财务报表分析研究外文翻译

财务报表分析研究外文翻译

题目双汇企业财务报表分析研究

姓名宋孟姣

专业 2010级财务管理本科1班

学号 201040016

指导教师董玥玥

郑州科技学院工商管理学院

二〇一四年三月

FINANCIAL STATEMENT ANALYSIS OF EVERAGE

AND HOW IT INFORMS ABOUT PORABLIITY AND

PRICE-TO-BOOK RATIOS

1 FINANCIAL STATEMENT ANALYSIS OF EVERAGE

The following inimical statement analysis separates the effects of enhancing liabilities and operating liabilities on the portability of shareholders’ equity. The

analysis yields explicit leveraging equations from which the

speci,cations for the

empirical analysis are developed. Shareholder portability, return on common equity, is measured as

Return on common equity (ROCE) = comprehensive net income ?common equity (1)

Appropriate inimical statement analysis disentangles the effects of leverage. The analysis below, which elaborates on parts of Nazism and

Penman (2001), begins by identifying components of the balance sheet and income statement that involve operating and enhancing activities. The portability due to each activity is then calculated and two types of leverage are introduced to explain both operating and enhancing portability and overall shareholder portability.

1.1 Distinguishing the Portability of Operations from the

Portability of Financing

Activities

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 inimical assets (the deposits and marketable securities that absorb excess cash) is made in other contexts. However, on the liability side, enhancing liabilities are also distinguished here from operating liabilities. Rather than treating all liabilities as enhancing debt, only liabilities that raise cash for operations—like bank loans, short-term commercial paper and

bonds—are classier 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 enhancing activities. Net operating assets are operating assets less operating liabilities. So a arm might invest in inventories, but to the extent to which the suppliers of those inventories grant credit, the net investment in inventories is reduced.

Firms pay wages, but to the extent to which the payment of wages is deferred in pension liabilities, the net investment required to run the business is reduced. Net enhancing debt is enhancing debt (including preferred stock) minus inimical assets. So, a arm may issue bonds to raise cash for operations but may also buy bonds with excess cash from operations. Its net indebtedness is its net position in bonds. Indeed a arm may be a net creditor (with more inimical assets than inimical liabilities) rather than a net debtor.

The income statement can be reformulated to distinguish income that comes from operating and enhancing activities:

Comprehensive net income = operating income, net financing expense