财务报表分析中英文对照外文翻译文献

中英文对照外文翻译文献
(文档含英文原文和中文翻译)
原文：
ANALYSIS OF FINANCIAL STATEMENTS
We need to use financial ratios in analyzing financial statements.—— The analysis of comparative financial statements cannot be made really effective unless it takes the form of a study of relationships between items in the statements. It is of little value, for example, to know that, on a given date, the Smith Company has a cash balance of $1oooo. But suppose we know that this balance is only -IV per cent of all current liabilities whereas a year ago cash was 25 per cent of all current liabilities. Since the bankers for the company usually require a cash balance against bank lines, used or unused, of 20 per cent, we can see at once that the firm's cash condition is exhibiting a questionable tendency.
We may make comparisons between items in the comparative financial statements as follows:
1. Between items in the comparative balance sheet
a) Between items in the balance sheet for one date, e.g., cash may be compared with current liabilities
b) Between an item in the balance sheet for one date and the same item in the balance sheet for another date, e.g., cash today may be compared with cash a year ago
c) Of ratios, or mathematical proportions, between two items in the balance sheet for one date and a like ratio in the balance sheet for another date, e.g., the ratio of cash to current liabilities today may be compared with a like ratio a year ago and the trend of cash condition noted
2. Between items in the comparative statement of income and expense
a) Between items in the statement for a given period
b) Between one item in this period's statement and the same item in last period's statement
c) Of ratios between items in this period's statement and similar ratios in last period's statement
3. Between items in the comparative balance sheet and items in the comparative statement of income and expense
a) Between items in these statements for a given period, e.g., net profit for this year may be calculated as a percentage of net worth for this year
b) Of ratios between items in the two statements for a period of years, e.g., the ratio of net profit to net worth this year may-be compared with like ratios for last year, and for the years preceding that
Our comparative analysis will gain in significance if we take the foregoing comparisons or ratios and; in turn, compare them with:
I. Such data as are absent from the comparative statements but are of importance in judging a concern's financial history and condition, for example, the stage of the business cycle
2. Similar ratios derived from analysis of the comparative statements of competing concerns or of concerns in similar lines of business What financial
ratios are used in analyzing financial statements.- Comparative analysis of comparative financial statements may be expressed by mathematical ratios between the items compared, for example, a concern's cash position may be tested by dividing the item of cash by the total of current liability items and using the quotient to express the result of the test. Each ratio may be expressed in two ways, for example, the ratio of sales to fixed assets may be expressed as the ratio of fixed assets to sales. We shall express each ratio in such a way that increases from period to period will be favorable and decreases unfavorable to financial condition.
We shall use the following financial ratios in analyzing comparative financial statements:
I. Working-capital ratios
1. The ratio of current assets to current liabilities
2. The ratio of cash to total current liabilities
3. The ratio of cash, salable securities, notes and accounts receivable to total current liabilities
4. The ratio of sales to receivables, i.e., the turnover of receivables
5. The ratio of cost of goods sold to merchandise inventory, i.e., the turnover of inventory
6. The ratio of accounts receivable to notes receivable
7. The ratio of receivables to inventory
8. The ratio of net working capital to inventory
9. The ratio of notes payable to accounts payable
IO. The ratio of inventory to accounts payable
II. Fixed and intangible capital ratios
1. The ratio of sales to fixed assets, i.e., the turnover of fixed capital
2. The ratio of sales to intangible assets, i.e., the turnover of intangibles
3. The ratio of annual depreciation and obsolescence charges to the assets
against which depreciation is written off
4. The ratio of net worth to fixed assets
III. Capitalization ratios
1. The ratio of net worth to debt.
2. The ratio of capital stock to total capitalization .
3. The ratio of fixed assets to funded debt
IV. Income and expense ratios
1. The ratio of net operating profit to sales
2. The ratio of net operating profit to total capital
3. The ratio of sales to operating costs and expenses
4. The ratio of net profit to sales
5. The ratio of net profit to net worth
6. The ratio of sales to financial expenses
7. The ratio of borrowed capital to capital costs
8. The ratio of income on investments to investments
9. The ratio of non-operating income to net operating profit
10. The ratio of net operating profit to non-operating expense
11. The ratio of net profit to capital stock
12. The ratio of net profit reinvested to total net profit available for dividends on common stock
13. The ratio of profit available for interest to interest expenses
This classification of financial ratios is permanent not exhaustive. -Other ratios may be used for purposes later indicated. Furthermore, some of the ratios reflect the efficiency with which a business has used its capital while others reflect efficiency in financing capital needs. The ratios of sales to receivables, inventory, fixed and intangible capital; the ratios of net operating profit to total capital and to sales; and the ratios of sales to operating costs and expenses reflect efficiency in the use of capital.' Most of the other ratios reflect financial efficiency.
B. Technique of Financial Statement Analysis
Are the statements adequate in general?-Before attempting comparative analysis of given financial statements we wish to be sure that the statements are reasonably adequate for the purpose. They should, of course, be as complete as possible. They should also be of recent date. If not, their use must be limited to the period which they cover. Conclusions concerning 1923 conditions cannot safely be based upon 1921 statements.
Does the comparative balance sheet reflect a seasonable situation? If so, it is important to know financial conditions at both the high and low points of the season. We must avoid unduly favorable judgment of the business at the low point when assets are very liquid and debt is low, and unduly unfavorable judgment at the high point when assets are less liquid and debt likely to be relatively high.
Does the balance sheet for any date reflect the estimated financial condition after the sale of a proposed new issue of securities? If so, in order to ascertain the actual financial condition at that date it is necessary to subtract the amount of the security issue from net worth, if the. issue is of stock, or from liabilities, if bonds are to be sold. A like amount must also be subtracted from assets or liabilities depending upon how the estimated proceeds of the issue are reflected in the statement.
Are the statements audited or unaudited? It is often said that audited statements, that is, complete audits rather than statements "rubber stamped" by certified public accountants, are desirable when they can be obtained. This is true, but the statement analyst should be certain that the given auditing film's reputation is beyond reproach.
Is working-capital situation favorable ?-If the comparative statements to be analyzed are reasonably adequate for the purpose, the next step is to analyze the concern's working-capital trend and position. We may begin by ascertaining the ratio of current assets to current liabilities. This ratio
affords-a test of the concern's probable ability to pay current obligations without impairing its net working capital. It is, in part, a measure of ability to borrow additional working capital or to renew short-term loans without difficulty. The larger the excess of current assets over current liabilities the smaller the risk of loss to short-term creditors and the better the credit of the business, other things being equal. A ratio of two dollars of current assets to one dollar of current liabilities is the "rule-of-thumb" ratio generally considered satisfactory, assuming all current assets are conservatively valued and all current liabilities revealed.
The rule-of-thumb current ratio is not a satisfactory test of
working-capital position and trend. A current ratio of less than two dollars for one dollar may be adequate, or a current ratio of more than two dollars for one dollar may be inadequate. It depends, for one thing, upon the liquidity of the current assets.
The liquidity of current assets varies with cash position.-The larger the proportion of current assets in the form of cash the more liquid are the current assets as a whole. Generally speaking, cash should equal at least 20 per cent of total current liabilities (divide cash by total current liabilities). Bankers typically require a concern to maintain bank balances equal to 20 per cent of credit lines whether used or unused. Open-credit lines are not shown on the balance sheet, hence the total of current liabilities (instead of notes payable to banks) is used in testing cash position. Like the two-for-one current ratio, the 20 per cent cash ratio is more or less a rule-of-thumb standard.
The cash balance that will be satisfactory depends upon terms of sale, terms of purchase, and upon inventory turnover. A firm selling goods for cash will find cash inflow more nearly meeting cash outflow than will a firm selling goods on credit. A business which pays cash for all purchases will need more ready money than one which buys on long terms of credit. The more rapidly the inventory is sold the more nearly will cash inflow equal cash outflow, other things equal.
Needs for cash balances will be affected by the stage of the business cycle. Heavy cash balances help to sustain bank credit and pay expenses when a period of liquidation and depression depletes working capital and brings a slump in sales. The greater the effects of changes in the cycle upon a given concern the more thought the financial executive will need to give to the size of his cash balances.
Differences in financial policies between different concerns will affect the size of cash balances carried. One concern may deem it good policy to carry as many open-bank lines as it can get, while another may carry only enough lines to meet reasonably certain needs for loans. The cash balance of the first firm is likely to be much larger than that of the second firm.
The liquidity of current assets varies with ability to meet "acid test."- Liquidity of current assets varies with the ratio of cash, salable securities, notes and accounts receivable (less adequate reserves for bad debts), to total current liabilities (divide the total of the first four items by total current liabilities). This is the so-called "acid test" of the liquidity of current condition. A ratio of I: I is considered satisfactory since current liabilities can readily be paid and creditors risk nothing on the uncertain values of merchandise inventory. A less than 1:1 ratio may be adequate if receivables are quickly collected and if inventory is readily and quickly sold, that is, if its turnover is rapid andif the risks of changes in price are small.
The liquidity of current assets varies with liquidity of receivables. This may be ascertained by dividing annual sales by average receivables or by receivables at the close of the year unless at that date receivables do not represent the normal amount of credit extended to customers. Terms of sale must be considered in judging the turnover of receivables. For example, if sales for the year are $1,200,000 and average receivables amount to $100,000, the turnover of receivables is $1,200,000/$100,000=12. Now, if credit terms to customers are net in thirty days we can see that receivables are paid promptly.
Consideration should also be given market conditions and the stage of the business cycle. Terms of credit are usually longer in farming sections than in industrial centers. Collections are good in prosperous times but slow in periods of crisis and liquidation.
Trends in the liquidity of receivables will also be reflected in the ratio of accounts receivable to notes receivable, in cases where goods are typically sold on open account. A decline in this ratio may indicate a lowering of credit standards since notes receivable are usually given to close overdue open accounts. If possible, a schedule of receivables should be obtained showing those not due, due, and past due thirty, sixty, and ninety days. Such a, schedule is of value in showing the efficiency of credits and collections and in explaining the trend in turnover of receivables. The more rapid the turnover of receivables the smaller the risk of loss from bad debts; the greater the savings of interest on the capital invested in receivables, and the higher the profit on total capital, other things being equal.
Author(s): C. O. Hardy and S. P. Meech
译文：
财务报表分析
A.财务比率
我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。

例如，只是知道史密斯公司在一个特定的日期中拥有10000美元的现金余额，对我们是没有多大价值的。

但是，假如我们知道，这种余额在这种平衡中有4%的流动负债，而一年前的现金余额有25%的流动负债。

由于银行家对公司通常要求现金余额保持在银行信用度的20%，不管使用或不使用，如果公司的财务状况出现问题，我们可以立即发现。

我们可以对比比较财务报表中的项目，作出如下结论：
1. 项目之间的资产负债表比较：
a）在资产负债表中的一个日期之间的比较，例如项目，现金与流动负债相比；
b）同一项目在资产负债表中一个日期与另一个日期之间的比较，例如，现在的现金与一年前比较；
c）比较两个项目之间在资产负债表中一个日期和一个相似比率在资产负债表中的另一个日期的比率，例如，现在现金流动负债的比率与另一个项目一年前的相似比率和已经标记的现金状况趋势的比较。

2．项目报表中收入和支出的比较：
a）一定时期中的报表项目的比较；
b）同一项目在报表中现阶段与上个阶段的比较；
c）报表中项目之间的比率与去年相似比率的比较；
3．资产负债表中的项目与报表中收入和支出项目的比较：
a）在这些报表项目之间的一个给定的时间内，例如，今年净利润可能以百分比计算今年净值；
b）两个报表中项目之间的比率在这几年时间的比较，例如，净利润的比率占今年净值的百分比与去年或者前年的相似比率的比较
如果我们采用上述比较或比率，然后依次比较它们，我们的比较分析结果将获得重要意义：
1. 这样的数据比较是报表缺少的，但这种数据对于金融史和条件判断是十分重要的，例如，商业周期的阶段性；
2. 使用财务财务比率分析财务报表，从竞争角度，人民比较关注类似业务的比较。

财务报表的比较可能被表示成项目之间的比较，例如，现金状况除以流动负债项目总产品的现金使所得出的商来表示总现金的项目测试。

每个比可以用两种方式表示，例如，销售固定资产的比率可被表示为销售固定资产的比率。

我们将以这样的方式表达每一个比例，增加不同期间，将有利于降低财务状况中的不利的金融条件。

我们应使用下列财务比率来分析比较财务报表：
一. 流动资金比率：
1. 流动资产与流动负债的比率；
2. 现金流动负债总额的比率
3. 现金、可售证券、票据和应收账款与流动负债总额的比率；
4. 销售应收款项的比例，也就是说，应收账款周转率；
5. 商品库存，即存货周，商品成本率；
6. 应收票据与应收账款的比率；
7. 应收账款与存货的比率；
8. 库存与营运资金净额的比率；
9. 应付票据与应付账款的比率；
10.库存与应付帐款的比率。

二. 固定资产及无形资产的资本比率：
1. 销售固定资产的比率，即固定资本的周转；
2. 销售无形资产的比率，即无形资产周转率；
3. 每年的折旧和与报废费用的比率，即折旧资产核销；
4. 固定资产净值的比率。

三. 资本比率：
1. 债务净值的比率；
2. 资本存量与总市值的比率；
3. 固定资产与长期债务的比率。

四. 收入和支出的比率：
1. 销售净营业利润的比率；
2. 净营业利润与总资本的比率；
3. 销售额与经营成本及开支的比率；
4. 销售净利润的比例；
5. 净利润与净值的比率；
6. 销售与财务费用的比率；
7. 借入资本与资本成本的比率，；
8. 投资与投资收入的比率；
9. 非经营性收入与经营溢利净额的比率；
10.净营业利润与营业外支出的比率；
11.净利润与资本存量的比率；
12.净利润与再投资净利润总额比率，即普通股股息率；
13.利润利息与利息开支的比率。

财务比率是永久性的这种分类并非详尽无遗，其他比率可用于购买指示。

此外，一些比率反映了资金使用的效率，，而其他反映资金融资的效率。

销售应收款项、存货，固定资产和无形资本、净营业利润、资本总额和销售的比率以及销售经营成本及开支的比率反映了在资金使用的效率。

大多数其他比率反映了金融效率。

B.财务报表分析技术
报表和数据是否充足？在我们比较分析给出的财务报表之前，我们希
望确保财务报表是合理和足够充分的。

当然，它们应该尽可能完整。

他们也应该是近期的数据。

如果不是这样，其使用必须限制在其所涵盖的期间。

例如2008年条件的结论不能完全地建立在2006年报表数据上。

比较资产负债表是否可以反映当时的情况？如果是这样，重要的是要知道金融条件在高点和低点的财务状况。

当资产流动性非常快和债务很低时，我们必须避免过分造成在低点时的商务判断；当流动性较差的资产和债务可能是比较高的时候，我们应避免过分否定在最高点时的判决。

建议发行新证券，要根据任何日期的资产负债表反映的财务状况估计？如果是这样的话，为了确定于该日期的实际财务状况，减少证券发行数量是很有必要的。

如果债券被出售，也必须有类似的金额减去根据估计所得款项的问题是如何在声明中反映的资产或负债。

报表是审核的还是未经审核的？这就是常说的经审计的报表，也就是完整的审计，而不是未被注册会计师审核即批准的报表。

这是真实的，但是报表分析师应该确定给出的审计公司是否超出职责范围。

正在运行的资本状况是否良好？如果要分析报表的目的是合理且足够充分的，下一步是分析关注的营运资本的趋势和位置。

我们可以开始确定的流动资产对流动负债的比率。

这个比率关注可能的能力，而不损害其净营运资本偿付义务。

这是一种借用额外的营运资金或续借没有困难的短期贷款的措施。

其他的事情都是相等的条件下，流动负债超过流动资产越大，
短期债券人的风险越小，信贷业务越好。

假设保守的估值和全部流动资产和流动负债均计算在内，流动资产两美元的利率对于一美元的流动负债是“经验法则”的比例通常被认为是令人满意的。

经验法则的流动比率对于运营资本的状况和趋势并不是一个令人满意的测试。

不到两美元，对于一美元来说，流动比率少于两美元可能足够了，或者超过两美元的流动比率对于一美元可能是不恰当的。

这只取决于流动资产的流动性这一点。

流动资产的流动性随现金状况的变化而变化。

流动资产因为现金出现的比例越大，流动资产作为一个整体流动的越快。

一般来说，现金应等于至少20％的总流动负债（流动负债总额）。

银行家通常需要关注保持银行结余等于20％的信贷额度是否使用。

开放式信贷额度在资产负债表上没有显示，因此，总的流动负债（应付银行票据）是用来测试现金状况的，就像有两个流动比率，现金比率20％是多了还是少了是经验法则的标准。

现金余额是否令人满意，取决于销售条款、购买、存货周转率。

一个公司销售商品对于现金流入量和现金流出量要比比赊货销售更加满意。

支付现金购买所有消费品的买卖比使用长期信用卡需要更多的现金。

其他条件相同的情况，售出存货越快，现金流入量越接近现金流出量。

现金余额的需求会受商业周期的阶段的影响。

当结算的时候，不景气的运营资本可能带来销售暴跌，而充足的现金结余额有助于维持银行信贷
和支付费用清算。

金融政策的差异会影响现金结余的大小。

一个公司认为具备尽可能多的银行开行的利好政策，而另一个公司可能只要具备一些标准，就可以满足贷款的合理特定要求。

第一公司的现金余额可能会远远多于第二家公司。

流动资产的流通性随着“严峻的考验”的程度而变化。

流动资产的流动性随现、可售证券、票据和应收账款（扣除坏账准备充足的储备）的比率、流动负债总额（划分总的前四个项目的总流动负债）的变化而变化。

这就是所谓的“严峻考验”当前条件下的流动性。

1:1的比率是令人满意的，因为流动负债可以很容易地支付，债权人在库存商品的不确定价值上没有任何风险，小于1:1的比率可能就足够了，如果应收账款的快速收集和库存很容易，很快销售一空，也就是说，其营业额变动的风险很小。

流动资产的流通性随着应收款项的偿还能力而变化。

这可以根据年销售额的平均应收账款或者年应收账款来确定，除非应收票据不能代表证正常金额的信贷客户。

销售条件必须考虑在应收款项的营业额中。

例如，如果年销售额是1,200,000美元，平均应收款项总计100,000美元，那么应收款项的营业额为1,200,000/100,000=12.现在，如果对顾客来说，信贷条款的期限是三十天，我们就可以看到应收款项可以很快还清。

报酬也应该考虑到市场条件和商业周期的阶段性。

对于农业方面的贷款条件比工业更加多，在经济繁荣时期是有好处的，但是在金融危机或者经济不景气的时候却很
慢。

应收款项的流通性也反应在应收账款的利率上，在多数情况下货物在往来账户上代表性地销售，应收账款利率的下降可能预示着信用标准的下降，通常关闭逾期账户。

如果可能的话，应收款项的计划表应该给出那些没有支付的款项和过期三十天，六十天，九十天的款项。

这种计划表的价值在于展示信用的的有效性和款项回收，和解释应收款项的营业额的流动趋势。

应收款项的流通额流通的越快，收不回的账目的损失风险越小；在其他相等的条件下，应收账款的投入资本的存款利润越大，总资本的利润越高。

作者: C. O. Hardy and S. P. Meech。