How does financial reporting quality relate to investment efficiency翻译
财务分析报告英文版
The short term liquid ratio has retained stable at around 1.5, indicating good short term liquid management and debt servicing ability
Intangible Assets
An evaluation of these assets as trademarks, patents, and goodwill, their value, and the impact they have on the company's operations
A breakdown of inventory by category, its value, and the carrying cost The analysis also includes an assessment of inventory turnover rates and objectivity
To assist management in making informed decisions about the future direction of the company
03
02
Overview of Financial Performance
Revenue Analysis
The company's revenue is seasonal, with the fourth quarter being the peak period due to holiday spending and end of year sales
CFA一级每日一练(含详细解析)08
2014 CFA Level I “Understanding Balance Sheets,” by Elaine Henry and Thomas R. Robinson Section 7.2 “Financial Analysis Techniques,” by Elaine Henry, Thomas R. Robinson, and Jan Hendrik van Greuning Section 4.3.1 2、Babu Dhaliwal, CFA, does research about foreign exchange market.The europer Argentine peso (EUR/ARS) spot rate is 0.178 9 and the forward rate is ata discount of 0.27%.The forward rate is closest to:【单选题】 A.0.1741 B.0.1784 C.0.1794 正确答案:B 答案解析:0.1789 × (l -0.27%) =0.1784，说明阿根廷比索贬值，而欧元升值。 3、A trader takes a long position in 40 futures contracts on Day 1. The futures have a daily price limit of $5 and closes with a settlement price of $106. On Day 2, the futures trade at $111 and the bid and offer move to $113 and $115, respectively. The futures price remains at these price levels until the market closes. The marked-to-market amount the trader receives in his account at the end of Day 2 is closest to:【单选题】 A.$200. B.$280. C.$320. 正确答案:A 答案解析:“Futures Markets and Contracts,” Don M. Chance, CFA 2013 Modular Level I, Vol. 6, Reading 62, Section 3 Study Session 17-62-d Describe price limits and the process of marking to market, and calculate and interpret the margin balance, given the previous day’s balance and the change in the futures price. A is correct. Because the future has a daily price limit of $5, the highest possible settlement price on Day 2 is $111. Therefore, the marked to market value would be ($111$106) x 40 = $200. 4、Which of the following statements does not accurately represent the objectives of Global InvestmentPerformance Standards (GIPS)? The GIPS standards:【单选题】 A.ensure consistent, accurate investment performance data in the areas of reporting, records,marketing, and presentations.
ECF syllabus-Prof. Liao Guanmin
Shanghai Advanced Institute of Finance Shanghai Jiao Tong UniversityCourse Name: Empirical Corporate Finance Term: Fall 2015Instructor: Guanmin LiaoContact: gmliao@TA:Contact:Hours/Credits: 3 creditsOffice Hour: By appointmentCourse Objective:The objective of this course is to expose students to the empirical methodologies and evidence in corporate financeand prepare doctoral students for empiricalresearch in this area. In this course, we will cover five topics that are central to corporate finance, such as capital structure, security offerings, investment behavior, payout policy and corporate governance. We will discuss several recent or seminal empirical papers on a given topic.Class Format:There are 9 sessions. There isno textbook. Teaching materials include lecture notes and journal articles. Every student is required to read andwrite a summaryfor every one of the papers listed below and send thesummary to me before class. In addition, each student must give two ormore 40-minute presentations (depending on the number of students). Prerequisite: (1) Corporate Finance (MBA level), and (2) Advanced Econometrics. Assessment: Grade will be determined on the basis of (1) Summary of papers/presentation/classroom participation: 50%, and (2) Researchproposal: 50%.Reading list:Capital Structure1.Frank, M. Z. and Goyal, V. K., 2009, Capital Structure Decisions: Which Factors AreReliably Important?, Financial Management 38, 1–37.2.Baker, M. and J.Wurgler, 2002, Market timing and capital structure, Journal ofFinance 57, 1–32.3.Flannery, M. J. and K. P. Rangan, 2006, Partial adjustment toward target capitalstructure, Journal of Financial Economics 79, 469–506.4.Hoshi, Takeo, Anil Kashyap, and David Scharfstein, 1990, The role of banks inreducing the costs of financial distress in Japan, Journal of financial economics 27, 67-88.5.Giroud, X., H. M.Mueller, A.Stomper, andA. Westerkamp, 2012, Snow and leverage.Review of Financial Studies 25, 680-710.6.Simintzi, Elena, Vikrant Vig, and Paolo Volpin, 2014, Labor protection and leverage,Review of Financial Studies28, 561-591.7.Chang, Chun, Guanmin Liao, Xiaoyun Yu, and Zheng Ni, 2014, “Information fromRelationship Lending: Evidence from Loan Defaults in China”,Journal of Money, Credit and Banking 46, 1225-1257.Security Offerings8.Michaely, Roni, and Wayne H. Shaw, 1994, The Pricing of Initial Public Offerings:Test of Adverse-Selection and Signaling Theories, Review of Financial Studies 7, 279-319.9.Ritter, J. R., 1991, The Long-Run Performance of initial Public Offerings, The Journalof Finance 46, 3-27.10.Boulton, T. J., S. B.Smart, and C. J. Zutter, 2011, Earnings quality and internationalIPO underpricing. The Accounting Review 86, 483-505.Corporate Investments and M&A11.Richardson, Scott A., 2006, Over-Investment of Free Cash Flow. Review ofAccounting Studies 11, 159-189.12.Biddle, Gary C., Gilles Hilary, and Rodrigo S. Verdi. 2009, How does financialreporting quality relate to investment efficiency?. Journal of Accounting and Economics 48, 112-131.13.Almedia, Heitor, and Murillo Campello, 2007, Financial Constraints, AssetTangibility, and Corporate Investment, Review of Financial Studies 20, 1429-1460. 14.Malmendier, Ulrike, and Geoffrey Tate, 2005, CEO Overconfidence and CorporateInvestment, Journal of Finance 60, 2661-2700.15.Campa, Jose Manuel and Simi Kedia, 2002, Explaining the diversification discount,Journal of Finance 57, 1731-1762.16.Phillips, G., and G. Hoberg, 2010, Product Market Synergies and Competition inMergers and Acquisitions: A Text-Based Analysis, Review of Financial Studies 23, 3773-3811.17.Stein, J., 1988, Takeover threats and managerial myopia, Journal of Political Economy96, 61-80.Payout Policy18.Benartzi, Michaely and Thaler, 1997, Do Changes in Dividends Signal the Future orthe Past?, Journal of Finance 52, 1007-1034.19.Denis, David J., and Igor Osobov, 2008, Why do firms pay dividends? Internationalevidence on the determinants of dividend policy, Journal of Financial economics 89, 62-82.Corporate Governance20.Becht, Marco & Bolton, Patrick &Roell, Ailsa, 2003, Corporate governance andcontrol, Handbook of the Economics of Finance, Elsevier, in: G.M. Constantinides& M. Harris & R. M. Stulz (ed.) edition 1, volume 1, chapter 1, 1-109.-Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert W.Vishny, 1998, Law and Finance, Journal of Political Economy 106, 1113-1155.22.Fan, Joseph P. H., StijnClaessens, Simeon Djankov, and Larry H.P. Lang, 2002,Disentangling the Incentive and Entrenchment Effects of Large Shareholdings.Journal of Finance 57, 2741-2771.23.Ahearn, K., and A. Dittmar, 2012, The Changing of the Boards: The Impact on FirmValuation of Mandated Female Board Representation, Quarterly Journal of Economics 127, 137-197.24.Colesa, Jeffrey L., Naveen D. Danielb, Lalitha Naveen, 2006, Managerial incentivesand risk-taking, Journal of Financial Economics 79, 431–468.25.Nini, Greg, David C. Smith, Amir Sufi, 2012, Creditor Control Rights, CorporateGovernance, and Firm Value, Review of Financial Studies 25, 1713-176126.Masulis, R.W., C. Wang and F. Xie, 2009, Agency problems at dual-class companies,The Journal of Finance 64, 1697-1727.27.Jiang, Guohua, Charles M.C. Lee, and Heng Yue, 2010, Tunneling throughInter-corporate Loans: The China Experience, Journal of Financial Economics 98, 1-20.28.Chen, Qi, X. Chen, K. Schipper, Y. Xu and J. Xue, 2012, The Sensitivity of CorporateCash Holdings to Corporate Governance, Review of Financial Studies25, 3610-3644.29.Giannetti,Mariassunta,Guanmin Liao, and Xiaoyun Yu,2015, “The Brain Gain ofCorporate Boards: Evidence from China”, Journal of Finance 70, 1629-1682.。
英文版财务报告分析(3篇)
第1篇Executive SummaryThis report provides a comprehensive analysis of XYZ Corporation's financial statements for the fiscal year ending December 31, 2022. The analysis focuses on key financial metrics, liquidity, profitability, solvency, and investment activities. The report aims to provide insights into the financial health and performance of XYZ Corporation, highlighting its strengths and areas requiring improvement.IntroductionXYZ Corporation is a publicly traded company operating in the technology sector. The company specializes in the development and manufacturing of cutting-edge electronics and software solutions. The financial reportfor the fiscal year 2022 provides a snapshot of the company's financial performance during the period.Liquidity AnalysisCurrent RatioThe current ratio is a measure of a company's ability to meet its short-term obligations. XYZ Corporation's current ratio for the fiscal year 2022 was 2.5, which indicates that the company has $2.50 in current assets for every $1 of current liabilities. This ratio is well above the industry average, suggesting that XYZ Corporation has a strong liquidity position.Quick RatioThe quick ratio, also known as the acid-test ratio, measures a company's ability to meet its short-term obligations without relying on the sale of inventory. XYZ Corporation's quick ratio for the fiscal year 2022 was 1.8. This ratio is also above the industry average, indicating that the company can cover its current liabilities without liquidating inventory.Working CapitalWorking capital is the difference between a company's current assets and current liabilities. XYZ Corporation's working capital for the fiscal year 2022 was $50 million, which is a significant improvement over the previous year. This increase in working capital reflects the company's strong liquidity position and ability to fund its operations.Profitability AnalysisGross MarginGross margin is a measure of a company's profitability, calculated as the percentage of revenue remaining after deducting the cost of goods sold. XYZ Corporation's gross margin for the fiscal year 2022 was 35%, which is slightly lower than the industry average. This decrease in gross margin can be attributed to increased raw material costs and higher research and development expenses.Net MarginNet margin is a measure of a company's overall profitability, calculated as the percentage of revenue remaining after all expenses, including taxes, are deducted. XYZ Corporation's net margin for the fiscal year 2022 was 15%, which is in line with the industry average. The company's net margin has remained stable over the past few years, indicating a consistent level of profitability.Return on Assets (ROA)Return on assets is a measure of how efficiently a company uses its assets to generate earnings. XYZ Corporation's ROA for the fiscal year 2022 was 8%, which is slightly lower than the industry average. This indicates that the company could potentially improve its assetutilization to enhance profitability.Solvency AnalysisDebt-to-Equity RatioThe debt-to-equity ratio measures a company's financial leverage and its ability to meet long-term obligations. XYZ Corporation's debt-to-equityratio for the fiscal year 2022 was 1.2, which is slightly below the industry average. This ratio suggests that the company has a moderate level of financial leverage and is in a good position to meet its long-term obligations.Interest Coverage RatioThe interest coverage ratio measures a company's ability to cover its interest expenses with its operating income. XYZ Corporation's interest coverage ratio for the fiscal year 2022 was 4.5, which is well above the industry average. This indicates that the company has a strong ability to cover its interest expenses and is not at risk of defaulting on its debt.Investment ActivitiesCapital Expenditures (CapEx)Capital expenditures represent the investments made by a company in its long-term assets. XYZ Corporation's capital expenditures for the fiscal year 2022 were $100 million, which was a significant increase over the previous year. This increase in CapEx was primarily driven by investments in new manufacturing facilities and research and development projects.Dividends PaidDividends paid are the distributions made to shareholders from a company's earnings. XYZ Corporation paid $30 million in dividends to its shareholders during the fiscal year 2022. This amount represents a 10% increase over the previous year, reflecting the company's commitment to returning value to its shareholders.ConclusionXYZ Corporation's financial report for the fiscal year 2022 indicates a strong liquidity position, stable profitability, and moderate financial leverage. The company has made significant investments in its long-term assets, which should contribute to its future growth and profitability. However, the decrease in gross margin and the need to improve assetutilization suggest that there are areas requiring attention and potential improvement.Recommendations1. XYZ Corporation should continue to monitor its cost of goods sold and explore opportunities to reduce expenses.2. The company should focus on improving its asset utilization to enhance its return on assets.3. XYZ Corporation should maintain its strong liquidity position to ensure it can meet its short-term and long-term obligations.4. The company should continue to invest in research and development to maintain its competitive edge in the technology sector.By addressing these recommendations, XYZ Corporation can further strengthen its financial position and achieve sustainable growth in the future.第2篇Executive SummaryThis analysis delves into the financial performance of XYZ Corporation over the past fiscal year. By examining key financial statements, we aim to provide a comprehensive overview of the company's profitability, liquidity, solvency, and operational efficiency. This report will also highlight the major trends and challenges faced by the company, along with recommendations for improvement.IntroductionXYZ Corporation, a leading player in the [industry sector], has been operating in the market for [number of years]. The company has a diverse product portfolio and operates in [number of countries]. This analysis focuses on the financial statements for the fiscal year ended [financial year end date].1. Income Statement Analysis1.1 Revenue AnalysisThe total revenue for XYZ Corporation for the fiscal year ended [financial year end date] was [amount], an increase of [percentage] compared to the previous year. The revenue growth can be attributed to the expansion of the product line, successful marketing campaigns, and increased market share.1.2 Cost of Goods Sold (COGS) AnalysisThe COGS for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in COGS can be attributed to the rising costs of raw materials, labor, and production expenses. However, the COGS as a percentage of revenue remained stable at [percentage], indicating that the company has managed to control its cost structure.1.3 Gross Profit AnalysisThe gross profit for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. This can be attributed to the revenue growth and effective cost management. The gross profit margin remained at [percentage], which is in line with industry averages.1.4 Operating Expenses AnalysisOperating expenses for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in operating expenses can be attributed to higher marketing and administrative costs. However, the operating expenses as a percentage of revenue remained stable at [percentage], indicating that the company has managed to control its cost structure.1.5 Net Profit AnalysisThe net profit for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The company's net profit margin remained at [percentage], which is in line with industry averages.2. Balance Sheet Analysis2.1 Asset AnalysisThe total assets of XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in assets can be attributed to the expansion of the company's operations and investments in new projects.2.2 Liability AnalysisThe total liabilities of XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in liabilities can be attributed to the expansion of the company's operations and increased borrowings.2.3 Equity AnalysisThe total equity of XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in equity can be attributed to the company's net profit and revaluation of assets.3. Cash Flow Statement Analysis3.1 Operating Cash Flow AnalysisThe operating cash flow for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. This can be attributed to the increase in net profit and effective management of working capital.3.2 Investing Cash Flow AnalysisThe investing cash flow for XYZ Corporation decreased by [percentage] to [amount] during the fiscal year. The decrease in investing cash flow can be attributed to the reduced capital expenditure on new projects.3.3 Financing Cash Flow AnalysisThe financing cash flow for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in financing cash flow can be attributed to the issuance of new shares and repayment of long-term debt.4. Key Ratios Analysis4.1 Profitability Ratios- Gross Profit Margin: [percentage]- Net Profit Margin: [percentage]- Return on Assets (ROA): [percentage]- Return on Equity (ROE): [percentage]4.2 Liquidity Ratios- Current Ratio: [number]- Quick Ratio: [number]4.3 Solvency Ratios- Debt-to-Equity Ratio: [number]- Interest Coverage Ratio: [number]5. Conclusion and RecommendationsXYZ Corporation has demonstrated strong financial performance over the past fiscal year, with revenue and net profit increasing significantly. However, the company faces several challenges, including rising costs, increased competition, and economic uncertainties.Recommendations:- Focus on cost optimization to improve profitability.- Invest in research and development to enhance product offerings.- Strengthen marketing strategies to maintain market share.- Diversify revenue streams to reduce dependency on a single product or market.- Monitor economic indicators and adjust strategies accordingly.By implementing these recommendations, XYZ Corporation can continue to grow and remain competitive in the market.Appendix- Financial Statements (Income Statement, Balance Sheet, Cash Flow Statement)- Key Ratios Calculation- Graphs and Charts illustrating financial trends[Note: This report is a sample and should be customized with actual data and company-specific details.]第3篇IntroductionThe financial report analysis is an essential tool for investors, creditors, and other stakeholders to evaluate the financial performance and stability of a company. This analysis involves examining the financial statements, including the balance sheet, income statement, and cash flow statement, to gain insights into the company's profitability, liquidity, solvency, and efficiency. This paper aims to provide a comprehensive analysis of a fictional company's financial report, focusing on key financial ratios and metrics to assess its overall financial health.1. Overview of the CompanyCompany XYZ is a publicly-traded multinational corporation specializing in the manufacturing and distribution of consumer goods. The company operates in various regions, with a diverse product portfolio that includes electronics, home appliances, and personal care products. Over the past few years, Company XYZ has experienced significant growth, expanding its market share and generating substantial revenue.2. Financial Statements Analysis2.1 Balance SheetThe balance sheet provides a snapshot of the company's financialposition at a specific point in time. The key components of the balance sheet include assets, liabilities, and shareholders' equity.a. AssetsCompany XYZ's assets are categorized into current assets and non-current assets. Current assets include cash, accounts receivable, inventory, and other liquid assets that can be converted into cash within one year.Non-current assets include property, plant, and equipment, intangible assets, and long-term investments.The analysis of Company XYZ's balance sheet reveals that the company has a strong current asset position, with a current ratio of 2.5. This indicates that the company has sufficient liquidity to meet its short-term obligations. Additionally, the company's inventory turnover ratioof 5.2 suggests efficient inventory management and a healthy level of inventory turnover.b. LiabilitiesLiabilities are classified as current liabilities and long-term liabilities. Current liabilities include accounts payable, short-term debt, and other obligations due within one year. Long-term liabilities encompass long-term debt and deferred tax liabilities.The company's current ratio of 2.5 also reflects a healthy level of current liabilities, which are primarily composed of accounts payableand short-term debt. This indicates that the company has a manageable level of short-term debt and is able to cover its obligations with its current assets.c. Shareholders' EquityShareholders' equity represents the residual interest in the assets of the company after deducting liabilities. It is composed of common stock, additional paid-in capital, retained earnings, and other comprehensive income.Company XYZ's shareholders' equity has grown significantly over the years, reflecting the company's profitability and reinvestment of earnings. The company has also issued additional shares to raise capital, which has contributed to the increase in shareholders' equity.2.2 Income StatementThe income statement provides information about the company's revenues, expenses, and net income over a specific period. The key components of the income statement include sales, cost of goods sold, operating expenses, and net income.a. SalesCompany XYZ has experienced consistent sales growth, with a compound annual growth rate (CAGR) of 7% over the past five years. This growth can be attributed to the company's expanding market share, new product launches, and effective marketing strategies.b. Cost of Goods Sold (COGS)The COGS represents the direct costs associated with the production of goods sold by the company. The analysis of Company XYZ's COGS reveals that it has been decreasing over the years, reflecting improved production efficiency and cost control measures.c. Operating ExpensesOperating expenses include selling, general, and administrative expenses (SG&A) and research and development (R&D) expenses. Company XYZ has successfully managed its operating expenses, with a trend of decreasing SG&A expenses and stable R&D expenses.d. Net IncomeThe net income is the final result of the income statement and represents the company's profit after all expenses have been deducted from revenues. Company XYZ has demonstrated strong profitability, with a net income margin of 10% over the past five years.2.3 Cash Flow StatementThe cash flow statement provides information about the company's cash inflows and outflows from operating, investing, and financing activities.a. Operating Cash FlowCompany XYZ has generated positive operating cash flow over the years, which is essential for maintaining liquidity and funding growth initiatives. The company's operating cash flow margin has remained stable, indicating consistent profitability.b. Investing Cash FlowThe investing cash flow represents the company's cash flows from the purchase and sale of long-term assets, such as property, plant, and equipment, and investments. Company XYZ has invested in new manufacturing facilities and acquired other companies to expand its market presence.c. Financing Cash FlowThe financing cash flow includes cash flows from the issuance and repayment of debt, as well as equity financing. Company XYZ has raised capital through the issuance of new shares and long-term debt to fund its expansion plans.3. Financial Ratios and Metrics3.1 Profitability Ratiosa. Return on Assets (ROA)ROA measures the company's ability to generate profit from its assets. Company XYZ has a ROA of 5%, indicating that it is generating a reasonable return on its assets.b. Return on Equity (ROE)ROE measures the company's profitability from the perspective of its shareholders. Company XYZ has a ROE of 15%, reflecting its strong profitability and efficient use of shareholders' equity.3.2 Liquidity Ratiosa. Current RatioThe current ratio of 2.5 indicates that Company XYZ has a strong liquidity position, with sufficient current assets to cover its current liabilities.b. Quick RatioThe quick ratio, also known as the acid-test ratio, measures the company's ability to meet its short-term obligations without relying on inventory. Company XYZ has a quick ratio of 2.0, suggesting a robust liquidity position.3.3 Solvency Ratiosa. Debt-to-Equity RatioThe debt-to-equity ratio of 0.8 indicates that Company XYZ has a moderate level of leverage, with debt financing accounting for a significant portion of its capital structure.b. Interest Coverage RatioThe interest coverage ratio of 5.0 indicates that Company XYZ has sufficient earnings to cover its interest expenses, reflecting a strong financial position.3.4 Efficiency Ratiosa. Inventory Turnover RatioThe inventory turnover ratio of 5.2 suggests that Company XYZ is efficiently managing its inventory, with a high level of inventory turnover.b. Receivables Turnover RatioThe receivables turnover ratio of 10.0 indicates that Company XYZ is collecting its accounts receivable quickly, reducing the risk of bad debt.ConclusionBased on the analysis of Company XYZ's financial report, it is evident that the company has demonstrated strong financial performance and stability. The company's profitability, liquidity, solvency, and efficiency ratios indicate a healthy financial position, supported by consistent revenue growth, effective cost management, and efficient use of assets and liabilities. As such, Company XYZ appears to be a solid investment opportunity for potential investors and creditors.。
资本市场开放对企业投资效率的影响研究——基于“沪港通”效应的实证检验
２０２１年０９期 （３月下旬）资本市场开放对企业投资效率的影响研究——基于“沪港通”效应的实证检验高佳璇 首都经济贸易大学金融学院摘要：我国近年来致力于资本市场对外开放。
“沪港通”政策的实施，是我国力求对外开放在制度层面迈出的关键一步。
本文着重研究资本市场开放对上市公司投资效率与市场定价效率的影响。
研究结果发现：“沪港通”制度将会增加企业投资-股价敏感程度。
并主要体现在国际化程度较高、国有企业、两权分离的企业与管理层持股比较高的企业。
关键词：资本市场开放；股票市场开放；PSM-DID模型；企业投资；“沪港通”一、前言纵观世界各国的经济发展史，对外开放是力求经济发展中的必经之路。
我国资本市场始终保持着较为保守的开放速度，带来了一系列弊端，例如我国上市公司的投资效率低下。
我国在2014年宣布实施“沪港通”，这将会促进境外与国内资本市场的双向沟通与双向开放，不仅为境内外多方投资者提供更为多样的投资方式。
沪港通政策的落地已超过6年时间，但其实施效果尚不可知。
资本市场开放是否能实现“金融服务实体”的政策要求和预期效果？是否能对代表资源配置效率的上市公司投资水平产生正面影响？提高我国上市公司的投资效率？这些均是十分具有现实意义的研究话题。
因此，本文将基于上市公司投资效率对“沪港通”政策带来的实际经济后果进行分析。
二、理论分析与假设提出(一)外部投资者影响“用手”或“用脚”投票是外部投资者影响企业行为的两种方式，“用手投票”可能存在“搭便车”等行为，将削弱投资者公司治理动力。
“沪港通”这一重要的资本市场开放机制会削弱境外投资者实现前一种方式，但会带来交易平台的增加和交易方式的便捷，对我国企业的产生积极作用。
(二)“信息优势观”与“信息劣势观”已有研究表明，外资具有较强的优质股识别能力，其投资主要集中于大盘蓝筹股等优质股票，有助于我国资本市场的趋势逐渐由投机转向投资。
管理层持股比例越高，为获取更多投资资金的关注，企业信息披露质量越高。
financial report 和financial statement analysis
financial report 和financial statementanalysisFinancial Report:A financial report is a document that provides a comprehensive overview of a company's financial performance. It includes information on the company's income, expenses, assets, liabilities, and equity. Financial reports are typically prepared and presented to shareholders, investors, and other stakeholders to help them better understand the company's financial health and make informed decisions.Financial reports are prepared using generally accepted accounting principles (GAAP) or international financial reporting standards (IFRS). These principles ensure that the financial information is consistent, comparable, and reliable. The main components of a financial report include the income statement, balance sheet, statement of cash flows, and statement of shareholders' equity.The income statement, also known as the profit and loss statement, shows the company's revenues, expenses, and net profit or loss over a specific period. It provides an overview of the company'sprofitability and how efficiently it is managing its operations. The balance sheet presents the company's assets, liabilities, and shareholders' equity at a specific point in time. It reflects the financial position of the company and helps investors assess its ability to meet its financial obligations.The statement of cash flows provides information on the cash inflows and outflows from the company's operating, financing, and investing activities. It helps stakeholders understand the company's liquidity and cash flow management. Finally, the statement of shareholders' equity shows the changes in the company's shareholders' equity over a given period. It includes information on dividends, share issuances, and net income.Financial Statement Analysis:Financial statement analysis is the process of examining a company's financial statements to assess its financial health and performance. It involves analyzing the information provided in the financial reports and using various techniques and ratios to gain insights into the company's profitability, liquidity, solvency, and efficiency.One commonly used ratio in financial statement analysis is the profitability ratio, which measures a company's ability to generate profits. Examples of profitability ratios include the gross profit margin, operating profit margin, and net profit margin. These ratios assess the company's ability to control costs, manage pricing, and generate sufficient profits.Liquidity ratios, on the other hand, assess a company's ability to meet its short-term financial obligations. Examples of liquidity ratios include the current ratio and the quick ratio. These ratios indicate whether a company has enough current assets to cover its current liabilities. A high liquidity ratio suggests that a company is financially stable and can easily meet its short-term obligations.Solvency ratios evaluate a company's long-term financial stability by comparing its debt to its equity. Examples of solvency ratios include the debt-to-equity ratio and the interest coverage ratio. These ratios show whether a company has a sustainable capital structure and can meet its debt obligations in the long run.Efficiency ratios measure how effectively a company is utilizing itsresources. Examples of efficiency ratios include the inventory turnover ratio, the accounts receivable turnover ratio, and the asset turnover ratio. These ratios provide insights into a company's inventory management, collection of accounts receivable, and overall asset utilization.In addition to ratios, financial statement analysis may also involve trend analysis, common-size analysis, and benchmarking. Trend analysis involves comparing financial data over multiple periods to identify patterns and potential areas of concern. Common-size analysis involves expressing financial data as a percentage of a base figure to facilitate comparisons. Benchmarking involves comparing a company's financial performance to that of its competitors or industry standards to identify areas for improvement.In conclusion, financial reports provide a comprehensive overview of a company's financial performance, while financial statement analysis involves analyzing the information presented in these reports to assess a company's financial health and performance. By understanding these concepts and utilizing various techniques and ratios, stakeholders can make informed decisions and gain valuableinsights into a company's financial standing.。
会计信息质量对投资决策的影响
会计信息质量对投资决策的影响摘要：在这个信息化和数据时代，企业利益相关者对会计信息可靠性，相关性和透明度的需求日益强烈，企业和资本市场的健康发展日益与高质量的会计信息密不可分。
已有的研究表明，在成熟的资本市场，高质量的会计信息可以反映企业的经营状况，为投资者投资提供一个良好的参考依据。
本文首先从会计信息质量出发，通过文献荟萃分析研究会计信息质量对投资市场、投资成本和投资机会的影响，从而帮助投资者作出投资决策。
关键词：会计信息质量；投资决策；影响Abstract:In this information and data age, the demand for the reliability, relevance and transparency of the accounting information is increasingly strong. The healthy development of the enterprise and the capital market is increasingly closely related to the high quality accounting information. The existing research shows that, in the mature capital market, high quality accounting information can reflect the business situation of the enterprise and provide a good reference for investors. Starting fromthe quality of accounting information, this paper studies the influence of the quality of accounting information on the investment market,investment cost and investment opportunity through the literature meta analysis, so as to help investors to make investment decisions.Key words:Accounting information quality；Investment decision；influence1 引言会计信息质量是所有会计信息特征的总和。
Does investment efficiency improve after the disclosure of material weaknesses in internal control..
Does investment efficiency improve after the disclosure of material weaknesses in internal control over financial reporting?$Mei Cheng a ,Dan Dhaliwal a ,b ,Yuan Zhang c ,naThe University of Arizona,Tucson,AZ 85721,United StatesbKorea University Business School,Seoul 136-701,Republic of Korea cUniversity of Texas at Dallas,Richardson,TX 75080,United Statesa r t i c l e i n f oArticle history:Received 23September 2009Received in revised form 1March 2013Accepted 5March 2013Available online 16March 2013JEL classifications:G31G38M41M48Keywords:Effectiveness of internal control over financial reporting Investment efficiency Disclosurea b s t r a c tWe provide more direct evidence on the causal relation between the quality of financial reporting and investment efficiency.We examine the investment behavior of a sample of firms that disclosed internal control weaknesses under the Sarbanes-Oxley Act.We find that prior to the disclosure,these firms under-invest (over-invest)when they are financially constrained (unconstrained).More importantly,we find that after the disclosure,these firms ’investment efficiency improves significantly.&2013Elsevier B.V.All rights reserved.1.IntroductionPrior literature shows that firms with a lower quality of financial reporting under-invest (over-invest)when they are financially constrained (unconstrained)(Biddle et al.,2009).These results are important because they suggest that the quality of a firm 's financial reporting has an association with real investment efficiency.However,the literature does not establish a causal relation for this association.In this study,we provide more direct evidence for this causal relation by taking advantage of a provision in the Sarbanes-Oxley (SOX)Act that requires a firm to disclose if it has a material internal control weakness (ICW)in its financial reporting (U.S.Congress,2002).Contents lists available at SciVerse ScienceDirectjournal homepage:/locate/jaeJournal of Accounting and Economics0165-4101/$-see front matter &2013Elsevier B.V.All rights reserved./10.1016/j.jacceco.2013.03.001☆We thank the editor,John Core,and an anonymous referee for their invaluable suggestions.We also thank seminar participants at Columbia University,Nanyang Technological University,the University of Illinois at Chicago,and the University of Illinois at Urbana-Champaign for helpful comments.All errors are ourown.nCorresponding author.E-mail addresses:meicheng@ (M.Cheng),dhaliwal@ (D.Dhaliwal),yuan.zhang2@ (Y.Zhang).Journal of Accounting and Economics 56(2013)1–18An ICW suggests that there is an information problem in the firm 's financial reporting system.Given this information problem and the findings from Biddle et al.(2009),we predict that firms that disclose ICWs (ICW firms)exhibit inefficient investment behavior prior to the disclosure.More importantly,because an ICW provides an adverse public signal,these firms are expected to address their past financial reporting problems subsequent to the disclosure.Thus,firms should show an increase in the quality of their financial reporting from the pre-disclosure period to the post-disclosure period.If the improvement in the quality of financial reporting increases investment efficiency,we predict that the pre-disclosure inefficiency in investment by the ICW firms will be mitigated or eliminated in the post-disclosure period.We test these predictions by examining the investment behavior of a sample of ICW firms surrounding their first disclosure of ICWs.Following Biddle et al.(2009),we focus on the relation between the effectiveness of the internal control and investment levels conditional on a given firm 's likelihood of over-investing or under-investing.We start our analyses with a pooled sample of ICW firms and control firms with effective internal control.Regression analyses show that in the year prior to the first disclosure of an ICW,relative to control firms with similar financial conditions,financially constrained ICW firms under-invest by about 1.79%(2.89%)of total assets,while financially unconstrained ICW firms over-invest by about 2.53%(2.76%)of total assets based on the pooled sample (pooled sample of survivors).These numbers represent about 14–23%of average investment levels of the sample (which is about 12.80%of total assets),suggesting that the magnitudes of the effects are economically significant.Most importantly,we find that after the initial disclosure of material weaknesses,the investment inefficiency of ICW firms becomes small and insignificant relative to control firms.Regression analyses based on both the pooled sample and the pooled sample of survivors show that in the second year after the disclosure,the investment levels of ICW firms are no longer significantly different from those of the control firms with similar financial conditions.Further statistical tests also formally confirm significant reductions in both over-investment and under-investment.Following Armstrong et al.(2010),we also employ a propensity-score matching procedure to generate a different control sample.This procedure provides a control sample that has similar characteristics to the ICW firms,but different levels of internal control effectiveness and hence financial reporting quality.When we examine all matched firms,regression analyses support both sets of our hypotheses:(1)in the year prior to disclosure,ICW firms significantly under-invest (over-invest)when firms are financially constrained (unconstrained);and (2)after the disclosure,there are significant reductions in both under-investment and over-investment.Two-sample statistical tests that compare ICW firms and control firms within groups of firms with high ex ante likelihood of over-and under-investment respectively are largely consistent with the regression analyses except that we find little evidence of decreases in under-investment.We also focus on a matched sample of surviving ICW and control firms.The survivorship requirement ensures that the ICW firms remain constant in our event period,which makes it more sensible for inferring over-time changes in investment efficiency.Both two-sample tests of the differences and regression tests based on this sample provide support for both sets of our hypotheses.Taken together,these results suggest that SOX disclosures of ICWs and the changes that follow reduce investment inefficiency.Our study contributes to several streams of literature.First,we contribute to the emerging literature on the relation between the quality of financial reporting and investment efficiency (Bens and Monahan,2004;Biddle and Hilary,2006;McNichols and Stubben,2008;Biddle et al.,2009;Francis and Martin,2010;Bushman et al.,2011).By examining the changes around disclosures of ICWs,we are able to provide more direct evidence of the causal relation between financial reporting quality and investment efficiency than research based on cross-sectional analyses (e.g.,Biddle et al.,2009;Francis and Martin,2010;Bushman et al.,2011).1Second,we shed light on the debate regarding the costs and benefits of SOX and,in particular,of the increased disclosure requirement under Section 404.The popular press and practitioners both argued that the requirement to disclose ICWs under Section 404is burdensome to corporate shareholders as well as to corporate managers and might lead to the misallocation of corporate resources (American Bankers ’Association (ABA),2005;Charles River Associates,2005).In line with these concerns,Berger et al.(2005),Zhang (2007),and Li et al.(2008)document the costs of implementing the SOX requirements with regard to auditing and reporting on internal controls.However,other studies document the benefits of these requirements such as providing information to the executive labor market (Li et al.,2010),improving the quality of financial reporting (Altamuro and Beatty,2010),and reducing the cost of capital for firms (Ashbaugh-Skaife et al.,2009;Dhaliwal et al.,2011).We add to this debate by showing that the changes following ICW disclosures increase real investment efficiency.The remainder of the study proceeds as follows.Section 2provides background on Sections 302and 404of the SOX and develops our empirical predictions.Section 3introduces our research design and describes the samples.Section 4presents our empirical results.Section 5concludes.1Hope and Thomas (2008)also provide a time-series analysis of the effects of disclosure on investment efficiency.There are at least two important differences between our study and theirs.First,we focus on investment efficiency in terms of both over-investment and under-investment,while their focus is on over-investment (“empire building ”)only.Second,we examine the effects of disclosing internal control weaknesses while they examine the effects of geographic earnings disclosure.M.Cheng et al./Journal of Accounting and Economics 56(2013)1–182M.Cheng et al./Journal of Accounting and Economics56(2013)1–183 2.Background and hypotheses2.1.Background on Sections302and404of the Sarbanes Oxley ActThe Sarbanes Oxley Act(SOX)became effective on July29,2002.Prior to the act,firms were only required to publicly disclose deficiencies in their internal control if they changed auditors(Doyle et al.,2007a).With the enactment of SOX, public firms were required to assess and disclose the effectiveness of their internal control systems.Specifically,Section302 mandates that a firm's CEO and CFO certify in periodic(interim and annual)SEC filings that they have“evaluated and presented in the report their conclusions about the effectiveness of their internal controls based on their evaluation.”Section404further requires that each annual report contains an internal control report that includes an assessment of the effectiveness of the issuer's internal control structure and procedures with respect to financial reporting.22.2.Hypothesis developmentWhether suboptimal investments take the form of over-investment or under-investment depends not only on the managers’incentives and the monitoring environment,but also on the availability of capital.Firms with abundant financial resources are more likely to over-invest,while firms with constrained financial resources are more likely to under-invest (Jensen,1986;Myers,1997).Therefore,following Biddle et al.(2009),our prediction of the effects of ICWs on firms’investment is conditional on the availability of financial resources to the firm.2.2.1.ICW and investment levelsWe identify the year in which a firm first discloses an ICW as Year T.Our first set of hypotheses examines investment efficiency in the year immediately prior to the first disclosure(i.e.,Year T−1).3Researchers have documented that the reporting of internal control weakness/effectiveness is associated with accrual quality(e.g.,Doyle et al.,2007b),and they have used ICW reporting as a proxy for poor financial reporting quality(e.g.,Costello and Wittenberg-Moerman,2011).Thus, in the year prior to the first disclosure of an ICW,the firm is expected to have poor financial reporting quality.In a world without frictions(as described in Modigliani and Miller,1958),funds flow such that the marginal product of capital is equal across all projects in the economy,leading to an optimal investment level.However,the literature recognizes that frictions do exist in the economy and documents,both theoretically and empirically,that these frictions can lead to investment inefficiency.Among these frictions,perhaps the most pervasive and important ones are those that arise from information asymmetry(Stein,2003).Information asymmetry between managers and outside suppliers of capital can result in adverse selection and moral hazard,both of which can affect investment efficiency.We argue that a weak internal control system can increase information asymmetry and exacerbate both of these problems,leading to inefficient investment.Under adverse selection,managers are better informed than outside investors as to the true value of the firm's assets and growth opportunities.Managers are thus likely to issue capital when their firm is overvalued.Given that ICW firms have lower financial reporting quality than control firms(Doyle et al.,2007b),information asymmetry is higher and managers have greater incentives to time the issuance of capital.If these timing strategies are successful,managers can then over-invest the proceeds from these capital issuances(Biddle et al.,2009).On the other hand,rational investors anticipate this tendency and are likely to increase the firms’cost of capital.Ashbaugh-Skaife et al.(2009)and Dhaliwal et al.(2011) document that ICW firms have a higher cost of capital than control firms.In this case,we expect that the increased cost of capital associated with ICWs leads financially constrained firms to under-invest,compared with equally financially constrained control firms,because these firms have more difficulty raising the capital needed to fund their projects.Moral hazard,on the other hand,suggests that when managers’and investors’interests are not well aligned,managers have incentives to over-invest so as to maximize their personal welfare(Williamson,1974;Jensen,1986).Without effective monitoring and control,managers of ICW firms have greater opportunities to provide upward-biased information to the board or to shareholders when seeking support for their investment plans.For example,managers might over-state revenue or under-state cost in order to depict a high-growth trend or strong competitive advantage in segments they hope to expand.Thus,under moral hazard,we expect ICW firms without financial constraints to over-invest.However,if outside suppliers of capital are able to anticipate this problem and can ration capital ex ante,moral hazard might lead ICW firms with significant financial constraints to under-invest ex post(Stiglitz and Weiss,1981).To summarize,we expect that,in the year prior to the first disclosure of the ICWs(i.e.,Year T−1),the ICW firms have poor information quality.Given this low information quality and the findings of the literature(Biddle et al.,2009),we expect an ICW firm to invest inefficiently.Following Biddle et al.(2009),we formulate our first set of hypotheses regarding the effects of an ICW,conditional on a given firm's underlying financial condition,as follows:2Section404came into effect for firms with market values greater than or equal to$75million(accelerated filers)for fiscal years ending on or after November15,2004.For smaller public companies(non-accelerated filers),the SEC extended the effective date to fiscal years ending on or after December 15,2007.On September15,2010,the SEC issued rule33–9142that permanently exempts registrants that are non-accelerated filers from the Section404(b) requirement for an internal control audit.3Our empirical tests assume that the disclosed ICW also exists in the year immediately prior to that disclosure.This assumption is consistent with Doyle et al.(2007a),Ashbaugh-Skaife et al.(2008),and Dhaliwal et al.(2011).H1a.Financially constrained ICW firms are more likely to under-invest in the year prior to the disclosures of their ICWs.H1b.Financially unconstrained ICW firms are more likely to over-invest in the year prior to the disclosures of their ICWs.2.2.2.Disclosure of ICW and investment levelsOur second,and more innovative,set of hypotheses relates to the changes in a firm 's investment efficiency around their first disclosure of an ICW.We predict that disclosures of ICWs lead the disclosing firms to undergo important changes.These changes are expected to improve financial reporting quality and mitigate the agency problems of adverse selection and moral hazard,which,in turn,increases investment efficiency.First,we expect a firm 's disclosure of an ICW to mitigate adverse selection.The disclosure of an ICW provides a signal to the board,shareholders,and other stakeholders that the firm has low information quality.The ICW firm is likely to improve its internal control systems over financial reporting subsequent to the disclosure,which should increase the quality of its financial information (Nicolaisen,2004).Consistent with this view,Altamuro and Beatty (2010)find that the requirements to report internal control effectiveness decrease earnings management and increase the validity of the loan-loss provision,persistence of earnings,and the predictability of cash flow.Furthermore,once investors and the board of directors recognize their internal control system is weak,they are likely to demand more and higher-quality disclosures from the managers (Feng et al.,2009).Thus,with both the enhanced disclosures and the improved quality of information,the extent of information asymmetry and hence adverse selection is expected to decrease.As a result,securities are less likely to be overpriced and managers are less likely to time the issuance of capital,which,in turn,decreases the amount of over-investment.On the other hand,in anticipation of these changes,investors are likely to reduce the cost of capital they demand from these firms (Lambert et al.,2007).This lower cost decreases the amount of under-investment because managers have better access to funding when there are good investment opportunities (Myers and Majluf,1984).Second,the ICW disclosure should induce the board of directors,as well as market intermediaries such as credit rating agencies and financial analysts,to increase their level of monitoring,which,in turn,reduces the problem of moral hazard.Importantly,these monitoring entities are likely to increase their scrutiny not only of the financial information managers provide but also of the operating,investing,and financing decisions managers make.For example,the board of directors might seek more independent information,might crosscheck financial information,and might challenge managerial proposals more than they previously had.This enhanced scrutiny helps to reduce the amount of bias or the number of errors in financial reporting and to reduce possible empire-building investment activities.The possibility also exists that managers,now aware of the enhanced scrutiny,will make fewer investment decisions that are not aligned with investors ’interests.As investors anticipate this decrease in managers ’incentives to over-invest,their tendency to ration capital ex ante will also decrease,which will lead to less under-investment ex post in ICW firms with financial constraints.To summarize,the identification and disclosure of an ICW is expected to mitigate the problems of adverse selection and moral hazard.Thus,we use an ICW disclosure as an instrument for an improvement in the quality of financial reporting and examine whether investment efficiency improves following the disclosure of ICWs.This setting helps us shed light on the causal relation between financial reporting quality and investment efficiency and leads to our second set of hypotheses:H2a.Financially constrained ICW firms under-invest less in the years following the disclosures of their ICWs.H2b.Financially unconstrained ICW firms over-invest less in the years following the disclosures of their ICWs.It is important to note that while a firm 's disclosure of the material weaknesses might improve investment efficiency,the timing and extent of that improvement are not clear ex ante.For example,the board of directors and outside shareholders might not effectively detect and stop all over-investment or under-investment activities immediately,in which case ICW firms can still over-invest or under-invest,although to a lesser extent.3.Research design and sample selection 3.1.Research designWe use two different procedures to obtain control samples to compare with the ICW sample.The first procedure obtains control samples based on all firms that make no ICW disclosures around the ICW firms ’first disclosure of an ICW.We refer to this comparison as the pooled sample analysis.Our second method is based on a propensity-score matching procedure.We refer to this comparison as the matched sample analysis.3.1.1.Pooled sample analysisTo test our two sets of hypotheses for the pooled sample,we examine investment efficiency for Years T −1,T þ1,and T þ2separately.We cluster the standard errors at both the firm and year levels to obtain standard errors that are robust to heteroskedasticity,serial correlation,and cross-sectional correlation (Petersen,2009;Gow et al.,2010).Specifically,ourM.Cheng et al./Journal of Accounting and Economics 56(2013)1–184M.Cheng et al./Journal of Accounting and Economics56(2013)1–185 regression model is as follows(firm subscripts are suppressed):Investment t¼a0þa1ÂWeakþa2ÂWeakÂOverFirm t−1þa3ÂOverFirm t−1þ∑b iÂWeakDetermin ant i,t−1þ∑c iÂINVDetermin ant i,t−1þ∑d1i GOV i,t−1þ∑d2i GOV i,t−1ÂOverFirm t−1þe t:ð1ÞThe dependent variable Investment is the total investment measured as the sum of research and development,capital, and acquisition expenditures less the sale of property,plant,and equipment multiplied by100and scaled by the lagged total assets.Weak is an indicator variable,which is set to one for firms that disclosed an ICW and zero for the control firms.Consistent with Biddle et al.(2009),we measure Investment in Year t,and our control variables at the end of Year t−1. As our hypotheses are conditional on the respective ex ante likelihoods of over-investment and under-investment(Opler et al.,1999;Biddle et al.,2009),we use a variable OverFirm to distinguish between situations in which a given firm is more likely to over-invest or under-invest.To construct OverFirm,we follow prior studies that suggest cash-rich and low-leverage firms are more likely to over-invest,and rank each of our sample firms’cash balances and negative leverage at the end of Year t−1into two decile ranks.We then average these two decile ranks and scale the average so that it ranges from zero to one.By focusing our analysis on firms that are prone to specific forms of suboptimal investment,we increase the power of our tests.To test hypotheses H1a and H1b,we estimate Model(1)for Year T−1and focus on the indicator variable Weak and its interaction with OverFirm.Before the firms’initial disclosures of ICWs,if OverFirm equals zero,then firms are financially constrained and thus,ex ante,are more likely to under-invest.Under this scenario,if constrained ICW firms indeed under-invest more than control firms do as predicted in H1a,then the coefficient on Weak(i.e.,a1)is expected to be negative.On the other hand,if OverFirm equals one,then firms are financially unconstrained and thus,ex ante,are more likely to over-invest.Under this scenario,if unconstrained ICW firms over-invest more than control firms do as predicted in H1b,then the sum of the coefficients on Weak and WeakÂOverFirm(i.e.,a1þa2)is expected to be positive.In our second set of hypotheses,we focus on Years Tþ1and Tþ2instead of Year T itself.We choose this focus because how soon after the disclosure the board of directors and other stakeholders of the firm become aware of and respond to the ICWs is unclear.If a firm's disclosure of an ICW leads to elimination(reduction)of the under-investment and over-investment,then a1and a1þa2should be insignificant(of lower magnitude).The control variables we include in Model(1)can be categorized into one of three groups:(1)determinants of material ICW(WeakDeterminant);(2)determinants of investment level(INVDeterminant);and(3)other governance mechanisms (GOV).We base our first group of control variables on Doyle et al.(2007a),who find that smaller(LogAsset),4younger(Age), financially weaker(Losses,Z-score),and more complex(Nseg,Foreign)firms,as well as firms that are growing more rapidly (Extrgrow)or are undergoing restructuring(Rest),are more likely to have a material ICW.We base our second and third groups of control variables on Biddle et al.(2009),who examine the cross-sectional relation between the quality of financial reporting and investment efficiency.Our determinants for investment levels comprise Tobin's Q(Q),cash flow(CFOsale),the standard deviation of cash flow(s(CFO)),the standard deviation of sales(s(Sales)),the standard deviation of investments(s(Investment)),the market-to-book ratio(Mkt-to-book), tangibility(Tangibility),market leverage(Leverage),industry market leverage(Ind Leverage),dividends(Dividend), operating cycle(OperatingCycle),firm age(Age),financial bankruptcy risk(Z-score),firm size(LogAsset),and a loss indicator(Loss).Our third group of control variables captures other monitoring or governance mechanisms that could affect investment efficiency,and comprises the corporate governance index(G-score),5institutional holdings(Institutions),and analyst coverage(Analysts)(Jensen and Meckling,1976;Shleifer and Vishny,1997;Bhojraj and Sengupta,2003).More importantly, we also include the main proxy for the quality of financial reporting used in Biddle et al.(2009),namely,accrual quality (AQ).6,7The addition of these variables ensures that our findings are robust to their effects.To control for the differential effects of these variables on over-investment and under-investment,we include in the model these variables(i.e.,our monitoring/governance variables,particularly the accrual quality variable)as well as their interactions with OverFirm.All variables are defined in detail in the appendix.Further,consistent with Biddle et al.(2009),in addition to the above control variables,we add industry fixed effects using the Fama-French(1997)48-industry classification to control for industry-specific effects on investments.4Doyle et al.(2007a)use Logmv to capture firm size.However,Logmv is highly correlated with LogAsset,which is a control variable in Biddle et al. (2009).We use LogAsset in our models.Replacing it with Logmv does not affect the inferences of this paper.5To avoid a significant reduction in our sample size due to a missing G-score,we follow Biddle et al.(2009)and set the G-score to zero if missing and add an indicator variable for the availability of the corporate governance index(G-score dummy).6Following Biddle et al.(2009),our AQ measure is measured as of Year t−2instead of Year t−1because of the requirement for one leading year of data in calculating AQ.7We choose the accrual quality measure based on Dechow and Dichev(2002)as it is consistently the most significant measure in Biddle et al.(2009). Nonetheless,in additional robustness tests we use two alternative measures of earnings quality:a measure of discretionary revenue used in McNichols and Stubben(2008)and a dummy variable that indicates whether the firm-year's financial statements are subsequently restated according to AuditAnalytics data.Our results are generally robust to these alternative measures.3.1.2.Propensity-score matched sample analysisFor our matched sample analysis,we follow Armstrong et al.(2010)and adopt the method of propensity-score matching to more effectively control for differences in relevant dimensions between the treatment and control samples.We attempt to match each ICW firm with a control firm that is similar across all observable relevant variables.Specifically,we include in the first stage of our regression all determinants of ICW and investment levels,and our governance variables.We estimate the following model for the first stage (firm subscripts are suppressed)by year:Weak ¼a 0þa 1ÂOverFirm t −1þ∑b i ÂWeakDetermin ant i ,t −1þ∑c i ÂINVDetermin ant i ,t −1þ∑d 1i GOV i ,t −1þe t :ð2ÞThe variables used in Model (2)are defined as in Model (1).We also add industry-fixed effects to Model (2)to account for industry-specific factors.We obtain the propensity score for each firm-year as the predicted value in Model (2).We then match each treatment firm (with no replacement)with the control firm that has the closest score in the same year within a distance of 0.01from the treatment firm 's propensity score.If the propensity-score matching is successful,then each ICW firm and its matching control firm are similar in all observable dimensions (including OverFirm ),with the exception of the effectiveness of internal control over financial reporting.Accordingly,in the second stage of our analyses,we compare the investment levels between the ICW firms and the control firms conditional on the ex ante likelihood of over-and under-investing separately to test H1a and H1b .We also examine the changes of the investment differences between ICW firms and control firms from Year T −1to Year T þ2to test H2a and H2b .In addition,we estimate the following model to test our hypotheses:Investment t ¼a 0þa 1ÂWeak þa 2ÂWeak ÂOverFirm t −1þa 3ÂOverFirm t −1þe tð3ÞWe include OverFirm and its interaction with Weak because our identification of investment inefficiency is conditional on the ex ante likelihood that a given firm over-invests or under-invests.Similar to the design of the pooled sample,we expect a 1(a 1þa 2)to be significantly negative (positive)for the under-investment (over-investment)prediction in Year T −1under H1a and H1b ,but insignificant in Years T þ1and T þ2under H2a and H2b .3.2.Sample selectionFollowing recent academic studies (Ogneva et al.,2007;Li et al.,2010;Costello and Wittenberg-Moerman,2011),we obtain information on firms ’disclosures of their internal control from the AuditAnalytics database.This database keeps track of SEC filings in interim and annual reports for both Sections 302and 404disclosures.While there are some differences between the types of disclosures Sections 302and 404require,many firms integrate the two procedures and,hence,reach similar assessments for both.Thus,following the literature (Doyle et al.,2007a,2007b;Ashbaugh-Skaife et al.,2008),we do not differentiate between the assessments of effectiveness under Section 302and those under Section 404.We restrict the disclosures to those occurring between 2004and 2007because disclosures occurring between 2002and 2003are scarce.8Under SOX,internal control deficiencies can take the form of a significant deficiency or a material weakness,with the latter considered as the more severe one (Securities and Exchange Commission (SEC),2003).Consistent with Doyle et al.(2007a),we focus on firms ’disclosures of material ICWs in order to identify more severe deficiencies in internal control over financial reporting and provide greater power for our tests.Accordingly,we code each firm-year as containing material ICWs if (1)AuditAnalytics 302data identify the disclosure of material ICWs in any of its quarterly or annual reports;or (2)AuditAnalytics 404data identify the disclosure of ineffective internal control during that fiscal year.We focus on a firm 's first disclosure of an ICW only.We exclude disclosures made through Form 20-F or Form 10-K/QSB,because foreign or small firms have limited financial data available for our analyses.After merging this data with Compustat data using CIK identifiers,we obtain an initial sample of 1696firms that disclosed material ICWs for the first time between 2004and 2007(i.e.,Year T )via Form 10-K or Form 10-Q.We further require the availability of the investment variable and various control variables used in Model (1).We obtain information on these variables from Compustat (for financial information and earnings quality variables),CRSP (for firm age),RiskMetrics (for corporate monitoring/governance variables),IBES (for analyst coverage),and Thomson Reuters (for institutional holding).Requiring these variables substantially reduces our sample of ICW firms to 545,439,and 388for Years T −1,T þ1,and T þ2respectively.Our main analyses also require a control sample of firms with effective internal control.We use two alternative sample selection procedures.The first procedure obtains all firms covered by AuditAnalytics that (1)disclosed no ICWs between 2004and 2007and (2)have information available for all variables used in our analyses.This leads to 4999,4050,and 3145control firms for the Years T −1,T þ1,and Year T þ2respectively.This sample is larger than the matched sample described below and hence offers greater testing power.8The Securities and Exchange Commission (SEC)(2003)also requires auditors to provide an independent opinion on the effectiveness of the internal control system.Analyses of the AuditAnalytics data show that auditors ’assessments are predominantly consistent with managers ’assessments.For our sample,there are only four cases wherein these two opinions are inconsistent with each other.M.Cheng et al./Journal of Accounting and Economics 56(2013)1–186。
How does financial reporting quality relate to investment efficiency翻译
财务报告质量与投资效率的关系一．引言二．假设发展三．研究设计四．主要实证结果五．稳健性检验六．结论红字 1人蓝字 4人摘要之前的证据表明,高质量的财务报告可以提高资本投资效率没有解决是否减少过度投资或投资不足。
本研究提供的证据都在记录财务报告质量和公司投资操作的设置更倾向于过度投资(投资不足)存在负（正）条件关系。
拥有更好财务报告质量公司偏离预测投资水平较少,显示对宏观经济条件较小的敏感性。
这些结果表明,一种连接报告质量和投资效率的机制将减少道德风险和逆向选择等阻碍有效投资的摩擦。
1. 引言之前的研究表明,高质量的财务报告应该提高投资效率(如布什曼和史密斯,2001;希利和直观,2001;兰伯特et al .,2007)。
与这个观点一致,比德尔和希拉里(2006)发现,高质量的财务报告的公司表现出更高的投资效率代替投资现金流敏感性降低。
然而, 投资现金流灵敏度可以反映融资约束或过多的现金(如。
1997年,卡普兰和Zingales,2000;Fazzari etal .,2000)。
这些发现进一步提高问题,高质量的财务报告是否降低减少过度投资或投资不足。
（核心）该研究提供了证据。
脚注：本文整合了两个工作报告: 比德尔和希拉里的“财务会计质量改善投资效率如何?“和威尔第的“财务报告质量和投资效率”。
我们开始通过假定之间的联系减少财务报告质量和投资效率关系到一个企业之间的信息不对称和外部供应商的资金。
例如,更高的财务报告质量可以允许限制公司吸引资本,使其正的净现值(NPV)项目更可见投资者和证券发行减少逆向选择。
另外,提高财务报告质量控制管理激励价值的破坏活动,如帝国大厦公司充足的资本。
这可以实现,例如,如果更高的财务报告有助于写出更好的防止低效投资和/或增加投资者的监督管理投资决策的能力的合同。
基于这种推理,我们假设高质量财务报告是与较低的过度投资,降低投资不足,或两者兼而有之。
我们用三种方法来调查这些假设。
财务报告分析英文演讲(3篇)
第1篇Ladies and Gentlemen,Good morning/afternoon. Today, I am honored to present to you an in-depth analysis of the latest financial report of [Company Name]. As we navigate through the complexities of financial statements, it is crucial to dissect the data, identify trends, and draw meaningful conclusions that can guide strategic decision-making. In this presentation, I will provide an overview of the financial report, delve into key financial metrics, and discuss the implications for the company's future.I. Introduction to [Company Name][Company Name] is a leading [industry/sector] company with a strong presence in [specific region/country]. The company has been in operation for [number of years], and over the years, it has established a reputation for [mention key strengths or achievements]. The financial report we are analyzing covers the fiscal year ending [date].II. Overview of the Financial ReportThe financial report consists of several sections, each providing insights into the company's financial performance. The key sections include:A. Consolidated Income StatementB. Consolidated Balance SheetC. Consolidated Cash Flow StatementD. Notes to the Financial StatementsIII. Consolidated Income Statement AnalysisA. Revenue GrowthThe revenue for the fiscal year under review has increased by [percentage] compared to the previous year. This growth can beattributed to [mention key factors contributing to the revenue increase,such as new product launches, expansion into new markets, or successful marketing campaigns].B. Gross Profit MarginThe gross profit margin has remained stable at [percentage] over the past year. This indicates that the company has been able to maintain its pricing strategy while managing its cost of goods sold effectively.C. Operating Profit and Net ProfitThe operating profit has increased by [percentage], reflecting the company's efficient operations and cost control measures. The net profit has also grown by [percentage], demonstrating the overall profitability of the company.IV. Consolidated Balance Sheet AnalysisA. Total AssetsThe total assets of the company have increased by [percentage] over the past year, driven by [mention key factors, such as increased investments in property, plant, and equipment or acquisition of new assets].B. Total LiabilitiesTotal liabilities have also increased by [percentage], primarily due to [mention reasons, such as increased borrowing for expansion or working capital requirements].C. Shareholders' EquityThe shareholders' equity has increased by [percentage], indicating the company's ability to generate profits and reinvest in its business.V. Consolidated Cash Flow Statement AnalysisA. Operating Cash FlowThe operating cash flow has increased by [percentage], which is a positive sign as it indicates that the company's core business is generating sufficient cash to support its operations and growth.B. Investing Cash FlowThe investing cash flow has decreased by [percentage], which can be attributed to [mention reasons, such as reduced capital expenditures or divestments of non-core assets].C. Financing Cash FlowThe financing cash flow has remained stable, reflecting the company's conservative approach to debt and equity financing.VI. Implications for the Company's FutureA. Growth ProspectsThe financial report indicates that [Company Name] is on a positive growth trajectory. The company's focus on innovation, expansion into new markets, and cost optimization strategies will likely contribute to its continued growth in the future.B. Financial StabilityThe company's financial stability is evident from its strong cash flow, healthy profit margins, and conservative financial policies. This will provide a solid foundation for future investments and expansion plans.C. Risks and ChallengesWhile the financial report paints a positive picture, it is important to acknowledge the risks and challenges that the company may face. These include competition from new entrants, changes in consumer preferences, and economic uncertainties.VII. ConclusionIn conclusion, the financial report of [Company Name] for the fiscal year ending [date] presents a strong picture of the company's financial performance and future prospects. The company's focus on innovation, expansion, and efficient operations has contributed to its growth and profitability. However, it is crucial for the company to remain vigilant about the risks and challenges it may face in the future. By leveragingits strengths and addressing potential vulnerabilities, [Company Name] is well-positioned to achieve sustainable growth and continue its success in the industry.Thank you for your attention, and I am now open to any questions you may have regarding the financial report analysis.第2篇Introduction:Good morning/afternoon, esteemed audience. Today, I am honored to present a comprehensive analysis of the financial report of our company. This presentation aims to provide an in-depth understanding of our financial performance, strengths, weaknesses, and future prospects. By examining various financial metrics and ratios, we can gain valuable insights into the financial health of our organization.I. Executive Summary:Our company has achieved remarkable growth over the past fiscal year, demonstrating a robust financial position. The key highlights include:1. Revenue growth: Our revenue has increased by 15% compared to the previous year, driven by strong sales in our core product lines.2. Profitability: Net income has risen by 10%, reflecting efficient cost management and improved operational efficiency.3. Asset management: Our assets have grown by 12%, with a significant increase in both current and non-current assets.4. Liquidity: The current ratio and quick ratio have improved,indicating a strong liquidity position.II. Revenue Analysis:A. Revenue Growth:Our revenue has grown at a healthy pace, primarily driven by the following factors:1. Increase in sales volume: Our company has successfully expanded its market share by targeting new customer segments and enhancing our sales strategies.2. Price increase: Strategic price adjustments have contributed to the revenue growth, as we have managed to maintain profitability while improving our pricing strategy.3. Product innovation: Continuous innovation in our product lines has attracted new customers and retained existing ones, thereby driving revenue growth.B. Revenue Composition:It is crucial to analyze the composition of our revenue to understand our business model and identify potential risks. The following breakdown provides insights into our revenue sources:1. Product A: 45%2. Product B: 30%3. Product C: 25%4. Other: 0%The above composition indicates that Product A and Product B are our main revenue drivers, and we should focus on these products to maintain our growth momentum.III. Profitability Analysis:A. Net Income:Our net income has increased by 10% compared to the previous year, demonstrating our ability to generate profits from our operations. This growth can be attributed to the following factors:1. Cost reduction: Our company has implemented various cost-saving measures, such as lean manufacturing and efficient resource allocation, resulting in lower operating expenses.2. Improved pricing: Strategic pricing adjustments have enabled us to maintain profitability while increasing our revenue.3. Strong sales performance: The robust sales growth has contributed to the increase in net income.B. Margin Analysis:To assess our profitability, we can analyze our gross margin, operating margin, and net margin. The following table provides a comparison of these margins over the past three years:Year Gross Margin (%) Operating Margin (%) Net Margin (%)2019 40 20 102020 42 21 112021 44 23 12The table shows a consistent improvement in our margins, reflecting our ability to control costs and enhance profitability.IV. Asset Management Analysis:A. Asset Turnover:The asset turnover ratio measures the efficiency of our asset utilization. The following table presents our asset turnover ratio over the past three years:Year Asset Turnover Ratio2019 1.52020 1.62021 1.7The increasing asset turnover ratio indicates that our company is effectively utilizing its assets to generate revenue.B. Debt-to-Equity Ratio:The debt-to-equity ratio measures the financial leverage of our company. The following table provides our debt-to-equity ratio over the past three years:Year Debt-to-Equity Ratio2019 0.82020 0.92021 1.0The slight increase in our debt-to-equity ratio suggests that we have a moderate level of financial leverage, which is manageable.V. Liquidity Analysis:A. Current Ratio and Quick Ratio:The current ratio and quick ratio are vital indicators of our liquidity position. The following table presents these ratios over the past three years:Year Current Ratio Quick Ratio2019 2.0 1.52020 2.2 1.62021 2.5 1.8The improving current ratio and quick ratio indicate that our company has a strong liquidity position, which allows us to meet our short-term obligations.B. Cash Flow:Analyzing our cash flow statement provides insights into our operating, investing, and financing activities. The following table summarizes our cash flow over the past three years:Year Operating Cash Flow Investing Cash Flow Financing Cash Flow2019 $500 million $100 million $200 million2020 $550 million $120 million $180 million2021 $600 million $150 million $210 millionThe increasing cash flow from operations indicates our ability to generate sufficient cash to support our business operations.Conclusion:In conclusion, our company has demonstrated a strong financial performance over the past fiscal year. The analysis of our financial report highlights several key strengths, including revenue growth, profitability, efficient asset management, and strong liquidity. However, we must remain vigilant about potential risks and continue to focus on innovation, cost management, and market expansion to ensure sustainable growth in the future.Thank you for your attention, and I welcome any questions you may have.第3篇Ladies and gentlemen, esteemed guests, and fellow professionals,Good morning/afternoon/evening. It is my great pleasure to stand before you today to discuss the analysis of financial reports. As we all know, financial reports are essential tools for evaluating the financialhealth and performance of a company. In this presentation, I will delve into the significance of financial reporting, the key components of financial reports, and how to analyze them effectively.I. IntroductionFinancial reporting is the process of communicating financialinformation about a business entity to users such as investors, creditors, and regulators. It is crucial for stakeholders to understand the financial position, performance, and cash flows of a company to make informed decisions. Financial reports provide a comprehensive overviewof a company's financial activities and help assess its profitability, liquidity, solvency, and efficiency.II. Significance of Financial Reporting1. Decision-making: Financial reports assist stakeholders in making investment, credit, and operational decisions. By analyzing the reports, they can assess the company's financial stability and growth potential.2. Transparency: Financial reporting ensures transparency in a company's financial activities, promoting trust among investors, creditors, and other stakeholders.3. Compliance: Companies are required to adhere to accounting standards and regulations, ensuring consistency and comparability in financial reporting.4. Benchmarking: Financial reports enable stakeholders to compare a company's performance with its peers and industry benchmarks.III. Key Components of Financial Reports1. Balance Sheet: The balance sheet provides a snapshot of a company's financial position at a specific point in time. It lists assets, liabilities, and equity, highlighting the company's liquidity and solvency.2. Income Statement: The income statement, also known as the profit and loss statement, shows a company's revenues, expenses, and net income or loss over a specific period. It helps assess the company's profitability.3. Cash Flow Statement: The cash flow statement presents the inflows and outflows of cash from a company's operating, investing, and financing activities. It is crucial for evaluating a company's liquidity and cash flow management.4. Statement of Changes in Equity: This statement explains the changes in a company's equity accounts, such as common stock, retained earnings, and additional paid-in capital, over a specific period.IV. How to Analyze Financial Reports1. Horizontal Analysis: Compare financial data over multiple periods to identify trends and patterns. Look for consistent growth or decline in key financial metrics.2. Vertical Analysis: Analyze financial data as a percentage of a base figure, such as total assets or total revenue, to assess the relative importance of different components.3. Ratio Analysis: Calculate and interpret financial ratios to evaluatea company's liquidity, profitability, solvency, and efficiency. Common ratios include current ratio, debt-to-equity ratio, return on assets, and return on equity.4. Benchmarking: Compare a company's financial performance with industry averages or competitors to assess its competitive position.5. Qualitative Analysis: Consider non-financial factors, such as management quality, industry trends, and economic conditions, to gain a comprehensive understanding of a company's financial health.V. ConclusionIn conclusion, financial reporting is a critical tool for stakeholders to assess a company's financial health and performance. By analyzing the key components of financial reports and employing various analytical techniques, stakeholders can make informed decisions regarding their investments, credit, and business operations. As professionals in the field, it is our responsibility to ensure the accuracy and reliability of financial reports and promote transparency in financial reporting.Thank you for your attention. I welcome any questions or comments you may have regarding the analysis of financial reports.。
财务报告 英文
财务报告英文Financial ReportsFinancial reports are crucial for any business or organization as they provide essential information about the financial health and performance. Financial reports are prepared periodically and typically show a summary of the company's financial position, including income, expenses, assets, and liabilities, among other things. Financial reports enable business owners to assess how their business is performing, make informed decisions, and plan for the future.The information contained in financial reports can be quite extensive, which is why they are typically prepared by professional accountants or financial experts. The financial report typically will include a balance sheet, income statement, cash flow statement, and statement of shareholders' equity. Each report provides a unique viewof the company's financial position, and together they provide a comprehensive overview of the business's performance.A balance sheet is a financial statement that provides an overviewof the company's assets, liabilities, and shareholder's equity. The balance sheet can provide insight into the company's liquidity, solvency, and general financial health. The income statement, on the other hand,provides information about the company's revenue and expenses. It shows how much money the company is making and how much is being spent on things such as salaries, inventory, or advertising.The cash flow statement is another financial report that provides information about the firm's inflows and outflows of cash. It helps business owners ensure they have the cash on hand to pay bills and debts. The statement of shareholders' equity provides information about changes in the company's capital structure, such as the number of shares outstanding and any dividends paid.Businesses are required to prepare financial reports for many reasons, such as to comply with tax laws, attract investors, and ensure they are following best practices in accounting. Companies that wish to go public or are looking for shareholders must produce financial statements in accordance with GAAP (Generally Accepted Accounting Principles).In conclusion, financial reports are essential for businesses, organizations, and individuals alike. They help owners and stakeholders understand the company's financial position and make informed decisions about future growth and development. By providing a comprehensive view of the business's financial performance, financialreports help ensure that all stakeholders have a clear understanding of the company's financial health.。
How does financial reporting quality relate to investment efficiency评论
文章贡献
(1)探索财务报告质量和投资效率之间的因果关系; (2)探索投资的其他维度，比如投资活动的风险。
虽然之前的文献和研究指出，高质量的财务报告可以增加投资效 率但没有相关的文献研究财务报告质量是如何作用于投资效率的过程， 本文考察财务报告质量的高低是否能够影响过度投资以及投资不足。 通过宏观经济(鉴于投资作为经济增长的决定因素的重要性)与公司 级的影响(考虑到投资的主要决定因素是投资者获得的资本回报率)分 析财务报告质量和投资效率之间的关系。
How does financial reporting quality relate to investment efficiency?
第六组
李梦姣 王倩俊 王瑞 周艳茹 刘芳路
相关研究背景
• 在完美市场中，MM（1958）对盈余质量与企业投资行为决策问 题作出了开创性有的研究。即企业的最优资本存量与财务因素无 关，资本的筹资成本或者预期获利程度仅仅导致投资周期性波动。 • McNichols和Stubben(2008)、Kedia和Philippon(2009)和Beatty el al.（2009）等指出高质量财务报告也能帮助公司管理层形成 更准确的未来成长和产品需求的预期，识别更好的投资机会，由 此即使无道德风险和逆向选择的市场中也能提高公司的投资效率。 • 现实世界中，税收和交易成本等因素的存续，使得市场不可能如 此完美地运行，公司始终面临着投资不足或者投资过度的风险， 从而影响公司投资效率(Stein,2003)。 • 资本市场显著不完善，存在信息不对称问题。高质量财务报告可 以通过消除信息不对称增加投资有效性（Leuz and Verrecchila ,2008）。
相关研究背景
• 透明的财务报告能通过改善契约和监督来降低道德 风险和逆向选择，因而高质量财务报告能通过减少 这些融资摩擦而提高公司投资效率（Bushiman and Smith ,201；Biddle el al· .2009）。 • 高质量的财务报告可以减低外部融资成本，提供投 资效率（Myers and Mailuf ,1984）。 • Biddle and Hilary (2006)发现高质量的财务报告可 以降低投资现金流的敏感性，从而提高投资效率 。 以上的研究都是研究了财务报告质量和投资效率 之间的关模型中运用报告质量三个代理变量，两个代 理变量由盈余计算而来所以其变动对模型影响 较大。 2.用现金流和资产负债率来估计投资效率。 统计量的数量有变化可能影响回归结果。 3.从两种非效率形式入手，没有深入研究当企 业受到其他条件制约，例如融资约束或者现金 过剩时， 财务报告对于投资的这种影响是否还 存在以及是否明显。
财务制度国外参考文献
财务制度国外参考文献1. The Impact of Financial Reporting Quality on Corporate Performance: Evidence from EuropeGiroux, Gary A., et al. "The Impact of Financial Reporting Quality on Corporate Performance: Evidence from Europe." Journal of Accounting and Public Policy 37.6 (2018): 575-591.该文献探讨了财务报告质量对公司绩效的影响。
通过对欧洲公司的实证研究发现，财务报告质量与公司绩效之间存在着显著的正相关关系。
作者指出，高质量的财务报告可以提高投资者和债权人对公司的信任，促进公司的融资和投资，进而提升公司的绩效表现。
这一研究结果为企业建立健全的财务制度提供了重要的借鉴。
2. Internal Control Systems and Corporate Governance: A Theoretical ReviewMerchant, Kenneth A. "Internal Control Systems and Corporate Governance: A Theoretical Review." Journal of Accounting Literature 36 (2017): 37-77.这篇文献探讨了内部控制系统与公司治理之间的关系。
作者在理论层面对内部控制系统和公司治理的概念进行了深入分析，并指出内部控制系统是公司治理结构的重要组成部分。
良好的内部控制系统可以有效保障公司资产安全，防范风险，提高公司运营效率。
本文为企业构建有效的内部控制系统提供了重要的理论参考。
3. The Role of Auditing in Enhancing Financial Reporting QualityGlover, Steven M., et al. "The Role of Auditing in Enhancing Financial Reporting Quality." Contemporary Accounting Research 35.3 (2018): 1307-1339.这篇文献探讨了审计对提升财务报告质量的作用。
因为沟通问题导致财务指标错误的英语作文
Communication Breakdown Leading toFinancial Indicator ErrorsIn the fast-paced world of business, communication stands as a pivotal element in ensuring the smooth flow of information and accurate decision-making. However, when communication breakdowns occur, they can have devastating consequences, particularly in the realm of financial indicators. This essay delves into the intricacies of how communication issues can lead to erroneous financialmetrics and the subsequent impact on organizational performance.Communication breakdowns can arise from various sources, ranging from misunderstandings during meetings toinadequate information sharing among departments. In the context of financial indicators, these breakdowns often manifest as misinterpretations of data, omitted information, or delayed updates. For instance, if a sales team fails to communicate the latest market trends or changes in customer behavior to the finance department, the latter may rely on outdated assumptions to calculate revenue projections. Similarly, if internal communication channels are noteffective, critical financial information may not reach decision-makers in a timely manner.The consequences of these communication issues can be profound. Erroneous financial indicators can lead to misguided strategic decisions, such as investing in unprofitable projects or underestimating the resources required to meet growth targets. This, in turn, can impact the bottom line, causing financial losses and eroding shareholder confidence. Moreover, inaccurate financial reporting can damage the reputation of the organization, potentially leading to legal troubles and regulatory sanctions.To mitigate the risks associated with communication breakdowns, organizations must prioritize effective communication practices. This involves fostering a culture of openness and transparency, where employees are encouraged to share information and seek clarification when needed. It also requires establishing clear communication channels and protocols to ensure that critical financial information is shared accurately and promptly.In addition, regular training sessions on financial literacy and communication skills can help employees better understand financial indicators and effectively conveytheir insights to others. By equipping employees with the necessary knowledge and tools, organizations can reduce the likelihood of communication errors and enhance the overall quality of financial reporting.Moreover, the utilization of modern communication tools and technologies can further enhance the effectiveness of internal communication. Platforms such as enterprise resource planning (ERP) systems and collaborative tools allow for real-time data sharing and collaboration across departments, reducing the chances of information silos and delays.In conclusion, communication breakdowns can have a significant impact on financial indicators, leading to erroneous metrics and potentially disastrous consequences for organizations. By prioritizing effective communication practices, organizations can mitigate these risks and ensure that their financial reporting is accurate, timely, and reliable. This, in turn, will foster better decision-making, enhance organizational performance, and ultimately contribute to long-term success.**沟通问题导致财务指标错误**在快节奏的商业世界中，沟通是确保信息流畅和准确决策的关键因素。
Financial Reporting(FR)学习通课后章节答案期末考试题库2023年
Financial Reporting（FR）学习通课后章节答案期末考试题库2023年1.How much should MyWatch recognise as a provision as at 31 December20X1 in accordance with IAS 37 Provisions, Contingent Liabilities andContingent Assets?参考答案:$24,0002.How much should be recognised as property, plant and equipment on initialrecognition?参考答案:$405,0003.Which of the following would NOT contribute to a faithful representation inthe financial statements?参考答案:Ensuring the financial statements are released to investors as soon as possible after the year end.4.How much interest should be capitalised in accordance with IAS 23Borrowing Costs?参考答案:$8,0005.(iv)Enforcement of the consistent use of IFRSs in those regimes that adoptIFRSs参考答案:(i) and (iii) only6.(iv)The investor and investee operate in the same market in which there arethree players each having a similar market share参考答案:(i) only7.How much should Grantham recognise as revenue from the grant in itsfinancial statements for the year ended 31 December 20X2?参考答案:$1,2508.How much should be recognised in other comprehensive income for the yearended 31 December 20X2?参考答案:$2,0009.How much should Raffen recognise in profit or loss in the year ended 31December 20X7 in respect of this transaction?参考答案:$43,58710.How much should be recognised in profit or loss in total in respect of thecows for the year ended 31 December 20X1?参考答案:$71,00011.How much is the profit or loss charge for deferred tax in the year ended 31December 20X2 (ie the second year)?参考答案:$30012.(iv)A building let out to third parties which is falling in value参考答案:(iii) and (iv) only13.How should the above transaction be accounted for in AB's financialstatements for the year ended 31 December 20X1?参考答案:The inventories should be recorded in the statement of financialposition at $450,000 and the $420,000 received should be reported as a liability. There is no profit or loss effect.14.How much should be charged to profit or loss as an impairment loss on 31December 20X4?参考答案:$17,91615.(iv)Tradable taxi licences参考答案:(iv) only。
ifsr准则
ifsr准则
IFRS准则是国际财务报告准则的缩写，全称为国际财务报告准则（International Financial Reporting Standards），是财务会计领域的一个国际性准则。
IFRS准则的起源可以追溯到1966年，当时国际会计师公会联合会（IFAC）开始致力于制定一套国际性的会计准则，并在1973年发布了第一套准则ILOR（International List of Reporting）。
随着全球化越来越深入，IFRS准则已经成为全球范围内通用的财务报告准则，在许多国家和地区都得到了广泛的应用。
IFRS准则不仅是大型跨国企业的财务报告准则，也适用于中小型企业的财务报告。
IFRS准则的制定始终坚持公正、透明、真实和可比性的原则，确保企业的财务报告具有全球范围内的一致性和可比性。
IFRS准则包括单项准则和框架准则两个部分，单项准则包括会计处理、会计估计和披露要求等方面的规定，框架准则则是指定了准则的基础理论、规定了基本原则和概念体系。
IFRS准则的应用对于企业来说有许多好处。
首先，IFRS准则能够提高企业的透明度和真实性。
其次，IFRS准则具有全球范围内的一致性和可比性，有助于企业进行跨国经营和跨界合作。
最后，IFRS准则能够
提高企业的投资价值和信誉度，提高企业与投资人交流的效率和质量。
总之，IFRS准则是全球金融市场上一个非常重要的准则。
作为企业，
应当认真学习、应用和遵守IFRS准则，以提高自身的竞争力和发展潜力。
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源过度投资 投资不足的关系。财务报告质量与投资过度和不足的关系 基于先前的研究还有待于开发。 本文的其余部分如下。第二节发展可测试的假设。第三节描述研究设 计。第四部分介绍主要结果。第五部分提出些敏感性分析。第六节总 结。 2．假设发展 2.1．资本投资效率的决定因素 在新古典框架中,边际 Q 比率是资本投资政策的唯一动力。（如 Yoshikawa,1980;哈亚希,1982;亚伯,1983)。公司投资直到资本投资的 边际收益等于边际成本,受限于配置遍经济利率水平和多余的现金返还给投 资者。然而,文献也承认,公司可能偏离最优水平和投资过度或投资不足。 例如,先前的研究确定了两个主要缺陷道德风险和逆向选择,管理者和外 部资本供应商之间信息不对称造成的,它可以影响资本投资的效率。 经理最大化他们的个人福利有时会倾向于投资不符合股东的最大利益 (Berle 和手段,1932;詹森和梅克林,1976)。道德风险模型使用这个直 觉认为经理会投资负的净现值项目当委托代理激励机制有分歧。道德 风险会导致投资过度或不足依赖于可得到的资本。一方面,自然倾向于 过度投资如果企业有资源进行投资将产生事后过度投资。例如,詹森 (1986)预测,经理人激励消费额外津贴和发展他们的公司超出了最佳大 小。这些预测得到布兰查德 et al .(994)等的实证。另一方面,资本供应 商可能会认识到这个问题,资本事前配给,这可能会导致事后投资不足 (如。斯蒂格利茨和维斯,兰伯特 et al .,1981;2007)。
缺乏逆向选择的正的 NPV 的投资机会。相应地,过度投资是指投资项 目净现值为负。 我们定义财务报告质量是财务报告精确的传达公司业务的信息,特别是 其预期的现金流, 来通知股票投资者。这个定义与财务会计准则委员 会的声明财务会计概念 1 号(1978)一致，声明财务报告的一个目的是 告知现在和潜在的投资者在作出理性的投资决策和评估预期的公司现 金流。增强与之前的研究的可比性,我们使用的盈余质量派生 Dechow 和 Dichev(2002)的措施对财务报告质量作为一个代理。这种方法是基 于收益提高信息量的收益通过消除暂时现金流波动,它已被广泛用于之 前的文献。其次,我们使用一个测量提出的盈余质量维索斯基(2008)解 决 Dechow 和 Dichev 限制措施。最后,为了捕获更多的前瞻性方面财 务报告质量,我们使用一个测量的可读性李(2008)提出的财务报表被称 为 FOG 指数。李显示 FOG 指数与收益持久性和未来公司盈利能力。 我们分析收益率三个重要发现。首先,我们发现高质量的财务报告与较 低的投资过度或不足有关。具体地说,报告质量与更有可能过度投资的 倾向的投资公司之间呈现负相关，之前的文献表明 (即现金富裕和未用 杠杆的公司)(Jensen 迈尔斯,1977;1977),报告质量与更有可能出现投 资不足的公司正相关 (如公司现金限制和高杠杆)。因此,这一发现表明, 财务报告质量和投资之间的关系取决于公司的可能性是更倾向于投资 过度或投资不足。第二,与报告质量更高的公司不太可能偏离的公司建 模时的水平的预测水平的投资。第三,报告质量在当总投资高时与投资 额负相关,当总投资低时与投资额正相关。这一发现表明,较高财务报告 质量的公司比较低财务报告质量的公司受总体宏观经济冲击的影响较 小。
财务报告质量与投资效率的关系 一． 引言 二． 假设发展 三． 研究设计 四． 主要实证结果 五． 稳健性检验 六． 结论 红字 1 人 蓝字 4 人
摘要 之前的证据表明,高质量的财务报告可以提高资本投资效率没有解决是 否减少过度投资或投资不足。本研究提供的证据都在记录财务报告质 量和公司投资操作的设置更倾向于过度投资(投资不足)存在负（正） 条件关系。拥有更好财务报告质量公司偏离预测投资水平较少,显示对 宏观经济条件较小的敏感性。这些结果表明,一种连接报告质量和投资 效率的机制将减少道德风险和逆向选择等阻碍有效投资的摩擦。 1. 引言 之前的研究表明,高质量的财务报告应该提高投资效率(如布什曼和史密 斯,2001;希利和直观,2001;兰伯特 et al .,2007)。与这个观点一致,比德 尔和希拉里(2006)发现,高质量的财务报告的公司表现出更高的投资效 率代替投资现金流敏感性降低。然而, 投资现金流灵敏度可以反映融资 约束或过多的现金(如。1997 年,卡普兰和 Zingales,2000;Fazzari et
行资本有更大的灵活性。如果财务报告质量减少逆向选择成本,它可以 通过与投资效率联系通过减少外部融资成本和减少公司通过因当前错 误定价获得过多资金的可能性。这些发现表明,高质量的财务报告也可 以减少逆向选择。 基于上面的讨论,我们假设高质量财务报告与过度投资，投资不足呈现 负相关。具体来说,我们形成了如下两个假设: H1a。财务报告质量与过度投资呈现负相关。 H1b。财务报告质量与投资不足呈现负相关。 2.3．其他治理机制 上述假说表明财务报告质量和投资效率之间的联系。然而,其他治理机 制与投资效率也相关 。例如,费雷拉和马托斯(2008)表明,拥有较高机 构所有权的公司，有较低的资本支出和较高的估值,表明机构所有权缓 解过度投资。Chang et al。(2009)表明,较多分析师的跟进提高金融政 策的灵活性，这可能有助于缓解投资不足。詹森(1986)认为,企业控制 市场可以作为缓解过度投资的监测机制。与预测一致,龚帕斯 et al .(2003)表明,拥有较强股东权利的公司有更高的企业价值,较低的资 本支出,较少的企业并购。鉴于这些可能性,我们的实证分析明确测试这 些治理机制是否与降低过度投资和投资不足也有关。 3.研究设计 我们用三种方法来检验这些假设。首先,我们检查财务报告质量和资本 投资水平之间的关系条件是是否该公司更有可能过度投资或投资不足。 我们用公司特有的特征(之前文献确定)对较高可能过度投资或投资不 足的公司进行分类（第五节,我们也考虑了，基于整体经济和特定分区 的行业的过度投资和投资不足分层)。第二,我们直接模型基于公司投资
al .,2000)。这些发现进一步提高问题,高质量的财务报告是否降低减少 过度投资或投资不足。（核心）该研究提供了证据。
脚注：本文整合了两个工作报告: 比德尔和希拉里的“财务会计质量改善投资效率如何?“和 威尔第的 “财务报告质量和投资效率”。
我们开始通过假定之间的联系减少财务报告质量和投资效率关系到一 个企业之间的信息不对称和外部供应商的资金。例如,更高的财务报告 质量可以允许限制公司吸引资本,使其正的净现值(NPV)项目更可见投 资者和证券发行减少逆向选择。另外,提高财务报告质量控制管理激励 价值的破坏活动,如帝国大厦公司充足的资本。这可以实现,例如,如果 更高的财务报告有助于写出更好的防止低效投资和/或增加投资者的监 督管理投资决策的能力的合同。 基于这种推理,我们假设高质量财务报告是与较低的过度投资,降低投资 不足,或两者兼而有之。我们用三种方法来调查这些假设。首先,我们检 查是否 与财务报告质量有关的较低的投资公司 更倾向于过度投资和更 高的投资的公司更有可能投资不足。为此,我们分区的样本公司特有的 特征-现金和杠杆-与过度投资或投资不足有关 (如 Jensen,迈尔 斯,1977;1977)。第二,我们直接模型基于公司投资机会的预期投资水 平 研究财务报告质量和预期水平的偏差之间的关系。第三,我们识别 设定公司更可能投资过度或投资不足由于外源性原因 使用分区变量总 投资在经济和产业水平。 在这个分析中两个关键的构建是投资效率和财务报告质量。我们概念 上定义一个公司投资有效,是否有正的净现值(NPV)进行项目在没有市 场摩擦的场景下比如逆向选择和代理成本等。因此,投资不足包括放弃
另一个可信的解释我们的结果是,他们可能会捕捉不同的影响报告质量 公司治理机制。要解决这个问题,我们明确测试是否替代监测机制,即机 构所有权,分析师报道,和企业的市场控制与投资效率有关(代理的 g 值 指标的反收购条款)。证据是混合在这些治理机制是否减少过度投资和 投资不足。然而,我们推论关于财务报告质量和投资之间的关系并不被 包含公司治理指标所影响 表明我们文章不是简单的表现报告质量作为 公司治理的一个代理。 虽然我们的研究结果表明,财务报告质量与较高的投资效率有关,然而也 存在一些警告。首先,我们的主要发现使用一个综合衡量的投资。当我 们调查子组件的投资,结果是研发活动，收购比资本支出强但资本支出 的结果是微不足道对于维索斯基(2008)衡量盈余质量和弱的 FOG 指数。 其次,在整个论文的结果是最强对于 Dechow 和 Dichev 的测量比其它 财务报告质量的代理。鉴于维索斯基的担忧(2008)关于 AQ 的建构效 度作为财务报告质量的代理,我们进一步证明我们的结果通常是稳健的 使用财务报告质量指数基于维索斯基衡量收益质量和 FOG 指数。然 而,我们的研究结果的经济规模可能会更好的被发现使用这些后来的变 量。 我们的发现来源于很多的文献,研究财务报告质量和投资之间的关系。 本斯和莫纳罕,2004;比德尔和希拉里,布什曼 et al .,2006;2006;比蒂 et al .,2008;弗朗西斯和马丁,2008;希望和托马斯,2008;麦克尼克和 Stubben,2008)。记录财务报告质量和投资效率之间的关系既有宏观 经济(鉴于投资作为经济增长的决定因素的重要性)与公司级的影响(考 虑到投资的主要决定因素是投资者获得的资本回报率)。我们的结果扩 展和推广之前的结果通过考虑全面衡量投资(及其子组件),通过对财务 报告质量,使用多个变量和特别记录财务报告质量与两个非有效经济来
机会的公司具体资本投资的预期水平,和测试财务报告质量和预期水平 的偏离之间的关系(我们的二次代替过度投资和投资不足)。作为一个 稳健性检验,我们也在综合经济和产业水平的投资条件下去提供一个对 过度投资和投资不足代理,其较小的被公司特有财务报告质量影响 (见 5.2 节)。 3.1。财务报告质量和投资之间条件性的关系 首先,我们测试是否当公司更可能投资过度（投资不足）时，高质量财 务报告与投资是负 (正)相关。特别是我们估计下面的模型。
逆向选择模型表明,如果经理们比投资者对公司前景更好的了解,他们将 尝试时间资本发行出售高估证券(即。柠檬的问题)。如果他们成功了, 他们可能过度投资这些收益(如。贝克 et al .,2003)。然而,投资者可能 会对配给资本做出理性反应,这可能导致事后投资不足。例如,迈尔斯和 Majluf(1984)表明,当管理者表现支持现有股东和公司需要筹集资金投 资现有的净现值为正的项目，经理可能会拒绝以打折的价格筹集资金, 即使这意味着放弃良好的投资机会。 上面的讨论表明,公司和资本供应商之间的信息不对称可以减少资本投 资效率通过引起摩擦比如道德风险和逆向选择,可以导致投资过度和投 资不足。在下一节中,我们将讨论财务报告质量如何可以减少信息不对 称而且与投资效率有关。 2.2．财务报告质量和最优投资水平 之前的研究表明,高质量的财务报告可以提高投资效率,减轻信息不对称 导致道德风险和逆向选择等经济摩擦(如。Leuz Verrecchia,2000;布 什曼和史密斯,2001;Verrecchia,2001)。例如被很好的证实：股东使 用财务报告信息去监控经理(如.布什曼和史密斯,2001;兰伯特,2001)和 构成 为投资者的公司特有的信息一个重要来源 (如。布什曼 Indjejikian,1993;Holmstrom•,1993;Kanodia 和李,1998)。如果高质 量的财务报告增加股东监控管理投资活动的能力,它可以通过减少道德 风险与投资效率有关。 然而,公司和投资者之间的信息不对称的存在也可能导致资本供应商推 断坏类型的公司筹集资金从而折扣股票价格 (迈尔斯和 Majluf,1984)。 财务报告质量可以缓解这个问题。符合这一观点,Chang et al .(2009) 提出一个动态逆向选择的模型而且经验表明有更好财务报告的公司发