财务报表分析外文翻译
财务报表分析的外文文献
毕业设计(论文)外文资料翻译系别管理信息系专业财务管理班级姓名学号外文出处/f/22323844.html?from=like附件 1.原文；2.译文2012年3月1.原文Financial statement analysis - the use of financial accountinginformation.Many years. Reasonable minimum current ratio was confirmed as 2.00. Until the mid-1960s, the typical enterprise will flow ratio control at 2.00 or higher. Since then, many companies the current ratio below 2.00 now, many companies can not control the current ratio over 2.00. This shows that the liquidity of many companies on the decline.In the analysis of an enterprise's liquidity ratio, it is necessary to average current ratio with the industry to compare. In some industries, the current ratio below 2.0 is considered normal, but some industry current ratio must be big 2.00. In general, the shorter the operating cycle, the lower the current ratio: the longer the operating cycle, the higher the current ratio.The current ratio compared to the same enterprise in different periods, and compared with the industry average, will help to dry to determine the high or low current ratio. This comparison does not explain why or why low. We can find out the reasons from the by-point analysis of the current assets and current liabilities. The main reason for the exception of the current ratio should be to find out the results of a detailed analysis of accounts receivable and inventory.Flow ratio better than working capital performance of enterprise short-term solvency. Working capital reflect only current assets and current liabilities, the absolute number of differences. The current ratio is also considered the relationship between the current asset size and the size of the current liabilities, make the indicators more comparable. For example, the current ratio between General Motors and Chrysler Motors Corporation. The comparison between the two companies working capital is meaningless, because the two companies of different sizes.Inventory using LIFO France will flow ratio cause problems, this is because the stock is undervalued. The result will be to underestimate the current ratio. Therefore, when compared to using the LIFO method businesses and other costs of the enterprise should pay particular attention to this.Compare the current ratio, analysts should calculate the accounts receivable turnover rate and commodity inventory turnover. This calculation enables the analysis of proposed liquidity problems exist in shouldReceived the views of the accounts and (or) Inventories. Views or opinions on the current ratio of accounts receivable and the deposit will affect the analyst. If the receivables I receivable and liquidity problems, require current ratio higher.Third, the acid test ratio (quick ratio)The current ratio is the evaluation of the liquidity conditions in the current assets and current liabilities. Often, people expect to get more immediate than the current ratio reflect the situation. The acid test ratio (liquid rate) on the relationship of current assets to current liabilities.To calculate the acid test (quick) ratio. From the current assets excluding inventory part. This is because of the slow flow of inventory, the inventory may be obsolete inventory may also be used as a specific creditor's security. For example, the winery's products to Tibet for a long period of time before sold. If you calculate the acid test (liquid) to including wine obstruct inventory will overestimate the enterprise mobility. Inventory valuation, because the cost data may be related to the current price level difference ...Section VI analytical screening proceduresAuditing Standards Description No. 23. Analytical screening procedures, provides guidance for the use of this procedure in the audit. Analytical inspection program goal is to identify significant changes from the business statistics and unusual items.Analytical screening procedures during the audit can run a different number of times, including the planning phase, the audit of the implementation phase and the completion of the audit stage. Analytical inspection procedures can lead to a special audit procedures, such as:Transverse the same type of analysis of the income statement shows an item, such as cost of sales during that period abnormal. This will lead to a careful review of the project cost of sales. The income statement vertical the same type of analysis by comparison with the previous saddle, can be found already for sale to the harmonious proportions of the amount of commodity costs and sales revenue.Accounts receivable turnover ratio and industry data comparison may show the typical speed of the accounts receivable turnover rate is far below the industry. This shows that a careful analysis of the response to accounts receivable.4 and debt compared to cash flow has significantly decreased ability to repay the debt with internally generated cash flow is essentially dropped.5 aldehyde test ratio decreased significantly, indicating that the ability to repay current liabilities with current assets other than inventory outside is essentially droppedWhen the auditors found that the report or an important trend than the string, the next procedure should be carried out to determine why this trend. This study (survey) can often lead to important discoveries.......Section VI analytical screening proceduresAuditing Standards Description No. 23. Analytical screening procedures, provides guidance for the use of this procedure in the audit. Analytical inspection program goal is to identify significant changes from the business statistics andunusual items.Analytical screening procedures during the audit can run a different number of times, including the planning phase, the audit of the implementation phase and the completion of the audit stage. Analytical inspection procedures can lead to a special audit procedures, such as:Transverse the same type of analysis of the income statement shows an item, such as cost of sales during that period abnormal. This will lead to a careful review of the project cost of sales. The income statement vertical the same type of analysis by comparison with the previous saddle, can be found already for sale to the harmonious proportions of the amount of commodity costs and sales revenue.Accounts receivable turnover ratio and industry data comparison may show the typical speed of the accounts receivable turnover rate is far below the industry. This shows that a careful analysis of the response to accounts receivable.4 and debt compared to cash flow has significantly decreased ability to repay the debt with internally generated cash flow is essentially dropped.5 aldehyde test ratio decreased significantly, indicating that the ability to repay current liabilities with current assets other than inventory outside is essentially droppedWhen the auditors found that the report or an important trend than the string, the next procedure should be carried out to determine why this trend. This study (survey) can often lead to important discoveries.2.译文财务报表分析——利用财务会计信息。
财务报表英文翻译大全解析
资产负债表编制单位：单位：元Prepared by.Balance SheetMonth: Date: Year年月Monetary unit日利润表Income Statement编制单位：年日单位：元Prepared by: Date Year Monetary unit: RMB Yuan现金流量表Cash Flow Statement编制单位：Prepared by:年度Period: 单位：元Monetary unit:RMB Yuan资产减值准备明细表Statement of Provision for Impairment of Assets编制单位：年度单位：元Prepared by: Period: Monetary unit: RMB Yuan注：根据财会[2003]10号文件规定，此表已变动，请参见第404-407页。
Note: This statement has been revised according to CaiKuai [2003] No. 10 by the Ministry of Finance. Please refer to page 404 to 407 for details.所有者权益(或股东权益)增减变动表Statement of Changes in Owner's(Stockholder's)Equity编制单位：年度单位：元Prepared by: Period: Monetary unit: RMB Yuan应交增值税明细表VAT Payable Movement Table编制单位：年度单位：元Prepared by: Period: Monetary unit: RMB Yuan利润分配表Statement of Profit Distribution编制单位：年度单位：元Prepared by Period: Monetary unit: RMB Yuan分部报表(业务分部)Business Segment Statement 编制单位：Prepared by.年度Period:单位：元Monetary unit: RMB Yuan分部报表(地区分部)Geographical Segment Statement 编制单位：Prepared by. 年度单位：元Monetary unit: RMB Yuan不可预见费contingencies信用证死卷dead LCCover pool 担保池Pfandbrief 抵押债券提货担保 shipping guarantee押品小类collateral subdivision准贷证 approved loan letter平息flat rateCAC Contributory asset charge: 资产必要报酬CAPM Capital Asset Pricing Model: 资本资产定价模型CU Currency unit: 货币单位DCF Discounted cash flow: 折现现金流EBIT Earnings before interest and tax: 息税前利润EBITDA Earnings before interest, tax, depreciation and amortization: 息税、折旧、摊销前利润GN Guidance Note: 评估指南IFRS International Financial Reporting Standard: 国际财务报告准则IPR&D In-process Research and Development: 研发投入IVS International Valuation Standard: 国际评估准则PFI Prospective financial information: 预期财务信息US GAAP US Generally Accepted Accounting Principles: 美国公认会计准则WACC Wcighted average cost of capital: 加权平均资本成本WARA Weighted average rcturn on asscts: 加权平均资产回报Compound Annual Growth Rate 年均复合增长率Cost of Goods Sold 已售商品成本Incremental-Cashflow 增量现金流量Multi-Period-Excess-Earnings 多期超额收益法Relief-from-Royalty权利金节省法Net operating profit less adjusted tax税后净营业利润。
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。
财务报表分析外文翻译
Accountability in financial reporting：detecting fraudulentfirms在财务报告的责任：检测欺诈性公司“会计研究所和会计学院，玛拉工艺大学，莎阿南，马来西亚雪兰莪州”摘要本文旨在探讨公司欺诈行为与非欺诈行为的财务比率间存在的差别，并确定哪些财务比率是显著的虚假报告。
样本包括在马来西亚公共上市公司的65个欺诈性企业和65个非欺诈性企业，根据2000年和2011年数据的研究发现，有欺诈行为的公司和非舞弊的公司，在总债务与总资产、应收账款销售额方面存在显著的均值差异。
此外，Z分数衡量破产概率是为了检测是否存在财务报告舞弊.关键词：财务比率；财务报表分析；虚假财务报告；上市公司;马来西亚一、引言根据马来西亚上市公司的要求欺诈的公司被囊定为犯罪认定。
欺诈是在实践中出现的一种欺诈行为，广义的概念具有两种基本类型。
首先是挪用资产,二是财务报告舞弊。
财务报告舞弊通常发生在以财务报表造假的形式来获得一些有益的形式。
有些人认为欺诈涉及财务报表故意的扭曲(硬盘接口技术2009）。
在财务报告过程中欺诈检测是资本市场参与者和其他利益相关者的首要任务（例如，埃利奥特，2002;委员会，2007）。
在公开上市交易的公司如安然和世通公司欺诈发生时市场参与者如投资者经历了重大的经济损失。
一些专家认为,在目前的经济衰退调查研究诈骗方式中财务报告舞弊率可能会增加（敏茨，2009)。
在ISA 240规定的欺诈检测是一个分配给审计人员具体任务。
审计人员通常使用帮助他们检测欺诈的工具称为分析程序（阿尔布雷克特，2009）。
分析程序是指重要比率分析和趋势分析以及由此产生的调查，与其他相关信息不一致或偏离预测值波动的关系。
许多研究者和诈骗者推荐的财务比率可以作为一个有效的工具来检测欺诈(印度野，2009；白，阴阳，2008；人，1995）。
本文的目标是，首先探讨舞弊和非舞弊公司的财务比率的平均值之间的差异；其次本文研究的是欺诈报告中的财务比率的特征。
财务报表分析外文文献及翻译
财务报表分析外⽂⽂献及翻译Review of accounting studies,2003,16(8):531-560 Financial Statement Analysis of Leverage and How It Informs About Protability and Price-to-Book RatiosDoron Nissim, Stephen. PenmanAbstractThis paper presents a ?nancial statement analysis that distinguishes leverage that arises in ?nancing activities from leverage that arises in operations. The analysis yields two leveraging equations, one for borrowing to ?nance operations and one for borrowing in the course of operations. These leveraging equations describe how the two types of leverage affect book rates of return on equity. An empirical analysis shows that the ?nancial statement analysis explains cross-sectional differences in current and future rates of return as well as price-to-book ratios, which are based on expected rates of return on equity. The paper therefore concludes that balance sheet line items for operating liabilities are priced differently than those dealing with ? nancing liabilities. Accordingly, ?nancial statement analysis that distinguis hes the two types of liabilities informs on future pro?tability and aids in the evaluation of appropriate price-to-book ratios.Keywords: financing leverage; operating liability leverage; rate of return on equity; price-to-book ratioLeverage is traditiona lly viewed as arising from ?nancing activities: Firms borrow to raise cash for operations. This paper shows that, for the purposes of analyzing pro?tability and valuing ?rms, two types of leverage are relevant, one indeed arising from ?nancing activities b ut another from operating activities. The paper supplies a ?nancial statement analysis of the two types of leveragethat explains differences in shareholder pro?tability and price-to-book ratios.The standard measure of leverage is total liabilities to equity. However, while some liabilities—like bank loans and bonds issued—are due to ?nancing, other liabilities—like trade payables, deferred revenues, and pension liabilities—result from transactions with suppliers, customers and employees in conducting operations. Financing liabilities are typically traded in well-functioning capital markets where issuers are price takers. In contrast, ?rms are able to add value in operations because operations involve trading in input and output markets that are less perfect than capital markets. So, with equity valuation in mind, there are a priori reasons for viewing operating liabilities differently from liabilities that arise in ?nancing.Our research asks whether a dollar of operating liabilities on the balance sheet is priced differently from a dollar of ?nancing liabilities. As operating and ?nancing liabilities are components of the book value of equity, the question is equivalent to asking whether price-to-book ratios depend on the composition of book values. The price-to-book ratio is determined by the expected rate of return on the book value so, if components of book value command different price premiums, they must imply different expected rates of return on book value. Accordingly, the paper also investigates whether the two types of liabilities are associated with differences in future book rates of return.Standard ?nancial statement analysis distinguishes shareholder pro?tability that arises from operations from that which arises from borrowing to ?nance opera tions. So, return on assets is distinguished from return on equity, with the difference attributed to leverage. However, in the standard analysis, operating liabilities are not distinguished from ?nancing liabilities. Therefore, to develop the speci?cation s for the empirical analysis, the paper presents a ?nancial statement analysis that identi?es the effects of operating and ?nancing liabilities on rates of return on book value—andso on price-to-book ratios—with explicit leveraging equations that explain when leverage from each type of liability is favorable or unfavorable.The empirical results in the paper show that ?nancial statement analysis that distinguishes leverage in operations from leverage in ?nancing also distinguishes differences in contemporaneous and future pro?tability among ?rms. Leverage from operating liabilities typically levers pro?tability more than ?nancing leverage and has a higher frequency of favorable effects.Accordingly, for a given total leverage from both sources, ?rms with hig her leverage from operations have higher price-to-book ratios, on average. Additionally, distinction between contractual and estimated operating liabilities explains further differences in ?rms’ pro?tability and their price-to-book ratios.Our results are of consequence to an analyst who wishes to forecast earnings and book rates of return to value ?rms. Those forecasts—and valuations derived from them—depend, we show, on the composition of liabilities. The ?nancial statement analysis of the paper, supported by the empirical results, shows how to exploit information in the balance sheet for forecasting and valuation.The paper proceeds as follows. Section 1 outlines the ?nancial statements analysis that identi?es the two types of leverage and lays out expres sions that tie leverage measures to pro?tability. Section 2 links leverage to equity value and price-to-bookratios. The empirical analysis is in Section 3, with conclusions summarized in Section 4.1. Financial Statement Analysis of LeverageThe following ?nancial statement analysis separates the effects of ?nancing liabilities and operating liabilities on the pro? tability of shareholders’ equity. The analysis yields explicit leveraging equations from which the speci?cations for the empirical analysis are developed.Shareholder pro?tability, return on common equity, is measured asReturn on common equity (ROCE) = comprehensive net income ÷common equity (1) Leverage affects both the numerator and denominator of this pro?tability measure. Appropriate ?nancial statement analysis disentangles the effects of leverage. The analysis below, which elaborates on parts of Nissim and Penman (2001), begins by identifying components of the balance sheet and income statement that involve operating and ?nancing activities. The pro?tability due to each activity is then calculated and two types of leverage are introduced to explain both operating and ?nancing pro?tability and overall shareholder pro?tability.1.1 Distinguishing the Protability of Operations from the Protability of Financing ActivitiesWith a focus on common equity (so that preferred equity is viewed as a ?nancial liability), the balance sheet equation can be restated as follows:Common equity =operating assets＋financial assets－operating liabilities－Financial liabilities (2)The distinction here between operating assets (like trade receivables, inventory and property,plant and equipment) and ? nancial assets (the deposits and marketable securities that absorb excess cash) is made in other contexts. However, on the liability side, ?nancing liabilities are also distinguished here from operating liabilities. Rather than treating all liabilities as ? nancing debt, only liabilities that raise cash for operations—like bank loans, short-term commercial paper and bonds—are classi?ed as such. Other liabilities—such as accounts payable, accrued expenses, deferred revenue, restructuring liabilities and pension liabilities—arise from operations. The distinction is not as simple as current versus long-term liabilities; pension liabilities, for example, are usually long-term, and short-term borrowing is a current liability.Rearranging terms in equation (2),Common equity = (operating assets－operating liabilities)－(financial liabilities－financial assets)Or,Common equity = net operating assets－net financing debt (3) This equation regroups assets and liabilities into operating and nancing activities. Net operating assets are operating assets less operating liabilities. So a rm might invest in inventories, but to the extent to which the suppliers of those inventories grant credit, the net investment in inventories is reduced. Firms pay wages, but to the extent to which the payment of wages is deferred in pension liabilities, the net investment required to run the business is reduced. Net ?nancing debt is ?nancing debt (including preferred stock) minus?nancial assets. So, a ?rm may issue bonds to raise cash for operations but may also buy bonds with excess cash from operations. Its net indebtedness is its net position in bonds. Indeed a ?rm may be a net creditor (with more ?nancial assets than ?nancial liabilities) rather than a net debtor.The income statement can be reformulated to distinguish income that comes from operating and ?nancing activities: Comprehensive net income = operating income－net financing expense (4) Operating income is produced in operations and net ?nancial expense is incurred in the ?nancing of operations. Interest income on ?nancial assets is netted against interest expense on ?nancial liabilities (including preferred dividends) in net ?nancial expense. If interest i ncome is greater than interest expense, ?nancing activities produce net ?nancial income rather than net ?nancial expense. Both operating income and net ?nancial expense (or income) are after tax.3Equations (3) and (4) produce clean measures of after-tax o perating pro?tability and the borrowing rate:Return on net operating assets (RNOA) = operating income ÷net operating assets (5) andNet borrowing rate (NBR) = net financing expense ÷net financing debt (6) RNOA recognizes that pro?tabilit y must be based on the net assets invested in operations. So ?rms can increase their operating pro?tability by convincing suppliers, in the course of business, to grant or extend credit terms; credit reduces the investment that shareholders would otherwise have to put in the business. Correspondingly, the net borrowing rate, by excluding non-interest bearing liabilities from the denominator, gives the appropriate borrowing rate for the ?nancing activities.Note that RNOA differs from the more common return on assets (ROA), usually de?ned as income before after-tax interestexpense to total assets. ROA does not distinguish operating and ?nancing activities appropriately. Unlike ROA, RNOA excludes ?nancial assets in the denominator and subtracts operating liabilities. Nissim and Penman (2001) report a median ROA for NYSE and AMEX ?rms from 1963–1999 of only 6.8%, but a median RNOA of 10.0%—much closer to what one would expect as a return to business operations.1.2 Financial Leverage and its Effect on Shareholder ProtabilityFrom expressions (3) through (6), it is straightforward to demonstrate that ROCE is a weighted average of RNOA and the net borrowing rate, with weights derived from equation (3): ROCE= [net operating assets ÷common equity× RNOA]－[net financ ing debt÷common equity ×net borrowing rate (7) Additional algebra leads to the following leveraging equation:ROCE = RNOA＋[FLEV× ( RNOA－net borrowing rate )] (8) where FLEV, the measure of leverage from ?nancing activities, isFinancing leverage (FLEV) =net financing debt ÷common equity (9) The FLEV measure excludes operating liabilities but includes (as a net against ?nancing debt) ?nancial assets. If ?nancial assets are greater than ?nancial liabilities, FLEV is negative. The leveraging equation (8) works for negative FLEV (in which case the net borrowing rate is the return on net ? nancial assets).This analysis breaks shareholder pro?tability, ROCE, down into that which i s due to operations and that which is due to ? nancing. Financial leverage levers the ROCE over RNOA, with the leverage effect determined by the amount of ?nancial leverage (FLEV) and the spread between RNOA and the borrowing rate. The spread can be positive (favorable) or negative (unfavorable). 1.3 Operating Liability Leverage and its Effect on Operating ProtabilityWhile ?nancing debt levers ROCE, operating liabilities lever the pro?tability of operations, RNOA. RNOA is operating income relative to net operating assets, and net operating assets are operating assets minus operating liabilities. So, the more operating liabilities a ?rm has relative to operating assets, the higher its RNOA, assuming no effect on operating income in the numerator. The intensity of the use of operating liabilities in the investment base is operating liability leverage: Operating liability leverage (OLLEV) =operating liabilities ÷net operating assets (10) Using operating liabilities to lever the rate of return from operations may not come for free, however; there may be a numerator effect on operating income. Suppliers provide what nominally may be interest-free credit, but presumably charge for that credit with higher prices for the goods and services supplied. This is the reason why operating liabilities are inextricably a part of operationsrather than the ?nancing of operations. The amount that suppliers actually charge for this credit is dif?cult to identify. But the market borrowing rate is observable. The amount that suppliers would implicitly charge in prices for the credit at this borrowing rate can be estimated as a benchmark: Market interest on operating liabilities= operating liabilities×market borrowing ratewhere the market borrowing rate, given that most credit is short term, can be approximated by the after-tax short-term borrowing rate. This implicit cost is benchmark, for it is the cost that makes suppliers indifferent in supplying cred suppliers are fully compensated if they charge implicit interest at the cost borrowing to supply the credit. Or, alternatively, the ?rm buying the goods o r services is indifferent between trade credit and ?nancing purchases at the borrowin rate.To analyze the effect of operating liability leverage on operating pro?tability, w e d e?ne:Return on operating assets (ROOA) =(operating income＋market interest on operating liabilities)÷operating assets(11)The numerator of ROOA adjusts operating income for the full implicit cost of trad credit. If suppliers fully charge the implicit cost of credit, ROOA is the return of operating assets that would be earned had the ?rm no operating liability leverage. suppliers do not fully charge for the credit, ROOA measures the return fro operations that includes the favorable implicit credit terms from suppliers.Similar to the leveraging equation (8) for ROCE, RNOA can be expressed as:RNOA = ROOA＋[ OLLEV ×(ROOA－market borrowing rate )] (12) where the borrowing rate is the after-tax short-term interest rate.Given ROOA, the effect ofleverage on pro?tability is determined by the level of operating liability leverage and the spread between ROOA and the short-term after-tax interest rate. Like ?nancing l everage, the effect can be favorable or unfavorable: Firms can reduce their operating pro?tability through operating liability leverage if their ROOA is less than the market borrowing rate. However, ROOA will also be affected if the implicit borrowing cost on operating liabilities is different from the market borrowing rate. 1.4 Total Leverage and its Effect on Shareholder ProtabilityOperating liabilities and net ?nancing debt combine into a total leverage measure:Total leverage (TLEV) = ( net financing debt＋operating liabilities)÷common equityThe borrowing rate for total liabilities is:Total borrowing rate = (net financing expense＋market interest on operating liabilities) ÷net financing debt＋operating liabilitiesROCE equals the weighted average of ROOA and the total borrowing rate, where the weights are proportional to the amount of total operating assets and the sum of net ?nancing debt and operating liabilities (with a negative sign), respectively. So, similar to the leveraging equations (8) and (12):ROCE = ROOA ＋[TLEV×(ROOA －total borrowing rate)](13)In summary, ?nancial statement analysis of operating and ?nancing activities yields three leveraging equations, (8), (12), and (13). These equations are based on ?xed accounting re lations and are therefore deterministic: They must hold for a given ? rm at a given point in time. The only requirement in identifying the sources of pro?tability appropriately is a clean separation betweenoperating and ?nancing components in the ?nancial statements.2. Leverage, Equity Value and Price-to-Book RatiosThe leverage effects above are described as effects on shareholder pro?tability. Our interest is not only in the effects on shareholder pro?tability, ROCE, but also in the effects on shareholder value, which is tied to ROCE in a straightforward way by the residual income valuation model. As a restatement of the dividend discount model, the residual income model expresses the value of equity at date 0 (P0) as:B is the book value of common shar eholders’ equity, X is comprehensive income to common shareholders, and r is the required return for equity investment. The price premium over book value is determined by forecasting residual income, Xt –rBt-1. Residual income is determined in part by income relative to book value, that is, by the forecasted ROCE. Accordingly, leverage effects on forecasted ROCE (net of effects on the required equity return) affect equity value relative to book value: The price paid for the book value depends on the expect ed pro?tability of the book value, and leverage affects pro?tability. So our empirical analysis investigates the effect of leverage on both pro?tability and price-to-book ratios. Or, stated differently, nancing and operating liabilities are distinguishable components of book value, so the question is whether the pricing of book values depends on the composition of book values. If this is the case, the different components of book value must imply different pro?tability. Indeed, the two analyses (of pro?tab ility and price-to-book ratios) are complementary.Financing liabilities are contractual obligations for repayment of funds loaned. Operatingliabilities include contractual obligations (such as accounts payable), but also include accrual liabilities (such as deferred revenues and accrued expenses). Accrual liabilities may be based on contractual terms, but typically involve estimates. We consider the real effects of contracting and the effects of accounting estimates in turn. Appendix A provides some examples of contractual and estimated liabilities and their effect on pro?tability and value.2.1 Effects of Contractual liabilitiesThe ex post effects of ?nancing and operating liabilities on pro?tability are clear from leveraging equations (8), (12) and (13). These expressions always hold ex post, so there is no issue regarding ex post effects. But valuation concerns ex ante effects. The extensive research on the effects of ?nancial leverage takes, as its point of departure, the Modigliani and Miller (M&M) (1958) ?nancing irrelevance proposition: With perfect capital markets and no taxes or information asymmetry, debt ?nancing has no effect on value. In terms of the residual income valuation model, an increase in ?nancial leverage due to a substitution of debt for equity may increase expected ROCE according to expression (8), but that increase is offset in the valuation (14) by the reduction in the book value of equity that earns the excess pro?tability and the increase in the required equity return, leaving total value (i.e., the value of equity and debt) unaffected. The required equity return increases because of increased ? nancing risk: Leverage may be expected to be favorable but, the higher the leverage, the greater the loss to shareholders should the leverage turn unfavorable ex post, with RNOA less than the borrowing rate.In the face of the M&M proposition, research on the value effects of ?nancial leverage has proceeded to relax the conditions for the proposition to hold. Modigliani and Miller (1963) hyp othesized that the tax bene?ts of debt increase after-tax returns to equity and so increase equityvalue. Recent empirical evidence provides support for the hypothesis (e.g., Kemsley and Nissim, 2002), although the issue remains controversial. In any case, since the implicit cost of operating liabilities, like interest on ?nancing debt, is tax deductible, the composition of leverage should have no tax implications.Debt has been depicted in many studies as affecting value by reducing transaction and contracting costs. While debt increases expected bankruptcy costs and introduces agency costs between shareholders and debtholders, it reduces the costs that shareholders must bear in monitoring management, and may have lower issuing costs relative to equity. One might expect these considerations to apply to operating debt as well as ?nancing debt, with the effects differing only by degree. Indeed papers have explained the use of trade debt rather than ?nancing debt by transaction costs (Ferris, 1981), differentia l access of suppliers and buyers to ?nancing (Schwartz,1974), and informational advantages and comparative costs of monitoring (Smith, 1987; Mian and Smith, 1992; Biais and Gollier, 1997). Petersen and Rajan (1997) provide some tests of these explanations.In addition to tax, transaction costs and agency costs explanations for leverage, research has also conjectured an informational role. Ross (1977) and Leland and Pyle (1977) characterized ?nancing choice as a signal of pro?tability and value, and subseque nt papers (for example, Myers and Majluf, 1984) have carried the idea further. Other studies have ascribed an informational role also for operating liabilities. Biais and Gollier (1997) and Petersen and Rajan (1997), for example, see suppliers as having mo re information about ?rms than banks and the bond market, so more operating debt might indicate higher value. Alternatively, high trade payables might indicate dif?culti es in paying suppliers and declining fortunes.Additional insights come from further relaxing the perfect frictionless capital markets assumptions underlying the original M&M nancing irrelevance proposition. When it comes to operations, the product and input markets in which rms trade are typically less competitive than capital markets. In deed, ?rms are viewed as adding value primarily in operations rather than in nancing activities because of less than purely competitive product and input markets. So, whereas it is difficult to ‘‘make money off the debtholders,’’ ?rms can be seen as ‘‘mak ing money off the trade creditors.’’ In operations, ?rms can exert monopsony power, extracting value from suppliers and employees. Suppliers may provide cheap implicit ?nancing in exchange for information about products and markets in which the ?rm operates. They may also bene?t from ef?ciencies in the ?rm’s supply and distribution chain, and may grant credit to capture future business.2.2 Effects of Accrual Accounting EstimatesAccrual liabilities may be based on contractual terms, but typically involve estimates. Pension liabilities, for example, are based on employment contracts but involve actuarial estimates. Deferred revenues may involve obligations to service customers, but also involve estimates that allocate revenues to periods. While contractual liabilities are typically carried on the balance sheet as an unbiased indication of the cash to be paid, accrual accounting estimates are not necessarily unbiased. Conservative accounting, for example, might overstate pension liabilities or defer more revenue than required by contracts with customers.Such biases presumably do not affect value, but they affect accounting rates of return and the pricing of the liabilities relative to their carrying value (the price-to-book ratio). The effect of accounting estimates on operating liability leverage is clear: Higher carrying values for operatingliabilities result in higher leverage for a given level of operating assets. But the effect on pro?tability is also clear from leveraging equation (12): While conservative accounting for operating assets increases the ROOA, as modeled in Feltham and Ohlson (1995) and Zhang (2000), higher book values of operating liabilities lever up RNOA over ROOA. Indeed, conservative accounting for operating liabilities amounts to leverage of book rates of return. By leveraging equation (13), that leverage effect ?ows through to shareholder pro?tability, ROCE.And higher anticipated ROCE implies a higher price-to-book ratio.The potential bias in estimated operating liabilities has opposite effects on current and future pro?tability. For example, if a ? rm books higher deferred revenues, accrued expenses or other operating liabilities, and so increases its operating liability leverage, it reduces its current pro?tability: Current revenues must be lower or expenses higher. And, if a ?rm reports lower operating assets (by a write down of receivables, inventories or other assets, for example), and so increases operating liability leverage, it also reduces current pro?tability: Current expense s must be higher. But this application of accrual accounting affects future operating income: All else constant, lower current income implies higher future income. Moreover, higher operating liabilities and lower operating assets amount to lower book value of equity. The lower book value is the base for the rate of return for the higher future income. So the analysis of operating liabilities potentially identi?es part of the accrual reversal phenomenon documented by Sloan (1996) and interprets it as affecting leverage, forecasts of pro?tability, and price-to-book ratios.3. Empirical AnalysisThe analysis covers all ?rm-year observations on the combined COMPUSTAT (Industry and Research) ?les for any of the 39 years from 1963 to 2001 that satisfy the following requirements: (1)the company was listed on the NYSE or AMEX; (2) the company was not a ?nancial institution (SIC codes 6000–6999), thereby omitting ?rms where most ?nancial assets and liabilities are used in operations; (3) the book value of common equity is at least $10 million in 2001 dollars; and (4) the averages of the beginning and ending balance of operating assets, net operating assets and common equity are positive (as balance sheet variables are measured in the analysis using annual averages). T hese criteria resulted in a sample of 63,527 ?rm-year observations.Appendix B describes how variables used in the analysis are measured. One measurement issue that deserves discussion is the estimation of the borrowing cost for operating liabilities. As most operating liabilities are short term, we approximate the borrowing rate by the after-tax risk-free one-year interest rate. This measure may understate the borrowing cost if the risk associated with operating liabilities is not trivial. The effect of such measurement error is to induce a negative correlation between ROOA and OLLEV. As we show below, however, even with this potential negative bias we document a strong positive relation between OLLEV and ROOA.4. ConclusionTo ?nance operations, ?rms borrow in the ?nancial markets, creating ?nancing leverage. In running their operations, ?rms also borrow, but from customers, employees and suppliers, creating operating liability leverage. Because they involve trading in different types of markets, the two types of leverage may have different value implications. In particular, operating liabilities may re?ect contractual terms that add value in different ways than ?nancing liabilities, and so they may be priced differently. Operating liabilities also involve accrual accounting estimates that may further affect their pricing. This study has investigated the implications of the two types of leverage for pro?tability and equity value.The paper has laid out explicit leveraging equations that show how shareholder p ro?tability is related to ?nancing leverage and operating liability leverage. For operating liability leverage, the leveraging equation incorporates both real contractual effects and accounting effects. As price-to-book ratios are based on expected pro?tab ility, this analysis also explains how price-to-book ratios are affected by the two types of leverage. The empirical analysis in the paper demonstrates that operating and ?nancing liabilities imply different pro?tability and are priced differently in the stock market.Further analysis shows that operating liability leverage not only explains differences in pro?tability in the cross-section but also informs on changes in future pro?tability from current pro?tability. Operating liability leverage and changes in operating liability leverage are indicators of the quality of current reported pro?tability as a predictor of future pro?tability.Our analysis distinguishes contractual operating liabilities from estimated liabilities, but further research might examine operating liabilities in more detail, focusing on line items such as accrued expenses and deferred revenues. Further research might also investigate the pricing of operating liabilities under differing circumstances; for example, where ?rms have ‘‘market power’’ over their suppliers.会计研究综述，2003,16(8):531-560财务报表分析的杠杆左右以及如何体现盈利性和值⽐率摘要本⽂提供了区分⾦融活动和业务运营中杠杆作⽤的财务报表分析。
财务报表与财务分析中英文
n The cash flow received from the firm’s assets (CF(A)) must equal the cash flows to the firm’s creditors (CF(B)) and stockholders (CF(S)).
• Thus, income is reported when it is earned, even though no cash flow may have occurred.
2. Non-Cash Items 3. Time and Costs
财务报表与财务分析中英文
Non-Cash Items
the “bottom line.”
•Taxes
• 84
•(3) • Current: $71
• Deferred: $13
•Net income
•$86
• Retained earnings:
$43
• Dividends:
$43
财务报表与财务分析中英文
Income Statement Analysis
财务报表与财务分析中 英文
2020/12/22
财务报表与财务分析中英文
The Stockholders’ Report
n The guidelines used to prepare and maintain financial records and reports are generally accepted accounting principles (GAAP)(用於準備
企业并购财务报表分析外文文献翻译
文献信息：文献标题：Enterprise merger and acquisition analysis of financial statements（企业并购财务报表分析）国外作者：James C.Van Horne文献出处：《The modern enterprise financial management》字数统计：英文2907单词，14875字符；中文4855汉字外文文献：Enterprise merger and acquisition analysis of financialstatementsCorporate mergers and acquisitions have become a major form of capital operation. Enterprise use of this mode of operation to achieve the capital cost of the external expansion of production and capital concentration to obtain synergies, enhancing competitiveness, spread business plays a very important role. M & A process involves a lot of financial problems and solve financial problems is the key to successful mergers and acquisitions. Therefore, it appears in merger analysis of the financial problems to improve the efficiency of M & Finance has an important practical significance.We need to use financial ratios in analyzing financial statements.——The analysis of comparative financial statements cannot be made really effective unless it takes the form of a study of relationships between items in the statements. It is of little value, for example, to know that, on a given date, the Smith Company has a cash balance of $1oooo. But suppose we know that this balance is only -IV per cent of all current liabilities whereas a year ago cash was 25 per cent of all current liabilities. Since the bankers for the company usually require a cash balance against bank lines, used or unused, of 20 per cent, we can see at once that the firm's cash condition isexhibiting a questionable tendency.Saving transaction costs. M & A market is essentially an alternative organization to realize the internalization of external transactions, as appropriate under the terms of trade, business organizations, the cost may be lower than in the market for the same transaction costs, thereby reducing production and operation the transaction costs.To reduce agency costs. When the business separation of ownership and management, because the interests of corporate management and business owners which resulted in inconsistencies in agency costs, including all contract costs with the agent, the agent monitoring and control costs. Through acquisitions or agency competition, the incumbent managers of target companies will be replaced, which can effectively reduce the agency costs.Lower financing costs. Through mergers and acquisitions, can expand the size of the business, resulting in a common security role. In general, large companies easier access to capital markets, large quantities they can issue shares or bonds. As the issue of quantity, relatively speaking, stocks or bonds cost will be reduced to enable enterprises to lower capital cost, refinancing.To obtain tax benefits. M & A business process can make use of deferred tax in terms of a reasonable tax avoidance, but the current loss of business as a profit potential acquisition target, especially when the acquiring company is highly profitable, can give full play to complementary acquisitions both tax advantage. Since dividend income, interest income, operating income and capital gains tax rate difference between the large mergers and acquisitions take appropriate ways to achieve a reasonable financial deal with the effect of tax avoidance.To increase business value. M & A movement through effective control of profitable enterprises and increase business value. The desire to control access to the right of the main business by trading access to the other rights owned by the control subjects to re-distribution of social resources. Effective control over enterprises in the operation of the market conditions, for most over who are in competition for control of its motives is to seek the company's market value and the effective management of the condition should be the difference between the market value.The company liquidity and solvency position is to maintain the basic conditions for good financial flexibility. Company's financial flexibility is important, it mainly refers to the enterprises to maintain a good liquidity for timely repayment of debt. Good cash flow performance in a good income-generating capacity and funding from the capital market capacity, but also the company's overall Profitability, Profitability is the size of which can be company's overall business conditions and competition prospects come to embody. Specific assessment, the fixed costs to predict the total expenditures and cash flow trends, the fixed costs and discretionary spending is divided into some parts of constraints, in order to accurately estimate the company's working capital demand in the near future, on the accounts receivable turnover and inventory turnover rate of the data to be reviewed, should include other factors that affect financial flexibility, such as short-term corporate debt levels, capital structure, the higher the interest rate of Zhaiwu relatively specific weight.M & M price is the cost of an important part of the target company's value is determined based on M & A prices, so enterprises in M & Juece O'clock on targeted business Jinxing scientific, objective value of Ping Gu, carefully Xuanze acquisition Duixiang to Shi Zai market competition itself tide in an invincible position. Measure of the value of the target company, generally adjusted book value method, market value of comparative law, price-earnings ratio method, discounted cash flow method, income approach and other methods.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 trendof 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:1.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 financial ratios are used in analyzing financial statements.- Comparative analysis of comparative financial statements may be expressed by mathematical ratios between the items compared, for example, a concern's cash position may be tested by dividing the item of cash by the total of current liability items and using the quotient to express the result of the test. Each ratio may be expressed in two ways, for example, the ratio of sales to fixed assets may be expressed as the ratio of fixed assets to sales. We shall express each ratio in such a way that increases from period to period will be favorable and decreases unfavorable to financial condition.We shall use the following financial ratios in analyzing comparative financialstatements: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 payable10. 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 assets against 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.Are the statements adequate in general?-Before attempting comparative analysis of given financial statements we wish to be sure that the statements are reasonably adequate for the purpose. They should, of course, be as complete as possible. They should also be of recent date. If not, their use must be limited to the period which they cover. Conclusions concerning 1923 conditions cannot safely be based upon 1921 statements.Does the comparative balance sheet reflect a seasonable situation? If so, it is important to know financial conditions at both the high and low points of the season. We must avoid unduly favorable judgment of the business at the low point when assets are very liquid and debt is low, and unduly unfavorable judgment at the high point when assets are less liquid and debt likely to be relatively high.Does the balance sheet for any date reflect the estimated financial condition after the sale of a proposed new issue of securities? If so, in order to ascertain the actual financial condition at that date it is necessary to subtract the amount of thesecurity issue from net worth, if the. issue is of stock, or from liabilities, if bonds are to be sold. A like amount must also be subtracted from assets or liabilities depending upon how the estimated proceeds of the issue are reflected in the statement.Are the statements audited or unaudited? It is often said that audited statements, that is, complete audits rather than statements "rubber stamped" by certified public accountants, are desirable when they can be obtained. This is true, but the statement analyst should be certain that the given auditing film's reputation is beyond reproach.Is working-capital situation favorable ?-If the comparative statements to be analyzed are reasonably adequate for the purpose, the next step is to analyze the concern's working-capital trend and position. We may begin by ascertaining the ratio of current assets to current liabilities. This ratio affords-a test of the concern's probable ability to pay current obligations without impairing its net working capital. It is, in part, a measure of ability to borrow additional working capital or to renew short-term loans without difficulty. The larger the excess of current assets over current liabilities the smaller the risk of loss to short-term creditors and the better the credit of the business, other things being equal. A ratio of two dollars of current assets to one dollar of current liabilities is the "rule-of-thumb" ratio generally considered satisfactory, assuming all current assets are conservatively valued and all current liabilities revealed.The rule-of-thumb current ratio is not a satisfactory test of working-capital position and trend. A current ratio of less than two dollars for one dollar may be adequate, or a current ratio of more than two dollars for one dollar may be inadequate. It depends, for one thing, upon the liquidity of the current assets.The liquidity of current assets varies with cash position.-The larger the proportion of current assets in the form of cash the more liquid are the current assets as a whole. Generally speaking, cash should equal at least 20 per cent of total current liabilities (divide cash by total current liabilities). Bankers typically require a concern to maintain bank balances equal to 20 per cent of credit lines whether used or unused. Open-credit lines are not shown on the balance sheet, hence the total of current liabilities (instead of notes payable to banks) is used in testing cash position. Like thetwo-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 ofcredit 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.中文译文：企业并购财务报表分析企业并购已成为企业资本运营的一种主要形式。
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.。
银行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)Banks analysis of financial dataAbstractA stochastic analysis of financial data is presented. In particular we investigate how the statistics of log returns change with different time delays t. The scale-dependent behaviour of financial data can be divided into two regions. The first time range, the small-timescale region (in the range of seconds) seems to be characterised by universal features. The second time range, the medium-timescale range from several minutes upwards can be characterised by a cascade process, which is given by a stochastic Markov process in the scale τ. A corresponding Fokker–Planck equation can be extracted from given data and provides a non-equilibrium thermodynamical description of the complexity of financial data.Keywords:Banks; Financial markets; Stochastic processes;Fokker–Planck equation1.IntroductionFinancial statements for banks present a different analytical problem than manufacturing and service companies. As a result, analysis of a bank’s financial statements requires a distinct approach that recognizes a bank’s somewhat unique risks.Banks take deposits from savers, paying interest on some of these accounts. They pass these funds on to borrowers, receiving interest on the loans. Their profits are derived from the spread between the rate they pay forfunds and the rate they receive from borrowers. This ability to pool deposits from many sources that can be lent to many different borrowers creates the flow of funds inherent in the banking system. By managing this flow of funds, banks generate profits, acting as the intermediary of interest paid and interest received and taking on the risks of offering credit.2. Small-scale analysisBanking is a highly leveraged business requiring regulators to dictate minimal capital levels to help ensure the solvency of each bank and the banking system. In the US, a bank’s primary regulator could be the Federal Reserve Board, the Office of the Comptroller of the Currency, the Office of Thrift Supervision or any one of 50 state regulatory bodies, depending on the charter of the bank. Within the Federal Reserve Board, there are 12 districts with 12 different regulatory staffing groups. These regulators focus on compliance with certain requirements, restrictions and guidelines, aiming to uphold the soundness and integrity of the banking system.As one of the most highly regulated banking industries in the world, investors have some level of assurance in the soundness of the banking system. As a result, investors can focus most of their efforts on how a bank will perform in different economic environments.Below is a sample income statement and balance sheet for a large bank. The first thing to notice is that the line items in the statements are not the same as your typical manufacturing or service firm. Instead, there are entries that represent interest earned or expensed as well as deposits and loans.As financial intermediaries, banks assume two primary types of risk as they manage the flow of money through their business. Interest rate risk is the management of the spread between interest paid on deposits and received on loans over time. Credit risk is the likelihood that a borrower will default onits loan or lease, causing the bank to lose any potential interest earned as wellas the principal that was loaned to the borrower. As investors, these are the primary elements that need to be understood when analyzing a bank’s financial statement.3. Medium scale analysisThe primary business of a bank is managing the spread between deposits. Basically when the interest that a bank earns from loans is greater than the interest it must pay on deposits, it generates a positive interest spread or net interest income. The size of this spread is a major determinant of the profit generated by a bank. This interest rate risk is primarily determined by the shape of the yield curve.As a result, net interest income will vary, due to differences in the timing of accrual changes and changing rate and yield curve relationships. Changes in the general level of market interest rates also may cause changes in the volume and mix of a bank’s balance sheet products. For example, when economic activity continues to expand while interest rates are rising, commercial loan demand may increase while residential mortgage loan growth and prepayments slow.Banks, in the normal course of business, assume financial risk by making loans at interest rates that differ from rates paid on deposits. Deposits often have shorter maturities than loans. The result is a balance sheet mismatch between assets (loans) and liabilities (deposits). An upward sloping yield curve is favorable to a bank as the bulk of its deposits are short term and their loans are longer term. This mismatch of maturities generates the net interest revenue banks enjoy. When the yield curve flattens, this mismatch causes net interest revenue to diminish.4.Even in a business using Six Sigma® methodology. an “optimal” level of working capital manageme nt needs to beidentified.The table below ties together the bank’s balance sheet with the income statement and displays the yield generated from earning assets and interest bearing deposits. Most banks provide this type of table in their annual reports. The following table represents the same bank as in the previous examples: First of all, the balance sheet is an average balance for the line item, rather than the balance at the end of the period. Average balances provide a better analytical framework to help understand the bank’s financial performance. Notice that for each average balance item there is a correspondinginterest-related income, or expense item, and the average yield for the time period. It also demonstrates the impact a flattening yield curve can have on a bank’s net interest income.The best place to start is with the net interest income line item. The bank experienced lower net interest income even though it had grown average balances. To help understand how this occurred, look at the yield achieved on total earning assets. For the current period ,it is actually higher than the prior period. Then examine the yield on the interest-bearing assets. It is substantially higher in the current period, causing higher interest-generating expenses. This discrepancy in the performance of the bank is due to the flattening of the yield curve.As the yield curve flattens, the interest rate the bank pays on shorter term deposits tends to increase faster than the rates it can earn from its loans. This causes the net interest income line to narrow, as shown above. One way banks try o overcome the impact of the flattening of the yield curve is to increase the fees they charge for services. As these fees become a larger portion of the bank’s income, it b ecomes less dependent on net interest income to drive earnings.Changes in the general level of interest rates may affect the volume ofcertain types of banking activities that generate fee-related income. For example, the volume of residential mortgage loan originations typically declines as interest rates rise, resulting in lower originating fees. In contrast, mortgage servicing pools often face slower prepayments when rates are rising, since borrowers are less likely to refinance. Ad a result, fee income and associated economic value arising from mortgage servicing-related businesses may increase or remain stable in periods of moderately rising interest rates.When analyzing a bank you should also consider how interest rate risk may act jointly with other risks facing the bank. For example, in a rising rate environment, loan customers may not be able to meet interest payments because of the increase in the size of the payment or reduction in earnings. The result will be a higher level of problem loans. An increase in interest rate is exposes a bank with a significant concentration in adjustable rate loans to credit risk. For a bank that is predominately funded with short-term liabilities, a rise in rates may decrease net interest income at the same time credit quality problems are on the increase.5.Related LiteratureThe importance of working capital management is not new to the finance literature. Over twenty years ago. Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant. a nationwide chain of department stores. should have been anticipated because the corporation had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a study of the Fortune 500’s financial management practices. Gilbert and Reichert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects. while inventory management models were used in 60 percent of the companies. More recently. Farragher. Kleiman andSahu (1999) find that 55 percent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding accounts receivable and inventory management. or the variations of any current asset accounts or liability accounts across industries. Thus. mixed evidence exists concerning the use of working capital management techniques.Theoretical determination of optimal trade credit limits are the subject of many articles over the years (e.g.. Schwartz 1974; Scherr 1996). with scant attention paid to actual accounts receivable management. Across a limited sample. Weinraub and Visscher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities. Simultaneously investigating accounts receivable and payable issues. Hill. Sartoris. and Ferguson (1984) find differences in the way payment dates are defined. Payees define the date of payment as the date payment is received. while payors view payment as the postmark date. Additional WCM insight across firms. industries. and time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term financial management activities. However. these models are generic models and do not consider unique firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a company is located in may ha ve more influence on that company’s fortunes than overall GNP” (2002. 507). In fact. a careful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions. virtually nothing on industry factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card” (128) and nothing on WCM stability over time. This research will attempt to fill thisvoid by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resources provided very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradley’s (2003) article on c ash flow management and one of inventory control as a result of effective supply chain management by Hadley (2004).6.Research MethodThe CFO RankingsThe first annual CFO Working Capital Survey. a joint project with REL Consultancy Group. was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management consulting firm specializing in working capital issues for its global list of clients. The original survey reports several working capital benchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 companies. REL continues to update the original information on an annual basis.REL uses the “cash flow from operations” value located on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transforms revenues into cash flow. A “days of working capital” (DWC) value is based on the dollar amount in each of the aggregate. equally-weighted receivables. inventory. and payables accounts. The “days of working capital” (DNC) represents the time period between purchase of inventory on acccount from vendor until the sale to the customer. the collection of the receivables. and payment receipt. Thus. it reflects the company’s ability to finance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firmand industry values for days sales outstanding (A/R). inventory turnover. and days payables outstanding (A/P).7.Research FindingsAverage and Annual Working Capital Management Performance Working capital management component definitions and average values for the entire 1996 – 2000 period . Across the nearly 1.000 firms in the survey. cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion efficiency” (CCE). averages 9.0 percent. Incorporating a 95 percent confidence interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and inventories less payables divided by daily sales. averages 51.8 days and is very similar to the days that sales are outstanding (50.6). because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days). In all instances. the standard deviation is relatively small. suggesting that these working capital management variables are consistent across CFO reports.8.Industry Rankings on Overall Working Capital Management PerformanceCFO magazine provides an overall working capital ranking for firms in its survey. using the following equation:Industry-based differences in overall working capital management are presented for the twenty-six industries that had at least eight companies included in the rankings each year. In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performance. Since the best average ranking possible for an eight-company industry is 4.5 (this assumes that the eight companies are ranked one through eight for the entire survey). it is quite obvious that all firms in the petroleumindustry must have been receiving very high overall working capital management rankings. In fact. the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later in this paper). Furthermore. the petroleum industry had the lowest standard deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry. which ranked second in CCE and fourth in DWC. The two industries with the worst working capital rankings were Textiles and Apparel. Textiles rank twenty-second in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measures9. Results for Bayer dataThe Kramers–Moyal coefficients were calculated according to Eqs. (5) and (6). The timescale was divided into half-open intervalsassuming that the Kramers–Moyal coefficients are constant with respect to the timescaleτin each of these subintervals of the timescale. The smallest timescale considered was 240 s and all larger scales were chosen such that τi ＝0.9*τi+1. The Kramers–Moyal coefficients themselves were parameterised in the following form:This result shows that the rich and complex structure of financial data, expressed by multi-scale statistics, can be pinned down to coefficients with a relatively simple functional form.10. DiscussionCredit risk is most simply defined as the potential that a bank borrower or counter-party will fail to meet its obligations in accordance with agreed terms. When this happens, the bank will experience a loss of some or all of the credit it provide to its customer. To absorb these losses, banks maintain anallowance for loan and lease losses. In essence, this allowance can be viewed as a pool of capital specifically set aside to absorb estimated loan losses. This allowance should be maintained at a level that is adequate to absorb the estimated amount of probable losses in the institution’s loan portfolio.A careful review of a bank’s financial statements can highlight the key factors that should be considered becomes before making a trading or investing decision. Investors need to have a good understanding of the business cycle and the yield curve-both have a major impact on the economic performance of banks. Interest rate risk and credit risk are the primary factors to consider as a bank’s financial performance follows the yield curve. When it flattens or becomes inverted a bank’s net interest revenue is put under greater pressure. When the yield curve returns to a more traditional shape, a bank’s net interest revenue usually improves. Credit risk can be the largest contributor to the negative performance of a bank, even causing it to lose money. In addition, management of credit risk is a subjective process that can be manipulated in the short term. Investors in banks need to be aware of these factors before they commit their capital.银行的金融数据分析摘要财务数据随机分析已经被提出，特别是我们探讨如何统计在不同时间τ记录返回的变化。
财务报表分析(双语)chapter4
Chapter 4, Slide #17
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Single-step Form
Revenue Net sales Interest income
XYZ COMPANY Income Statement For The Year Ended December 31, 2008
$50,000 3,000 15,000 $68,000 $30,000 5,000 3,200
An income statement, known as a Profit and Loss Statement, is a summary reporting profitability or the operating result of a business for an accounting period, such as one month, one quarter, or one year.
Conception of Income Statement
What Is an Income Statement?
What is Income Statement used for? The basis of Income Statement .
What Is an Income Statement?
200
3,000 $41,400
Net Income
财务报表分析研究外文翻译
财务报表分析研究外文翻译题目双汇企业财务报表分析研究姓名宋孟姣专业 2010级财务管理本科1班学号 201040016指导教师董玥玥郑州科技学院工商管理学院二〇一四年三月FINANCIAL STATEMENT ANALYSIS OF EVERAGEAND HOW IT INFORMS ABOUT PORABLIITY ANDPRICE-TO-BOOK RATIOS1 FINANCIAL STATEMENT ANALYSIS OF EVERAGEThe following inimical statement analysis separates the effects of enhancing liabilities and operating liabilities on the portability of shareholders’ equity. Theanalysis yields explicit leveraging equations from which thespeci,cations for theempirical analysis are developed. Shareholder portability, return on common equity, is measured asReturn on common equity (ROCE) = comprehensive net income ?common equity (1)Appropriate inimical statement analysis disentangles the effects of leverage. The analysis below, which elaborates on parts of Nazism andPenman (2001), begins by identifying components of the balance sheet and income statement that involve operating and enhancing activities. The portability due to each activity is then calculated and two types of leverage are introduced to explain both operating and enhancing portability and overall shareholder portability.1.1 Distinguishing the Portability of Operations from thePortability of FinancingActivitiesCommon equity =operating assets，financial assets,operating liabilities,Financialliabilities (2)The distinction here between operating assets (like trade receivables, inventory and property, plant and equipment) and inimical assets (the deposits and marketable securities that absorb excess cash) is made in other contexts. However, on the liability side, enhancing liabilities are also distinguished here from operating liabilities. Rather than treating all liabilities as enhancing debt, only liabilities that raise cash for operations—like bank loans, short-term commercial paper andbonds—are classier as such. Other liabilities—such as accounts payable, accruedexpenses, deferred revenue, restructuring liabilities and pension liabilities—arisefrom operations. The distinction is not as simple as current versus long-term liabilities; pension liabilities, for example, are usually long-term, and short-term borrowing is a current liability.Rearranging terms in equation (2), Common equity = (operating assets,operating liabilities),(financial liabilities,financial assets) Or Common equity = net operating assets,net financing debt(3)This equation regroups assets and liabilities into operating and enhancing activities. Net operating assets are operating assets less operating liabilities. So a arm might invest in inventories, but to the extent to which the suppliers of those inventories grant credit, the net investment in inventories is reduced.Firms pay wages, but to the extent to which the payment of wages is deferred in pension liabilities, the net investment required to run the business is reduced. Net enhancing debt is enhancing debt (including preferred stock) minus inimical assets. So, a arm may issue bonds to raise cash for operations but may also buy bonds with excess cash from operations. Its net indebtedness is its net position in bonds. Indeed a arm may be a net creditor (with more inimical assets than inimical liabilities) rather than a net debtor.The income statement can be reformulated to distinguish income that comes from operating and enhancing activities:Comprehensive net income = operating income, net financing expense(4)Operating income is produced in operations and net inimical expense is incurred in the enhancing of operations. Interest income on inimical assets is netted against interest expense on inimical liabilities (including preferred dividends) in net inimical expense. If interest income is greater than interest expense, enhancing activities produce net inimical income rather than net inimical expense. Both operating income3and net inimical expense (or income) is after tax. Equations (3) and (4) produceclean measures of after-tax operating portability and the borrowing rate: Return on net operating assets (RNOA) = operating income ?net operating assets(5)And Net borrowing rate (NBR) = net financing expense ?net financing debt(6)RNOA recognizes that portability must be based on the net assets invested in operations. So arms can increase their operating portability by convincing suppliers, in the course of business, to grant or extend credit terms; credit reduces the investment that shareholders would otherwise have to put in the business. Correspondingly, the net borrowing rate, by excluding non-interest bearing liabilities from thedenominator, gives the appropriate borrowing rate for the enhancing activities.Note that RNOA differs from the more common return on assets (ROA), usually denned as income before after-tax interest expense to total assets. ROA does not distinguish operating and enhancing activities appropriately. Unlike ROA, RNOA excludes inimical assets in the denominator and subtracts operating liabilities. Nissan and Penman (2001) report a median ROA for NYSE and AMEX arms from 1963–1999 of only 6.8%, but a median RNOA of 10.0%—much closer to what onewould expect as a return to business operations.1.2 Financial Leverage and its Effect on Shareholder PortabilityFrom expressions (3) through (6), it is straightforward to demonstrate that ROCE is a weighted average of RNOA and the netborrowing rate, with weights derived from equation (3):ROCE= [net operating assets ?common equity× RNOA],[net financing debt?Common equity ×net borrowing rate] (7) Additional algebra leads to the following leveraging equation:ROCE= RNOA，[FLEV×(RNOA,net bor rowing rate)] (8)Where FLEV, the measure of leverage from enhancing activities, is Financing leverage (FLEV) = net financing debt common equity (9) The FLEV measure excludes operating liabilities but includes (as anet against enhancing debt) inimical assets. If inimical assets are greater than inimical liabilities, FLEV is negative. The leveragingequation (8) works for negative FLEV (in which case the net borrowing rate is the return on net inimical assets).This analysis breaks shareholder portability, ROCE, down into that which is dueto operations and that which is due to enhancing. Financial leverage levers the ROCE over RNOA, with the leverage effect determined by the amount of inimical leverage (FLEV) and the spread between RNOA and the borrowing rate. The spread can be positive (favorable) or negative (unfavorable).1.3 Operating Liability Leverage and its Effect on Operating PortabilityWhile enhancing debt levers ROCE, operating liabilities lever the portability of operations, RNOA. RNOA is operating income relative to net operating assets, and net operating assets are operating assets minus operating liabilities. So, the more operating liabilities a arm has relative to operating assets, the higher its RNOA, assuming noeffect on operating income in the numerator. The intensity of the use of operating liabilities in the investment base is operating liability leverage: Operating liability leverage (OLLEV) =operatingliabilities ?net operating assets(10)Using operating liabilities to lever the rate of return from operations may not come for free, however; there may be a numerator effect on operating income. Suppliers provide what nominally may beinterest-free credit, but presumably charge for that credit with higher prices for the goods and services supplied. This is the reason why operating liabilities are inextricably a part of operations rather than the enhancing of operations. The amount that suppliers actually charge for this credit is difficult to identify. But the market borrowing rate is observable. The amount that suppliers would implicitly charge in prices for the credit at this borrowing rate can be estimated as a benchmark:Market interest on operating liabilities= operatingliabilities×market borrowing rateWhere the market borrowing rate, given that most credit is short term, can be approximated by the after-tax short-term borrowing rate. This implicit cost is benchmark, for it is the cost that makes suppliers indifferent in supplying creed suppliers are fully compensated if they charge implicit interest at the cost borrowing to supply the credit. Or, alternatively, the arm buying the goods or services isindifferent between trade credit and enhancing purchases at the borrowing rate.To analyze the effect of operating liability leverage on operating portability, we dine:Return on operating assets (ROOA) =(operating income，marketinterest on operatingliabilities)?operating assets (11)The numerator of ROOA adjusts operating income for the full implicit cost of trade credit. If suppliers fully charge the implicit cost of credit, ROOA is the return of operating assets that would be earned had the arm no operating liability leverage. suppliers do not fully charge for the credit, ROOA measures the return fro operations that includes the favorable implicit credit terms from suppliers.Similar to the leveraging equation (8) for ROCE, RNOA can be expressed as:RNOA= ROOA，[OLLEV×(ROOA,market borrowing rate)] (12)Where the borrowing rate is the after-tax short-term interest rate. Given ROOA, the effect of leverage on portability is determined by the level of operating liability leverage and the spread between ROOA and the short-term after-tax interest rate. Like enhancing leverage, the effect can be favorable or unfavorable: Firms can reduce their operating portability through operating liability leverage if their ROOA is less than the market borrowing rate. However, ROOA will also be affected if the implicit borrowing cost on operating liabilities is different from the market borrowing rate.1.4 Total Leverage and its Effect on Shareholder Portability Operating liabilities and net enhancing debt combine into a total leverage measure:Total leverage (TLEV) = ( net financing debt，operatingliabilities)?commonequityThe borrowing rate for total liabilities is:Total borrowing rate = (net financing expense，market interest on operatingliabilities) ?(net financing debt，operating liabilities)ROCE equals the weighted average of ROOA and the total borrowing rate, where the weights are proportional to the amount of total operating assets and thesum of net enhancing debt and operating liabilities (with a negative sign), respectively. So, similar to the leveraging equations (8) and (12):ROCE = ROOA ，[TLEV×(ROOA , total borrowing rate)] (13)In summary, inimical statement analysis of operating and enhancing activities yields three leveraging equations, (8), (12), and (13). These equations are based on axed accounting relations and are therefore deterministic: They must hold for a given arm at a given point in time. The only requirement in identifying the sources of portability appropriately is a clean separation between operating and ,nancing components in the inimical statements.2 CONCLUSIONThe paper has laid out explicit leveraging equations that show how shareholder portability is related to enhancing leverage and operating liability leverage. For operating liability leverage, the leveraging equation incorporates both real contractual effects and accounting effects. As price-to-book ratios are based on expected portability, thisanalysis also explains how price-to-book ratios are affected by the two types of leverage. The empirical analysis in the paper demonstrates that operating and enhancing liabilities imply different portability and are priced differently in the stock market.Further analysis shows that operating liability leverage not only explains differences in portability in the cross-section but also informs on changes in future portability from current portability. Operating liability leverage and changes in operating liability leverage are indicators of the quality of current reported portability as a predictor of future portability.Our analysis distinguishes contractual operating liabilities from estimated liabilities, but further research might examine operating liabilities in more detail, focusing on line items such as accrued expenses and deferred revenues. Further research might also investigate the pricing of operating liabilities under differing circumstances; for example, where arms have ‘‘market power’’ over their suppliers.财务报表杠杆的分析以及如何体现盈利性和价格与账面价值的价值比率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。
财务管理-财务报表与财务分析(中英文)
4) Net income (淨利) is the “bottom line.”
U.S.C.C. Income Statement
(1)
(2) (4) Net income is the “bottom line.”
Chapter 2 & 3
Financial Statements and Analysis (財務報表與財務分析)
The Stockholders’ Report
The guidelines used to prepare and maintain financial records and reports are generally accepted accounting principles (GAAP)(用於準備
• Shareholder’s equity is the residual difference between assets and liabilities.
Value versus Cost
• Under GAAP, audited financial statements of firms in the U.S. carry assets at cost.
• Liquid assets frequently have lower rates of return than fixed assets. (變現性高的資產之報酬率會比固定資產者低)
Debt versus Equity
• Creditors generally receive the first claim on the firm’s cash flow.
(完整word版)财务报表分析(英文版)
Timing: Often a transaction affects the revenue or expenses of two or more accounting periods. The related cash inflow or outflow does not always coincide with the period in which these revenue or expense items are recorded. Thus, the need for adjusting entries results from timing differences between the receipt or disbursement of cash and the recording of revenue or expenses. For example, if we handle transactions on a cash basis, only cash transactions duriห้องสมุดไป่ตู้g the year are recorded. Consequently, if a company's employees are paid every two weeks and the end of an accounting period occurs in the middle of these two weeks, neither liability nor expense has been recorded for the last week. To bring the accounts up to date for the preparation of financial statements, both the wage expense and the wage liability accounts need to be increased.
财务报表分析 英文
Financial Statement AnalysisIntroductionFinancial statement analysis is a crucial tool for assessing the financial performance and stability of a company. By analyzing a company’s financial statements, investors and other stakeholders can gain insights into its profitability, liquidity, solvency, and overall financial health. This document provides an overview of financial statement analysis, including the different types of financial statements, key financial ratios used in analysis, and the importance of using a systematic approach for analyzing financial statements.Types of Financial StatementsFinancial statements are a collection of reports that provide a snapshot of a company’s financial position and performance over a specific period. The three main types of financial statements include:1. Balance SheetThe balance sheet is a statement that shows the financial position of a company at a given point in time. It provides information about a company’s assets, liabilities, and shareholders’ equity. The balance sheet is divided into two main se ctions: the left side shows the company’s assets, while the right side shows its liabilities and shareholders’ equity.2. Income StatementThe income statement, also known as the profit and loss statement, reports a company’s revenues, expenses, and net in come over a specific period. It provides insights into a company’s profitability and helps identify trends in its revenue and expenses. The income statement follows a simple equation: revenues minus expenses equal net income.3. Cash Flow StatementThe cash flow statement shows the inflows and outflows of cash in a company over a specified period. It provides information about a company’s operating, investing, and financing activities. The cash flow statement helps assess a company’s ability to generate cash and its liquidity.Key Financial RatiosFinancial ratios are used to analyze the relationships between different items in a company’s financial statements. They help evaluate a company’s financialperformance, efficiency, liquidity, and solvency. Some key financial ratios used in financial statement analysis include:1. Profitability RatiosProfitability ratios measure a company’s ability to generate profits. Common profitability ratios include gross profit margin, operating profit margin, and net profit margin.2. Liquidity RatiosLiquidity ratios assess a company’s ability to meet its short-term obligations. These ratios include the current ratio and quick ratio.3. Solvency RatiosSolvency ratios evaluate a company’s long-term financial stability and ability to meet its long-term obligations. Examples of solvency ratios include the debt-to-equity ratio and the interest coverage ratio.4. Efficiency RatiosEfficiency ratios measure a company’s ability to utilize its assets and resources effectively. Examples include the inventory turnover ratio and the accounts receivable turnover ratio.Systematic Approach for Financial Statement AnalysisTo conduct an effective financial statement analysis, it is important to follow a systematic approach. The key steps in this approach include:1. Gathering Financial StatementsCollect the company’s financial statements, including the balance sheet, income statement, and cash flow statement.2. Analyzing Financial RatiosCalculate the relevant financial ratios and analyze them to assess the company’s financial performance and condition.3. Comparing RatiosCompare the calculated financial ratios with industry averages or with the company’s historical performance to identify trends and benchmark the company’s performance.4. Conducting a Trend AnalysisAnalyze the company’s financial statements over multiple periods to identify any significant changes or trends in its financial performance.5. Making Informed DecisionsBased on the analysis of the financial statements and ratios, make informed decisions about the company’s financial health, investment potential, and future prospects.ConclusionFinancial statement analysis is an important tool for assessing a company’s financial performance and stability. By analyzing a comp any’s financial statements and calculating key financial ratios, investors and stakeholders can make informed decisions about the company’s financial health, stability, and investment potential. Following a systematic approach for financial statement analysis ensures a comprehensive evaluation and helps identify trends and benchmarks for comparison.。
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。
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Accountability in financial reporting: detecting fraudulentfirms在财务报告的责任：检测欺诈性公司“会计研究所和会计学院，玛拉工艺大学，莎阿南，马来西亚雪兰莪州”摘要本文旨在探讨公司欺诈行为与非欺诈行为的财务比率间存在的差别，并确定哪些财务比率是显著的虚假报告。
样本包括在马来西亚公共上市公司的65个欺诈性企业和65个非欺诈性企业，根据2000年和2011年数据的研究发现，有欺诈行为的公司和非舞弊的公司，在总债务与总资产、应收账款销售额方面存在显著的均值差异。
此外，Z分数衡量破产概率是为了检测是否存在财务报告舞弊。
关键词：财务比率；财务报表分析；虚假财务报告；上市公司；马来西亚一、引言根据马来西亚上市公司的要求欺诈的公司被囊定为犯罪认定。
欺诈是在实践中出现的一种欺诈行为，广义的概念具有两种基本类型。
首先是挪用资产，二是财务报告舞弊。
财务报告舞弊通常发生在以财务报表造假的形式来获得一些有益的形式。
有些人认为欺诈涉及财务报表故意的扭曲（硬盘接口技术2009）。
在财务报告过程中欺诈检测是资本市场参与者和其他利益相关者的首要任务（例如，埃利奥特，2002；委员会，2007）。
在公开上市交易的公司如安然和世通公司欺诈发生时市场参与者如投资者经历了重大的经济损失。
一些专家认为，在目前的经济衰退调查研究诈骗方式中财务报告舞弊率可能会增加（敏茨，2009）。
在ISA 240规定的欺诈检测是一个分配给审计人员具体任务。
审计人员通常使用帮助他们检测欺诈的工具称为分析程序（阿尔布雷克特，2009）。
分析程序是指重要比率分析和趋势分析以及由此产生的调查，与其他相关信息不一致或偏离预测值波动的关系。
许多研究者和诈骗者推荐的财务比率可以作为一个有效的工具来检测欺诈（印度野，2009；白，阴阳，2008；人，1995）。
本文的目标是，首先探讨舞弊和非舞弊公司的财务比率的平均值之间的差异；其次本文研究的是欺诈报告中的财务比率的特征。
二、文献综述在评估财务报表舞弊的可能性时财务困境是监测的一个重要标准。
当一个公司做的不好，会有一个更大的动机进行财务报告舞弊。
哈默（1983）认为，大部分的模型预测的精度相似，这意味着糟糕的财务状况可能鼓励人士为了提高企业财务状况外观或者就业威胁的减少损失或者在企业破产时为了获得尽可能多的优势资源而采取不道德的行为。
夸大资产和收入是由于收入记录过早或利用虚拟记录。
另一项研究将操纵利润分为会计处理方法的行为和调整管理费用估算（值得，1984）两大类。
报告总结在净利润和营运资金方面对欺诈行为具有显著的预测作用。
原因是，当企业经历了一个较低的净利润与销售额的比率，这表明该公司面临着资产的低回报，因此可能试图通过操纵财务报表来增加收入或减少支出。
营运资金与总资产具有较低的流动性是管理者实施诈骗的动力，因此欺诈公司往往具有较低的流动性。
此外，伊万斯（2005），通过对泰国股票上市公司的研究表明表示大多数经营亏损公司的总资产都会出现流动资产的降低。
很少有实证研究公众和政策制定者关注舞弊管理，以最佳的知识评估使用公布的数据，找出财务报表舞弊的可能性。
威林汉（1989）介绍了国际中和本地采用的几个模型，提供针对业内人士尤其是审计师洛贝克开发包括主观判断的一系列指标。
作者开发了一个列出了管理舞弊欺诈有关的指标的评估模型。
该模型涉及大量的提供给审计人员，或公司内部人士的主观判断和非公开信息。
投资者和政策制定者不能使用该模型来确定公司是否存在舞弊的财务报告。
显而易见的是在以前的研究重要文章综述的前提下，在该题材是一个有较大的差距的公开问题。
公众感兴趣的问题是公开发表的数剧是否可以用来识别公司财务报告舞弊的行为。
以下由人物（1995）研究，本文利用公布的财务数据进行检测财务报表是否存在欺诈性操纵方法。
三、假说的发展在这项研究中，为了进行进一步的测试以及支持研究的目标开发了两个假设。
一方面研究如何识别财务报告舞弊的相关因素。
人物（1995）发现，财务杠杆（计算方法为总负债对总资产）是财务报告舞弊相关的最重要因素。
这表明，欺诈公司的财务报表有更高的财务杠杆，是由一个比为0.6096的非欺诈公司和0.4868的欺诈公司表示某些方面非欺诈公司具有较低的资金周转，由0.2486的非欺诈公司和0.3050的欺诈公司的价值，存货和应收账款的资产比例较高的流动资产容易构成欺诈公司。
在有关研究的基础上，研究了欺诈和非欺诈在马来西亚上市的公司的财务比率之间存在显著差异。
这个概念，假设如下：H1：有欺诈和非欺诈公司之间的财务比率的方法之间的差异。
财务报表分析是以财务报表的应用和相关数据工具和技术（印度野，2009）为基础进行的。
这对驱动的估计和推断的决策有用。
从财务报表分析，减少了对直觉的依赖和推定与感知而导致的不确定性。
然而，这并不减少专家判断的需要；它提供了分析系统的基础。
比率分析是最流行和最广泛使用的工具，财务报表分析（印度野，2009，人物（1995）。
有证据表明，会计数据是非常有用的鉴别欺诈公司和非欺诈公司之间的特征。
会计数据是帮助投资者作出投资决策和审核员评估财务报表舞弊的可能性，根据对财务报表搜索调查材料找出错误或有任何违规行为是审计师的职责（人物，1995）。
这意味着财务报表分析可以与财务报告舞弊联系。
通过财务数据分析财务信息，可以用来识别欺诈和非欺诈性公司。
在此基础上，建立了第二个假设。
H2：财务比率对财务报告舞弊的重要预测因子。
（一）研究设计本研究的130个样本由2000年和2011年之间的在马来西亚上市公司65个欺诈公司和65个非欺诈公司组成的数据库中收集财务数据。
从马来西亚媒体中心获得参与欺诈性报告的公司。
本研究是根据马来西亚上市企业的经审计的年度报告得到的二手数据公布信息来源和数据库得出的结论。
（二）独立变量因变量和控制变量1.独立变量本研究的目的，对公司的财务指标从七个方面进行鉴定包括财务杠杆，盈利能力，资产组合的流动性，资金的周转，从大小和整体财务状况方面进行。
其中自变量包括：（1）财务杠杆财务杠杆是由总债务对总权益和总债务与总资产测得的。
更高的杠杆通常是借贷获取额外资金的能力，具有更高的潜在关联与贷款协议的违规行为。
克里斯蒂总结（1990），杠杆与收入可以提高潜在的相关会计政策。
如果这些政策不足以避免违反债务契约，管理者可能会低估负债或资产。
因此，这些变量应该是正数。
这就意味着，杠杆率越高违规和欺诈的可能性更高。
（2）盈利能力盈利能力是通过衡量净利润收入。
较低的利润，可以让管理者激励高估费用或低估收入。
华勒斯（1986）当公司存在盈利问题将会有更多的错误的财务报表。
斯比思（2002）也报道，比例非常低的值表明这些公司都面临着与资产收益较低的困难，公司试图操纵财务报表或者通过增加收入或减少支出。
因此，这个变量将为负值。
这意味着，利润较低时是由于较高的收入或高估费用的倾向，从而发现欺诈行为可能性较高。
（3）资产组合物资产组合由流动资产占总资产，应收账款收入和库存总资产测量的。
费罗兹.韦特泽尔（1991）指出应收账款项目涉及的操作更容易由于主观判断理论的性质。
报告的价值依赖于估计未收帐款和过时的库存。
由于该账户的主观性质，管理人员可以使用这些帐户作为财务报表操纵工具（萨默斯和斯威尼1998）。
欺诈公司参与财务报告舞弊的调查表明，这些企业的流动资产主要包括应收账款和存货。
这些研究结果是一致的，发现高估应收账款和存货的数量大约为所有的SEC执法案件的3/4。
彼埃尔（1984）也发现了当涉及一个高的库存和应收账款时审计人员更容易被诉讼。
洛贝克（1987），索伦森，树林和塞尔托（1983）和比思尼，卡勒罗和赫曼森（1999）等人确认存货和应收账款是评估欺诈风险重要的变量，如常见的物品弄错帐户。
这些变量的预期是积极的价值，这表明较高金额项目的帐户中存在的高估风险，从而导致账户舞弊的可能性增加。
（4）流动性流动性是通过营运资本与总资产比值衡量的。
较低的流动性可能是经理从事财务报告舞弊动机。
通过华勒斯（1986）支持当存在流动性问题时公司在财务报表中的错误比其他公司更明显这一论点。
此外，斯比斯（2002）报道，有效地利用其资产和资源，企业能够产生的利润，往往是作为衡量一个公司的业绩指标。
此外，营运资本对总资产的比率非常低的公司表明他们不能履行他们的义务。
因此，得出结论认为这些比率预计为负值，当企业具有较低的流动性更可能是由于经理从事财务报告舞弊。
（5）资本周转资本周转率是衡量收入与总资产指标。
成交量代表的是公司的资产销售额。
它也是测量管理处理能力与竞争环境的标准。
欺诈公司的管理者可能比非欺诈公司在使用公司的资产产生的销售竞争力弱。
这种无法成功的竞争可能是参与欺诈性财务报告的动机。
因此这些数据应该负数。
换句话说，困难的企业更可能从事财务报告舞弊。
（6）整体财务状况金融危机也可能是从事财务报告舞弊的一个动机。
一个较低的数值反映了更高程度的财务困境，这可能是管理者舞弊的动机（人物，1995）。
哈默（1993）认为，大多数模型具有预测破产的能力。
糟糕的财务状况可能鼓励人士采取为了改善公司的财务状况采取不道德的手段。
这个方面由Z分数测量（奥特曼1968）。
这个分数是衡量企业破产率的标准。
与这个分数相关的元素权重如下：z = 1.2（营运资本/总资产）+ 1.4（留存收益/总资产）+ 3.3（息税前利润/总资产）+ 0.06（股票的市场价值/账面总债务价值）+ 1（销售收入/总资产）虽然Z评分在Z分数模型估计阶段提到的某些变量，我们对在变量进行测试时，除了与Z评分的相对数相比，还和个体变量比较。
这些变量的预期是负数，Z评分指出公司具有较差的财务状况更有可能从事财务报告舞弊。
2.因变量因变量包括舞弊公司与非舞弊公司。
从马来西亚媒体中心得到了欺诈的公司名单。
每一个欺诈公司与对应的非舞弊公司的产业基础配套如大小和时间。
公司在同行业中有相似的经营环境以及类似的会计报告的要求（1984彼埃尔和安德森）。
3.控制变量在本财政年度末总资产的账面价值的大小是由自然对数测量。
弗洛基（1991）发现，大多数公司被证券交易委员会密切监测的控制变量相对较小。
这个变量的目的是控制总资产确认选择的方法。