外文翻译--基于财务报表分析企业价值
财务报表分析外文文献
财务报表分析外文文献财务报表分析是财务管理中不可或缺的一环。
通过对企业的财务报表进行分析，可以帮助投资者、债权人、管理层等利益相关方了解企业的财务状况和经营情况，从而作出更准确的决策。
本文将介绍一篇关于财务报表分析的外文文献，并对文中的内容进行总结与分析。
该篇外文文献的题目是《财务报表分析：概念、方法和应用》。
作者在文中首先对财务报表分析进行了定义和概述，随后介绍了常用的财务报表分析方法和应用。
文章中提及的财务报表包括资产负债表、利润表和现金流量表，这些财务报表通常是企业向外界披露财务状况和经营情况的重要工具。
作者在文中对财务报表分析的方法进行了详细介绍。
其中，垂直分析方法将财务报表中的各项数据与同一报表的总计数进行对比，以揭示各项数据在整体中的占比情况。
水平分析方法则将不同时间点的财务报表数据进行对比，以反映企业在不同时间段的财务状况和经营变化。
此外，比率分析方法通过计算财务指标的比率，评估企业的财务健康状况。
文章还提到了利用财务报表分析来评估企业的经营情况和未来发展趋势。
例如，通过分析利润表中的销售收入、销售成本和销售利润的变化趋势，可以评估企业的销售能力和盈利能力。
通过分析资产负债表中的资产和负债的比例，可以评估企业的偿债能力和财务稳定性。
通过分析现金流量表中的现金流入和流出情况，可以评估企业的现金流动性和经营能力。
此外，作者还介绍了财务报表分析在投资决策和贷款决策中的应用。
投资者可以通过分析企业的财务报表，判断企业的潜在价值和盈利能力，从而决定是否投资该企业的股票或债券。
债权人可以通过分析企业的财务报表，评估企业的偿债能力和财务稳定性，从而决定是否向企业提供贷款。
综上所述，财务报表分析是一项重要的财务管理工具。
通过对财务报表进行分析，可以帮助利益相关方了解企业的财务状况和经营情况，从而作出更准确的决策。
常用的财务报表分析方法包括垂直分析、水平分析和比率分析。
财务报表分析可以应用于评估企业的经营情况和未来发展趋势，以及在投资和贷款决策中的应用。
财务外文翻译--基于财务报表分析企业价值
中文 4400 字Babic Z, Plazibat N. Enter pr ise Value Based On The Analysis Of Financial Statements [J ]. In te r national j our nal of pr od ucti on e c on o m i cs, 2008, 56: 29-35E n ter p r i s e Va lu e B a sed O n T h e A n a l y s i s O fF in a n c i a l S ta tem en t sZ B abic, N Pla ziba tABSTR AC TAnalysis of data on the financial statements, the use of discounted cash flow method, the relative value of other methods to analyze financial statements and financial data to find useful data on the enterprise value analysis, with its inherent value is the closest a value to facilitate management by better management decisions and investment decisions of enterprises. Now, under the conditions of market economy, the enterprise itself can be traded in the market of goods, by the profits to maximize the conversion to maximize the value of. Therefore, the enterprise value based on financial statement analysis is particularly important. Financial statements as a reflection of the financial position and operating conditions of enterprises, statutory information of listed companies, the real financial statements data can reveal the enterprise's past operating results, the pros and cons of the identification of business, to forecast the future of the enterprise.The article first describes the limitations of the traditional statements and how to improve, then the enterprise value is based on the improved report.KEYW OR D: Financial statements, corporate value,Enterprise value evaluation1 In t r od u c t i on1The meaning of enterprise valueThe enterprise value is accompanied by the emergence of property rights trading market in the 1960s, a concept first proposed by the U.S. regulators. Under market economy conditions, the goods of the enterprise itself is a transaction in the equity market as the commodity stakeholders, including investors, creditors, managers must understand the value of the business. Enterprise value as a commodity currency performance.Analysis of the significance of enterprise valueEnterprises maximize the value of thinking helps to improve the company. Each listed company to meet the interests of all creditors and preferred shareholders as a precondition (the common shareholders by the board of directors to monitor the enterprise to protect their own interests), the greater the enterprise value, the more secure the interests of creditors and preferred shareholders ; value of the enterprise, means that the higher its stock price to the shareholders. return more and more able to attract investors.Evaluate the enterprise value of the role ofEnterprise value evaluation for enterprise managementThe enterprise value maximization as the financial targets in line with the characteristics of the enterprise itself, the enterprise value is the corporate long-term profitability. The enterprise value maximization is reasonable management on corporate finance, the optimal financial policy, and takes full account of the relationship between the time value of money and the risks and rewards on the basis of ensuring the long-term and stable development of total value.Enterprise value evaluation for investment decisionsAccording to the principle of the law of value in the stock market, the enterprise value determines the stock price, stock prices, in essence, the expected judgment is made by the investors in the company's future earnings, cash flow, investment risk around the enterprise value fluctuates, often deviate from the stock's intrinsic value. The market price and value deviation from the regression after a period of adjustment to the enterprise value. Therefore, the enterprise value evaluation, judgment, investors can find and purchase undervalued securities market or enterprise in order to get higher than the market average rate of return of income.2T h e fin a n c i a l sta tem en t s in for m a t i on to r eflect th e en ter p r i s ev a lu eThe enterprise value of performance through the financial statementsThe financial statements are expressed in the statements of the enterprise value through the process and results that reflect the business activities of enterprises.The balance sheet is accounting statements reflect the financial condition of enterprises in a certain point in time to reveal the enterprise value. It's on the left is the value and the totalvalue of the assets of the enterprises have a variety of assets; the right of the liabilities and net assets, in which the liabilities that the creditors should share the share of enterprise value, enterprise value share of the net assets owned by the owner.Financial data and corporate valueFinancial report means a written document of the foreign enterprises reflect a specific date, financial condition and operating results, cash flows and other accounting information of a particular accounting period. The financial report should show at least the following components: (1) balance sheet; (2) the income statement; (3) Cash Flow Statement; (4) changes in owners' equity (or equity); (5) Note.Financial statements for the two basic approaches to the analysis of the enterprise valueRatio analysis and comparative analysisRatio analysis, financial statements related to the amount of contrast, to draw a series of financial indicators with a certain sense, and logical relations, in order to reveal the financial position, operating results and cash flows, an analytical skills, is a modern financial statement analysis is the most important and most commonly used analytical methods, the use of ratio analysis to analyze with simple calculation can be a significant problem characteristics. Ratio analysis and robust, but also has its limitations, if there is no comparable based on financial indicators does not make any sense. Ratio analysis to belong to the static analysis to predict the future is not absolutely reasonable and reliable, but to predict the future but it is a decisive factor for assessing enterprise value.DuPont Financial Analysis SystemDuPont Financial Analysis System (referred to as the DuPont system) because originally founded by the United States DuPont corporate and successful use of named. DuPont System of Financial Analysis is a popular expression, the rate of return on net assets broken down into three parts: sales net profit margin, total asset turnover and equity multiplier. Reflect the profitability of the enterprise asset management efficiency and financial leverage. It is a systematic, convenient way to financial analysis, to explain the reasons for the change and changes in trends, analysis of corporate profitability, operational capacity and capital structure and to take measures specified in the side sentence.3 T h e p r ob lem s of th e t r a d i t i on a l fin a n c i a l sta tem en t a n a l y s i sUnified financial statementsThe financial statements are an important source of information for enterprise valuation, the financial statements for the enterprise value assessment provides a variety of asset data, important information on the earning power of enterprise assets as a whole, the corporate equity capital cash flow ability. It can be said that the financial accounting data is more accurate, the more accurate the results of the assessment of enterprise value. After nearly a century of development, financial reporting system is being perfected the formation of the balance sheet, income statement, cash flow statement, equity changes in the accounting statements to supplement reflecting the financial resources and financial status of four tables note.The limitations of the historical cost principleThe historical cost principle is an important principle of the existing financial accounting, the assets of an enterprise; the actual cost of the various liabilities and so should be according to their achieved or occur. Historical cost is easy to obtain, and has the objectivity and validation features, pricing for long-term use of assets denominated in the value-added goods, and thus the industrial economy era are widely used for accounting practitioners.Accrual principle limitationsThe accrual is one of the pillars of the current accounting principles; the principle is based on the accounting period assumption. The principle of accrual accounting can only confirm that the business is current income has been achieved and has occurred or shall bear the cost of transactions and events have not yet actually occurred, and does not belong to the current income and expenses, you can not confirm.The limitations of monetary measurement principlesThis principle holds that the economic business deal in money as a measure to confirm the accounting treatment is a use of monetary measurement of business activities and results to be passed. With the increasing uncertainty in the business environment, corporate financial information reflected in the currency as the carrier has become increasingly difficult to meet the requirements of policy makers to see the profitability of the business reality requires not only as decision makers, operational information, more hope to reflect ability, creativity and comprehensive competitiveness. User preferences on the information of the same, therefore, the disclosure of the business environment, potential for development and non-monetary information to predict the future, it becomes increasingly important, and measured using thecurrency used in the current financial statements is ignored non-financial information on the quality of accounting information.Indicators of financial statement analysisThe system of financial statement analysis, financial indicators is the main basis for analysis and decision making. Using a series of financial indicators in the financial statements reveal the enterprise value analysis to determine the profitability of the enterprise and the level of risk in order to evaluate the value of the business. However, the existing financial index system is not yet complete, With the further strengthening of the knowledge economy, information economy and globalization, such as human resources, market share, product quality, enterprise value assessment of the important influence of non-financial indicators do not included.The traditional financial statement analysis methodRatio analysis and comparative analysis3.3.2DuPont Financial Analysis SystemDuPont Financial Analysis System (referredto as the DuPont system) because originally founded by the United States DuPont corporate and successful use of named. DuPont System of Financial Analysis is a popular expression, the rate of return on net assets broken down into three parts: sales net profit margin, total asset turnover and equity multiplier. Reflect the profitability of the enterprise asset management efficiency and financial leverage. It is a systematic, convenient way to financial analysis, to explain the reasons for the change and changes in trends, analysis of corporate profitability, operational capacity and capital structure and to take measures specified in the side sentence.4 F in a n c i a l s t a tem en t a n a ly s i s sy stem im p r ov em en tsThe improvement of the financial statementsThe idea of our improved financial and accounting reports on the basis of the current financial reporting system to increase the disclosure of information to meet the assessed needs of enterprise value.Improvement in the analysis of indicators of financial statementsProfitability analysisCorporate profitability assessment into existing profitability, potential profitability, andsustained profitability analysis. The existing profitability of enterprises by the level of profitability, operational efficiency and develop the ability to reflect all the financial indicators. The potential profitability is determined by the growth of the industry and enterprise growth.Enterprise Risk AnalysisDue to the maximization of enterprise value is an abstract goal; there are some flaws in the use of:The value of non-listed companies to determine the degree of difficulty. Through a special assessment (such as the impact of asset evaluation) to determine its value, but the evaluation process by the evaluation criteria and evaluation methods to make valuation difficult to objectively and standards, thus affecting the accuracy and objectivity of the enterprise value. In addition to the business factors, changes in stock prices, but also by factors beyond the control of other companies.An improved method of financial statement analysis.To fully utilize and analyze the cash flow statementQuantitative structural analysis on the basis of the cash flow statement data, to further clear cash inflow, outflow and net flow of the composition. Can be divided into a cash inflow structure to outflow structure, the net cash flow structure and the inflow and outflow structure analysis of four aspects. Quantitative structural analysis data on the structural conditions of the cash flow statement reflects the corporate activities, including operating activities, investing activities, financing activities, the business cash flow contribution amount, to facilitate the users of financial statements to objectively judge the company's cash flow position, forecast the enterprise's future cash flows.5 F in a n c i a l sta tem en t s of th e en te r p r i s e v a lu eCash flow method and the comparison of the relative value of the methodThe cash flow statement cash basis, to provide enterprises a certain accounting period cash and cash equivalents inflow and outflow of information, the ability to obtain cash and cash equivalents in order to report the reader to understand and evaluate enterprise. Some enterprises although larger amounts of net profit, but due to lack of solvency which led to bankruptcy and liquidation. The ultimate goal of production and business activities in order toget more cash. Business success in the long run, depending on the recovery of cash is greater than the degree of consumption or investment in cash. Correspondence analysis, net operating cash flow and net profit can also check the quality of the profit.EVA analysis and relative value method of comparisonEVA is the English abbreviation of Economic Value Added, and can be translated as: capital increase in economic value added economic value or economic value added. EVA index of the basic idea is: rational investors look forward to the opportunity cost of gains exceed its assets by the cast of assets, namely, to obtain the incremental benefit.6 F in a n c i a l a n a l y s i s of th e en ter p r i se v a lu eEnterprise value evaluation methodDiscounted cash flow methodCash flows for the state of the business impact analysis:Sources of cash that is, the ratio of operating activities, investing activities, financing activities Net cash flow /Total sources of cash ×100%.This ratio shows the proportion of the source of all their cash flows to reflect the development of enterprises need of a cash flow from the source of funds dependence.Relative value of the methodRelative value of the method uses the ratio valuation method you first need to select a group of comparable companies, will need to calculate the ratio of this group mean or median as a benchmark rate, and then pricing the company's actual rate value and the base rate values were compared, to reflect the company whether there is "intrinsic value".7 C on c lu s i on sThrough the analysis of the above financial information and the following conclusions:In general, all ratios tools error of plus or minus is not clear, but the mean measure of the deviation to be more accurate than the median measure of deviation.Ratio results of the assessment of the value of the company when excluding non-tradable shares and the value contains the non-tradable shares assessment results are not totally consistent. Contains the non-tradable shares of the company valuation, based on the higheraccuracy of the ratio of the asset's carrying amount and the total profit, while the lowest operating profit ratio accuracy. Assessment of the total value contains the non-tradable shares, based on the lowest accuracy of the main business profit and operating profit ratio, based on the higher accuracy of the ratio of main business income and total profit.基于财务报表分析企业价值Z B abic, N Plaziba t摘要随着市场经济的不断发展，越来越多的人开始注意到企业价值的重要性，并且开始对企业的价值进行研究，而且是以财务报表作为价值研究的基础，并对企业有重大的影响，所以基于财务报表对企业价值的研究对企业价值管理有重要的意义。
企业盈利质量分析中英文对照外文翻译文献
企业盈利质量分析中英文对照外文翻译文献企业盈利质量分析中英文对照外文翻译文献企业盈利质量分析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：Measuring the quality of earnings1. IntroductionGenerally accepted accounting principles (GAAP) offer some flexibility in preparing the financial statements and give the financial managers some freedom to select among accounting policies and alternatives. Earning management uses the flexibility in financial reporting to alter the financial results of the firm (Ortega and Grant, 2003).In other words, earnings management is manipulating the earning to achieve a企业盈利质量分析中英文对照外文翻译文献predetermined target set by the management. It is a purposeful intervention in the external reporting process with the intent of obtaining some private gain (Schipper, 1989).Levit (1998) defines earning management as a gray area where the accounting is being perverted; where managers are cutting corners; and, where earnings reports reflect the desires of management rather than the underlying financial performance of the company.The popular press lists several instances of companies engaging in earnings management. Sensormatic Electronics, which stamped shipping dates and times on sold merchandise, stopped its clocks on the last day of a quarter until customer shipments reached its sales goal. Certain business units of Cendant Corporation inflated revenues nearly $500 million just prior to a merger; subsequently, Cendant restated revenuesand agreed with the SEC to change revenue recognition practices. AOL restated earnings for $385 million in improperly deferred marketing expenses. In 1994, the Wall Street Journal detailed the many ways in which General Electric smoothed earnings, including the careful timing of capital gains and the use of restructuring charges and reserves, in response to the article, General Electric reportedly received calls from other corporations questioning why such common practices were“front-page〞 news.Earning management occurs when managers use judgment in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of the company or to influence contractual outcomes that depend on reported accounting numbers (Healy and Whalen, 1999).Magrath and Weld (2002) indicate that abusive earnings management and fraudulent practices begins by engaging in earnings management schemes designed primarily to “smooth〞 earnings to meet internally or externally imposed earnings forecasts and analysts’ expectations. Even if earnings management does not explicitly violate accounting rules, it is an ethically questionable practice. An organization that manages its earnings sends a企业盈利质量分析中英文对照外文翻译文献message to its employees that bending the truth is an acceptable practice. Executives who partake of this practice risk creating an ethical climate in which other questionable activities may occur. A manager who asks the sales staff to help sales one day forfeits the moral authority to criticize questionable sales tactics another day.Earnings management can also become a very slippery slope, which relatively minor accounting gimmicks becoming more and more aggressiveuntil they create material misstatements in the financial statements (Clikeman, 2003)The Securities and Exchange Commission (SEC) issued three staff accounting bulletins (SAB) to provide guidance on some accounting issues in order to prevent the inappropriate earnings management activities by public companies: SAB No. 99 “Materiality〞, SAB No. 100 “Restructuring and Impairment Charges〞 and SAB No. 101 “Revenue Recognition〞.Earnings management behavior may affect the quality of accounting earnings, which is defined by Schipper and Vincent (2003) as the extent to which the reported earnings faithfully represent Hichsian economic income, which is the amount that can be consumed (i.e. paid out as dividends) during a period, while leaving the firm equally well off at the beginning and the end of the period.Assessment of earning quality requires sometimes the separations of earnings into cash from operation and accruals, the more the earnings is closed to cash from operation, the higher earnings quality. As Penman (2001) states that the purpose of accounting quality analysis is to distinguish between the “hard〞 numbers resulting from cash flows and the “soft〞 numbers resulting from accrual accounting.The quality of earnings can be assessed by focusing on the earning persistence; high quality earnings are more persistent and useful in the process of decision making.Beneish and Vargus (2002) investigate whether insider trading is informative about earnings quality using earning persistence as a measure for the quality of earnings, they find that income-increasing accruals are significantly more persistent for firms with abnormal insider buying and significantly less persistent for firms with abnormal insider selling, relative to firms which there is no abnormal insider trading.Balsam et al. (2003) uses the level of discretionary accruals as a direct measure企业盈利质量分析中英文对照外文翻译文献for earning quality. The discretionary accruals model is based on a regression relationship between the change in total accruals as dependent variable and change in sales and change in the level of property, plant and equipment, change in cash flow from operations and change in firm size (total assets) as independent variables. If the regression coefficients in this model are significant that means that there is earning management in that firm and the earnings quality is low.This research presents an empirical study on using three different approaches of measuring the quality of earnings on different industry. The notion is; if there is a complete consistency among the three measures, a general assessment for the quality of earnings (high or low) can be reached and, if not, the quality of earnings is questionable and needs different other approaches for measurement and more investigations and analysis.The rest of the paper is divided into following sections: Earnings management incentives, Earnings management techniques, Model development, Sample and statistical results, and Conclusion.2. Earnings management incentives 2.1 Meeting analysts’ expectations In general, analysts’ expectations and company predictions tend to address two high-profile components of financial performance: revenue and earnings from operations.The pressure to meet revenue expectations is particularly intense and may be the primary catalyst in leading managers to engage in earning management practices that result in questionable or fraudulent revenue recognition practices. Magrath and Weld (2002) indicate that improperrevenue recognition practices were the cause of one-third of all voluntary or forced restatements of income filed with the SEC from 1977 to 2000. Ironically, it is often the companies themselves that create this pressure to meet the market’s earnings expectations. It is common practice for companies to provide earnings estimates to analysts and investors. Management is often faced with the task of ensuring their targeted estimates are met.企业盈利质量分析中英文对照外文翻译文献Several companies, including Coca-Cola Co., Intel Corp., and Gillette Co., have taken a contrary stance and no longer provide quarterly and annual earnings estimates to analysts. In doing so, these companies claim they have shifted their focus from meeting short-term earnings estimates to achieving their long-term strategies (Mckay and Brown, 2002).2.2 To avoid debt-covenant violations and minimize political costs Some firms have the incentive to avoid violating earnings-based debt covenants. If violated, the lender may be able to raise the interest rate on the debt or demand immediate repayment. Consequently, some firms may use earnings-management techniques to increase earnings to avoid such covenant violations. On the other hand, some other firms have the incentive to lower earnings in order to minimize political costs associated with being seen as too profitable. For example, if gasoline prices have been increasing significantly and oil companies are achieving record profit level, then there may be incentive for the government to intervene and enact an excess-profit tax or attempt to introduce price controls.2.3 To smooth earnings toward a long-term sustainable trendFor many years it has been believed that a firm should attempt to reduce the volatility in its earnings stream in order to maximize share price. Because a highly violate earning pattern indicates risk, therefore thestock will lose value compared to others with more stable earnings patterns. Consequently, firms have incentives to manage earnings to help achieve a smooth and growing earnings stream (Ortega and Grant, 2003).2.4 Meeting the bonus plan requirementsHealy (1985) provides the evidence that earnings are managed in the direction that is consistent with maximizing executives’ earnings-based bonus. When earnings will be below the minimum level required to earn a bonus, then earning are managed upward so that the minimum is achieved and a bonus is earned. Conversely, when earning will be above the maximum level at which no additional bonus is paid, then earnings are managed downward. The extra earnings that will not generate extra bonus this current period are saved to be used to earn a bonus in a future period.。
财务管理财务分析中英文对照外文翻译文献
覆盖大量的可供选择的债券工具。由于债券市场的改革，出现了由企业发行的可供选择形式的债券工具。在第15章中，向你介绍了三种工具。我们然后致力于第一章提出的由企业负债发行的最具流动性的可供选择企业债券，企业首次发行的资产有价证券。
(文档含英文原文和中文翻译)
附录A
财务管理和财务分析作为财务学科中应用工具。本书的写作目的在于交流基本的财务管理和财务分析。本书用于那些有能力的财务初学者了解财务决策和企业如何做出财务决策。
通过对本书的学习，你将了解我们是如何理解财务的。我们所说的财务决策作为公司所做决策的一部分，不是一个被分离出来的功能。财务决策的做出协调了企业会计部、市场部和生产部。
1财务管理与分析的介绍
财务是经济学原理的应用的概念，用于商业决策和问题的解决。财务被认为有三部分组成：财务管理，投资，和金融机构：
■财务管理有时被称为公司理财或者企业理财。财务的范围就企业单位的财务决策的重要性划分的。财务管理决策包括保持现金流平衡，延长信用，获得其他公司借款，银行的借款和发行股票和基金。
覆盖项目租赁和项目资金融资。我们提供深度的项目租赁的内容在本书的第27章，阐明项目租赁的利弊，你在本书中会频繁的看到和专业的项目资金融资。项目融资的增长十分重要不仅对企业而言，对为了追求发展基础设施的国家也十分的重要。在第28章，本书提供了便于理解项目融资的基本原理。
早期介绍衍生工具。衍生工具（期货、交换物、期权）在理财中发挥着重要作用。在第4章向你介绍这些工具。而衍生工具被看作是复杂的工具，通过介绍将让你明确它们的基础投资工具特征。在早期介绍的衍生工具时，你可以接受那些评估隐含期权带来的困难（第9章）那些在资本预算中隐含的期权（第14章），以及如何运用隐含期权来减少成本及负债（第15章）。
财务报表分析中英文对照外文翻译文献
文献信息文献标题: The Need Of Financial Statement Analysis In A Firm or0 rgnization(企业或机构财务报表分析的必要性)国外作者: Suneetha G 文献出处:《International Journal of Science Engineering and Advancel Technology (.JSEAT)) 2017, 5(6): 731-735字数统计:2541单词,15110字符;中文4377汉字外文文献:The Need Of Financial Statement AnalysisIn A Firm Or An Orgnization Abstract Financial statement analysis play a dominate role in setting the frame watt of managerial decisions through analysis and interpretation of financial statement This paper discusses about financial , strength and weakness of the company by properly establishing relationship between the items of balance shed and profit and loss account. In order to judge the profitability and financial soundness of the company horizontal, and vertical analyze or done. The various technique used in analyzing financial statement included 'comparative statement, common size statement, trend analysis and ratio analysis. The results suggest that the ratio approach is a highly useful tool in financial statement analysis, especially when a set of ratios is used to evaluate a firm's performanceKey words: Financial statement analysis, to evaluate a firm's performance Comparative statement. Common size statement, trend analysis and ratio analysis1 Introductionhe basis for financial analysis planning and decision making is financiainformation/a business firm has to prepares its financial accounts viz.. balance sheet profit and loss account which provides useful financial information for the purpose of decision making Financial information is needed to predict. Compare and evaluate the fin's earnings ability. The formers statements viz. profit and loss account shows that operating activities of the concern and the later balance sheet depicts the balance value of the acquired assets and of liabilities at a particular point of time. However these statements don't disclose all of the necessary for ascertaining the financial strengths and weaknesses of an enterprise. it is necessary to analyze the data depicted n the financial statements. The finance manager has certain analytical tools which helps is financial analysis and planning. [Doron nissim, stephen h. Penman, (2003) Financialstatement Analysis of Leverage and How it Informs About Profitability and Price-to-book Ratios. Survey of Accounting Studies. Kluwer Academic PublishersAs per examine by Dissim. StephePenman' on Financia proclamation investigation of Leverage and how it illuminates about gainfulness and cost to book proportions, money related explanation examination that recognizes use that emerges in financing exercises from use that emerges in operations. The examination yields two utilizing conditions. one for getting to back operations and one for obtaining over the span of operations. This examination demonstrates that the budgetary explanation investigation clarifies cross-sectional contrasts in present and future rates of return and additionally cost to-snare proportions, which depend onexpected rates of profit for value. This investigation helps in understandorkins influence contrasts in productivity in the cross-areas. changes in future productivity from current benefit and legally binding working liabilities from evaluated liabilities Yating Van, HW. Chuang, (2010) Financial Ratio Adjustment Process: Evidence from Taiwan and North America, ISSN 1450-2887 Issue 43 (2010)0 Euro Journa Publishing Inc. 20102. Financial statements analysisprocess of identifying the financial strengths and weaknesses of a firm from the available accounting data and financial statements. The analysis is done by properly establishing the relationship between the items of balance sheet and profitnd loss account. The first task of the financial analyst is to determine the information relevant the decision under consideration from the total information contained in financial statement. The second step is to arrange information in a way to highlightsignificant relationships. The final step is interpretation and drawing of infed conclusions. Thus financial analysis is the process of selection, relating and evaluation of the accounting data or informationPurpose of financial statements analysis Financial statements analysis is the meaningful interpretation of 'financial statements for panics demanding financial information. It is not necessary for the proprietors alone. In general, the purpose of financial statements analysis is to aidmaking between the users of accounts To evaluate past performance and financial position To predict future performance Tools and techniques of financial analysis Comparative balance sheet common size balance shee Trend analysis Ratio analysis Comparative balance sheet Comparative financial statements is a statement of the financial position of a business so designed as to facilitate comparison of different accounting variables for drawing useful inferences. Financial statements of two or more business enter prices may be compared over period of years. This is known as inter firm comparison Financial statements of the particular business enter pries may be compared over two periods of years. This is known inter period comparisonCommon size statements It facilities the comparison of two or more business entities with a commonbase .in case of balance sheet, total assets or liabilities or capital can be taken ascommon base. These statements are called common measurements or components percentage or 100 percent statements. Since each statement is representated as a %ofthe total of 100 which in variably serves as the baseIn this manner the announcements arranged to draw out the proportion of every benefit of risk to the aggregate of the monetary record and the proportion of every thing of cost or incomes to net deals known as the basic size articulationsPattern investigation Even examination of money related explanations can likewise be completed by figuring pattern rates. Pattern rate expresses quite a long while's budgetary formation as far as a base year. The base year rises to 100 % with every single other year expressed in some rate of this baseProportion investigation Proportion investigation is the technique or process by which the relationship of things or gatherings of things in the budgetary proclamations are registered. decided and introduced. Proportion investigation is an endeavor to determine quantitative measures or aides concerning the money related wellbeing and benefit of the business nture. Proportion investigation can be utilized both in pattern and static examinationhere are a few proportions at the examiner yet the gathering of proportions he wouincline toward relies upon the reason and the destinations of the investigationBookkeeping proportions are viable apparatuses of examination; they are pointers of administrative and over all operational productivity. Proportions, when appropriately utilized are fit for giving valuable data. proportion examination characterized as the deliberate utilization of proportions to decipher the money related explanations with the goal that the qualities and shortcomings of a firm and in addition its chronicled execution and current monetary condition can be resolved the term proportion alludes to the numerical or quantitative connection between things factors this relationship can be communicated as (Fraction (2)Percentages (3)Proportion of numbers These option strategies for communicating things which are identified with eacstigation,examination. It ought to be seen that processing the proportion does not include data in the figures of benefit or deals. What the proportions do is that they uncover the relationship in a more important manner in order to empower us to reach inferences from th As indicated by look into by the Yating yang and 11. W. Chuang. on 'Monetary Ratio Adjustment Process: Evidence from Taiwan and North America. measurable legitimacy of the proportion strategy in monetary articulation examination is researched. The outcomes hence recommend that the proportion approach is a valuable instrument in monetary explanation investigation, particularly when an arrangement of proportions is utilized to assess an association's execution. The straightforwardness of this strategy additionally underpins the utilization of proportions in money related basic leadership3.Money related proportions in perspective of GAAGAAP is the arrangement of standard systems for recording business exchanges and detailing accounting report passages. The components of GAAP incorporatethings onetaryd. and how to ascertain exceptional offer estimations. The models fused into (MAP give general consistency in assumes that are thusly used to ascertain imperative money related proportions that financial specialists and investigators use to assess the organization. Indeed, even agreeable monetary records can be trying to unravel, yet without a framework characterizing every class of section, corporate money related articulations would be basically dark and uselessThere are seven fundamental rule that guide the foundation of the Generall Accepted Accounting Principles. The standards of normality, consistency, perpetuality and genuineness go towardsurging organizations to utilize the legitimate bookkeeping hones quarter after quarter in a decent confidence push to demonstrate the genuine money related state of the organization. None remuneration judiciousness and progression build up rules for how to set up a monetary record, by and large to report the budgetary status of the organization as it is without treatin resources in irregular ways that distort the operations of the organization just to balance different sections. The rule of periodicity basic implies that salary to be gotten extra time ought to be recorded as it is booked to be gotten, not in a singular amountThe brought together arrangement of bookkeeping in this manner has various advantages. Not exclusively does it give a specific level of straightforwardness into an organization's funds. it likewise makes for generally simple examinations between organizations. Subsequently, GAAPempowers venture by helping financial specialists pick shrewdly. GAAP gives America organizations preference over remote ones where financial specialists, unless they have a cozy comprehension of the business may have a great deal more trouble figuring the potential dangers and prizes of a venture. GAAP applies to U.S.-based enterprises just, however every other real nation has bookkeeping measures set up for their local organizations. Now and again remote bookkeeping is genuinely like U.S. GAAP, changing in just minor and fectively represented ways. In different cases, the models change fundamentally aking direct examinations questionable, best case scenarioAdvantages and Limitations of Financial Ratio Analysis Financial ratio analysis is a useful tool for users of financial statement. It hasFocal pointselated proclamations It helps in contrasting organizations of various size and each other. It helps in drift examination which includes looking at a solitary organization over a period It highlights imperative data in basic frame rapidly. A client can judge an organization by simply taking a gander at few number as opposed to perusing of the entire monetary explanationsRestrictions Regardless of convenience, finance.ial proportion examination has a few burdens Some key faults of budgetary proportion examination areDifferent organizations work in various enterprises each having distinctive natural conditions, for example, control, showcase structure, and so on. Such factors curve so huge that a correlation of two organizations from various ventures may beecelvilFinancial bookkeeping data is influenced by assessments and presumptions Bookkeeping principles permit diverse bookkeeping arrangements, which disables likeness and subsequently proportion examination is less helpful in suchcircumstancesRatio investigation clarifies connections between past data while clients are more worried about present and future datThe investigation helps for breaking down the alteration procedure of moneelated proportionsmodel states three impacts which circular segment an association's interior impact, expansive impact, and key administration. It encourages(That a company's budgetary proportions reflect unforeseen changes in the business(2)Active endeavors to accomplish the coveted focus by administration and (3)An individual association's money related proportion developmentMonetary proclamations investigation is the way toward looking at connections among components of the organization's "bookkeeping articulations" or money related explanations (accounting report, salary articulation. proclamation of income and the announcement of held profit) and making correlations with pertinent data. It is a significant instrument utilized by financial specialists. leasers, monetary investigators proprietors. administrators and others in their basic leadership handle The most well known sorts of money related explanations examination curveHorizontal Analysis: monetary data are thought about for at least two years for a solitary organizationVertical anaery thing on a solitary monetary explanation is figured as a rate of an aggregate for a solitary organizationRatio Analysis: analyze things on a solitary budgetary articulation or look at the connections between things on two monetary proclamationsMoney related proportions examination is the most widely recognized type o budgetary explanations investigation. Monetary proportions delineate connections between various parts of an organization's operations and give relative measures of the company's conditions and execution. Monetary proportions may give intimationsand side effects of the money related condition and signs of potential issue regionsby and large holds no importance unless they are looked at against something else, as past execution, another organization/contender or industry normal. In this way, the proportions of firms in various enterprises, which confront distinctive conditions, are generally difficult to analyzeMoney related proportions can be a critical instrument for entrepreneurs and dministrators to gauge their advance toward achieving organization objectives, an toward contending with bigger organizations inside an industry; likewise, followin different proportions after some time is an intense approach to recognize patterns Proportion examination, when performed routinely after some time, can likewise give assistance independent ventures perceive and adjust to patterns influencing their operationsMoney related proportions are additionally utilized by financiers. Speculators and business experts to survey different traits of an organization's monetary quality or working outcomes, this is another motivation behind why entrepreneurs need to comprehend money related proportions in light of the fact that, all the time, a business' capacity to get financing or value financing will rely upon the organization's budgetary proportions. Money related proportions are ordered by the monetary part of he business which the proportion measures. Liquidity proportions look at the ccessibility of organization's money to pay obligation. Productivity proportions measure the organization's utilization of its benefits and control of its costs to create a satisfactory rate of return. Use proportions look at the organization's techniques for financing and measure its capacity to meet budgetary commitments. Productivity proportions measure how rapidly a firm changes over non-money resources for money resources. Market proportions measure financial specialist reaction to owning an organization's stock and furthermore the cost of issuing stockProportion Analysis is a type of Financial Statement Analysis that is utilized acquire a snappy sign of an association's money related execution in a few key territories. Proportion investigation is utilized to assess connections among money related proclamation things. The proportions are utilized to distinguish inclines after some time for one organization or to look at least two organizations at one point in ime. Money related explanation proportion investigation concentrates on three key parts of a business: liquidity, benefit, and dissolvability The proportions are sorted as Short-term Solvency Ratios, Debt MaRatios and Asset management Ratios. Productivity Ratios, and Market Value ratios Proportion Analysis as an instrument has a few vital elements. The information, which are given by budgetary proclamations. are promptly accessible. The calculation of proportions encourages the examination of firms which contrast in measure oportions can be utilized to contrast anassociation's money related execution and industry midpoints. What's more, proportions can be utilized as a part of a type of ttern investigation to recognize zones where execution has enhanced or crumbled after some time. Since Ratio Analysis depends on bookkeeping data, its adequacy is restricted by the bends which emerge in budgetary explanations because of such things as Historical Cost Accounting and swelling. Thusly, Ratio Analysis should just be utilized as an initial phase in money related examination, to get a snappy sign of an association's execution and to distinguish territories which should be explored further.中文译文:企业或机构财务报表分析的必要性摘要财务报表分析在制定管理决策框架方面起着主导作用,其方法是通过对财务报表进行分析和解释。
企业财务状况评价外文文献及翻译
企业财务状况评价外文文献及翻译摘要本文通过对国内外财务状况评价相关外文文献的调研和翻译，总结了不同学者对企业财务状况评价的方法和指标，以及其对企业经营决策和风险管理的影响。
同时，还分析了现有文献中的研究局限，并提出了相应的进一步研究方向。
引言企业财务状况的评价在企业经营决策和风险管理中具有重要的作用。
随着全球经济的不断发展，企业财务状况评价的方法和指标也得到了不断的完善和更新。
本文旨在通过对国内外相关文献的调研和翻译，探讨企业财务状况评价的相关内容。
方法本文通过检索相关数据库和学术期刊，筛选了一批与企业财务状况评价相关的外文文献。
然后，进行了文献综述和内容翻译，并总结出其中的关键信息和研究成果。
结果1. 企业财务状况评价方法根据文献翻译和分析，目前学者们在企业财务状况评价方面主要采用以下方法：- 财务比率分析：通过对企业财务报表的比率分析，评估企业的偿债能力、盈利能力、运营效率等方面的状况。
- 资产负债表分析：通过对企业资产负债表的分析，揭示企业的资产结构、债务水平和净资产价值等方面的情况。
- 现金流量分析：通过对企业现金流量表的分析，探讨企业的现金流入流出情况以及可持续性问题。
- 经验判断和专家评估：通过对企业经营情况的判断和专家的评估，综合考虑多个因素对企业财务状况的影响。
2. 企业财务状况评价指标研究发现，在企业财务状况评价中，常用的指标包括：- 流动比率：反映企业短期偿债能力的指标。
- 速动比率：更加严格地评估企业短期偿债能力的指标。
- 盈利能力指标：如净利润率、毛利率等，用于评估企业的盈利水平。
- 储蓄比率：评估企业的盈利再投资能力的指标。
- 负债比率：反映企业债务水平和承担风险的指标。
3. 对企业经营决策和风险管理的影响学者们的研究表明，企业财务状况评价对企业经营决策和风险管理有重要影响。
合理评估企业财务状况可以帮助企业制定更加科学的经营决策，提高企业效益和竞争力。
同时，对企业财务状况的评价还可以帮助企业及时发现和应对潜在的经营风险，降低经营风险带来的不确定性。
基于经济增加值(EVA)的公司价值评估外文文献翻译最新译文
文献出处: Fernandez P. The company valuation based on the economic value added (EV A) [J]. European Journal of Business and Management, 2015, 5(3): 98-109.原文The company valuation based on the economic value added (EV A)Fernandez PAbstractThe traditional performance indicators without considering equity capital cost inherent deficiency Limit, can't measure the value of the new creation, cannot accurately reflect the change of shareholder wealth, unable to assess the real value of the enterprise, can make a scientific evaluation of value-added performance appraisal system is particularly urgent. Stemstewart consulting firm founded by the United States EV A (Economic Value Added, EV A) Value management performance evaluation method, overcome the deficiency of the traditional performance indicators, including the equity capital cost will be deducted from the calculation, the full cost of debt capital cost, expenses, reflecting the company in a certain period to create Value for shareholders. After promotion and application of the discount valuation model based on EV A and traditional derivative EV A value evaluation model arises at the historic moment, made from the perspective of shareholder wealth growth assessment of enterprise value to become a reality, and achieved remarkable achievement in some famous enterprises in the west.Keywords: Value of the company; Value of the investment; Economic value added (EV A); Value evaluation1 IntroductionDue to the generalization of listed companies, the mutual fusion strategy theory and financial theory, and corporate reliance on monetary market and capital market, forcing management is undergoing a revolution, which closely around the center, "value" to create more wealth for shareholders, enterprise management into on the basis of value, in order to realize the enterprise value maximization as the objective point of view is becoming more and more widely recognized. From the aspect of shareholders' equity, shareholders' wealth can be defined as the product of stockquantity and stock price, shareholder value is an important part of enterprise value, shareholder value will cause the increase or decrease of the enterprise value, increase or decrease of shareholders' wealth maximization is equal to the enterprise value maximization, realizes the shareholder wealth maximization is maximize the enterprise value. According to effective capital market theory, in strong type of capital market, decided to stock value, enterprise value and stock value decided to stock prices or stock prices always fluctuating around the value, therefore, the enterprise value determines the enterprise's share price, namely the enterprise market value. For investors, when the stock price is higher than the value, investors can sell stocks, make its prices tend to value; similarly, when the stock price is lower than the value, investors can buy shares, make its prices tend to value. For managers, whether to create value for the enterprise, can be tested in the market, the value was temporarily undervalued stocks have performance support, found later by the market, prices will go hand in hand with the value of the company. Obviously, how to accurately determine the true value of a company, the relationship between the market price of the value of the company and the company have become an enterprise owners, managers, and venture capitalists primary focus. Classic theory of enterprise value is pointed out that the enterprise value is equal to the invested capital and future new discount the value of the sum, from a wider field of vision about the enterprise value is the new value of the sum of the discount. This requires establishing scientific evaluation of value and value-added performance appraisal system, to measure the company's performance indicators must be able to reflect the company to create value for shareholders, standing in the perspective of shareholders to redefine the "profits”. Equity capital is the cost, obviously, the company to create value for shareholders should be minus all the costs include the cost of equity capital, relief is reasonable.2 Literature reviewIn the early 1920 s, American general motors company will introduce the EV A thought the company management, then once forgotten. In the 1980s, consulting company (Stemtewart&Co.) reintroduced to the ideas of the value assessment and company in the field of management, put forward the economic value added (EV A)index, to evaluate a firm's ability to create shareholder wealth. The Real Key To Creating Wealth (AIEhrbar, 1998), and other comprehensive expounds The theoretical value of EV A and in some companies use The model of case, think that EV A is a revolution of modern company management, performance evaluation is The correct way. Belmett Stewart found that EV A is a useful management tool; it has been internationally recognized as a corporate governance standards. EV A is a integrated analysis framework of financial management and incentive compensation of important indicators. EV A by providing such a framework that can reconfigure resources for the company, customers, employees, shareholders and managers to create lasting value. Tullv (1993) suggested that EV A as "the most popular financial indicators", points out that there are three ways to improve EV A: first, under the condition of without increasing capital gain more profit. Secondly, use less capital. Third, the capital invested in high return projects. Byme (1996) using regression model is examined and EV A and market value net operating profit after tax (NORAI,) the relationship between, when considering EV A and market value changes, the change of EV A explained 55% of the market value change. Chenand Dodd (1997) studied the accounting index (earnings per share, return on assets and equity yield) and residual income, as well as a variety of different and related to EV A index in the ability to explain stock returns, results show that the EV A index in explaining stock returns than other accounting index has better performance. Discussion in the calculation of the added value of economic indicators, whether need to adjust accounting course treatment is a bigger one argument EV A index research topic. Such as Biddle at (1997), the results show that the ability of the interpretation of the added value of economic indicators to 41.4% before the adjustment, and adjusted to explain ability of around 41.5%.Practice compromise methods used at present, only adjust some important projects. To adjust EV A calculation program of study (schouten, consultancy, concluded that too much adjustment not only takes much cost but also not conducive to the widespread use of EV A. Fortune magazine (Fortune) more to increase the economic value as the key of "wealth", and since 1993, reported by stemstewart&Co. 1000 large enterprises economic increase value. Giant Druckermanagement (Pcter Drucker) is also in the Harvard management review in 1995, said: "in the present various kinds of factors to measure the overall production method, EV A reflects all aspects of value management."3 Enterprise valueWith understanding of enterprise management goal of optimization, the understanding has been basically consistent, namely around the value maximization goal, according to the change in the environment, science and configuration of internal and external resources, enhance the initiative of the organization and strain capacity, and ultimately create more wealth for investors. Now popular value investment idea is a key concept based on the enterprise value. This article recommended investors to focus on and study the intrinsic value of listed companies, to evaluate the operation of listed companies, which have an objective understanding to the enterprise performance. Therefore, enterprise value theory of historical evolution and the connotation of enterprise value, is the first thing we need to know and clarify. In fact, the emergence of the theory of enterprise value is not only the strategic goal of enterprise and decision-making on the basis of the standard, and unified the short-term profits and enterprise long-term development and the relationship between the shareholders overall revenue, in order to promote the sustained and healthy development of enterprises, and prompted investors to scientific and rational investment.3.1 The various forms of the value of the companyThe value of the company is a company as a study object, is the enterprise characteristics, functions meet the demand of users, the relationship between the enterprise value of subjective color, clearly define the connotation of the value of the company to become the starting point of value evaluation research. The same enterprise will be due to the different main body needs, preferences and judgment, will present a different assessment. In order to clarify the concept, the different forms of enterprise value, book value, fair market value, intrinsic value and market value compares and analyses the several forms of the introduction of this paper studies the connotation of the value of the company.(l) The book valueThe book value of the company (Book Value) is the accounting value of the balance sheet reveals. With the company's books Value to represent the company is based on the assumption, that is, the value of a company is all investors (including creditors and shareholders) for the company's assets the value of the claim. Company's book value in accordance with the requirements of objectivity and caution, measured on the basis of historical cost accounting value. First of all, because is based on the historical cost valuation of assets in the financial report, m unchanged for a long time, ignoring inflation, factors such as technology innovation, make the book value over time, increasingly deviated from its true value, and management and investors the relevance of information needed. Second, the balance sheet reflect the assets of the company is formed by past transactions and events, from the point of view of investment, how much more attention in the future to create profits, that is the essential attribute of assets. Finally, due to the accountant processing limits, many have important value of the non-monetary information cannot be reflected, but also because there is no deduction of equity capital cost, cannot reflect the investment risk, thus greatly reduced the usefulness of the book value. Rarely used alone, in fact, the book value assessment, but investors can take advantage of the book value and the reference of other factors to make a rough estimate, the enterprise value of assets income function make basic judgment.(2) The fair market valueAccording to the international accounting standards and international standards set by the assessment criteria committee, from the fairness of market transaction and the point of trading, the fair value refers to the buyers and sellers on the basis of fully understand the relevant information, in the absence of any pressure to trading, the price of this definition is based on the visible strict business market, capital market hypothesis. Compared to traditional accounting historical cost measurement attribute, fair value reflects the present value, its essence is a kind of based on the evaluation of market information, the value that is associated with the current situation of enterprise management, is the market rather than other subjects for the cognizance of the valueof assets and liabilities, therefore appraiser and transaction both sides emphasizes a concept.(3) The intrinsic valueThe company's intrinsic value refers to the company for the foreseeable future the present value of the expected to produce revenue. Compared with other value idea, the company's intrinsic value is existed in the enterprise internal essential growth ability, profit ability, belongs to a kind of objective nature of enterprises, but the intrinsic value is the objective evaluation and subjective, mainly through the number and distribution on the future earnings of scientific prediction, reasonable choice of discount rate discount, these predictions are based on the company's operating situation, the management level, the trend of growth, profitability, etc., and consider some external predictive factors, therefore has the obvious subjective color. Even so, if the proper evaluation method, on the basis of abundant information, effectively within the company to carry on the investment decision to share, or deal with the problem related to the future and subjectivity, is still of great reference value.(4) The company's market valueFor listed companies, the company's Market value (Market, T-shirt) is a stock Market value and the sum of the debt markets, if the Market value as the company's real value must be strong and effective capital Market is the precondition of, that is, all of the public information included in stocks and bonds in the Market prices fully reflect. Value investment theory is the main representative of graham, Mr. Buffett pointed out that the stock price is influenced by various factors, such as the company's performance is one of important factors, poor performance in the stock market, the situation of the high price, and a strong capital market completely after all is a kind of ideal condition, especially in China, so the company's market value cannot effectively reflect the value of the company.3.2 The theory basis of enterprise value assessment(1) Capital budgeting evaluation theoryCompany value evaluation thoughts can be traced back to the beginning of the 20th century. Fisher's capital value. Fisher in 1906 in the capital and the income of thenature of the monograph comprehensively expatiate the relationship between capital and income and the source of value, laid the theoretical basis of modern company valuation. Fisher believes that people's monetary income, can show the wages, dividends, rent, interest and profit, etc. Sometimes money income is not the same as real income in people's lives (the actual consumption enjoy), depending on the currency income, and the comparison of actual consumption amount. Part of the monetary income is greater than the actual consumption if deposited in Banks or buy bonds to invest, it is converted into capital, and the future can be achieved when interest or investment income, so capital is the present value of future income present value, in other words, the value is the capitalization of the future income.(2) The value assessment theoryAmerican economist Annie and miller in view of existing problems of fisher, "uncertainty" pioneering into the enterprise value assessment theory system, and the enterprise value and the relationship between the capital structure of the classic expatiates that plagued the enterprise value evaluation theory of "mystery" capital structure have a certain degree of cracking, laid the foundation of modern theories of enterprise value evaluation. In the analysis of capital structure due to the "tax shield effect" has always been the debt as a core variables into consideration, make up the fisher capital value evaluation methods of enterprise existence as an investment defects, correct the company value maximization has nothing to do with the shareholders' equity and debt capital cost of error, is the "right" to reveal the real business situation of enterprises, and the average cost of capital for enterprise to carry on the correct definition, make the discount cash flow evaluation method has become the mainstream of enterprise value assessment methods, entered the practical stage. Their research in the history of enterprise value evaluation has played a role in inheriting and authentic.译文基于经济增加值(EV A)的公司价值评估Fernandez P摘要传统业绩指标由于没有考虑股本资本成本等固有缺限，不能衡量新创造的价值，不能准确反映股东财富的变化，无法评估企业的真实价值，使建立能对价值增值进行科学评价的业绩考核体系就显得尤为迫切。
财务报表分析外文文献及翻译
财务报表分析外⽂⽂献及翻译Review of accounting studies,2003,16(8):531-560 Financial Statement Analysis of Leverage and How It Informs About Protability and Price-to-Book RatiosDoron Nissim, Stephen. PenmanAbstractThis paper presents a ?nancial statement analysis that distinguishes leverage that arises in ?nancing activities from leverage that arises in operations. The analysis yields two leveraging equations, one for borrowing to ?nance operations and one for borrowing in the course of operations. These leveraging equations describe how the two types of leverage affect book rates of return on equity. An empirical analysis shows that the ?nancial statement analysis explains cross-sectional differences in current and future rates of return as well as price-to-book ratios, which are based on expected rates of return on equity. The paper therefore concludes that balance sheet line items for operating liabilities are priced differently than those dealing with ? nancing liabilities. Accordingly, ?nancial statement analysis that distinguis hes the two types of liabilities informs on future pro?tability and aids in the evaluation of appropriate price-to-book ratios.Keywords: financing leverage; operating liability leverage; rate of return on equity; price-to-book ratioLeverage is traditiona lly viewed as arising from ?nancing activities: Firms borrow to raise cash for operations. This paper shows that, for the purposes of analyzing pro?tability and valuing ?rms, two types of leverage are relevant, one indeed arising from ?nancing activities b ut another from operating activities. The paper supplies a ?nancial statement analysis of the two types of leveragethat explains differences in shareholder pro?tability and price-to-book ratios.The standard measure of leverage is total liabilities to equity. However, while some liabilities—like bank loans and bonds issued—are due to ?nancing, other liabilities—like trade payables, deferred revenues, and pension liabilities—result from transactions with suppliers, customers and employees in conducting operations. Financing liabilities are typically traded in well-functioning capital markets where issuers are price takers. In contrast, ?rms are able to add value in operations because operations involve trading in input and output markets that are less perfect than capital markets. So, with equity valuation in mind, there are a priori reasons for viewing operating liabilities differently from liabilities that arise in ?nancing.Our research asks whether a dollar of operating liabilities on the balance sheet is priced differently from a dollar of ?nancing liabilities. As operating and ?nancing liabilities are components of the book value of equity, the question is equivalent to asking whether price-to-book ratios depend on the composition of book values. The price-to-book ratio is determined by the expected rate of return on the book value so, if components of book value command different price premiums, they must imply different expected rates of return on book value. Accordingly, the paper also investigates whether the two types of liabilities are associated with differences in future book rates of return.Standard ?nancial statement analysis distinguishes shareholder pro?tability that arises from operations from that which arises from borrowing to ?nance opera tions. So, return on assets is distinguished from return on equity, with the difference attributed to leverage. However, in the standard analysis, operating liabilities are not distinguished from ?nancing liabilities. Therefore, to develop the speci?cation s for the empirical analysis, the paper presents a ?nancial statement analysis that identi?es the effects of operating and ?nancing liabilities on rates of return on book value—andso on price-to-book ratios—with explicit leveraging equations that explain when leverage from each type of liability is favorable or unfavorable.The empirical results in the paper show that ?nancial statement analysis that distinguishes leverage in operations from leverage in ?nancing also distinguishes differences in contemporaneous and future pro?tability among ?rms. Leverage from operating liabilities typically levers pro?tability more than ?nancing leverage and has a higher frequency of favorable effects.Accordingly, for a given total leverage from both sources, ?rms with hig her leverage from operations have higher price-to-book ratios, on average. Additionally, distinction between contractual and estimated operating liabilities explains further differences in ?rms’ pro?tability and their price-to-book ratios.Our results are of consequence to an analyst who wishes to forecast earnings and book rates of return to value ?rms. Those forecasts—and valuations derived from them—depend, we show, on the composition of liabilities. The ?nancial statement analysis of the paper, supported by the empirical results, shows how to exploit information in the balance sheet for forecasting and valuation.The paper proceeds as follows. Section 1 outlines the ?nancial statements analysis that identi?es the two types of leverage and lays out expres sions that tie leverage measures to pro?tability. Section 2 links leverage to equity value and price-to-bookratios. The empirical analysis is in Section 3, with conclusions summarized in Section 4.1. Financial Statement Analysis of LeverageThe following ?nancial statement analysis separates the effects of ?nancing liabilities and operating liabilities on the pro? tability of shareholders’ equity. The analysis yields explicit leveraging equations from which the speci?cations for the empirical analysis are developed.Shareholder pro?tability, return on common equity, is measured asReturn on common equity (ROCE) = comprehensive net income ÷common equity (1) Leverage affects both the numerator and denominator of this pro?tability measure. Appropriate ?nancial statement analysis disentangles the effects of leverage. The analysis below, which elaborates on parts of Nissim and Penman (2001), begins by identifying components of the balance sheet and income statement that involve operating and ?nancing activities. The pro?tability due to each activity is then calculated and two types of leverage are introduced to explain both operating and ?nancing pro?tability and overall shareholder pro?tability.1.1 Distinguishing the Protability of Operations from the Protability of Financing ActivitiesWith a focus on common equity (so that preferred equity is viewed as a ?nancial liability), the balance sheet equation can be restated as follows:Common equity =operating assets＋financial assets－operating liabilities－Financial liabilities (2)The distinction here between operating assets (like trade receivables, inventory and property,plant and equipment) and ? nancial assets (the deposits and marketable securities that absorb excess cash) is made in other contexts. However, on the liability side, ?nancing liabilities are also distinguished here from operating liabilities. Rather than treating all liabilities as ? nancing debt, only liabilities that raise cash for operations—like bank loans, short-term commercial paper and bonds—are classi?ed as such. Other liabilities—such as accounts payable, accrued expenses, deferred revenue, restructuring liabilities and pension liabilities—arise from operations. The distinction is not as simple as current versus long-term liabilities; pension liabilities, for example, are usually long-term, and short-term borrowing is a current liability.Rearranging terms in equation (2),Common equity = (operating assets－operating liabilities)－(financial liabilities－financial assets)Or,Common equity = net operating assets－net financing debt (3) This equation regroups assets and liabilities into operating and nancing activities. Net operating assets are operating assets less operating liabilities. So a rm might invest in inventories, but to the extent to which the suppliers of those inventories grant credit, the net investment in inventories is reduced. Firms pay wages, but to the extent to which the payment of wages is deferred in pension liabilities, the net investment required to run the business is reduced. Net ?nancing debt is ?nancing debt (including preferred stock) minus?nancial assets. So, a ?rm may issue bonds to raise cash for operations but may also buy bonds with excess cash from operations. Its net indebtedness is its net position in bonds. Indeed a ?rm may be a net creditor (with more ?nancial assets than ?nancial liabilities) rather than a net debtor.The income statement can be reformulated to distinguish income that comes from operating and ?nancing activities: Comprehensive net income = operating income－net financing expense (4) Operating income is produced in operations and net ?nancial expense is incurred in the ?nancing of operations. Interest income on ?nancial assets is netted against interest expense on ?nancial liabilities (including preferred dividends) in net ?nancial expense. If interest i ncome is greater than interest expense, ?nancing activities produce net ?nancial income rather than net ?nancial expense. Both operating income and net ?nancial expense (or income) are after tax.3Equations (3) and (4) produce clean measures of after-tax o perating pro?tability and the borrowing rate:Return on net operating assets (RNOA) = operating income ÷net operating assets (5) andNet borrowing rate (NBR) = net financing expense ÷net financing debt (6) RNOA recognizes that pro?tabilit y must be based on the net assets invested in operations. So ?rms can increase their operating pro?tability by convincing suppliers, in the course of business, to grant or extend credit terms; credit reduces the investment that shareholders would otherwise have to put in the business. Correspondingly, the net borrowing rate, by excluding non-interest bearing liabilities from the denominator, gives the appropriate borrowing rate for the ?nancing activities.Note that RNOA differs from the more common return on assets (ROA), usually de?ned as income before after-tax interestexpense to total assets. ROA does not distinguish operating and ?nancing activities appropriately. Unlike ROA, RNOA excludes ?nancial assets in the denominator and subtracts operating liabilities. Nissim and Penman (2001) report a median ROA for NYSE and AMEX ?rms from 1963–1999 of only 6.8%, but a median RNOA of 10.0%—much closer to what one would expect as a return to business operations.1.2 Financial Leverage and its Effect on Shareholder ProtabilityFrom expressions (3) through (6), it is straightforward to demonstrate that ROCE is a weighted average of RNOA and the net borrowing rate, with weights derived from equation (3): ROCE= [net operating assets ÷common equity× RNOA]－[net financ ing debt÷common equity ×net borrowing rate (7) Additional algebra leads to the following leveraging equation:ROCE = RNOA＋[FLEV× ( RNOA－net borrowing rate )] (8) where FLEV, the measure of leverage from ?nancing activities, isFinancing leverage (FLEV) =net financing debt ÷common equity (9) The FLEV measure excludes operating liabilities but includes (as a net against ?nancing debt) ?nancial assets. If ?nancial assets are greater than ?nancial liabilities, FLEV is negative. The leveraging equation (8) works for negative FLEV (in which case the net borrowing rate is the return on net ? nancial assets).This analysis breaks shareholder pro?tability, ROCE, down into that which i s due to operations and that which is due to ? nancing. Financial leverage levers the ROCE over RNOA, with the leverage effect determined by the amount of ?nancial leverage (FLEV) and the spread between RNOA and the borrowing rate. The spread can be positive (favorable) or negative (unfavorable). 1.3 Operating Liability Leverage and its Effect on Operating ProtabilityWhile ?nancing debt levers ROCE, operating liabilities lever the pro?tability of operations, RNOA. RNOA is operating income relative to net operating assets, and net operating assets are operating assets minus operating liabilities. So, the more operating liabilities a ?rm has relative to operating assets, the higher its RNOA, assuming no effect on operating income in the numerator. The intensity of the use of operating liabilities in the investment base is operating liability leverage: Operating liability leverage (OLLEV) =operating liabilities ÷net operating assets (10) Using operating liabilities to lever the rate of return from operations may not come for free, however; there may be a numerator effect on operating income. Suppliers provide what nominally may be interest-free credit, but presumably charge for that credit with higher prices for the goods and services supplied. This is the reason why operating liabilities are inextricably a part of operationsrather than the ?nancing of operations. The amount that suppliers actually charge for this credit is dif?cult to identify. But the market borrowing rate is observable. The amount that suppliers would implicitly charge in prices for the credit at this borrowing rate can be estimated as a benchmark: Market interest on operating liabilities= operating liabilities×market borrowing ratewhere the market borrowing rate, given that most credit is short term, can be approximated by the after-tax short-term borrowing rate. This implicit cost is benchmark, for it is the cost that makes suppliers indifferent in supplying cred suppliers are fully compensated if they charge implicit interest at the cost borrowing to supply the credit. Or, alternatively, the ?rm buying the goods o r services is indifferent between trade credit and ?nancing purchases at the borrowin rate.To analyze the effect of operating liability leverage on operating pro?tability, w e d e?ne:Return on operating assets (ROOA) =(operating income＋market interest on operating liabilities)÷operating assets(11)The numerator of ROOA adjusts operating income for the full implicit cost of trad credit. If suppliers fully charge the implicit cost of credit, ROOA is the return of operating assets that would be earned had the ?rm no operating liability leverage. suppliers do not fully charge for the credit, ROOA measures the return fro operations that includes the favorable implicit credit terms from suppliers.Similar to the leveraging equation (8) for ROCE, RNOA can be expressed as:RNOA = ROOA＋[ OLLEV ×(ROOA－market borrowing rate )] (12) where the borrowing rate is the after-tax short-term interest rate.Given ROOA, the effect ofleverage on pro?tability is determined by the level of operating liability leverage and the spread between ROOA and the short-term after-tax interest rate. Like ?nancing l everage, the effect can be favorable or unfavorable: Firms can reduce their operating pro?tability through operating liability leverage if their ROOA is less than the market borrowing rate. However, ROOA will also be affected if the implicit borrowing cost on operating liabilities is different from the market borrowing rate. 1.4 Total Leverage and its Effect on Shareholder ProtabilityOperating liabilities and net ?nancing debt combine into a total leverage measure:Total leverage (TLEV) = ( net financing debt＋operating liabilities)÷common equityThe borrowing rate for total liabilities is:Total borrowing rate = (net financing expense＋market interest on operating liabilities) ÷net financing debt＋operating liabilitiesROCE equals the weighted average of ROOA and the total borrowing rate, where the weights are proportional to the amount of total operating assets and the sum of net ?nancing debt and operating liabilities (with a negative sign), respectively. So, similar to the leveraging equations (8) and (12):ROCE = ROOA ＋[TLEV×(ROOA －total borrowing rate)](13)In summary, ?nancial statement analysis of operating and ?nancing activities yields three leveraging equations, (8), (12), and (13). These equations are based on ?xed accounting re lations and are therefore deterministic: They must hold for a given ? rm at a given point in time. The only requirement in identifying the sources of pro?tability appropriately is a clean separation betweenoperating and ?nancing components in the ?nancial statements.2. Leverage, Equity Value and Price-to-Book RatiosThe leverage effects above are described as effects on shareholder pro?tability. Our interest is not only in the effects on shareholder pro?tability, ROCE, but also in the effects on shareholder value, which is tied to ROCE in a straightforward way by the residual income valuation model. As a restatement of the dividend discount model, the residual income model expresses the value of equity at date 0 (P0) as:B is the book value of common shar eholders’ equity, X is comprehensive income to common shareholders, and r is the required return for equity investment. The price premium over book value is determined by forecasting residual income, Xt –rBt-1. Residual income is determined in part by income relative to book value, that is, by the forecasted ROCE. Accordingly, leverage effects on forecasted ROCE (net of effects on the required equity return) affect equity value relative to book value: The price paid for the book value depends on the expect ed pro?tability of the book value, and leverage affects pro?tability. So our empirical analysis investigates the effect of leverage on both pro?tability and price-to-book ratios. Or, stated differently, nancing and operating liabilities are distinguishable components of book value, so the question is whether the pricing of book values depends on the composition of book values. If this is the case, the different components of book value must imply different pro?tability. Indeed, the two analyses (of pro?tab ility and price-to-book ratios) are complementary.Financing liabilities are contractual obligations for repayment of funds loaned. Operatingliabilities include contractual obligations (such as accounts payable), but also include accrual liabilities (such as deferred revenues and accrued expenses). Accrual liabilities may be based on contractual terms, but typically involve estimates. We consider the real effects of contracting and the effects of accounting estimates in turn. Appendix A provides some examples of contractual and estimated liabilities and their effect on pro?tability and value.2.1 Effects of Contractual liabilitiesThe ex post effects of ?nancing and operating liabilities on pro?tability are clear from leveraging equations (8), (12) and (13). These expressions always hold ex post, so there is no issue regarding ex post effects. But valuation concerns ex ante effects. The extensive research on the effects of ?nancial leverage takes, as its point of departure, the Modigliani and Miller (M&M) (1958) ?nancing irrelevance proposition: With perfect capital markets and no taxes or information asymmetry, debt ?nancing has no effect on value. In terms of the residual income valuation model, an increase in ?nancial leverage due to a substitution of debt for equity may increase expected ROCE according to expression (8), but that increase is offset in the valuation (14) by the reduction in the book value of equity that earns the excess pro?tability and the increase in the required equity return, leaving total value (i.e., the value of equity and debt) unaffected. The required equity return increases because of increased ? nancing risk: Leverage may be expected to be favorable but, the higher the leverage, the greater the loss to shareholders should the leverage turn unfavorable ex post, with RNOA less than the borrowing rate.In the face of the M&M proposition, research on the value effects of ?nancial leverage has proceeded to relax the conditions for the proposition to hold. Modigliani and Miller (1963) hyp othesized that the tax bene?ts of debt increase after-tax returns to equity and so increase equityvalue. Recent empirical evidence provides support for the hypothesis (e.g., Kemsley and Nissim, 2002), although the issue remains controversial. In any case, since the implicit cost of operating liabilities, like interest on ?nancing debt, is tax deductible, the composition of leverage should have no tax implications.Debt has been depicted in many studies as affecting value by reducing transaction and contracting costs. While debt increases expected bankruptcy costs and introduces agency costs between shareholders and debtholders, it reduces the costs that shareholders must bear in monitoring management, and may have lower issuing costs relative to equity. One might expect these considerations to apply to operating debt as well as ?nancing debt, with the effects differing only by degree. Indeed papers have explained the use of trade debt rather than ?nancing debt by transaction costs (Ferris, 1981), differentia l access of suppliers and buyers to ?nancing (Schwartz,1974), and informational advantages and comparative costs of monitoring (Smith, 1987; Mian and Smith, 1992; Biais and Gollier, 1997). Petersen and Rajan (1997) provide some tests of these explanations.In addition to tax, transaction costs and agency costs explanations for leverage, research has also conjectured an informational role. Ross (1977) and Leland and Pyle (1977) characterized ?nancing choice as a signal of pro?tability and value, and subseque nt papers (for example, Myers and Majluf, 1984) have carried the idea further. Other studies have ascribed an informational role also for operating liabilities. Biais and Gollier (1997) and Petersen and Rajan (1997), for example, see suppliers as having mo re information about ?rms than banks and the bond market, so more operating debt might indicate higher value. Alternatively, high trade payables might indicate dif?culti es in paying suppliers and declining fortunes.Additional insights come from further relaxing the perfect frictionless capital markets assumptions underlying the original M&M nancing irrelevance proposition. When it comes to operations, the product and input markets in which rms trade are typically less competitive than capital markets. In deed, ?rms are viewed as adding value primarily in operations rather than in nancing activities because of less than purely competitive product and input markets. So, whereas it is difficult to ‘‘make money off the debtholders,’’ ?rms can be seen as ‘‘mak ing money off the trade creditors.’’ In operations, ?rms can exert monopsony power, extracting value from suppliers and employees. Suppliers may provide cheap implicit ?nancing in exchange for information about products and markets in which the ?rm operates. They may also bene?t from ef?ciencies in the ?rm’s supply and distribution chain, and may grant credit to capture future business.2.2 Effects of Accrual Accounting EstimatesAccrual liabilities may be based on contractual terms, but typically involve estimates. Pension liabilities, for example, are based on employment contracts but involve actuarial estimates. Deferred revenues may involve obligations to service customers, but also involve estimates that allocate revenues to periods. While contractual liabilities are typically carried on the balance sheet as an unbiased indication of the cash to be paid, accrual accounting estimates are not necessarily unbiased. Conservative accounting, for example, might overstate pension liabilities or defer more revenue than required by contracts with customers.Such biases presumably do not affect value, but they affect accounting rates of return and the pricing of the liabilities relative to their carrying value (the price-to-book ratio). The effect of accounting estimates on operating liability leverage is clear: Higher carrying values for operatingliabilities result in higher leverage for a given level of operating assets. But the effect on pro?tability is also clear from leveraging equation (12): While conservative accounting for operating assets increases the ROOA, as modeled in Feltham and Ohlson (1995) and Zhang (2000), higher book values of operating liabilities lever up RNOA over ROOA. Indeed, conservative accounting for operating liabilities amounts to leverage of book rates of return. By leveraging equation (13), that leverage effect ?ows through to shareholder pro?tability, ROCE.And higher anticipated ROCE implies a higher price-to-book ratio.The potential bias in estimated operating liabilities has opposite effects on current and future pro?tability. For example, if a ? rm books higher deferred revenues, accrued expenses or other operating liabilities, and so increases its operating liability leverage, it reduces its current pro?tability: Current revenues must be lower or expenses higher. And, if a ?rm reports lower operating assets (by a write down of receivables, inventories or other assets, for example), and so increases operating liability leverage, it also reduces current pro?tability: Current expense s must be higher. But this application of accrual accounting affects future operating income: All else constant, lower current income implies higher future income. Moreover, higher operating liabilities and lower operating assets amount to lower book value of equity. The lower book value is the base for the rate of return for the higher future income. So the analysis of operating liabilities potentially identi?es part of the accrual reversal phenomenon documented by Sloan (1996) and interprets it as affecting leverage, forecasts of pro?tability, and price-to-book ratios.3. Empirical AnalysisThe analysis covers all ?rm-year observations on the combined COMPUSTAT (Industry and Research) ?les for any of the 39 years from 1963 to 2001 that satisfy the following requirements: (1)the company was listed on the NYSE or AMEX; (2) the company was not a ?nancial institution (SIC codes 6000–6999), thereby omitting ?rms where most ?nancial assets and liabilities are used in operations; (3) the book value of common equity is at least $10 million in 2001 dollars; and (4) the averages of the beginning and ending balance of operating assets, net operating assets and common equity are positive (as balance sheet variables are measured in the analysis using annual averages). T hese criteria resulted in a sample of 63,527 ?rm-year observations.Appendix B describes how variables used in the analysis are measured. One measurement issue that deserves discussion is the estimation of the borrowing cost for operating liabilities. As most operating liabilities are short term, we approximate the borrowing rate by the after-tax risk-free one-year interest rate. This measure may understate the borrowing cost if the risk associated with operating liabilities is not trivial. The effect of such measurement error is to induce a negative correlation between ROOA and OLLEV. As we show below, however, even with this potential negative bias we document a strong positive relation between OLLEV and ROOA.4. ConclusionTo ?nance operations, ?rms borrow in the ?nancial markets, creating ?nancing leverage. In running their operations, ?rms also borrow, but from customers, employees and suppliers, creating operating liability leverage. Because they involve trading in different types of markets, the two types of leverage may have different value implications. In particular, operating liabilities may re?ect contractual terms that add value in different ways than ?nancing liabilities, and so they may be priced differently. Operating liabilities also involve accrual accounting estimates that may further affect their pricing. This study has investigated the implications of the two types of leverage for pro?tability and equity value.The paper has laid out explicit leveraging equations that show how shareholder p ro?tability is related to ?nancing leverage and operating liability leverage. For operating liability leverage, the leveraging equation incorporates both real contractual effects and accounting effects. As price-to-book ratios are based on expected pro?tab ility, this analysis also explains how price-to-book ratios are affected by the two types of leverage. The empirical analysis in the paper demonstrates that operating and ?nancing liabilities imply different pro?tability and are priced differently in the stock market.Further analysis shows that operating liability leverage not only explains differences in pro?tability in the cross-section but also informs on changes in future pro?tability from current pro?tability. Operating liability leverage and changes in operating liability leverage are indicators of the quality of current reported pro?tability as a predictor of future pro?tability.Our analysis distinguishes contractual operating liabilities from estimated liabilities, but further research might examine operating liabilities in more detail, focusing on line items such as accrued expenses and deferred revenues. Further research might also investigate the pricing of operating liabilities under differing circumstances; for example, where ?rms have ‘‘market power’’ over their suppliers.会计研究综述，2003,16(8):531-560财务报表分析的杠杆左右以及如何体现盈利性和值⽐率摘要本⽂提供了区分⾦融活动和业务运营中杠杆作⽤的财务报表分析。
外文翻译--基于财务报表分析企业价值
中文4400字基于财务报表分析企业价值摘要随着市场经济的不断发展，越来越多的人开始注意到企业价值的重要性，并且开始对企业的价值进行研究，而且是以财务报表作为价值研究的基础，并对企业有重大的影响，所以基于财务报表对企业价值的研究对企业价值管理有重要的意义。
本文通过对财务报表数据的分析，运用了现金流量折现法、相对价值法等方法对财务报表进行分析，在财务数据中找到对企业价值有用的数据进行分析，得到与企业的内在价值最相近的一个价值以便于管理者更好的对企业做出管理决策和投资决策。
现在,在市场经济条件下,企业本身就是可以在市场中交易的商品,企业由利润最大化转化到价值最大化。
因此，基于财务报表分析企业价值尤为重要。
财务报表作为企业的财务状况和企业的经营状况的反映，成为上市公司的法定资料，真实的财务报表数据，可以揭示企业过去的经营业绩，识别企业的优劣，预测企业的未来。
该文章首先介绍的是传统的报表的局限性和怎样改进，然后是基于改进后的报表对企业价值进行研究。
关键字：财务报表,企业价值,企业价值评价1 绪论1.1企业价值的含义企业价值是20世纪60年代伴随着产权交易市场的出现，由美国管理者最早提出的一个概念。
在市场经济条件下，企业本身也是一种可以在产权市场上交易的商品，作为该商品的利益相关者，包括投资人、债权人、管理者等，都必须要了解企业的价值。
企业价值是指企业作为一种商品的货币表现。
1.3 评价企业价值的作用1.3.1 企业价值评价用于企业管理随着经济的发展和人们认识的提高，财务管理目标由“利润最大化”转为“企业价值最大化”，我们知道企业作为一类特殊的资产，有其自身的特点：盈利性、持续经营性、整体性。
而企业价值最大化作为财务目标符合企业本身的特点，即企业价值关注的是企业长期的盈利能力。
企业价值最大化是通过企业财务上的合理经营，采用最优的财务政策，充分考虑资金的时间价值和风险与报酬的关系，在保证企业长期稳定发展的基础上使企业总价值最大。
财务报表分析中英文对照外文翻译文献编辑
财务报表分析中英文对照外文翻译文献编辑Introduction:Financial statement analysis is an essential tool used by businesses and investors to evaluate the financial performance and position of a company. It involves the examination of financial statements such as the balance sheet, income statement, and cash flow statement to assess the company's profitability, liquidity, solvency, and efficiency. In this document, we will provide a detailed analysis and translation of foreign literature related to financial statement analysis.1. Importance of Financial Statement Analysis:Financial statement analysis provides valuable insights into a company's financial health and helps stakeholders make informed decisions. It enables investors to assess the profitability and growth potential of a company before making investment decisions. Additionally, it helps creditors evaluate the creditworthiness and repayment capacity of a company before extending credit. Furthermore, financial statement analysis assists management in identifying areas of improvement and making strategic decisions to enhance the company's performance.2. Key Elements of Financial Statement Analysis:a) Balance Sheet Analysis:The balance sheet provides a snapshot of a company's financial position at a specific point in time. It presents the company's assets, liabilities, and shareholders' equity. By analyzing the balance sheet, stakeholders can assess the company's liquidity, solvency, and financial stability.b) Income Statement Analysis:The income statement, also known as the profit and loss statement, presents the company's revenues, expenses, and net income over a specific period. It helps stakeholders evaluate the company's profitability, revenue growth, and cost management.c) Cash Flow Statement Analysis:The cash flow statement details the inflows and outflows of cash during a specific period. It provides insights into the company's operating, investing, and financing activities. By analyzing the cash flow statement, stakeholders can assess the company's ability to generate cash, meet its financial obligations, and fund its growth.3. Financial Ratios for Analysis:Financial ratios are essential tools used in financial statement analysis to assess a company's performance and compare it with industry benchmarks. Some commonly used financial ratios include:a) Liquidity Ratios:- Current Ratio: Measures a company's ability to meet short-term obligations.- Quick Ratio: Measures a company's ability to meet short-term obligations without relying on inventory.b) Solvency Ratios:- Debt-to-Equity Ratio: Measures the proportion of debt to equity in a company's capital structure.- Interest Coverage Ratio: Measures a company's ability to meet interest payments on its debt.c) Profitability Ratios:- Gross Profit Margin: Measures the profitability of a company's core operations.- Net Profit Margin: Measures the profitability of a company after all expenses, including taxes.d) Efficiency Ratios:- Inventory Turnover Ratio: Measures how quickly a company sells its inventory.- Accounts Receivable Turnover Ratio: Measures how quickly a company collects cash from its customers.4. Translation of Foreign Literature:In this section, we will provide a translation of key points from foreign literature related to financial statement analysis. The literature emphasizes the importance of accurate financial reporting, the use of financial ratios for analysis, and the interpretation of financial statements to make informed decisions.Conclusion:Financial statement analysis is a crucial process for evaluating a company's financial performance and position. It provides valuable insights into a company's profitability, liquidity, solvency, and efficiency. By analyzing financial statements and using financial ratios, stakeholders can make informed decisions regarding investments, credit extension, and strategic planning. Accurate translation and understanding of foreign literature related to financial statement analysis can further enhance the effectiveness of this process.。
XXX财务分析体系外文文献翻译最新译文
XXX财务分析体系外文文献翻译最新译文XXX the use of DuPont financial analysis system in XXX DuPont system breaks down the return on equity (ROE) into three components: net profit margin。
asset turnover。
and financial leverage。
Using data from a sample of listed companies。
the study finds that the DuPont system is effective in XXX。
the XXX that it should be used in n with other financial analysis tools.In recent years。
there has been a growing interest in using financial analysis tools to XXX financial analysis system is one such tool that has XXX in the 1920s to analyze the performance of its own ns。
Since then。
it has been widely used in the financial XXX.The DuPont system breaks down the ROE into three components: net profit margin。
asset XXX。
and financial leverage。
The net profit margin measures the XXX efficiency of the company's use of its assets to generate sales。
财务报表分析外文翻译全集文档
财务报表分析外文翻译全集文档(可以直接使用，可编辑实用优质文档，欢迎下载）Accountability in financial reporting: detecting fraudulentfirms在财务报告的责任：检测欺诈性公司“会计研究所和会计学院，玛拉工艺大学，莎阿南，马来西亚雪兰莪州”摘要本文旨在探讨公司欺诈行为与非欺诈行为的财务比率间存在的差别，并确定哪些财务比率是显著的虚假报告。
样本包括在马来西亚公共上市公司的65个欺诈性企业和65个非欺诈性企业，根据2000年和2021年数据的研究发现，有欺诈行为的公司和非舞弊的公司，在总债务与总资产、应收账款销售额方面存在显著的均值差异。
此外，Z分数衡量破产概率是为了检测是否存在财务报告舞弊。
关键词：财务比率；财务报表分析；虚假财务报告；上市公司；马来西亚一、引言根据马来西亚上市公司的要求欺诈的公司被囊定为犯罪认定。
欺诈是在实践中出现的一种欺诈行为，广义的概念具有两种基本类型。
首先是挪用资产，二是财务报告舞弊。
财务报告舞弊通常发生在以财务报表造假的形式来获得一些有益的形式。
有些人认为欺诈涉及财务报表故意的扭曲（硬盘接口技术2021）。
在财务报告过程中欺诈检测是资本市场参与者和其他利益相关者的首要任务（例如，埃利奥特，2002；委员会，2007）。
在公开上市交易的公司如安然和世通公司欺诈发生时市场参与者如投资者经历了重大的经济损失。
一些专家认为，在目前的经济衰退调查研究诈骗方式中财务报告舞弊率可能会增加（敏茨，2021）。
在ISA 240规定的欺诈检测是一个分配给审计人员具体任务。
审计人员通常使用帮助他们检测欺诈的工具称为分析程序（阿尔布雷克特，2021）。
分析程序是指重要比率分析和趋势分析以及由此产生的调查，与其他相关信息不一致或偏离预测值波动的关系。
许多研究者和诈骗者推荐的财务比率可以作为一个有效的工具来检测欺诈（印度野，2021；白，阴阳，2021；人，1995）。
财务报表分析 英文
Financial Statement AnalysisIntroductionFinancial statement analysis is a crucial tool for assessing the financial performance and stability of a company. By analyzing a company’s financial statements, investors and other stakeholders can gain insights into its profitability, liquidity, solvency, and overall financial health. This document provides an overview of financial statement analysis, including the different types of financial statements, key financial ratios used in analysis, and the importance of using a systematic approach for analyzing financial statements.Types of Financial StatementsFinancial statements are a collection of reports that provide a snapshot of a company’s financial position and performance over a specific period. The three main types of financial statements include:1. Balance SheetThe balance sheet is a statement that shows the financial position of a company at a given point in time. It provides information about a company’s assets, liabilities, and shareholders’ equity. The balance sheet is divided into two main se ctions: the left side shows the company’s assets, while the right side shows its liabilities and shareholders’ equity.2. Income StatementThe income statement, also known as the profit and loss statement, reports a company’s revenues, expenses, and net in come over a specific period. It provides insights into a company’s profitability and helps identify trends in its revenue and expenses. The income statement follows a simple equation: revenues minus expenses equal net income.3. Cash Flow StatementThe cash flow statement shows the inflows and outflows of cash in a company over a specified period. It provides information about a company’s operating, investing, and financing activities. The cash flow statement helps assess a company’s ability to generate cash and its liquidity.Key Financial RatiosFinancial ratios are used to analyze the relationships between different items in a company’s financial statements. They help evaluate a company’s financialperformance, efficiency, liquidity, and solvency. Some key financial ratios used in financial statement analysis include:1. Profitability RatiosProfitability ratios measure a company’s ability to generate profits. Common profitability ratios include gross profit margin, operating profit margin, and net profit margin.2. Liquidity RatiosLiquidity ratios assess a company’s ability to meet its short-term obligations. These ratios include the current ratio and quick ratio.3. Solvency RatiosSolvency ratios evaluate a company’s long-term financial stability and ability to meet its long-term obligations. Examples of solvency ratios include the debt-to-equity ratio and the interest coverage ratio.4. Efficiency RatiosEfficiency ratios measure a company’s ability to utilize its assets and resources effectively. Examples include the inventory turnover ratio and the accounts receivable turnover ratio.Systematic Approach for Financial Statement AnalysisTo conduct an effective financial statement analysis, it is important to follow a systematic approach. The key steps in this approach include:1. Gathering Financial StatementsCollect the company’s financial statements, including the balance sheet, income statement, and cash flow statement.2. Analyzing Financial RatiosCalculate the relevant financial ratios and analyze them to assess the company’s financial performance and condition.3. Comparing RatiosCompare the calculated financial ratios with industry averages or with the company’s historical performance to identify trends and benchmark the company’s performance.4. Conducting a Trend AnalysisAnalyze the company’s financial statements over multiple periods to identify any significant changes or trends in its financial performance.5. Making Informed DecisionsBased on the analysis of the financial statements and ratios, make informed decisions about the company’s financial health, investment potential, and future prospects.ConclusionFinancial statement analysis is an important tool for assessing a company’s financial performance and stability. By analyzing a comp any’s financial statements and calculating key financial ratios, investors and stakeholders can make informed decisions about the company’s financial health, stability, and investment potential. Following a systematic approach for financial statement analysis ensures a comprehensive evaluation and helps identify trends and benchmarks for comparison.。
财务报表分析中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：ANALYSIS OF FINANCIAL STATEMENTSWe need to use financial ratios in analyzing financial statements.—— The analysis of comparative financial statements cannot be made really effective unless it takes the form of a study of relationships between items in the statements. It is of little value, for example, to know that, on a given date, the Smith Company has a cash balance of $1oooo. But suppose we know that this balance is only -IV per cent of all current liabilities whereas a year ago cash was 25 per cent of all current liabilities. Since the bankers for the company usually require a cash balance against bank lines, used or unused, of 20 per cent, we can see at once that the firm's cash condition is exhibiting a questionable tendency.We may make comparisons between items in the comparative financial statements as follows:1. Between items in the comparative balance sheeta) Between items in the balance sheet for one date, e.g., cash may be compared with current liabilitiesb) Between an item in the balance sheet for one date and the same item in the balance sheet for another date, e.g., cash today may be compared with cash a year agoc) Of ratios, or mathematical proportions, between two items in the balance sheet for one date and a like ratio in the balance sheet for another date, e.g., the ratio of cash to current liabilities today may be compared with a like ratio a year ago and the trend of cash condition noted2. Between items in the comparative statement of income and expensea) Between items in the statement for a given periodb) Between one item in this period's statement and the same item in last period's statementc) Of ratios between items in this period's statement and similar ratios in last period's statement3. Between items in the comparative balance sheet and items in the comparative statement of income and expensea) Between items in these statements for a given period, e.g., net profit for this year may be calculated as a percentage of net worth for this yearb) Of ratios between items in the two statements for a period of years, e.g., the ratio of net profit to net worth this year may-be compared with like ratios for last year, and for the years preceding thatOur comparative analysis will gain in significance if we take the foregoing comparisons or ratios and; in turn, compare them with:I. Such data as are absent from the comparative statements but are of importance in judging a concern's financial history and condition, for example, the stage of the business cycle2. Similar ratios derived from analysis of the comparative statements of competing concerns or of concerns in similar lines of business What financialratios are used in analyzing financial statements.- Comparative analysis of comparative financial statements may be expressed by mathematical ratios between the items compared, for example, a concern's cash position may be tested by dividing the item of cash by the total of current liability items and using the quotient to express the result of the test. Each ratio may be expressed in two ways, for example, the ratio of sales to fixed assets may be expressed as the ratio of fixed assets to sales. We shall express each ratio in such a way that increases from period to period will be favorable and decreases unfavorable to financial condition.We shall use the following financial ratios in analyzing comparative financial statements:I. Working-capital ratios1. The ratio of current assets to current liabilities2. The ratio of cash to total current liabilities3. The ratio of cash, salable securities, notes and accounts receivable to total current liabilities4. The ratio of sales to receivables, i.e., the turnover of receivables5. The ratio of cost of goods sold to merchandise inventory, i.e., the turnover of inventory6. The ratio of accounts receivable to notes receivable7. The ratio of receivables to inventory8. The ratio of net working capital to inventory9. The ratio of notes payable to accounts payableIO. The ratio of inventory to accounts payableII. Fixed and intangible capital ratios1. The ratio of sales to fixed assets, i.e., the turnover of fixed capital2. The ratio of sales to intangible assets, i.e., the turnover of intangibles3. The ratio of annual depreciation and obsolescence charges to the assetsagainst which depreciation is written off4. The ratio of net worth to fixed assetsIII. Capitalization ratios1. The ratio of net worth to debt.2. The ratio of capital stock to total capitalization .3. The ratio of fixed assets to funded debtIV. Income and expense ratios1. The ratio of net operating profit to sales2. The ratio of net operating profit to total capital3. The ratio of sales to operating costs and expenses4. The ratio of net profit to sales5. The ratio of net profit to net worth6. The ratio of sales to financial expenses7. The ratio of borrowed capital to capital costs8. The ratio of income on investments to investments9. The ratio of non-operating income to net operating profit10. The ratio of net operating profit to non-operating expense11. The ratio of net profit to capital stock12. The ratio of net profit reinvested to total net profit available for dividends on common stock13. The ratio of profit available for interest to interest expensesThis classification of financial ratios is permanent not exhaustive. -Other ratios may be used for purposes later indicated. Furthermore, some of the ratios reflect the efficiency with which a business has used its capital while others reflect efficiency in financing capital needs. The ratios of sales to receivables, inventory, fixed and intangible capital; the ratios of net operating profit to total capital and to sales; and the ratios of sales to operating costs and expenses reflect efficiency in the use of capital.' Most of the other ratios reflect financial efficiency.B. Technique of Financial Statement AnalysisAre the statements adequate in general?-Before attempting comparative analysis of given financial statements we wish to be sure that the statements are reasonably adequate for the purpose. They should, of course, be as complete as possible. They should also be of recent date. If not, their use must be limited to the period which they cover. Conclusions concerning 1923 conditions cannot safely be based upon 1921 statements.Does the comparative balance sheet reflect a seasonable situation? If so, it is important to know financial conditions at both the high and low points of the season. We must avoid unduly favorable judgment of the business at the low point when assets are very liquid and debt is low, and unduly unfavorable judgment at the high point when assets are less liquid and debt likely to be relatively high.Does the balance sheet for any date reflect the estimated financial condition after the sale of a proposed new issue of securities? If so, in order to ascertain the actual financial condition at that date it is necessary to subtract the amount of the security issue from net worth, if the. issue is of stock, or from liabilities, if bonds are to be sold. A like amount must also be subtracted from assets or liabilities depending upon how the estimated proceeds of the issue are reflected in the statement.Are the statements audited or unaudited? It is often said that audited statements, that is, complete audits rather than statements "rubber stamped" by certified public accountants, are desirable when they can be obtained. This is true, but the statement analyst should be certain that the given auditing film's reputation is beyond reproach.Is working-capital situation favorable ?-If the comparative statements to be analyzed are reasonably adequate for the purpose, the next step is to analyze the concern's working-capital trend and position. We may begin by ascertaining the ratio of current assets to current liabilities. This ratioaffords-a test of the concern's probable ability to pay current obligations without impairing its net working capital. It is, in part, a measure of ability to borrow additional working capital or to renew short-term loans without difficulty. The larger the excess of current assets over current liabilities the smaller the risk of loss to short-term creditors and the better the credit of the business, other things being equal. A ratio of two dollars of current assets to one dollar of current liabilities is the "rule-of-thumb" ratio generally considered satisfactory, assuming all current assets are conservatively valued and all current liabilities revealed.The rule-of-thumb current ratio is not a satisfactory test ofworking-capital position and trend. A current ratio of less than two dollars for one dollar may be adequate, or a current ratio of more than two dollars for one dollar may be inadequate. It depends, for one thing, upon the liquidity of the current assets.The liquidity of current assets varies with cash position.-The larger the proportion of current assets in the form of cash the more liquid are the current assets as a whole. Generally speaking, cash should equal at least 20 per cent of total current liabilities (divide cash by total current liabilities). Bankers typically require a concern to maintain bank balances equal to 20 per cent of credit lines whether used or unused. Open-credit lines are not shown on the balance sheet, hence the total of current liabilities (instead of notes payable to banks) is used in testing cash position. Like the two-for-one current ratio, the 20 per cent cash ratio is more or less a rule-of-thumb standard.The cash balance that will be satisfactory depends upon terms of sale, terms of purchase, and upon inventory turnover. A firm selling goods for cash will find cash inflow more nearly meeting cash outflow than will a firm selling goods on credit. A business which pays cash for all purchases will need more ready money than one which buys on long terms of credit. The more rapidly the inventory is sold the more nearly will cash inflow equal cash outflow, other things equal.Needs for cash balances will be affected by the stage of the business cycle. Heavy cash balances help to sustain bank credit and pay expenses when a period of liquidation and depression depletes working capital and brings a slump in sales. The greater the effects of changes in the cycle upon a given concern the more thought the financial executive will need to give to the size of his cash balances.Differences in financial policies between different concerns will affect the size of cash balances carried. One concern may deem it good policy to carry as many open-bank lines as it can get, while another may carry only enough lines to meet reasonably certain needs for loans. The cash balance of the first firm is likely to be much larger than that of the second firm.The liquidity of current assets varies with ability to meet "acid test."- Liquidity of current assets varies with the ratio of cash, salable securities, notes and accounts receivable (less adequate reserves for bad debts), to total current liabilities (divide the total of the first four items by total current liabilities). This is the so-called "acid test" of the liquidity of current condition. A ratio of I: I is considered satisfactory since current liabilities can readily be paid and creditors risk nothing on the uncertain values of merchandise inventory. A less than 1:1 ratio may be adequate if receivables are quickly collected and if inventory is readily and quickly sold, that is, if its turnover is rapid andif the risks of changes in price are small.The liquidity of current assets varies with liquidity of receivables. This may be ascertained by dividing annual sales by average receivables or by receivables at the close of the year unless at that date receivables do not represent the normal amount of credit extended to customers. Terms of sale must be considered in judging the turnover of receivables. For example, if sales for the year are $1,200,000 and average receivables amount to $100,000, the turnover of receivables is $1,200,000/$100,000=12. Now, if credit terms to customers are net in thirty days we can see that receivables are paid promptly.Consideration should also be given market conditions and the stage of the business cycle. Terms of credit are usually longer in farming sections than in industrial centers. Collections are good in prosperous times but slow in periods of crisis and liquidation.Trends in the liquidity of receivables will also be reflected in the ratio of accounts receivable to notes receivable, in cases where goods are typically sold on open account. A decline in this ratio may indicate a lowering of credit standards since notes receivable are usually given to close overdue open accounts. If possible, a schedule of receivables should be obtained showing those not due, due, and past due thirty, sixty, and ninety days. Such a, schedule is of value in showing the efficiency of credits and collections and in explaining the trend in turnover of receivables. The more rapid the turnover of receivables the smaller the risk of loss from bad debts; the greater the savings of interest on the capital invested in receivables, and the higher the profit on total capital, other things being equal.Author(s): C. O. Hardy and S. P. Meech译文：财务报表分析A.财务比率我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。
财务报表分析外文文献及翻译
财务报表分析外文文献及翻译LNTU---Acc附录A财务报表分析的杠杆左右以及如何体现盈利性和值比率摘要关键词:财政杠杆;运营债务杠杆;股本回报率;值比率传统观点认为，杠杆效应是从金融活动中产生的:公司通过借贷来增加运营的资金。
杠杆作用的衡量标准是负债总额与股东权益。
然而，一些负债——如银行贷款和发行的债券，是由于资金筹措，其他一些负债——如贸易应付账款，预收收入和退休金负债，是由于在运营过程中与供应商的贸易，与顾客和雇佣者在结算过程中产生的负债。
融资负债通常交易运作良好的资本市场其中的发行者是随行就市的商人。
与此相反，在运营中公司能够实现高增值。
因为业务涉及的是与资本市场相比，不太完善的贸易的输入和输出的市场。
因此，考虑到股票估值，运营负债和融资负债的区别的产生有一些先验的原因。
我们研究在资产负债表上，运营负债中的一美元是否与融资中的一美元等值这个问题。
因为运营负债和融资负债是股票价值的组成部分，这个问题就相当于问是否股价与账面价值比率是否取决于账面净值的组成。
价格与账面比率是由预期回报率的账面价值决定的。
所以，如果部分的账面价值要求不同的溢价，他们必须显示出不同的账面价值的预期回报率。
因此，标准的财务报表分析的能够区分股东从运营中和借贷的融资业务中产生的利润。
因此，资产回报有别于股本回报率，这种差异是由于杠杆作用。
然而，在标准的分析中，经营负债不区别于融资负债。
因此，为了制定用于实证分析的规范，我们的研究结果是用于愿意分析预期公司的收益和账面收益率。
这些预测和估值依赖于负债的组成。
这篇文章结构如下。
第一部分概述并指出了了能够判别两种杠杆作用类型，连接杠杆作用和盈利的财务报表分析第二节将杠杆作用，股票价值和价格与账面比率联系在一起。
第三节中进行实证分析，第四节进行了概述与结论。
1 杠杆作用的财务报表分析以下财务报表分析将融资债务和运营债务对股东权益的影响区别开。
这个分析从实证的详细分析中得出了精确的杠杆效应等式普通股产权资本收益率=综合所得?普通股本(1) 杠杆影响到这个盈利等式的分子和分母。
基于企业价值分析财务报表 论文
论文分类号：F23 学校代码：毕业设计说明书(论文) 题目：基于财务报表分析的企业价值研究学生姓名：学号：系部：专业班级：指导教师：二〇一二年六月I Based on the analysis of Financial statements of the Enterprisevalue researchABSTRACTThis paper is intended to study based on financial analysis of enterprise value research. Through the analysis of financial statements of business value, understand enterprises financial condition and results of operations ,so the financial statements of listed companies to become a regularly published legal information .with the development of capital market, financial reporting and corporate value relations gets increasingly the attention of people, this article is through analysis of financial statements in the value of the enterprise .discussed how to use the financial statements to reveal the problems of enterprise value.Through the accounting data of the financial statement compared to find out the business performance of enterprises, discern the quality of enterprises, predict the future of enterprises. That is to say the financial statements provided by the accounting data analysis, can assess the value of enterprises, enterprises on the future forecast, in order to make rational decision.This article first introduces the financial statements and the concept of enterprise value, the specific discussion of the relation between both, the conclusion is itself of financial forms for reporting statistics enterprise value is the carrier of information, analysis of the financial statements of the enterprise value through financial statements data analysis tools. This chapter also introduced through the analysis of the financial statements of the enterprise value framework .Then this paper analyzes the traditional financial statement itself, index analysis and improved methods of analysis, in order to make financial statements analysis and enterprise value more related.Finally, through a specific case explain how to use the improved financial statement analysis compared to the traditional financial statements analysis in enterprise value with respect to response.KEY WORDS: Financial statements, Financial statement analysis, Enterprise valueII基于财务报表分析的企业价值研究摘要本论文意在探讨基于财务报表分析的企业价值研究。
外文翻译----企业并购财务分析
M & Financial AnalysisCorporate mergers and acquisitions have become a major form of capital operation. Enterprise use of this mode of operation to achieve the capital cost of the external expansion of production and capital concentration to obtain synergies, enhancing competitiveness, spread business plays a very important role. M & A process involves a lot of financial problems and solve financial problems is the key to successful mergers and acquisitions. Therefore, it appears in merger analysis of the financial problems to improve the efficiency of M & Finance has an important practical significance.A financial effect resulting from mergers and acquisitions1. Saving transaction costs. M & A market is essentially an alternative organization to realize the internalization of external transactions, as appropriate under the terms of trade, business organizations, the cost may be lower than in the market for the same transaction costs, thereby reducing production and operation the transaction costs.2. To reduce agency costs. When the business separation of ownership and management, because the interests of corporate management and business owners which resulted in inconsistencies in agency costs, including all contract costs with the agent, the agent monitoring and control costs. Through acquisitions or agency competition, the incumbent managers of target companies will be replaced, which can effectively reduce the agency costs.3. Lower financing costs. Through mergers and acquisitions, can expand the size of the business, resulting in a common security role. In general, large companies easier access to capital markets, large quantities they can issue shares or bonds. As the issue of quantity, relatively speaking, stocks or bonds cost will be reduced to enable enterprises to lower capital cost, refinancing.4. To obtain tax benefits. M & A business process can make use of deferredtax in terms of a reasonable tax avoidance, but the current loss of business as a profit potential acquisition target, especially when the acquiring company is highly profitable, can give full play to complementary acquisitions both tax advantage. Since dividend income, interest income, operating income and capital gains tax rate difference between the large mergers and acquisitions take appropriate ways to achieve a reasonable financial deal with the effect of tax avoidance.5. To increase business value. M & A movement through effective control of profitable enterprises and increase business value. The desire to control access to the right of the main business by trading access to the other rights owned by the control subjects to re-distribution of social resources. Effective control over enterprises in the operation of the market conditions, for most over who are in competition for control of its motives is to seek the company's market value and the effective management of the condition should be the difference between the market value.Second, the financial evaluation of M & ABefore merger, M & A business goal must be to evaluate the financial situation of enterprises, in order to provide reliable financial basis for decision-making. Evaluate the enterprise's financial situation, not only in the past few years, a careful analysis of financial reporting information, but also on the acquired within the next five years or more years of cash flow and assets, liabilities, forecast.1. The company liquidity and solvency position is to maintain the basic conditions for good financial flexibility. Company's financial flexibility is important, it mainly refers to the enterprises to maintain a good liquidity for timely repayment of debt. Good cash flow performance in a good income-generating capacity and funding from the capital market capacity, but also the company's overall Profitability, Profitability is the size of which can be company's overall business conditions and competition prospects come to embody. Specific assessment, the fixed costs to predict the total expenditures and cash flow trends, the fixed costs and discretionary spendingis divided into some parts of constraints, in order to accurately estimate the company's working capital demand in the near future, on the accounts receivable turnover and inventory turnover rate of the data to be reviewed, should include other factors that affect financial flexibility, such as short-term corporate debt levels, capital structure, the higher the interest rate of Zhaiwu relatively specific weight.2. Examine the financial situation of enterprises also have to assess the potential for back-up liquidity. When the capital market funding constraints, poor corporate liquidity, the liquidity of the capital assessment should focus on the study of the availability of back-up liquidity, the analysis of enterprise can get the cash management, corporate finance to the outside world the ability to sell convertible securities can bring the amount of available liquidity. In the analysis of various sources of financing enterprises, the enterprises should pay particular attention to its lenders are closely related to the ease of borrowing, because once got in trouble, helpless to the outside world, those close to the lending institutions are likely to help businesses get rid of dilemma. Others include convertible securities are convertible at any time from the stock market into cash, to repay short-term corporate debt maturity.3 Determination of M & A transaction priceM & M price is the cost of an important part of the target company's value is determined based on M & A prices, so enterprises in M & Juece O'clock on targeted business Jinxing scientific, objective value of Ping Gu, carefully Xuanze acquisition Duixiang to Shi Zai market competition itself tide in an invincible position. Measure of the value of the target company, generally adjusted book value method, market value of comparative law, price-earnings ratio method, discounted cash flow method, income approach and other methods.1. The book value adjustment method. Net balance sheet shall be the company's book value. However, to assess the true value of the target company must also be on the balance sheet items for the necessary adjustments. On the one hand, on the asset should be based on market prices and the depreciation of fixed assets,business claims in reliability, inventory, marketable securities and changes in intangible assets to adjust. On liabilities subject to detailed presentation of its details for the verification and adjustment. M & A for these items one by one consultations, the two sides, both sides reached an acceptable value of the company. Mainly appliedto the simple acquisition of the book value and market value of the deviation from small non-listed companies.2. The market value of comparative law. It is the stock market and the target company's operating performance similar to the recent average trading price, estimated value of the company as a reference, while analysis and comparison of reference of the transaction terms, compared to adjust, according to assessment to determine the value of the target company. However, application of this method requires a fully developed, active trading market. And a subjective factors and more by market factors, the specific use of time should be cautious. Mainly applied to improve the market system in the acquisition of listed companies.3. PE method. It is based on earnings and price-earnings ratio target companies to determine the value of the method. The expression is: target = target enterprise value of the business income × PE. Where PE (price earnings ratio) can choose when the target company's price-earnings ratio M, with the target company's price-earnings ratio of comparable companies or the target company in which the industry average price-earnings ratio. Corporate earnings targets and the target company can choose the after-tax income last year, the last 3 years, the average after-tax income, or ex post the expected after-tax earnings target company as a valuation indicator. This method is easy to understand and easy to apply, but its earnings targets and price-earnings ratio is very subjective determination, therefore, this valuation may bring us a great risk. This method is suitable for the stock market a better market environment, a more stable business enterprise.5. Income approach. It is the company expected future earnings discounted using appropriate discount rate to assess the present value of the base date, and thus determine the value of the company's assessment. Income approach in principle, thatis the reason why the acquirer acquired the target company, taking into account the target company can generate revenue for themselves, if the company's returns, but the purchase price will be high. Therefore, according to the company level can bring benefits to determine the value of the company is scientific and reasonable way. The use of this method must have two conditions: First, assess the company's future earnings are to be predicted, and can predict the basic income guarantee and the possibility of a reasonable amount; second, and enterprises to obtain expected benefits associated with future risk can be invaluable, and can provide convincing evidence. When the purpose is to use M & A target long-term management and enterprise resources, then use the income approach is suitable.Activities in mergers and acquisitions, M & A business through the acquisition of a variety of financing sources of funds needed. M & M financing enterprises in financing before the deal with a variety of M & A comprehensive analysis and evaluation, to select the best financing channels. M & A financing from the actual situation analysis, M & A financing is divided into internal financing and external financing. Internal financing is an enterprise to use their own accumulated profits to pay for acquisitions. However, due to the amount of funds required for mergers and acquisitions are often very large, and limited internal resources, after all, the use of M & A business operating cash flow to finance significant limitations, the internal financing generally not as the main channel for financing mergers and acquisitions. Of external financing is divided into debt financing, equity financing and hybrid financing.Channels of financing the actual response to determine their capital structure analysis, if the acquisition of their funds sufficient, using its own funds is undoubtedly the best choice; if the business debt rate has been high, as far as possible should be financed without an increase to equity of companies debt financing. However, if the business prospects for the future, can also increase the debt financing, in order to ensure all future benefits enjoyed by the existing shareholders.Whether M & A business development and expansion as a means or aninevitable result of market competition, will play an important stage in the socio-economic role. As an important participant in M & A and policy-makers, from the financial rational behavior on M & A analysis and selection of the same time, also taking into account the market, and management elements that will lead the enterprise's decision making provide the most effective Xin Xi .企业并购财务问题分析企业并购已成为企业资本运营的一种主要形式。
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中文4400字基于财务报表分析企业价值摘要随着市场经济的不断发展，越来越多的人开始注意到企业价值的重要性，并且开始对企业的价值进行研究，而且是以财务报表作为价值研究的基础，并对企业有重大的影响，所以基于财务报表对企业价值的研究对企业价值管理有重要的意义。
本文通过对财务报表数据的分析，运用了现金流量折现法、相对价值法等方法对财务报表进行分析，在财务数据中找到对企业价值有用的数据进行分析，得到与企业的内在价值最相近的一个价值以便于管理者更好的对企业做出管理决策和投资决策。
现在,在市场经济条件下,企业本身就是可以在市场中交易的商品,企业由利润最大化转化到价值最大化。
因此，基于财务报表分析企业价值尤为重要。
财务报表作为企业的财务状况和企业的经营状况的反映，成为上市公司的法定资料，真实的财务报表数据，可以揭示企业过去的经营业绩，识别企业的优劣，预测企业的未来。
该文章首先介绍的是传统的报表的局限性和怎样改进，然后是基于改进后的报表对企业价值进行研究。
关键字：财务报表,企业价值,企业价值评价1 绪论1.1企业价值的含义企业价值是20世纪60年代伴随着产权交易市场的出现，由美国管理者最早提出的一个概念。
在市场经济条件下，企业本身也是一种可以在产权市场上交易的商品，作为该商品的利益相关者，包括投资人、债权人、管理者等，都必须要了解企业的价值。
企业价值是指企业作为一种商品的货币表现。
1.3 评价企业价值的作用1.3.1 企业价值评价用于企业管理随着经济的发展和人们认识的提高，财务管理目标由“利润最大化”转为“企业价值最大化”，我们知道企业作为一类特殊的资产，有其自身的特点：盈利性、持续经营性、整体性。
而企业价值最大化作为财务目标符合企业本身的特点，即企业价值关注的是企业长期的盈利能力。
企业价值最大化是通过企业财务上的合理经营，采用最优的财务政策，充分考虑资金的时间价值和风险与报酬的关系，在保证企业长期稳定发展的基础上使企业总价值最大。
1.3.2 企业价值评价用于投资决策根据价值规律原理，在股票市场上，企业价值决定股票价格，股票价格在本质上是投资者对企业未来收益、现金流量、投资风险所做出的预期判断，它围绕企业价值上下波动，经常偏离股票的内在价值。
这种价格与价值的市场偏离经过一段时间的调整会向企业价值回归。
因此，通过对企业价值的评价、判断，投资者可以寻找并且购进被市场低估的证券或企业，以获得高于市场平均报酬率的收益。
2 财务报表信息能反映企业价值2.1 企业价值通过财务报表表现财务报表本身就是通过反映企业经营活动过程和结果来表述企业价值的报表。
(1)资产负债表是通过反映企业在一定时点上的财务状况来揭示企业价值的一种会计报表。
它的左方是企业拥有的各种资产的价值和总资产的价值；右方是负债和净资产，其中负债表示债权人应分享企业价值的份额，净资产表示所有者所拥有的企业价值份额。
2.2 财务数据与企业价值的相关性财务报告是指企业对外提供的反映企业某一特定日期的财务状况和某一会计期间的经营成果、现金流量等会计信息的书面文件。
财务报告至少应当表现为下列组成部分：（1）资产负债表；（2）利润表；（3）现金流量表；（4）所有者权益（或股东权益）变动表；（5）附注。
2.3 财务报表用于企业价值分析的两种基本方法2.3.1 比率分析法和比较分析法比率分析法，是将财务报表的相关项目的金额进行对比，得出一系列具有一定意义和逻辑关系的财务指标，以此来揭示企业的财务状况、经营成果和现金流量情况的一种分析技巧，是现代财务报表分析中最重要、最常用的一种分析方法，运用比率分析法进行分析时具有计算简易，可发现显著问题等特点。
比率分析法虽适应性较强，但也有局限性，如没有可比性基础的财务指标没有任何意义。
比率分析属于静态分析，对于预测未来并非绝对合理可靠，但预测未来却是评估企业价值的决定性因素。
2.3.2 杜邦财务分析体系杜邦财务分析体系(简称杜邦体系)因其最初由美国杜邦企业创立并成功运用而得名。
杜邦财务分析体系的一个流行表达式，是将净资产收益率分解为三部分：销售净利率、总资产周转率和权益乘数。
分别反映企业的获利能力、资产管理效率和财务杠杆。
它是一条系统性进行财务分析的便捷之道，能够解释变动的原因和变动趋势，综合地分析企业获利能力、营运能力和资本结构情况，为采取措施指明方句。
3 传统财务报表分析的存在问题3.1 传统财务报表的问题财务报表是企业价值评估的重要信息来源，财务报表为企业价值评估提供各种资产的数据、企业整体资产的收益能力、企业权益资本的未来现金流量能力等重要资料。
可以说，财务会计数据越准确，企业价值评估的结果就越准确。
经过近百年的发展，财务报表体系日臻完善，形成以资产负债表、利润表、现金流量表，所有者权益变动表为主体，会计报表附注为补充，反映企业财务资源和财务状况的四表一注。
3.1.1 历史成本原则的局限性历史成本原则是现行财务会计的一个重要原则，是指企业所取得的各项资产、所发生的各种负债等都应当按其取得或发生时的实际成本计价。
由于历史成本易于取得，且具有客观性和验证性等特点，适合对长期使用的资产进行计价，对增值后的商品进行计价，因而在工业经济时代为会计实务界所广泛采用。
3.1.2 权责发生制原则的局限性权责发生制是现行会计的支柱原则之一，是基于会计分期假设的原则。
权责发生制原则要求会计只能确认企业当期已经实现的收入和已经发生或应当负担的费用，而对尚未实际发生的交易和事项以及不属于本期的收入和费用，则不能进行确认。
3.1.3 货币计量原则的局限性这一原则认为经济业务的处理以货币作为量度来加以确认，会计处理是一个可运用货币对企业活动进行计量并把结果加以传递的过程。
随着企业经营环境的不确定性与日俱增，以货币为载体所反映的企业财务信息已越来越难以满足决策者的要求，作为决策者不仅要求看到企业现实的盈利、营运方面的资料，更希望能得到反映企业发展能力、创新能力及综合竞争能力方面的信息。
使用者对信息相关性的偏好各不相同，因此，披露企业的经营环境、发展潜力及对未来预测的非货币性信息，就显得越来越重要，而现行财务报表所采用的货币计量却忽略了非财务信息对会计信息质量的影响。
3.2 财务报表分析指标的问题在财务报表分析体系中，财务指标是分析和决策的主要依据。
在揭示企业价值的财务报表分析中运用一系列的财务指标来判断企业的盈利能力和风险水平，进而评价企业的价值。
但是现有的财务指标体系还不完整，主要是随着知识经济、信息经济以及全球化的进一步加强，诸如人力资源、市场占有率、产品质量等对企业价值评估有重要影响的非财务指标没有包括在内。
3.3 传统财务报表分析方法的问题3.3.1 比率分析法和比较分析法比率分析法，是将财务报表的相关项目的金额进行对比，得出一系列具有一定意义和逻辑关系的财务指标，以此来揭示企业的财务状况、经营成果和现金流量情况的一种分析技巧，是现代财务报表分析中最重要、最常用的一种分析方法，运用比率分析法进行分析时具有计算简易，可发现显著问题等特点。
比率分析法虽适应性较强，但也有局限性，如没有可比性基础的财务指标没有任何意义。
比率分析属于静态分析，对于预测未来并非绝对合理可靠，但预测未来却是评估企业价值的决定性因素。
3.3.2 杜邦财务分析体系杜邦财务分析体系(简称杜邦体系)因其最初由美国杜邦企业创立并成功运用而得名。
杜邦财务分析体系的一个流行表达式，是将净资产收益率分解为三部分：销售净利率、总资产周转率和权益乘数。
分别反映企业的获利能力、资产管理效率和财务杠杆。
它是一条系统性进行财务分析的便捷之道，能够解释变动的原因和变动趋势，综合地分析企业获利能力、营运能力和资本结构情况，为采取措施指明方句。
4 财务报表分析体系的改进4.1 财务报表的改进我们对财务会计报告改进的思路是在现行财务会计报告体系的基础上增加披露的信息, 以满足企业价值评估的需要。
4.2 财务报表分析的指标的改进4.2.1 企业盈利能力分析企业的盈利能力评估分为现有盈利能力、潜在盈利能力和持续盈利能力分析。
企业现有盈利能力由企业的盈利水平、营运效率和发展能力反映，全部采用财务指标。
企业潜在的盈利能力由行业成长性和企业成长性决定。
4.2.2 企业风险分析由于企业价值最大化是一个抽象的目标，在运用时也存在一些缺陷：非上市企业的价值确定难度较大。
虽然通过专门评价（如资产评估）可以确定其价值，但评估过程受评估标准和评估方式的影响使估价不易客观和标准，从而影响企业价值的准确与客观性。
股票价格的变动除受企业经营因素影响之外，还要受到其他企业无法控制的因素影响。
4.3 财务报表分析方法的改进4.3.1 充分利用和分析现金流量表对现金流量表进行定量结构分析定量结构分析就是在现金流量表有关数据的基础上，进一步明确现金流入、流出和净流量的构成。
可以分为现金流入结构、流出结构、现金净流量结构分析和流入流出结构分析四个方面。
定量结构分析用数据说明了现金流量表的结构状况，反映了企业各项活动包括经营活动、投资活动、筹资活动对企业现金流量的贡献额，便于报表使用者客观判断企业的现金流量状况，预测企业将来的现金流量情况。
5 财务报表分析企业价值的方法比较5.1现金流量法与相对价值法的比较现金流量表是以收付实现制为基础，提供企业一定会计期间现金及现金等价物流入流出的信息，以便于报表阅读者了解和评价企业获取现金和现金等价物的能力。
有些企虽有较大数额的净利润，但还是因偿债能力不足而导致破产清算。
企业生产经营活动的最终目的是为了获取更多的现金。
企业经营的成功，从长期来看，取决于回收的现金大于耗用或投入现金的程度。
通过经营活动现金净流量与净利润对应分析，也可以检查利润的质量。
5.2 EVA的分析方法与相对价值法的比较EVA是英文Economic Value Added的缩写，可译为：资本所增加的经济价值、附加经济价值或经济增加值等。
EVA指标设计的基本思路是：理性的投资者都期望自己所投出的资产获得的收益超过资产的机会成本，即获得增量受益。
6 企业价值的财务分析6.1 企业价值评价的方法6.1.1 现金流量折现法现金流量对企业经营状况影响分析：a)现金来源比率即经营活动、投资活动、筹资活动现金净流量/现金来源总额×100%.该比率说明了企业各项现金流量来源的比重，从资金来源上反映企业的发展需要对某项现金流量的依赖程度。
6.1.2 相对价值法相对价值方法采用比率估价法首先需要选择一组可比公司，计算出这组公司比率的均值或者中位数作为基准比率，然后将需要定价公司的实际比率值与这些基准比率值进行比较，以反映公司是否存在“内在价值”。
7 结论通过对以上财务信息的分析和比较可以得出以下结论：1．一般说来，所有比率工具所产生误差的正负是不明确的，但是用均值衡量偏差比用中位数衡量偏差要准确得多。