财务外文翻译 基于财务报表分析企业价值
财务报表分析外文文献及翻译
财务报表分析外文文献及翻译LNTU---Acc附录A财务报表分析的杠杆左右以及如何体现盈利性和值比率摘要关键词:财政杠杆;运营债务杠杆;股本回报率;值比率传统观点认为，杠杆效应是从金融活动中产生的:公司通过借贷来增加运营的资金。
杠杆作用的衡量标准是负债总额与股东权益。
然而，一些负债——如银行贷款和发行的债券，是由于资金筹措，其他一些负债——如贸易应付账款，预收收入和退休金负债，是由于在运营过程中与供应商的贸易，与顾客和雇佣者在结算过程中产生的负债。
融资负债通常交易运作良好的资本市场其中的发行者是随行就市的商人。
与此相反，在运营中公司能够实现高增值。
因为业务涉及的是与资本市场相比，不太完善的贸易的输入和输出的市场。
因此，考虑到股票估值，运营负债和融资负债的区别的产生有一些先验的原因。
我们研究在资产负债表上，运营负债中的一美元是否与融资中的一美元等值这个问题。
因为运营负债和融资负债是股票价值的组成部分，这个问题就相当于问是否股价与账面价值比率是否取决于账面净值的组成。
价格与账面比率是由预期回报率的账面价值决定的。
所以，如果部分的账面价值要求不同的溢价，他们必须显示出不同的账面价值的预期回报率。
因此，标准的财务报表分析的能够区分股东从运营中和借贷的融资业务中产生的利润。
因此，资产回报有别于股本回报率，这种差异是由于杠杆作用。
然而，在标准的分析中，经营负债不区别于融资负债。
因此，为了制定用于实证分析的规范，我们的研究结果是用于愿意分析预期公司的收益和账面收益率。
这些预测和估值依赖于负债的组成。
这篇文章结构如下。
第一部分概述并指出了了能够判别两种杠杆作用类型，连接杠杆作用和盈利的财务报表分析第二节将杠杆作用，股票价值和价格与账面比率联系在一起。
第三节中进行实证分析，第四节进行了概述与结论。
1 杠杆作用的财务报表分析以下财务报表分析将融资债务和运营债务对股东权益的影响区别开。
这个分析从实证的详细分析中得出了精确的杠杆效应等式普通股产权资本收益率=综合所得?普通股本(1) 杠杆影响到这个盈利等式的分子和分母。
财务报表分析中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：ANALYSIS OF FINANCIAL STATEMENTSWe need to use financial ratios in analyzing financial statements.—— The analysis of comparative financial statements cannot be made really effective unless it takes the form of a study of relationships between items in the statements. It is of little value, for example, to know that, on a given date, the Smith Company has a cash balance of $1oooo. But suppose we know that this balance is only -IV per cent of all current liabilities whereas a year ago cash was 25 per cent of all current liabilities. Since the bankers for the company usually require a cash balance against bank lines, used or unused, of 20 per cent, we can see at once that the firm's cash condition is exhibiting a questionable tendency.We may make comparisons between items in the comparative financial statements as follows:1. Between items in the comparative balance sheeta) Between items in the balance sheet for one date, e.g., cash may be compared with current liabilitiesb) Between an item in the balance sheet for one date and the same item in the balance sheet for another date, e.g., cash today may be compared with cash a year agoc) Of ratios, or mathematical proportions, between two items in the balance sheet for one date and a like ratio in the balance sheet for another date, e.g., the ratio of cash to current liabilities today may be compared with a like ratio a year ago and the trend of cash condition noted2. Between items in the comparative statement of income and expensea) Between items in the statement for a given periodb) Between one item in this period's statement and the same item in last period's statementc) Of ratios between items in this period's statement and similar ratios in last period's statement3. Between items in the comparative balance sheet and items in the comparative statement of income and expensea) Between items in these statements for a given period, e.g., net profit for this year may be calculated as a percentage of net worth for this yearb) Of ratios between items in the two statements for a period of years, e.g., the ratio of net profit to net worth this year may-be compared with like ratios for last year, and for the years preceding thatOur comparative analysis will gain in significance if we take the foregoing comparisons or ratios and; in turn, compare them with:I. Such data as are absent from the comparative statements but are of importance in judging a concern's financial history and condition, for example, the stage of the business cycle2. Similar ratios derived from analysis of the comparative statements of competing concerns or of concerns in similar lines of business What financialratios are used in analyzing financial statements.- Comparative analysis of comparative financial statements may be expressed by mathematical ratios between the items compared, for example, a concern's cash position may be tested by dividing the item of cash by the total of current liability items and using the quotient to express the result of the test. Each ratio may be expressed in two ways, for example, the ratio of sales to fixed assets may be expressed as the ratio of fixed assets to sales. We shall express each ratio in such a way that increases from period to period will be favorable and decreases unfavorable to financial condition.We shall use the following financial ratios in analyzing comparative financial statements:I. Working-capital ratios1. The ratio of current assets to current liabilities2. The ratio of cash to total current liabilities3. The ratio of cash, salable securities, notes and accounts receivable to total current liabilities4. The ratio of sales to receivables, i.e., the turnover of receivables5. The ratio of cost of goods sold to merchandise inventory, i.e., the turnover of inventory6. The ratio of accounts receivable to notes receivable7. The ratio of receivables to inventory8. The ratio of net working capital to inventory9. The ratio of notes payable to accounts payableIO. The ratio of inventory to accounts payableII. Fixed and intangible capital ratios1. The ratio of sales to fixed assets, i.e., the turnover of fixed capital2. The ratio of sales to intangible assets, i.e., the turnover of intangibles3. The ratio of annual depreciation and obsolescence charges to the assetsagainst which depreciation is written off4. The ratio of net worth to fixed assetsIII. Capitalization ratios1. The ratio of net worth to debt.2. The ratio of capital stock to total capitalization .3. The ratio of fixed assets to funded debtIV. Income and expense ratios1. The ratio of net operating profit to sales2. The ratio of net operating profit to total capital3. The ratio of sales to operating costs and expenses4. The ratio of net profit to sales5. The ratio of net profit to net worth6. The ratio of sales to financial expenses7. The ratio of borrowed capital to capital costs8. The ratio of income on investments to investments9. The ratio of non-operating income to net operating profit10. The ratio of net operating profit to non-operating expense11. The ratio of net profit to capital stock12. The ratio of net profit reinvested to total net profit available for dividends on common stock13. The ratio of profit available for interest to interest expensesThis classification of financial ratios is permanent not exhaustive. -Other ratios may be used for purposes later indicated. Furthermore, some of the ratios reflect the efficiency with which a business has used its capital while others reflect efficiency in financing capital needs. The ratios of sales to receivables, inventory, fixed and intangible capital; the ratios of net operating profit to total capital and to sales; and the ratios of sales to operating costs and expenses reflect efficiency in the use of capital.' Most of the other ratios reflect financial efficiency.B. Technique of Financial Statement AnalysisAre the statements adequate in general?-Before attempting comparative analysis of given financial statements we wish to be sure that the statements are reasonably adequate for the purpose. They should, of course, be as complete as possible. They should also be of recent date. If not, their use must be limited to the period which they cover. Conclusions concerning 1923 conditions cannot safely be based upon 1921 statements.Does the comparative balance sheet reflect a seasonable situation? If so, it is important to know financial conditions at both the high and low points of the season. We must avoid unduly favorable judgment of the business at the low point when assets are very liquid and debt is low, and unduly unfavorable judgment at the high point when assets are less liquid and debt likely to be relatively high.Does the balance sheet for any date reflect the estimated financial condition after the sale of a proposed new issue of securities? If so, in order to ascertain the actual financial condition at that date it is necessary to subtract the amount of the security issue from net worth, if the. issue is of stock, or from liabilities, if bonds are to be sold. A like amount must also be subtracted from assets or liabilities depending upon how the estimated proceeds of the issue are reflected in the statement.Are the statements audited or unaudited? It is often said that audited statements, that is, complete audits rather than statements "rubber stamped" by certified public accountants, are desirable when they can be obtained. This is true, but the statement analyst should be certain that the given auditing film's reputation is beyond reproach.Is working-capital situation favorable ?-If the comparative statements to be analyzed are reasonably adequate for the purpose, the next step is to analyze the concern's working-capital trend and position. We may begin by ascertaining the ratio of current assets to current liabilities. This ratioaffords-a test of the concern's probable ability to pay current obligations without impairing its net working capital. It is, in part, a measure of ability to borrow additional working capital or to renew short-term loans without difficulty. The larger the excess of current assets over current liabilities the smaller the risk of loss to short-term creditors and the better the credit of the business, other things being equal. A ratio of two dollars of current assets to one dollar of current liabilities is the "rule-of-thumb" ratio generally considered satisfactory, assuming all current assets are conservatively valued and all current liabilities revealed.The rule-of-thumb current ratio is not a satisfactory test ofworking-capital position and trend. A current ratio of less than two dollars for one dollar may be adequate, or a current ratio of more than two dollars for one dollar may be inadequate. It depends, for one thing, upon the liquidity of the current assets.The liquidity of current assets varies with cash position.-The larger the proportion of current assets in the form of cash the more liquid are the current assets as a whole. Generally speaking, cash should equal at least 20 per cent of total current liabilities (divide cash by total current liabilities). Bankers typically require a concern to maintain bank balances equal to 20 per cent of credit lines whether used or unused. Open-credit lines are not shown on the balance sheet, hence the total of current liabilities (instead of notes payable to banks) is used in testing cash position. Like the two-for-one current ratio, the 20 per cent cash ratio is more or less a rule-of-thumb standard.The cash balance that will be satisfactory depends upon terms of sale, terms of purchase, and upon inventory turnover. A firm selling goods for cash will find cash inflow more nearly meeting cash outflow than will a firm selling goods on credit. A business which pays cash for all purchases will need more ready money than one which buys on long terms of credit. The more rapidly the inventory is sold the more nearly will cash inflow equal cash outflow, other things equal.Needs for cash balances will be affected by the stage of the business cycle. Heavy cash balances help to sustain bank credit and pay expenses when a period of liquidation and depression depletes working capital and brings a slump in sales. The greater the effects of changes in the cycle upon a given concern the more thought the financial executive will need to give to the size of his cash balances.Differences in financial policies between different concerns will affect the size of cash balances carried. One concern may deem it good policy to carry as many open-bank lines as it can get, while another may carry only enough lines to meet reasonably certain needs for loans. The cash balance of the first firm is likely to be much larger than that of the second firm.The liquidity of current assets varies with ability to meet "acid test."- Liquidity of current assets varies with the ratio of cash, salable securities, notes and accounts receivable (less adequate reserves for bad debts), to total current liabilities (divide the total of the first four items by total current liabilities). This is the so-called "acid test" of the liquidity of current condition. A ratio of I: I is considered satisfactory since current liabilities can readily be paid and creditors risk nothing on the uncertain values of merchandise inventory. A less than 1:1 ratio may be adequate if receivables are quickly collected and if inventory is readily and quickly sold, that is, if its turnover is rapid andif the risks of changes in price are small.The liquidity of current assets varies with liquidity of receivables. This may be ascertained by dividing annual sales by average receivables or by receivables at the close of the year unless at that date receivables do not represent the normal amount of credit extended to customers. Terms of sale must be considered in judging the turnover of receivables. For example, if sales for the year are $1,200,000 and average receivables amount to $100,000, the turnover of receivables is $1,200,000/$100,000=12. Now, if credit terms to customers are net in thirty days we can see that receivables are paid promptly.Consideration should also be given market conditions and the stage of the business cycle. Terms of credit are usually longer in farming sections than in industrial centers. Collections are good in prosperous times but slow in periods of crisis and liquidation.Trends in the liquidity of receivables will also be reflected in the ratio of accounts receivable to notes receivable, in cases where goods are typically sold on open account. A decline in this ratio may indicate a lowering of credit standards since notes receivable are usually given to close overdue open accounts. If possible, a schedule of receivables should be obtained showing those not due, due, and past due thirty, sixty, and ninety days. Such a, schedule is of value in showing the efficiency of credits and collections and in explaining the trend in turnover of receivables. The more rapid the turnover of receivables the smaller the risk of loss from bad debts; the greater the savings of interest on the capital invested in receivables, and the higher the profit on total capital, other things being equal.Author(s): C. O. Hardy and S. P. Meech译文：财务报表分析A.财务比率我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。
基于财务报表分析的企业价值分析
目录基于财务报表分析的企业价值分析 (1)引言 (1)研究背景 (1)研究目的 (2)研究意义 (3)财务报表分析的基本概念 (3)财务报表的定义 (3)财务报表分析的目的 (4)财务报表分析的方法 (5)企业价值分析的理论基础 (6)企业价值的概念 (6)企业价值的影响因素 (7)企业价值的评估方法 (8)基于财务报表分析的企业价值分析方法 (9)财务报表分析在企业价值分析中的作用 (9)财务报表分析的指标选择 (10)财务报表分析的具体步骤 (11)案例分析：基于财务报表分析的企业价值评估 (12)选取一家企业进行案例分析 (12)运用财务报表分析方法进行企业价值评估 (13)分析结果及结论 (15)财务报表分析的局限性及应对策略 (16)财务报表分析的局限性 (16)应对策略及建议 (16)结论 (18)研究总结 (18)研究展望 (18)基于财务报表分析的企业价值分析引言研究背景随着市场经济的发展和全球化的进程，企业价值分析在金融领域中扮演着越来越重要的角色。
企业价值分析是一种通过对企业财务报表进行深入分析，评估企业的价值和潜力的方法。
通过对企业的财务状况、经营绩效和未来发展趋势进行全面评估，企业价值分析可以帮助投资者、管理者和其他利益相关者做出明智的决策。
财务报表是企业财务状况的重要反映，包括资产负债表、利润表和现金流量表等。
通过对财务报表的分析，可以了解企业的财务状况、经营绩效和盈利能力等关键指标。
然而，仅仅依靠财务报表本身并不能全面准确地评估企业的价值。
财务报表往往只能提供过去的信息，而对于企业未来的发展趋势和潜力，财务报表无法提供直接的线索。
因此，基于财务报表分析的企业价值分析成为了一种重要的方法。
企业价值分析的目的是评估企业的价值和潜力，为投资者、管理者和其他利益相关者提供决策依据。
对于投资者来说，企业价值分析可以帮助他们判断是否值得投资某个企业，以及投资的风险和回报。
对于管理者来说，企业价值分析可以帮助他们了解企业的财务状况和经营绩效，为企业的战略决策提供支持。
基于现金流量的公司价值分析 外文原文 精品
Free Cash Flow, Enterprise Value, and Investor CautionHarlan PlattCollege of Business AdministrationNortheastern UniversitySebahattin DemirkanSchool of ManagementSUNY Binghamton UniversityMarjorie PlattCollege of Business AdministrationNortheastern UniversityAbstract：By analyzing actual cash flows in comparison with enterprise values (market capitalization plus debt minus cash) we document that the market dramaticall undervalues firms. The findings suggest that the equity market appears to have an extraordinarily high discount rate which negates future earnings in the calculus of firm value. That is, the discount rate is so high that the vast majority of future cash flows are virtually ignored.Our research finds that stock prices do not reflect future corporate earnings. This finding contrasts with the well known statement in finance textbooks that “the value of a firm equals the present discounted value of future cash flows.” In fact, we find that enterprise values are substantially less than the present discounted value of future cash flows. A one-dollar increase in future cash flows produces only a 75 cent increase in a firm’s enterprise value.The implication of our work is clear: companies are worth far more than the market believes. This provides strong support to the idea behind the private equity industry. We realize that of late private equity firms have overpaid for acquisitions and may lose their entire investment during the current phase of deleveraging. Yet, if private equity firms acquire companies at reasonable prices using less debt, they are likely to create substantial value as a consequence of the fact that companies are so undervalued by the market relative to their cash flows.There are no previous research efforts following our methodological design based on actual cash flows. Rather, .prior research studies have focused on the relationship between forecasted cash flows (by market analysts) and enterprise value. Our approach focuses on a different question – the relationship between discounted future cash flows and the current market value as posited by financial theory.Keywords: Enterprise Value, Actual Cash Flow, Cash Flow, Valuation1.IntroductionThe common explanation provided in finance textbooks for the value of the firm is that it equals the present discounted value of future free cash flows (FCF). Few analysts or market observers disagree with this statement. Despite its universal acceptance, there are few studies of the basic FCF proposition and the theory that underlies the science of valuation. In this paper, we explore the question of whether the value of the firm is related to its future cash flows. Existent literature on this subject includes a few studies conceptually similar to ours and a large body of work on questions peripheral to the basic issue addressed in this paper. Those related works use the FCF valuation theory to address issues of market efficiency. Our work is directed at valuation and not the market efficiency question.Obviously actual future cash flows are unknown when analysts estimate value. Lacking actual future cash flow data, analysts create careful projections of annual cash flows for several years, usually less than 10, and then estimate cash flows in additional years with a terminal value. Public companies have value forecasts prepared for them by many unrelated individuals and organizations. Some forecasts are too optimistic while others are too pessimistic. Presumably optimistic forecasters are buyers of securities while pessimistic forecasters are sellers. A secu rity’s market price would then be the share value that clears the market of optimists and pessimists.The specific projections of all individual forecasters are unavailable. What is known, at a point in time, is the actual market capitalization and enterprise value (EV) that results from the interactions of these many forecasts. Some researchers have tested the relationship between the value of the firm and cash flow forecasts by obtaining a sample of analyst’s forecasts or forecasts from other published so urces. We instead substitute actual cash flows for forecasted cash flows. Our null hypothesis assumes that the market-clearing forecast of future free cash flows is correct for every company. In that case, actual cash flows can be substituted for cash flow forecasts. If the market clearing forecast is too optimistic (pessimistic) then the observed EV exceeds (is less than) the present discounted value of actual free cash flows. Our first empirical test examines how closely EV compare with the present discounted value of actual subsequent cash flows. Finding the theory to be less than complete, our second empirical exercise considers additional explanatory factors to explain EV. This portion of the paper tests whether the accepted FCF theory fully explains EVs.2.LITERATURE REVIEWThe earliest written discussion of the idea that the value of something is related to its future cash flows comes from Johan de Witt (1671); though the basic idea traces back to the early Greeks1. In modern times, the idea that corporate value is related to 1See Daniel Rubinstein, Great Moments in Financial Economics, Journal of Investment Management (Winter 2003).future dividends was first described by John Williams (1938)2. Durand (1957) observed what later became known as the Gordon growth model, that a dividend growing at a constant rate forever can be capitalized to estimate a firm’s va lue.The literature that tests the FCF theory examines a variety of valuation methods. All of these tests rely on forecasts of cash flows or earnings made contemporaneously with the valuation estimate. That is, starting in a given year, they compare actual EV against forecasts, made that year, for the same company. For example, Francis, Olsson, and Oswald (2000) compared three theoretical valuation models-- discounted dividends (DD), discounted FCF, and discounted abnormal earnings (AE)3– by analyzing Value Line annual forecasts for the period 1989 – 1993 for a sample of2,907 firm years that ranges between 554 and 607 firms per year. They found that the AE model had a 27% lower absolute prediction error than the FCF model and a 57% lower absolute prediction error than the DD model.Sougiannis and Yaekura (2001) also consider three multiperiod accounting based valuation methods: an earnings capitalization model (similar to FCF), residual income (a version of AE) without a terminal value, and residual income with a terminal value4. They put analyst’s earnings forecasts into the three theoretical models and find overall that they provide greater insight than merely relying on current earnings, book values or dividends. Their sample covered 36,532 firm years over the period 1981 – 1998 of which 22,705 consisted of one year forecasts, 9,420 of two year forecasts, 1,279 of three year forecasts, and 3,128 of four year forecasts. They found that the AE model with a terminal value most accurately predicted current equity values in 48% of cases, the FCF model was most accurate in 18% of cases, and the AE without a terminal value was most accurate in 13% of cases. Current income and book values provided the best forecasts for the remaining 21% of the sample.Liu, Nissim and Thomas (LNT) (2002) in an article similar to Sougiannis and Yaekura (2001) found that multiples based on analyst’s forward earnings projections (made in the same year) explain stock prices within 15% of their actual value while historical earnings, cash flow measures, book value, and sales were not nearly as insightful. LNT argue that multiples value future profits and risk better than present value forecasts. Their multiples are derived based on current earnings and stock prices.Gentry, Whitford, Sougiannis, and Aoki (2001) took a different theoretical and empirical approach comparing an accounting method which looked at the discounted value of future net income to a finance method that looked at the discounted value of FCFs to equity. Their analysis tested the closeness with which each model predicted capital gains. The sample included both US (1981 – 1998) and Japanese companies (1985– 1998). Each year had between 881 and 1034 US companies and 166 to 3652See, Aswath Damodaran, “Valuation Approaches and Metrics: A Survey of the Theory,” Stern School of Business Working Paper, November 2006. Damodaran notes that Ben Graham saw the connection between value and dividends but not with a discounted valuation model.3Abnormal earnings as discussed by Ohlson (1995) assume that the value of equity equals the sum ofbook value plus abnormal earnings.4They also report that a 4% constant growth rate provides the best terminal value, even better than onesbased on individual firm growth forecasts.Japanese companies. They found that the FCFs to equity method were not closely related to capital gains rates of return for either US or Japanese companies. In the US they found a strong relationship between cash flows associated with operations, interest, and financing (the accounting method) to capital gains; no similar relationship was found in Japan.Finally, Dontoh, Radhakrishnan, and Ronen (2007) compared the association between stock prices and accounting figures. They found that the association between stock prices and accounting numbers has been declining over time. They suggest that this may be due to increased noise in stock prices resulting from higher trading volume driven by non-information based trading.A further related literature examines the relationship between valuation and changes in dividends . These studies are concerned with market efficiency. Dividends are a straightforward concept: they are the payments made to equity holders by a company. Dividends may also be thought to include all cash payouts to equity including share repurchases, share liquidations, and cash dividends. Several studies have examined whether changes in dividends relate to changes in equity values; among these are Shiller (1981), LeRoy and Porter (1981), and Campbell and Shiller (1987). These tests generally find that stock market volatility can not be explained by subsequent changes in dividends. Larrain and Yogo (2008) take a slightly different look at equity volatility. Using a more aggregate sample they find that the majority of the change in asset prices (88%) is explained by cash flow growth while the remaining 12% is explained by changes in asset returns. They conclude that stock prices are not explained by dividend changes.The residual income method is conceptually more similar to FCF than to dividends. Residual income at its most basic equals the firm’s net income minus the cost of its capital. In the accounting literature, Ohlson’s (1991, 1995) formulation of a residual income model (RIM) is widely accepted and has been subjected to numerous tests. RIM begins with an accounting identity; namely that the change in book value equals the difference between net income and dividends. Ohlson then defines AE as the difference between net income and lagged book value. It is then a small step to observe that the present discounted value of expected future abnormal earnings plus the book value of equity equals stock price5. Jiang and Lee (2005) test both the RIM and the dividend discount model. Their test of equity volatility finds that RIM provides more and better information than dividends.3.METHODOLOGYUnlike previous studies, we rely on actual subsequent cash flows over a period of time rather than forecasts of cash flow made contemporaneously with EV. Previous researchers can be thought of as studying the consistency between contemporaneous EV determined in the market and forecasts of future cash flows. Our study does not have that focus. We instead are interested in the actual accuracy of market determined EVs. We compare EVs at a point in time to subsequent cash flows. The closer these values are the more accurate is the market in valuing companies based on their future 5See Jiang and Lee (2005), page 1466.cash flows.In order to estimate corporate value with FCFs, annual costs of capital must be estimated for each company. An alternative is to determine value using the capital cash flow (CCF) method. CCF yields the same present value as FCF6but only requires a single cost of capital estimate for each firm. This is the approach we follow.CCF is determined following Arzac (2005) as follows:CCF = net income + depreciation - capital expenditures –Δ working capital +Δ deferred taxes + net interestEstimated enterprise value (EEV) is calculated with the CCF estimates as follows:EEV =Σ(CCFi,j ) /(1+ kj )t TVj /(1+ kj )y , (i=1….y)where k is cost of capital, TV is terminal value, i is year, y is the final year with cash flow data and j represents firm. Terminal value is estimated according to the Gordon growth model. EEV estimates are compared with EV, the firm’s actual va lue as of the last trading day of the year. EV is calculated following Arzac (2005) as follows;EV = MarketCap + Debt −CashThe comparison between EV and EEV is a test of the accuracy of the market’s valuation process. Cases where EV exceeds (is less than) EEV are ones of overly optimistic (pessimistic) market valuation.4.DataWe begin with all firms with fiscal year end for which there is data for:• cash and short-term investments (data1),• total assets (data6),• current assets (data4),• current liabilities (data5),• short-term debt (data44),• long-term debt (data9),• notes payable (data206), and• deferred taxes (data74),• capital expenditures (data128)• sales (data12),• net income (data172)• depreciation (data14)• interest expense (data15)• interest income (data62)• common shares outstanding (data25),• year-end stock price (data199).This results in an initial sample of 131,518 firm-year observations. All firms are classified into their respective industries using historical SIC codes (data324).For each firm-year in the initial sample, we compute the following variables;EV = Market Cap (data199*data25) + Debt (data9 + data44 + data206)6See Arzac (2005) or Platt (2008).- Cash (data1)WC= Net current assets (data4 - data5) – cash (data1) + notes (data206)D= Long term (data9) + short term (data44 + data206)E= Share price (data199) * Number of shares (data25)(where EV is enterprise value, WC is working capital, D is debt, and E is equity) In addition we also compute lagged values for WC and deferred taxes (data74).Next, we obtain betas for firm-years from Compustat’s Research Insight. Betas are winsorized at the 1st and 99th percentiles to account for extreme outliers in the data.Interest rates based on the 10-year constant maturity series (I10YR) are obtain from the Federal Reserve Bank’s website. After merging with the interest rate data and the betas, the sample size reduces to 69,643 firm-year observations. The loss in observations is largely due to missing data on the betas or deletions due tonon-availability of lagged firm-year data.With the merged dataset, we compute the following variables, where LWC represents the lagged value of WC and Ldata74 is the lagged value for data74: CCF = net income (data172) + depreciation (data14) - capital expenditures(data128) + WC - LWC + deferred taxes (data74) - Ldata74 +interest paid (data15) –interest received (data62);βA = (1 / (1 + D/E))*βKU1 = I10YR + βA *ERP1KU2 = I10YR + βA *ERP2KU3 = I10YR + βA *ERP3;(where CCF is capital cash flow, βA is the asset beta, ERP is the equity risk premium, and KU1, KU2 and KU3 are estimates of the unlevered cost of capital for three different ERPs (ERP1 = 0.03;ERP2 = 0.05;ERP3 = 0.07)Results were essential identical regardless of the choice of ERP and so we report on those for ERP3. We then drop all observations with fiscal year greater than 2000 to allow a sufficient numbers of years of actual cash flow data to be in the dataset.From the summary files of the Institutional Brokers Estimate System (IBES) database, we extract median values of long-term growth in sales forecasts for all firms. The median value is based on all analyst estimates of long-term (5 to 10 years) growth forecasts made for each firm. Prior studies use this as a measure of the estimated growth rate for a firm’s cash flow. Many of the growth rate forecasts were extraordinarily large, and so we followed Sougiannis and Yaekura (2001) by using the growth rate in GDP instead of the IBES values.The final dataset consists of 27,027 firm-year observations with complete data on all variables of interest. Of this 2,820 firm-years are data for companies with five or more years of information. Firm’s whose last year of data had negative FCF were dropped from the sample since terminal value could not be calculated for them. This left us with 1,821 firms.Some companies in our sample have only five years of actual cash flow data; others have as many as 12 years of data. Recently it has been argued that the terminal value estimate dominates estimates of present value, see Platt and Demirkan (2008).To insure that EEV estimates are not unduly influenced by estimates of terminal value, EEV is calculated repeatedly for each company starting with using five years of data and then using more years,12 years, depending on how much data the company has available.5.CONCLUSIONWe began this paper saying that the most common explanation in finance textbooks for the value of the firm was that it equaled the present discounted value of future cash flows. Our results suggest that a better description for textbooks is that the value of the firm is related to but unequal to the present discounted value of future cash flows. In conjunction with Platt and Demirkan (2008) which finds that the TV is the principle part of EEV (i.e., approximately 92.3%) it would seem that the market values firms based on their near term (perhaps five years or fewer) subsequent cash flows. In fact, one dollar increase in future cash flows produces far less of an increase in a firm’s EV. Theoretically this conforms to a version of the Gordon (1962)two-stage growth model with a WACC based discount rate during the early period and a very high discount rate during the future period).Supporting evidence to our surprising finding appear in everyday stock market tables. For example, the following quote from of December 8, 2008 speaks precisely to our findings.“Cheapest Stocks Since 1995 Show Cash Exceeds Market(By Michael Tsang and Alexis Xydias)Dec. 8 (Bloomberg) –“Stocks have fallen so far that 2,267companies around the globe are offering profits to investors for free. That’s eight times as many as at t he end of the last bear market, when the shares rose 115 percent over the next year.Bank of New York Mellon Corp. in New York, Danieli SpA in Buttrio, Italy and Seoul-based Namyang Dairy Products Co. Hold more cash than the value of their stock and debt as the slowing world economy wiped out $32 trillion in capitalization this year.”The Bank of New York Mellon, for example, on that day had a market capitalization of $31.71 billion, debt of $35.83 billion, and cash of $75.50 billion. In this case, the market has an infinite discount rate on any and all cash flows.A possible explanation for our higher EEV estimate than actual EV is that our unlevered cost of capital (KU) estimate is too low and therefore associated with a too high TV estimate. However, we calculated three KU estimates, based on generally accepted equity risk premium (ERP) levels and then used the highest KU. It is true however, that there is a KU which equilibrates EV with our EEV.Another possible explanation is that forecasts relied upon the valuation process are inaccurate and that future cash flows far exceed what analysts had expected. We find this to be the least satisfactory explanation.REFERENCESArzac, Enrique, 2005, Valuation For Mergers, Buyouts, and Restructuring, John Wiley & Sons.Campbell, J., and Shiller, R., 1987, Cointegration and Tests of Present Value Models, Journal of Political Economy, 95(5):1062-88.Daines, R, 2001, Does Delaware law improve firm value?, Journal of Financial Economics, 62: 525-558Damodaran, A., 2006, Valuation Approaches and Metrics: A Survey of the Theory, Working Paper, Stern School of Business..Dontoh, A., Radhakrishnan, S., and Ronen, J., 2007, Is Stock Price a Good Measure for Assessing Value-Relevance of Earnings? An Empirical Test, Review of Managerial Science, 1(1):3-45.Fama Eugene F. and Kenneth R. French, 1992, The Cross- Section of Expected Stock Returns, The Journal of Finance,47: 427-465.Fama Eugene F. and Kenneth R. French., "Size and Book-to-Market Factors in Earnings and Returns", The Journal of Finance, 1995, No. 50. -pp. 131-155. Francis, J., Olsson, P., and Oswald, D, 2000, Comparing the Accuracy and Explainability of Dividend, Free Cash Flow, and Abnormal Earnings Equity Value Estimates, Journal of Accounting Research, 38(1).Gentry, J. Whitford, D., Sougiannis, T., and Aoki S., 2001, Do Accounting Earnings or Free Cash Flows Provide a Better Estimate of Capital Gain Rates of Return on Stocks?, Security Analysts Journal, 39(5):66-78.Hovakimian, A., T. Opler, and S. Titman, 2001, The debt-equity choice, Journal of Financial and Quantitative Analysis, 36(1):1–24.Larrain, B. and Yogo, M., 2008, Does firm value move too much to be justified by subsequent changes in cash flow, Journal of Financial Economics, 87(1):200-26. LeRoy, S. F. and Porter, R. D., 1981, The Present-Value Relation: Tests Based on Implied Variance Bounds, Econometrica, 49(3):555-574.20Jiang, X. and Lee B., 2005, An Empirical Test of the Accounting-Based Residual Income Model and the Traditional Dividend Discount Model, Journal of Business, 78(4):1465–1504.Larrain, B., Yogo, M., 2008. Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?, Journal of Financial Economics, 87 (1),200–226.Liu, J., Nissim, D., and Thomas, J., 2002, Equity Valuation using Multiples, Journal of Accounting Research, 40(1): 135- 172.Myers, S. C., 1977, Determinants of corporate borrowing, Journal of Financial Economics, 5:147-175.Ohlson, J., 1991, The theory of value and earnings, an introduction to the Ball-Brown analysis, Contemporary Accounting Research, 8:1-19.Ohlson, J., 1995, Earnings, book values, and dividends in security valuation, Contemporary Accounting Research, 11: 661-87.Polk, C., Thompson, S. and Vuolteenaho, T., 2006, Cross-sectional forecasts of the equity premium, Journal of Financial Economics, 1:101-141.Platt, H, 2008, Cash Flow Contradistinctions, Commercial Lending Review, 23 (2):19-24Platt, H. and Demirkan, S., 2008, Perilous Forecasts: Implications of Reliance onTerminal Value, Working Paper, Northeastern University.Shiller, R.J., 1981, Do stock prices move too much to be justified by subsequent movements in dividends?, American Economic Review,71 (3): 421-36. Sougiannis, T., and Yaekura, T.,2001, The Accuracy and Bias of Equity Values Inferred from Analysts Earnings Forecasts, The Journal of Accounting, Auditing, and Finance, 16(4):331–362.Rubinstein D.,2003, Great Moments in Financial Economics: II. Modigliani-Miller Theorem, Journal of Investment Management. 1(2).Tsang M. and Xydias A., 2008 Cheapest Stocks Since 1995 Show CashExceeds Market, , December 8, 2008.。
财务外文翻译--基于财务报表分析企业价值
中文4400字Babic Z, Plazibat N. Enterprise Value Based On The Analysis Of Financial Statements [J]. International journal of production economics, 2008, 56: 29-35Enterprise Value Based On The Analysis Of Financial StatementsZ Babic, N PlazibatABSTRACTAnalysis of data on the financial statements, the use of discounted cash flow method, the relative value of other methods to analyze financial statements and financial data to find useful data on the enterprise value analysis, with its inherent value is the closest a value to facilitate management by better management decisions and investment decisions of enterprises. Now, under the conditions of market economy, the enterprise itself can be traded in the market of goods, by the profits to maximize the conversion to maximize the value of. Therefore, the enterprise value based on financial statement analysis is particularly important. Financial statements as a reflection of the financial position and operating conditions of enterprises, statutory information of listed companies, the real financial statements data can reveal the enterprise's past operating results, the pros and cons of the identification of business, to forecast the future of the enterprise.The article first describes the limitations of the traditional statements and how to improve, then the enterprise value is based on the improved report.KEYWORD: Financial statements, corporate value, Enterprise value evaluation1 Introduction1 The meaning of enterprise valueThe enterprise value is accompanied by the emergence of property rights trading market in the 1960s, a concept first proposed by the U.S. regulators. Under market economy conditions, the goods of the enterprise itself is a transaction in the equity market as the commodity stakeholders, including investors, creditors, managers must understand the value of the business. Enterprise value as a commodity currency performance.1.2 Analysis of the significance of enterprise valueEnterprises maximize the value of thinking helps to improve the company. Each listedcompany to meet the interests of all creditors and preferred shareholders as a precondition (the common shareholders by the board of directors to monitor the enterprise to protect their own interests), the greater the enterprise value, the more secure the interests of creditors and preferred shareholders ; value of the enterprise, means that the higher its stock price to the shareholders. return more and more able to attract investors.1.3 Evaluate the enterprise value of the role of1.3.1 Enterprise value evaluation for enterprise managementThe enterprise value maximization as the financial targets in line with the characteristics of the enterprise itself, the enterprise value is the corporate long-term profitability. The enterprise value maximization is reasonable management on corporate finance, the optimal financial policy, and takes full account of the relationship between the time value of money and the risks and rewards on the basis of ensuring the long-term and stable development of total value.1.3.2 Enterprise value evaluation for investment decisionsAccording to the principle of the law of value in the stock market, the enterprise value determines the stock price, stock prices, in essence, the expected judgment is made by the investors in the company's future earnings, cash flow, investment risk around the enterprise value fluctuates, often deviate from the stock's intrinsic value. The market price and value deviation from the regression after a period of adjustment to the enterprise value. Therefore, the enterprise value evaluation, judgment, investors can find and purchase undervalued securities market or enterprise in order to get higher than the market average rate of return of income.2 The financial statements information to reflect the enterprisevalue2.1 The enterprise value of performance through the financial statementsThe financial statements are expressed in the statements of the enterprise value through the process and results that reflect the business activities of enterprises.The balance sheet is accounting statements reflect the financial condition of enterprises in a certain point in time to reveal the enterprise value. It's on the left is the value and the total value of the assets of the enterprises have a variety of assets; the right of the liabilities and net assets, in which the liabilities that the creditors should share the share of enterprise value,enterprise value share of the net assets owned by the owner.2.2Financial data and corporate valueFinancial report means a written document of the foreign enterprises reflect a specific date, financial condition and operating results, cash flows and other accounting information of a particular accounting period. The financial report should show at least the following components: (1) balance sheet; (2) the income statement; (3) Cash Flow Statement; (4) changes in owners' equity (or equity); (5) Note.2.3 Financial statements for the two basic approaches to the analysis of the enterprise value2.3.1 Ratio analysis and comparative analysisRatio analysis, financial statements related to the amount of contrast, to draw a series of financial indicators with a certain sense, and logical relations, in order to reveal the financial position, operating results and cash flows, an analytical skills, is a modern financial statement analysis is the most important and most commonly used analytical methods, the use of ratio analysis to analyze with simple calculation can be a significant problem characteristics. Ratio analysis and robust, but also has its limitations, if there is no comparable based on financial indicators does not make any sense. Ratio analysis to belong to the static analysis to predict the future is not absolutely reasonable and reliable, but to predict the future but it is a decisive factor for assessing enterprise value.2.3.2 DuPont Financial Analysis SystemDuPont Financial Analysis System (referred to as the DuPont system) because originally founded by the United States DuPont corporate and successful use of named. DuPont System of Financial Analysis is a popular expression, the rate of return on net assets broken down into three parts: sales net profit margin, total asset turnover and equity multiplier. Reflect the profitability of the enterprise asset management efficiency and financial leverage. It is a systematic, convenient way to financial analysis, to explain the reasons for the change and changes in trends, analysis of corporate profitability, operational capacity and capital structure and to take measures specified in the side sentence.3 The problems of the traditional financial statement analysis3.1 Unified financial statementsThe financial statements are an important source of information for enterprise valuation, the financial statements for the enterprise value assessment provides a variety of asset data, important information on the earning power of enterprise assets as a whole, the corporate equity capital cash flow ability. It can be said that the financial accounting data is more accurate, the more accurate the results of the assessment of enterprise value. After nearly a century of development, financial reporting system is being perfected the formation of the balance sheet, income statement, cash flow statement, equity changes in the accounting statements to supplement reflecting the financial resources and financial status of four tables note.3.1.1 The limitations of the historical cost principleThe historical cost principle is an important principle of the existing financial accounting, the assets of an enterprise; the actual cost of the various liabilities and so should be according to their achieved or occur. Historical cost is easy to obtain, and has the objectivity and validation features, pricing for long-term use of assets denominated in the value-added goods, and thus the industrial economy era are widely used for accounting practitioners.3.1.2 Accrual principle limitationsThe accrual is one of the pillars of the current accounting principles; the principle is based on the accounting period assumption. The principle of accrual accounting can only confirm that the business is current income has been achieved and has occurred or shall bear the cost of transactions and events have not yet actually occurred, and does not belong to the current income and expenses, you can not confirm.3.1.3 The limitations of monetary measurement principlesThis principle holds that the economic business deal in money as a measure to confirm the accounting treatment is a use of monetary measurement of business activities and results to be passed. With the increasing uncertainty in the business environment, corporate financial information reflected in the currency as the carrier has become increasingly difficult to meet the requirements of policy makers to see the profitability of the business reality requires not only as decision makers, operational information, more hope to reflect ability, creativity and comprehensive competitiveness. User preferences on the information of the same, therefore, the disclosure of the business environment, potential for development and non-monetary information to predict the future, it becomes increasingly important, and measured using the currency used in the current financial statements is ignored non-financial information on the quality of accounting information.3.2 Indicators of financial statement analysisThe system of financial statement analysis, financial indicators is the main basis for analysis and decision making. Using a series of financial indicators in the financial statements reveal the enterprise value analysis to determine the profitability of the enterprise and the level of risk in order to evaluate the value of the business. However, the existing financial index system is not yet complete, With the further strengthening of the knowledge economy, information economy and globalization, such as human resources, market share, product quality, enterprise value assessment of the important influence of non-financial indicators do not included.3.3 The traditional financial statement analysis method3.3.1 Ratio analysis and comparative analysis3.3.2 DuPont Financial Analysis SystemDuPont Financial Analysis System (referred to as the DuPont system) because originally founded by the United States DuPont corporate and successful use of named. DuPont System of Financial Analysis is a popular expression, the rate of return on net assets broken down into three parts: sales net profit margin, total asset turnover and equity multiplier. Reflect the profitability of the enterprise asset management efficiency and financial leverage. It is a systematic, convenient way to financial analysis, to explain the reasons for the change and changes in trends, analysis of corporate profitability, operational capacity and capital structure and to take measures specified in the side sentence.4 Financial statement analysis system improvements4.1 The improvement of the financial statementsThe idea of our improved financial and accounting reports on the basis of the current financial reporting system to increase the disclosure of information to meet the assessed needs of enterprise value.4.2 Improvement in the analysis of indicators of financial statements4.2.1 Profitability analysisCorporate profitability assessment into existing profitability, potential profitability, and sustained profitability analysis. The existing profitability of enterprises by the level of profitability, operational efficiency and develop the ability to reflect all the financialindicators. The potential profitability is determined by the growth of the industry and enterprise growth.4.2.2 Enterprise Risk AnalysisDue to the maximization of enterprise value is an abstract goal; there are some flaws in the use of:The value of non-listed companies to determine the degree of difficulty. Through a special assessment (such as the impact of asset evaluation) to determine its value, but the evaluation process by the evaluation criteria and evaluation methods to make valuation difficult to objectively and standards, thus affecting the accuracy and objectivity of the enterprise value. In addition to the business factors, changes in stock prices, but also by factors beyond the control of other companies.4.3 An improved method of financial statement analysis.4.3.1 To fully utilize and analyze the cash flow statementQuantitative structural analysis on the basis of the cash flow statement data, to further clear cash inflow, outflow and net flow of the composition. Can be divided into a cash inflow structure to outflow structure, the net cash flow structure and the inflow and outflow structure analysis of four aspects. Quantitative structural analysis data on the structural conditions of the cash flow statement reflects the corporate activities, including operating activities, investing activities, financing activities, the business cash flow contribution amount, to facilitate the users of financial statements to objectively judge the company's cash flow position, forecast the enterprise's future cash flows.5 Financial statements of the enterprise value5.1 Cash flow method and the comparison of the relative value of the methodThe cash flow statement cash basis, to provide enterprises a certain accounting period cash and cash equivalents inflow and outflow of information, the ability to obtain cash and cash equivalents in order to report the reader to understand and evaluate enterprise. Some enterprises although larger amounts of net profit, but due to lack of solvency which led to bankruptcy and liquidation. The ultimate goal of production and business activities in order to get more cash. Business success in the long run, depending on the recovery of cash is greater than the degree of consumption or investment in cash. Correspondence analysis, net operating cash flow and net profit can also check the quality of the profit.5.2 EV A analysis and relative value method of comparisonEV A is the English abbreviation of Economic Value Added, and can be translated as: capital increase in economic value added economic value or economic value added. EV A index of the basic idea is: rational investors look forward to the opportunity cost of gains exceed its assets by the cast of assets, namely, to obtain the incremental benefit.6 Financial analysis of the enterprise value6.1 Enterprise value evaluation method6.1.1 Discounted cash flow methodCash flows for the state of the business impact analysis:Sources of cash that is, the ratio of operating activities, investing activities, financing activities Net cash flow / Total sources of cash × 100%. This ratio shows the proportion of the source of all their cash flows to reflect the development of enterprises need of a cash flow from the source of funds dependence.6.1.2 Relative value of the methodRelative value of the method uses the ratio valuation method you first need to select a group of comparable companies, will need to calculate the ratio of this group mean or median as a benchmark rate, and then pricing the company's actual rate value and the base rate values were compared, to reflect the company whether there is "intrinsic value".7 ConclusionsThrough the analysis of the above financial information and the following conclusions: In general, all ratios tools error of plus or minus is not clear, but the mean measure of the deviation to be more accurate than the median measure of deviation.Ratio results of the assessment of the value of the company when excluding non-tradable shares and the value contains the non-tradable shares assessment results are not totally consistent. Contains the non-tradable shares of the company valuation, based on the higher accuracy of the ratio of the asset's carrying amount and the total profit, while the lowest operating profit ratio accuracy. Assessment of the total value contains the non-tradable shares, based on the lowest accuracy of the main business profit and operating profit ratio, based on the higher accuracy of the ratio of main business income and total profit.基于财务报表分析企业价值Z Babic, N Plazibat摘要随着市场经济的不断发展，越来越多的人开始注意到企业价值的重要性，并且开始对企业的价值进行研究，而且是以财务报表作为价值研究的基础，并对企业有重大的影响，所以基于财务报表对企业价值的研究对企业价值管理有重要的意义。
财务报告分析双语(3篇)
第1篇Executive SummaryThis analysis aims to provide a comprehensive overview of the financial performance of XYZ Corporation over the past fiscal year. By examining the financial statements, including the balance sheet, income statement, and cash flow statement, we can gain insights into the company's profitability, liquidity, solvency, and overall financial health. This report will be presented in both English and Chinese, with key findings and conclusions translated for clarity.I. IntroductionXYZ Corporation, a leading company in the technology industry, has released its financial report for the fiscal year ending December 31, 2022. The report provides a detailed account of the company's financial activities, performance, and position during the period. This analysis will focus on the key financial indicators and ratios, highlighting the company's strengths and weaknesses, and offering recommendations for improvement.II. Financial Statements AnalysisA. Balance SheetThe balance sheet provides a snapshot of the company's financialposition at a specific point in time. The following analysis will focus on the key components of the balance sheet:1. Assets: XYZ Corporation's total assets increased by 15% from the previous fiscal year, driven by a 20% growth in current assets and a 10% increase in non-current assets. This indicates that the company has been successful in expanding its asset base.2. Liabilities: The total liabilities of XYZ Corporation also increased by 12%, with current liabilities growing by 15% and non-currentliabilities by 10%. This suggests that the company has taken on additional debt to finance its growth.3. Equity: The equity of XYZ Corporation increased by 18% over thefiscal year, reflecting the company's profitability and reinvestment in the business.B. Income StatementThe income statement shows the company's revenue, expenses, and net income over a specific period. The following points highlight the key aspects of the income statement:1. Revenue: XYZ Corporation's revenue increased by 20% from the previous fiscal year, driven by strong sales in the technology sector.2. Expenses: The company's expenses increased by 15%, with cost of goods sold (COGS) increasing by 18% and selling, general, and administrative expenses (SG&A) increasing by 12%. This indicates that the company has been able to control its cost of goods sold but has experienced some increases in SG&A expenses.3. Net Income: XYZ Corporation's net income increased by 25% over the fiscal year, reflecting the company's strong operational performance.C. Cash Flow StatementThe cash flow statement provides insights into the company's cashinflows and outflows. The following analysis focuses on the key components of the cash flow statement:1. Operating Cash Flow: XYZ Corporation's operating cash flow increased by 30% over the fiscal year, indicating strong cash-generating capabilities.2. Investing Cash Flow: The company's investing cash flow decreased by 5%, primarily due to lower capital expenditures.3. Financing Cash Flow: Financing cash flow increased by 20%, driven by higher dividends paid to shareholders and an increase in long-term debt.III. Financial Ratios AnalysisA. Liquidity Ratios1. Current Ratio: XYZ Corporation's current ratio increased from 1.5 to 1.8, indicating improved short-term liquidity.2. Quick Ratio: The quick ratio improved from 1.2 to 1.5, suggestingthat the company has a strong ability to meet its short-term obligations.B. Solvency Ratios1. Debt-to-Equity Ratio: The debt-to-equity ratio decreased from 1.2 to 1.0, indicating a more conservative financial structure.2. Interest Coverage Ratio: The interest coverage ratio improved from 5.0 to 6.0, reflecting the company's ability to cover its interest expenses.C. Profitability Ratios1. Gross Profit Margin: The gross profit margin remained stable at 40%, indicating efficient cost management.2. Net Profit Margin: The net profit margin increased from 15% to 20%, reflecting the company's improved profitability.IV. ConclusionXYZ Corporation has demonstrated strong financial performance over the past fiscal year, with significant growth in revenue, net income, and operating cash flow. The company's liquidity and solvency ratios are also healthy, indicating a strong financial position. However, there are areas of concern, such as the increase in SG&A expenses and the need to manage long-term debt.V. Recommendations1. Cost Control: XYZ Corporation should focus on managing SG&A expenses to improve profitability.2. Debt Management: The company should consider strategies to manage long-term debt, such as refinancing or paying down existing debt.3. Investment in Research and Development: Investing in research and development can help the company stay competitive in the technology industry.VI. 中文摘要本报告旨在全面分析XYZ公司过去一个财年的财务表现。
财务报表分析中英文对照外文翻译文献
文献信息文献标题: The Need Of Financial Statement Analysis In A Firm or0 rgnization(企业或机构财务报表分析的必要性)国外作者: Suneetha G 文献出处:《International Journal of Science Engineering and Advancel Technology (.JSEAT)) 2017, 5(6): 731-735字数统计:2541单词,15110字符;中文4377汉字外文文献:The Need Of Financial Statement AnalysisIn A Firm Or An Orgnization Abstract Financial statement analysis play a dominate role in setting the frame watt of managerial decisions through analysis and interpretation of financial statement This paper discusses about financial , strength and weakness of the company by properly establishing relationship between the items of balance shed and profit and loss account. In order to judge the profitability and financial soundness of the company horizontal, and vertical analyze or done. The various technique used in analyzing financial statement included 'comparative statement, common size statement, trend analysis and ratio analysis. The results suggest that the ratio approach is a highly useful tool in financial statement analysis, especially when a set of ratios is used to evaluate a firm's performanceKey words: Financial statement analysis, to evaluate a firm's performance Comparative statement. Common size statement, trend analysis and ratio analysis1 Introductionhe basis for financial analysis planning and decision making is financiainformation/a business firm has to prepares its financial accounts viz.. balance sheet profit and loss account which provides useful financial information for the purpose of decision making Financial information is needed to predict. Compare and evaluate the fin's earnings ability. The formers statements viz. profit and loss account shows that operating activities of the concern and the later balance sheet depicts the balance value of the acquired assets and of liabilities at a particular point of time. However these statements don't disclose all of the necessary for ascertaining the financial strengths and weaknesses of an enterprise. it is necessary to analyze the data depicted n the financial statements. The finance manager has certain analytical tools which helps is financial analysis and planning. [Doron nissim, stephen h. Penman, (2003) Financialstatement Analysis of Leverage and How it Informs About Profitability and Price-to-book Ratios. Survey of Accounting Studies. Kluwer Academic PublishersAs per examine by Dissim. StephePenman' on Financia proclamation investigation of Leverage and how it illuminates about gainfulness and cost to book proportions, money related explanation examination that recognizes use that emerges in financing exercises from use that emerges in operations. The examination yields two utilizing conditions. one for getting to back operations and one for obtaining over the span of operations. This examination demonstrates that the budgetary explanation investigation clarifies cross-sectional contrasts in present and future rates of return and additionally cost to-snare proportions, which depend onexpected rates of profit for value. This investigation helps in understandorkins influence contrasts in productivity in the cross-areas. changes in future productivity from current benefit and legally binding working liabilities from evaluated liabilities Yating Van, HW. Chuang, (2010) Financial Ratio Adjustment Process: Evidence from Taiwan and North America, ISSN 1450-2887 Issue 43 (2010)0 Euro Journa Publishing Inc. 20102. Financial statements analysisprocess of identifying the financial strengths and weaknesses of a firm from the available accounting data and financial statements. The analysis is done by properly establishing the relationship between the items of balance sheet and profitnd loss account. The first task of the financial analyst is to determine the information relevant the decision under consideration from the total information contained in financial statement. The second step is to arrange information in a way to highlightsignificant relationships. The final step is interpretation and drawing of infed conclusions. Thus financial analysis is the process of selection, relating and evaluation of the accounting data or informationPurpose of financial statements analysis Financial statements analysis is the meaningful interpretation of 'financial statements for panics demanding financial information. It is not necessary for the proprietors alone. In general, the purpose of financial statements analysis is to aidmaking between the users of accounts To evaluate past performance and financial position To predict future performance Tools and techniques of financial analysis Comparative balance sheet common size balance shee Trend analysis Ratio analysis Comparative balance sheet Comparative financial statements is a statement of the financial position of a business so designed as to facilitate comparison of different accounting variables for drawing useful inferences. Financial statements of two or more business enter prices may be compared over period of years. This is known as inter firm comparison Financial statements of the particular business enter pries may be compared over two periods of years. This is known inter period comparisonCommon size statements It facilities the comparison of two or more business entities with a commonbase .in case of balance sheet, total assets or liabilities or capital can be taken ascommon base. These statements are called common measurements or components percentage or 100 percent statements. Since each statement is representated as a %ofthe total of 100 which in variably serves as the baseIn this manner the announcements arranged to draw out the proportion of every benefit of risk to the aggregate of the monetary record and the proportion of every thing of cost or incomes to net deals known as the basic size articulationsPattern investigation Even examination of money related explanations can likewise be completed by figuring pattern rates. Pattern rate expresses quite a long while's budgetary formation as far as a base year. The base year rises to 100 % with every single other year expressed in some rate of this baseProportion investigation Proportion investigation is the technique or process by which the relationship of things or gatherings of things in the budgetary proclamations are registered. decided and introduced. Proportion investigation is an endeavor to determine quantitative measures or aides concerning the money related wellbeing and benefit of the business nture. Proportion investigation can be utilized both in pattern and static examinationhere are a few proportions at the examiner yet the gathering of proportions he wouincline toward relies upon the reason and the destinations of the investigationBookkeeping proportions are viable apparatuses of examination; they are pointers of administrative and over all operational productivity. Proportions, when appropriately utilized are fit for giving valuable data. proportion examination characterized as the deliberate utilization of proportions to decipher the money related explanations with the goal that the qualities and shortcomings of a firm and in addition its chronicled execution and current monetary condition can be resolved the term proportion alludes to the numerical or quantitative connection between things factors this relationship can be communicated as (Fraction (2)Percentages (3)Proportion of numbers These option strategies for communicating things which are identified with eacstigation,examination. It ought to be seen that processing the proportion does not include data in the figures of benefit or deals. What the proportions do is that they uncover the relationship in a more important manner in order to empower us to reach inferences from th As indicated by look into by the Yating yang and 11. W. Chuang. on 'Monetary Ratio Adjustment Process: Evidence from Taiwan and North America. measurable legitimacy of the proportion strategy in monetary articulation examination is researched. The outcomes hence recommend that the proportion approach is a valuable instrument in monetary explanation investigation, particularly when an arrangement of proportions is utilized to assess an association's execution. The straightforwardness of this strategy additionally underpins the utilization of proportions in money related basic leadership3.Money related proportions in perspective of GAAGAAP is the arrangement of standard systems for recording business exchanges and detailing accounting report passages. The components of GAAP incorporatethings onetaryd. and how to ascertain exceptional offer estimations. The models fused into (MAP give general consistency in assumes that are thusly used to ascertain imperative money related proportions that financial specialists and investigators use to assess the organization. Indeed, even agreeable monetary records can be trying to unravel, yet without a framework characterizing every class of section, corporate money related articulations would be basically dark and uselessThere are seven fundamental rule that guide the foundation of the Generall Accepted Accounting Principles. The standards of normality, consistency, perpetuality and genuineness go towardsurging organizations to utilize the legitimate bookkeeping hones quarter after quarter in a decent confidence push to demonstrate the genuine money related state of the organization. None remuneration judiciousness and progression build up rules for how to set up a monetary record, by and large to report the budgetary status of the organization as it is without treatin resources in irregular ways that distort the operations of the organization just to balance different sections. The rule of periodicity basic implies that salary to be gotten extra time ought to be recorded as it is booked to be gotten, not in a singular amountThe brought together arrangement of bookkeeping in this manner has various advantages. Not exclusively does it give a specific level of straightforwardness into an organization's funds. it likewise makes for generally simple examinations between organizations. Subsequently, GAAPempowers venture by helping financial specialists pick shrewdly. GAAP gives America organizations preference over remote ones where financial specialists, unless they have a cozy comprehension of the business may have a great deal more trouble figuring the potential dangers and prizes of a venture. GAAP applies to U.S.-based enterprises just, however every other real nation has bookkeeping measures set up for their local organizations. Now and again remote bookkeeping is genuinely like U.S. GAAP, changing in just minor and fectively represented ways. In different cases, the models change fundamentally aking direct examinations questionable, best case scenarioAdvantages and Limitations of Financial Ratio Analysis Financial ratio analysis is a useful tool for users of financial statement. It hasFocal pointselated proclamations It helps in contrasting organizations of various size and each other. It helps in drift examination which includes looking at a solitary organization over a period It highlights imperative data in basic frame rapidly. A client can judge an organization by simply taking a gander at few number as opposed to perusing of the entire monetary explanationsRestrictions Regardless of convenience, finance.ial proportion examination has a few burdens Some key faults of budgetary proportion examination areDifferent organizations work in various enterprises each having distinctive natural conditions, for example, control, showcase structure, and so on. Such factors curve so huge that a correlation of two organizations from various ventures may beecelvilFinancial bookkeeping data is influenced by assessments and presumptions Bookkeeping principles permit diverse bookkeeping arrangements, which disables likeness and subsequently proportion examination is less helpful in suchcircumstancesRatio investigation clarifies connections between past data while clients are more worried about present and future datThe investigation helps for breaking down the alteration procedure of moneelated proportionsmodel states three impacts which circular segment an association's interior impact, expansive impact, and key administration. It encourages(That a company's budgetary proportions reflect unforeseen changes in the business(2)Active endeavors to accomplish the coveted focus by administration and (3)An individual association's money related proportion developmentMonetary proclamations investigation is the way toward looking at connections among components of the organization's "bookkeeping articulations" or money related explanations (accounting report, salary articulation. proclamation of income and the announcement of held profit) and making correlations with pertinent data. It is a significant instrument utilized by financial specialists. leasers, monetary investigators proprietors. administrators and others in their basic leadership handle The most well known sorts of money related explanations examination curveHorizontal Analysis: monetary data are thought about for at least two years for a solitary organizationVertical anaery thing on a solitary monetary explanation is figured as a rate of an aggregate for a solitary organizationRatio Analysis: analyze things on a solitary budgetary articulation or look at the connections between things on two monetary proclamationsMoney related proportions examination is the most widely recognized type o budgetary explanations investigation. Monetary proportions delineate connections between various parts of an organization's operations and give relative measures of the company's conditions and execution. Monetary proportions may give intimationsand side effects of the money related condition and signs of potential issue regionsby and large holds no importance unless they are looked at against something else, as past execution, another organization/contender or industry normal. In this way, the proportions of firms in various enterprises, which confront distinctive conditions, are generally difficult to analyzeMoney related proportions can be a critical instrument for entrepreneurs and dministrators to gauge their advance toward achieving organization objectives, an toward contending with bigger organizations inside an industry; likewise, followin different proportions after some time is an intense approach to recognize patterns Proportion examination, when performed routinely after some time, can likewise give assistance independent ventures perceive and adjust to patterns influencing their operationsMoney related proportions are additionally utilized by financiers. Speculators and business experts to survey different traits of an organization's monetary quality or working outcomes, this is another motivation behind why entrepreneurs need to comprehend money related proportions in light of the fact that, all the time, a business' capacity to get financing or value financing will rely upon the organization's budgetary proportions. Money related proportions are ordered by the monetary part of he business which the proportion measures. Liquidity proportions look at the ccessibility of organization's money to pay obligation. Productivity proportions measure the organization's utilization of its benefits and control of its costs to create a satisfactory rate of return. Use proportions look at the organization's techniques for financing and measure its capacity to meet budgetary commitments. Productivity proportions measure how rapidly a firm changes over non-money resources for money resources. Market proportions measure financial specialist reaction to owning an organization's stock and furthermore the cost of issuing stockProportion Analysis is a type of Financial Statement Analysis that is utilized acquire a snappy sign of an association's money related execution in a few key territories. Proportion investigation is utilized to assess connections among money related proclamation things. The proportions are utilized to distinguish inclines after some time for one organization or to look at least two organizations at one point in ime. Money related explanation proportion investigation concentrates on three key parts of a business: liquidity, benefit, and dissolvability The proportions are sorted as Short-term Solvency Ratios, Debt MaRatios and Asset management Ratios. Productivity Ratios, and Market Value ratios Proportion Analysis as an instrument has a few vital elements. The information, which are given by budgetary proclamations. are promptly accessible. The calculation of proportions encourages the examination of firms which contrast in measure oportions can be utilized to contrast anassociation's money related execution and industry midpoints. What's more, proportions can be utilized as a part of a type of ttern investigation to recognize zones where execution has enhanced or crumbled after some time. Since Ratio Analysis depends on bookkeeping data, its adequacy is restricted by the bends which emerge in budgetary explanations because of such things as Historical Cost Accounting and swelling. Thusly, Ratio Analysis should just be utilized as an initial phase in money related examination, to get a snappy sign of an association's execution and to distinguish territories which should be explored further.中文译文:企业或机构财务报表分析的必要性摘要财务报表分析在制定管理决策框架方面起着主导作用,其方法是通过对财务报表进行分析和解释。
英文财务报告分析范文(3篇)
第1篇Executive Summary:This analysis aims to provide a comprehensive overview of XYZ Corporation's financial performance for the year 2022. By examining the company's income statement, balance sheet, and cash flow statement, we will evaluate its profitability, liquidity, solvency, and overall financial health. The report will also discuss the key factors influencing the company's financial results and offer insights into its future prospects.1. Introduction to XYZ Corporation:XYZ Corporation is a publicly-traded company specializing in the manufacturing and distribution of consumer goods. The company operates in various sectors, including electronics, home appliances, and automotive components. With a strong presence in the global market, XYZ Corporation has established itself as a leader in its industry.2. Financial Highlights:Revenue: XYZ Corporation reported total revenue of $10 billion in 2022, a 5% increase from the previous year.Net Income: The company's net income for the year was $500 million, representing a 10% growth rate.Earnings Per Share (EPS): EPS increased by 8% to $2.50.Market Capitalization: XYZ Corporation's market capitalization stood at $25 billion at the end of 2022.3. Income Statement Analysis:3.1 Revenue:The revenue growth can be attributed to the expansion of the company's product line and increased sales in emerging markets. Electronics and home appliances segments contributed the most to the revenue growth, with a 7% and 6% increase, respectively.3.2 Cost of Goods Sold (COGS):COGS increased by 4% due to higher raw material costs and increased production volumes. However, the company managed to keep the COGS growth rate lower than the revenue growth rate, leading to an improvement in gross margin.3.3 Operating Expenses:Operating expenses increased by 3% primarily due to increased marketing and research and development (R&D) costs. Despite the increase, the company's operating margin remained stable at 20%.3.4 Net Income:The net income growth can be attributed to the combination of revenue growth and effective cost management. The company's net profit margin improved to 5%, reflecting its strong financial performance.4. Balance Sheet Analysis:4.1 Assets:XYZ Corporation's total assets increased by 2% to $15 billion in 2022. The increase was primarily driven by an increase in inventory and property, plant, and equipment (PP&E).4.2 Liabilities:Total liabilities decreased by 1% to $10 billion. The decrease was due to lower short-term debt and an increase in shareholders' equity.4.3 Shareholders' Equity:Shareholders' equity increased by 3% to $5 billion. The increase was primarily due to the company's retained earnings.5. Cash Flow Statement Analysis:5.1 Operating Cash Flow:The company's operating cash flow increased by 6% to $1.2 billion. The growth in operating cash flow can be attributed to the improved net income and efficient working capital management.5.2 Investing Cash Flow:Investing cash flow decreased by 2% to $500 million. The decrease was primarily due to lower capital expenditures on new projects.5.3 Financing Cash Flow:Financing cash flow decreased by 4% to $300 million. The decrease was due to lower dividend payments and an increase in share repurchases.6. Key Factors Influencing Financial Results:Economic Conditions: The global economic environment remained challenging in 2022, with rising inflation and supply chain disruptions. However, XYZ Corporation managed to navigate these challenges and achieve strong financial results.Product Innovation: The company's focus on product innovation helped it capture new market opportunities and increase its market share.Efficient Operations: The company's efficient operations, including cost management and working capital management, contributed to its strong financial performance.7. Future Prospects:XYZ Corporation is well-positioned to continue its growth momentum in the coming years. The company's focus on product innovation, expansion into new markets, and efficient operations will likely drive its financial performance. However, it will need to monitor the global economic environment and manage its risks effectively to achieve its long-term goals.8. Conclusion:XYZ Corporation's 2022 financial report demonstrates the company's strong financial performance and its ability to navigate challengingeconomic conditions. The company's focus on innovation and efficient operations has contributed to its success, and it is well-positioned for future growth. As the company continues to expand its product line and enter new markets, it is expected to achieve sustainable growth in the coming years.Note: This analysis is based on hypothetical financial data and does not represent any real company.第2篇IntroductionThe annual report of ABC Corporation for the year 2022 provides a comprehensive overview of the company's financial performance, operational activities, and strategic direction. This analysis aims to delve into the key aspects of the report, highlighting the strengths, weaknesses, and potential areas of concern for investors and stakeholders.Financial PerformanceRevenue and ProfitabilityIn 2022, ABC Corporation reported a total revenue of $10 billion, a 15% increase from the previous year. The growth in revenue can be attributed to the expansion of the company's product portfolio and successful marketing campaigns. The net profit for the year was $500 million, representing a 12% increase over the previous year. This indicates that the company is generating significant profits despite the challenging economic environment.Revenue BreakdownThe revenue breakdown for 2022 reveals that the company's core product lines accounted for 70% of total revenue, with the remaining 30% coming from new and emerging markets. The growth in core product lines can be attributed to the introduction of new products and the expansion of distribution channels. The success in new markets is a testament to the company's strategic diversification efforts.Earnings Per Share (EPS)The EPS for 2022 was $2.50, which is in line with market expectations. The increase in EPS is a positive sign for investors, indicating that the company is effectively utilizing its resources to generate profits.Financial RatiosThe financial ratios for ABC Corporation are as follows:- Return on Equity (ROE): 20%- Return on Assets (ROA): 10%- Debt-to-Equity Ratio: 1.5- Current Ratio: 2.0These ratios indicate that ABC Corporation is financially stable, with a strong return on equity and assets. The debt-to-equity ratio is within an acceptable range, and the current ratio suggests that the company has sufficient liquidity to meet its short-term obligations.Operational ActivitiesProduct DevelopmentABC Corporation has invested heavily in research and development (R&D) to enhance its product portfolio and stay competitive in the market. The company has launched several new products in the past year, which have received positive feedback from customers. The continued focus on innovation is expected to drive future growth.Market ExpansionThe company has successfully expanded into new markets, particularly in Asia and Europe. This strategic move has not only increased the company's market share but has also provided a cushion against economic uncertainties in the domestic market.Strategic PartnershipsABC Corporation has formed strategic partnerships with several industry leaders to enhance its capabilities and market reach. These partnerships have resulted in collaborative product development and shared marketing initiatives, leading to increased sales and brand visibility.Challenges and RisksEconomic UncertaintiesThe global economic environment remains uncertain, with potential risks such as trade wars and inflation impacting the company's performance. ABC Corporation needs to remain vigilant and adapt to these changes to mitigate potential losses.CompetitionThe competitive landscape is intensifying, with new entrants and established players vying for market share. ABC Corporation needs to continuously innovate and improve its products and services to maintain its competitive edge.Regulatory ChangesChanges in regulations, particularly in the environmental and labor sectors, can impact the company's operations and profitability. ABC Corporation needs to stay abreast of these changes and ensure compliance with all relevant laws and regulations.ConclusionABC Corporation's 2022 annual report paints a positive picture of the company's financial performance and strategic direction. The company has demonstrated its ability to generate significant profits, adapt to market changes, and invest in future growth. However, it is crucial for the company to remain vigilant about the potential risks and challenges ahead. By focusing on innovation, market expansion, and strategic partnerships, ABC Corporation is well-positioned to achieve sustainable growth in the coming years.Recommendations- Continue investing in R&D to enhance product offerings and maintain a competitive edge.- Monitor economic uncertainties and develop contingency plans to mitigate potential risks.- Strengthen strategic partnerships to expand market reach and share.- Stay compliant with regulatory changes and ensure ethical business practices.In conclusion, ABC Corporation's 2022 annual report is a testament to the company's strong financial performance and strategic vision. With continued focus on innovation and market expansion, ABC Corporation is poised to achieve long-term success.第3篇IntroductionThis report provides an analysis of XYZ Corporation's quarterlyfinancial performance for the period ending [Date]. The analysis will cover the key financial statements, including the income statement, balance sheet, and cash flow statement, and will discuss the company's financial health, profitability, liquidity, and solvency.Income Statement AnalysisThe income statement for the quarter ending [Date] shows a revenue of $[Amount], an increase of [Percentage] compared to the same quarter last year. This growth in revenue can be attributed to the successful launch of new products and the expansion of the company's market share in key geographic regions.Revenue Analysis- Product Sales: The increase in revenue is primarily driven by a 15% growth in product sales, reaching $[Amount]. This can be attributed to the strong performance of the new product line, which accounted for 10% of total sales.- Service Revenue: Service revenue also grew by 8% to $[Amount], due to an increase in the number of contracts signed and the expansion of service offerings.Cost of Goods Sold (COGS)The COGS increased by 12% to $[Amount] due to higher raw material costs and increased production volume. Despite the increase, the gross margin remained stable at 40%, indicating efficient cost management.Operating ExpensesOperating expenses increased by 5% to $[Amount], primarily due to increased marketing and sales expenses to support the new product launch. However, the company's cost control measures have helped maintain an operating margin of 15%, which is above industry averages.Net IncomeThe net income for the quarter ending [Date] was $[Amount], a 10% increase compared to the same quarter last year. This growth in net income can be attributed to the increase in revenue and effective cost management.Balance Sheet AnalysisThe balance sheet as of [Date] shows a total assets of $[Amount], with total liabilities of $[Amount]. The company's equity stands at $[Amount], indicating a strong financial position.Liquidity AnalysisThe current ratio as of [Date] is 2.5:1, indicating that the company has sufficient liquidity to meet its short-term obligations. The quick ratio is 1.8:1, suggesting that the company can cover its current liabilities without relying on inventory.Solvency AnalysisThe debt-to-equity ratio is 0.8:1, indicating that the company's leverage is moderate. The interest coverage ratio is 4.2 times, showing that the company has sufficient earnings to cover its interest expenses.Cash Flow Statement AnalysisThe cash flow statement for the quarter ending [Date] shows a net cash inflow of $[Amount]. The operating activities generated $[Amount], while the investing activities used $[Amount] for capital expenditures. The financing activities showed a net inflow of $[Amount] due to new equity issuance.ConclusionXYZ Corporation has demonstrated strong financial performance for the quarter ending [Date]. The increase in revenue, stable gross margin, and effective cost management have contributed to the company'sprofitability. The strong liquidity and moderate leverage positions the company well for future growth. However, the company should continue to monitor its expenses and manage its working capital to ensure sustainable growth.Recommendations- Continue to invest in research and development to maintain a competitive edge.- Explore new markets and expand the company's customer base.- Implement cost-saving initiatives to enhance profitability.- Maintain a strong liquidity position to support future growth.Appendix- Detailed financial statements for the quarter ending [Date]- Industry benchmarks for financial ratios- Key performance indicators (KPIs)This report provides a comprehensive analysis of XYZ Corporation's financial performance. It is recommended that stakeholders use this report as a basis for making informed decisions regarding their investment in the company.。
外文翻译--基于财务报表分析企业价值
中文4400字基于财务报表分析企业价值摘要随着市场经济的不断发展，越来越多的人开始注意到企业价值的重要性，并且开始对企业的价值进行研究，而且是以财务报表作为价值研究的基础，并对企业有重大的影响，所以基于财务报表对企业价值的研究对企业价值管理有重要的意义。
本文通过对财务报表数据的分析，运用了现金流量折现法、相对价值法等方法对财务报表进行分析，在财务数据中找到对企业价值有用的数据进行分析，得到与企业的内在价值最相近的一个价值以便于管理者更好的对企业做出管理决策和投资决策。
现在,在市场经济条件下,企业本身就是可以在市场中交易的商品,企业由利润最大化转化到价值最大化。
因此，基于财务报表分析企业价值尤为重要。
财务报表作为企业的财务状况和企业的经营状况的反映，成为上市公司的法定资料，真实的财务报表数据，可以揭示企业过去的经营业绩，识别企业的优劣，预测企业的未来。
该文章首先介绍的是传统的报表的局限性和怎样改进，然后是基于改进后的报表对企业价值进行研究。
关键字：财务报表,企业价值,企业价值评价1 绪论1.1企业价值的含义企业价值是20世纪60年代伴随着产权交易市场的出现，由美国管理者最早提出的一个概念。
在市场经济条件下，企业本身也是一种可以在产权市场上交易的商品，作为该商品的利益相关者，包括投资人、债权人、管理者等，都必须要了解企业的价值。
企业价值是指企业作为一种商品的货币表现。
1.3 评价企业价值的作用1.3.1 企业价值评价用于企业管理随着经济的发展和人们认识的提高，财务管理目标由“利润最大化”转为“企业价值最大化”，我们知道企业作为一类特殊的资产，有其自身的特点：盈利性、持续经营性、整体性。
而企业价值最大化作为财务目标符合企业本身的特点，即企业价值关注的是企业长期的盈利能力。
企业价值最大化是通过企业财务上的合理经营，采用最优的财务政策，充分考虑资金的时间价值和风险与报酬的关系，在保证企业长期稳定发展的基础上使企业总价值最大。
财务报表分析中英文对照外文翻译文献编辑
财务报表分析中英文对照外文翻译文献编辑Introduction:Financial statement analysis is an essential tool used by businesses and investors to evaluate the financial performance and position of a company. It involves the examination of financial statements such as the balance sheet, income statement, and cash flow statement to assess the company's profitability, liquidity, solvency, and efficiency. In this document, we will provide a detailed analysis and translation of foreign literature related to financial statement analysis.1. Importance of Financial Statement Analysis:Financial statement analysis provides valuable insights into a company's financial health and helps stakeholders make informed decisions. It enables investors to assess the profitability and growth potential of a company before making investment decisions. Additionally, it helps creditors evaluate the creditworthiness and repayment capacity of a company before extending credit. Furthermore, financial statement analysis assists management in identifying areas of improvement and making strategic decisions to enhance the company's performance.2. Key Elements of Financial Statement Analysis:a) Balance Sheet Analysis:The balance sheet provides a snapshot of a company's financial position at a specific point in time. It presents the company's assets, liabilities, and shareholders' equity. By analyzing the balance sheet, stakeholders can assess the company's liquidity, solvency, and financial stability.b) Income Statement Analysis:The income statement, also known as the profit and loss statement, presents the company's revenues, expenses, and net income over a specific period. It helps stakeholders evaluate the company's profitability, revenue growth, and cost management.c) Cash Flow Statement Analysis:The cash flow statement details the inflows and outflows of cash during a specific period. It provides insights into the company's operating, investing, and financing activities. By analyzing the cash flow statement, stakeholders can assess the company's ability to generate cash, meet its financial obligations, and fund its growth.3. Financial Ratios for Analysis:Financial ratios are essential tools used in financial statement analysis to assess a company's performance and compare it with industry benchmarks. Some commonly used financial ratios include:a) Liquidity Ratios:- Current Ratio: Measures a company's ability to meet short-term obligations.- Quick Ratio: Measures a company's ability to meet short-term obligations without relying on inventory.b) Solvency Ratios:- Debt-to-Equity Ratio: Measures the proportion of debt to equity in a company's capital structure.- Interest Coverage Ratio: Measures a company's ability to meet interest payments on its debt.c) Profitability Ratios:- Gross Profit Margin: Measures the profitability of a company's core operations.- Net Profit Margin: Measures the profitability of a company after all expenses, including taxes.d) Efficiency Ratios:- Inventory Turnover Ratio: Measures how quickly a company sells its inventory.- Accounts Receivable Turnover Ratio: Measures how quickly a company collects cash from its customers.4. Translation of Foreign Literature:In this section, we will provide a translation of key points from foreign literature related to financial statement analysis. The literature emphasizes the importance of accurate financial reporting, the use of financial ratios for analysis, and the interpretation of financial statements to make informed decisions.Conclusion:Financial statement analysis is a crucial process for evaluating a company's financial performance and position. It provides valuable insights into a company's profitability, liquidity, solvency, and efficiency. By analyzing financial statements and using financial ratios, stakeholders can make informed decisions regarding investments, credit extension, and strategic planning. Accurate translation and understanding of foreign literature related to financial statement analysis can further enhance the effectiveness of this process.。
XXX财务分析体系外文文献翻译最新译文
XXX财务分析体系外文文献翻译最新译文XXX the use of DuPont financial analysis system in XXX DuPont system breaks down the return on equity (ROE) into three components: net profit margin。
asset turnover。
and financial leverage。
Using data from a sample of listed companies。
the study finds that the DuPont system is effective in XXX。
the XXX that it should be used in n with other financial analysis tools.In recent years。
there has been a growing interest in using financial analysis tools to XXX financial analysis system is one such tool that has XXX in the 1920s to analyze the performance of its own ns。
Since then。
it has been widely used in the financial XXX.The DuPont system breaks down the ROE into three components: net profit margin。
asset XXX。
and financial leverage。
The net profit margin measures the XXX efficiency of the company's use of its assets to generate sales。
基于财务报表分析的企业价值分析
论文题目：基于财务报表分析的企业价值分析摘要财务报表是能够反映企业有关重要的经济活动及其内容的报告，给企业的相关人员提供所需的财务信息。
现如今，价值最大化已经成为企业追求的目标。
因此，评价企业价值成为当今企业管理者看来的重中之重。
财务状况和经营成果的是企业财务报表的重要反映，财务报表分析的目的是为了更好的反映企业价值，企业对外提供财务报表的主要母的是符合财务报表使用者的需要。
对财务报表中的会计数据进行分析,能够对企业价值进行推算，推测企业未来前景，进而提出对的政策。
本文主要研究利用财务报表来揭示企业价值的问题。
关键词财务报表；企业价值；报表分析目录摘要 (I)Abstract ................................................................................................................................... I I前言 (1)一、财务报表分析概况 (2)（一）财务报表分析内容 (2)（二）财务报表分析的基本方法 (2)（三）财务报表分析的对象 (3)二、现行财务报表分析的比较 (5)（一）对现行财务核算模式的改进 (5)（二）充分利用和分析现金流量表 (6)（三）补充增设对非财务指标的分析评价 (6)三、财务报表与企业价值的关系 (6)四、财务报表反映企业价值 (7)（一）财务报表是反映企业价值的载体 (7)（二）财务报表分析是分析企业价值的工具 (8)五、基于财务报表分析的企业价值分析的建议 (8)（一）将单指标分析与多指标分析相结合 (8)（二）最大限度发挥企业各项资源的效能 (8)（三）将财务分析与企业战略联系起来 (8)（四）做好企业风险评估 (9)结论 (10)参考文献 (11)致谢 ................................................................................................................ 错误!未定义书签。
财务报表分析外文文献及翻译
Review of accounting studies，2003,16（8）:531-560 Financial Statement Analysis of Leverage and How It Informs About Protability and Price-to—Book RatiosDoron Nissim，Stephen. PenmanAbstractThis paper presents a financial statement analysis that distinguish es leverage that arises in financing activities from leverage that arises in operations。
The analysis yields two leveraging equations, one for borrowing to finance operations and one for borrowing in the course of operations。
These leveraging equations describe how the two types of leverage affect book rates of return on equity。
An empirical analysis shows that the financial statement analysis explains cross-sectional differences in current and future rates of return as well as price—to—book ratios, which are based on expected rates of return on equity。
The paper therefore concludes that balance sheet line items for operating liabilities are priced differently than those dealing with financing liabilities。
财务报表分析中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：ANALYSIS OF FINANCIAL STATEMENTSWe need to use financial ratios in analyzing financial statements.—— The analysis of comparative financial statements cannot be made really effective unless it takes the form of a study of relationships between items in the statements. It is of little value, for example, to know that, on a given date, the Smith Company has a cash balance of $1oooo. But suppose we know that this balance is only -IV per cent of all current liabilities whereas a year ago cash was 25 per cent of all current liabilities. Since the bankers for the company usually require a cash balance against bank lines, used or unused, of 20 per cent, we can see at once that the firm's cash condition is exhibiting a questionable tendency.We may make comparisons between items in the comparative financial statements as follows:1. Between items in the comparative balance sheeta) Between items in the balance sheet for one date, e.g., cash may be compared with current liabilitiesb) Between an item in the balance sheet for one date and the same item in the balance sheet for another date, e.g., cash today may be compared with cash a year agoc) Of ratios, or mathematical proportions, between two items in the balance sheet for one date and a like ratio in the balance sheet for another date, e.g., the ratio of cash to current liabilities today may be compared with a like ratio a year ago and the trend of cash condition noted2. Between items in the comparative statement of income and expensea) Between items in the statement for a given periodb) Between one item in this period's statement and the same item in last period's statementc) Of ratios between items in this period's statement and similar ratios in last period's statement3. Between items in the comparative balance sheet and items in the comparative statement of income and expensea) Between items in these statements for a given period, e.g., net profit for this year may be calculated as a percentage of net worth for this yearb) Of ratios between items in the two statements for a period of years, e.g., the ratio of net profit to net worth this year may-be compared with like ratios for last year, and for the years preceding thatOur comparative analysis will gain in significance if we take the foregoing comparisons or ratios and; in turn, compare them with:I. Such data as are absent from the comparative statements but are of importance in judging a concern's financial history and condition, for example, the stage of the business cycle2. Similar ratios derived from analysis of the comparative statements of competing concerns or of concerns in similar lines of business What financialratios are used in analyzing financial statements.- Comparative analysis of comparative financial statements may be expressed by mathematical ratios between the items compared, for example, a concern's cash position may be tested by dividing the item of cash by the total of current liability items and using the quotient to express the result of the test. Each ratio may be expressed in two ways, for example, the ratio of sales to fixed assets may be expressed as the ratio of fixed assets to sales. We shall express each ratio in such a way that increases from period to period will be favorable and decreases unfavorable to financial condition.We shall use the following financial ratios in analyzing comparative financial statements:I. Working-capital ratios1. The ratio of current assets to current liabilities2. The ratio of cash to total current liabilities3. The ratio of cash, salable securities, notes and accounts receivable to total current liabilities4. The ratio of sales to receivables, i.e., the turnover of receivables5. The ratio of cost of goods sold to merchandise inventory, i.e., the turnover of inventory6. The ratio of accounts receivable to notes receivable7. The ratio of receivables to inventory8. The ratio of net working capital to inventory9. The ratio of notes payable to accounts payableIO. The ratio of inventory to accounts payableII. Fixed and intangible capital ratios1. The ratio of sales to fixed assets, i.e., the turnover of fixed capital2. The ratio of sales to intangible assets, i.e., the turnover of intangibles3. The ratio of annual depreciation and obsolescence charges to the assetsagainst which depreciation is written off4. The ratio of net worth to fixed assetsIII. Capitalization ratios1. The ratio of net worth to debt.2. The ratio of capital stock to total capitalization .3. The ratio of fixed assets to funded debtIV. Income and expense ratios1. The ratio of net operating profit to sales2. The ratio of net operating profit to total capital3. The ratio of sales to operating costs and expenses4. The ratio of net profit to sales5. The ratio of net profit to net worth6. The ratio of sales to financial expenses7. The ratio of borrowed capital to capital costs8. The ratio of income on investments to investments9. The ratio of non-operating income to net operating profit10. The ratio of net operating profit to non-operating expense11. The ratio of net profit to capital stock12. The ratio of net profit reinvested to total net profit available for dividends on common stock13. The ratio of profit available for interest to interest expensesThis classification of financial ratios is permanent not exhaustive. -Other ratios may be used for purposes later indicated. Furthermore, some of the ratios reflect the efficiency with which a business has used its capital while others reflect efficiency in financing capital needs. The ratios of sales to receivables, inventory, fixed and intangible capital; the ratios of net operating profit to total capital and to sales; and the ratios of sales to operating costs and expenses reflect efficiency in the use of capital.' Most of the other ratios reflect financial efficiency.B. Technique of Financial Statement AnalysisAre the statements adequate in general?-Before attempting comparative analysis of given financial statements we wish to be sure that the statements are reasonably adequate for the purpose. They should, of course, be as complete as possible. They should also be of recent date. If not, their use must be limited to the period which they cover. Conclusions concerning 1923 conditions cannot safely be based upon 1921 statements.Does the comparative balance sheet reflect a seasonable situation? If so, it is important to know financial conditions at both the high and low points of the season. We must avoid unduly favorable judgment of the business at the low point when assets are very liquid and debt is low, and unduly unfavorable judgment at the high point when assets are less liquid and debt likely to be relatively high.Does the balance sheet for any date reflect the estimated financial condition after the sale of a proposed new issue of securities? If so, in order to ascertain the actual financial condition at that date it is necessary to subtract the amount of the security issue from net worth, if the. issue is of stock, or from liabilities, if bonds are to be sold. A like amount must also be subtracted from assets or liabilities depending upon how the estimated proceeds of the issue are reflected in the statement.Are the statements audited or unaudited? It is often said that audited statements, that is, complete audits rather than statements "rubber stamped" by certified public accountants, are desirable when they can be obtained. This is true, but the statement analyst should be certain that the given auditing film's reputation is beyond reproach.Is working-capital situation favorable ?-If the comparative statements to be analyzed are reasonably adequate for the purpose, the next step is to analyze the concern's working-capital trend and position. We may begin by ascertaining the ratio of current assets to current liabilities. This ratioaffords-a test of the concern's probable ability to pay current obligations without impairing its net working capital. It is, in part, a measure of ability to borrow additional working capital or to renew short-term loans without difficulty. The larger the excess of current assets over current liabilities the smaller the risk of loss to short-term creditors and the better the credit of the business, other things being equal. A ratio of two dollars of current assets to one dollar of current liabilities is the "rule-of-thumb" ratio generally considered satisfactory, assuming all current assets are conservatively valued and all current liabilities revealed.The rule-of-thumb current ratio is not a satisfactory test ofworking-capital position and trend. A current ratio of less than two dollars for one dollar may be adequate, or a current ratio of more than two dollars for one dollar may be inadequate. It depends, for one thing, upon the liquidity of the current assets.The liquidity of current assets varies with cash position.-The larger the proportion of current assets in the form of cash the more liquid are the current assets as a whole. Generally speaking, cash should equal at least 20 per cent of total current liabilities (divide cash by total current liabilities). Bankers typically require a concern to maintain bank balances equal to 20 per cent of credit lines whether used or unused. Open-credit lines are not shown on the balance sheet, hence the total of current liabilities (instead of notes payable to banks) is used in testing cash position. Like the two-for-one current ratio, the 20 per cent cash ratio is more or less a rule-of-thumb standard.The cash balance that will be satisfactory depends upon terms of sale, terms of purchase, and upon inventory turnover. A firm selling goods for cash will find cash inflow more nearly meeting cash outflow than will a firm selling goods on credit. A business which pays cash for all purchases will need more ready money than one which buys on long terms of credit. The more rapidly the inventory is sold the more nearly will cash inflow equal cash outflow, other things equal.Needs for cash balances will be affected by the stage of the business cycle. Heavy cash balances help to sustain bank credit and pay expenses when a period of liquidation and depression depletes working capital and brings a slump in sales. The greater the effects of changes in the cycle upon a given concern the more thought the financial executive will need to give to the size of his cash balances.Differences in financial policies between different concerns will affect the size of cash balances carried. One concern may deem it good policy to carry as many open-bank lines as it can get, while another may carry only enough lines to meet reasonably certain needs for loans. The cash balance of the first firm is likely to be much larger than that of the second firm.The liquidity of current assets varies with ability to meet "acid test."- Liquidity of current assets varies with the ratio of cash, salable securities, notes and accounts receivable (less adequate reserves for bad debts), to total current liabilities (divide the total of the first four items by total current liabilities). This is the so-called "acid test" of the liquidity of current condition. A ratio of I: I is considered satisfactory since current liabilities can readily be paid and creditors risk nothing on the uncertain values of merchandise inventory. A less than 1:1 ratio may be adequate if receivables are quickly collected and if inventory is readily and quickly sold, that is, if its turnover is rapid andif the risks of changes in price are small.The liquidity of current assets varies with liquidity of receivables. This may be ascertained by dividing annual sales by average receivables or by receivables at the close of the year unless at that date receivables do not represent the normal amount of credit extended to customers. Terms of sale must be considered in judging the turnover of receivables. For example, if sales for the year are $1,200,000 and average receivables amount to $100,000, the turnover of receivables is $1,200,000/$100,000=12. Now, if credit terms to customers are net in thirty days we can see that receivables are paid promptly.Consideration should also be given market conditions and the stage of the business cycle. Terms of credit are usually longer in farming sections than in industrial centers. Collections are good in prosperous times but slow in periods of crisis and liquidation.Trends in the liquidity of receivables will also be reflected in the ratio of accounts receivable to notes receivable, in cases where goods are typically sold on open account. A decline in this ratio may indicate a lowering of credit standards since notes receivable are usually given to close overdue open accounts. If possible, a schedule of receivables should be obtained showing those not due, due, and past due thirty, sixty, and ninety days. Such a, schedule is of value in showing the efficiency of credits and collections and in explaining the trend in turnover of receivables. The more rapid the turnover of receivables the smaller the risk of loss from bad debts; the greater the savings of interest on the capital invested in receivables, and the higher the profit on total capital, other things being equal.Author(s): C. O. Hardy and S. P. Meech译文：财务报表分析A.财务比率我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。
基于企业价值分析财务报表 论文
论文分类号：F23 学校代码：毕业设计说明书(论文) 题目：基于财务报表分析的企业价值研究学生姓名：学号：系部：专业班级：指导教师：二〇一二年六月I Based on the analysis of Financial statements of the Enterprisevalue researchABSTRACTThis paper is intended to study based on financial analysis of enterprise value research. Through the analysis of financial statements of business value, understand enterprises financial condition and results of operations ,so the financial statements of listed companies to become a regularly published legal information .with the development of capital market, financial reporting and corporate value relations gets increasingly the attention of people, this article is through analysis of financial statements in the value of the enterprise .discussed how to use the financial statements to reveal the problems of enterprise value.Through the accounting data of the financial statement compared to find out the business performance of enterprises, discern the quality of enterprises, predict the future of enterprises. That is to say the financial statements provided by the accounting data analysis, can assess the value of enterprises, enterprises on the future forecast, in order to make rational decision.This article first introduces the financial statements and the concept of enterprise value, the specific discussion of the relation between both, the conclusion is itself of financial forms for reporting statistics enterprise value is the carrier of information, analysis of the financial statements of the enterprise value through financial statements data analysis tools. This chapter also introduced through the analysis of the financial statements of the enterprise value framework .Then this paper analyzes the traditional financial statement itself, index analysis and improved methods of analysis, in order to make financial statements analysis and enterprise value more related.Finally, through a specific case explain how to use the improved financial statement analysis compared to the traditional financial statements analysis in enterprise value with respect to response.KEY WORDS: Financial statements, Financial statement analysis, Enterprise valueII基于财务报表分析的企业价值研究摘要本论文意在探讨基于财务报表分析的企业价值研究。
财务报表分析的外文文献
毕业设计(论文)外文资料翻译系别管理信息系专业财务管理班级姓名学号外文出处附件2021年3月1.原文Financial statement analysis - the use of financial accountinginformation.Many years. Reasonable minimum current ratio was confirmed as 2.00. Until the mid-1960s, the typical enterprise will flow ratio control at 2.00 or higher. Since then, many companies the current ratio below 2.00 now, many companies can not control the current ratio over 2.00. This shows that the liquidity of many companies on the decline.In the analysis of an enterprise's liquidity ratio, it is necessary to average current ratio with the industry to compare. In some industries, the current ratio below 2.0 is considered normal, but some industry current ratio must be big 2.00. In general, the shorter the operating cycle, the lower the current ratio: the longer the operating cycle, the higher the current ratio.The current ratio compared to the same enterprise in different periods, and compared with the industry average, will help to dry to determine the high or low current ratio. This comparison does not explain why or why low. We can find out the reasons from the by-point analysis of the current assets and current liabilities. The main reason for the exception of the current ratio should be to find out the results of a detailed analysis of accounts receivable and inventory.Flow ratio better than working capital performance of enterprise short-term solvency. Working capital reflect only current assets and current liabilities, the absolute number of differences. The current ratio is also considered the relationship between the current asset size and the size of the current liabilities, make the indicators more comparable. For example, the current ratio between General Motors and Chrysler Motors Corporation. The comparison between the two companies working capital is meaningless, because the two companies of different sizes.Inventory using LIFO France will flow ratio cause problems, this is because the stock is undervalued. The result will be to underestimate the current ratio. Therefore, when compared to using the LIFO method businesses and other costs of the enterprise should pay particular attention to this.Compare the current ratio, analysts should calculate the accounts receivable turnover rate and commodity inventory turnover. This calculation enables the analysis of proposed liquidity problems exist in shouldReceived the views of the accounts and (or) Inventories. Views or opinions on the current ratio of accounts receivable and the deposit will affect the analyst. If the receivables I receivable and liquidity problems, require current ratio higher.Third, the acid test ratio (quick ratio)The current ratio is the evaluation of the liquidity conditions in the current assets and current liabilities. Often, people expect to get more immediate than the current ratio reflect the situation. The acid test ratio (liquid rate) on the relationship of current assets to current liabilities.To calculate the acid test (quick) ratio. From the current assets excluding inventory part. This is because of the slow flow of inventory, the inventory may be obsolete inventory may also be used as a specific creditor's security. For example, the winery's products to Tibet for a long period of time before sold. If you calculate the acid test (liquid) to including wine obstruct inventory will overestimate the enterprise mobility. Inventory valuation, because the cost data may be related to the current price level difference ...Section VI analytical screening proceduresAuditing Standards Description No. 23. Analytical screening procedures, provides guidance for the use of this procedure in the audit. Analytical inspection program goal is to identify significant changes from the business statistics and unusual items.Analytical screening procedures during the audit can run a different number of times, including the planning phase, the audit of the implementation phase and the completion of the audit stage. Analytical inspection procedures can lead to a special audit procedures, such as:Transverse the same type of analysis of the income statement shows an item, such as cost of sales during that period abnormal. This will lead to a careful review of the project cost of sales. The income statement vertical the same type of analysis by comparison with the previous saddle, can be found already for sale to the harmonious proportions of the amount of commodity costs and sales revenue.Accounts receivable turnover ratio and industry data comparison may show the typical speed of the accounts receivable turnover rate is far below the industry. This shows that a careful analysis of the response to accounts receivable.4 and debt compared to cash flow has significantly decreased ability to repay the debt with internally generated cash flow is essentially dropped.5 aldehyde test ratio decreased significantly, indicating that the ability to repay current liabilities with current assets other than inventory outside is essentially droppedWhen the auditors found that the report or an important trend than the string, the next procedure should be carried out to determine why this trend. This study (survey) can often lead to important discoveries.......Section VI analytical screening proceduresAuditing Standards Description No. 23. Analytical screening procedures, provides guidance for the use of this procedure in the audit. Analytical inspection program goal is to identify significant changes from the business statistics andunusual items.Analytical screening procedures during the audit can run a different number of times, including the planning phase, the audit of the implementation phase and the completion of the audit stage. Analytical inspection procedures can lead to a special audit procedures, such as:Transverse the same type of analysis of the income statement shows an item, such as cost of sales during that period abnormal. This will lead to a careful review of the project cost of sales. The income statement vertical the same type of analysis by comparison with the previous saddle, can be found already for sale to the harmonious proportions of the amount of commodity costs and sales revenue.Accounts receivable turnover ratio and industry data comparison may show the typical speed of the accounts receivable turnover rate is far below the industry. This shows that a careful analysis of the response to accounts receivable.4 and debt compared to cash flow has significantly decreased ability to repay the debt with internally generated cash flow is essentially dropped.5 aldehyde test ratio decreased significantly, indicating that the ability to repay current liabilities with current assets other than inventory outside is essentially droppedWhen the auditors found that the report or an important trend than the string, the next procedure should be carried out to determine why this trend. This study (survey) can often lead to important discoveries.2.译文财务报表分析——利用财务会计信息。
外文翻译--取证于商誉会计的财务报表附注披露与价值相关性的识别
本科毕业论文（设计）外文翻译外文题目 The value-relevance of financial statementrecognition versus note disclosure: evidencefrom goodwill accounting外文出处European Accounting Review,2009(1) :123-140 外文作者Al Jifri, khaled Citron, David原文：The Value-Relevance of Financial Statement Recognition Versus NoteDisclosure: Evidence From Goodwill AccountingABSTRACT The relative significance of financial statement recognition andnote disclosure is an important issue for accounting regulators, preparers and auditors.While standard-setters priorities financial recognition over disclosure, the empiricalevidence on the value-relevance of note disclosures is mixed. This is partly due to thesevere methodological problems inherent in comparing the two modes of presentation.This paper examines this issue in a new context by exploiting the UK regulatoryenvironment where old pre-FRS 10 goodwill continues to be disclosed in the notesto the accounts at the same time as new post-FRS 10 goodwill is capitalized. It thususes a within-firm research method to examine the relative significance of the twogoodwill amounts. The analysis is based on a sample of 243 non-financial firmscontaining amounts of both recognized and disclosed goodwill in their 2002 financialstatements. Both variables are significantly associated with share price. In addition,for firms engaging in R&D, there is no significant difference between thecontributions of disclosed and recognized goodwill in explaining market value, aresult consistent with the markets efficiently incorporating goodwill informationirrespective of where it appears in the annual report.This paper examines whether the market values goodwill disclosed only in the notes to the accounts equivalently to goodwill recognized in the balance sheet. It exploits the unique UK regulatory framework in which accounting for goodwill moved from note disclosure to balance sheet recognition. This context enables the study to contribute to the recognition vs. disclosure debate without encountering the self-selection bias introduced when firms have a choice about the reporting method or the influence of contemporaneous events if recognized and disclosed amounts are observed at different points in time.This issue is important for a number of reasons. Firstly, the question as to whether share prices reflect amounts disclosed in the notes and those recognized in the financial statements similarly, as would be expected in efficient markets, is of interest to regulators, accounts preparers and auditors. In this connection, regulators appear to priorities recognition over disclosure. Thus the UK Accounting Standards Board’s conceptual framework favors recognition when it states:” ... disclosure of information in the notes is not a substitute for recognition and does not correct or justify any misrepresentation in or omission from the primary financial statements’(ASB,1999,para.7.5).Si milarly, in its conceptual framework the IASB (International Accounting Standards Board)states that note disclosure is not a substitute for financial statement recognition (Alfredson et al. , 2005);and in the USA the FASB (Financial Accounting Standards Board)has argued, in the context of accounting for post-retirement benefits, that disclosure is not a substitute for recognition (SFAS No.106,para.164,cited by Davis-Friday etal. , 1999). On the other hand, as Schipper (2007) points out, these comments in t he regulators’ conceptual framework documents neither set out the conceptual role of mandatory disclosures nor do they provide clear guidance as to the fundamental distinction between disclosure and recognition. Efficient markets theory does suggest that the markets adopt a substance over form approach and incorporate all publicly available information, irrespective of the mode of disclosure. However, there are conditions under which note disclosures are less strongly associated with market values (Bernard and Schipper, 1994; Davis-Friday et al., 1999; Ahmed et al., 2006). One of these is ifinvestors inappropriately undervalue disclosed amounts either through lack of expertise or due to the cost of processing note information. Secondly, recognition may imply greater relevance or reliability, in which case users correctly assign lower weight to disclosed amounts. For example, auditors or management may require more stringent standards for recognized values. In the absence of a clear theory relating to disclosures, this paper seeks to provide empirical evidence as to whether these two modes of reporting have a differential effect on share prices.Secondly, goodwill accounting is itself a controversial issue, with standard setters changing required accounting methods on a regular basis. Many studies have investigated the value-relevance of recognized goodwill amounts (for example, McCarthy and Schneider, 1995; Barth and Clinch, 1996; Jennings et al., 1996; Godfrey and Koh, 2001). More recently the introduction of SFAS 142 (FASB, 2001) in the USA has triggered research into whether the new standard has improved the reliability of recognized goodwill amounts. Results are mixed with Ahmed and Guler (2007) finding that it has while Chambers (2007) has contrary results. Other studies (e.g. Beatty and Weber, 2006; Guler, 2007) find that management incentives and corporate governance structures affect the recognition of impairment charges under SFAS 142. While these studies have focused on the value-relevance of goodwill recognized on the face of the financial statements, this paper investigates whether accounting for goodwill via note disclosure vs. financial statement recognition affects investors’ decisions, a feature of goodwill accounting not examined hitherto.The paper addresses some key methodological problems inherent in researching this issue. It examines the differential market valuation of goodwill in the notes vs. that in the balance sheet in a context in which firms, firstly, had no choice about the method of reporting, thus eliminating the self-selection problem; secondly, in which both sets of amounts are reported at the same time so that differences in contemporaneous disclosures do not distort the results; and thirdly, by addressing, if only partially, potential differential reliability of disclosed and recognized amounts。
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中文4400字Babic Z, Plazibat N. Enterprise Value Based On The Analysis Of Financial Statements [J]. International journal of production economics, 2008, 56: 29-35Enterprise Value Based On The Analysis Of Financial StatementsZ Babic, N PlazibatABSTRACTAnalysis of data on the financial statements, the use of discounted cash flow method, the relative value of other methods to analyze financial statements and financial data to find useful data on the enterprise value analysis, with its inherent value is the closest a value to facilitate management by better management decisions and investment decisions of enterprises. Now, under the conditions of market economy, the enterprise itself can be traded in the market of goods, by the profits to maximize the conversion to maximize the value of. Therefore, the enterprise value based on financial statement analysis is particularly important. Financial statements as a reflection of the financial position and operating conditions of enterprises, statutory information of listed companies, the real financial statements data can reveal the enterprise's past operating results, the pros and cons of the identification of business, to forecast the future of the enterprise.The article first describes the limitations of the traditional statements and how to improve, then the enterprise value is based on the improved report.KEYWORD: Financial statements, corporate value, Enterprise value evaluation1 Introduction1 The meaning of enterprise valueThe enterprise value is accompanied by the emergence of property rights trading market in the 1960s, a concept first proposed by the U.S. regulators. Under market economy conditions, the goods of the enterprise itself is a transaction in the equity market as the commodity stakeholders, including investors, creditors, managers must understand the value of the business. Enterprise value as a commodity currency performance.1.2 Analysis of the significance of enterprise valueEnterprises maximize the value of thinking helps to improve the company. Each listedcompany to meet the interests of all creditors and preferred shareholders as a precondition (the common shareholders by the board of directors to monitor the enterprise to protect their own interests), the greater the enterprise value, the more secure the interests of creditors and preferred shareholders ; value of the enterprise, means that the higher its stock price to the shareholders. return more and more able to attract investors.1.3 Evaluate the enterprise value of the role of1.3.1 Enterprise value evaluation for enterprise managementThe enterprise value maximization as the financial targets in line with the characteristics of the enterprise itself, the enterprise value is the corporate long-term profitability. The enterprise value maximization is reasonable management on corporate finance, the optimal financial policy, and takes full account of the relationship between the time value of money and the risks and rewards on the basis of ensuring the long-term and stable development of total value.1.3.2 Enterprise value evaluation for investment decisionsAccording to the principle of the law of value in the stock market, the enterprise value determines the stock price, stock prices, in essence, the expected judgment is made by the investors in the company's future earnings, cash flow, investment risk around the enterprise value fluctuates, often deviate from the stock's intrinsic value. The market price and value deviation from the regression after a period of adjustment to the enterprise value. Therefore, the enterprise value evaluation, judgment, investors can find and purchase undervalued securities market or enterprise in order to get higher than the market average rate of return of income.2 The financial statements information to reflect the enterprisevalue2.1 The enterprise value of performance through the financial statementsThe financial statements are expressed in the statements of the enterprise value through the process and results that reflect the business activities of enterprises.The balance sheet is accounting statements reflect the financial condition of enterprises in a certain point in time to reveal the enterprise value. It's on the left is the value and the total value of the assets of the enterprises have a variety of assets; the right of the liabilities and net assets, in which the liabilities that the creditors should share the share of enterprise value,enterprise value share of the net assets owned by the owner.2.2Financial data and corporate valueFinancial report means a written document of the foreign enterprises reflect a specific date, financial condition and operating results, cash flows and other accounting information of a particular accounting period. The financial report should show at least the following components: (1) balance sheet; (2) the income statement; (3) Cash Flow Statement; (4) changes in owners' equity (or equity); (5) Note.2.3 Financial statements for the two basic approaches to the analysis of the enterprise value2.3.1 Ratio analysis and comparative analysisRatio analysis, financial statements related to the amount of contrast, to draw a series of financial indicators with a certain sense, and logical relations, in order to reveal the financial position, operating results and cash flows, an analytical skills, is a modern financial statement analysis is the most important and most commonly used analytical methods, the use of ratio analysis to analyze with simple calculation can be a significant problem characteristics. Ratio analysis and robust, but also has its limitations, if there is no comparable based on financial indicators does not make any sense. Ratio analysis to belong to the static analysis to predict the future is not absolutely reasonable and reliable, but to predict the future but it is a decisive factor for assessing enterprise value.2.3.2 DuPont Financial Analysis SystemDuPont Financial Analysis System (referred to as the DuPont system) because originally founded by the United States DuPont corporate and successful use of named. DuPont System of Financial Analysis is a popular expression, the rate of return on net assets broken down into three parts: sales net profit margin, total asset turnover and equity multiplier. Reflect the profitability of the enterprise asset management efficiency and financial leverage. It is a systematic, convenient way to financial analysis, to explain the reasons for the change and changes in trends, analysis of corporate profitability, operational capacity and capital structure and to take measures specified in the side sentence.3 The problems of the traditional financial statement analysis3.1 Unified financial statementsThe financial statements are an important source of information for enterprise valuation, the financial statements for the enterprise value assessment provides a variety of asset data, important information on the earning power of enterprise assets as a whole, the corporate equity capital cash flow ability. It can be said that the financial accounting data is more accurate, the more accurate the results of the assessment of enterprise value. After nearly a century of development, financial reporting system is being perfected the formation of the balance sheet, income statement, cash flow statement, equity changes in the accounting statements to supplement reflecting the financial resources and financial status of four tables note.3.1.1 The limitations of the historical cost principleThe historical cost principle is an important principle of the existing financial accounting, the assets of an enterprise; the actual cost of the various liabilities and so should be according to their achieved or occur. Historical cost is easy to obtain, and has the objectivity and validation features, pricing for long-term use of assets denominated in the value-added goods, and thus the industrial economy era are widely used for accounting practitioners.3.1.2 Accrual principle limitationsThe accrual is one of the pillars of the current accounting principles; the principle is based on the accounting period assumption. The principle of accrual accounting can only confirm that the business is current income has been achieved and has occurred or shall bear the cost of transactions and events have not yet actually occurred, and does not belong to the current income and expenses, you can not confirm.3.1.3 The limitations of monetary measurement principlesThis principle holds that the economic business deal in money as a measure to confirm the accounting treatment is a use of monetary measurement of business activities and results to be passed. With the increasing uncertainty in the business environment, corporate financial information reflected in the currency as the carrier has become increasingly difficult to meet the requirements of policy makers to see the profitability of the business reality requires not only as decision makers, operational information, more hope to reflect ability, creativity and comprehensive competitiveness. User preferences on the information of the same, therefore, the disclosure of the business environment, potential for development and non-monetary information to predict the future, it becomes increasingly important, and measured using the currency used in the current financial statements is ignored non-financial information on the quality of accounting information.3.2 Indicators of financial statement analysisThe system of financial statement analysis, financial indicators is the main basis for analysis and decision making. Using a series of financial indicators in the financial statements reveal the enterprise value analysis to determine the profitability of the enterprise and the level of risk in order to evaluate the value of the business. However, the existing financial index system is not yet complete, With the further strengthening of the knowledge economy, information economy and globalization, such as human resources, market share, product quality, enterprise value assessment of the important influence of non-financial indicators do not included.3.3 The traditional financial statement analysis method3.3.1 Ratio analysis and comparative analysis3.3.2 DuPont Financial Analysis SystemDuPont Financial Analysis System (referred to as the DuPont system) because originally founded by the United States DuPont corporate and successful use of named. DuPont System of Financial Analysis is a popular expression, the rate of return on net assets broken down into three parts: sales net profit margin, total asset turnover and equity multiplier. Reflect the profitability of the enterprise asset management efficiency and financial leverage. It is a systematic, convenient way to financial analysis, to explain the reasons for the change and changes in trends, analysis of corporate profitability, operational capacity and capital structure and to take measures specified in the side sentence.4 Financial statement analysis system improvements4.1 The improvement of the financial statementsThe idea of our improved financial and accounting reports on the basis of the current financial reporting system to increase the disclosure of information to meet the assessed needs of enterprise value.4.2 Improvement in the analysis of indicators of financial statements4.2.1 Profitability analysisCorporate profitability assessment into existing profitability, potential profitability, and sustained profitability analysis. The existing profitability of enterprises by the level of profitability, operational efficiency and develop the ability to reflect all the financialindicators. The potential profitability is determined by the growth of the industry and enterprise growth.4.2.2 Enterprise Risk AnalysisDue to the maximization of enterprise value is an abstract goal; there are some flaws in the use of:The value of non-listed companies to determine the degree of difficulty. Through a special assessment (such as the impact of asset evaluation) to determine its value, but the evaluation process by the evaluation criteria and evaluation methods to make valuation difficult to objectively and standards, thus affecting the accuracy and objectivity of the enterprise value. In addition to the business factors, changes in stock prices, but also by factors beyond the control of other companies.4.3 An improved method of financial statement analysis.4.3.1 To fully utilize and analyze the cash flow statementQuantitative structural analysis on the basis of the cash flow statement data, to further clear cash inflow, outflow and net flow of the composition. Can be divided into a cash inflow structure to outflow structure, the net cash flow structure and the inflow and outflow structure analysis of four aspects. Quantitative structural analysis data on the structural conditions of the cash flow statement reflects the corporate activities, including operating activities, investing activities, financing activities, the business cash flow contribution amount, to facilitate the users of financial statements to objectively judge the company's cash flow position, forecast the enterprise's future cash flows.5 Financial statements of the enterprise value5.1 Cash flow method and the comparison of the relative value of the methodThe cash flow statement cash basis, to provide enterprises a certain accounting period cash and cash equivalents inflow and outflow of information, the ability to obtain cash and cash equivalents in order to report the reader to understand and evaluate enterprise. Some enterprises although larger amounts of net profit, but due to lack of solvency which led to bankruptcy and liquidation. The ultimate goal of production and business activities in order to get more cash. Business success in the long run, depending on the recovery of cash is greater than the degree of consumption or investment in cash. Correspondence analysis, net operating cash flow and net profit can also check the quality of the profit.5.2 EV A analysis and relative value method of comparisonEV A is the English abbreviation of Economic Value Added, and can be translated as: capital increase in economic value added economic value or economic value added. EV A index of the basic idea is: rational investors look forward to the opportunity cost of gains exceed its assets by the cast of assets, namely, to obtain the incremental benefit.6 Financial analysis of the enterprise value6.1 Enterprise value evaluation method6.1.1 Discounted cash flow methodCash flows for the state of the business impact analysis:Sources of cash that is, the ratio of operating activities, investing activities, financing activities Net cash flow / Total sources of cash × 100%. This ratio shows the proportion of the source of all their cash flows to reflect the development of enterprises need of a cash flow from the source of funds dependence.6.1.2 Relative value of the methodRelative value of the method uses the ratio valuation method you first need to select a group of comparable companies, will need to calculate the ratio of this group mean or median as a benchmark rate, and then pricing the company's actual rate value and the base rate values were compared, to reflect the company whether there is "intrinsic value".7 ConclusionsThrough the analysis of the above financial information and the following conclusions: In general, all ratios tools error of plus or minus is not clear, but the mean measure of the deviation to be more accurate than the median measure of deviation.Ratio results of the assessment of the value of the company when excluding non-tradable shares and the value contains the non-tradable shares assessment results are not totally consistent. Contains the non-tradable shares of the company valuation, based on the higher accuracy of the ratio of the asset's carrying amount and the total profit, while the lowest operating profit ratio accuracy. Assessment of the total value contains the non-tradable shares, based on the lowest accuracy of the main business profit and operating profit ratio, based on the higher accuracy of the ratio of main business income and total profit.基于财务报表分析企业价值Z Babic, N Plazibat摘要随着市场经济的不断发展，越来越多的人开始注意到企业价值的重要性，并且开始对企业的价值进行研究，而且是以财务报表作为价值研究的基础，并对企业有重大的影响，所以基于财务报表对企业价值的研究对企业价值管理有重要的意义。