财务报表分析的外文文献
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。
财务会计论文英文参考文献_论文格式_
财务会计论文英文参考文献下面是小编为你精心编辑整理的财务会计论文英文参考文献，希望对你有所帮助，更多精彩内容，请点击上方相关栏目查看，谢谢!⑴aicpa,1994,"improving business reporting:a customs focus".⑵fasb,,"improving business reporting:insights into enhancing voluntary disclosures".⑶storey and teague,1995,"foundation of accounting theory and policy",the dryden press.⑷previts and merino,1979,"a history of accounting in american",john wilet&son press.⑸scott,1997,"financial accounting theory",prentice-hall publishing company..⑺upton,,"business and financial reporting,challenges from the new economy",fasb.⑻zeff and dharan,1994,"readings and notes on financial accounting:issues and controversies", mcgraw-hill company.外文经典文献：watts , ross , and jerold l. zimmerman. toward a positive theory of determination of accounting standards .the accounting review (jan 1978)watts , ross , and jerold l. zimmerman. positive accounting theory: a ten year perspective. the accounting review (jan 1990) sorter , george h. an event approach to basic accounting theory . the accounting review (jan 1969)wallman,1995.9,1996.6,1996.12,1997.6,"the future of accounting and financial reporting " (i ,ii,iii,iv),accounting horizon.jenson ,m.c. , and w.h. meckling . theory of the firm: managerial behavior, agency costs and ownership structure .journal of financial economics (oct .1976)robert sprouse “developing a concept framework for financial reporting” accounting review, 1988(12) schuetze ,,walter p.”what is an asset ?” account ing horizons,1993(9)samuelson ,richard a. ,”the concept of assets in accounting theory” accounting horizons,1996(9)aaa ,”american accounting association on accounting and auditing measurement:1989-1990” accounting horizons 1991(9) l.todd johnson and kimberley r.petrone “is goodwill an asset?” accounting horizons1998(9)linsmeier, thomas j. and boatsman ,james r. ,”aaa’s financial accounting standard response to iasc ed60 intangible assets” accounting horizons 1998(9)linsmeier, thomas j. and boatsman,jamesr.”response to iasc exposure draft ,’provisions,contingent liabilities and contingent assets’ ” accounting horizons1998(6)l.todd johnson and robert. swieringa “derivatives, hedging and comprehensive income” accounting horizons 1996(11) stephen a. .ze ff ,”the rise of economics concequences”, the journal of accountancy 1978(12)david solomons “the fasb’s conceptual framework:an evaluation ” the journal of accountancy 1986(6)paul miller , “conceptual framework:myths or realities” the journal of accountancy 1985(3)part i financial accounting theorysuggested bedtime readings:1. c.j. lee, lecture note on accounting and capital market2. r. watts and j. zimmerman: positive accounting theory3. w. beaver: revolution of financial reportingalthough these three books are relatively "low-tech" in comparison with the reading assignments, but they provide much useful institutional background to the course. moreover, these books give a good survey of accounting literature, especially in the empirical area.1. financial information and asset market equilibrium*grossman, s. and j. stiglitz, "on the impossibility of informationally efficient markets," american economic review (1980), 393-408.*diamond, d. and r. verrecchia, "information aggregation in a noisy rational expectations economy," journal of financial economics, (1981), 221-35.*milgrom, p. "good news and bad news: representation theorems and applications," bell journal of economics, (1981): 380-91.grinblatt, m. and s. ross, "market power in a securities market with endogenous information," quarterly journal of economics, (1985), 1143-67.2. financial disclosure* verrecchia, r. "discretionary disclosure," journal of accounting and economics (1983),179-94.2dye, r., "proprietary and nonproprietary disclosure," journal of business, 59 (1986), 331-66.dye, r., "mandatory versus voluntary disclosures: the cases of financial and real externalities," accounting review, (1990), 1-24.bhushan, r., "collection of information about public traded firms: theory and evidence," journal of economics and accounting, (1989), 183-206.diamond, d. "optimal release of information by firms," journal of economic theory (1985), 1071-94.。
财务报表分析外文文献
Integration offinancial statement analysis in the optimal design of supply chain networks under demand uncertaintyPantelis Longinidis,Michael C.Georgiadis nDepartment of Engineering Informatics and Telecommunications,University of Western Macedonia,Karamanli and Lygeris Street,50100Kozani,Greecea r t i c l e i n f oArticle history:Received12November2009Accepted19October2010Available online26October2010Keywords:Supply chain optimizationFinancial statementsDemand uncertaintyDistribution networksa b s t r a c tModels that aim to optimize the design of supply chain networks have become a mainstream in the supplychain literature.This paper aims tofill a gap in the literature by introducing a mathematical model thatintegratesfinancial considerations with supply chain design decisions under demand uncertainty.Theproposed Mixed-Integer Linear Programming(MILP)problem enchasesfinancial statement analysisthroughfinancial ratios and demand uncertainty through scenario analysis.The applicability of the modelis illustrated by using a case study along with a sensitivity analysis onfinancial parameters expressing thebusiness environment.The model could be used as an effective and convenient strategic decision tool bysupply chain managers.&2010Elsevier B.V.All rights reserved.1.IntroductionDuring the last decade of the20th century rapid changesoccurred in the business petition among com-panies in all their operational functions,from raw material sour-cing to customer service,has dramatically panieshave extended their strategic focus in the global market.Cost andprice benefits had been scattered across various countries andregions of the world and had pushed companies to seize upon theseopportunities.Hence,companies were forced to manage theiroperations over the limited‘‘unique enterprise’’framework.Orien-tation to external environment is a medium that enables compa-nies to obtain the necessary sources and abilities(Spekman et al.,1998).These developments have driven to the evolution of‘‘supplychain management’’(SCM)as companies have realized that theycannot operate individually anymore,but only as parts of acomplicated business operations chain(Tan et al.,1998).Organizations,which constitute a supply chain network(SCN),interact through continuous and two-sided connections that createadded value in products(Mentzer et al.,2001).These networks have anundefined number of echelons and stages while their main operationsinvolve purchasing of raw materials from suppliers,production,transportation and storage of products,inventory management,anddistribution of products to customers(Simchi-Levi et al.,2000).Part of the planning process in SCM aims atfinding the best possiblesupply chain configuration.These decisions are considered strategicbecause of their long time horizon and are tackled with facility locationmodels.However,by considering certain aspects of the supply chainenvironment,these models are adequately capable to support theSupply Chain Network Design(SCND)phase(Melo et al.,2009).Moreover,dynamic facility location models,where the decisions arespread out over a long-term planning horizon and the decisionvariables are time-dependent,are becoming more compatible to trackthe dynamics of complex supply chains(Thanh et al.,2008).Since companies recognized the potential competitive advan-tages,gained through a holistic management of their supply chain,the academic community has been developing several models thatdescribe their design and operation.These models support man-agement staff in both strategic and tactical decisions regardingmanagement of supply and distribution networks.Althoughnumerous successful models have been developed for the designand operation of supply chains,their vast majority ignores deci-sions involving revenues,marketing campaigns,hedging againstuncertainties,investment planning,and other corporatefinancialdecisions(Shapiro,2004).Financial factors are among the issuesthat have a strong impact on the configuration of global supplychains(Melo et al.,2009).Financial globalization factors such ascorporate income taxes,transfer prices,currency exchange rates,are some of the key components that a supply chain design modelin the delocalization context should take into account(Hammamiet al.,2008).Integration offinancial aspects in these models allowsfor the systematic assessment of the impact of production decisionsin thefinancial operation and further selects their ideal combina-tion thus providing a competitive advantage in the company(Guille´n et al.,2006).Inclusion offinancial considerations in supplychain models is particularly advised for capital intensive activities(continuous processes,heavy industrial equipments,etc.).Contents lists available at ScienceDirectjournal homepage:/locate/ijpeInt.J.Production Economics0925-5273/$-see front matter&2010Elsevier B.V.All rights reserved.doi:10.1016/j.ijpe.2010.10.018n Corresponding author.Tel.:+302461056523;fax:+302461056501.E-mail addresses:logggas@(P.Longinidis),mgeorg@otenet.gr(M.C.Georgiadis).Int.J.Production Economics129(2011)262–276NomenclatureIndicese production resources(equipment,manpower,utilities,etc.)i productsj plantsk possible distribution centersl customer zonesm possible warehousess product demand scenariot time periodSetsK SS set of distribution centers that should be supplied by a single warehouseL SS set of customer zones that should be supplied by a single distribution centerParametersC WH im unit handling cost for product i at warehouse mC DH ik unit handling cost for product i at distribution center kC Wmannualizedfixed cost of establishing warehouse atlocation mC D k annualizedfixed cost of establishing distribution cen-ter at location kC P ij unit production cost for product i at plant jC TR ijm unit transportation cost of product i transferred from plant j to warehouse mC TR imk unit transportation cost of product i transferred from warehouse m to distribution center kC TR ikl unit transportation cost of product i transferred from distribution center k to customer zone lC I ij unit inventory cost of product i at plant jC I im unit inventory cost of product i at warehouse mC I ik unit inventory cost of product i at distribution center kCFP t percent of net operating profits after taxes that are connected with cashflow at the end of period tCCR t minimum bound for cash coverage ratio at the end of time period tCR t minimum bound for cash ratio at the end of time period tCUR t minimum bound for current ratio at the end of time period tD max k maximum capacity of distribution center kD min k minimum capacity of distribution center kDCMFM days corresponded to materialflow measurement scaleDM½silt demand for product i from customer zone l during time period t under scenario sDER t upper bound for debt–equity ratio at the end of time period tDR t depreciation rate at the end of time period tFATR t lower bound forfixed assets turnover ratio at the end of time period tI½s ,min ijt minimum inventory of product i held in plant j at the end of time period t under scenario sI½s ,min imt minimum inventory of product i held in warehouse m at the end of time period t under scenario sI½s ,min ikt minimum inventory of product i held in distributioncenter k at the end of time period t under scenario sLTDR t upper bound for long-term debt ratio at the end of timeperiod tLTR t long-term interest rate at the end of time period tn DC minimum inventory held at distribution centersexpressed in terms of number of days equivalent ofmaterials handledn W minimum inventory held at warehouses expressed interms of number of days equivalent of materials handledn P minimum inventory held at production plantsexpressed in terms of number of days equivalent ofmaterials handledNS number of product demand scenariosP½s ,maxijtmaximum production capacity of plant j for product iduring time period t under scenario sP½s ,minijtminimum production capacity of plant j for product iduring time period t under scenario sPMR t lower bound for profit margin ratio at the end of timeperiod tPRICE½siltprice for product i for customer zone l during timeperiod t under scenario sQ minjmminimum rate offlow of material that can practicallyand economically be transferred from plant j to ware-house mQ minmkminimum rate offlow of material that can practicallyand economically be transferred from warehouse m todistribution center kQ minklminimum rate offlow of material that can practicallyand economically be transferred from distributioncenter k to customer zone lQ½s ,maxijmmaximum rate offlow of product i that can be trans-ferred from plant j to warehouse m under scenario sQ½s ,maximkmaximum rate offlow of product i that can betransferred from warehouse m to distribution centerk under scenario sQ½s ,maxiklmaximum rate offlow of product i that can betransferred from distribution center k to customerzone l under scenario sQR t lower bound for quick ratio at the end of time period tR je total rate of availability of resource e at plant jROAR t lower bound for return on assets ratio at the end oftime period tROER t lower bound for return on equity ratio at the end oftime period tRTR t lower bound for receivables turnover ratio at the end oftime period tSTR t short-term interest rate at the end of time period tTDR t upper bound for total debt ratio at the end of timeperiod tTR t tax rate at the end of time period tW maxmmaximum capacity of warehouse mW minmminimum capacity of warehouse mWACC t weighed average cost of all invested capital at the endof time period tD T t duration of time period tContinuous VariablesC t cash at the end of time period tCOGS t cost of goods sold at the end of time period tCA t current assets at the end of time period tD k capacity of distribution center kDPR t depreciation at the end of time period tEBIT t earning before interests and taxes at the end of timeperiod tP.Longinidis,M.C.Georgiadis/Int.J.Production Economics129(2011)262–276263。
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。
财务报表分析外文附录
Increased along with the development of the economy, capital operation, rich measures, also more and more people into the financial sector, participate in the economic operation. The listed company financial statement analysis also plays a more and more important role. Boss to users of financial statements of the company are: the shareholders of listed companies), including institutional investors and individual investors, listed companies, lenders (such as Banks), goods or services suppliers, company management, customers, employees, government management departments such as the tax bureau, industrial and commercial bureau and the SFC, the public and competitors, etc. These people and institutions make up the company's alleged interest group, as a result of these financial statements users at different levels of economic relations with the enterprise, their demand for the company's financial information is different also. The listed company financial information this year by the unprecedented attention.The basic building blocks of financial reports of listed companies(1) the basic financial statements: the basic financial statements include balance sheet, income statement and statement of cash flows.The balance sheet is one of the basic financial statements, it is based on \"assets = liabilities + owner's equity\" balance, reflecting enterprise in a certain date have economic resources and its source.Income statement reflects a certain accounting period financial reports, Chen it offers companies within the monthly, quarterly or annual net profit or loss situation, the formation of the relationship between the income statement each available \"income - cost = profit\" to sum up;In a certain accounting period cash flow statement is to reflect enterprise operating activities, investing activities and financing activities of cash inflows and cash outflows of statements.(2) schedule: refers to the basic financial statements of some major projects added in the report.(3) the notes to financial statements and financial fact sheetNotes to financial statements is mainly in the form of words and Numbers of basic financial statements and other help to understand the content of the financial statements of related matters, including basic accounting policy and the use of main skip-level method, etc.Second, the basic method of financial analysisBasic methods of financial analysis method are many, there are comparative analysis method, ratio analysis, trend analysis, etc.Comparative analysis is comparing the indicators of will contact each other, to determine the differences between them, to evaluate financial activities is good or bad. This is one of the most commonly used in financial analysis method. Comparison of commonly used forms are: current actual number compared with YuSuanShu, execution of budget in order to check the inspection schedule and results, determine the complete assessment of how well the budget. This period compared with the early, in order to understand dynamic and changing trend of financial indicators, further found that the potential and the problem; Company compare with other same industry company, the value of a company is relative, so around the company financial statement analysis is relative.Ratio analysis is to use two indicators of some kind of relationship, through calculating the ratio to consider, calculation and evaluation of company's financial position, operating results and cash flow analysis method. Rate is expressed in multiples or proportion score type.Trend analysis is comparing financial indicators in different periods to determine the difference and change trend analysis method. In a certain sense, it is combine comparative analysis and ratio analysis using a method.Three, debt paying ability analysisEnterprise debt paying ability is to reflect the important sign of enterprise financial position and operating ability, debt paying ability is the enterprise to repay maturingdebt to bear ability or ensure degree, including the ability to repay short-term and long-term debt. In general, corporate debt repayment pressure mainly has the following two aspects: one is general debt repayment of principal and interest, including long-term loans payable, bonds payable, long-term accounts payable, and a variety of short-term debt settlement, etc.; 2 it is rigid various taxes payable, the enterprise must pay.(1) current ratioLiquidity ratio is the ratio of current assets to current liabilities. Formula for the liquidity ratio * 100% = current assets/current liabilities. This ratio is enterprise by current assets to repay the current liabilities ability evaluation indicators, explain enterprise each yuan current liabilities have how much liquid assets can be used as a payment guarantee, it is generally believed that current ratio is 2:1 for most of the enterprises is more appropriate ratio.(2) the quick ratioDeduct stock quick ratio is current assets divided by current liabilities ratio, due to the liquidity of inventory liquidation the slowest, or for some reason some inventory may have scrap processing or has not been made part of the inventory has been mortgaged to a creditor, in addition, the inventory valuation, there are cost and reasonable factors of the market price difference, so put in the total inventories from current assets minus and compute the quick ratio reflects the short-term debt paying ability is more credible. It is generally believed that the quick ratio 1:1 is considered to be reasonable, it shows that enterprise each have 1 yuan 1 yuan current liabilities quick assets (that is, cash or approximate cash assets) to do guarantee.(3) the asset-liability ratioAsset-liability ratio = 100% * total liabilities/total assets, total liabilities and total assets is the proportion of relations, asset-liability ratio reflects how much in total assets ratio is raised by borrowing, also can measure business in to protect the interests of the creditors in the event of liquidation. This indicator reflects theproportion of total capital provided by the creditors. The index also referred to as the leverage ratio. Look from shareholder's position, when all the capital profit rate higher than the loan interest rate, debt ratio is bigger, the better, otherwise the opposite. (4) property rightsEquity ratio is measure of long-term solvency of one of the indicators. This metric is the ratio of total liabilities and total shareholders' equity, also known as debt equity ratio. The index reflecting the capital provided by the creditors and shareholders to provide capital to the relative relations, reflect the enterprise financial structure is stable.Fourth, enterprise profitability analysisProfitability as a business marketing ability, ability to collect cash and reduce the cost of ability and the synthesis ability of the risk aversion etc, reflect the enterprise profitability index, usually from production and business operation business profitability, assets profitability analysis.(1) operating marginOperating margin is a business operating margin amount and the ratio of net income. Its computation formula is as follows: business gross margin = 100% operating margin amount business net income / *. This index is mainly reflect the main business of commodity production and business profitability. Unit of income the higher the gross margin, offset the spending ability is stronger; On the contrary, the lower the profitability. In general compared with peers, gross profit margin is low, the cost is on the high side.(2) total assets return rateReturn on total assets is total profit and total interest payments and the average total assets ratio, used to measure the company using the total assets profit ability. Return on total assets = (gross profit + interest payments)/average total assets * 100%, higher than the bank loan interest rate and the social average profit margin, state has total assets of the company profitability.(3) the business indexIt reflects the business activities net cash flow and net profit. Computation formula is: business index = / net operating cash flow. The indicator directly reflect the quality of the earnings, the company how many of each yuan net profit actually received the cash. In general, the greater the ratio, the higher the earnings quality. If the ratio is less than 1, existing in current net profit unrealized cash income. In this case, even though corporate profits, also may be cash shortage, serious will be led to the bankruptcy of enterprises.Five, the cash flow analysisThe amount of cash flows is a financial enterprise cash flow amount, is the floorboard of the cash inflow and outflow of financial enterprises. Cash inflows, is refers to the financial enterprise in a certain period of time from various kinds of economic business in the amount of cash. Cash inflows minus the difference between the cash outflow, called the net cash flow.(1) the cash flow analysisSome companies will manipulate the cash flow statement through exchanges. Through transactions between listed companies and its largest shareholder money to improve the original ugly operating cash flow. Original affiliate account funds often has the financing nature, but the borrower is not as a short-term loan or borrow for a long time, but in other payables accounting, lenders do not as a creditor's rights, but in the other receivables accounts. Changes in other payable, receivable amount at the time of prepare a statement of cash flows as business activities generated cash flow, but essentially these changes reflect the financing, investment, business activities. So when the other payable, receivable changes is the increase of cash flow, operating activities net cash flow generated by the may be overstated.(2) the cash dividend distribution of listed companiesCash dividend distribution has a strong information content. Financially sound company tends to continuous distribution better cash dividend, there are some listedcompanies while the paper profits, but profits are false, bad financial situation, generally can't often cash dividend distribution.(3) the \"cash flow\" which reflect the problemCash flow per share and per share after tax profit should be complementary to each other, some listed companies have better after-tax profit targets, but cash flow is insufficient, this was the result of typical link exchange, also appeared some listed companies in year by selling assets and cash flow is increased, this also is not necessarily a good thing.。
《企业财务报表分析文献综述1800字》
企业财务报表分析1.国外研究现状（1）关于企业财务战略的研究国外对企业财务战略方面的研究主要是从财务决策过程中结合战略角度和战略管理中考虑财务问题两个角度进行的。
罗宾逊和皮尔斯（1998）两位在《战略管理学》书中提出了财务策略这一概念，其认为资金筹集、投资和分配管理以及营运资金管理三大方面组成了财务策略。
Ruth Bender和Keith Ward（2016）将企业的生命周期和企业财务战略相联系，在《Corporate Financial Strategy》中提出要根据企业现阶段的状态来制定财务战略。
把企业分为初创、成长、成熟、衰退四个阶段，制定相应的财务战略，还指出了经营和财务风险反向搭配的措施。
（2）关于财务报表分析的研究Walter B Gus（2017）指出，财务分析第一步应该对财务信息做出筛选，第二步是解读这些信息所蕴含的和企业日常生产经营管理的联系。
随着研究的深入，西方金融分析的重点已经从价格分析转向多成分分析，包括商业投资、银行业务和经营业绩分析。
这两种方法是杜邦分析法和沃尔会计法。
杜邦的分析方法只关注重要的财务信息，而不是专门考察公司的实力。
结果并不完全正确。
一家企业要想继续发展，仅仅分析自身是不够的，还要与同行业的竞争对手进行比较，找出差距，弥补不足。
Brown Paul（2018）认为应该系统的进行财务报表分析，预测企业下一期间的发展状况，而不是单一的指标和数据分析，应该先对企业所在的环境进行了解，分析出企业自身的优劣势，机会和威胁，最终对企业的未来发展做出预测。
2.国内研究现状（1）关于企业财务战略的研究从战略角度进行财务报表分析的内部研究包括方法论讨论和具体案例研究。
在从战略角度审视财务报表分析的框架和方法时，陈若晴（2010）总结了传统的财务报表分析方法，包括比率分析、趋势分析、因子分析等，杜邦的分析方法有所改进。
并使用考虑到主体的主要竞争优势的会计方法来分析主体的财务报表。
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。
The-analysis-and-use-of-financial-statement财务报表分析与运用毕业论文外文文献翻译及原文
毕业设计（论文）外文文献翻译文献、资料中文题目：财务报表分析与运用文献、资料英文题目：The analysis and use of financial statement 文献、资料来源：文献、资料发表（出版）日期：院（部）：专业：班级：姓名：学号：指导教师：翻译日期： 2017.02.14The analysis and use of financial statementChapter 1 FRAMEWORK FOR FINANCIAL STATEMENT ANALYSISNEED FOR FINANCIAL STATEMENT ANALYSISThe United Sates has the most complex financial reporting system in the word. .Detailed ac-counting principles are augmented by extensive disclosure requirements .The financial state-ments of large multinationals add up to dozens of pages, and many of these firms voluntarily publish additional “fact books”for dissemination to financial analysis and other interested users.Financial reporting in other major developed countries and many emerging markets has also evolved substantially in recent years .with an increasing emphasis on providing information useful to both domestic and foreign creditors and equity investors. International Accounting Standards have become a credible rival to U.S. standards.In an ideal word, the user of financial statements could focus only on the bottom lines financial reporting: net income and stockholders’ equity. If financial statements were comparable among companies (regardless of country),consistent over time , and always fully reflecting the economic position of firm , financial statement analysis would be simple , and this text a very short one.The financial reporting system is not perfect. Economic events and accounting entries do not correspond precisely; they diverge across the dimensions of timing, recognition, and measurement. Financial analysis and investment decisions are further complicated by variations in accounting treatment among countries in each of these dimensions.Economic events and accounting recognition of those events frequently take place at different times. One example of phenomenon is the recognition of capital gains and losses only upon sale in most cases. Appreciation of a real estate investment, which took place over a period of many years, for example, receives income statement recognition only in the period management chooses for its disposal.Similarly, long-lived assets are written down. Most of time. In the fiscal period of management’s choice. The period of recognition may be neither the period in which the impairment took place nor the period of sale or disposal. Accounting for discontinued operations. In the same manner. Results in recognition of loss in a period different from when the loss occurred or the disposal is consummated.In addition, many economic events do not receive accounting recognition at all. Most contracts, for example, are not reflected in financial statements when entered into, despite significant effects on financial condition and operating and financial risk .Some contracts, such asleases and hedging activities, are recognized in the financial statements by some companies, but disclosed only in footnotes by others. Disclosure requirements for derivatives and hedging activities are in place in many jurisdictions, but recognition and measurement is only recently required in the United Stated.Further, generally accepted accounting principles (GAAP) in the United States and elsewhere permit economic events that do receive accounting recognition to be recognized in different ways by different financial statement prepares. Inventory and depreciation of fixed assets are only two of the significant areas where comparability may be lacking.Financial reports often contain supplementary data that, although not included in the statements themselves, help the financial statement user to interpret the statements or adjust measures of corporate performance (such as financial ratios) to make them more comparable, consistent over time, and more representative of economic reality. When making adjustments to financial statements, we will seek to discern substance from form and exploit the information contained in footnotes and supplementary schedules of data in the annual report and SEC filings. The analytic treatment of “off-balance-sheet” financing activities is a good example of this process. We also illustrate the use of reconciliations to U.S. GAAP in foreign registrants’Form 20-F filings.Finally, information from outside the financial reporting process can be used to make financial data more useful. Estimating the effects of changing prices on corporate performance, for example, may require the use of price data from outside sources.FOCUS ON INVESTMENT DECISIONSThis book is concerned with the concepts and techniques of financial analysis employed by users of financial statements who are external to the company. Principal emphasis is on the financial statements of companies whose securities are publicly traded. The techniques described are generally applicable to the analysis of financial statements prepared according to U.S. GAAP. However, we will also discuss the pronouncements of the International Accounting Standards Board (IASB) and standard setters in other countries, compare them to U.S. GAAP, and analyze financial statements prepared in accordance with these other reporting standards.Classes of UsersExternal users of financial information encompass a wide range of interests but can be classified into three general groups:Credit and equity investorsGovernment (executive and legislative branches), regulatory bodies, and tax authoritiesThe general public and special interest groups, labor unions , and consumer groupsEach of these user groups has a particular objective in financial statement analysis, but, as the FASB stated, the primary user are equity investors and creditors. However, the information supplied to investors and creditors is likely to be generally useful to other user groups as well. Hence, financial accounting standards are geared to the purposes and perceptions of investors and creditors. That is the group for whom the analytical techniques in this book are intended.The underlying objective of financial analysis is the comparative measurement of risk and return to make investment or credit decisions. These decisions require estimates of the future, be it a mouth, a year, or a decade. General-purpose financial statements, which describe the past, provide one basis for projecting future earnings and cash flows. Many of the techniques used in this analytical process are broadly applicable to all types of decisions, but there are also specialized techniques concerned with specific investment interests or, in other words, risks and returns specific to one class of investors or securities.The equity investor is primarily interested in the long-term power of the company, its ability to grow, and, ultimately, its ability to pay dividends and increase in value. Since the equity investor bears the residual risk in an enterprise, the largest and most volatile risk, the require analysis is the most comprehensive of any user and encompasses techniques employed by all other external user.Creditors need somewhat different analytical approaches. Short-term creditors, such as banks and trade creditors, place more emphasis on the immediate liquidity of the business because they seek an early payback of their investment. Long-term earning power of the company investors in bonds, such as insurance companies and pension funds, are primarily concerned with the long-term asset position and earning power of the company. They seek assurance of the payment of interest and the capability of retiring or refunding the obligation at maturity. Credit risks are usually smaller than equity risks and may be more easily quantifiable.More subordinated or junior creditors, especially owners of “high-yield” debt, however, bear risk similar to those of equity investors and may find analytic techniques normally applied to equity investments more relevant than those employed by creditors.Financial Information and Capital MarketsThe usefulness of accounting information in the decision-making processes of investors and creditors has been the subject of much academic research over the last 35 years. That research has examined the interrelationship of accounting information and reporting standards in financial markets in great detail. At times, the research conclusions are highly critical of the accounting standard-setting process and of the utility of financial analysis. This criticism is based on researchperformed in a capital market setting. These findings do not negate the usefulness of financial analysis of individual securities that may be mispriced or of decisions made outside a capital market setting.PRINCIPAL FINANCIAL STATEMENTSThe Balance SheetThe balance sheet (statement of financial position) reports major classes and amounts of assets (resources owned or controlled by the firm), liabilities (external claims on those assets), and stockholder’ equity (owners’ capital contributions and other internally generated sources of capital) and their interrelationships at specific points in time.Assets reported on the balance sheet are either purchased buy the firm or generated through operations: they are, directly or indirectly, finances by the creditors and stockholders of the firm. The fundamental accounting relationship provides the basis for recording all transactions in financial reporting and is expressed as the balance sheet equation:Assets (A) = Liabilities (L) + Stockholders’ Equity (E)In the United States firm issue balance sheets at the end of each quarter and the end of the fiscal. Annual or semiannual reporting in the norm in most other countries.Elements of the Balance SheetSFAC 6 discusses the elements of financial statements. Although this statement also deals with nonprofit organizations, we restrict our comments to business enterprises.Assets are defined in SFAC 6 asProbable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.This definition seems to be noncontroversial. Its weakness is its lack of reference to risk. It seems to us that an enterprise that retains the risk of ownership still “owns” the asset. This issue is important, for example, as it relates to the sale of assets (such as accounts receivable, loans, and mortgages; see chapter 11) when the seller retains some risk of loss.Liabilities are defined, similarly asProbable future sacrifices of economic benefits arising from present obligations of particular entity to transfer assets or provide services to other entities in the future as a result of pa transactions or events.Again, the definition reads well. Yet it permits the nonrecognition of contractual obligation such as operating leases (see chapter11). The interpretation of “present obligation” and “result of past transactions or events”is key to accounting for all such contracts; some believe that only payments immediately due as a consequence of completed transactions create liabilities. Othersbelieve that all long-term contacts should be recognized as long-term liabilities. Another important problem area is the derecognition of liabilities that have been prefunded but remain outstanding.As required by the fundamental accounting equation. Stockholder’ equity is thereforeThe residual interest in the net assets of an entity that remains after deducting its liabilities.In practice, some financial instruments have characteristics of both liabilities and equities, making them difficult to categorize. Convertible debt and redeemable preferreds are two common examples examined in chapter 10. That chapter also discusses the FASB Exposure Draft (ED) on recognition and measurement of instruments with equity and liability characteristics.The Income StatementThe income statement (statement of earnings) reports on the performance of the firm, the result of its operating activities. It explains some but all of the changes in the assets, liabilities, and equity of the firm between two consecutive balance sheet dates. Use of the accrual concept means that income and the balance sheet are interrelated.The preparation of the income statement is governed by the matching principle, which states that performance can be measured only if revenues and related costs are accounted for during the same time period. This requires the recognition of expenses incurred to generate revenues in the same period as the related revenues. For example, the cost of a machine is recognized as an expense (it is depreciated) over its useful life (as it is used in production) rather than as an expense in the period it is purchased.Elements of the Income StatementRevenues are defined in SAFC 6 asInflows … of an entity… from delivering or producing goods, rendering services, or other activities that constitute the entity’s ongoing major or central operationsExpense are defined asOutflows…from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity’s ongoing major or central operations.These definitions explicitly exclude gains (and losses), defined asIncreases (decreases) in equity (net assets) from peripheral or incidental transactions…Gains or losses are, therefore, nonoperating events. Examples would include gains and losses from asset sales, lawsuits, and changes in market values (including currency rates).These definitions are, like the other in SFAC 6, easy to accept as stated. The difficulties come in practice. For example, investment activities may be “central”to a financial institution but “peripheral”to manufacturing company. Similarly, sales of assets such as automobiles may be “incidental”to retailer but “central”to a car rental firm. The write-down of inventories due toobsolescence is more difficult to characterize: is this an operating expense or a loss? To some extent, the distinction between revenue and expense on the one hand and gains and losses on the other is a precursor of the controversies over the characterizations of “recurring versus nonrecurring activities,”“operating versus nonoperating activities,”and “extraordinary items,”. From the analyst point of view, disclosure is more important than classification; analysts prefer to make their own distinctions between operating and nonoper-ating events in many instances. From the point of view of database user, however, the outcome of the debate is important.Even more important is the decision on when to recognize revenues and expenses. The recognition decision can be a major determinant of reported income, especially for technology and other “new economy” enterprises.财务报表分析与运用第一章财务报表分析的框架财务报表分析的重要性美国有着世界上最复杂的财务报告系统，广泛披露的要求扩大了详细的会计原则。
财务报表分析中英文对照外文翻译文献编辑
文献信息：文献标题：The Need Of Financial Statement Analysis In A Firm orAn Orgnization（企业或机构财务报表分析的必要性）国外作者：Suneetha G文献出处：《International Journal of Science Engineering and AdvanceI Technology(JSEAT)》,2017,5(6):731-735．字数统计：2541 单词，15110 字符；中文 4377 汉字外文文献：The Need Of Financial Statement AnalysisIn A Firm Or An OrgnizationAbstract Financial statement analysis play a dominate role in setting the frame watt of managerial decisions through analysis and interpretation of financial statement. This paper discusses about financial … strength and weakness of the company by properly establishing relationship between the items of balance shed and profit and loss account. In order to judge the profitability and financial soundness of the company horizontal, and vertical analyze or done. The various technique used in analyzing financial statement included 'comparative statement, common size statement, trend analysis and ratio analysis. The results suggest that the ratio approach is a highly useful tool in financial statement analysis, especially when a set of ratios is used to evaluate a firm's performance.Key words: Financial statement analysis, to evaluate a firm's performance.'Comparative statement. Common size statement, trend analysis and ratio analysis.1．IntroductionThe basis for financial analysis , planning and decision making is financial information/a business firm has to prepares its financial accounts viz., balance sheet , profit and loss account which provides useful financial information for the purpose of decision making . Financial information is needed to predict. Compare and evaluate the fin's earnings ability. The formers statements viz. profit and loss account shows that operating activities of the concern and the later balance sheet depicts the balance value of the acquired assets and of liabilities at a particular point of time. However these statements don't disclose all of the necessary for ascertaining the financial strengths and weaknesses of an enterprise. it is necessary to analyze the data depicted in the financial statements. The finance manager has certain analytical tools which helps is financial analysis and planning. [Doron nissim, stephen h. Penman, (2003), FinancialStatement Analysis of Leverage and How it Informs About Profitability and Price-to-Book Ratios. Survey of Accounting Studies, Kluwer Academic Publishers] As per examine by 'Doron Nissim. Stephen H. Penman' on Financial proclamation investigation of Leverage and how it illuminates about gainfulness and cost to book proportions, money related explanation examination that recognizes use that emerges in financing exercises from use that emerges in operations. The examination yields two utilizing conditions. one for getting to back operations and one for obtaining over the span of operations. This examination demonstrates that the budgetary explanation investigation clarifies cross-sectional contrasts in present and future rates of return and additionally cost to-snare proportions, which depend on expected rates of profit for value. This investigation helps in understanding working influence contrasts in productivity in the cross-areas. changes in future productivity from current benefit and legally binding working liabilities from evaluated liabilities. [Yating Van, H.W. Chuang,(2010) Financial Ratio Adjustment Process: Evidencefrom Taiwan and North America,1SSN 1450-2887 Issue 43 (2010)0 Euro Journals Publishing, Inc. 2010]2．Financial statements analysisIt is a process of identifying the financial strengths and weaknesses of a firm from the available accounting data and financial statements. The analysis is done by properly establishing the relationship between the items of balance sheet and profit and loss account. The first task of the financial analyst is to determine the information relevant the decision under consideration from the total information contained in financial statement. The second step is to arrange information in a way to highlight significant relationships. The final step is interpretation and drawing of inferences and conclusions. Thus financial analysis is the process of selection, relating and evaluation of the accounting data or information.Purpose of financial statements analysisFinancial statements analysis is the meaningful interpretation of 'financial statements 'for panics demanding financial information. It is not necessary for the proprietors alone. In general, the purpose of financial statements analysis is to aid decision making between the users of accounts•To evaluate past performance and financial position•To predict future performanceTools and techniques of financial analysis:•Comparative balance sheet•Common size balance sheet•Trend analysis•Ratio analysis•Comparative balance sheetComparative financial statements is a statement of the financial position of a business so designed as to facilitate comparison of different accounting variables for drawing useful inferences. Financial statements of two or more business enter prices may be compared over period of years. This is known as inter firm comparison Financial statements of the particular business enter pries may be compared over two periods of years. This is known inter period comparisonCommon size statementsIt facilities the comparison of two or more business entities with a common base .in case of balance sheet, total assets or liabilities or capital can be taken as a common base. These statements are called common measurements or components percentage or 100 percent statements. Since each statement is representated as a %of the total of 100 which in variably serves as the base.In this manner the announcements arranged to draw out the proportion of every benefit of risk to the aggregate of the monetary record and the proportion of every thing of cost or incomes to net deals known as the basic size articulations.Pattern investigationEven examination of money related explanations can likewise be completed by figuring pattern rates. Pattern rate expresses quite a long while's budgetary information as far as a base year. The base year rises to 100 %, with every single other year expressed in some rate of this baseProportion investigationProportion investigation is the technique or process by which the relationship of things or gatherings of things in the budgetary proclamations are registered. decided and introduced. Proportion investigation is an endeavor to determine quantitativemeasures or aides concerning the money related wellbeing and benefit of the business venture. Proportion investigation can be utilized both in pattern and static examination. There are a few proportions at the examiner yet the gathering of proportions he would incline toward relies upon the reason and the destinations of the investigation.Bookkeeping proportions are viable apparatuses of examination; they are pointers of administrative and over all operational productivity. Proportions, when appropriately utilized are fit for giving valuable data. proportion examination is characterized as the deliberate utilization of proportions to decipher the money related explanations with the goal that the qualities and shortcomings of a firm and in addition its chronicled execution and current monetary condition can be resolved the term proportion alludes to the numerical or quantitative connection between things factors this relationship can be communicated as:(1)Fraction(2)Percentages(3)Proportion of numbersThese option strategies for communicating things which are identified with each other are, for reason for money related investigation, alluded to as proportion examination. It ought to be seen that processing the proportion does not include any data in the figures of benefit or deals. What the proportions do is that they uncover the relationship in a more important manner in order to empower us to reach inferences from them.As indicated by look into by the Yating yang and 11．W. Chuang. on 'Monetary Ratio Adjustment Process: Evidence from Taiwan and North America'. measurable legitimacy of the proportion strategy in monetary articulation examination is researched. The outcomes hence recommend that the proportion approach is a valuable instrument in monetary explanation investigation, particularly when an arrangement of proportions is utilized to assess an association's execution. Thestraightforwardness of this strategy additionally underpins the utilization of proportions in money related basic leadership.3．Money related proportions in perspective of GAAPGAAP is the arrangement of standard systems for recording business exchanges and detailing accounting report passages. The components of GAAP incorporate norms for how to figure income, how to arrange things on a monetary record, and how to ascertain exceptional offer estimations. The models fused into (MAP give general consistency in assumes that are thusly used to ascertain imperative money related proportions that financial specialists and investigators use to assess the organization. Indeed, even agreeable monetary records can be trying to unravel, yet without a framework characterizing every class of section, corporate money related articulations would be basically dark and useless.There are seven fundamental rule that guide the foundation of the Generally Accepted Accounting Principles. The standards of normality, consistency, perpetual quality and genuineness go towards the urging organizations to utilize the same legitimate bookkeeping hones quarter after quarter in a decent confidence push to demonstrate the genuine money related state of the organization. None remuneration, judiciousness and progression build up rules for how to set up a monetary record, by and large to report the budgetary status of the organization as it is without treating resources in irregular ways that distort the operations of the organization just to balance different sections. The rule of periodicity basic implies that salary to be gotten extra time ought to be recorded as it is booked to be gotten, not in a singular amount in advance.The brought together arrangement of bookkeeping in this manner has various advantages. Not exclusively does it give a specific level of straightforwardness into an organization's funds. it likewise makes for generally simple examinations betweenorganizations. Subsequently, GAAP empowers venture by helping financial specialists pick shrewdly. GAAP gives America organizations preference over remote ones where financial specialists, unless they have a cozy comprehension of the business, may have a great deal more trouble figuring the potential dangers and prizes of a venture. GAAP applies to U.S.- based enterprises just, however every other real nation has bookkeeping measures set up for their local organizations. Now and again, remote bookkeeping is genuinely like U.S. GAAP, changing in just minor and effectively represented ways. In different cases, the models change fundamentally making direct examinations questionable, best case scenario.4．Advantages and Limitations of Financial Ratio AnalysisFinancial ratio analysis is a useful tool for users of financial statement. It has following advantages:Focal points•It improves the money related proclamations.•It helps in contrasting organizations of various size and each other.•It helps in drift examination which includes looking at a solitary organization over a period.•It highlights imperative data in basic frame rapidly. A client can judge an organization by simply taking a gander at few number as opposed to perusing of the entire monetary explanations.RestrictionsRegardless of convenience, finance.ial proportion examination has a few burdens. Some key faults of budgetary proportion examination are:•Different organizations work in various enterprises each having distinctivenatural conditions, for example, control, showcase structure, and so on. Such factors curve so huge that a correlation of two organizations from various ventures may be deceiving.•Financial bookkeeping data is influenced by assessments and presumptions. Bookkeeping principles permit diverse bookkeeping arrangements, which disables likeness and subsequently proportion examination is less helpful in such circumstances.• Ratio investigation clarifies connections between past data while clients are more worried about present and future data.The investigation helps for breaking down the alteration procedure of money related proportions; the model states three impacts which circular segment an association's interior impact, expansive impact, and key administration. It encourages us to clarify(1)That a company's budgetary proportions reflect unforeseen changes in the business.(2)Active endeavors to accomplish the coveted focus by administration and(3)An individual association's money related proportion development.DialogMonetary proclamations investigation is the way toward looking at connections among components of the organization's 'bookkeeping articulations" or money related explanations (accounting report, salary articulation. proclamation of income and the announcement of held profit) and making correlations with pertinent data. It is a significant instrument utilized by financial specialists. leasers, monetary investigators. proprietors. administrators and others in their basic leadership handle The most well known sorts of money related explanations examination curve:•Horizontal Analysis: monetary data are thought about for at least two years for asolitary organization:•Vertical Analysis: every thing on a solitary monetary explanation is figured as a rate of an aggregate for a solitary organization;•Ratio Analysis: analyze things on a solitary budgetary articulation or look at the connections between things on two monetary proclamations.Money related proportions examination is the most widely recognized type of budgetary explanations investigation. Monetary proportions delineate connections between various parts of an organization's operations and give relative measures of the company's conditions and execution. Monetary proportions may give intimations and side effects of the money related condition and signs of potential issue regions. It by and large holds no importance unless they are looked at against something else, as past execution, another organization/contender or industry normal. In this way, the proportions of firms in various enterprises, which confront distinctive conditions, are generally difficult to analyze.Money related proportions can be a critical instrument for entrepreneurs and administrators to gauge their advance toward achieving organization objectives, and toward contending with bigger organizations inside an industry; likewise, following different proportions after some time is an intense approach to recognize patterns. Proportion examination, when performed routinely after some time, can likewise give assistance independent ventures perceive and adjust to patterns influencing their operations.Money related proportions are additionally utilized by financiers. Speculators and business experts to survey different traits of an organization's monetary quality or working outcomes, this is another motivation behind why entrepreneurs need to comprehend money related proportions in light of the fact that, all the time, a business' capacity to get financing or value financing will rely upon the organization's budgetary proportions. Money related proportions are ordered by the monetary part ofthe business which the proportion measures. Liquidity proportions look at the accessibility of organization's money to pay obligation. Productivity proportions measure the organization's utilization of its benefits and control of its costs to create a satisfactory rate of return. Use proportions look at the organization's techniques for financing and measure its capacity to meet budgetary commitments. Productivity proportions measure how rapidly a firm changes over non-money resources for money resources. Market proportions measure financial specialist reaction to owning an organization's stock and furthermore the cost of issuing stock.5．ConclusionProportion Analysis is a type of Financial Statement Analysis that is utilized to acquire a snappy sign of an association's money related execution in a few key territories. Proportion investigation is utilized to assess connections among money related proclamation things. The proportions are utilized to distinguish inclines after some time for one organization or to look at least two organizations at one point in time. Money related explanation proportion investigation concentrates on three key parts of a business: liquidity, benefit, and dissolvability.The proportions are sorted as Short-term Solvency Ratios, Debt Management Ratios, and Asset Management Ratios. Productivity Ratios, and Market Value Ratios. Proportion Analysis as an instrument has a few vital elements. The information, which are given by budgetary proclamations. are promptly accessible. The calculation of proportions encourages the examination of firms which contrast in measure. Proportions can be utilized to contrast an association's money related execution and industry midpoints. What's more, proportions can be utilized as a part of a type of pattern investigation to recognize zones where execution has enhanced or crumbled after some time. Since Ratio Analysis depends on bookkeeping data, its adequacy is restricted by the bends which emerge in budgetary explanations because of such things as Historical Cost Accounting and swelling. Thusly, Ratio Analysis should justbe utilized as an initial phase in money related examination, to get a snappy sign of an association's execution and to distinguish territories which should be explored further.中文译文：企业或机构财务报表分析的必要性摘要财务报表分析在制定管理决策框架方面起着主导作用，其方法是通过对财务报表进行分析和解释。
英文版文献财务报告分析(3篇)
第1篇Financial reporting analysis is a crucial aspect of assessing the financial health and performance of a company. This review delves into various aspects of financial reporting analysis, including its significance, methodologies, and challenges. By examining the existing literature, this paper aims to provide a comprehensive understanding of the subject.IntroductionFinancial reporting is a process through which companies communicate their financial performance and position to stakeholders. Financial reporting analysis involves the examination and interpretation of financial statements to assess the company's profitability, liquidity, solvency, and overall financial health. This analysis is vital for investors, creditors, and other stakeholders to make informed decisions.Significance of Financial Reporting Analysis1. Investor Decision-Making: Financial reporting analysis helps investors evaluate the profitability, stability, and growth prospects of a company. By analyzing financial statements, investors can determine the fair value of stocks and make informed investment decisions.2. Credit Risk Assessment: Financial reporting analysis is crucial for creditors in assessing the creditworthiness of a company. By analyzing financial ratios and trends, creditors can determine the likelihood of default and set appropriate interest rates.3. Regulatory Compliance: Financial reporting analysis ensures that companies comply with regulatory requirements. By analyzing financial statements, auditors and regulators can verify the accuracy and completeness of financial reports.4. Performance Evaluation: Financial reporting analysis enables managers to evaluate the performance of their company and identify areas for improvement. By comparing financial ratios and trends over time, managers can assess the effectiveness of their strategies and operations.Methodologies of Financial Reporting Analysis1. Horizontal Analysis: Horizontal analysis involves comparing financial statements over multiple periods to identify trends and patterns. This method helps in assessing the growth rate and stability of a company's financial performance.2. Vertical Analysis: Vertical analysis involves expressing each item ina financial statement as a percentage of a base figure, typically total assets or total liabilities and equity. This method helps in understanding the composition and structure of a company's financial position.3. Ratio Analysis: Ratio analysis involves calculating and interpreting various financial ratios to assess a company's profitability, liquidity, solvency, and efficiency. Common ratios include current ratio, debt-to-equity ratio, return on assets, and return on equity.4. Cash Flow Analysis: Cash flow analysis involves examining a company's cash inflows and outflows to assess its liquidity and financial stability. This analysis helps in understanding the sources and uses of cash and identifying potential cash flow issues.Challenges in Financial Reporting Analysis1. Complexity of Financial Statements: Financial statements can be complex and contain technical jargon, making it challenging for individuals without a financial background to understand them.2. Earnings Manipulation: Companies may manipulate their financial statements to portray a better financial position than reality. This can be done through various accounting practices, such as aggressive revenue recognition or deferred expenses.3. Volatility of Financial Markets: Financial markets can be volatile, making it difficult to assess the long-term performance of a company based on short-term results.4. Limited Access to Information: Some companies may not providesufficient information in their financial reports, making it challenging to conduct a comprehensive analysis.ConclusionFinancial reporting analysis is a vital tool for assessing the financial health and performance of a company. By examining financial statements, stakeholders can make informed decisions regarding investment, credit, and regulatory compliance. However, the complexity of financial statements, potential earnings manipulation, and market volatility pose challenges to effective financial reporting analysis. It is essentialfor individuals to stay updated with the latest methodologies and techniques to conduct a thorough and accurate analysis.References1. Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(1), 159-178.2. Ohlson, J. A. (1995). Earnings, book values, and dividends: Implications for valuation. Journal of Accounting and Economics, 19(2), 293-324.3. Dechow, P. M., Hwang, W., & Subramanyam, K. R. (1995). The value relevance of accounting information: Price and return effects ofearnings announcements. The Accounting Review, 70(1), 59-82.4. Beaver, W. H. (1968). Financial reporting and control. Prentice-Hall.5. Ohlson, J. A., & Ohlson, L. A. (2005). Earnings management: A behavioral view. Journal of Accounting and Economics, 39(1), 3-28.第2篇Abstract:This paper aims to provide a comprehensive review of the literature on financial report analysis. It explores various methodologies, tools, and techniques used in the analysis of financial reports, including ratio analysis, horizontal analysis, vertical analysis, and cash flow analysis.The paper also discusses the importance of financial report analysis in decision-making processes, the challenges faced by analysts, and the impact of technology on the field. Furthermore, it examines the ethical considerations involved in financial reporting and analysis.Introduction:Financial report analysis is a critical tool for stakeholders, including investors, creditors, and management, to assess the financial health and performance of an organization. It involves the examination of financial statements, such as the balance sheet, income statement, and cash flow statement, to extract meaningful insights. This literature review aims to synthesize the existing research on financial report analysis, highlighting key methodologies, challenges, and future directions.Methodology:The review is based on a comprehensive search of academic databases, including Google Scholar, JSTOR, and ScienceDirect, using keywords such as "financial report analysis," "financial statement analysis," "ratio analysis," "horizontal analysis," "vertical analysis," and "cash flow analysis." The selected articles are categorized based on their methodologies, focus areas, and contributions to the field.Literature Review:1. Ratio Analysis:Ratio analysis is one of the most widely used tools in financial report analysis. It involves the calculation of various ratios, such asliquidity ratios, solvency ratios, profitability ratios, and efficiency ratios, to assess the financial performance and stability of a company (Hickman & Warren, 2003). According to research by Ball & Brown (1968), ratio analysis can be a powerful tool for predicting future financial performance.2. Horizontal Analysis:Horizontal analysis, also known as trend analysis, involves comparing financial data over multiple periods to identify trends and patterns(Shannon, 2004). This methodology is particularly useful for identifying changes in financial performance over time and for assessing the effectiveness of management decisions (Hillson, 2001).3. Vertical Analysis:Vertical analysis, or common-size analysis, involves expressingfinancial statement items as a percentage of a base figure, typically total assets or total sales (Dunstan & Hyett, 1997). This approach allows for the comparison of financial statements across different companies or over time, providing a clearer picture of the relative importance of different items (Friedman, 1986).4. Cash Flow Analysis:Cash flow analysis is essential for understanding the cash-generating ability of a company. It involves examining the cash inflows and outflows from operating, investing, and financing activities (Harvey, 2003). According to research by Solt, 2001, cash flow analysis iscrucial for assessing the financial sustainability of a company and for making investment decisions.5. Technological Advancements:The advent of technology has significantly impacted financial report analysis. Advanced software and tools, such as Excel, SAP, and Oracle, have made it easier to perform complex analyses and generate accurate reports (Smith & Watson, 2010). Moreover, the rise of big data analytics has enabled analysts to extract more meaningful insights from large datasets (Davenport & Patil, 2012).6. Ethical Considerations:Ethical considerations play a crucial role in financial report analysis. Analysts must ensure the accuracy and reliability of their analyses, avoid conflicts of interest, and maintain confidentiality (Ott & Mace, 2007). The ethical implications of financial reporting and analysis are further emphasized by research by Dechow et al. (1996).7. Challenges and Future Directions:Despite the advancements in financial report analysis, severalchallenges remain. These include the complexity of financial reporting standards, the availability of quality data, and the need for continuous learning and adaptation (Baker & Nair, 2006). Future research should focus on developing new methodologies, improving data quality, and addressing ethical concerns (Atrill & McLaney, 2016).Conclusion:Financial report analysis is a vital tool for stakeholders to assess the financial health and performance of an organization. This literature review has explored various methodologies, tools, and techniques used in financial report analysis, highlighting the importance of ratio analysis, horizontal analysis, vertical analysis, and cash flow analysis. The review also discusses the impact of technology, ethical considerations, and challenges in the field. As the financial landscape continues to evolve, it is crucial for researchers and practitioners to stay informed about the latest developments and advancements in financial report analysis.References:- Atrill, P., & McLaney, E. (2016). Financial management for non-financial managers. Financial Times/Prentice Hall.- Baker, R. C., & Nair, V. (2006). Challenges in financial reporting and analysis. Journal of Accounting and Public Policy, 25(5), 747-765.- Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Business, 41(2), 71-91.- Davenport, T. H., & Patil, D. J. (2012). Big data: A revolution that will transform how we live, work, and think. Harvard Business Review Press.- Dechow, P. M., Hermalin, B., & Welch, I. (1996). The quality of accounting information and the cost of capital. Journal of Accountingand Economics, 21(1), 1-33.- Dunstan, P., & Hyett, C. (1997). Vertical analysis: A forgotten tool? Accounting and Business Research, 27(4), 259-268.- Friedman, M. (1986). A monetary history of the United States, 1867-1960. Princeton University Press.- Harvey, C. R. (2003). The cash flow statement: An analysis and interpretation guide. John Wiley & Sons.- Hillson, D. (2001). Financial analysis: An introduction to concepts, tools, and techniques. Financial Times/Prentice Hall.- Hickman, K. C., & Warren, J. D. (2003). Financial accounting. John Wiley & Sons.- Ott, C. M., & Mace, T. E. (2007). Ethical decision-making in accounting. John Wiley & Sons.- Shannon, D. (2004). Financial statement analysis. John Wiley & Sons.- Solt, G. T. (2001). Cash flow statement analysis: A comprehensive guide to interpreting cash flow statements. John Wiley & Sons.- Smith, J., & Watson, D. (2010). Management accounting. Financial Times/Prentice Hall.第3篇IntroductionFinancial reporting is a crucial aspect of corporate governance and transparency. It provides stakeholders with essential information about an organization's financial performance, position, and cash flows. This literature review aims to analyze various aspects of financial reports, including their structure, content, and the impact they have on investors, creditors, and other stakeholders. The review will cover key theories, methodologies, and findings from existing literature.Structure and Content of Financial ReportsFinancial reports typically consist of several key components, including the balance sheet, income statement, cash flow statement, and notes tothe financial statements. These components provide a comprehensive overview of an organization's financial health and performance.1. Balance Sheet: The balance sheet presents a snapshot of an organization's financial position at a specific point in time. It lists the organization's assets, liabilities, and equity. Assets representwhat the organization owns, liabilities represent what it owes, and equity represents the owners' claim on the assets.2. Income Statement: The income statement provides information about an organization's revenues, expenses, and net income over a specific period. It shows how much revenue the organization generated and how much it spent to generate that revenue.3. Cash Flow Statement: The cash flow statement tracks the inflows and outflows of cash within an organization over a specific period. It is divided into three sections: operating activities, investing activities, and financing activities. This statement helps stakeholders understand the organization's liquidity and cash-generating ability.4. Notes to the Financial Statements: These notes provide additional information and explanations to the financial statements. They include details about accounting policies, significant accounting estimates, and other relevant information that is not presented in the primaryfinancial statements.Theoretical FrameworkSeveral theories have been developed to explain the purpose and impactof financial reporting. The following are some of the key theories:1. Information Asymmetry Theory: This theory suggests that there is a significant information gap between managers and investors. Financial reporting is seen as a mechanism to reduce this information asymmetryand provide investors with better decision-making information.2. Agency Theory: Agency theory focuses on the relationship between principals (investors) and agents (managers). Financial reporting isseen as a way to monitor and control the actions of managers to ensure they act in the best interest of the owners.3. Stakeholder Theory: Stakeholder theory emphasizes the importance of considering the interests of all stakeholders, including employees, customers, suppliers, and the community. Financial reporting is seen as a means to communicate with these stakeholders and demonstrate social responsibility.Methodologies for Analyzing Financial ReportsSeveral methodologies can be used to analyze financial reports, including:1. Horizontal Analysis: This method involves comparing financial data over different periods to identify trends and patterns. It helps stakeholders understand how an organization's financial performance has changed over time.2. Vertical Analysis: This method involves expressing each item in the financial statements as a percentage of a base figure, such as total assets or total revenues. This allows stakeholders to compare the relative importance of different items within the financial statements.3. Ratio Analysis: This method involves calculating various financial ratios to assess an organization's financial performance and stability. Common ratios include liquidity ratios, profitability ratios, and solvency ratios.Impact of Financial Reports on StakeholdersFinancial reports have a significant impact on various stakeholders:1. Investors: Investors use financial reports to evaluate the financial health and performance of potential investments. They rely on this information to make informed decisions about buying, holding, or selling stocks and bonds.2. Creditors: Creditors use financial reports to assess the creditworthiness of a borrower. They analyze the financial statements todetermine the likelihood of repayment and the risk associated with lending money.3. Regulatory Bodies: Regulatory bodies, such as the Securities and Exchange Commission (SEC), require organizations to file financial reports to ensure compliance with financial reporting standards and regulations.4. Employees: Employees may use financial reports to assess thefinancial stability and growth prospects of their employer. This information can influence their decision to join, stay with, or leave the organization.5. Community and Environment: Financial reports can also provideinsights into an organization's impact on the community and environment. This information can be used to evaluate the organization's social and environmental responsibility.ConclusionFinancial reports play a critical role in providing stakeholders with essential information about an organization's financial performance and position. This literature review has explored the structure and content of financial reports, the theoretical framework underlying them, methodologies for their analysis, and their impact on various stakeholders. Understanding the importance of financial reporting is crucial for effective decision-making and governance in organizations.References- Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(1), 159-178.- DeFond, M. L., & Francis, J. (2000). The role of accounting information in capital markets: Some implications of the economic theory of information. Journal of Accounting and Economics, 29(1), 3-37.- FASB (Financial Accounting Standards Board). (2018). Accounting standards codification. Norwalk, CT: FASB.- Ohlson, J. A. (1995). Earnings, book values, and dividends: Implications for valuation. Journal of Accounting Research, 33(1), 1-36.- Van Der Stede, W. A. (2014). Financial accounting theory and practice. Oxford: Oxford University Press.。
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。
财务报表分析外文文献及翻译
财务报表分析外文文献及翻译LNTU---Acc附录A财务报表分析的杠杆左右以及如何体现盈利性和值比率摘要关键词:财政杠杆;运营债务杠杆;股本回报率;值比率传统观点认为，杠杆效应是从金融活动中产生的:公司通过借贷来增加运营的资金。
杠杆作用的衡量标准是负债总额与股东权益。
然而，一些负债——如银行贷款和发行的债券，是由于资金筹措，其他一些负债——如贸易应付账款，预收收入和退休金负债，是由于在运营过程中与供应商的贸易，与顾客和雇佣者在结算过程中产生的负债。
融资负债通常交易运作良好的资本市场其中的发行者是随行就市的商人。
与此相反，在运营中公司能够实现高增值。
因为业务涉及的是与资本市场相比，不太完善的贸易的输入和输出的市场。
因此，考虑到股票估值，运营负债和融资负债的区别的产生有一些先验的原因。
我们研究在资产负债表上，运营负债中的一美元是否与融资中的一美元等值这个问题。
因为运营负债和融资负债是股票价值的组成部分，这个问题就相当于问是否股价与账面价值比率是否取决于账面净值的组成。
价格与账面比率是由预期回报率的账面价值决定的。
所以，如果部分的账面价值要求不同的溢价，他们必须显示出不同的账面价值的预期回报率。
因此，标准的财务报表分析的能够区分股东从运营中和借贷的融资业务中产生的利润。
因此，资产回报有别于股本回报率，这种差异是由于杠杆作用。
然而，在标准的分析中，经营负债不区别于融资负债。
因此，为了制定用于实证分析的规范，我们的研究结果是用于愿意分析预期公司的收益和账面收益率。
这些预测和估值依赖于负债的组成。
这篇文章结构如下。
第一部分概述并指出了了能够判别两种杠杆作用类型，连接杠杆作用和盈利的财务报表分析第二节将杠杆作用，股票价值和价格与账面比率联系在一起。
第三节中进行实证分析，第四节进行了概述与结论。
1 杠杆作用的财务报表分析以下财务报表分析将融资债务和运营债务对股东权益的影响区别开。
这个分析从实证的详细分析中得出了精确的杠杆效应等式普通股产权资本收益率=综合所得?普通股本(1) 杠杆影响到这个盈利等式的分子和分母。
财务分析外文文献
M & Financial AnalysisCorporate 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.A financial effect resulting from mergers and acquisitions1. 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.2. 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.3. 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.4. To obtain tax benefits. M & A business process can make use of deferredtax 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.5. 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.Second, the financial evaluation of M & ABefore merger, M & A business goal must be to evaluate the financial situation of enterprises, in order to provide reliable financial basis for decision-making. Evaluate the enterprise's financial situation, not only in the past few years, a careful analysis of financial reporting information, but also on the acquired within the next five years or more years of cash flow and assets, liabilities, forecast.1. 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 spendingis 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.2. Examine the financial situation of enterprises also have to assess the potential for back-up liquidity. When the capital market funding constraints, poor corporate liquidity, the liquidity of the capital assessment should focus on the study of the availability of back-up liquidity, the analysis of enterprise can get the cash management, corporate finance to the outside world the ability to sell convertible securities can bring the amount of available liquidity. In the analysis of various sources of financing enterprises, the enterprises should pay particular attention to its lenders are closely related to the ease of borrowing, because once got in trouble, helpless to the outside world, those close to the lending institutions are likely to help businesses get rid of dilemma. Others include convertible securities are convertible at any time from the stock market into cash, to repay short-term corporate debt maturity.3 Determination of M & A transaction priceM & 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.1. The book value adjustment method. Net balance sheet shall be the company's book value. However, to assess the true value of the target company must also be on the balance sheet items for the necessary adjustments. On the one hand, on the asset should be based on market prices and the depreciation of fixed assets,business claims in reliability, inventory, marketable securities and changes in intangible assets to adjust. On liabilities subject to detailed presentation of its details for the verification and adjustment. M & A for these items one by one consultations, the two sides, both sides reached an acceptable value of the company. Mainly applied to the simple acquisition of the book value and market value of the deviation from small non-listed companies.2. The market value of comparative law. It is the stock market and the target company's operating performance similar to the recent average trading price, estimated value of the company as a reference, while analysis and comparison of reference of the transaction terms, compared to adjust, according to assessment to determine the value of the target company. However, application of this method requires a fully developed, active trading market. And a subjective factors and more by market factors, the specific use of time should be cautious. Mainly applied to improve the market system in the acquisition of listed companies.3. PE method. It is based on earnings and price-earnings ratio target companies to determine the value of the method. The expression is: target = target enterprise value of the business income × PE. Where PE (price earnings ratio) can choose when the target company's price-earnings ratio M, with the target company's price-earnings ratio of comparable companies or the target company in which the industry average price-earnings ratio. Corporate earnings targets and the target company can choose the after-tax income last year, the last 3 years, the average after-tax income, or ex post the expected after-tax earnings target company as a valuation indicator. This method is easy to understand and easy to apply, but its earnings targets and price-earnings ratio is very subjective determination, therefore, this valuation may bring us a great risk. This method is suitable for the stock market a better market environment, a more stable business enterprise.5. Income approach. It is the company expected future earnings discounted using appropriate discount rate to assess the present value of the base date, and thus determine the value of the company's assessment. Income approach in principle, thatis the reason why the acquirer acquired the target company, taking into account the target company can generate revenue for themselves, if the company's returns, but the purchase price will be high. Therefore, according to the company level can bring benefits to determine the value of the company is scientific and reasonable way. The use of this method must have two conditions: First, assess the company's future earnings are to be predicted, and can predict the basic income guarantee and the possibility of a reasonable amount; second, and enterprises to obtain expected benefits associated with future risk can be invaluable, and can provide convincing evidence. When the purpose is to use M & A target long-term management and enterprise resources, then use the income approach is suitable.Activities in mergers and acquisitions, M & A business through the acquisition of a variety of financing sources of funds needed. M & M financing enterprises in financing before the deal with a variety of M & A comprehensive analysis and evaluation, to select the best financing channels. M & A financing from the actual situation analysis, M & A financing is divided into internal financing and external financing. Internal financing is an enterprise to use their own accumulated profits to pay for acquisitions. However, due to the amount of funds required for mergers and acquisitions are often very large, and limited internal resources, after all, the use of M & A business operating cash flow to finance significant limitations, the internal financing generally not as the main channel for financing mergers and acquisitions. Of external financing is divided into debt financing, equity financing and hybrid financing.Channels of financing the actual response to determine their capital structure analysis, if the acquisition of their funds sufficient, using its own funds is undoubtedly the best choice; if the business debt rate has been high, as far as possible should be financed without an increase to equity of companies debt financing. However, if the business prospects for the future, can also increase the debt financing, in order to ensure all future benefits enjoyed by the existing shareholders.Whether M & A business development and expansion as a means or aninevitable result of market competition, will play an important stage in the socio-economic role. As an important participant in M & A and policy-makers, from the financial rational behavior on M & A analysis and selection of the same time, also taking into account the market, and management elements that will lead the enterprise's decision making provide the most effective Xin Xi .。
财务报表分析毕业论文参考文献
财务报表分析毕业论⽂参考⽂献财务报表分析毕业论⽂参考⽂献 转眼间充满意义的⼤学⽣活就即将结束，⼤学⽣们毕业前都要通过最后的毕业论⽂，毕业论⽂是⼀种有计划的、⽐较正规的检验⼤学学习成果的形式，那么毕业论⽂应该怎么写才合适呢？以下是⼩编为⼤家整理的财务报表分析毕业论⽂参考⽂献，仅供参考，欢迎⼤家阅读。
财务报表分析毕业论⽂参考⽂献篇1 1.财务报表分析的概念 纽约⼤学Leopold A. Bernstein（2012）把财务报表分析定义为：对企业的财务状况和成果进⾏的分析，通常包括对企业投资收益、盈利能⼒、短期⽀付能⼒、长期偿债能⼒、企业价值等进⾏分析与评价，从⽽得出对企业财务状况及成果的评价[1]。
美国学者Gerald L.White(1998)认为:对财务报表的分析，旨在对企业的资产负债表、利润表和现⾦流量表进⾏分析[2]。
国内学者如杜胜利、谢志华等（2008）把其定义为：财务报表分析是财务分析⼈员根据企业财务报告信息及相关经济信息分析企业经济活动，其⽬的是反映企业财务状况和经营成果、预测未来可能的业绩，以帮助信息使⽤⼈员改善经营决策[3]。
从以上的定义可以看出，Leopold A. Bernstein把财务报表分析看做⼀个成果分析，通过各项财务指标来评价企业的财务状况；杜胜利、谢志华等主要把财务报表分析定为⼀个判定流程，评定企业过去和现在的财务状况和经验成果，对企业未来的经营成果和业绩做出预测。
虽然说国内外学者对财务报表分析的定义不同，但可以看出其共同点都认为财务报表分析是⼀种技术⼿段，是以财务报表和企业的相关经济活动信息为载体，⽬的是给报表的使⽤者提供企业经营活动⽅⾯的相关信息，综合国内外学者的观点，可以认为财务报表分析是对企业披露和隐含信息的⼀个挖掘过程。
2.财务报表分析存在的问题研究 付⼩丽（2006）指出：报表在披露信息层⾯包含⼀定的局限性，令针对财务报表的分析很难系统化及全⾯化开展[4]。
财务报表分析论文英文参考文献(精选94个最新)
随着资本市场的火热发展，财务报表分析也成为了当今炙手可热的话题。
投资者通过对企业财务报表的会计资料进行分析，可以了解识别企业的优劣，预测企业的未来以及企业的经营业绩，为决策提供有用的信息。
下面是搜索整理的财务报表分析论文英文参考文献，欢迎借鉴参考。
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财务报表分析外文文献及翻译
Review of accounting studies,2003,16(8):531-560Financial Statement Analysis of Leverage and How It Informs About Protability andPrice-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 distinguishes 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 traditionally 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 but another from operating activities. The paper supplies a ?nancial statement analysis of the two types of leverage that 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 balancesheet 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 operations. So, return on assets is distinguished from return on equity, with the difference attributed to leverage. However, in the standard analysis, operating liabilities are not distinguished from ?nancing liabilities. Therefore, to develop the speci?cations 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—and so on price-to-book ratios—with explicit leveraging equations that explain when leverage from each type of liability is favorable or unfavorable.The empirical results in the paper show that ?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 , for a given total leverage from both sources, ?rms with higher leverage from operations have higher price-to-book ratios, on average. Additionally, distinction between contractual and estimated operating liabilities explains further differences in ?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 expressions that tie leverage measures to pro?tability. Section 2 links leverage to equity value and price-to-book ratios. The empirical analysis is in Section 3, with conclusions summarized in Section 4.1. Financial Statement Analysis of LeverageThe following ?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. Theanalysis below, which elaborates on parts of Nissim and Penman (2001), begins by identifying components of the balance sheet and income statement that involveoperating and ?nancing activities. The pro?tability due to each activity is then calculated and two types of leverage are introduced to explain both operatingand ?nancing pro?tability and overall shareholder pro?tability.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, inventoryand property,plant and equipment) and ?nancial assets (the deposits and marketable securities that absorb excess cash) is made in other contexts. However, on theliability side, ?nancing liabilities are also distinguished here from operating liabilities. Rather than treating all liabilities as ?nancing debt, onlyliabilities that raise cash for operations—like bank loans, short-term commercialpaper and bonds—are classi?ed as such. Other liabilities—such as accounts payable, accrued expenses, deferred revenue, restructuring liabilities andpension liabilities—arise from operations. The distinction is not as simple ascurrent versus long-term liabilities; pension liabilities, for example, areusually long-term, and short-term borrowing is a current liability.Rearranging terms in equation (2),Common equity = (operating assets－operating liabilities)－(financialliabilities－financial assets)Or,Common equity = net operating assets－net financing debt (3)This equation regroups assets and liabilities into operating and ?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 suppliersof 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 inpension liabilities, the net investment required to run the business is reduced.Net ?nancing debt is ?nancing debt (including preferred stock) minus ?nancialassets. So, a ?rm may issue bonds to raise cash for operations but may also buybonds with excess cash from operations. Its net indebtedness is its net positionin 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 fromoperating and ?nancing activities:Comprehensive net income = operating income－ net financing expense (4)Operating income is produced in operations and net ?nancial expense is incurredin the ?nancing of operations. Interest income on ?nancial assets is netted againstinterest expense on ?nancial liabilities (including preferred dividends) innet ?nancial expense. If interest income is greater than interest expense, ?nancingactivities produce net ?nancial income rather than net ?nancial expense. Bothoperating income and net ?nancial expense (or income) are after Equations (3)and (4) produce clean measures of after-tax operating pro?tability and theborrowing 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?tability must be based on the net assets investedin operations. So ?rms can increase their operating pro?tability by convincing suppliers, in the course of business, to grant or extend credit terms; creditreduces the investment that shareholders would otherwise have to put in thebusiness. Correspondingly, the net borrowing rate, by excluding non-interestbearing liabilities from the denominator, gives the appropriate borrowing ratefor the ?nancing activities.Note that RNOA differs from the more common return on assets (ROA), usuallyde?ned as income before after-tax interest expense to total assets. ROA does not distinguish operating and ?nancing activities appropriately. Unlike ROA, RNOAexcludes ?nancial assets in the denominator and subtracts operating liabilities.Nissim and Penman (2001) report a median ROA for NYSE and AMEX ?rms from 1963–1999of only %, but a median RNOA of %—much closer to what one would expect as a returnto business operations.Financial Leverage and its Effect on Shareholder ProtabilityFrom expressions (3) through (6), it is straightforward to demonstrate thatROCE is a weighted average of RNOA and the net borrowing rate, with weights derivedfrom 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 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 netagainst ?nancing debt) ?nancial assets. If ?nancial assets are greaterthan ?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 is 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).Operating Liability Leverage and its Effect on Operating Protability While ?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 operations rather 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 or services is indifferent between trade credit and ?nancing purchases at the borrowin rate.To analyze the effect of operating liability leverage on operatingpro?tability, we de?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 thereturn 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 returnfro 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 ROOA, theeffect of leverage on pro?tability is determined by the level of operatingliability leverage and the spread between ROOA and the short-term after-taxinterest rate. Like ?nancing leverage, the effect can be favorable or unfavorable:Firms can reduce their operating pro?tability through operating liability leverageif their ROOA is less than the market borrowing rate. However, ROOA will also beaffected if the implicit borrowing cost on operating liabilities is different fromthe market borrowing rate.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)÷commonequityThe 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, wherethe weights are proportional to the amount of total operating assets and the sumof 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 activitiesyields three leveraging equations, (8), (12), and (13). These equations are basedon ?xed accounting relations and are therefore deterministic: They must hold fora given ?rm at a given point in time. The only requirement in identifying the sourcesof pro?tability appropriately is a clean separation between operating and ?nancing components in the ?nancial statements.2. Leverage, Equity Value and Price-to-Book RatiosThe leverage effects above are described as effects on shareholderpro?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 ofthe dividend discount model, the residual income model expresses the value ofequity at date 0 (P0) as:B is the book value of common shareholders’ equity, X is comprehensive incometo common shareholders, and r is the required return for equity investment. Theprice premium over book value is determined by forecasting residual income, Xt –rBt-1. Residual income is determined in part by income relative to book value, that is, by the forecasted ROCE. Accordingly, leverage effects on forecasted ROCE (net of effects on the required equity return) affect equity value relative to book value: The price paid for the book value depends on the expected 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?tability andprice-to-book ratios) are complementary.Financing liabilities are contractual obligations for repayment of funds loaned. Operating liabilities include contractual obligations (such as accounts payable), but also include accrual liabilities (such as deferred revenues and accrued expenses). Accrual liabilities may be based on contractual terms, but typically involve estimates. We consider the real effects of contracting and the effects of accounting estimates in turn. Appendix A provides some examples of contractual and estimated liabilities and their effect on pro?tability and value. 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 ., 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) hypothesized that the tax bene?ts of debt increase after-tax returns to equity and so increase equity value. Recent empirical evidence provides support for the hypothesis ., Kemsley and Nissim, 2002), although the issue remains controversial. In any case, since the implicit cost of operating liabilities, like interest on ?nancing debt, is tax deductible, the compositionof 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), differential 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 subsequent papers (for example, Myers and Majluf, 1984) have carried the idea further. Other studies have ascribed an informational role also for operating liabilities. Biais and Gollier (1997) and Petersen and Rajan (1997), for example, see suppliers as having more information about ?rms than banks and the bond market, so more operating debt might indicate higher value. Alternatively, high trade payables might indicate dif?culties 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. Indeed, ?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 ‘‘making 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.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 withcustomers.Such biases presumably do not affect value, but they affect accounting rates of return and the pricing of the liabilities relative to their carrying value (the price-to-book ratio). The effect of accounting estimates on operating liability leverage is clear: Higher carrying values for operating liabilities result in higher leverage for a given level of operating assets. But the effect on 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 expenses 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). These 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 pro?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?tability, 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 differ ing 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。
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。
财务报表分析的外文文献
毕业设计(论文)外文资料翻译系别管理信息系专业财务管理班级姓名学号外文出处附件2021年3月1.原文Financial statement analysis - the use of financial accountinginformation.Many years. Reasonable minimum current ratio was confirmed as 2.00. Until the mid-1960s, the typical enterprise will flow ratio control at 2.00 or higher. Since then, many companies the current ratio below 2.00 now, many companies can not control the current ratio over 2.00. This shows that the liquidity of many companies on the decline.In the analysis of an enterprise's liquidity ratio, it is necessary to average current ratio with the industry to compare. In some industries, the current ratio below 2.0 is considered normal, but some industry current ratio must be big 2.00. In general, the shorter the operating cycle, the lower the current ratio: the longer the operating cycle, the higher the current ratio.The current ratio compared to the same enterprise in different periods, and compared with the industry average, will help to dry to determine the high or low current ratio. This comparison does not explain why or why low. We can find out the reasons from the by-point analysis of the current assets and current liabilities. The main reason for the exception of the current ratio should be to find out the results of a detailed analysis of accounts receivable and inventory.Flow ratio better than working capital performance of enterprise short-term solvency. Working capital reflect only current assets and current liabilities, the absolute number of differences. The current ratio is also considered the relationship between the current asset size and the size of the current liabilities, make the indicators more comparable. For example, the current ratio between General Motors and Chrysler Motors Corporation. The comparison between the two companies working capital is meaningless, because the two companies of different sizes.Inventory using LIFO France will flow ratio cause problems, this is because the stock is undervalued. The result will be to underestimate the current ratio. Therefore, when compared to using the LIFO method businesses and other costs of the enterprise should pay particular attention to this.Compare the current ratio, analysts should calculate the accounts receivable turnover rate and commodity inventory turnover. This calculation enables the analysis of proposed liquidity problems exist in shouldReceived the views of the accounts and (or) Inventories. Views or opinions on the current ratio of accounts receivable and the deposit will affect the analyst. If the receivables I receivable and liquidity problems, require current ratio higher.Third, the acid test ratio (quick ratio)The current ratio is the evaluation of the liquidity conditions in the current assets and current liabilities. Often, people expect to get more immediate than the current ratio reflect the situation. The acid test ratio (liquid rate) on the relationship of current assets to current liabilities.To calculate the acid test (quick) ratio. From the current assets excluding inventory part. This is because of the slow flow of inventory, the inventory may be obsolete inventory may also be used as a specific creditor's security. For example, the winery's products to Tibet for a long period of time before sold. If you calculate the acid test (liquid) to including wine obstruct inventory will overestimate the enterprise mobility. Inventory valuation, because the cost data may be related to the current price level difference ...Section VI analytical screening proceduresAuditing Standards Description No. 23. Analytical screening procedures, provides guidance for the use of this procedure in the audit. Analytical inspection program goal is to identify significant changes from the business statistics and unusual items.Analytical screening procedures during the audit can run a different number of times, including the planning phase, the audit of the implementation phase and the completion of the audit stage. Analytical inspection procedures can lead to a special audit procedures, such as:Transverse the same type of analysis of the income statement shows an item, such as cost of sales during that period abnormal. This will lead to a careful review of the project cost of sales. The income statement vertical the same type of analysis by comparison with the previous saddle, can be found already for sale to the harmonious proportions of the amount of commodity costs and sales revenue.Accounts receivable turnover ratio and industry data comparison may show the typical speed of the accounts receivable turnover rate is far below the industry. This shows that a careful analysis of the response to accounts receivable.4 and debt compared to cash flow has significantly decreased ability to repay the debt with internally generated cash flow is essentially dropped.5 aldehyde test ratio decreased significantly, indicating that the ability to repay current liabilities with current assets other than inventory outside is essentially droppedWhen the auditors found that the report or an important trend than the string, the next procedure should be carried out to determine why this trend. This study (survey) can often lead to important discoveries.......Section VI analytical screening proceduresAuditing Standards Description No. 23. Analytical screening procedures, provides guidance for the use of this procedure in the audit. Analytical inspection program goal is to identify significant changes from the business statistics andunusual items.Analytical screening procedures during the audit can run a different number of times, including the planning phase, the audit of the implementation phase and the completion of the audit stage. Analytical inspection procedures can lead to a special audit procedures, such as:Transverse the same type of analysis of the income statement shows an item, such as cost of sales during that period abnormal. This will lead to a careful review of the project cost of sales. The income statement vertical the same type of analysis by comparison with the previous saddle, can be found already for sale to the harmonious proportions of the amount of commodity costs and sales revenue.Accounts receivable turnover ratio and industry data comparison may show the typical speed of the accounts receivable turnover rate is far below the industry. This shows that a careful analysis of the response to accounts receivable.4 and debt compared to cash flow has significantly decreased ability to repay the debt with internally generated cash flow is essentially dropped.5 aldehyde test ratio decreased significantly, indicating that the ability to repay current liabilities with current assets other than inventory outside is essentially droppedWhen the auditors found that the report or an important trend than the string, the next procedure should be carried out to determine why this trend. This study (survey) can often lead to important discoveries.2.译文财务报表分析——利用财务会计信息。
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毕业设计(论文)外文资料翻译系别。
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. 管理信息系专业财务管理班级姓名学号外文出处hｔtｐ:／／ｉｓhａre．iaｓk．ｓina.cｏm．cn/f／22３23844.html?ｆrom＝lｉke附件1。
原文；2。
译文２012年３月1.原文Financｉal statｅmeｎtａnaｌysiｓ— tｈｅuｓe ｏf fｉnａncial accounting ｉnfｏrmａtiｏn。
Manyｙｅars．Ｒｅasｏnable minｉmuｍcｕrｒent raｔｉo was ｃo ｎfirmｅｄas 2。
00。
Until ｔhｅmｉd－1960s, the tyｐｉcal ｅnterprｉsｅwill ｆloｗratｉo conｔrol aｔ2．00 or highｅr。
Since thｅn，maｎy companiｅs tｈｅcurｒenｔｒatiｏbelow 2.00 nｏw, manｙcompanｉes can nｏｔｃontｒｏl tｈe currｅｎtｒａｔｉoｏｖer2。
００。
This shows th ａt ｔhe liqｕidity of many companｉeｓon tｈe dｅcline.In thｅａｎaｌyｓｉs of an enterpｒｉsｅ’ｓlｉquidity rａｔio，it i ｓｎeceｓｓａry tｏａvｅragｅcurｒeｎt ratｉo witｈtｈe industry ｔo comparｅ．In some inｄustriｅｓ，the cｕｒｒenｔratｉo beloｗ2。
0is ｃoｎsiｄｅreｄｎorｍal，ｂut soｍｅinｄusｔrｙcｕrrent ｒatio mｕst bｅbiｇ２.00。
In geneｒａl,ｔhe shorteｒthe opeｒａtinｇcycle，the ｌow ｅr ｔhe cｕrrent ratio：tｈｅloｎｇer tｈe ｏpｅrａting cycle，thｅhigher ｔｈｅcurｒent ratiｏ．Tｈe cuｒrent ratｉo ｃoｍpａreｄto ｔhｅsａｍe enｔｅrprise ｉｎdiｆｆerent periods,and cｏmｐareｄｗiｔh ｔｈe iｎdustry ａveraｇｅ，will ｈｅｌｐto drｙto dｅterｍine ｔhe higｈor ｌow curｒｅｎt rati ｏ．Thisｃｏmｐａｒisoｎdoｅsｎot explａin why or whｙlow．Wecaｎｆinｄoｕt tｈe reasons ｆｒｏm ｔhe bｙ-poｉｎt ａnalｙｓｉs ｏf t ｈe curreｎtａssets ａnd cｕrrent liａｂｉlitｉes。
The ｍain rｅａsｏn for the eｘcepｔiｏn of the cuｒrent ｒatｉo shoｕｌd bｅｔo fiｎd out the ｒesuｌts of a dｅtａiled aｎalyｓis of acｃounts ｒeceivable ａnd inｖentory.Fｌow ratiｏbetter ｔhａn wｏｒkinｇｃapitａl ｐerｆoｒmaｎce oｆenterpriｓe shorｔ—term solvency．Ｗoｒking capiｔaｌreｆlect onlｙcurrenｔaｓｓeｔs ａnｄcurｒent ｌiabilitｉeｓ，ｔhｅaｂsolｕte ｎu ｍbeｒof diｆferences. Tｈe cｕｒrent ratio is ａlso consｉderｅｄtｈe relati ｏnshipｂeｔween the cuｒｒeｎt asseｔsize ａnd thｅsiｚｅofｔhe cur ｒent liabilｉties, ｍaｋe ｔhｅindｉcａtoｒs ｍorｅcompaｒabｌe. For ｅx ａmplｅ，ｔhe cｕrｒeｎt ratio ｂｅtween Genｅral Motorｓand Ｃhｒysｌｅr Ｍotors Corpｏrａtioｎ．Ｔhe ｃｏｍpariｓoｎbｅtｗｅen the tｗo ｃompaniｅｓwoｒkinｇcaｐiｔaｌｉs meａninｇless，becausｅthｅtwo comｐanies of diffeｒｅnt sｉzeｓ.Inveｎtｏry using LＩFＯＦｒaｎｃｅwill ｆlow ratｉo cause problems，ｔhis is bｅcauｓe the stｏck is undervａlｕeｄ。
Theｒeｓult wilｌbe ｔoｕndｅrestiｍate the cuｒｒenｔraｔio.Therefoｒｅ，wｈen comparｅd to using tｈe LIＦO methｏｄbusinｅｓsｅs and other ｃｏｓts of t ｈeｅnｔerprisｅshoulｄpay pａrtｉｃular attentｉｏｎto ｔhiｓ。
Compare tｈｅcurreｎt rａtio，ａｎaｌyｓtｓshould calcｕlate tｈｅaｃcoｕnｔsｒeceｉvable turnｏveｒrate aｎd cｏｍmoｄiｔy iｎvenｔｏry ｔuｒnoｖｅr. Ｔhis calｃuｌation ｅnａbles thｅanalysis of proposｅd ｌiｑuiｄity problems exist in shouｌdＲeｃeived the vｉews of the accounts and(oｒ）Ｉnveｎtorｉｅs。
Views or opｉnioｎs on the ｃurｒent raｔioｏf accountｓreceivablｅanｄthe deｐosit will ａｆfｅｃｔｔhｅanaｌyst. Ｉｆtｈｅreceivａｂles I reｃｅiｖａｂle and liquidｉｔｙproblems, ｒｅｑuｉｒｅcuｒｒentｒatio higｈｅr．Third，thｅaｃid teｓt rａｔiｏ（ｑuｉck rａtio)Tｈe current ｒatio ｉs theｅvaluatioｎof tｈe ｌｉqｕidiｔy coｎｄitｉoｎｓｉn the current ａssets aｎd ｃurrent liaｂiｌitｉes．Oｆｔen，people eｘpeｃｔｔo get mｏre immｅdiａtｅthan ｔhe cuｒreｎtｒatio reflect tｈe sｉtuａtｉon. The acid tｅsｔｒaｔio（liquid rate) on tｈe relatｉｏｎsｈip of current assetｓｔo curｒeｎtｌiabｉlities.To cａlｃulate tｈe acid test （quｉck）ratｉo．From ｔｈe cuｒrenｔasｓetｓｅxclｕdinｇｉｎｖentorｙｐarｔ．Thiｓｉs ｂecaｕse of ｔhe slｏｗｆlow oｆinvｅnｔory,tｈe inｖentory may be ｏbsoletｅｉnvenｔorｙmay alsｏbeｕseｄas ａspecific credｉtoｒ's securiｔｙ. For exａmple, the winｅry's proｄｕcｔs to Ｔibet for a lonｇperiｏd ｏｆｔime beｆｏre sｏld．If yｏu calcuｌaｔｅthe acid test （liquid）tｏinclｕdｉng ｗiｎｅobstrｕct inｖentory will ovｅrestimaｔｅｔｈe eｎterｐrise mobilitｙ. Inventory vａｌuation，because the cｏst ｄata may ｂｅreｌatｅｄto t ｈe cｕrreｎt ｐrice ｌevel ｄifferencｅ。
．．Sｅction VI anaｌytｉcalｓcreｅniｎｇｐｒoceduｒｅsAｕditｉng ＳtanｄardsＤｅsｃriｐｔion No. ２3.Analｙｔical ｓｃreening procedｕreｓ, ｐrovides guidancｅfｏr tｈe uｓe ｏf ｔｈiｓproceduｒe in the auｄit。
Ａｎaｌyｔicａｌiｎｓpeｃtioｎproｇrａm gｏal iｓtｏidｅntify sigｎifiｃａnt changes from ｔhｅbuｓiness ｓtａtisticｓand uｎusｕal itｅｍｓ。
Ａｎaｌｙticａl sｃreeningｐrocｅdｕrｅs duriｎg ｔｈｅaudｉt cａｎｒｕｎａdiffｅrenｔnumber of times, including the pｌａnningｐhａse，thｅaｕｄiｔoｆｔhe implｅmentａｔion ｐhａse and theｃompｌetioｎof the audiｔstage。
Aｎａlytical inspｅｃtioｎｐｒoceｄｕｒeｓcaｎlｅa ｄto aｓpeｃial audｉt pｒocedｕｒeｓ，sｕｃh aｓ:Trａnsverse thｅsame type of analysiｓof the iｎcoｍｅｓtateｍent shows an iｔeｍ,ｓｕch as ｃost oｆsaｌｅs dｕrinｇtｈat ｐeriod abｎｏｒmal．Ｔhiｓwilｌlｅaｄtｏａcareful revieｗｏf ｔhe project costｏｆsaleｓ．Thｅincoｍe staｔement ｖｅrtical theｓamｅｔｙpe oｆａnalyｓｉs by cｏmｐaｒiｓon ｗiｔh the pｒevｉous sａｄｄlｅ，ｃan ｂｅfou ｎｄaｌreaｄyｆor salｅto thｅｈaｒｍonious pｒｏpｏrtｉonsｏf th ｅａmount ｏf cｏmmodiｔy coｓts anｄsalｅsｒｅvｅnｕe.Acｃounts receivabｌe turnover ratiｏand inｄuｓｔry data ｃomｐａriｓｏn mａy shoｗthe typical speed ｏf tｈe ａcｃｏｕnｔs recｅivａble tuｒｎｏｖeｒratｅiｓｆar beｌｏｗthe iｎdustｒy。