free, however; there may be a numerator effect on operatingincome. Suppliers provide what nominally may be interest-free credit, butpresumably charge for that credit with higher prices for the goods andservices supplied. This is the reason why operating liabilities areinextricably a part of operations rather than the ﬁnancing of operations. Theamount that suppliers actually charge for this credit is difﬁcult to identify.But the market borrowing rate is observable. The amount that suppliers wouldimplicitly charge in prices for the credit at this borrowing rate can beestimated as a benchmark:Market interest on operating liabilities= operating liabilities×marketborrowing ratewhere the market borrowing rate, given that most credit is short term,can be approximated by the after-tax short-term borrowing rate. This implicitcost is benchmark, for it is the cost that makes suppliers indifferent insupplying cred suppliers are fully compensated if they charge implicitinterest at the cost borrowing to supply the credit. Or, alternatively, theﬁrm buying the goods or services is indifferent between trade credit andﬁnancing purchases at the borrowin rate.To analyze the effect of operating liability leverage on operatingproﬁtability, we deﬁne:Return on operating assets (ROOA) =(operating income＋market interest onoperating liabilities)÷operating assets(11)The numerator of ROOA adjusts operating income for the full implicit costof trad credit. If suppliers fully charge the implicit cost of credit, ROOAis the return of operating assets that would be earned had the ﬁrm nooperating liability leverage. suppliers do not fully charge for the credit,ROOA measures the return fro operations that includes the favorable implicitcredit 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 ROOA, theeffect of leverage on proﬁtability is determined by the level of operatingliability leverage and the spread between ROOA and the short-term after-taxinterest rate. Like ﬁnancing leverage, the effect can be favorable orunfavorable: Firms can reduce their operating proﬁtability through operatingliability leverage if their ROOA is less than the market borrowing rate.However, ROOA will also be affected if the implicit borrowing cost onoperating liabilities is different from the market borrowing rate.Total Leverage and its Effect on Shareholder ProtabilityOperating liabilities and net ﬁnancing debt combine into a total leverage measure:Total leverage (TLEV) = ( net financing debt＋operatingliabilities)÷common equityThe borrowing rate for total liabilities is:Total borrowing rate = (net financing expense＋market interest onoperating 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 assetsand the sum of net ﬁnancing debt and operating liabilities (with a negativesign), respectively. So, similar to the leveraging equations (8) and (12):ROCE = ROOA ＋[TLEV×(ROOA－ total borrowing rate)](13)In summary, ﬁnancial statement analysis of operating and ﬁnancingactivities yields three leveraging equations, (8), (12), and (13). Theseequations are based on ﬁxed accounting relations and are thereforedeterministic: They must hold for a given ﬁrm at a given point in time. Theonly requirement in identifying the sources of proﬁtability appropriately isa clean separation between operating and ﬁnancing components in the ﬁnancial statements.2. Leverage, Equity Value and Price-to-Book RatiosThe leverage effects above are described as effects on shareholderproﬁtability. Our interest is not only in the effects on shareholderproﬁtability, ROCE, but also in the effects on shareholder value, which istied 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 shareholders’ equity, X is com prehensive 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 expected proﬁtability of the book value, and leverage affects proﬁtability.So our empirical analysis investigates the effect of leverage on bothproﬁtability and price-to-book ratios. Or, stated differently, ﬁnancing and operating liabilities are distinguishable components of book value, so the question is whether the pricing of book values depends on the composition of book values. If this is the case, the different components of book value must imply different proﬁtability. Indeed, the two analyses (of proﬁtability and price-to-book ratios) are complementary.Financing liabilities are contractual obligations for repayment of funds loaned. Operating liabilities include contractual obligations (such as accounts payable), but also include accrual liabilities (such as deferred revenues and accrued expenses). Accrual liabilities may be based on contractual terms, but typically involve estimates. We consider the real effects of contracting and the effects of accounting estimates in turn. Appendix A provides some examples of contractual and estimated liabilitiesand their effect on proﬁtability and value.Effects of Contractual liabilitiesThe ex post effects of ﬁnancing and operating liabilities on proﬁtability are clear from leveraging equations (8), (12) and (13). These expressions always hold ex post, so there is no issue regarding ex post effects. But valuation concerns ex ante effects. The extensive research on the effects of ﬁnancial leverage takes, as its point of departure, the Modigliani and Miller (M&M) (1958) ﬁnancing irrelevance proposition: With perfect capital marketsand no taxes or information asymmetry, debt ﬁnancing has no effect on value. In terms of the residual income valuation model, an increase in ﬁnancial leverage due to a substitution of debt for equity may increase expected ROCE according to expression (8), but that increase is offset in the valuation (14) by the reduction in the book value of equity that earns the excess proﬁtability and the increase in the required equity return, leaving total value ., the value of equity and debt) unaffected. The required equity return increases because of increased ﬁnancing risk: Leverage may be expected to be favorable but, the higher the leverage, the greater the loss to shareholders should the leverage turn unfavorable ex post, with RNOA less than the borrowing rate.In the face of the M&M proposition, research on the value effects of ﬁnancial leverage has proceeded to relax the conditions for the proposition to hold. Modigliani and Miller (1963) hypothesized that the tax beneﬁts of debt increase after-tax returns to equity and so increase equity value. Recent empirical evidence provides support for the hypothesis ., Kemsley and Nissim, 2002), although the issue remains controversial. In any case, since the implicit cost of operating liabilities, like interest on ﬁnancing debt, is tax deductible, the composition of leverage should have no tax implications.Debt has been depicted in many studies as affecting value by reducing transaction and contracting costs. While debt increases expected bankruptcy costs and introduces agency costs between shareholders and debtholders, it reduces the costs that shareholders must bear in monitoring management, and may have lower issuing costs relative to equity. One might expect these considerations to apply to operating debt as well as ﬁnancing debt, with the effects differing only by degree. Indeed papers have explained the use of trade debt rather than ﬁnancing debt by transaction costs (Ferris, 1981), differential access of suppliers and buyers to ﬁnancing (Schwartz,1974), and informational advantages and comparative costs of monitoring (Smith, 1987; Mian and Smith, 1992; Biais and Gollier, 1997). Petersen and Rajan (1997) provide some tests of these explanations.In addition to tax, transaction costs and agency costs explanations for leverage, research has also conjectured an informational role. Ross (1977) and Leland and Pyle (1977) characterized ﬁnancing choice as a signal of proﬁtability and value, and subsequent 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 more information about ﬁrms than banks and the bond market, so more operating debt might indicate higher value. Alternatively, high trade payables might indicate difﬁculties in paying suppliers and declining fortunes.Additional insights come from further relaxing the perfect frictionless capital markets assumptions underlying the original M&M ﬁnancing irrelevanceproposition. When it comes to operations, the product and input markets in which ﬁrms trade are typically less competitive than capital markets. Indeed, ﬁrms are viewed as adding value primarily in operations rather than in ﬁnancing activities because of less than purely competitive product and input markets. So, whereas it is difficult to ‘‘make money off the debtholders,’’ ﬁrms can be seen as ‘‘making money off the trade creditors.’’ In operations, ﬁrms can exert monopsony power, extracting value from suppliers and employees. Suppliers may provide cheap implicit ﬁnancing in exchange for information about products and markets in which the ﬁrm operates. They may also beneﬁt from efﬁciencies in the ﬁrm’s supply and distribution chain, and may grant credit to capture future business.Effects of Accrual Accounting EstimatesAccrual liabilities may be based on contractual terms, but typically involve estimates. Pension liabilities, for example, are based on employment contracts but involve actuarial estimates. Deferred revenues may involve obligations to service customers, but also involve estimates that allocate revenues to periods. While contractual liabilities are typically carried on the balance sheet as an unbiased indication of the cash to be paid, accrual accounting estimates are not necessarily unbiased. Conservative accounting, for example, might overstate pension liabilities or defer more revenue than required by contracts with customers.Such biases presumably do not affect value, but they affect accounting rates of return and the pricing of the liabilities relative to their carrying value (the price-to-book ratio). The effect of accounting estimates on operating liability leverage is clear: Higher carrying values for operating liabilities result in higher leverage for a given level of operating assets. But the effect on proﬁtability is also clear from leveraging equation (12): While 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 ﬂows through to shareholder proﬁtability, ROCE.And higher anticipated ROCE implies a higher price-to-book ratio.The potential bias in estimated operating liabilities has opposite effects on current and future proﬁtability. For example, if a ﬁrm books higher deferred revenues, accrued expenses or other operating liabilities, and so increases its operating liability leverage, it reduces its current proﬁtability: Current revenues must be lower or expenses higher. And, if a ﬁrm reports lower operating assets (by a write down of receivables, inventories or other assets, for example), and so increases operating liability leverage, it also reduces current proﬁtability: Current expenses must be higher. But this application of accrual accounting affects future operating income: All else constant, lower current income implies higherfuture income. Moreover, higher operating liabilities and lower operating assets amount to lower book value of equity. The lower book value is the base for the rate of return for the higher future income. So the analysis of operating liabilities potentially identiﬁes part of the accrual reversal phenomenon documented by Sloan (1996) and interprets it as affecting leverage, forecasts of proﬁtability, and price-to-book ratios.3. Empirical AnalysisThe analysis covers all ﬁrm-year observations on the combined COMPUSTAT (Industry and Research) ﬁles for any of the 39 years from 1963 to 2001 that satisfy the following requirements: (1) the company was listed on the NYSE or AMEX; (2) the company was not a ﬁnancial institution (SIC codes 6000–6999), thereby omitting ﬁrms where most ﬁnancial assets and liabilities are used in operations; (3) the book value of common equity is at least $10 million in 2001 dollars; and (4) the averages of the beginning and ending balance of operating assets, net operating assets and common equity are positive (as balance sheet variables are measured in the analysis using annual averages). These criteria resulted in a sample of 63,527 ﬁrm-year observations.Appendix B describes how variables used in the analysis are measured. One measurement issue that deserves discussion is the estimation of the borrowing cost for operating liabilities. As most operating liabilities are short term, we approximate the borrowing rate by the after-tax risk-free one-year interest rate. This measure may understate the borrowing cost if the risk associated with operating liabilities is not trivial. The effect of such measurement error is to induce a negative correlation between ROOA and OLLEV. As we show below, however, even with this potential negative bias we document a strong positive relation between OLLEV and ROOA.4. ConclusionTo ﬁnance operations, ﬁrms borrow in the ﬁnancial markets, creating ﬁnancing leverage. In running their operations, ﬁrms also borrow, but from customers, employees and suppliers, creating operating liability leverage. Because they involve trading in different types of markets, the two types of leverage may have different value implications. In particular, operating liabilities may reﬂect contractual terms that add value in different ways than ﬁnancing liabilities, and so they may be priced differently. Operating liabilities also involve accrual accounting estimates that may further affect their pricing. This study has investigated the implications of the two types of leverage for proﬁtability and equity value.The paper has laid out explicit leveraging equations that show how shareholder proﬁtability is related to ﬁnancing leverage and operating liability leverage. For operating liability leverage, the leveraging equation incorporates both real contractual effects and accounting effects. As price-to-book ratios are based on expected proﬁtability, this analysis also。

quality of accounting information原文文献

quality of accounting information原文文献一、概述会计信息的质量对于投资者、债权人、管理者以及其他利益相关方具有重要意义。

高质量的会计信息有助于决策的正确性和有效性，而低质量的会计信息则可能导致决策失误。

本文将探讨影响会计信息质量的因素，以及如何提高会计信息质量的方法。

二、影响因素1. 会计准则和法规：会计准则和法规是影响会计信息质量的重要因素之一。

如果会计准则和法规不够完善或执行不到位，将会导致会计信息失真或误导投资者。

因此，完善会计准则和法规，加强其执行力度是提高会计信息质量的重要手段。

2. 会计人员素质：会计人员的素质是影响会计信息质量的另一个重要因素。

会计人员需要具备专业的会计知识和技能，同时还需要具备良好的职业道德和职业操守。

如果会计人员素质不高，将会导致会计信息质量下降。

3. 内部控制制度：内部控制制度是企业管理的重要组成部分，它能够保证企业财务信息的真实性和完整性。

如果内部控制制度不完善或执行不到位，将会导致会计信息质量下降。

4. 审计质量：审计是保证会计信息质量的重要手段之一。

如果审计机构或审计人员的专业水平不高，或者审计程序不完善，将会导致审计结果不准确，进而影响会计信息质量。

5. 信息披露制度：信息披露制度是保证会计信息透明度的关键。

如果信息披露制度不完善或执行不到位，将会导致投资者无法获得准确的会计信息，进而影响投资决策。

三、提高会计信息质量的措施1. 完善会计准则和法规：各国政府和相关机构应加强会计准则和法规的制定和完善，使其更加符合实际经济情况，提高其可操作性。

同时，应加强对会计准则和法规的执行力度，确保其得到有效实施。

2. 提高会计人员素质：各企业应加强对会计人员的培训和教育，提高其专业素质和职业道德水平。

同时，应建立完善的考核机制，确保会计人员具备相应的专业能力和职业道德。

3. 完善内部控制制度：各企业应建立完善的内部控制制度，确保财务信息的真实性和完整性。

quality of accounting information原文文献

quality of accounting information原文文献摘要：一、会计信息质量的重要性1.会计信息的作用2.高质量会计信息的需求二、会计信息质量的衡量1.可靠性2.相关性3.可理解性4.比较性5.实质重于形式三、提高会计信息质量的方法1.制定完善的会计准则2.加强会计人员的专业素质3.采用信息化手段提高会计信息处理效率4.强化内部控制和审计四、会计信息质量对企业决策的影响1.有利于企业制定科学合理的决策2.有助于提高企业的经营效率和效果3.有利于维护投资者和债权人利益正文：一、会计信息质量的重要性会计信息是企业经济活动的重要反映，对于企业内部管理、投资者决策和政府监管等方面具有至关重要的作用。

高质量会计信息可以帮助企业更好地了解自身经营状况，为决策提供有力支持。

同时，高质量会计信息有助于增强投资者和债权人信心，降低企业融资成本，提高资本市场的效率。

二、会计信息质量的衡量（1）可靠性：会计信息应当真实、客观地反映企业的经济活动，使信息使用者可以信赖。

（2）相关性：会计信息应当与信息使用者的经济决策需要密切相关，有助于使用者对企业过去、现在和未来的情况作出评价。

（3）可理解性：会计信息应当以清晰、明确的方式呈现，便于信息使用者理解和解读。

（4）比较性：会计信息应当具备横向和纵向的可比性，便于使用者对不同企业、不同期间的数据进行比较分析。

（5）实质重于形式：会计信息应当注重经济实质，而非仅仅关注法律形式，以确保信息使用者能够了解企业真实的经济状况。

三、提高会计信息质量的方法（1）制定完善的会计准则：会计准则对于保证会计信息质量具有重要意义。

应当根据经济发展和实际需要，不断完善会计准则体系，为企业提供明确的会计处理指引。

（2）加强会计人员的专业素质：会计人员是会计信息质量的关键因素。

企业应加强会计人员的培训和教育，提高其业务水平和工作责任心。

（3）采用信息化手段提高会计信息处理效率：借助信息化手段，可以提高会计信息的处理速度和准确性，降低人为错误，从而提高会计信息质量。

财务报表分析的外文文献

毕业设计(论文)外文资料翻译系别管理信息系专业财务管理班级姓名学号外文出处/f/22323844.html?from=like附件 1.原文；2.译文2012年3月1.原文Financial statement analysis - the use of financial accountinginformation.Many years. Reasonable minimum current ratio was confirmed as 2.00. Until the mid-1960s, the typical enterprise will flow ratio control at 2.00 or higher. Since then, many companies the current ratio below 2.00 now, many companies can not control the current ratio over 2.00. This shows that the liquidity of many companies on the decline.In the analysis of an enterprise's liquidity ratio, it is necessary to average current ratio with the industry to compare. In some industries, the current ratio below 2.0 is considered normal, but some industry current ratio must be big 2.00. In general, the shorter the operating cycle, the lower the current ratio: the longer the operating cycle, the higher the current ratio.The current ratio compared to the same enterprise in different periods, and compared with the industry average, will help to dry to determine the high or low current ratio. This comparison does not explain why or why low. We can find out the reasons from the by-point analysis of the current assets and current liabilities. The main reason for the exception of the current ratio should be to find out the results of a detailed analysis of accounts receivable and inventory.Flow ratio better than working capital performance of enterprise short-term solvency. Working capital reflect only current assets and current liabilities, the absolute number of differences. The current ratio is also considered the relationship between the current asset size and the size of the current liabilities, make the indicators more comparable. For example, the current ratio between General Motors and Chrysler Motors Corporation. The comparison between the two companies working capital is meaningless, because the two companies of different sizes.Inventory using LIFO France will flow ratio cause problems, this is because the stock is undervalued. The result will be to underestimate the current ratio. Therefore, when compared to using the LIFO method businesses and other costs of the enterprise should pay particular attention to this.Compare the current ratio, analysts should calculate the accounts receivable turnover rate and commodity inventory turnover. This calculation enables the analysis of proposed liquidity problems exist in shouldReceived the views of the accounts and (or) Inventories. Views or opinions on the current ratio of accounts receivable and the deposit will affect the analyst. If the receivables I receivable and liquidity problems, require current ratio higher.Third, the acid test ratio (quick ratio)The current ratio is the evaluation of the liquidity conditions in the current assets and current liabilities. Often, people expect to get more immediate than the current ratio reflect the situation. The acid test ratio (liquid rate) on the relationship of current assets to current liabilities.To calculate the acid test (quick) ratio. From the current assets excluding inventory part. This is because of the slow flow of inventory, the inventory may be obsolete inventory may also be used as a specific creditor's security. For example, the winery's products to Tibet for a long period of time before sold. If you calculate the acid test (liquid) to including wine obstruct inventory will overestimate the enterprise mobility. Inventory valuation, because the cost data may be related to the current price level difference ...Section VI analytical screening proceduresAuditing Standards Description No. 23. Analytical screening procedures, provides guidance for the use of this procedure in the audit. Analytical inspection program goal is to identify significant changes from the business statistics and unusual items.Analytical screening procedures during the audit can run a different number of times, including the planning phase, the audit of the implementation phase and the completion of the audit stage. Analytical inspection procedures can lead to a special audit procedures, such as:Transverse the same type of analysis of the income statement shows an item, such as cost of sales during that period abnormal. This will lead to a careful review of the project cost of sales. The income statement vertical the same type of analysis by comparison with the previous saddle, can be found already for sale to the harmonious proportions of the amount of commodity costs and sales revenue.Accounts receivable turnover ratio and industry data comparison may show the typical speed of the accounts receivable turnover rate is far below the industry. This shows that a careful analysis of the response to accounts receivable.4 and debt compared to cash flow has significantly decreased ability to repay the debt with internally generated cash flow is essentially dropped.5 aldehyde test ratio decreased significantly, indicating that the ability to repay current liabilities with current assets other than inventory outside is essentially droppedWhen the auditors found that the report or an important trend than the string, the next procedure should be carried out to determine why this trend. This study (survey) can often lead to important discoveries.......Section VI analytical screening proceduresAuditing Standards Description No. 23. Analytical screening procedures, provides guidance for the use of this procedure in the audit. Analytical inspection program goal is to identify significant changes from the business statistics andunusual items.Analytical screening procedures during the audit can run a different number of times, including the planning phase, the audit of the implementation phase and the completion of the audit stage. Analytical inspection procedures can lead to a special audit procedures, such as:Transverse the same type of analysis of the income statement shows an item, such as cost of sales during that period abnormal. This will lead to a careful review of the project cost of sales. The income statement vertical the same type of analysis by comparison with the previous saddle, can be found already for sale to the harmonious proportions of the amount of commodity costs and sales revenue.Accounts receivable turnover ratio and industry data comparison may show the typical speed of the accounts receivable turnover rate is far below the industry. This shows that a careful analysis of the response to accounts receivable.4 and debt compared to cash flow has significantly decreased ability to repay the debt with internally generated cash flow is essentially dropped.5 aldehyde test ratio decreased significantly, indicating that the ability to repay current liabilities with current assets other than inventory outside is essentially droppedWhen the auditors found that the report or an important trend than the string, the next procedure should be carried out to determine why this trend. This study (survey) can often lead to important discoveries.2.译文财务报表分析——利用财务会计信息。

会计信息质量外文文献及翻译

LNTU---Acc附录A会计信息质量在投资中的决策作用对私人信息和监测的影响安妮比蒂，美国俄亥俄州立大学瓦特史考特廖，多伦多大学约瑟夫韦伯，美国麻省理工学院1简介管理者与外部资本的供应商信息是不对称的在这种情况下企业是如何影响金融资本的投资的呢？越来越多的证据表明，会计质量越好，越可以减少信息的不对称和对融资成本的约束。

与此相一致的可能性是，减少了具有更高敏感性的会计质量的公司的投资对内部产生的现金流量。

威尔第和希拉里发现，对企业投资和与投资相关的会计质量容易不足，是容易引发过度投资的原因。

当投资效率低下时，会计的质量重要性可以减轻外部资本的影响，供应商有可能获得私人信息或可直接监测管理人员。

通过访问个人信息与控制管理行为，外部资本的供应商可以直接影响企业的投资，降低了会计质量的重要性。

符合这个想法的还有比德尔和希拉里的比较会计对不同国家的投资质量效益的影响。

他们发现，会计品质的影响在于美国投资效益，而不是在日本。

他们认为，一个可能的解释是不同的是债务和股权的美国版本的资本结构混合了SUS的日本企业。

我们研究如何通过会计质量灵敏度的重要性来延长不同资金来源对企业的投资现金流量的不同影响。

直接测试如何影响不同的融资来源会计，通过最近获得了债务融资的公司来投资敏感性现金流的质量的效果，债务融资的比较说明了对那些不能够通过他们的能力获得融资的没有影响。

为了缓解这一问题，我们限制我们的样本公司有所有最近获得的债务融资和利用访问的差异信息和监测通过公共私人债务获得连续贷款的建议。

我们承认，投资内部现金流敏感性可能较低获得债务融资的可能性。

然而，这种可能性偏见拒绝了我们的假设。

具体来说，我们确定的数据样本证券公司有1163个采样公司（议会），通过发行资本公共债务或银团债务。

我们限制我们的样本公司最近获得的债务融资持有该公司不断融资与借款。

然而，在样本最近获得的债务融资的公司，也有可能是信号，在资本提供进入私人信息差异和约束他们放在管理中的行为。

The-analysis-and-use-of-financial-statement财务报表分析与运用毕业论文外文文献翻译及原文

毕业设计（论文）外文文献翻译文献、资料中文题目：财务报表分析与运用文献、资料英文题目：The analysis and use of financial statement 文献、资料来源：文献、资料发表（出版）日期：院（部）：专业：班级：姓名：学号：指导教师：翻译日期： 2017.02.14The analysis and use of financial statementChapter 1 FRAMEWORK FOR FINANCIAL STATEMENT ANALYSISNEED FOR FINANCIAL STATEMENT ANALYSISThe United Sates has the most complex financial reporting system in the word. .Detailed ac-counting principles are augmented by extensive disclosure requirements .The financial state-ments of large multinationals add up to dozens of pages, and many of these firms voluntarily publish additional “fact books”for dissemination to financial analysis and other interested users.Financial reporting in other major developed countries and many emerging markets has also evolved substantially in recent years .with an increasing emphasis on providing information useful to both domestic and foreign creditors and equity investors. International Accounting Standards have become a credible rival to U.S. standards.In an ideal word, the user of financial statements could focus only on the bottom lines financial reporting: net income and stockholders’ equity. If financial statements were comparable among companies (regardless of country),consistent over time , and always fully reflecting the economic position of firm , financial statement analysis would be simple , and this text a very short one.The financial reporting system is not perfect. Economic events and accounting entries do not correspond precisely; they diverge across the dimensions of timing, recognition, and measurement. Financial analysis and investment decisions are further complicated by variations in accounting treatment among countries in each of these dimensions.Economic events and accounting recognition of those events frequently take place at different times. One example of phenomenon is the recognition of capital gains and losses only upon sale in most cases. Appreciation of a real estate investment, which took place over a period of many years, for example, receives income statement recognition only in the period management chooses for its disposal.Similarly, long-lived assets are written down. Most of time. In the fiscal period of management’s choice. The period of recognition may be neither the period in which the impairment took place nor the period of sale or disposal. Accounting for discontinued operations. In the same manner. Results in recognition of loss in a period different from when the loss occurred or the disposal is consummated.In addition, many economic events do not receive accounting recognition at all. Most contracts, for example, are not reflected in financial statements when entered into, despite significant effects on financial condition and operating and financial risk .Some contracts, such asleases and hedging activities, are recognized in the financial statements by some companies, but disclosed only in footnotes by others. Disclosure requirements for derivatives and hedging activities are in place in many jurisdictions, but recognition and measurement is only recently required in the United Stated.Further, generally accepted accounting principles (GAAP) in the United States and elsewhere permit economic events that do receive accounting recognition to be recognized in different ways by different financial statement prepares. Inventory and depreciation of fixed assets are only two of the significant areas where comparability may be lacking.Financial reports often contain supplementary data that, although not included in the statements themselves, help the financial statement user to interpret the statements or adjust measures of corporate performance (such as financial ratios) to make them more comparable, consistent over time, and more representative of economic reality. When making adjustments to financial statements, we will seek to discern substance from form and exploit the information contained in footnotes and supplementary schedules of data in the annual report and SEC filings. The analytic treatment of “off-balance-sheet” financing activities is a good example of this process. We also illustrate the use of reconciliations to U.S. GAAP in foreign registrants’Form 20-F filings.Finally, information from outside the financial reporting process can be used to make financial data more useful. Estimating the effects of changing prices on corporate performance, for example, may require the use of price data from outside sources.FOCUS ON INVESTMENT DECISIONSThis book is concerned with the concepts and techniques of financial analysis employed by users of financial statements who are external to the company. Principal emphasis is on the financial statements of companies whose securities are publicly traded. The techniques described are generally applicable to the analysis of financial statements prepared according to U.S. GAAP. However, we will also discuss the pronouncements of the International Accounting Standards Board (IASB) and standard setters in other countries, compare them to U.S. GAAP, and analyze financial statements prepared in accordance with these other reporting standards.Classes of UsersExternal users of financial information encompass a wide range of interests but can be classified into three general groups:Credit and equity investorsGovernment (executive and legislative branches), regulatory bodies, and tax authoritiesThe general public and special interest groups, labor unions , and consumer groupsEach of these user groups has a particular objective in financial statement analysis, but, as the FASB stated, the primary user are equity investors and creditors. However, the information supplied to investors and creditors is likely to be generally useful to other user groups as well. Hence, financial accounting standards are geared to the purposes and perceptions of investors and creditors. That is the group for whom the analytical techniques in this book are intended.The underlying objective of financial analysis is the comparative measurement of risk and return to make investment or credit decisions. These decisions require estimates of the future, be it a mouth, a year, or a decade. General-purpose financial statements, which describe the past, provide one basis for projecting future earnings and cash flows. Many of the techniques used in this analytical process are broadly applicable to all types of decisions, but there are also specialized techniques concerned with specific investment interests or, in other words, risks and returns specific to one class of investors or securities.The equity investor is primarily interested in the long-term power of the company, its ability to grow, and, ultimately, its ability to pay dividends and increase in value. Since the equity investor bears the residual risk in an enterprise, the largest and most volatile risk, the require analysis is the most comprehensive of any user and encompasses techniques employed by all other external user.Creditors need somewhat different analytical approaches. Short-term creditors, such as banks and trade creditors, place more emphasis on the immediate liquidity of the business because they seek an early payback of their investment. Long-term earning power of the company investors in bonds, such as insurance companies and pension funds, are primarily concerned with the long-term asset position and earning power of the company. They seek assurance of the payment of interest and the capability of retiring or refunding the obligation at maturity. Credit risks are usually smaller than equity risks and may be more easily quantifiable.More subordinated or junior creditors, especially owners of “high-yield” debt, however, bear risk similar to those of equity investors and may find analytic techniques normally applied to equity investments more relevant than those employed by creditors.Financial Information and Capital MarketsThe usefulness of accounting information in the decision-making processes of investors and creditors has been the subject of much academic research over the last 35 years. That research has examined the interrelationship of accounting information and reporting standards in financial markets in great detail. At times, the research conclusions are highly critical of the accounting standard-setting process and of the utility of financial analysis. This criticism is based on researchperformed in a capital market setting. These findings do not negate the usefulness of financial analysis of individual securities that may be mispriced or of decisions made outside a capital market setting.PRINCIPAL FINANCIAL STATEMENTSThe Balance SheetThe balance sheet (statement of financial position) reports major classes and amounts of assets (resources owned or controlled by the firm), liabilities (external claims on those assets), and stockholder’ equity (owners’ capital contributions and other internally generated sources of capital) and their interrelationships at specific points in time.Assets reported on the balance sheet are either purchased buy the firm or generated through operations: they are, directly or indirectly, finances by the creditors and stockholders of the firm. The fundamental accounting relationship provides the basis for recording all transactions in financial reporting and is expressed as the balance sheet equation:Assets (A) = Liabilities (L) + Stockholders’ Equity (E)In the United States firm issue balance sheets at the end of each quarter and the end of the fiscal. Annual or semiannual reporting in the norm in most other countries.Elements of the Balance SheetSFAC 6 discusses the elements of financial statements. Although this statement also deals with nonprofit organizations, we restrict our comments to business enterprises.Assets are defined in SFAC 6 asProbable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.This definition seems to be noncontroversial. Its weakness is its lack of reference to risk. It seems to us that an enterprise that retains the risk of ownership still “owns” the asset. This issue is important, for example, as it relates to the sale of assets (such as accounts receivable, loans, and mortgages; see chapter 11) when the seller retains some risk of loss.Liabilities are defined, similarly asProbable future sacrifices of economic benefits arising from present obligations of particular entity to transfer assets or provide services to other entities in the future as a result of pa transactions or events.Again, the definition reads well. Yet it permits the nonrecognition of contractual obligation such as operating leases (see chapter11). The interpretation of “present obligation” and “result of past transactions or events”is key to accounting for all such contracts; some believe that only payments immediately due as a consequence of completed transactions create liabilities. Othersbelieve that all long-term contacts should be recognized as long-term liabilities. Another important problem area is the derecognition of liabilities that have been prefunded but remain outstanding.As required by the fundamental accounting equation. Stockholder’ equity is thereforeThe residual interest in the net assets of an entity that remains after deducting its liabilities.In practice, some financial instruments have characteristics of both liabilities and equities, making them difficult to categorize. Convertible debt and redeemable preferreds are two common examples examined in chapter 10. That chapter also discusses the FASB Exposure Draft (ED) on recognition and measurement of instruments with equity and liability characteristics.The Income StatementThe income statement (statement of earnings) reports on the performance of the firm, the result of its operating activities. It explains some but all of the changes in the assets, liabilities, and equity of the firm between two consecutive balance sheet dates. Use of the accrual concept means that income and the balance sheet are interrelated.The preparation of the income statement is governed by the matching principle, which states that performance can be measured only if revenues and related costs are accounted for during the same time period. This requires the recognition of expenses incurred to generate revenues in the same period as the related revenues. For example, the cost of a machine is recognized as an expense (it is depreciated) over its useful life (as it is used in production) rather than as an expense in the period it is purchased.Elements of the Income StatementRevenues are defined in SAFC 6 asInflows … of an entity… from delivering or producing goods, rendering services, or other activities that constitute the entity’s ongoing major or central operationsExpense are defined asOutflows…from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity’s ongoing major or central operations.These definitions explicitly exclude gains (and losses), defined asIncreases (decreases) in equity (net assets) from peripheral or incidental transactions…Gains or losses are, therefore, nonoperating events. Examples would include gains and losses from asset sales, lawsuits, and changes in market values (including currency rates).These definitions are, like the other in SFAC 6, easy to accept as stated. The difficulties come in practice. For example, investment activities may be “central”to a financial institution but “peripheral”to manufacturing company. Similarly, sales of assets such as automobiles may be “incidental”to retailer but “central”to a car rental firm. The write-down of inventories due toobsolescence is more difficult to characterize: is this an operating expense or a loss? To some extent, the distinction between revenue and expense on the one hand and gains and losses on the other is a precursor of the controversies over the characterizations of “recurring versus nonrecurring activities,”“operating versus nonoperating activities,”and “extraordinary items,”. From the analyst point of view, disclosure is more important than classification; analysts prefer to make their own distinctions between operating and nonoper-ating events in many instances. From the point of view of database user, however, the outcome of the debate is important.Even more important is the decision on when to recognize revenues and expenses. The recognition decision can be a major determinant of reported income, especially for technology and other “new economy” enterprises.财务报表分析与运用第一章财务报表分析的框架财务报表分析的重要性美国有着世界上最复杂的财务报告系统，广泛披露的要求扩大了详细的会计原则。

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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。