财务报表分析之我见(中英文版)
财务分析报告摘要中英文(3篇)
第1篇一、报告概述本报告旨在通过对某公司近三年的财务报表进行分析，评估其财务状况、盈利能力、偿债能力和运营效率。
通过对公司财务数据的深入挖掘，为管理层提供决策支持，并为企业未来的发展提供参考。
二、公司概况某公司成立于XX年，主要从事XX行业，业务范围涵盖XX领域。
公司经过多年的发展，已成为行业内的领军企业。
报告所分析的数据截止至XX年12月31日。
三、财务报表分析1. 资产负债表分析（1）资产结构分析从资产负债表可以看出，公司资产总额逐年增长，主要分为流动资产和非流动资产。
流动资产主要包括货币资金、应收账款、存货等，非流动资产主要包括固定资产、无形资产等。
货币资金：公司货币资金充足，具有较强的短期偿债能力。
应收账款：应收账款占比较高，需关注其回收风险。
存货：存货周转率有所下降，需加强存货管理。
固定资产：固定资产占比较高，为公司发展提供了有力支撑。
（2）负债结构分析公司负债总额逐年增长，主要分为流动负债和非流动负债。
流动负债主要包括短期借款、应付账款等，非流动负债主要包括长期借款、应付债券等。
短期借款：短期借款占比较高，需关注其偿债压力。
应付账款：应付账款占比较高，有利于公司资金周转。
长期借款：长期借款占比较高，需关注其利息支出。
（3）所有者权益分析公司所有者权益逐年增长，表明公司盈利能力和资本积累能力较强。
2. 利润表分析（1）营业收入分析公司营业收入逐年增长，表明公司市场竞争力较强。
（2）营业成本分析公司营业成本逐年增长，但增速低于营业收入，表明公司盈利能力有所提升。
（3）期间费用分析公司期间费用占比较低，表明公司管理效率较高。
（4）净利润分析公司净利润逐年增长，表明公司盈利能力较强。
3. 现金流量表分析（1）经营活动现金流量分析公司经营活动现金流量净额逐年增长，表明公司经营活动产生的现金流入足以覆盖现金流出。
（2）投资活动现金流量分析公司投资活动现金流量净额波动较大，主要受固定资产购置等因素影响。
财务报告分析双语(3篇)
第1篇Executive SummaryThis analysis aims to provide a comprehensive overview of the financial performance of XYZ Corporation over the past fiscal year. By examining the financial statements, including the balance sheet, income statement, and cash flow statement, we can gain insights into the company's profitability, liquidity, solvency, and overall financial health. This report will be presented in both English and Chinese, with key findings and conclusions translated for clarity.I. IntroductionXYZ Corporation, a leading company in the technology industry, has released its financial report for the fiscal year ending December 31, 2022. The report provides a detailed account of the company's financial activities, performance, and position during the period. This analysis will focus on the key financial indicators and ratios, highlighting the company's strengths and weaknesses, and offering recommendations for improvement.II. Financial Statements AnalysisA. Balance SheetThe balance sheet provides a snapshot of the company's financialposition at a specific point in time. The following analysis will focus on the key components of the balance sheet:1. Assets: XYZ Corporation's total assets increased by 15% from the previous fiscal year, driven by a 20% growth in current assets and a 10% increase in non-current assets. This indicates that the company has been successful in expanding its asset base.2. Liabilities: The total liabilities of XYZ Corporation also increased by 12%, with current liabilities growing by 15% and non-currentliabilities by 10%. This suggests that the company has taken on additional debt to finance its growth.3. Equity: The equity of XYZ Corporation increased by 18% over thefiscal year, reflecting the company's profitability and reinvestment in the business.B. Income StatementThe income statement shows the company's revenue, expenses, and net income over a specific period. The following points highlight the key aspects of the income statement:1. Revenue: XYZ Corporation's revenue increased by 20% from the previous fiscal year, driven by strong sales in the technology sector.2. Expenses: The company's expenses increased by 15%, with cost of goods sold (COGS) increasing by 18% and selling, general, and administrative expenses (SG&A) increasing by 12%. This indicates that the company has been able to control its cost of goods sold but has experienced some increases in SG&A expenses.3. Net Income: XYZ Corporation's net income increased by 25% over the fiscal year, reflecting the company's strong operational performance.C. Cash Flow StatementThe cash flow statement provides insights into the company's cashinflows and outflows. The following analysis focuses on the key components of the cash flow statement:1. Operating Cash Flow: XYZ Corporation's operating cash flow increased by 30% over the fiscal year, indicating strong cash-generating capabilities.2. Investing Cash Flow: The company's investing cash flow decreased by 5%, primarily due to lower capital expenditures.3. Financing Cash Flow: Financing cash flow increased by 20%, driven by higher dividends paid to shareholders and an increase in long-term debt.III. Financial Ratios AnalysisA. Liquidity Ratios1. Current Ratio: XYZ Corporation's current ratio increased from 1.5 to 1.8, indicating improved short-term liquidity.2. Quick Ratio: The quick ratio improved from 1.2 to 1.5, suggestingthat the company has a strong ability to meet its short-term obligations.B. Solvency Ratios1. Debt-to-Equity Ratio: The debt-to-equity ratio decreased from 1.2 to 1.0, indicating a more conservative financial structure.2. Interest Coverage Ratio: The interest coverage ratio improved from 5.0 to 6.0, reflecting the company's ability to cover its interest expenses.C. Profitability Ratios1. Gross Profit Margin: The gross profit margin remained stable at 40%, indicating efficient cost management.2. Net Profit Margin: The net profit margin increased from 15% to 20%, reflecting the company's improved profitability.IV. ConclusionXYZ Corporation has demonstrated strong financial performance over the past fiscal year, with significant growth in revenue, net income, and operating cash flow. The company's liquidity and solvency ratios are also healthy, indicating a strong financial position. However, there are areas of concern, such as the increase in SG&A expenses and the need to manage long-term debt.V. Recommendations1. Cost Control: XYZ Corporation should focus on managing SG&A expenses to improve profitability.2. Debt Management: The company should consider strategies to manage long-term debt, such as refinancing or paying down existing debt.3. Investment in Research and Development: Investing in research and development can help the company stay competitive in the technology industry.VI. 中文摘要本报告旨在全面分析XYZ公司过去一个财年的财务表现。
财务报告分析双语课程(3篇)
第1篇IntroductionThe Bilingual Course on Financial Report Analysis has gained significant attention in recent years due to the increasing demand for professionals who can effectively communicate and analyze financial information across different languages and cultures. This course aims to equip studentswith the necessary skills to understand and interpret financial reports, regardless of the language in which they are presented. In this analysis, we will delve into the course structure, teaching methods, benefits, and challenges associated with the Bilingual Course on Financial Report Analysis.Course StructureThe Bilingual Course on Financial Report Analysis is typically designed to be a comprehensive program that covers various aspects of financial reporting. The course structure may include the following components:1. Introduction to Financial Reporting: This section provides anoverview of the purpose and importance of financial reporting, as wellas an introduction to the International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).2. Understanding Financial Statements: Students learn to read and interpret financial statements, including the balance sheet, income statement, and cash flow statement. This section emphasizes the keyratios and metrics used to analyze a company's financial performance.3. Financial Analysis Techniques: The course covers various techniques used to analyze financial reports, such as horizontal analysis, vertical analysis, and ratio analysis. Students are also introduced to theconcept of financial forecasting and budgeting.4. Special Topics: This section may include specialized topics such as international financial reporting, accounting for financial instruments, and consolidated financial statements.5. Practical Application: The course often includes practical exercises and case studies to help students apply their knowledge in real-world scenarios.Teaching MethodsThe teaching methods employed in the Bilingual Course on Financial Report Analysis are designed to ensure that students can effectively learn and retain the material. These methods may include:1. Lectures: Lectures are a common teaching method, where instructors provide a structured presentation of the key concepts and principles of financial report analysis.2. Interactive Discussions: Group discussions and interactive sessions encourage students to engage with the material and share their insights and experiences.3. Workshops: Workshops provide hands-on experience with financial reports, allowing students to practice their analysis skills in a controlled environment.4. Guest Speakers: Inviting industry professionals to share their expertise can provide students with valuable insights into the practical aspects of financial report analysis.5. Online Resources: The use of online resources, such as e-books, webinars, and interactive tools, can enhance the learning experience and provide additional support for students.BenefitsThe Bilingual Course on Financial Report Analysis offers severalbenefits to students and professionals alike:1. Cross-cultural Competence: By studying financial report analysis in two languages, students develop a unique skill set that is highly valued in today's global business environment.2. Enhanced Analytical Skills: The course equips students with the tools and techniques necessary to analyze financial information effectively, which is crucial for making informed business decisions.3. Career Opportunities: The demand for bilingual financial analysts is growing, and graduates of this course are well-positioned to secure employment in multinational corporations, financial institutions, and consulting firms.4. Networking: The course provides opportunities for students to connect with industry professionals and peers, which can lead to valuable networking opportunities and potential job placements.ChallengesDespite its benefits, the Bilingual Course on Financial Report Analysis also presents some challenges:1. Language Barriers: For students who are not fluent in both languages, the course material can be challenging to understand and master.2. Cultural Differences: The interpretation of financial information can vary across cultures, which requires students to be aware of and adapt to these differences.3. Time Management: The course workload can be demanding, especially for students who are balancing other academic or professional responsibilities.4. Accreditation and Recognition: Ensuring that the course meets international standards and is recognized by employers can be a challenge.ConclusionThe Bilingual Course on Financial Report Analysis is an invaluable program that prepares students for the complexities of the global financial landscape. By combining language skills with financial knowledge, students can develop a unique skill set that is highly sought after in today's interconnected world. While challenges exist, thebenefits of this course far outweigh the drawbacks, making it anexcellent choice for those interested in a career in finance or accounting.第2篇一、课程概述随着全球化的深入发展，财务报告分析在国际商务和财务管理中扮演着越来越重要的角色。
英文版财务报告分析(3篇)
第1篇Executive SummaryThis report provides a comprehensive analysis of XYZ Corporation's financial statements for the fiscal year ending December 31, 2022. The analysis focuses on key financial metrics, liquidity, profitability, solvency, and investment activities. The report aims to provide insights into the financial health and performance of XYZ Corporation, highlighting its strengths and areas requiring improvement.IntroductionXYZ Corporation is a publicly traded company operating in the technology sector. The company specializes in the development and manufacturing of cutting-edge electronics and software solutions. The financial reportfor the fiscal year 2022 provides a snapshot of the company's financial performance during the period.Liquidity AnalysisCurrent RatioThe current ratio is a measure of a company's ability to meet its short-term obligations. XYZ Corporation's current ratio for the fiscal year 2022 was 2.5, which indicates that the company has $2.50 in current assets for every $1 of current liabilities. This ratio is well above the industry average, suggesting that XYZ Corporation has a strong liquidity position.Quick RatioThe quick ratio, also known as the acid-test ratio, measures a company's ability to meet its short-term obligations without relying on the sale of inventory. XYZ Corporation's quick ratio for the fiscal year 2022 was 1.8. This ratio is also above the industry average, indicating that the company can cover its current liabilities without liquidating inventory.Working CapitalWorking capital is the difference between a company's current assets and current liabilities. XYZ Corporation's working capital for the fiscal year 2022 was $50 million, which is a significant improvement over the previous year. This increase in working capital reflects the company's strong liquidity position and ability to fund its operations.Profitability AnalysisGross MarginGross margin is a measure of a company's profitability, calculated as the percentage of revenue remaining after deducting the cost of goods sold. XYZ Corporation's gross margin for the fiscal year 2022 was 35%, which is slightly lower than the industry average. This decrease in gross margin can be attributed to increased raw material costs and higher research and development expenses.Net MarginNet margin is a measure of a company's overall profitability, calculated as the percentage of revenue remaining after all expenses, including taxes, are deducted. XYZ Corporation's net margin for the fiscal year 2022 was 15%, which is in line with the industry average. The company's net margin has remained stable over the past few years, indicating a consistent level of profitability.Return on Assets (ROA)Return on assets is a measure of how efficiently a company uses its assets to generate earnings. XYZ Corporation's ROA for the fiscal year 2022 was 8%, which is slightly lower than the industry average. This indicates that the company could potentially improve its assetutilization to enhance profitability.Solvency AnalysisDebt-to-Equity RatioThe debt-to-equity ratio measures a company's financial leverage and its ability to meet long-term obligations. XYZ Corporation's debt-to-equityratio for the fiscal year 2022 was 1.2, which is slightly below the industry average. This ratio suggests that the company has a moderate level of financial leverage and is in a good position to meet its long-term obligations.Interest Coverage RatioThe interest coverage ratio measures a company's ability to cover its interest expenses with its operating income. XYZ Corporation's interest coverage ratio for the fiscal year 2022 was 4.5, which is well above the industry average. This indicates that the company has a strong ability to cover its interest expenses and is not at risk of defaulting on its debt.Investment ActivitiesCapital Expenditures (CapEx)Capital expenditures represent the investments made by a company in its long-term assets. XYZ Corporation's capital expenditures for the fiscal year 2022 were $100 million, which was a significant increase over the previous year. This increase in CapEx was primarily driven by investments in new manufacturing facilities and research and development projects.Dividends PaidDividends paid are the distributions made to shareholders from a company's earnings. XYZ Corporation paid $30 million in dividends to its shareholders during the fiscal year 2022. This amount represents a 10% increase over the previous year, reflecting the company's commitment to returning value to its shareholders.ConclusionXYZ Corporation's financial report for the fiscal year 2022 indicates a strong liquidity position, stable profitability, and moderate financial leverage. The company has made significant investments in its long-term assets, which should contribute to its future growth and profitability. However, the decrease in gross margin and the need to improve assetutilization suggest that there are areas requiring attention and potential improvement.Recommendations1. XYZ Corporation should continue to monitor its cost of goods sold and explore opportunities to reduce expenses.2. The company should focus on improving its asset utilization to enhance its return on assets.3. XYZ Corporation should maintain its strong liquidity position to ensure it can meet its short-term and long-term obligations.4. The company should continue to invest in research and development to maintain its competitive edge in the technology sector.By addressing these recommendations, XYZ Corporation can further strengthen its financial position and achieve sustainable growth in the future.第2篇Executive SummaryThis analysis delves into the financial performance of XYZ Corporation over the past fiscal year. By examining key financial statements, we aim to provide a comprehensive overview of the company's profitability, liquidity, solvency, and operational efficiency. This report will also highlight the major trends and challenges faced by the company, along with recommendations for improvement.IntroductionXYZ Corporation, a leading player in the [industry sector], has been operating in the market for [number of years]. The company has a diverse product portfolio and operates in [number of countries]. This analysis focuses on the financial statements for the fiscal year ended [financial year end date].1. Income Statement Analysis1.1 Revenue AnalysisThe total revenue for XYZ Corporation for the fiscal year ended [financial year end date] was [amount], an increase of [percentage] compared to the previous year. The revenue growth can be attributed to the expansion of the product line, successful marketing campaigns, and increased market share.1.2 Cost of Goods Sold (COGS) AnalysisThe COGS for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in COGS can be attributed to the rising costs of raw materials, labor, and production expenses. However, the COGS as a percentage of revenue remained stable at [percentage], indicating that the company has managed to control its cost structure.1.3 Gross Profit AnalysisThe gross profit for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. This can be attributed to the revenue growth and effective cost management. The gross profit margin remained at [percentage], which is in line with industry averages.1.4 Operating Expenses AnalysisOperating expenses for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in operating expenses can be attributed to higher marketing and administrative costs. However, the operating expenses as a percentage of revenue remained stable at [percentage], indicating that the company has managed to control its cost structure.1.5 Net Profit AnalysisThe net profit for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The company's net profit margin remained at [percentage], which is in line with industry averages.2. Balance Sheet Analysis2.1 Asset AnalysisThe total assets of XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in assets can be attributed to the expansion of the company's operations and investments in new projects.2.2 Liability AnalysisThe total liabilities of XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in liabilities can be attributed to the expansion of the company's operations and increased borrowings.2.3 Equity AnalysisThe total equity of XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in equity can be attributed to the company's net profit and revaluation of assets.3. Cash Flow Statement Analysis3.1 Operating Cash Flow AnalysisThe operating cash flow for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. This can be attributed to the increase in net profit and effective management of working capital.3.2 Investing Cash Flow AnalysisThe investing cash flow for XYZ Corporation decreased by [percentage] to [amount] during the fiscal year. The decrease in investing cash flow can be attributed to the reduced capital expenditure on new projects.3.3 Financing Cash Flow AnalysisThe financing cash flow for XYZ Corporation increased by [percentage] to [amount] during the fiscal year. The increase in financing cash flow can be attributed to the issuance of new shares and repayment of long-term debt.4. Key Ratios Analysis4.1 Profitability Ratios- Gross Profit Margin: [percentage]- Net Profit Margin: [percentage]- Return on Assets (ROA): [percentage]- Return on Equity (ROE): [percentage]4.2 Liquidity Ratios- Current Ratio: [number]- Quick Ratio: [number]4.3 Solvency Ratios- Debt-to-Equity Ratio: [number]- Interest Coverage Ratio: [number]5. Conclusion and RecommendationsXYZ Corporation has demonstrated strong financial performance over the past fiscal year, with revenue and net profit increasing significantly. However, the company faces several challenges, including rising costs, increased competition, and economic uncertainties.Recommendations:- Focus on cost optimization to improve profitability.- Invest in research and development to enhance product offerings.- Strengthen marketing strategies to maintain market share.- Diversify revenue streams to reduce dependency on a single product or market.- Monitor economic indicators and adjust strategies accordingly.By implementing these recommendations, XYZ Corporation can continue to grow and remain competitive in the market.Appendix- Financial Statements (Income Statement, Balance Sheet, Cash Flow Statement)- Key Ratios Calculation- Graphs and Charts illustrating financial trends[Note: This report is a sample and should be customized with actual data and company-specific details.]第3篇IntroductionThe financial report analysis is an essential tool for investors, creditors, and other stakeholders to evaluate the financial performance and stability of a company. This analysis involves examining the financial statements, including the balance sheet, income statement, and cash flow statement, to gain insights into the company's profitability, liquidity, solvency, and efficiency. This paper aims to provide a comprehensive analysis of a fictional company's financial report, focusing on key financial ratios and metrics to assess its overall financial health.1. Overview of the CompanyCompany XYZ is a publicly-traded multinational corporation specializing in the manufacturing and distribution of consumer goods. The company operates in various regions, with a diverse product portfolio that includes electronics, home appliances, and personal care products. Over the past few years, Company XYZ has experienced significant growth, expanding its market share and generating substantial revenue.2. Financial Statements Analysis2.1 Balance SheetThe balance sheet provides a snapshot of the company's financialposition at a specific point in time. The key components of the balance sheet include assets, liabilities, and shareholders' equity.a. AssetsCompany XYZ's assets are categorized into current assets and non-current assets. Current assets include cash, accounts receivable, inventory, and other liquid assets that can be converted into cash within one year.Non-current assets include property, plant, and equipment, intangible assets, and long-term investments.The analysis of Company XYZ's balance sheet reveals that the company has a strong current asset position, with a current ratio of 2.5. This indicates that the company has sufficient liquidity to meet its short-term obligations. Additionally, the company's inventory turnover ratioof 5.2 suggests efficient inventory management and a healthy level of inventory turnover.b. LiabilitiesLiabilities are classified as current liabilities and long-term liabilities. Current liabilities include accounts payable, short-term debt, and other obligations due within one year. Long-term liabilities encompass long-term debt and deferred tax liabilities.The company's current ratio of 2.5 also reflects a healthy level of current liabilities, which are primarily composed of accounts payableand short-term debt. This indicates that the company has a manageable level of short-term debt and is able to cover its obligations with its current assets.c. Shareholders' EquityShareholders' equity represents the residual interest in the assets of the company after deducting liabilities. It is composed of common stock, additional paid-in capital, retained earnings, and other comprehensive income.Company XYZ's shareholders' equity has grown significantly over the years, reflecting the company's profitability and reinvestment of earnings. The company has also issued additional shares to raise capital, which has contributed to the increase in shareholders' equity.2.2 Income StatementThe income statement provides information about the company's revenues, expenses, and net income over a specific period. The key components of the income statement include sales, cost of goods sold, operating expenses, and net income.a. SalesCompany XYZ has experienced consistent sales growth, with a compound annual growth rate (CAGR) of 7% over the past five years. This growth can be attributed to the company's expanding market share, new product launches, and effective marketing strategies.b. Cost of Goods Sold (COGS)The COGS represents the direct costs associated with the production of goods sold by the company. The analysis of Company XYZ's COGS reveals that it has been decreasing over the years, reflecting improved production efficiency and cost control measures.c. Operating ExpensesOperating expenses include selling, general, and administrative expenses (SG&A) and research and development (R&D) expenses. Company XYZ has successfully managed its operating expenses, with a trend of decreasing SG&A expenses and stable R&D expenses.d. Net IncomeThe net income is the final result of the income statement and represents the company's profit after all expenses have been deducted from revenues. Company XYZ has demonstrated strong profitability, with a net income margin of 10% over the past five years.2.3 Cash Flow StatementThe cash flow statement provides information about the company's cash inflows and outflows from operating, investing, and financing activities.a. Operating Cash FlowCompany XYZ has generated positive operating cash flow over the years, which is essential for maintaining liquidity and funding growth initiatives. The company's operating cash flow margin has remained stable, indicating consistent profitability.b. Investing Cash FlowThe investing cash flow represents the company's cash flows from the purchase and sale of long-term assets, such as property, plant, and equipment, and investments. Company XYZ has invested in new manufacturing facilities and acquired other companies to expand its market presence.c. Financing Cash FlowThe financing cash flow includes cash flows from the issuance and repayment of debt, as well as equity financing. Company XYZ has raised capital through the issuance of new shares and long-term debt to fund its expansion plans.3. Financial Ratios and Metrics3.1 Profitability Ratiosa. Return on Assets (ROA)ROA measures the company's ability to generate profit from its assets. Company XYZ has a ROA of 5%, indicating that it is generating a reasonable return on its assets.b. Return on Equity (ROE)ROE measures the company's profitability from the perspective of its shareholders. Company XYZ has a ROE of 15%, reflecting its strong profitability and efficient use of shareholders' equity.3.2 Liquidity Ratiosa. Current RatioThe current ratio of 2.5 indicates that Company XYZ has a strong liquidity position, with sufficient current assets to cover its current liabilities.b. Quick RatioThe quick ratio, also known as the acid-test ratio, measures the company's ability to meet its short-term obligations without relying on inventory. Company XYZ has a quick ratio of 2.0, suggesting a robust liquidity position.3.3 Solvency Ratiosa. Debt-to-Equity RatioThe debt-to-equity ratio of 0.8 indicates that Company XYZ has a moderate level of leverage, with debt financing accounting for a significant portion of its capital structure.b. Interest Coverage RatioThe interest coverage ratio of 5.0 indicates that Company XYZ has sufficient earnings to cover its interest expenses, reflecting a strong financial position.3.4 Efficiency Ratiosa. Inventory Turnover RatioThe inventory turnover ratio of 5.2 suggests that Company XYZ is efficiently managing its inventory, with a high level of inventory turnover.b. Receivables Turnover RatioThe receivables turnover ratio of 10.0 indicates that Company XYZ is collecting its accounts receivable quickly, reducing the risk of bad debt.ConclusionBased on the analysis of Company XYZ's financial report, it is evident that the company has demonstrated strong financial performance and stability. The company's profitability, liquidity, solvency, and efficiency ratios indicate a healthy financial position, supported by consistent revenue growth, effective cost management, and efficient use of assets and liabilities. As such, Company XYZ appears to be a solid investment opportunity for potential investors and creditors.。
财务报表中英文对照全集文档
财务报表中英文对照全集文档(可以直接使用，可编辑实用优质文档，欢迎下载）财务报表中英文对照1.资产负债表Balance Sheet2.利润表NCOME STATEMENT3.现金流量表Cash Flows Statement财务管理术语表Absorption costing 吸收成本法：Total Cost Methods全部成本法: 将某会计期间内发生的固定成本除以销售量，得出单位产品的固定成本，再加上单位变动成本，算出单位产品的总成本。
Accounting 会计：对企业活动的财务信息进行测量和综合，从而向股东、经理和员工提供企业活动的信息。
请参看管理会计和财务会计。
Accounting convention会计原则：会计师在会计报表的处理中所遵循的原则或惯例。
正因为有了这些原则，不同企业的会计报表以及同一企业不同时期的会计报表才具有可比性.如果会计原则在实行中发生了一些变化，那么审计师就应该在年度报表附注中对此进行披露。
Accounts 会计报表和账簿: 这是英国的叫法，在美国，会计报表或财务报表叫做Financial Statements，是指企业对其财务活动的记录。
Chief financial officerAccounts payable应付账款: 这是美国的叫法，在英国，应付账款叫做Creditors，是指公司从供应商处购买货物、但尚未支付的货款。
Accounts receivable 应收账款:这是美国的叫法，在英国,应收账款叫做Debtors,是指客户从公司购买商品或服务，公司已经对其开具发票,但客户尚未支付的货款。
Accrual accounting 权责发生制会计:这种方法在确认收入和费用时,不考虑交易发生时有没有现金流的变化。
比如,公司购买一项机器设备，要等到好几个月才支付现金，但会计师却在购买当时就确认这项费用。
如果不使用权责发生制会计，那么该会计系统称作“收付制”或“现金会计”。
财务报表分析中英文对照外文翻译文献编辑
财务报表分析中英文对照外文翻译文献编辑Introduction:Financial statement analysis is an essential tool used by businesses and investors to evaluate the financial performance and position of a company. It involves the examination of financial statements such as the balance sheet, income statement, and cash flow statement to assess the company's profitability, liquidity, solvency, and efficiency. In this document, we will provide a detailed analysis and translation of foreign literature related to financial statement analysis.1. Importance of Financial Statement Analysis:Financial statement analysis provides valuable insights into a company's financial health and helps stakeholders make informed decisions. It enables investors to assess the profitability and growth potential of a company before making investment decisions. Additionally, it helps creditors evaluate the creditworthiness and repayment capacity of a company before extending credit. Furthermore, financial statement analysis assists management in identifying areas of improvement and making strategic decisions to enhance the company's performance.2. Key Elements of Financial Statement Analysis:a) Balance Sheet Analysis:The balance sheet provides a snapshot of a company's financial position at a specific point in time. It presents the company's assets, liabilities, and shareholders' equity. By analyzing the balance sheet, stakeholders can assess the company's liquidity, solvency, and financial stability.b) Income Statement Analysis:The income statement, also known as the profit and loss statement, presents the company's revenues, expenses, and net income over a specific period. It helps stakeholders evaluate the company's profitability, revenue growth, and cost management.c) Cash Flow Statement Analysis:The cash flow statement details the inflows and outflows of cash during a specific period. It provides insights into the company's operating, investing, and financing activities. By analyzing the cash flow statement, stakeholders can assess the company's ability to generate cash, meet its financial obligations, and fund its growth.3. Financial Ratios for Analysis:Financial ratios are essential tools used in financial statement analysis to assess a company's performance and compare it with industry benchmarks. Some commonly used financial ratios include:a) Liquidity Ratios:- Current Ratio: Measures a company's ability to meet short-term obligations.- Quick Ratio: Measures a company's ability to meet short-term obligations without relying on inventory.b) Solvency Ratios:- Debt-to-Equity Ratio: Measures the proportion of debt to equity in a company's capital structure.- Interest Coverage Ratio: Measures a company's ability to meet interest payments on its debt.c) Profitability Ratios:- Gross Profit Margin: Measures the profitability of a company's core operations.- Net Profit Margin: Measures the profitability of a company after all expenses, including taxes.d) Efficiency Ratios:- Inventory Turnover Ratio: Measures how quickly a company sells its inventory.- Accounts Receivable Turnover Ratio: Measures how quickly a company collects cash from its customers.4. Translation of Foreign Literature:In this section, we will provide a translation of key points from foreign literature related to financial statement analysis. The literature emphasizes the importance of accurate financial reporting, the use of financial ratios for analysis, and the interpretation of financial statements to make informed decisions.Conclusion:Financial statement analysis is a crucial process for evaluating a company's financial performance and position. It provides valuable insights into a company's profitability, liquidity, solvency, and efficiency. By analyzing financial statements and using financial ratios, stakeholders can make informed decisions regarding investments, credit extension, and strategic planning. Accurate translation and understanding of foreign literature related to financial statement analysis can further enhance the effectiveness of this process.。
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.。
财务报表分析(双语)chapter4
Chapter 4, Slide #17
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Single-step Form
Revenue Net sales Interest income
XYZ COMPANY Income Statement For The Year Ended December 31, 2008
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An income statement, known as a Profit and Loss Statement, is a summary reporting profitability or the operating result of a business for an accounting period, such as one month, one quarter, or one year.
Conception of Income Statement
What Is an Income Statement?
What is Income Statement used for? The basis of Income Statement .
What Is an Income Statement?
200
3,000 $41,400
Net Income
财务分析报告英文版ppt课件
可编辑课件PPT
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CHINT ELECTRICS Is China's largest production of
low voltage electric appliance manufacturing enterprise, the specialty is engaged in distribution appliances, control electric appliances, terminal apparatus, and power electronic and electric power supply low-voltage products development, production and sales. Chint is recognized for a famous Chinese trademark, chint brand universal type circuit breaker, plastic shell type breaker series product has been awarded "China famous brand product" title. The company in 2004 won the Chinese quality management of the highest award, the national quality management award
17.83% 0.48% 0.09% 18.41% 43.10%
12.03% 28.24% 2.98% 11.83% 55.06% 1.84% 56.90% 100.00%
Balance Sheet Vertical Common-size Analysis
海立财务报表分析中英文版
Shanghai Highly(上海海立集团有限公司)Course1.Preliminary financial analysisShanghai highly (group) co., LTD. Is a industry for electrical machinery and equipment manufacturing industry the main business for research and development, production and sales of air-conditioning refrigeration compressor company. The company is mainly engaged in research, development, production of refrigeration equipment and spare parts, auto parts, household appliances and related materials, machinery, electronic products, sales produced products, investment holding other enterprisesTheir production and sales of air conditioning compressor keeps the first in China and the world's top three for many years .They also successfully entered into the auto parts manufacturing field.Now, hundreds of millions of families around the world are using their products. They believe that continuous innovation is a powerful drive of create the green future, the innovation of ocean will be duty-bound to nice and continuous efforts for the future of humanity.2.Sales analysis by sourceHighly’s sales by division from 2012 to 213 are shown in Exhibit1.1.Fromtheexhibit1.1 ,we can see that compressor and refrigeration equipment and China's trade are the main sales, accounting for 97% and 83%, respectively ,in 2013.In 2013, the industry appear oversupply situation, make the company's products sales under pressure, the company main business is affected. I found from the statement sea state shares to achieve revenue 6.62162 billion , down 2.23% year on year.94%3%3%Highly’s sales bydivisionCompressor and refrigeration equipmentTrade and property leasing83%17%Highly’s sales by division(国家)From China's foreign trade The foreign tradeHighlySales contribution and percentage of sales by divisionProduct name (产品名称) Operating income2103Operating income2012Compressor and refrigerationequipment(压缩机及相关制冷设备)6,196,240,801.88 6,344,368,181.92Trade and property leasing(贸易及房产租赁)188,924,819.18 271,556,823.40 Other business income 236,453,933.24 157,040,864.82 Total 6,621,619,554.30 6,772,965,870.14China's trade(来源于中国的对外交易)5,304,883,673.05 5,600,734,606.72The foreign trade(来源于国外的对外交易)1,080,281,948.01 1,015,190,398.60 Total 6,385,165,621.06 6,615,925,005.32Percentage of salesCompressor and refrigerationequipment(压缩机及相关制冷设备)93% 96%Trade and property leasing(贸易及房产租赁)3% 4%Other business income 3%Total 100% 100%From China's foreign trade(来源于中国的对外交易)83% 85%The foreign trade(来源于国外的对外交易)17% 15%Total 100% 100%parative financial statements合并利润表人民币元Item项目2013 20126,621,619,554.30 6,772,965,870.14 一、Revenue from main operations营业总收入Revenue from main operations6,621,619,554.30 6,772,965,870.14营业收入Less ：Cost of main operations5,787,266,431.27 5,794,929,313.96 减：营业成本Taxes and surcharge for main operations10,083,561.15 12,387,640.71营业税金及附加Operating expenses销售费用155,969,363.94 163,912,767.21 General and administrative expenses437,865,589.73 413,626,158.35管理费用Financial expenses财务费用123,956,380.70 167,777,813.93 Losses on the asset impairment3,988,870.87 7,362,358.96资产减值损失Add:Profits or losses on the changes in fair value-44,155.77 -1,558,120.00加：公允价值变动收益(损失以“-”填列)equity earnings24,554,244.96 10,580,244.87投资收益(损失以“-”填列)其中：对联营企业和合营企业的投资收益5,824,482.77 7,493,362.87126,999,445.83 221,991,941.89二、 operating profit营业利润(亏损以“-”号填列)Add：Non-operating income45,522,862.54 38,185,110.23加：营业外收入Less：Non-operating expenses4,561,417.77 4,889,050.09减：营业外支出Non-current assets losses3,661,789.05 4,039,967.70其中：非流动资产处置损失167,960,890.60 255,288,002.03三、Total profit利润总额(亏损总额以“-”号填列)Less：Income tax 减：所得税费用26,628,830.09 47,760,413.92Net income四、净利润(净亏损以“-”号填列) 141,332,060.51 207,527,588.11其中：被合并方在合并前实现的净利润- - -1,007,747.23归属于母公司股东的净利润104,129,188.62 147,846,068.90 Minority shareholders 少数股东损益37,202,871.89 59,681,519.21五、Per-share earnings每股收益：(一)Basic per-share earnings 基本每股收益0.16 0.23(二)Diluted per-share earnings稀释每股收益0.16 0.23-15,262,630.14 -5,009,024.25六、Other comprehensive loss其他综合损失七、Total comprehensive income126,069,430.37 202,518,563.86综合收益总额Total comprehensive income of92,584,394.61 142,837,044.65 parent firm归属于母公司股东的综合收益总额Other comprehensive loss of33,485,035.76 59,681,519.21 minority shareholders归属于少数股东的综合收益总额Exhibit3.1合并负债表人民币元项目年末余额年初余额Current assets流动资产：Cash货币资金338,161,954.88 251,955,144.83 Transaction financial liabilities交易性金融资产326,615.23 312,940.00 Notes receivable应收票据1,652,435,981.42 1,329,682,638.33 Accounts Receivable应收账款1,466,144,778.92 1,498,491,042.49 Prepayment预付款项149,883,668.42 182,327,704.10 Interest receivable应收利息-Dividend receivable应收股利-Other receivable 其他应收款54,701,367.62 65,524,951.93 Inventory存货832,121,824.01 707,235,537.01 Long-term debt investment due within one一年内到期的非流动资产-Other current assets其他流动资产-Total current assets流动资产合计4,493,776,190.50 4,035,529,958.69 Non-current assets非流动资产：Financial assets hold to sales可供出售金融资产27,997,892.20 30,884,555.20 Investment hold to mature持有至到期投资-Long-term receivable 长期应收款-Long-term equity investment长期股权投资173,794,892.82 172,466,006.598,050,243.25 8,516,694.01 Investment property投资性房地产Fixed assets固定资产2,687,090,090.26 2,873,113,025.04 Construction in progress 在建工程202,380,879.99 54,728,322.30 Material holds for construction of fixed assets工程物资-Fixed assets to be disposed of固定资产清理-生产性生物资产-油气资产-Intangible assets无形资产234,876,213.42 240,005,509.22 Development开发支出31,917,574.78 -Goodwill 商誉-Long-term deferred expense长期待摊费用42,049,786.42 66,239,752.78 Deferred income tax assets递延所得税资产31,552,350.54 49,505,536.37 Non-current assets其他非流动资产192,000,000.00 -3,631,709,923.68 3,495,459,401.51 Non-current assets total非流动资产合计Total Assets资产总计8,125,486,114.18 7,530,989,360.20 Current liability流动负债：Short-term loans 短期借款651,880,281.68 1,212,920,428.04 交易性金融负债57,831.00 -Notes payable应付票据1,396,534,340.33 1,505,691,880.43 Accounts payable应付账款1,404,039,935.31 1,070,611,554.33 Advance from customers预收款项38,224,426.68 17,073,866.72 Payroll payable 应付职工薪酬54,176,579.78 85,297,146.09 Taxes payable 应交税费-49,810,716.54 -40,559,080.20 Interest payable 应付利息40,641,439.06 360,592.85 Dividend payable应付股利2,183,569.64 2,183,733.73 Other fees payable其他应付款97,033,384.77 95,399,504.0160,969,000.00 62,855,000.00 Non-current liabilities within one year一年内到期的非流动负债Other current liability 其他流动负债12,986,279.58 10,185,779.50 Total current liabilities流动负债合计3,708,916,351.29 4,022,020,405.50 Non-current liabilities非流动负债：Long-term loans长期借款97,550,400.00 163,423,000.00 Bonds payable 应付债券991,534,688.09 -Long-term payable长期应付款-Special accounts payable 专项应付款-Estimated debts预计负债29,820,595.12 36,657,634.545,646,262.67 5,686,351.31 Deferred income tax liabilities递延所得税负债Other non-current liabilities其他非流动负债226,262,365.96 236,678,767.321,350,814,311.84 442,445,753.17 Total non-current liabilities非流动负债合计Total liabilities负债合计5,059,730,663.13 4,464,466,158.67 Shareholders' equity股东权益：Equity 股本667,744,115.00 667,744,115.00 Capital Reserves资本公积834,205,223.72 834,528,093.89 Subtraction: Treasury stock减：库存股-special reserve专项储备-Surplus Reserves盈余公积223,092,621.93 211,732,144.07 General risk reserves一般风险储备-Retained profits after appropriation未分配利润656,243,117.03 651,016,899.08 外币报表折算差额-11,221,923.84归属于母公司股东权益合计2,370,063,153.84 2,365,021,252.04 Minority interests 少数股东权益695,692,297.21 701,501,949.49 Total Shareholders' equity股东权益合计3,065,755,451.05 3,066,523,201.538,125,486,114.18 7,530,989,360.20 Total liabilities and Stockholders' equity负债和股东权益总计Exhibit3.2现金流量表 Cash Flow Statement项目本年累计数上年累计数一、Cash Flow from Operating Activities经营活动产生的现金流量：619,688,707.62 745,155,530.95 Cash received from sales of goods or rendering services销售商品、提供劳务收到的现金Refunds of taxes收到的税费返还94,099,871.99 110,186,598.71 Cash received relating to other operating activities收到的2,574,928.26 8,168,588.44其他与经营活动有关的现金Sub-total of cash inflows经营活动现金流入小计716,363,507.87 863,510,718.10700,801,867.41 866,127,410.20 Cash paid for goods or receiving services 购买商品、接受劳务支付的现金18,432,313.37 20,228,154.36 Cash paid to and on behalf of employees支付给职工以及为职工支付的现金Tax payments 支付的各项税费5,393,832.05 10,250,009.9717,151,002.64 14,708,854.38 Cash paid relating to other operating activities支付的其他与经营活动有关的现金Sub-total of cash outflows经营活动现金流出小计741,779,015.47 911,314,428.91 Net Cash Flow from Operating Activities经营活动产生的现-25,415,507.60 -47,803,710.81 金流量净额Cash Flow from Investing Activities:二、投资活动产生的现金流量：177,403,418.20 139,273,198.61 Cash received from disposal of investments取得投资收益收到的现金Net cash received from disposal of fixed assets,16,894,851.73 15,439,584.58 intangible assets and other long-term assets处置固定资产、无形资产和其他长期资产收回的现金净额- -Cash received from disposal of subsidiary or otheroperating business units 处置子公司及其他营业单位收到的现金净额Cash received from investments income 收到其他与投- -资活动有关的现金Sub-total of cash inflows 投资活动现金流入小计194,298,269.93 154,712,783.1921,492,751.96 19,272,892.14 Cash paid to acquire fixed assets, intangible assets andother long-term assets 购建固定资产、无形资产和其他长期资产支付的现金Cash paid to acquire investments投资支付的现金1,012,000,000.00 44,000,000.00 取得子公司及其他营业单位支付的现金净额- -- -Cash payments relating to other investing activities支付其他与投资活动有关的现金Sub-total of cash outflows投资活动现金流出小计1,033,492,751.96 63,272,892.14 Net Cash Flow from Investing Activities 投资活动产生的-839,194,482.03 91,439,891.05 现金流量净额Cash Flow from Financing Activities:三、筹资活动产生的现金流量：Cash received by investors吸收投资收到的现金- 498,550,000.00 Cash received from borrowings取得借款收到的现金- 340,000,000.00990,000,000.00 -Cash received from financial institution borrowings发行债券收到的现金- -Cash received relating to other financing activities 收到其他与筹资活动有关的现金Sub-total of cash inflows筹资活动现金流入小计990,000,000.00 838,550,000.00- 755,000,000.00 Repayments of financial institution borrowings偿还债务支付的现金Dividends paid, profit distributed or interest paid 分配股利、利润或偿付利息支付的现金80,129,457.89 74,440,403.26Cash payments relating to other financing activities 支付其他与筹资活动有关的现金 - 161,812.00筹资活动现金流出小计80,129,457.89 829,602,215.26 Net Cash Flow from Financing Activities 筹资活动产生的现金流量净额909,870,542.118,947,784.74四、Effect of Foreign Currency Translation 汇率变动对现金及现金等价物的影响-5,634,509.93 -3,059,895.37五、Net Increase (Decrease) in Cash and Cash Equivalents 现金及现金等价物净增加(减少)额39,626,042.55 49,524,069.61Add At the beginning of the balance of cash and cash equivalents 加：年初现金及现金等价物余额103,315,860.94 53,791,791.33六、cash equivalents at the end of the period 年末现金及现金等价物余额142,941,903.49 103,315,860.94Exhibit3.34.Further analysis of financial statements主要会计数据2013年2012年Rate of increase or decrease 本期比上年同期增减(%)Sales 营业收入 6,621,619,554.30 6,772,965,870.14 -2.23 Net income 净利润 141,332,060.51 207,527,588.11 -29.57 Dividends 股利 2,370,063,153.84 2,365,021,252.04 0.21 Equity 总资产8,125,486,114.187,530,989,360.207.89Exhibit4.1Exhibit4.2Growth rates for important financial measures ,annually compounded are reported in exhibit4.1.Most impressive is the growth in equity these twoyears(7.89%).but we can also find that growth in net income and sales is bad.Air conditioning and air conditioning compressor industry in 2013, the company belongs to the slowdown in demand, national electrical appliances energy-saving subsidies policy in the first half of the year has been expired delays and implementing transition frequency conversion air conditioning APF standards of energy efficiency in China, aslo, industry appear oversupply situation, make the company's products sales pressure, gross margin decline; At the same time two oligopoly empty adjustment factory making full use of the advantages of self supporting and further squeeze the market, not the supporting manufacturers production volume growth, the company main business is affected.Shanghai HighlyCommon-size income statements2013 2012 Net Sales 100.00% 100.00% Cost of main operations 87.40% 85.56% Taxes and surcharge for main operations 0.15% 0.18% Operating expenses 2.36% 2.42% General and administrative expenses 6.61% 6.11% Financial expenses 1.87% 2.48% Losses on the asset impairment 0.06% 0.11% Profits or losses on the changes in fair value 0.00% -0.02% equity earnings 0.37% 0.16% 二、 operating profit 0.09% 0.11% Add：Non-operating income 1.92% 3.28% Less：Non-operating expenses 0.69% 0.56% Non-current assets losses 0.07% 0.07% 三、Total profit 0.06% 0.06% Less：Income tax 2.54% 3.77% Net income 0.40% 0.71% 其中：被合并方在合并前实现的净利润- 2.13% 3.06% 归属于母公司股东的净利润-0.01% Minority shareholders 少数股东损益 1.57% 2.18% 五、Per-share earnings每股收益：0.56% 0.88%(一)Basic per-share earnings 0.00% 0.00%(二)Diluted per-share earnings稀释每股收益0.00% 0.00%六、Other comprehensive loss -0.23% -0.07%七、Total comprehensive income 1.90% 2.99% Total comprehensive income of parent firm 1.40% 2.11% Other comprehensive loss of minority shareholders 0.51% 0.88%Exhibit4.3Shanghai highlyCommon-size balance sheets项目2013 2012 Current assets流动资产：Cash货币资金7.53% 6.24% Transaction financial liabilities交易性金融资产0.01% 0.01% Notes receivable应收票据36.77% 32.95% Accounts Receivable应收账款32.63% 37.13% Prepayment预付款项 3.34% 4.52% Other receivable 其他应收款 1.22% 1.62% Inventory存货18.52% 17.53% Total current assets流动资产合计100.00% 100.00% Non-current assets非流动资产：Financial assets hold to sales可供出售金融资产0.34% 0.41%Long-term equity investment长期股权投资 2.14% 2.29% Investment property投资性房地产0.10% 0.11% Fixed assets固定资产33.07% 38.15% Construction in progress 在建工程 2.49% 0.73% Intangible assets无形资产 2.89% 3.19% Development开发支出0.39%Long-term deferred expense长期待摊费用0.52% 0.88% Deferred income tax assets递延所得税资产0.39% 0.66%Non-current assets其他非流动资产 2.36%Non-current assets total非流动资产合计44.70% 46.41% Total Assets资产总计100.00% 100.00% Current liability流动负债：Short-term loans 短期借款17.58% 30.16%交易性金融负债0.00%Notes payable应付票据37.65% 37.44%Accounts payable应付账款37.86% 26.62% Advance from customers预收款项 1.03% 0.42% Payroll payable 应付职工薪酬 1.46% 2.12% Taxes payable 应交税费-1.34% -1.01% Interest payable 应付利息 1.10% 0.01% Dividend payable应付股利0.06% 0.05%Other fees payable其他应付款 2.62% 2.37%Non-current liabilities within one year一年内到期的非流动负债 1.64% 1.56%Other current liability 其他流动负债0.35% 0.25%Total current liabilities流动负债合计100.00% 100.00% Non-current liabilities非流动负债：Long-term loans长期借款7.22% 36.94% Bonds payable 应付债券73.40%Estimated debts 预计负债 2.21% 8.29% Deferred income tax liabilities递延所得税负债0.42% 1.29%Other non-current liabilities 其他非流动负债16.75% 53.49% Total non-current liabilities 非流动负债合计100.00% 100.00% Total liabilities负债合计Equity 股本28.17% 28.23% Capital Reserves资本公积35.20% 35.29% Surplus Reserves盈余公积9.41% 8.95% Retained profits after appropriation未分配利润27.69% 27.53%归属于母公司股东权益合计100.00% 100.00%归属于母公司股东权益合计77.31% 77.12% Minority interests 少数股东权益22.69% 22.88% Total Shareholders' equity股东权益合计100.00% 100.00%Exhibit4.5Shanghai highlyCommon-size statements of cash flows项目2013 2012 一、Cash Flow from Operating ActivitiesCash received from sales of goods or rendering services 86.50% 86.29% Refunds of taxes 13.14% 12.76% Cash received relating to other operating activities 0.36% 0.95% Sub-total of cash inflows 100.00% 100.00% Cash paid for goods or receiving services 94.48% 95.04%Cash paid to and on behalf of employees 2.48% 2.22% Tax payments 0.73% 1.12% Cash paid relating to other operating activities 2.31% 1.61% Sub-total of cash outflows 100.00% 100.00% 二、Cash Flow from Investing Activities:Cash received from disposal of investments 91.3% 90.02%8.7% 9.98% Net cash received from disposal of fixed assets, intangibleassets and other long-term assetsSub-total of cash inflows 100% 100% Cash paid to acquire fixed assets, intangible assets and other2.08% 30.46% long-term assetsCash paid to acquire investments 97.92% 69.54% Sub-total of cash outflows 100.00% 100.00% 三、Cash Flow from Financing Activities:Cash received by investors 59.45% Cash received from borrowings 40.55% Cash received from financial institution borrowings 100.00%Cash received relating to other financing activitiesSub-total of cash inflows 100.00% 100.00% Repayments of financial institution borrowingsDividends paid, profit distributed or interest paid 100.00% 8.97% Cash payments relating to other financing activities 0.02% 筹资活动现金流出小计100.00% 100.00%Exhibit4.6From the table, I have discovered, highly sales income, net income, dividend, etc are the basic remain unchanged. The main reason is that competition focus of global air conditioning compressor in China, and China air conditioning compressor manufacturers have stayed at about 10. The global financial crisis, multinationals manufacturers tend to expand the development of the cause compressor no longer, and China's air conditioning compressor manufacturers such as beauty cheese, sea state, ling, seize the opportunity to achieve a new round of development, has become the global top three manufacturers. Industry competition is fierce.Shanghai highlyPer share resultsItem 2013年2012年Sales营业收入9.92 10.14Net income净利润0.21 0.31Dividends股利 3.55 3.54Book value 账面价值 4.55 4.55Exhibit4.7Chart of summary cash inflows and cash outflows元2013 2012 totaloperating716363507.9 863510718.1 1579874226 activities经营活动194298269.9 154712783.2 349011053.1 investingactivities 投资活动80129457.89 829602215.3 909731673.2 Financingactivities 融资活动39,626,042.55 49,524,069.61 89150112.16 increase（decrease）in cashExhibit4.8The picture emerging from this summary is that highly has major outlays for operating activities(71636507.9). The cash flow adequacy ratio provides insight into whether company generates sufficient cash from operations to cover capital expenditures, investments in in ventories, and cash dividend s. Highly’s cash flow adequacy ratio for the two-year period is 0.152, implying that funds generated from operations are insufficient to cover these items and that there is need for external financing. The cash reinvestment ratio, provides insight into the amount of cash retained and reinvested into the company for both asset replacement and growth. HIGHLY’s cash reinvestment ratio is -2.17% . This reinvestment rate is bad for the industry.Analysis of cash flow ratios1.cash flow adequacy ratio=1579874225.97/21492751.96+19272892.14+80129457.89+74440403.26+4766786417.41 +5458847242.63=0.1516053066572942.cash reinvestment ratio2013=(-25,415,507.60-80,129,457.89)/192000000+173794892.82+8050243.25=-2.17%cash reinvestment ratio2012=(-47803710.81-74440403.26)/(4035529958.69+172466006.59+8516694.01)=-3.00%5.Short-term LiquidityShort-term Liquidity analysis2013 2012 current 1.211614327 1.003358897 acid-test ratio 0.486478142 0.435215641 accounts receivable turnover 4.467071137 4.569172255 inventory turnover 7.519068123 7.529024073 day's sales in receivables 80.58971729 78.78888778 day's sales in inventory 47.87827349 47.81496201 approximaate conversion period 128.4679908 126.6038498 cash to current liabilities 1.560365854 1.440800575 working capital 1.614499025 1.681147635 day's purchases in accounts payable 4.677237547 4.683430647 average net trade cycle 894226667.6 1135115025 cash provided by operations to average current liabilities 1.713018684 1.752172106Exhibit5.2Various measures of short-term liquidity for the most recent two years. Almost all the ratio in 2013 is lower than 2012Is mainly due to operating profits for this issue.Air conditioning compressor company is mainly affected by the changes in market supply and demand, the average selling price cut.6.Capital Structure and SolvencyCapital structure and solvency ratios 2013 2012total debt to equity 1.65 1.46total debt ratio 0.62 0.59long-term debt to equity 0.03 0.05equity to total debt 1.61 1.69fixed assets to equity 0.88 0.94current liabilities to total liabilities 0.73 0.90 earnings to fixed charges 2.40 2.25cash flow to fixed charges 5.25 3.73Exhibit .6.2Highly's financing sources are reported in Exhibit6.1.For year 2013 ,liabilities constitute 66% and equity 34% of HIGHLY’s financing. Changes in the company's capital structure are measured using various analyses and comparisons. Selected capital structure and long-tern solvency ratios are reported in Exhibit6.2. The total debt to debt ratio increases markedly in the past two years .This is not good for the company.7.Return on Investment Capital2013 2012RNOA 0.021344032ROCE -0.031902953Return on long-term debt and equity 0.523469522equity growth rate 0.01834146disagreegation of raceRNOA 0.021344032LEV 1.4207475SPREAD -0.198727888ROE -0.260998118WHERENOA 3035112054 2148057636 NFO 5578727.92 5686351.31SE 1840675836 1807523221 NOPAT 167960890.6 255288002 NFE 123956380.7 167777813.9NI 141332060.5 207527588.1 disagreegation of RNOANOPAT MARGIN 0.02536553 0.037692203 NOA TURNOVER 1.648911772 1.188398363 RNOA 0.041825521 0.044793352Exhibit7.1The return on net operating assets is stable for year 2012 to 2013. Analysis of year 2012to 2013 shows these years’ higher returns because net operating assets turnover has decreased in 2013.. Further analysis of return on net operating assets for 2013 shows it is comprised of a 2.13% NOPAT margin and a net operating asset turnover of 2.54. NOPAT margin are primarily responsible for stable in return on equity during two years.8.Analysis of Asset Utilization2013 2012 sales to cash and equivalents 53.77795555 55.00712545 sales to receivables 52.86876829 54.07715745 sales to inventories 8479.88437 8491.112531 sales to working capital 21.8461558 22.34548004 sales to fixed assets 7463.321496 7633.90608 sales to other assets 13.3770092 13.68275933 sales to total assets 2.55504641 2.613445546 sales to short-term liabilities 27.13602849 27.756260129.Analysis of Operation Performance and ProfitabilityProfit margins 2013 2012 gross profit margin 12.60% 14.44% operating profit margin 2.54% 3.77% net profit margin2.13%3.06%Exhibit9.1Exhibit9.2We can see the company's gross margin decreased in year 2013 from the exhibit9.1 . Its net profit margin ratio and gross profit is also decreased. it also reflects the increase in production costs. From the exhibit 9.2 we can also see that cost of sales is far more larger than sales. They should improve this problem.10.Summary Evaluation and InferencesThis case analysis considered all facts of Highly’s operating results and financial position. We also forecasted the corporation’s income statement, balance sheet and statement of cash flows. This type of analysis, modified for the analysisperspective, is valuable for informed business decisions. While these data and information from our analysis are indispensable, they are not sufficient in arriving at final decisions. This is because other qualitative and quantitative factors from outside of the financial statements should be brought to bear on these decisions.Since lending, investing, or other business analysis decisions require more information than provided in accounting and financial analysis, we often summarize the analysis and its inferences in a financial analysis report. This report lists the most relevant and salient findings from the analysis, which depend on the analysis perspective. The remainder of this section provides a brief listing of the main findings of our analysis of Highly.Short-term liquidityThe assessment of Highly’s sho rt-term liquidity is a mixed one. Both current and acid-test ratios do not compare with industry norms. And its accounts receivable and inventory turnover ratio is better than that of the industry, and its cash position is strong, allowing for cash to be used for no operating activities. Capital Structure and SolvencyBy the previous analysis we can see, Highly Group's gearing ratio at a low level overall. Total liabilities make up about 66% of total financing, the use of debt financing did not take advantage of debt financing.Return on Investment CapitalHighly Group’s n et operating assets varies. In 2013, its net operating assets decreased 29.57, because air conditioning and air conditioning compressor industry in 2013.But its annual sales 16.5 million sets of air conditioning compressor, up 6.43% from a year earlier, the company not from supporting the market share from 27% to 31% in 2012, market position is still to maintain the leading position in the industry. Which exports 2.69 million units, upped 9.8%; Frequency conversion products upped 34.2% from a year earlier.Analysis of Asset TurnoverHighly's net operating asset turnover is increasing. While its turnover of cash and cash equivalents fluctuates from year to year. These improvements are due mainly to Highly's efforts to reduce working capital through, among other activities, less receivables and inventories.Analysis of Operation Performance and Profitability Highly’ income is 6.62162 billion, down 2.23% year on year. Attributable to shareholders of listed companies net profit of 104.13 million, down 29.57% year-on-year, after deducting non-recurring gains and losses of the net income of 67.06 million, down 47.80% year-on-year, the main business gross profit margin of 12.06%, fell by 1.75 percent points. These are mainly due to two empty adjustment of monopoly factory making full use of the advantages of self supporting and further squeeze the market, not the supporting manufacturers production volumegrowth, the company main business is affected.11.Financial Market Measures2013 2012price-to-earnings(range) 10.22 12.36earning yield 3.98% 3.69%dividend yield 1.33% 1.34%dividend payout ratio 27.23% 28.49%Exhibit 11Selected financial market measures for Highly are shown in Exhibit 11. Higher price-to-earnings and price-to-book ratios benefit a company in several ways. These include the ability to raise a given amount of equity capital by issuing fewer shares and the ability to use common stock as a means of payment for acquisitions.。
财务报表与财务分析(中英文)
4) Net income (淨利) is the “bottom line.”
Time and Costs
In the short-run, certain equipment, resources, and commitments of the firm are fixed, but the firm can vary such inputs as labor and raw materials.
1. Accounting liquidity (會計的變現性) 2. Debt versus equity (債務 v.s. 權益) 3. Value versus cost (價值 v.s. 成本)
Accounting Liquidity(變現性/流動性)
• Refers to the ease and quickness with which assets can be converted to cash—without a significant loss in value (所謂 變現性是指在沒有嚴重損失價值之下，可以容易且快速 的將資產轉換成現金)
Cash flow (as opposed to accounting “profits”) is the primary focus of the financial manager.
An important factor affecting cash flow is depreciation.
2.3 Taxes
Marginal vs. average tax rates
(完整word版)财务报表分析(英文版)
Timing: Often a transaction affects the revenue or expenses of two or more accounting periods. The related cash inflow or outflow does not always coincide with the period in which these revenue or expense items are recorded. Thus, the need for adjusting entries results from timing differences between the receipt or disbursement of cash and the recording of revenue or expenses. For example, if we handle transactions on a cash basis, only cash transactions duriห้องสมุดไป่ตู้g the year are recorded. Consequently, if a company's employees are paid every two weeks and the end of an accounting period occurs in the middle of these two weeks, neither liability nor expense has been recorded for the last week. To bring the accounts up to date for the preparation of financial statements, both the wage expense and the wage liability accounts need to be increased.
财务报表(中英文版)
资料范本本资料为word版本，可以直接编辑和打印，感谢您的下载财务报表(中英文版)地点：__________________时间：__________________说明：本资料适用于约定双方经过谈判，协商而共同承认，共同遵守的责任与义务，仅供参考，文档可直接下载或修改，不需要的部分可直接删除，使用时请详细阅读内容标准版的财务报表（中英文版）资产负债表 Balance Sheet项目 ITEM货币资金 Cash短期投资 Short term investments应收票据 Notes receivable应收股利 Dividend receivable应收利息 Interest receivable应收帐款 Accounts receivable其他应收款 Other receivables预付帐款 Accounts prepaid期货保证金 Future guarantee应收补贴款 Allowance receivable应收出口退税 Export drawback receivable存货 Inventories其中：原材料 Including:Raw materials产成品(库存商品) Finished goods待摊费用 Prepaid and deferred expenses待处理流动资产净损失 Unsettled G/L on current assets一年内到期的长期债权投资 Long-term debenture investment falling due in a yaear其他流动资产 Other current assets流动资产合计 Total current assets长期投资： Long-term investment：其中:长期股权投资 Including long term equity investment长期债权投资 Long term securities investment*合并价差 Incorporating price difference长期投资合计 Total long-term investment固定资产原价 Fixed assets-cost减：累计折旧 Less:Accumulated Dpreciation固定资产净值 Fixed assets-net value减：固定资产减值准备 Less:Impairment of fixed assets固定资产净额 Net value of fixed assets固定资产清理 Disposal of fixed assets工程物资 Project material在建工程 Construction in Progress待处理固定资产净损失 Unsettled G/L on fixed assets固定资产合计 Total tangible assets无形资产 Intangible assets其中:土地使用权 Including and use rights递延资产（长期待摊费用）Deferred assets其中:固定资产修理 Including:Fixed assets repair固定资产改良支出 Improvement expenditure of fixed assets其他长期资产 Other long term assets其中:特准储备物资 Among it:Specially approved reserving materials 无形及其他资产合计 Total intangible assets and other assets递延税款借项 Deferred assets debits资产总计 Total Assets资产负债表(续表) Balance Sheet项目 ITEM短期借款 Short-term loans应付票款 Notes payable应付帐款 Accounts payab1e预收帐款 Advances from customers应付工资 Accrued payro1l应付福利费 Welfare payable应付利润(股利) Profits payab1e应交税金 Taxes payable其他应交款 Other payable to government其他应付款 Other creditors预提费用 Provision for expenses预计负债 Accrued liabilities一年内到期的长期负债 Long term liabilities due within one year 其他流动负债 Other current liabilities流动负债合计 Total current liabilities长期借款 Long-term loans payable应付债券 Bonds payable长期应付款 long-term accounts payable专项应付款 Special accounts payable其他长期负债 Other long-term liabilities其中:特准储备资金 Including:Special reserve fund长期负债合计 Total long term liabilities递延税款贷项 Deferred taxation credit负债合计 Total liabilities* 少数股东权益 Minority interests实收资本(股本) Subscribed Capital国家资本 National capital集体资本 Collective capital法人资本 Legal person"s capital其中:国有法人资本 Including:State-owned legal person"s capital 集体法人资本 Collective legal person"s capital个人资本 Personal capital外商资本 Foreign businessmen"s capital资本公积 Capital surplus盈余公积 surplus reserve其中:法定盈余公积 Including:statutory surplus reserve公益金 public welfare fund补充流动资本 Supplermentary current capital* 未确认的投资损失（以“-”号填列） Unaffirmed investment loss 未分配利润 Retained earnings外币报表折算差额 Converted difference in Foreign Currency Statements所有者权益合计 Total shareholder"s equity负债及所有者权益总计 Total Liabilities & Equity================================================================= ===利润表 INCOME STATEMENT项目 ITEMS产品销售收入Sales of products其中：出口产品销售收入 Including：Export sales减：销售折扣与折让 Less：Sales discount and allowances产品销售净额Net sales of products减：产品销售税金Less：Sales tax产品销售成本 Cost of sales其中：出口产品销售成本Including：Cost of export sales产品销售毛利 Gross profit on sales减：销售费用 Less：Selling expenses管理费用General and administrative expenses财务费用Financial expenses其中：利息支出(减利息收入) Including：Interest expenses (minusinterest ihcome)汇兑损失(减汇兑收益) Exchange losses(minus exchange gains) 产品销售利润Profit on sales加：其他业务利润Add：profit from other operations营业利润Operating profit加：投资收益Add：Income on investment加：营业外收入Add：Non-operating income减：营业外支出Less：Non-operating expenses加：以前年度损益调整Add：adjustment of loss and gain for previous years利润总额 Total profit减：所得税 Less：Income tax净利润 Net profit================================================================= =现金流量表Cash Flows StatementPrepared by: Period: Unit:Items1.Cash Flows from Operating Activities:01)Cash received from sales of goods or rendering of services02)Rental receivedValue added tax on sales received and refunds of value03)added tax paid04)Refund of other taxes and levy other than value added tax07)Other cash received relating to operating activities08)Sub-total of cash inflows09)Cash paid for goods and services10)Cash paid for operating leases11)Cash paid to and on behalf of employees12)Value added tax on purchases paid13)Income tax paid14)Taxes paid other than value added tax and income tax17)Other cash paid relating to operating activities18)Sub-total of cash outflows19)Net cash flows from operating activities2.Cash Flows from Investing Activities:20)Cash received from return of investments21)Cash received from distribution of dividends or profits22)Cash received from bond interest incomeNet cash received from disposal of fixed assets,intangible 23)assets and other long-term assets26)Other cash received relating to investing activities27)Sub-total of cash inflowsCash paid to acquire fixed assets,intangible assets28)and other long-term assets29)Cash paid to acquire equity investments30)Cash paid to acquire debt investments33)Other cash paid relating to investing activities34)Sub-total of cash outflows35)Net cash flows from investing activities3.Cash Flows from Financing Activities:36)Proceeds from issuing shares37)Proceeds from issuing bonds38)Proceeds from borrowings41)Other proceeds relating to financing activities42)Sub-total of cash inflows43)Cash repayments of amounts borrowed44)Cash payments of expenses on any financing activities45)Cash payments for distribution of dividends or profits46)Cash payments of interest expenses47)Cash payments for finance leases48)Cash payments for reduction of registered capital51)Other cash payments relating to financing activities52)Sub-total of cash outflows53)Net cash flows from financing activities4.Effect of Foreign Exchange Rate Changes on Cash Increase in Cash and Cash EquivalentsSupplemental Information1.Investing and Financing Activities that do not Involve in Cash Receipts and Payments56)Repayment of debts by the transfer of fixed assets57)Repayment of debts by the transfer of investments58)Investments in the form of fixed assets59)Repayments of debts by the transfer of investories2.Reconciliation of Net Profit to Cash Flows from Operating Activities62)Net profit63)Add provision for bad debt or bad debt written off64)Depreciation of fixed assets65)Amortization of intangible assetsLosses on disposal of fixed assets,intangible assets66)and other long-term assets (or deduct:gains)67)Losses on scrapping of fixed assets68)Financial expenses69)Losses arising from investments (or deduct:gains)70)Defered tax credit (or deduct:debit)71)Decrease in inventories (or deduct：increase)72)Decrease in operating receivables (or deduct:increase)73)Increase in operating payables (or deduct:decrease)74)Net payment on value added tax (or deduct:net receipts75)Net cash flows from operating activities Increase in Cash and Cash Equivalents76)cash at the end of the period77)Less:cash at the beginning of the period78)Plus:cash equivalents at the end of the period79)Less:cash equivalents at the beginning of the period80)Net increase in cash and cash equivalents现金流量表Cash Flows StatementPrepared by: Period: Unit:Items1.Cash Flows from Operating Activities:01)Cash received from sales of goods or rendering of services02)Rental receivedValue added tax on sales received and refunds of value03)added tax paid04)Refund of other taxes and levy other than value added tax07)Other cash received relating to operating activities08)Sub-total of cash inflows09)Cash paid for goods and services10)Cash paid for operating leases11)Cash paid to and on behalf of employees12)Value added tax on purchases paid13)Income tax paid14)Taxes paid other than value added tax and income tax17)Other cash paid relating to operating activities18)Sub-total of cash outflows19)Net cash flows from operating activities2.Cash Flows from Investing Activities:20)Cash received from return of investments21)Cash received from distribution of dividends or profits22)Cash received from bond interest incomeNet cash received from disposal of fixed assets,intangible 23)assets and other long-term assets26)Other cash received relating to investing activities27)Sub-total of cash inflowsCash paid to acquire fixed assets,intangible assets28)and other long-term assets29)Cash paid to acquire equity investments30)Cash paid to acquire debt investments33)Other cash paid relating to investing activities34)Sub-total of cash outflows35)Net cash flows from investing activities3.Cash Flows from Financing Activities:36)Proceeds from issuing shares37)Proceeds from issuing bonds38)Proceeds from borrowings41)Other proceeds relating to financing activities42)Sub-total of cash inflows43)Cash repayments of amounts borrowed44)Cash payments of expenses on any financing activities45)Cash payments for distribution of dividends or profits46)Cash payments of interest expenses47)Cash payments for finance leases48)Cash payments for reduction of registered capital51)Other cash payments relating to financing activities52)Sub-total of cash outflows53)Net cash flows from financing activities4.Effect of Foreign Exchange Rate Changes on Cash Increase in Cash and Cash EquivalentsSupplemental Information1.Investing and Financing Activities that do not Involve in Cash Receipts and Payments56)Repayment of debts by the transfer of fixed assets57)Repayment of debts by the transfer of investments58)Investments in the form of fixed assets59)Repayments of debts by the transfer of investories2.Reconciliation of Net Profit to Cash Flows from Operating Activities62)Net profit63)Add provision for bad debt or bad debt written off64)Depreciation of fixed assets65)Amortization of intangible assetsLosses on disposal of fixed assets,intangible assets66)and other long-term assets (or deduct:gains)67)Losses on scrapping of fixed assets68)Financial expenses69)Losses arising from investments (or deduct:gains)70)Defered tax credit (or deduct:debit)71)Decrease in inventories (or deduct：increase)72)Decrease in operating receivables (or deduct:increase)73)Increase in operating payables (or deduct:decrease)74)Net payment on value added tax (or deduct:net receipts75)Net cash flows from operating activities Increase in Cash and Cash Equivalents76)cash at the end of the period77)Less:cash at the beginning of the period78)Plus:cash equivalents at the end of the period79)Less:cash equivalents at the beginning of the period80)Net increase in cash and cash equivalents现金流量表的现金流量声明拟制人：时间：单位：项目1.cash流量从经营活动：01 ）所收到的现金从销售货物或提供劳务02 ）收到的租金增值税销售额收到退款的价值03 ）增值税缴纳04 ）退回的其他税收和征费以外的增值税07 ）其他现金收到有关经营活动08 ）分，总现金流入量09 ）用现金支付的商品和服务10 ）用现金支付经营租赁11 ）用现金支付，并代表员工12 ）增值税购货支付13 ）所得税的缴纳14 ）支付的税款以外的增值税和所得税17 ）其他现金支付有关的经营活动18 ）分，总的现金流出19 ）净经营活动的现金流量2.cash流向与投资活动：20 ）所收到的现金收回投资21 ）所收到的现金从分配股利，利润22 ）所收到的现金从国债利息收入现金净额收到的处置固定资产，无形资产23 ）资产和其他长期资产26 ）其他收到的现金与投资活动27 ）小计的现金流入量用现金支付购建固定资产，无形资产28 ）和其他长期资产29 ）用现金支付，以获取股权投资30 ）用现金支付收购债权投资33 ）其他现金支付的有关投资活动34 ）分，总的现金流出35 ）的净现金流量，投资活动产生3.cash流量筹资活动：36 ）的收益，从发行股票37 ）的收益，由发行债券38 ）的收益，由借款41 ）其他收益有关的融资活动42 ），小计的现金流入量43 ）的现金偿还债务所支付的44 ）现金支付的费用，对任何融资活动45 ）支付现金，分配股利或利润46 ）以现金支付的利息费用47 ）以现金支付，融资租赁48 ）以现金支付，减少注册资本51 ）其他现金收支有关的融资活动52 ）分，总的现金流出53 ）的净现金流量从融资活动4.effect的外汇汇率变动对现金增加现金和现金等价物补充资料1.investing活动和筹资活动，不参与现金收款和付款56 ）偿还债务的转让固定资产57 ）偿还债务的转移投资58 ）投资在形成固定资产59 ）偿还债务的转移库存量2.reconciliation净利润现金流量从经营活动62 ）净利润63 ）补充规定的坏帐或不良债务注销64 ）固定资产折旧65 ）无形资产摊销损失处置固定资产，无形资产66 ）和其他长期资产（或减：收益）67 ）损失固定资产报废68 ）财务费用69 ）引起的损失由投资管理（或减：收益）70 ） defered税收抵免（或减：借记卡）71 ）减少存货（或减：增加）72 ）减少经营性应收（或减：增加）73 ）增加的经营应付账款（或减：减少）74 ）净支付的增值税（或减：收益净额75 ）净经营活动的现金流量增加现金和现金等价物76 ）的现金，在此期限结束77 ）减：现金期开始78 ）加：现金等价物在此期限结束79 ）减：现金等价物期开始80 ），净增加现金和现金等价物。
(完整word版)财务报表分析外文文献及翻译
Review of accounting studies,2003,16（8)：531—560 Financial Statement Analysis of Leverage and How It Informs About Protability and Price-to-Book RatiosDoron Nissim，Stephen。
PenmanAbstractThis paper presents a financial statement analysis that distinguishes leverage that arises in financing activities from leverage that arises in operations. The analysis yields two leveraging equations，one for borrowing to finance operations and one for borrowing in the course of operations。
These leveraging equations describe how the two types of leverage affect book rates of return on equity。
An empirical analysis shows that the financial statement analysis explains cross-sectional differences in current and future rates of return as well as price-to—book ratios, which are based on expected rates of return on equity。
The paper therefore concludes that balance sheet line items for operating liabilities are priced differently than those dealing with financing liabilities。
财务报表分析中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：ANALYSIS OF FINANCIAL STATEMENTSWe need to use financial ratios in analyzing financial statements.—— The analysis of comparative financial statements cannot be made really effective unless it takes the form of a study of relationships between items in the statements. It is of little value, for example, to know that, on a given date, the Smith Company has a cash balance of $1oooo. But suppose we know that this balance is only -IV per cent of all current liabilities whereas a year ago cash was 25 per cent of all current liabilities. Since the bankers for the company usually require a cash balance against bank lines, used or unused, of 20 per cent, we can see at once that the firm's cash condition is exhibiting a questionable tendency.We may make comparisons between items in the comparative financial statements as follows:1. Between items in the comparative balance sheeta) Between items in the balance sheet for one date, e.g., cash may be compared with current liabilitiesb) Between an item in the balance sheet for one date and the same item in the balance sheet for another date, e.g., cash today may be compared with cash a year agoc) Of ratios, or mathematical proportions, between two items in the balance sheet for one date and a like ratio in the balance sheet for another date, e.g., the ratio of cash to current liabilities today may be compared with a like ratio a year ago and the trend of cash condition noted2. Between items in the comparative statement of income and expensea) Between items in the statement for a given periodb) Between one item in this period's statement and the same item in last period's statementc) Of ratios between items in this period's statement and similar ratios in last period's statement3. Between items in the comparative balance sheet and items in the comparative statement of income and expensea) Between items in these statements for a given period, e.g., net profit for this year may be calculated as a percentage of net worth for this yearb) Of ratios between items in the two statements for a period of years, e.g., the ratio of net profit to net worth this year may-be compared with like ratios for last year, and for the years preceding thatOur comparative analysis will gain in significance if we take the foregoing comparisons or ratios and; in turn, compare them with:I. Such data as are absent from the comparative statements but are of importance in judging a concern's financial history and condition, for example, the stage of the business cycle2. Similar ratios derived from analysis of the comparative statements of competing concerns or of concerns in similar lines of business What financialratios are used in analyzing financial statements.- Comparative analysis of comparative financial statements may be expressed by mathematical ratios between the items compared, for example, a concern's cash position may be tested by dividing the item of cash by the total of current liability items and using the quotient to express the result of the test. Each ratio may be expressed in two ways, for example, the ratio of sales to fixed assets may be expressed as the ratio of fixed assets to sales. We shall express each ratio in such a way that increases from period to period will be favorable and decreases unfavorable to financial condition.We shall use the following financial ratios in analyzing comparative financial statements:I. Working-capital ratios1. The ratio of current assets to current liabilities2. The ratio of cash to total current liabilities3. The ratio of cash, salable securities, notes and accounts receivable to total current liabilities4. The ratio of sales to receivables, i.e., the turnover of receivables5. The ratio of cost of goods sold to merchandise inventory, i.e., the turnover of inventory6. The ratio of accounts receivable to notes receivable7. The ratio of receivables to inventory8. The ratio of net working capital to inventory9. The ratio of notes payable to accounts payableIO. The ratio of inventory to accounts payableII. Fixed and intangible capital ratios1. The ratio of sales to fixed assets, i.e., the turnover of fixed capital2. The ratio of sales to intangible assets, i.e., the turnover of intangibles3. The ratio of annual depreciation and obsolescence charges to the assetsagainst which depreciation is written off4. The ratio of net worth to fixed assetsIII. Capitalization ratios1. The ratio of net worth to debt.2. The ratio of capital stock to total capitalization .3. The ratio of fixed assets to funded debtIV. Income and expense ratios1. The ratio of net operating profit to sales2. The ratio of net operating profit to total capital3. The ratio of sales to operating costs and expenses4. The ratio of net profit to sales5. The ratio of net profit to net worth6. The ratio of sales to financial expenses7. The ratio of borrowed capital to capital costs8. The ratio of income on investments to investments9. The ratio of non-operating income to net operating profit10. The ratio of net operating profit to non-operating expense11. The ratio of net profit to capital stock12. The ratio of net profit reinvested to total net profit available for dividends on common stock13. The ratio of profit available for interest to interest expensesThis classification of financial ratios is permanent not exhaustive. -Other ratios may be used for purposes later indicated. Furthermore, some of the ratios reflect the efficiency with which a business has used its capital while others reflect efficiency in financing capital needs. The ratios of sales to receivables, inventory, fixed and intangible capital; the ratios of net operating profit to total capital and to sales; and the ratios of sales to operating costs and expenses reflect efficiency in the use of capital.' Most of the other ratios reflect financial efficiency.B. Technique of Financial Statement AnalysisAre the statements adequate in general?-Before attempting comparative analysis of given financial statements we wish to be sure that the statements are reasonably adequate for the purpose. They should, of course, be as complete as possible. They should also be of recent date. If not, their use must be limited to the period which they cover. Conclusions concerning 1923 conditions cannot safely be based upon 1921 statements.Does the comparative balance sheet reflect a seasonable situation? If so, it is important to know financial conditions at both the high and low points of the season. We must avoid unduly favorable judgment of the business at the low point when assets are very liquid and debt is low, and unduly unfavorable judgment at the high point when assets are less liquid and debt likely to be relatively high.Does the balance sheet for any date reflect the estimated financial condition after the sale of a proposed new issue of securities? If so, in order to ascertain the actual financial condition at that date it is necessary to subtract the amount of the security issue from net worth, if the. issue is of stock, or from liabilities, if bonds are to be sold. A like amount must also be subtracted from assets or liabilities depending upon how the estimated proceeds of the issue are reflected in the statement.Are the statements audited or unaudited? It is often said that audited statements, that is, complete audits rather than statements "rubber stamped" by certified public accountants, are desirable when they can be obtained. This is true, but the statement analyst should be certain that the given auditing film's reputation is beyond reproach.Is working-capital situation favorable ?-If the comparative statements to be analyzed are reasonably adequate for the purpose, the next step is to analyze the concern's working-capital trend and position. We may begin by ascertaining the ratio of current assets to current liabilities. This ratioaffords-a test of the concern's probable ability to pay current obligations without impairing its net working capital. It is, in part, a measure of ability to borrow additional working capital or to renew short-term loans without difficulty. The larger the excess of current assets over current liabilities the smaller the risk of loss to short-term creditors and the better the credit of the business, other things being equal. A ratio of two dollars of current assets to one dollar of current liabilities is the "rule-of-thumb" ratio generally considered satisfactory, assuming all current assets are conservatively valued and all current liabilities revealed.The rule-of-thumb current ratio is not a satisfactory test ofworking-capital position and trend. A current ratio of less than two dollars for one dollar may be adequate, or a current ratio of more than two dollars for one dollar may be inadequate. It depends, for one thing, upon the liquidity of the current assets.The liquidity of current assets varies with cash position.-The larger the proportion of current assets in the form of cash the more liquid are the current assets as a whole. Generally speaking, cash should equal at least 20 per cent of total current liabilities (divide cash by total current liabilities). Bankers typically require a concern to maintain bank balances equal to 20 per cent of credit lines whether used or unused. Open-credit lines are not shown on the balance sheet, hence the total of current liabilities (instead of notes payable to banks) is used in testing cash position. Like the two-for-one current ratio, the 20 per cent cash ratio is more or less a rule-of-thumb standard.The cash balance that will be satisfactory depends upon terms of sale, terms of purchase, and upon inventory turnover. A firm selling goods for cash will find cash inflow more nearly meeting cash outflow than will a firm selling goods on credit. A business which pays cash for all purchases will need more ready money than one which buys on long terms of credit. The more rapidly the inventory is sold the more nearly will cash inflow equal cash outflow, other things equal.Needs for cash balances will be affected by the stage of the business cycle. Heavy cash balances help to sustain bank credit and pay expenses when a period of liquidation and depression depletes working capital and brings a slump in sales. The greater the effects of changes in the cycle upon a given concern the more thought the financial executive will need to give to the size of his cash balances.Differences in financial policies between different concerns will affect the size of cash balances carried. One concern may deem it good policy to carry as many open-bank lines as it can get, while another may carry only enough lines to meet reasonably certain needs for loans. The cash balance of the first firm is likely to be much larger than that of the second firm.The liquidity of current assets varies with ability to meet "acid test."- Liquidity of current assets varies with the ratio of cash, salable securities, notes and accounts receivable (less adequate reserves for bad debts), to total current liabilities (divide the total of the first four items by total current liabilities). This is the so-called "acid test" of the liquidity of current condition. A ratio of I: I is considered satisfactory since current liabilities can readily be paid and creditors risk nothing on the uncertain values of merchandise inventory. A less than 1:1 ratio may be adequate if receivables are quickly collected and if inventory is readily and quickly sold, that is, if its turnover is rapid andif the risks of changes in price are small.The liquidity of current assets varies with liquidity of receivables. This may be ascertained by dividing annual sales by average receivables or by receivables at the close of the year unless at that date receivables do not represent the normal amount of credit extended to customers. Terms of sale must be considered in judging the turnover of receivables. For example, if sales for the year are $1,200,000 and average receivables amount to $100,000, the turnover of receivables is $1,200,000/$100,000=12. Now, if credit terms to customers are net in thirty days we can see that receivables are paid promptly.Consideration should also be given market conditions and the stage of the business cycle. Terms of credit are usually longer in farming sections than in industrial centers. Collections are good in prosperous times but slow in periods of crisis and liquidation.Trends in the liquidity of receivables will also be reflected in the ratio of accounts receivable to notes receivable, in cases where goods are typically sold on open account. A decline in this ratio may indicate a lowering of credit standards since notes receivable are usually given to close overdue open accounts. If possible, a schedule of receivables should be obtained showing those not due, due, and past due thirty, sixty, and ninety days. Such a, schedule is of value in showing the efficiency of credits and collections and in explaining the trend in turnover of receivables. The more rapid the turnover of receivables the smaller the risk of loss from bad debts; the greater the savings of interest on the capital invested in receivables, and the higher the profit on total capital, other things being equal.Author(s): C. O. Hardy and S. P. Meech译文：财务报表分析A.财务比率我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。
财务报表分析(英文版)答案
Chapter 8Return On Invested Capital And Profitability AnalysisReturn on invested capital is important in our analysis of financial statements. Financial statement analysis involves our assessing both risk and return. The prior three chapters focused primarily on risk, whereas this chapter extends our analysis to return. Return on invested capital refers to a company's earnings relative to both the level and source of financing. It is a measure of a company's success in using financing to generate profits, and is an excellent measure of operating performance. This chapter describes return on invested capital and its relevance to financial statement analysis. We also explain variations in measurement of return on invested capital and their interpretation. We also disaggregate return on invested capital into important components for additional insights into company performance. The role of financial leverage and its importance for returns analysis is examined. This chapter demonstrates each of these analysis techniques using financial statement data.•Importance of Return on Invested CapitalMeasuring Managerial EffectivenessMeasuring ProfitabilityMeasuring for Planning and Control •Components of Return on Invested CapitalDefining Invested CapitalAdjustments to Invested Capital and IncomeComputing Return on Invested Capital•Analyzing Return on Net Operating AssetsDisaggregating Return on Net Operating AssetsRelation between Profit Margin and Asset TurnoverProfit Margin AnalysisAsset Turnover Analysis•Analyzing Return on Common EquityDisaggregating Return on Common EquityFinancial Leverage and Return on Common EquityAssessing Growth in Common Equity•Describe the usefulness of return measures in financial statement analysis. •Explain return on invested capital and variations in its computation.•Analyze return on net operating assets and its relevance in our analysis. •Describe disaggregation of return on net operating assets and the importance of its components.•Describe the relation between profit margin and turnover.•Analyze return on common shareholders' equity and its role in our analysis. •Describe disaggregation of return on common shareholders' equity and the relevance of its components.•Explain financial leverage and how to assess a company's success in trading on the equity across financing sources.1. The return that is achieved in any one period on the invested capital of a companyconsists of the returns (and losses) realized by its various segments and divisions. In turn, these returns are made up of the results achieved by individual product lines and projects. A well-managed company exercises rigorous control over the returns achieved by each of its profit centers, and it rewards the managers on the basis of such results. Specifically, when evaluating new investments in assets or projects, management will compute the estimated returns it expects to achieve and use these estimates as a basis for its decision to invest or not.2. Profit generation is the first and foremost purpose of a company. The effectiveness ofoperating performance determines the ability of the company to survive financially, to attract suppliers of funds, and to reward them adequately. Return on invested capital is the prime measure of company performance. The analyst uses it as an indicator of managerial effectiveness, and/or a measure of the company's ability to earn a satisfactory return on investment.3. If the investment base is defined as comprising net operating assets, then netoperating profit (e.g., before interest) after tax (NOPAT) is the relevant income figure to use. The exclusion of interest from income deductions is due to its being regarded asa payment for the use of money from the suppliers of debt capital (in the same waythat dividends are regarded as a payment to suppliers of equity capital). NOPAT is the appropriate amount to measure against net operating assets as both are considered to be operating.4. First, the motivation for excluding nonproductive assets from invested capital isbased on the idea that management is not responsible for earning a return on non-operating invested capital. Second, the exclusion of intangible assets from the investment base is often due to skepticism regarding their value or their contribution to the earning power of the company. Under GAAP, intangibles are carried at cost.However, if their cost exceeds their future utility, they are written down (or there will be an uncertainty exception regarding their carrying value in the auditor's opinion).The exclusion of intangible assets from the asset base must be based on more substantial evidence than a mere lack of understanding of what these assets represent or an unsupported suspicion regarding their value. This implies that intangible assets should generally not be excluded from invested capital.5. The basic formula for computing the return on investment is net income divided bytotal invested capital. Whenever we modify the definition of the investment base by, say, omitting certain items (liabilities, idle assets, intangibles, etc.) we must also adjust the corresponding income figure to make it consistent with the modified asset base.6. The relation of net income to sales is a measure of operating performance (profitmargin). The relation of sales to total assets is a measure of asset utilization or turnover—a means of determining how effectively (in terms of sales generation) the assets are utilized. Both of these measures, profit margin as well as asset utilization,determine the return realized on a given investment base. Sales are an important factor in both of these performance measures.7. Profit margin, although important, is only one aspect of the return on invested capital.The other is asset turnover. Consequently, while Company B's profit margin is high, its asset turnover may have been sufficiently depressed so as to drag down the overall return on invested capital, leading to the shareholder's complaint.8. The asset turnover of Company X is 3. The profit margin of Company Y is 0.5%. Sinceboth companies are in the same industry, it is clear that Company X must concentrate on improving its asset turnover. On the other hand, Company Y must concentrate on improving its profit margin. More specific strategies depend on the product and industry.9. The sales to total assets (asset turnover) component of the return on invested capitalmeasure reflects the overall rate of asset utilization. It does not reflect the rate of utilization of individual asset categories that enter into the overall asset turnover. To better evaluate the reasons for the level of asset turnover or the reasons for changes in that level, it is helpful to compute the rate of individual asset turnovers that make up the overall turnover rate.10. The evaluation of return on invested capital involves many factors. Theinclusion/exclusion of extraordinary gains and losses, the use/nonuse of trends, the effect of acquisitions accounted for as poolings and their chance of recurrence, the effect of discontinued operations, and the possibility of averaging net income are justa few of many such factors. Moreover, the analyst must take into account the effectsof price-level changes on return calculations. It also is important that the analyst bear in mind that return on invested capital is most commonly based on book values from financial statements rather than on market values. And finally, many assets either do not appear in the financial statements or are significantly understated. Examples of such assets are intangibles such as patents, trademarks, research and development activities, advertising and training, and intellectual capital.11. The equity growth rate is calculated as follows:[Net income – Preferred dividends – Common dividend payout] / Average common equity.This is the growth rate due to the retention of earnings and assumes a constant dividend payout over time. It indicates the possibilities of earnings growth without resort to external financing. The resulting increase in equity can be expected to earn the rate of return that the company earns on its assets and, thus, further contribute to growth in earnings.12. a. The return on net operating assets and the return on common stockholders' equitydiffer by the capital investment base (and its corresponding effects on net income).RNOA reflects the return on the net operating assets of the company whereas ROCE reflects the perspective of common shareholders.b. ROCE can be disaggregated into the following components to facilitate analysis:ROCE = RNOA + Leverage x Spread. RNOA measures the return on net operating assets, a measure of operating performance. The second component (Leverage x Spread) measures the effects of financial leverage. ROCE is increased by adding financial leverage so long as RNOA>weighted average cost of capital. That is, if the firm can earn a return on operating assets that is greater than the cost of the capital used to finance the purchase of those assets, then shareholders are better off adding debt to increase operating assets.13. a. ROCE can be disaggregated as follows:equitycommon Av erage Sales Sales div idends Preferred - income Net ⨯ This shows that “equity turnover” (sales to average common equity) is one of the two components of the return on common shareholders' equity. Assuming a stable profit margin, the equity turnover can be used to determine the level and trend of ROCE. Specifically, an increase in equity turnover will produce an increase in ROCE if the profit margin is stable or declines less than the increase in equity turnover. For example, a common objective of discount stores is to lower prices by lowering profit margins, but to offset this by increasing equity turnover by more than the decrease in profit margin.b. Equity turnover can be rewritten as follows:equitycommon Av erage assets operating Net assets operating Net Sales ⨯ The first factor reflects how well net operating assets are being utilized. If the ratio is increasing, this can signal either a technological advantage or under-capacity and the need for expansion. The second factor reflects the use of leverage. Leverage will be higher for those firms that have financed more of their assets through debt. By considering these factors that comprise equity turnover, it is apparent that EPS cannot grow indefinitely from an increase in these factors. This is because these factors cannot grow indefinitely. Even if there is a technological advantage in production, the sales to net operating assets ratio cannot increase indefinitely. This is because sooner or later the firm must expand its net operating asset base to meet rising sales or else not meet sales and lose a share of the market. Also, financing new assets with debt can increase the net operating assets to common equity ratio. However, this can only be pursued to a point —at which time the equity base must expand (which decreases the ratio).14. When convertible debt sells at a substantial premium above par and is clearly held byinvestors for its conversion feature, there is justification for treating it as the equivalent of equity capital. This is particularly true when the company can choose at any time to force conversion of the debt by calling it in.Exercise 8-1 (35 minutes)a. First alternative:NOPAT = $6,000,000 * 10% = $600,000Net income = $600,000 – [$1,000,000*12%](1-.40) = $528,000Second alternative:NOPAT = $6,000,000 * 10% = $600,000Net income = $600,000 – [$2,000,000*12%](1-.40) = $456,000b. First alternative:ROCE = $528,000 / $5,000,000 = 10.56%Second alternative:ROCE = $456,000 / $4,000,000 = 11.40%c. First alternative:Assets-to-Equity = $6,000,000 / $5,000,000 = 1.2Second alternative:Assets-to-Equity = $6,000,000 / $4,000,000 = 1.5d. First, let’s compute return on assets (R NOA):First alternative: $600,000 / $6,000,000 = 10%Second alternative: $600,000 / $6,000,000 = 10%Second, notice that the interest rate is 12% on the debt (bonds). More importantly, the after-tax interest rate is 7.2% (12% x (1-0.40)), which is less than RNOA. Hence, the company earns more on its assets than it pays for debt on an after-tax basis. That is, it can successfully trade on the equity—use bondholders’ funds to earn additional profits.Finally, since the second alternative uses more debt, as reflected in the assets-to-equity ratio in c, the second alternative is probably preferred. The shareholders would take on additional risk with the second alternative, but the expected returns are greater as evidenced from computations in b.Exercise 8-2 (40 minutes)a. NOPAT = Net income = $10,000,000 x 10% = $1,000,000b. First alternative:NOPAT = $1,000,000 + $6,000,000*10% = $1,600,000Net income = $1,600,000 – ($2,000,000 ⨯ 5% x [1-.40]) = $1,540,000Second alternative:NOPAT = $1,000,000 + $6,000,000*10% = $1,600,000Net income = $1,600,000 – ($6,000,000 ⨯ 6% x [1-.40]) = $1,384,000c. First alternative: ROCE = $1,540,000 / ($10,000,000 + $4,000,000) = 11%Second alternative: ROCE = $1,384,000 / ($10,000,000 + $0) = 13.84%d. ROCE is higher under the second alternative due to successful use ofleverage—that is, successfully trading on the equity. [Note: Asset-to-Equity is1.14=$16 mil./$14 mil. (1.60=$16 mil./$10 mil.) under the first (second)alternative.] The company should pursue the second alternative in the interest of shareholders (assuming projected returns are consistent with current performance levels).a. RNOA = 2 x 5% = 10%b. ROCE = 10% + 1.786 x 4.4% = 17.86%c. RNOA 10.00%Leverage advantage 7.86%Return on equity 17.86%Exercise 8-4 (30 minutes)a. Computation and Interpretation of ROCE:Year 5 Year 9Pre-tax profit margin .......................................................... 0.112 0.109 Asset turnover .................................................................... 0.46 0.44 Assets-to-equity ................................................................. 3.25 3.40 After-tax income retention * .............................................. 0.570 0.556 ROCE (product of above) .................................................. 9.54% 9.07% * 1-Tax rate.ROCE declines from Year 5 to Year 9 because: (1) pre-tax margin decreases by approximately 3%, (2) asset turnover declines by roughly 4.3%, and (3) the tax rate increases by about 3.8%. The combination of these factors drives the decline in ROCE—this is despite the slight improvement in the assets-to-equity ratio.b. The main reason EPS increases is that shareholders had a large amount ofassets and equity working for them. Namely, the company grew while return on assets and return on equity remained fairly stable. In addition, the amount of preferred stock declined, as did the amount of preferred dividends. With this decline in the cost of carrying preferred stock, earnings available to common stock increased.(CFA Adapted)a. RNOA = 3 x 7% = 21%b. ROCE = RNOA + LEV x Spread = 21% + (1.667 x 8.4%) = 35%c. Net leverage advantage to common equityReturn on net operating assets .................................. 21%Leverage advantage .................................................... 14%Return on common equity (rounding difference) ..... 35%Exercise 8-6 (30 minutes)a. At the present level of debt, ROCE = $157,500 / $1,125,000 = 14%.In the absence of leverage, the noncurrent liabilities would be substituted with equity. Accordingly, there would be no interest expense with all-equityROCE without leverage = $184,500 / $1,800,000 = 10.25%.14% with leverage but only 10.25% without leverage.b. NOPAT = $157,500 + [$675,000 x 8% x (1-.50)] = $184,500RNOA = $184,500 / ($2,000,000-$200,000) = 10.25%c. The company is utilizing borrowed funds in its capital structure. Since theROCE is greater than RNOA, the use of financial leverage is beneficial to stockholders. Specifically, the after cost of debt is 4% and the financial leverage (NFO/Equity) is $675,000 / $1,125,000 = 60%. Therefore,ROCE = RNOA + LEV x Spread = 10.25% + 0.60 x (10.25% - 4%) = 14%, as before. The favorable effect of financial leverage is given by the term [0.60 x (10.25% - 4%)] = 3.75%.1. c2. a3. cExercise 8-8 (20 minutes)(Assessments of profit margin and asset turnover are relative to industry norms.)a. Higher profit margin and lower asset turnover.b. Higher asset turnover and lower profit margin.c. Higher profit margin and similar/lower asset turnover.d. Higher asset turnover and similar/lower profit margin.e. Higher asset turnover and lower/similar profit margin.f. Higher asset turnover and similar/higher profit margin.g. Higher asset turnover and lower profit margin.Exercise 8-9 (20 minutes)The memorandum to Reliable Auto Sales President would include the following points:•Both Reliable and Legend Auto Sales are perpetually investing $100,000 in automobile inventory.•Legend Auto Sales is able to generate more profit than Reliable because it is turning over its inventory (10 cars) more often. Specifically, Legend is turning its inventory over 10 times per year while Reliable is turning its inventory over only 5 times per year. Hence, given the same investment in automobile inventory, Legend is twice as profitable as Reliable.•Encourage Reliable to sacrifice some return on each sale to increase the inventory turnover. By slightly reducing price, relative to that charged by Legend, Reliable predictably will find that overall profitability increases. This is because while profit per sale declines, the number of units sold and, therefore, inventory turnover will increase. These factors predictably yield increased return on assets.Computation of Asset (PP&E) Turnover [computed as Sales / PP&E (net)]: Northern: $12,000 / $20,000 = 0.60Southern: $6,000 / $20,000 = 0.30This implies that Northern generates $0.60 in sales per year for each $1 investment in PP&E. In contrast, Southern generates $0.30 in sales per year for each $1 investment in PP&E. This shows that Northern is able to generate twice the return for each $1 invested in PP&E. Assuming equal profit margins, Northern will report a higher return on assets because of the volume of sales that the company is able to generate with its investment in PP&E (at least in the short run).Exercise 8-11 (15 minutes)Low volume operations mean that fixed costs, which in the case of automakers are substantial, must be absorbed by a low number of units produced. Since the lower of cost or market rule implies that inventory cannot be priced higher than expected sales price less costs of disposal plus a normal profit margin, much of that excess cost must be charged to the period incurred. In this case, that means the fourth quarter financial statements absorb much of this cost. This is probably the most likely accounting-based reason for the fourth quarter losses described in the news release.Problem 8-1 (30 minutes)a. 1. Quaker Oats does not reveal its computation of this return. Accordingly, wemake some simple computations and assumptions: (i) For simplicity, focus on one share, (ii) The dividend is $1.56 for Year 11, (iii) The average stock price is $55 and the price increase for Year 11 is $14—based on the beginning price of $48 and the ending price of $62. Using this information, we compute return to a share of stock as follows:= [Dividend per share + Price increase per share] / Average price per share = [$1.56 + $14] / $55= 28.3%However, if we use the beginning price of $48 per share, we get closer to the company's 34% return:= [$1.56 + $14] / $48= 32.4%2. The return on common equity is based on the relation between net incomeand the book value of the equity capital. In contrast, Quaker Oats’ “return t o shareholders” uses dividends plus market value change in relation to the market price per share (cost of investment to shareholders.)b. The company must have derived the 3.6% from price, market, and otherfactors that are not disclosed. Conceptually, this 3.6% should reflect the added risk of an investment in Quaker Oats’ stock vis-à-vis a risk-free security such as a U.S. Treasury bond.c. Quaker does not reveal its computations. It may disclose a variety of interestrates on long-term debt that it carries in the notes to financial statements.Based on data available to it, but not to the financial statement reader, it probably computed a weighted-average interest rate from which it deducted the tax benefit in arriving at the 6.4% cost of debt.a. Computation of Return on Invested Capital Measures:As a first step, we construct the company’s income statement.Sales (500,000 units @ $10). ................................................ $5,000,000 Fixed costs ....................................................................... 1,500,000 Variable costs (500,000 units @ $4). ............................. 2,000,000 Labor costs (20 employees x $35,000). ......................... 700,000 Income before taxes .......................................................... 800,000 Taxes (50% rate) ................................................................. 400,000 Net income .......................................................................... $ 400,000(1) RNOA = [$400,000 + ($2,000,000 x 7.5%)(1-0.50)] / ($8,000,000-$2,00,000)= $475,000 / $6,000,000 = 7.92%(2) ROCE = [$400,000 - ($1,000,000 x 6%)] / $3,000,000 = 11.33%Fixed costs ($1,500,000 x 1.06) ......................................................... 1,590,000 Variable costs ($550,000 units @ $4) .............................................. 2,200,000 Income before labor costs and taxes ............................................. $1,710,000 To obtain a 10% return on long-term debt and equity capital, Zear will need a numerator of $600,000 given an invested capital base of $6,000,000. The required operating income to yield this $600,000 amount is computed as: Net income + Interest expense x (1 - 0.50) = $600,000Net income + ($2,000,000 x 7.5%) x (1-0.50) = $600,000Net income = $525,000Assuming taxes at a 50% rate, Zear needs pre-tax income of $1,050,000, computed as:Income before labor and taxes ............ $1,710,000Labor costs ........................................... ?Pre-tax income ...................................... $1,050,000This implies:Labor costs = $660,000 orAverage wage per worker = $660,000 / 22 employees = $30,000 per employee Since the current salary level is $35,000, Zear cannot achieve its target return level and give a salary raise to its employees.(CFA Adapted)a. ROCE = $1,650 / $3,860 = 42.7%b. NOPAT = ($2,550 + $10) x (1-0.35) = $1,664NOA = $7,250-$3,290 = $3,960RNOA (using year-end NOA balance) = $1,664 / $3,960 = 42%The effect of financial leverage, thus, is only 0.7% as NFO/NFE are insignificant. Most of Merck’s ROCE in this year is derived from operating results.Pre-tax income to sales 0.36Net income to sales 0.23Sales/current assets 1.47Sales / fixed assets 2.97Sales / total assets 0.98Total liabilities / equity 0.88L-T liabilities / equity 0.03a. 1. RNOA = NOPATAvg. NOANOPAT = [$186,000 + $2,000 - $120,000 - $37,000 + $1,000] x 50% = $16,000 Note: we include income from equity investments under the assumptions that these are operating rather than financial investments. We also include the cumulative effect as operating in the absence of information to the contrary. Minority interest and discontinued operations are nonoperating (minority interest is therefore, treated as equity in the ROCE computation).NOA Year 6 = $138,000 - $29,000 - $7000 - $3,600 = $98,400 NOA Year 5 = $105,000 - $23,000 - $2,000 - $2,000 = $78,000RNOA = $16,000 / ([$98,400 + $78,000]/2) = 18.14%2. ROCE = Net income - Preferred dividendsAverage common equityROCE = ($10,000 –$0) /[($55,400* + $47,800*)/2] = 19.38% *Note: minority interest is treated as equity. If Minority interest is ignored, the ROCE is 19.8%b. NFO = NOA - EquityYear 6: $43,000; Year 5: $30,200LEV = Avg. NFO / Ave Equity = ([$43,000 + $30,200] / 2) / ([$55,400* + $47,800*] /2)= 0.71NFE = NOPAT – Net incomeYear 6: $6,000NFR = NFE / Avg. NFO = $6,000 / ([$43,000 + $30,200] / 2) = 16.4%Spread = RNOA – NFR = 18.14% - 16.4% = 1.74%ROCE = RNOA + LEV x Spread = 18.14 + 0.71 x 1.74% = 19.38%94% (18.14%/19.38%) of Zeta’s ROCE is derived for m operating activities. The company is effectively using leverage, however, as indicated by the positive spread, but the leverage does not contribute significantly to Zeta’s return on equity and may not be worth the added risk.a. ROCE = [Net income –preferred dividends] / stockholders’ equity**end of year in this problemROCE Year 5: [$14 – $0] / $125 = 11.2%ROCE Year 9: [$34 - $0] / $220 = 15.5%RNOA Year 5 = ($35 x 0.50) / ($52 + $123) = 10.0%RNOA Year 9 = ($68 x 0.50) / ($63 + $157) = 15.5%ROCE = RNOA + Leverage x SpreadYear 5: 10.0% + 1.2% = 11.2%Year 9: 15.5% + 0 = 15.5%b. Texas Talcom’s ROCE has increased form years 5 to 9. The source is thisincrease, however, has been an increase in RNOA as the leverage effect is zero in Year 9 since its long-term debt has been retired. Given the RNOA increase, additional leverage might be explored as a way to increase shareholder returns.Selling price per unit ...................... $6.00 $5.00 $50.00 $50.00 Unit cost ........................................... $5.00 $4.00 $32.50 $30.00Analysis of Variation in Product A SalesIncreased quantity at Yr 6 prices (3,000 x $5) ........................ $ 15,000 Price increase at Yr 6 quantity (7,000 x $1) ........................... 7,000 Quantity increase x price increase (3,000 x $1) .................... 3,000 Analysis of Variation in Product A Cost of SalesIncreased quantity at Yr 6 cost (3,000 x $4) ........................... (12,000) Increased cost at Yr 6 quantity (7,000 x $1) ........................... (7,000) Cost increase x quantity increase (3,000 x $1) ...................... (3,000) Net Variation (Increase) in Gross Margin for Product A ............. $ 3,000Analysis of Variation in Product B SalesDecreased quantity at Yr 6 prices (300 x $50) ....................... $ (15,000) Analysis of Variation in Product B Cost of Sales:Decreased quantity at Yr 6 cost (300 x $30) .......................... 9,000 Increased cost at Yr 6 quantity (900 x $2.50) ......................... (2,250) Cost increase x quantity decrease (300 x $2.50) . (750)Net Variation (Decrease) in Gross Margin for Product B ............ $ (7,500)Summary of Net Variation in Margins for Products A and BNet increase from product A ......................................................... $ 3,000 Net decrease from product B ........................................................ (7,500) Net Decrease in Gross Margin ...................................................... $ (4,500)a.SPYRES MANUFACTURING COMPANYComparative Common-Size Income StatementsYear Ended December 31 IncreaseYear 9 Year 8(Decrease)Net sales ............................. 100.0% 100.0% 20.0% Cost of goods sold ............ 81.7 86.0 14.0 Gross margin on sales ...... 18.3 14.0 57.1 Operating expenses .......... 16.8 10.2 98.0 Income before taxes .......... 1.5 3.8 (52.6) Income taxes ...................... 0.4 1.0 (52.0) Net income ......................... 1.1 2.8 (52.9)b. Performance in Year 9 is poor when compared with Year 8. One bright spot isthe percentage of Cost of Goods Sold to Sales, which decreased in Year 9.However, Operating Expenses climbed sharply. This sharp climb in operating expenses is unexpected since there is usually a larger fixed cost component comprising these costs compared with that for Cost of Goods Sold.Management should further check operating expenses. If operating expenses had remained at the Year 8 level of 10.2%, income would have been up favorably for Year 9. Operating expenses may have included a future-directed component such as advertising or training costs. Also, management would want to follow up on the change in gross margin. The sharp improvement in gross margin may have been due to factors such as the liquidation LIFO inventory layers or, alternatively, to something more fundamental with the activities of the firm.。
财务报表分析(英文版)
A. Measuring Business Incomea. explain why financial statements are prepared at the end of the regular accounting period.Major Financial Statements:∙The balance sheet: provides a "snapshot" of the firm's financial condition.∙The income statement: reports on the "performance" of the firm.∙The statement of cash flows: reports the cash receipts and cash outflows classified according to operating, investment and financing activities.∙The statement of stockholder's equity: reports the amounts and sources of changes in equity from transactions with owners.∙The footnotes of the financial statements: allow uses to improve assessment of the amount, timing and uncertainty of the estimates reported in the financial statements.The most accurate way to measure the results of enterprise activity would be to measure them at the time of the enterprise's eventual liquidation. Business, government, investors, and various other user groups, however, cannot wait indefinitely for such information. If accountants did not provide financial information periodically, someone else would.The periodicity or time period assumption simply implies that the economic activities of an enterprise can be divided into artificial time periods. These time periods vary, but the most common are monthly, quarterly, and yearly.The information must be reliable and relevant. This requires that information must be consistent and comparable over time and also be provided on a timely basis. The shorter the time period, the more difficult it becomes to determine the proper net income for the period. A month's results are usually less reliable than a quarter's results, and a quarter's results are likely to be less reliable than a year's results. Investors desire and demand that information be quickly processed and disseminated; yet the quicker the information isreleased, the more it is subject to error. This phenomenon provides an interesting example of the trade-off between relevance and reliability in preparing financial data.∙In practice, financial reporting is done at the end of the accounting period.Accounting periods can be any length in time. Firms typically use the year as the primary accounting period. The 12-month accounting period is referred to as the fiscal year. Firms also report for periods less than a year (e.g. quarterly) on an interim basis.∙Accounting period must be of equal length. Financial statements are prepared at the end of the regular accounting period to allow comparison across time.User CommentsPosted by Jeanette @ 2003-10-25 14:15:45.same period --- allow comparisionbasic assumption in preparing financial statements is ---- the firm will continue in operation,--- going concern,'assigning revenue - expenses ---- base on matching principlePosted by GiGi @ 2004-01-29 06:25:01.remember that there are 4 types of financial statementsb. explain why the accounts must be adjusted at the end of each period.Why?∙Most external transactions are recorded when they occur. The employment of an accrual system means that numerous adjustments are necessary before financial statements are prepared because certain accounts are not accurately stated.∙Some external transactions might not even seem like transactions and are recognized only at the end of the accounting period. Examples include unrecorded revenues and credit purchase.∙Some economic activities do not occur as the result of external transactions.Examples include depreciation and the expiration of prepaid expenses.∙Timing: Often a transaction affects the revenue or expenses of two or more accounting periods. The related cash inflow or outflow does not always coincide with the period in which these revenue or expense items are recorded. Thus, the need for adjusting entries results from timing differences between the receipt or disbursement of cash and the recording of revenue or expenses. For example, if we handle transactions on a cash basis, only cash transactions during the year are recorded. Consequently, if a company's employees are paid every two weeks and the end of an accounting period occurs in the middle of these two weeks, neither liability nor expense has been recorded for the last week. To bring the accounts up to date for the preparation of financial statements, both the wage expense and the wage liability accounts need to be increased.A necessary step in the accounting process, then, is the adjustment of all accounts to an accrual basis and their subsequent posting to the general ledger. Adjusting entries are therefore necessary to achieve a proper matching of revenues and expenses in the determination of net income for the current period and to achieve an accurate statement of the assets and equities existing at the end of the period.Adjustment principles∙The revenue recognition principle∙The matching principleWhat to adjust?Each adjusting entry affects both a real account (assets, liability, or owner's equity) and a nominal or income statement account (revenue or expense). The four basic types of adjusting entries are:1.deferred expenses that benefits more than one period: for example, prepaidexpenses (e.g. prepaid insurance, rent) are expenses paid in advance and recorded as assets before they are used or consumed. When these assets are consumed, expenses should be recognized: a debit to an expense account and a credit to an asset account. Another example is depreciation. The cost of a long-term asset isallocated as an expense over its useful life. At the end of each period depreciation expense is recorded through an adjusting entry: a debit to a depreciation expense account and a credit to an accumulated depreciation account (a contra account used to total the past depreciation expenses on specific long-term assets).2.accrued expenses that incurred but not yet paid or recorded: examples areemployee salaries and interest on borrowed money. At the end of the accounting period, the accrued expense is recorded through an adjusting entry: a debit to an expense account (i.e. Salaries Expense) and a credit to a liability account (i.e.Salaries Payable).3.accrued revenues that earned but not yet received or recorded: also calledunrecorded revenues. Examples include interest revenues, rent revenues, etc. Such revenues accumulate with the passing of time, but the firm may have not received the payment or billed the client. An adjusting entry should be: a debit to an asset account (i.e. Accounts Receivable) and a credit to a revenue account (i.e. Interest Revenue).4.unearned revenues that are revenues received in cash before delivery ofgoods/services: examples are magazine subscription fees, customer deposits for services. These "revenues" are not earned yet and thus should be recorded as liabilities. An adjusting entry should be: a debit to a liability account (i.e.Unearned Revenue) and a credit to a revenue account (i.e. Revenue).User CommentsPosted by GiGi @ 2004-01-29 06:26:22.accrual system!!! definitionPosted by Gina @ 2004-02-03 22:17:33.accrual based accounting recognizes the impact of a business event as it occurs, regardless of whether transaction affected cashPosted by Gina @ 2004-02-03 22:20:20.Revenue Principle: basis for recording revenues (ie tells when to record revenue and the amounts).Matching Principle: basis for recording expensis (ie direction to ID all expenses during the period, measure them, and match them against the revenues earned in that period).c. explain why the accrual basis of accounting produces more useful income statements and balance sheets than the cash basis.Revenue is something earned through the sale of goods or services. Not all cash receipts are revenues; for example, cash received through a loan is not revenue. Expenses are the cost of goods or services used to generate revenues. Not all cash payments are expenses; for example, cash dividends paid to stockholders are not expenses. Net income is the difference between revenues and expenses. It is reported on the income statement, and is the focus in evaluating a firm's profitability.Most companies use the accrual basis accounting, recognizing revenue when it is earned (the goods are sold or the services performed) and recognizing expenses in the period incurred, without regard to the time of receipt or payment of cash. Net income is revenue earned minus expenses incurred.Under the strict cash basis accounting, revenue is recorded only when the cash is received and expenses are recorded only when the cash is paid. Net income is cash revenue minus cash expenses. The matching principle is ignored here, resulting inconformity with generally accepted accounting principles.Today's economy is considerably more lubricated by credit than by cash. And the accrual basis, not the cash basis, recognizes all aspects of the credit phenomenon. Investors, creditors, and other decision makers seek timely information about an enterprise's future cash flows. Accrual basis accounting provides this information by reporting the cash inflows and outflows associated with earnings activities as soon as these cash flows can be estimated with an acceptable degree of certainty. Receivables and payables areforecasters of future cash inflows and outflows. In other words, accrual basis accounting aids in predicting future cash flows by reporting transactions and other events with cash consequences at the time the transactions and events occur, rather than when the cash is received and paid. Accrual accounting generally provides a better indication of performance than cash basis of accounting since it increases the comparability of income statements and balance sheets across periods.B. Financial Reporting and Analysisa. define each asset and liability category on the balance sheet and prepare a classified balance sheet.Think of the balance sheet as a photo of the business at a specific point in time. It presents the assets, liabilities, and the equity ownership of a business entity as of a specific date.∙Assets are the economic resources controlled by the firm.∙Liabilities are the financial obligations that the firm must fulfill in the future.Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the firm by the creditors.∙Equity Ownership is the owner's investments and the total earnings retained from the commencement of the firm. Equity represents the source of financing provided to the firm by the owners.Balance sheet accounts are classified so that similar items are grouped together to arrive at significant subtotals. Furthermore, the material is arranged so that important relationships are shown.The table below indicates the general format of balance sheet presentation:Balance Sheet ClassificationsAssets Liabilities and Owner's EquityCurrent Assets Current liabilitiesLong-term investments Long-term debtProperty, plan and equipment Owner's equityIntangible assets Capital stockOther assets Additional paid-in capitalRetained earningsCurrent Assets:They are cash and other assets expected to be converted into cash, sold, or consumed either in one year or in the operating cycle, whichever is longer. The operating cycle is the average time between the acquisition of materials and supplies and the realization of cash through sales of the product for which the materials and supplies were acquired. The cycle operates from cash through inventory, production, and receivables back to cash. Where there are several operating cycles within one year, the one-year period is used. If the operating cycle is more than one year, the longer period is used.Current assets are presented in the balance sheet in order of liquidity. The five major items found in the current asset section are:∙Cash: valued at its stated value. Cash restricted for purpose other than payment of current obligations or for use in current operations should be excluded from the current asset section.∙Marketable securities: Also referred to as marketable securities. Valued at cost or lower of cost and market.∙Accounts receivables: amounts owed to the firm by its customers for goods and services delivered. Valued at the estimated amount collectible.∙Inventories: Products that will be sold in the normal course of business.∙Prepaid expenses: they are expenditures already made for benefits (usually services) to be received within one year or the operating cycle, whichever is longer. Typical examples are prepaid rent, advertising, taxes, insurance policy, and office or operating supplies. They are reported at the amount of un-expired or unconsumed cost.Long-Term Investments:Often referred to simply as investments, they are to be held for many years, and are not acquired with the intention of disposing of them in the near future.∙Investments in securities such as bonds, common stock, or long-term notes that management does not intend to sell within one year.∙Investments in tangible fixed assets not currently used in operations, such as land held for speculation.∙Investments set aside in special funds such as a sinking fund, pension fund, or plant expansion fund. The cash surrender value of life insurance is included here.∙Investments in non-consolidated subsidiaries or affiliated companies. Property, Plant, and Equipment:They are properties of a durable nature used in the regular operations of the business. With the exception of land, most assets are either depreciable (such as building) or consumable.Intangible Assets:They lack physical substance and usually have a high degree of uncertainty concerning their future benefits. They include patents, copyrights, franchises, goodwill, trademarks, trade names, secret processes, and organization costs. Generally, all of these intangibles are written off (amortized) to expense over 5 to 40 years.Other Assets:They vary widely in practice. Examples include deferred charges (long-term prepaid expenses), non-current receivables, intangible assets, assets in special funds, and advances to subsidiaries.Current Liabilities:They are obligations that are reasonably expected to be liquidated either through the use of current assets or the creation of other current liabilities within one year or within the operating cycle, whichever is longer. They are not reported in any consistent order. A typical order is: Notes payable, accounts payable, accrued items (e.g. accrued warranty costs, compensation and benefits) income taxes payable, current maturities of long-term debt, etc.The excess of total current assets over total current liabilities is referred to as working capital. It represents the net amount of a company's relatively liquid resources; that is, it is the liquid buffer, or margin of safety, available to meet the financial demands of the operating cycle.Long-Term LiabilitiesThey are obligations that are not reasonably expected to be liquidated within the normal operating cycle but, instead, at some date beyond that time. Bonds payable, notes payable, deferred income taxes, lease obligations, and pension obligations are the most common long-term liabilities. Generally they are of three types:∙Obligations arising from specific financing situations, such as issuance of bonds, long-term lease obligations, and long-term notes payable.∙Obligations arising from the ordinary operations of the enterprise such as pension obligations and deferred income tax liabilities.∙Obligations that are dependent upon the occurrence or non-occurrence of one or more future events to confirm the amount payable, or the payee, or the date payable, such as service or product warranties and other contingencies.Owner's Equity:The complexity of capital stock agreements and the various restrictions on residual equity imposed by state corporation laws, liability agreements, and boards of directors make the owner's equity section one of the most difficult sections to prepare and understand. The section is usually divided into three parts:∙Capital stock: the par or stated value of the shares issued.∙Additional paid-in capital: the excess of amounts paid in over the par or stated value.∙Retained earnings: the corporation's undistributed earnings.b. define each component of a multi-step income statement and prepare a multi-step income statement.The income statement measures the success of business operations for a given period of time. A single-step income statement groups revenues together and expenses together, without further classifying each of the groups. A multi-step income statement makes further classifications to provide additional important revenue and expense data. These classifications make the income statement more informative and useful. It is recommended because:∙it recognizes a separation of operating transactions from non-operating transactions;∙it matches costs and expenses with related revenues;∙it highlights certain intermediate components of income that are used for the computation of ratios used to assess the performance of the enterprise.Components:∙Operating section:a report of the revenues and expenses of the company's principal operations.o Sales or revenue section: a subsection presenting sales, discounts, allowances, returns, and other related information, and to arrive at the netamount of sales revenue.o Cost of goods sold section: a subsection that shows the cost of goods that were sold to product the sales.o Selling expense: a subsection that lists expenses resulting from the company's efforts to make sales.o Administrative or general expenses: a subsection reporting expenses of general administration.∙Non-operating section: a report of revenues and expenses resulting from secondary or auxiliary activities of the company. In addition, special gains and losses that are infrequent or unusual, but not both, are normally reported in this section. Generally these items break down into two main subsections:o Other revenues and gains: A list of the revenues earned or gains incurred, generally net of related expenses, from non-operating transactions.o Other expenses and losses: A list of the expenses or losses incurred, generally net of any related incomes, from non-operating transactions.∙Income taxes: A short section reporting federal and state taxes levied on income from continuing operations.∙Discontinued operations: material gains or losses resulting from the disposition ofa segment of the business.∙Extraordinary items: Unusual AND infrequent material gains and losses.∙Cumulative effect of a change in accounting principle.∙Earnings per share.C. Short-Term Liquid Assetsa. describe how to choose the appropriate accounting method for investment securities and explain how fair (market) value gains and losses on such investments are reported.Short-term investments, also called marketable securities, ordinarily consist of short-term paper (certificates of deposit, treasury bills, and commercial paper), marketable debt securities (government and corporate bonds), and marketable equity securities (preferred and common stock) acquired with cash not immediately needed in operations.They must be:∙readily marketable: can be sold quite easily.∙intended to be converted into cash as needed within one year or the operating cycle, whichever is longer. Securities that are intended to be held for more than one year are called long-term investments.There are two types of gains and losses:∙Realized gains and losses: the difference between the fair market value and the cost of the securities when they are sold.∙Unrealized holding gains and losses:the difference between the fair market value and the cost of the securities when they are still held by the firm. The gains and losses are unrealized because securities have not been sold.In general:∙When securities are purchased, they are recorded at cost. The cost of the securities includes purchase price and any broker's fees or fees paid to acquire securities.∙Interest and dividends generally are recognized as revenue when they are received.∙When securities are sold, the cost is compared to the sales price, and the difference is recorded as a gain or a loss.∙At the end of each accounting period, the balance of the controlling account is adjusted to reflect the current market value of the securities owned.However, different categories of investment securities have different treatment on unrealized holding gains and losses.∙Held-to-maturity securities: Debt securities that management intends to hold to their maturity date. At year end, they are reported at cost adjusted for the effect of interest (debit the securities account and credit interest income account), and unrealized holding gains and losses are not recognized.∙Trading securities: Debt and equity securities bought and held mainly for sale in the near term to generate income on price changes. At year end, they are reported at their fair market value. Any unrealized holding gains or losses are recognized on the firm's income statement as part of the net income. When they are sold, therealized gains or losses will also appear on the income statement. Realized gains and losses are not affected by any unrealized gains or losses recognized before.Example:1.12/1/2002, 100 shares purchased at $80 per share for trading purposes:Entry: Trading Securities 8000(Debit) | Cash 8000 (Credit)2.12/31/2002, the price is $60 per share.Entry: Unrealized Loss on Investments 2000 (Debit) | Allowance to Adjust Short-Term Investments to Market 2000 (Credit).The allowance account is shown on the balance sheet as a contra-asset account:Trading Securities (at cost) 8000Allowance Account (2000)Trading Securities (at market) 6000The $2000 unrealized loss is reported in the income statement for 2002.3.06/12/2003, 100 shares sold at $120 per share.Entry: Cash 12000 (Debit) | Trading Securities 8000 (Credit) | Realized Gain on Investment 4000 (Credit)The $4000 realized gain is reported in the income statement of 2003.Available-for-sale securities: Debt and equity securities not classified as held-to-maturity or trading securities. The unrealized gains and losses are reported in the balance sheet as an adjustment to the shareholders' equity (in contrast, the unrealized gains or losses of trading securities are reported in the income statement as part of the net income). Other than that, they are accounted for in the same way as trading securities.Example:1.12/1/2002, 100 shares purchased at $80 per share for trading purposes:Entry: Available-for-Sale Securities 8000(Debit) | Cash 8000 (Credit)2.12/31/2002, the price is $60 per share.Entry: Unrealized Loss on Investments 2000 - Equity (Debit) | Allowance to Adjust Short-Term Investments to Market 2000 (Credit).The allowance account is shown on the balance sheet as a contra-asset account:Available-for-Sale Securities (at cost) 8000Allowance Account (2000)Available-for-Sale Securities (at market) 6000The $2000 unrealized loss is reported in the balance sheet for 2002 as a component of stockholder's equity.3.06/12/2003, 100 shares sold at $120 per share.Entry: Cash 12000 (Debit) | Trading Securities 8000 (Credit) | Realized Gain on Investment 4000 (Credit)The $4000 realized gain is reported in the income statement of 2003.User CommentsPosted by shasha @ 2003-11-15 04:02:09.AFS (available-for-sale) is kind of short-term investment, however, its market value change should be adjusted to the equity as well.Posted by Gina @ 2004-02-12 01:51:11.AFS can be short or long-term. Since they are reported on the balance sheet at market value, this reporting needs to be adjusted from their last carrying amount to current market value.The unrealized gain or loss is reported in 2 places:(1) Income statement - under 'Other comprehensive income' (net of tax) [but not as part of net income];(2) OE - prehensive income - unrealized gain on investments (net of tax).。
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财务报表分析之我见【摘要】财务报表是揭示企业财务信息的基本手段，是财务报告的核心。
随着我国市场经济的发展和不断完善，人们日益认识到财务报表分析的重要性。
通过分析财务报表，能评价企业过去的经营成果、衡量企业目前的财务状况并预测企业未来的发展趋势。
因此，对财务报表的使用者来说，分析利用好财务报表显得至关重要。
但由于传统的、常用的财务报表分析存在一定的局限，这给我们正确理解财务信息造成一定的障碍。
本文针对我国现行财务报表分析存在的局限性，探讨其解决对策，以期为完善和发展我国的财务报表分析体系提供新的思路和方法。
【关键词】财务报表分析方法局限性对策建议一、财务报表分析概述财务报表分析是指以财务报表和其他资料作为依据和起点，采用专门方法，系统分析和评价企业的过去和现在的经营成果、财务状况及其变动，目的是了解过去、评价现在、预测未来，帮助利益关系集团改善决策。
财务分析的基本功能是将大量的报表数据转换成对特定决策有用的信息，减少决策的不确定性。
财务分析的方法有比较分析法和因素分析法，其中，比较分析法中财务比率的比较是最重要的分析，它们通过相对数比较，排除了企业规模的影响使不同比较对象在不同时期和不同行业之间建立起可比性，反映了各会计要素之间内在联系。
企业基本的财务比率可以分为四类：即变现能力比率、资产管理比率、负债比率和盈利能力比率。
不同的财务比率在企业的财务管理中发挥着不同的作用。
（一）变现能力比率主要有流动比率和速动比率，通过对这些比率的计算和分析，用以评价企业变现的能力和反映企业的短期偿债能力，它取决于企业可以在近期转变为现金的流动资产的多少。
（二）资产管理比率。
包括营业周期、存货周转率、应收账款周转率、流动资产周转率和总资产周转率。
这些比率是用来衡量企业资产管理效率的重要财务比率。
（三）负债比率。
主要包括资产负债率、产权比率、有形净值债务率和已获利息倍数。
通过报表中有关数据计算这些比率来分析权益与资产之间的关系，分析不同权益之间的内在联系，用以评价企业的长期偿债能力。
二、财务报表分析中存在的问题(一) 财务报表分析人员存在的局限性一方面，财务分析人员的分析能力存在差异。
由于财务报表分析人员的业务素质和能力水平存在差异，不同的分析人员在财务报表分析的相关理论、分析方法和解读财务报表等各方面知识的掌握程度不同，导致其对分析指标计算结果的理解和认识出现差异，这势必会影响报表分析的结果。
另一方面，进行财务报表分析时，还存在人为操纵分析指标的可能性。
通过采用不同的计算方法得出不同的分析指标，以达到粉饰企业经营业绩的目的。
(二) 财务报表分析方法存在的局限性财务报表分析方法有比较分析法、比率分析法、趋势分析法以及因素分析法等，这些方法各自有其优越性，但同时也存在着局限性。
1、比较分析法。
由于不同企业间、同一企业的不同时期情况各异，在比较分析时其数据难免会缺乏可比性。
2、比率分析法。
财务比率是由两个相关项目相比而得到的相对数，事实上影响该项比率的因素有很多，不能仅仅用两个项目表达出来，以致分析时难以全面衡量。
3、趋势分析法。
是与企业以前年度纵向比较的结果，得出的发展趋势是以以前年度为参照，然而过去的状况并不一定是合理的所以分析的结果难免出现偏差。
4、因素分析法。
用此方法进行分析时，需注意分析的相关性、替代的顺序性、前提的假定性、替代的连环性等问题，可见其适用范围存在诸多限制，且需要人为的逻辑判断，因而存在一定的局限性。
(三) 财务报表分析指标存在的局限性在现行的财务报表分析体系中，主要根据财务分析指标对企业的经营状况进行分析，为管理者经营决策提供参考依据。
但是，由于报表在信息披露方面存在局限性，使得财务报表分析难以全面化、系统化。
而且，随着市场经济的不断发展，现有的指标体系已经不能全面反映企业的经营状况，一些对企业有重大影响的非财务指标没有包括在内，如市场份额、产品质量和服务指标、人力资源指标、潜在盈利能力和持续盈利能力指标等。
虽然这些指标在会计计量和核算方面还存在一些困难，但这些指标对企业经营管理决策的影响日趋重要，如果不能充分揭示，就难以全面反映企业的软实力和经营状况。
（四）财务报表本身的局限性1、现行财务报表所提供的财务信息主要反映已发生的历史事项，它与使用者决策所需要的有关未来信息的相关性较低。
由于财务报表是报告历史事项，财务分析是对过去事项的检验，因而这些信息无论何时运用于决策过程中，都存在着一个重要假设，即过去是预测未来的合理基础。
2、现行财务报表主要反映能用货币计量的信息，而无法反映许多对企业财务状况和经营成果产生重大影响的重要信息，如企业的人员力资源状况、市场占有率等信息。
稳健原则要求预计可能的损失而不预计可能的收益，有可能夸大费用、少计资产和收益，而使报表数据不实。
正是由于财务报表存在着这些局限性，因而在进行财务分析时，必须首先确定财务报表本身信息的可靠性，否则难以真正实现财务报表分析的目的。
三、具体对策建议（一）对财务报表本身的改进对于历史成本的会计计量而言，我们不能完全摒弃，但是应当加以改进：一是加快提取折旧的速度，尽量缩小历史成本与现行成本的距离，到原有资产的保值，减少企业的损失；二是实行现行成本计价，改变传统的成本计价方法，使账面价更加接近现实价，缩小实际价值与变现价值的距离，增强企业财务报表的真实性。
（二）财务报表分析指标的改进首先，对于速动比率指标，凡是快速变现资产能力较强的都可以归入速动资产项目，所以可以用企业的货币资金、短期证券、应收票据、信誉好客户的应收账款或账龄小于 1年的应收账款，若企业的产品比较畅销，变现能力很强，还可以加上存货中产成品等作为速动资产，来计算企业的速动比率指标，则更能准确衡量企业快速变现资产的能力。
其次，对于流动比率指标，可以剔除不能变现的预付账款、预付费用等及流动性较差的且长期滞销而没有计提存货减值准备的存货和不良应收账款，来计算企业的流动比率，使之更能准确真实的反映企业的短期偿债能力。
再次，对于现金比率指标，反映即时付现能力，也是表明企业最坏情况下短期偿债能力如何的指标，应该包括货币资金和保持短期投资状态的短期投资净额(交易性金融资产)，而剔除短期股票投资套牢而转化为事实上的长期投资。
一般来说现金比率重要性不大，因为不可能要求企业用现金和短期证券投资来偿付全部的流动负债，但是当企业应收账款、存货的变现能力存在问题时，现金比率就显得很重要了。
（三）对财务报表分析方法体系的改进1、坚持定量分析与定性分析相结合。
现代企业不仅面对国内环境还要面对复杂多变的国际环境，这些外部环境有时很难定量，但会对企业财务报表状况和经营成果产生重要影响，比如会计报表外部信息等。
因此，我们在定量分析的基础上，需做出定性的判断，要充分发挥人员的丰富经验和量的精密计算两方面的作用，两者相互作用可使报表分析达到最优化，更好地反映真实情况，获得决策有用的信息。
2、坚持动态分析和静态分析相结合。
我们所看到的信息资料，特别是财务报表资料一般是静态的反映企业过去的或历史的经营情况，而企业的生产经营业务和财务活动是一个动态的发展过程，因此要进行动态分析，在了解过去情况的基础上，分析当前情况的可能结果对恰当预测企业未来有一定的帮助。
3、坚持个别分析与综合分析相结合。
要全面地看问题，而不是孤立片面地只看到个别财务指标的高与低，就得出好与坏的结论。
财务指标数值具有相对性，同一指标数值在不同的情况下反映不同的问题，甚至会得出相反的结论。
比如，资产运用效率中的应收账款周转率指标越高，一方面反映企业平均收账期越短，应收账款的收回越快，收账的效率高、质量好；而另一方面也可能是由于企业的信用政策过于严格所致，这也会给企业带来负面影响，丧失部分机会成本，使市场占有率下降等。
因此，在进行财务分析和评价时，单个指标不能说明问题，要根据某指标对其他方面可能产生的影响进行综合分析，才能得出正确结论。
总之，财务分析是对企业全方位的、系统的分析，必须考虑各种可能的影响因素，排除各因素对会计报表的影响，只有这样才能达到财务分析的目的，满足各方相关利益者的需求。
(四)提高财务报表分析人员的综合素质在财务报表分析过程中，财务分析人员起到了重要的作用。
管理层应从以下几个方面人手，全面提高财务报表分析人员的综合素质：1、重视对企业财务分析人员的教育培训，加强其财务会计学、经济学、统计学、企业管理和市场营销等各学科的学习，提高他们的综合业务素质，使其能够全面解读报表，并根据财务报表分析结果做出正确的判断，使分析人员在工作中逐步提高对问题的分析能力和判断能力。
2、鼓励财务分析人员熟练掌握各种财务分析软件和分析工具，在提高工作效率的同时，协助其得出正确的分析结果。
3、加强会计职业道德教育，树立正确的分析理念，为企业管理者的经营投资决策提供真实可靠的参考依据。
The statement analysis in my thoughtAbstract :The financial reporting is the essential method to promulgate the business finance information and the core of financial report. Along with our country market economy's development and consummates unceasingly, the people realize to the importance of the statement analysis day by day. Through the analysis financial reporting, can appraise the past management performance of enterprise, can weight present financial situation of enterprise, can forecasts future development trend of the enterprise. Therefore, to financial reporting's users , to analysis and uses the financial reporting well is very important. But as a result of traditional, commonly used statement analysis existence certain limitation, it creates certain barrier for us to correct understanding finance information. This article in view of our country present statement analysis existence's limitation, discusses its countermeasure solution, as to provide the new mentality and the method to consummate and develop our country's statement analysis system .Keyword:Statement analysis, method, l imitation, suggestion1. outline of statement analysisThe statement analysis is refers to takes the basis and the beginning by the financial reporting and other material, uses the special method, system analysis and the appraisal enterprise's past and present's management performance, the financial situation and the change, the goal will be to understand the past, appraisal now, the forecast future, helped the interest relations group improve the decision-making. The basic function of financial analysis is to transform the massive report data to the useful information for specific decision-making, reduces the uncertainty of the policy-makingFinancial analysis methods Including the comparison analytic method and the factor analytic method, compared with the analytic method in financial ratio's comparison is the most important analysis, They through the comparison of relative number, removed the enterprise size influence to cause the different comparison object establish the commeasure ability between the different time and the different profession, reflected the inner link between the essential factor in each accountant. The basic financial ratio of enterprise may divide into four kinds: Namely cash ability ratio, asset management ratio, debt ratio and profit ability ratio. The different financial ratio is playing the different role in enterprise's financial control.1.1 Cash ability ratioMainly has the current ratio and the quick ratio, through to these ratio's computation andthe analysis, with appraises the enterprise realization ability and the reflection enterprise'sshort-term credit capacity, it will be decided in how many cash current assets the enterprise may transform in the near future into.1.2 Asset management ratioIncluding business cycle, goods in stock cycling rate, account receivable cycling rate, current assets cycling rate and total assets cycling rate. These ratios are important financialratios to use for to weigh enterprise assets managerial effectiveness .1.3Debt ratioMainly includes the property ratio of debt to net worth, the equity ratio, the visible net worth debt rate and the interest multiple has attained. To calculates these ratios through the report form , then analyze the related data between the rights and interests and the property relations, analysis inner link between the different rights and interests, with appraises capacity of enterprise's long-term credit.2. In the statement analysis exist question2.1 The statement analysis staffs exist limitationone side , the statement analysis staffs analysis ability existence difference. As a result of the statement analysis personnel's professional quality and ability level existence difference, the different analysis staffs grasp the degree to be different in statement analysis's correlation theories, the analysis method and the explanation financial reporting and so on various aspects knowledge, cause it to analyze the target computed result the understanding and the understanding have the difference, this will affect the result the statement analysis inevitably. On the other hand, when carries on the statement analysis, but also has the possibility artificial operation analysis target. Through uses the different computational method to obtain the different analysis target, achieves the goal to plasters the enterpriseoperating results2.2 Statement analysis method existence limitationThe statement analysis method includes the comparison analytic method, the ratio analytic method, the tendency analytic method as well as the factor analytic method and so on,these methods have its superiority respectively, but simultaneously also has the limitation.2.2.1 Compared with analytic methodBecause situation varies between the different enterprise,. during the identical enterprise's different time, when comparative analysis its data will lack the commeasureability unavoidably.2.2.2Ratio analytic methodThe financial ratio is the relative number which compares by two related projects obtains,in fact affects this ratio the factor to have many, cannot just use two projects to expressmerely, when analyzes weighs comprehensively with difficulty.2.2.3 Tendency analytic methodThis is result which with the enterprise the previous year longitudinal comparison, obtained the trend of development was take the previous year as the reference, however past condition was not necessarily reasonable, therefore the analysis result presented the deviationunavoidably.2.2.4 factor analytic method.When with this method to Carry on the analysis, must pay attention to the analysis the relevance, the substitution, the premise hypothesis, substitution series questions and so on order, obviously its applicable scope has many limits, and needs the artificial logical judgement, thus has certain limitation.2.3Statement analysis target existence limitationIn the present statement analysis system, mainly carries on the analysis according to the financial analysis target to enterprise's state of operation, provides the reference for the superintendent operating decisions. But, because the report form has the limitation in the information disclosed that the aspect, causes the statement analysis comprehensively with difficulty, and the systematization. Moreover, along with development of market economy's unceasing, the existing indicator system already could not reflect enterprise's state of operation comprehensively, some non-financial norm have the major impact to the enterprise not including, like the market share, the product quality and the service target, the human resources target, latent profit ability and gain continually ability target and so on. Although these targets measure and the calculation aspect in accountant also have some difficulties, but these targets are important to the enterprise management and operation decision-making's influence day by day , if cannot promulgate fully, with difficulty reflects enterprise's softstrength and the state of operation comprehensively.2.4Financial reporting's limitation2.4.1The present financial reporting provides the financial information main reflection the historical item has occurred, it the related future information relevance which will need with the user decision-making is low. Because the financial reporting reports the historical item, the financial analysis was examination to the past item, thus these information whenever utilized in the decision-making process, has an important supposition, namely the past is foundation forecasts future reasonable.2.4.2 The present financial reporting main reflect the information which can use the currency measurement, but is unable to reflect important information that many pair ofbusiness finance condition and the management performance have the major impact, like information enterprise's personnel , transport charges source condition, market share ,and so on. But the steady principle request estimate possible loss not to estimate that the possible income, to have the possibility to be exaggerating the expense, little to count the property and the income, causes the report data not to be solid. Is precisely because the financial reporting has these limitations, thus when carry on the financial analysis, must first determine the financial reporting itself information the reliability, otherwise realizes the statement analysis goal truly with difficulty.3. Concrete countermeasure suggestion3.1improve the financial reportingAbout measure speaking of historical costs' accountant, we cannot abandon completely, but must perform to improve: First, speeds up speed which the extraction amortizes, reduces the distance between historical costs and the present cost as far as possible, to the original property's store of value, reduces enterprise's loss; Second, implements the present cost valuation, the change tradition cost valuation method, causes the account face value to be closer to the present actual price, reduces the actual value and the realization value distance, the enhancement business finance report form authenticity.3.2statement analysis target improvementFirst, regarding the quick ratio target, every ability fast realization property strong may belong to the quick asset project, therefore may use enterprise's monetary fund, the short-term negotiable securities, the notes receivable, the prestige good customer account receivable or the account age is smaller than 1 year account receivable, if enterprise's product quite sells well, the cash ability is very strong, but may also add on stores goods the finished product to take the quick asset, calculates enterprise's quick ratio target, then can weigh ability the enterprise fast realization property accuratelyNext, regarding the current ratio target, may reject prepay credit cannot the realization, the prepaid expenses and the fluidity bad, and long-term unsalable but has not counted raises the goods in stock depreciation preparation the goods in stock with the bad account receivable, calculates enterprise's current ratio, enables it reflect capacity of enterprise's short-term accuratelyOnce more, regarding the cash ratio target, reflected pays in cash ability immediately, is also indicated that how target in the enterprise worst situation short-term credit capacity, to include the monetary fund and to maintain the short term investment condition the short terminvestment net amount (transaction monetary assets), but rejects a short-term stock investment set of jail to transform as long-term investment in fact.Generally speaking the importance of cash ratio is not big, because is impossible to request the enterprise reimburses the complete current liability with the cash and theshort-term securities investment, but works as when enterprise account receivable, goods in stock cash ability existence question, the cash ratio appeared is very important.3.3To improve statement analysis method system3.3.1 insisted that the quantitative analysis and the qualitative analysis unify.The modern enterprise not only faces the domestic environment also to need to face the complicated and diversified international environment, these external environment very difficult to quota sometimes, but has the material effect to the condition of business finance report form and the management performance, for instance fiscal statement extraneous information and so on. Therefore, we need to analysis foundation in quantitative, must make the qualitative judgment, must display personnel's rich experience and the quantity fully calculates after two aspects precisely the functions, both interaction may enable the statement analysis to achieve the optimization, reflects the real situation well, obtains the useful information for policy-making.3.3.2 insisted that the dynamic analysis and the vertical analysis unify.We saw the information paper, specially the financial reporting material generally was the static which reflect enterprise past or the historical operating condition, but enterprise's production operation service and the financial operation is a dynamic developing process, must therefore carry on the dynamic analysis, in the foundation of understanding in the past situation, to analysis current situation's possible result to have certain help to the appropriate forecast enterprise in the future .3.3.3 insisted that analyzes and the generalized analysis individually unifies.Must look at the question comprehensively, not only saw one-sidedly isolated individual financial norm Gao Yu is low, draws good and the bad conclusion. The financial norm value has the relativity, the identical target value reflects the different question in the different situation, will draw the opposite conclusion. For instance, in the property utilization efficiency's account receivable cycling rate target is higher, on the one hand the reflection enterprise average debt collection time is shorter, account receivable's reclamation is quicker, the debt collection efficiency is high, the quality is good; But on the other hand also possibly is because enterprise's credit policy is too strict is the result, this will also bring the negative influence to the enterprise, will lose the partial opportunity cost, will cause the market sharedrop and so on. Therefore, when carry on the financial analysis and the appraisal, the single target cannot show the question, must act according to some target the influence which possibly produces to other aspects to carry on the generalized analysis, can draw the correct conclusion.In brief, the financial analysis is to the enterprise omni-directional, system's analysis, must consider that each kind of possibility the influencing factor, removes various factors to the fiscal statement influence, only then can achieve the financial analysis like the goal, meets all quarters related benefit need.3.4.Improve the statement analysis staffs’ overall qualityIn the statement analysis process, the financial analysis staff played the vital role. The management should improve the statement analysis personnel's overall quality comprehensively from the following several aspect manpower:3.4.1 takes seriously to business finance analysis staffs' education training, strengthens its financial accounting, the economic, statistics, the business management and the market marketing and so on various disciplines study, improves their comprehensive professional quality, enables its to explain the report form comprehensively, and makes the correct judgment according to the statement analysis result, makes the analysis staffs to enhance gradually in the work to the question analysis ability and judgment ability.3.4.2 Encourages the financial analysis staff to grasp each financial analysis software and the analysis tool skills, during enhancement working efficiency, assists it to obtain the correct analysis result.3.4.3Strengthens accountant the occupational ethics education, sets up the correct analysis idea, provides the real reliable reference for the enterprise superintendent's management investment decision.。