中文3160字
1 外文翻译原文
Capital structure influencing factor analysis research Material Source:Theory of Optimal Capital Structure
Author : R. Barea
Since the Modigliani and Miller (1958) since the academic structure of the capital a large number of theoretical and empirical research, trying to identify the potential impact of capital structure choice factors. A lot of literature suggests that the choice of capital structure by the asset structure, firm size, non-debt tax shields, growth, volatility, product uniqueness, profitability and other firm characteristics factors. In addition, the choice of capital structure is also affected by industry characteristics, macroeconomic and institutional environment factors. Harris and Raviv (1991) from the experience of many U.S. companies to sum up: "leverage ratio of fixed assets, non-debt tax shields, growth and company size increases, with the volatility, advertising costs, bankruptcy the possibility of profitability and product uniqueness increases less. "
Chinese listed companies due to the particularity of the system, what factors determine the choice of capital structure? Characteristics of institutional factors influenced how the company capital structure choice? Experiences and things like that to be the model and empirical test. In recent years, researchers began to affect the capital structure of listed companies in an empirical study of factors, such as Lu Zhengfei, and Xin Yu (1998), Lishan Min and Su Yun (1999), Xiaozuo Ping and Wu Shinong (2002), and achieved certain results, However, most studies are using a simple regression technique factors on capital structure for empirical analysis. Titman and Wessels (1988) pointed out the shortcomings of this approach: First, there is no wish to measure the sole representative of the property; Second, it is difficult to find and other relevant property is not related to the measurement of a particular property; third, As can be observed variable is not perfectly representative of its properties should be measured, they are used in the regression analysis will lead to errors in variable problem; fourth, the agent variables and measurement error 2 may be explained by variables related to measurement error will produce false (Spurious) related. In this paper, two-stage multiple procedures, application of factor analysis-based model to reduce measurement error, to expand the capital structure of Chinese listed companies Empirical Study.
Capital Structure
To build the empirical model, the author according to the capital structure theory and relevant empirical research on factors affecting capital structure analysis, and gives a proxy variable to capture these factors.
I, the asset structure Agency theory, balance theory and the theory of asymmetric information are considered assets for capital structure choice. According to agency theory, high-leverage the company's shareholders tend to sub-optimal investment (Jensen and Meckling, 1976; Myers, 1977). The assets of the company secured an opportunity to limit such behavior. Therefore, the value of assets and leverage are related to security. Another problem comes from a proxy service managers tend to consumption. Assets can be secured with fewer companies more vulnerable to such agency costs, because these companies on the capital expenditure monitoring more difficult (Grossman and Hart, 1982). Companies can increase the level of debt as a monitoring tool to mitigate this problem. Therefore, security assets and leverage can be negative. Theory from the balance with debt secured creditors to reduce the potential loss of the debtor's insolvency and, therefore, limit the amount of shareholder wealth, occupation of the debtor. Meanwhile, in bankruptcy the value of tangible assets higher than the value of intangible assets. Therefore, the value of assets and leverage are related to security. Under asymmetric information theory, tangible assets, more businesses will face less information asymmetry, therefore, should issue equity rather than debt. And the existence of asymmetric information, to the sale of secured debt had a negative because it reduces information premium. For asset structure, we use stock / total assets (INV) and fixed assets / total assets (FIX) two proxy variables.
II, firm size Many studies suggest that large companies tend to diversify, with more stable cash flow, so low probability of bankruptcy. Warner (1997), Angclua and Meconnel (1982) study found that direct costs of financial distress and negatively related to firm size. Fama and Jensen (1983) that large corporations to smaller companies tend to provide more information on lenders. Therefore, less monitoring costs of large 3 companies, large companies than small companies with high borrowing capacity. Therefore, firm size should be positively correlated with leverage. And Rajan and Zingales (1995) that the large companies than small companies tend to provide more information to the public, may be related to internal investment company size and level of external investment in human negative correlation of asymmetric information. Under asymmetric information theory, large companies should be inclined to equity financing and therefore have
lower leverage. The size of the company, we use the natural logarithm of total assets (LN (TA)) and the main business income of the natural logarithm (LN (S)) of two proxy variables.
III, the tax That the use of tax-based model of the main benefits of debt financing is tax credits. According to tax-based theory, companies with higher marginal tax rates should use more debt to get the tax shield benefits. Therefore, the effective marginal tax rates should be positively correlated with leverage. Unable to obtain relevant data to calculate the marginal tax rate, we use the average tax rate (TAX) to analyze the tax impact of capital structure choice.
IV, non-debt tax shield DeAngelo and Masulis (1980) that non-debt tax shield can be used as an alternative to debt financing, tax benefits, the same as in other cases, the non-debt tax shields have more companies should use less debt. Barton et al (1989), Prowse (1990), Wald (1999), Kim and Sorensen (1986) research shows that non-debt tax shields and leverage negative. In this paper, depreciation / total assets as non-debt tax shield (DEP) of the proxy variables.
V. Growth According to agency theory, equity-controlled companies tend to sub-optimal investment will be deprived of their wealth came from the hands of creditors. For high growth companies, because of its future investment opportunities in the choice of greater flexibility, these companies may be more serious agency problems. Myers (1977) that high growth companies lower the future investment in growth companies have more options. If the high-growth companies need external equity financing options to implement in the future, then the company has a large debt may give up this opportunity, because such investment will transfer wealth from shareholders to creditors of the body, which produces the problem of insufficient investment. Therefore, growth should be negatively correlated with leverage. For growth, this growth rate with total assets (GRTA) and the equity value-added rate (GREQ) two 4 proxy variables.
VI, volatility Regular payment of debt obligations involved, the highly leveraged company is more vulnerable to financial distress costs. Finance theory suggests that the risk of the company or bankrupt companies should not have a high probability of higher leverage. Therefore, the main business income volatility or commercial risk as the possibility of occurrence of financial distress proxy variables, which should be negatively correlated with leverage. Bradley et al (1984), Titman and Wesssels (1988), Wald (1999) and Booth et al (2001) and other studies have shown that volatility negatively correlated with leverage. In this paper, the main business of the standards slip ((VOL) as a proxy for volatility.
VII ability to generate internal resources Trade-off theory is that ability to generate internal resources to leverage a positive correlation, because a strong ability to generate internal resources, companies choose higher leverage to get more debt tax shield. Jensen (1986) pointed out that instead of borrowing to pay dividends to ensure that the management discipline empire method. The benefits of debt "can improve the efficiency of managers and their organizations", which act as a "control effect" role. Therefore, the company has a large free cash flow should have higher debt to limit management's discretion. According to the Theory of Optimal Financing (Pecking order theory), because the existence of asymmetric information, the company follows the financial pecking order model: companies prefer internal resources, internal resources have been exhausted if the company was to issue debt, and finally the issue of equity. Therefore, the ability to generate internal resources, negatively correlated with leverage. The ability to generate internal resources, this paper, the cash rate of sale (NOCFS) and total assets of cash recovery rate (NOCFA) two proxy variables, but to test the Jensen (1986) free cash flow hypothesis proposed in this paper with a cash rate of sales / total Asset growth rate (FCFS) and total assets of cash recovery rate / total assets growth rate (FCFA), as free cash flow (Note: free cash flow is difficult to quantify, can not be obtained directly from the financial data, must be used in other empirical research cash flow concept, and in line with the growth of the company (such as Tobin'Q, growth rate of total assets), investment opportunities, free cash flow and other indicators in order to explain the problem.) proxy variables.
VIII, product uniqueness 5 From the stakeholder theory of capital structure and product / factor market theory perspective, the company has a unique product should have less leverage. Titman and Wessels (1988) that, in liquidation, the production of unique or specialized products company, its customers, suppliers, workers will suffer from higher costs. Their workers and suppliers may have the skills and capital, job characteristics, and the customer service more difficult to find a replacement phase. From the agency cost perspective, the expected cost of employees looking for work products and services depends on whether there is unique. Employees working on the implementation of mass-specific work with respect to employees engaged in the former expected to find lower cost. Therefore, when other conditions being equal, and human-related costs for the agency to provide specialized products and services relative to the companies higher. Due to higher leverage will have higher agency costs and bankruptcy costs, so
the uniqueness of products and services will affect the degree of capital structure choice. These companies promote their unique products will suffer more sales costs and advertising costs. In this paper, operating expenses / Income from principal operations (SEXP) as a proxy for product uniqueness.
IX liquidity Current ratio of capital structure choice is mixed. On the one hand, high flow rate paid by the company short-term debt due ability. Therefore, liquidity should be positively correlated with leverage. On the other hand, companies with more liquid assets may use these assets to finance its investments. Therefore, the flow of state assets would negatively affect leverage. And, as Prowse (1990) points out, can be used to indicate the liquidity of the assets to creditors, the interests of shareholders to manipulate the expense of the extent of these assets. In this paper, the current ratio (CR) and the quick ratio (QR) as a proxy for liquidity.
Ten, industry characteristics The asset risk, asset type, and the demand for external funds vary by industry, the average leverage will vary with the industry. Industry characteristics and capital structure characteristics of the fact that the leverage within the same industry in different sectors of the lever more than the similar, leverage levels to remain relatively the same industry (Bowen et al, 1982; Bradley et al 1984). Bradley et al (1984) studies have shown that regulated industries (telecommunications, electronics, utilities and aviation industry) with higher leverage. This article uses the industry dummy variables to control the impact of industry factors on the lever.
2、译文
资本结构影响因素的分析研究
资料来源: 最优资本结构原理
作者: 巴里亚
自Modigliani 和Miller(1958) 以来，学术界对资本结构进行了大量的理论和实证研究，试图辨别影响资本结构选择的潜在因素。大量的文献表明，资本结构的选择受资产结构、公司规模、非债务税盾、成长性、波动性、产品独特性、获利能力等公司特征因素影响。此外，资本结构的选择还受行业特性、宏观经济以及制度环境等因素影响。Harris 和Raviv(1991) 对来自美国公司的许多经验研究进行总结:“杠杆随着固定资产比率、非债务税盾、成长性和公司规模的增加而增加，随着变动性、广告费用、破产可能性、获利能力和产品独特性的增加而减少。”
中国上市公司由于制度的特殊性，究竟什么因素决定资本结构的选择? 制度因素如何通过公司特征因素影响资本结构的选择? 等等这些问题有待于经验模型的建立和实证检验。近年来，中国研究者开始对上市公司资本结构影响因素进行实证研究，如陆正飞和辛宇(1998) 、李善民和苏赟(1999) 、肖作平和吴世农(2002) 等，取得了一定的成果，但大多数研究都是使用简单的回归技术对资本结构影响因素进行实证分析。Titman 和Wessels(1988)指出了这种方法的缺点: 第一，不存在希望测量属性的唯一代表; 第二，很难找到与其他相关属性不相关的某一特定属性的计量; 第三，由于可观察变量不能完美地代表其所应测量的属性，它们在回归分析中的使用将引起变量问题中的误差; 第四，代理变量的计量误差也许与被解释变量的计量误差相关将产生谬误(Spurious)相关。本文采用二阶段多元程序，应用基于因子分析模型来减缓计量误差，以拓展中国上市公司资本结构影响因素的实证研究。
资本结构影响因素: 为了构建经验模型，作者根据有关的资本结构理论和相关的经验研究对资本结构影响因素进行分析，并给出捕捉这些因素的代理变量。
一、资产结构
代理理论、权衡理论和信息不对称理论都认为资产构成影响资本结构的选择。根据代理理论，高杠杆公司的股东倾向于次优投资( Jensen 和
Meckling,1976;Myers,1977) 。而有担保资产的公司能限制这种机会行为。因此，资产担保值与杠杆正相关。另外一个代理问题来自经理们倾向在职消费。具有较少可担保资产的公司更易遭受这种代理成本，因为这些公司对资本支出的监7 督较困难(Grossman 和Hart,1982) 。公司可以提高债务水平作为监督工具以减缓这个问题。因此，可担保资产与杠杆负相关。从权衡理论看，带抵押的债务减少了债权人在债务人破产时的潜在损失，因而也就限制了股东侵占债务人财富的数额。同时，在公司破产时有形资产的价值比无形资产的价值高。因此，资产担保值与杠杆正相关。根据信息不对称理论，有形资产较多的企业将面临较少的信息不对称问题，因此，应该发行权益而不是债务。且信息不对称的存在，给出售担保债务带来了不利，因为其减少了信息溢价。对于资产结构，本文使用存货/总资产(INV)和固定资产/总资产(FIX)两个代理变量。
二、公司规模
许多研究认为大公司倾向于多角化经营，具有较稳定的现金流，因此破产的概率较小。Warner(1997)、Angclua 和Meconnel(1982)的研究发现财务困境的直接成本与公司规模负相关。Fama 和Jensen(1983)认为大公司较小公司倾向于向贷款人提供更多的信息。因此大公司的监督成本较少，大公司比小公司具有较高的借贷能力。因此，公司规模应与杠杆正相关。而Rajan 和Zingales (1995)认为大公司比小公司倾向于向公众提供更多的信息，公司规模可能与内部投资人和外部投资人间信息不对称水平负相关。根据信息不对称理论，大公司应倾向于权益融资，因此具有更低的杠杆。对于公司规模，本文使用总资产的自然对数(LN(TA))和主营业务收入的自然对数(LN(S))两个代理变量。
三、税收
基于税收模型认为使用债务融资的主要益处在于税收抵减。根据基于税收理论，具有较高边际税率的公司应使用更多的债务以获得税盾收益。因此，有效边际税率应与杠杆正相关。由于无法获得相关数据来计算边际税率，本文采用平均税率(TAX) 来分析税收对资本结构选择的影响。
四、非债务税盾DeAngelo 和Masulis(1980)认为非债务税盾可作为债务融资税收利益的替代，在其他情况相同下，拥有较多非债务税盾的公司应更少地使用债务。Barton et al(1989)、Prowse(1990)、Wald(1999)、Kim 和Sorensen(1986)
的研究表明非债务税盾和杠杆负相关。本文用折旧/总资产作为非债务税盾(DEP)的代理变量。
五、成长性根据代理理论，权益控制型公司倾向于次优投资而将财富从债权人手中剥夺过来。对于成长性较高的公司，由于其在选择将来投资机会时具有更大的灵活性，这些公司的代理问题可能更严重。Myers(1977)认为高成长性公司较低成长性公司对将来投资具有更多的选择权。如果高成长性公司需要外部权益融资来执行将来选择权，那么具有大量债务的公司可能会放弃这个机会因为这样的投资将使财富从股东转移到债权人身上，即产生投资不足问题。因此，成长8 性应与杠杆负相关。对于成长性，本文使用总资产增长率(GRTA)和权益增值率(GREQ)两个代理变量。
六、波动性由于债务涉及定期支付义务，高杠杆公司更易受财务困境成本的影响。财务理论认为风险性公司或破产概率较高公司不应该具有较高的杠杆。因此，主营业务收入波动性或商业风险作为财务困境发生可能性的代理变量，其应与杠杆负相关。Bradley et al(1984)、Titman 和Wesssels(1988)、Wald(1999)和Booth et al(2001)等的研究表明波动性与杠杆负相关。本文用主营业务的标准差率(VOL)作为波动性的代理变量。
七、产生内部资源能力权衡理论认为产生内部资源能力与杠杆正相关，因为产生内部资源能力强的公司选择更高的杠杆以获得更多的债务税盾。Jensen(1986) 指出借债确保管理层支付股利而非建立帝国的纪律性方法。负债的好处“能够提高管理者及其所在组织的效率”，从而起到“控制效应”的作用。因此，拥有大量自由现金流的公司应具有较高的债务，以限制管理层的自由裁量权。而根据融资优序理论(Pecking order theory) ，由于信息不对称的存在，公司遵循融资优序模式: 公司偏好于内部资源，如果内部资源被耗尽公司才发行债务，最后才发行权益。因此，产生内部资源能力与杠杆负相关。对于产生内部资源的能力，本文用销售现金率(NOCFS) 和总资产现金回收率(NOCFA) 两个代理变量，同时为了检验Jensen(1986) 提出的自由现金流量假说，本文用销售现金率/总资产增长率(FCFS) 和总资产现金回收率/总资产增长率(FCFA) 作为自由现金流量(注: 自由现金流量难以量化，无法从财务数据中直接获取，在实证研究中必须使用别的现金流量概念，并配合公司成长性(如Tobin’Q、总资产增长率) 、投资
机会等指标才能说明自由现金流量问题。
八、产品独特性从资本结构利益相关者理论和产品/要素市场理论看，具有独特性产品的公司应具有较少的杠杆。Titman 和Wessels(1988) 认为，在清算中，生产独特性或专门产品的公司，其顾客、供应商、工人会遭受到更高的成本。其工人和供应商可能具有工作特征的技能和资本，且其顾客较难找到相替代的服务。从代理成本角度看，雇员找工作的预期成本取决于公司产品和劳务是否有独特性。执行大众化工作的雇员相对于从事专用性工作的雇员，前者的预期寻找成本较低。因此，当其他条件一样时，与人力相关的代理成本对于提供相对专用化产品和劳务的公司而言更高。由于较高的杠杆会产生较高的代理成本和破产成本，所以产品和劳务的独特性程度将影响资本结构的选择。而这些公司为促销其独特性产品会遭受更多的销售费用和广告费用。本文用营业费用/主营业务收入9 (SEXP) 作为产品独特性的代理变量。
九、资产流动性流动比率对资本结构选择的影响是混合的。一方面，高流动比率的公司支付短期到期债务能力较强。因此，资产流动性应与杠杆正相关。另一方面，具有较多流动资产的公司也许会用这些资产来为其投资融资。因此，资产的流动状况会对杠杆产生负面影响。且正如Prowse(1990) 指出的，可以用资产的流动性来表明股东以债权人的利益为代价来操纵这些资产的程度。本文用流动比率(CR) 和速动比率(QR) 作为资产流动性的代理变量。
十、行业特征由于资产风险、资产类型以及对外部资金的需求依行业不同而变化，平均杠杆将随行业的不同而不同。行业特征与资本结构的特征事实是同一行业内的杠杆比不同行业的杠杆更具有相似性，同一行业保持相对杠杆等级(Bowen et al, 1982; Bradley et al 1984) 。Bradley et al(1984) 的研究表明受管制行业(电信、电子、公用事业和航空业) 具有较高的杠杆。本文使用行业虚拟变量来控制行业因素对杠杆的影响。
财务分析外文翻译! 财务报表 报表要求 前面主要讨论了向外界提供的财务资料格式和用途，本章着重讨论的内容，浏览一下资产负债表，其项目如下: 现金主要是指在有偿付能力的银行中的活期存款。在会计期终止时补充的办公和工程备用基金也可包括在内。在职能分权的会计制度中，现金可以包括全部自有业务的各种分项工程银行存款，但是联合账户存款中属本公司的份额。如果不属本公司支配，可以不包括在内。现金不应该包括投标保证金或其它保证金以保证履行合同。也不应包括对雇员的预付款或对提款附加有种种限制的存款。在受货币限制的外国银行中的现金，只要它不超出公司对所在国货币的现金需求，也可视为现金。在建立银行现金明细表时，使存款现金与同一银行未清偿的各项贷款、抵押品、银行给予的最大担保信贷以及上年度的平均余额相符倒是个好主意。每份报告应包括现金预测，至少应在交给管理部门的报告中包括现金预侧。 应收款项可分成下列细目 1.核定的和到期的按进度付款的金额。 2.已开出但尚未核定的按进度付款的金额。 3.收益的金额和可即付的但开单当日实际未付的金额。 4.正在执行中的合同押金。 已完成的工程押金。 5. 6(如果把支付给分散经营的业务和合资企业的预付款看作应收款项，这些预付款应单独列表并单列科目放在资产负债表的首页。是否应将工程利润带来的产权当作应收款项还有争议。但一旦运用这种方式，就应该列出该项目。一般来说，最好
的做法是把合资企业的预付款和未分配的收益标明为“合资企业投资”，并加上适当的附注，说明投资的性质和合资企业的简要财务数据。 7(运转中的工程费用。当这些项目被看作应收账款时。只应列入某一特定工程按进度付款的已赚收益中的超额部分。如果按进度付款超过营业收益，这些费用应当作债务，如果资产负债表分为流动负债和非流动负债两类，这些费用应归人流动负债类。 8(各类销售、服务和保险赔偿金等应收款项 9(应付供应商和雇员的款项，明细附表应详细显示这些项目，当这些项目出自某一特定业务或与某一特定业务有关时，应将这些项目与该业务一并在明细表上标明。库存，从技术上讲，仅限于未拨用的材料，物资和备用件。有时把小工具归入物资类，有时单独列出。无论用那种形式，库存都应该在资产负债表的首页或明细附表中标明、购进的库存物资应按成本价或市场价，根据低的一种价格定价。对从工地归还到中心仓库的主要的旧材料(胶合板和金属模具)和小工具(气锤、钻头等)没有严格和固定的规则。标准处理方法是按成本价加10%将新材料“出售"给工程。当归还到中心仓库时，按原售价冲减so,记人工程账户，并在库存账户记人同样的数目。在下次“出售”给另一工程时，在前一工程的归还值上增加10,。归还时，再次重复这一手续，直到该物品不能用为止。丢失或残余价值微不足道可以不计。10,的加价系数用于弥补小修和仓储的费用。这种方法的另一种形式是指定回收估值而不是不断增加百分比，然而，这种方法需要有足够知识的人在每次回收物品时估值，这样做很麻烦，也不值得。但是，当这些物品出售给合资企业或成本加成工程时，肯定这种价格可以公平代表 材料或小型工具的价值是一种好做法。值得注意的是这种交易文件不能写得让国家把这种交易作为要交营业税的买卖。 财务报表的制订
本科生毕业设计（论文）文献综述评价表
文献综述： 基于哈佛分析框架的财务报表分析的 文献综述 财务分析的重要性日益凸显，它不仅代表着企业的经营成果，还为企业以后的发展和管理提供决策依据。财务分析是通过一系列分析技术与方法，对企业的各种能力进行综合分析与评价，及时发现企业经营中出现的问题和不足，为企业的管理者管理和决策的信息。这是一个逻辑性很强的分析过程，需要从各种复杂的信息中把握分析逻辑，形成分析框架，才能获取有价值的信息。另一方面，财务分析对于投资者和股东的未来投资活动具有重要意义，它有助于利益相关者了解企业的经营现状和未来发展。本文对哈佛分析框架的国内外研究成果进行述评，为进一步的研究奠定基础。 1 国外关于财务分析方法的研究 伴随着西方资本市场的发展，其财务分析方法日益完善，财务分析体系快速发展。学者们开始建立财务分析框架，以更好地对企业的财务状况经行分析。少数学者提出从筹资活动、经营活动和投资活进行财务分析。而绝大部分学者则是在财务分析的基础上逐步引进战略分析、会计分析和前景分析三个维度。一部分学者是从三个维度来构建财务分析框架的。以Salmi（1997）为代表的学者提出从概论、会计分析和财务分析三个维度进行财务报表分析。而以Stickney（1999）为代表的学者则是从环境分析、会计分析和财务分析这三个维度展开。相比较而言，Stickney的尝试在原来两维度的基础上增加了环境分析，使得财务分析结果更为可靠。 还有一部分学者是从四个维度来构建财务分析框架的。最具有代表性的是哈佛大学佩普（K.G.Palepu）、希利（P.M.healy) 和伯纳德（V.L.Bemard)（2000）在《运用财务报表进行企业分析与评估》一书中提出了哈佛分析框架。其提出了一种集战略与财务报表分析为一体的、更具实际应用效果的财务分析框架，即哈佛分析框架。该框架由战略分析、会计分析、财务分析、前景分析共四个部分组成。哈佛分析框架的战略分析模块对企业所面临的外部环境进行了全面分析，不仅能发现企业发展中面临的机会和威胁，更能从战略高度为企业发展指出方向。哈佛分析框架做到了结合企业外部经济环境与企业个体特征、行业经济发展状况、生合周期和获利能力等因素对企业进行综合评判，对于投资者
Developing student competencies_ An integrated approach to a financial statement analysis project This paper presents an instructional resource for an integrated fi-nancial statement analysis project. The project requires a quantitative analysis of a company's financial statements and a written re-search report. The project is designed to develop students' critical thinking and analytical capabilities through the application of course concepts to a real company, while also providing opportunities to develop professional competencies. Following Anson's Instruc-tional Design Model (2007), the integrated project includes supporting activities, which are designed to aid students in achiev-ing the project's learning goals. The supporting activities include in-class instruction on financial ratios, a computer lab session on Excel, draft papers, peer reviews of writing, and paper revisions. The in-tegrated project also serves as an example of an assignment that is consistent with two recent education frameworks, the Inte-grated Competency-Based Framework (Lawson et al., 2014) and the AICPA Core Competency Framework (2015), which both advocate for increased integration of professional competencies within the ac-counting curriculum. Our instructional resource provides project instructions, supporting activities, as well as implementation guid-ance and a grading rubric. The paper discusses adaptations to tailor the project to various courses and audiences. The resources in this article are useful for instructors implementing a financial state-ment analysis project into accounting, finance, financial statement analysis and investment courses targeted at either the undergrad-uate or graduate levels.
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。适当的财务报表分析解析了杠杆作用的影响。以下分析是通过确定经营和融资活动中的资产负债表和损益表的组成开始分析。计算每一项活动所获得的利润，然后引入两种类型的杠杆作用来解释运营和融资的盈利以及股东的总体盈利。 1.1 区分运营和融资过程中的盈利 普通股权=经营资产，金融负债,经营负债,金融负债 (2) 侧重于普通股(以便优先股被视为融资债务)，资产负债表方程可重申如下:经营性资产的区别(如贸易应收款，库存和物业，厂房及设备)和金融资产(存款及可出售证券吸收多余现金)在其他方面。然而，债务方面，融资负债也区别于经营负债。不应该把所 有负债都当作融资负债来处理，相反，只有从运营中得到的现金，就像银行贷款，短期商业票据和债券属于这种类型。其他负债，如应付账款，累计费用，预收收入，重组债务和养老金负债，产生于业务。这种区别并不像当前与长远负债那么简单;养老金负债，例如，通常是长期，短期的借款是一种当前的负债。
本科毕业论文（设计） 外文翻译 外文题目Earnings Management under German GAAP versus IFRS 外文出处 European Accounting Review 外文作者 Tendeloo, B.V., and Vanstraelen, A 原文： Earnings Management under German GAAP versus IFRS Abstract This paper addresses the question whether voluntary adoption of International Financial Reporting Standards (IFRS) is associated with lower earnings management. Ball et al. (Journal of Accounting and Economics, 36(1–3), pp. 235–270, 2003) argue that adopting high quality standards might be a necessary condition for high quality information, but not necessarily a sufficient one. In Germany, a code-law country with low investor protection rights, a relatively large number of companies have chosen to voluntarily adopt IFRS prior to 2005. We investigate whether German companies that have adopted IFRS engage significantly less in earnings management compared to German companies reporting under German generally accepted accounting principles (GAAP), while controlling for other differences in earnings management incentives. Our sample, consisting of German listed companies, contains 636 firm-year observations relating to the period 1999–2001. Our results suggest that IFRS-adopters do not present different earnings management behavior compared to companies reporting under German GAAP. These findings contribute to the current debate on whether high quality standards are sufficient and effective in countries with weak investor protection rights. They indicate that voluntary adopters of IFRS in Germany cannot be associated with lower earnings management. 1. Introduction The International Accounting Standards (IAS), now renamed as International Financial Reporting Standards (IFRS), have been developed to harmonize corporate accounting practice and to answer the need for high quality standards to be adopted in
BI YE SHE JI （20 届） 基于有限元分析的发动机缸体压铸模具设计 所在学院 专业班级材料成型与控制工程 学生姓名学号 指导教师职称 完成日期年月
任务下达日期：2016年3月1日 毕业设计日期：2016年3月1日至2016年6月12日 毕业设计题目：基于有限元分析的发动机缸体压铸模具设计 毕业设计主要内容和要求： 内容： 1、查阅30篇中文文献及10篇左右的英文文献，充分了解设计内容。 2、利用NX10.0建立缸体三维模型，使用Anycasting完成缸体压铸过程模拟分析。 3、参考设计手册和模拟结果完成压铸模具设计，并绘制模具工程图。 4、要求翻译一篇近三年的英文文献，汉字内容应不少于3000字。 要求： 1、努力学习、勤于实践、勇于创新，保质保量地完成毕业设计任务。 2、遵守纪律，保证出勤。因事、因病离岗，应事先向指导老师请假。否则作为缺席处理。 3、独立完成规定的工作内容。不弄虚作假，不抄袭和拷贝别人的工作内容。 4、毕业设计必须符合中国矿业大学毕业论文规范化规定，否则不得参加毕业答辩。 院长签字：指导教师签字：
本文以某汽车的发动机铝合金缸体压铸件为研究对象，对该缸体压铸件可能铸造缺陷进行分析及预测。首先利用NX10.0设计该缸体的三维模型，并参照设计手册完成浇注系统和排溢系统的设计。然后利用铸造模拟软件anycasting v4.0对压铸模具型腔、浇注系统和排溢系统整体进行充填和凝固过程进行模拟研究。分析目前的工艺和设计的浇注系统、排溢系统的是否存在问题，对重要的压铸工艺参数进行优化，并优化压铸模具浇注系统和排溢系统。根据以上模拟结果和设计手册，利用NX10.0、AUTOCAD完成其余结构的设计。使用anycasting v4.0主要完成充型分析，充型过程热分析和热凝固分析，其中重要的工艺参数是冲头快压射速度、浇注温度、冲头高低速转换点和模具预热温度，最后得到一个缺陷比较少的模拟结果。对一般充型缺陷，可以通过优化设计浇注系统、排气系统改进，对凝固缺陷可以通过修改冷却系统的位置进行改进。模具设计部分包括模具型芯部分设计、模架设计、侧抽芯系统设计、顶出系统设计、模具厚度核算、动模座板行程校核、最小合模距离与最大开模距离校核和模具最大外形轮廓校核。最后依据模拟分析结果和模具结构设计，利用NX10.0三维造型软件完成缸体铸件的压铸模具设计。 关键词：铝合金缸体、数值模拟、压铸、模具设计
毕业设计（论文） 外文文献翻译 文献、资料中文题目：财务管理和财务分析 文献、资料英文题目： 文献、资料来源： 文献、资料发表（出版）日期： 院（部）： 专业：财务管理 班级： 姓名： 学号： 指导教师： 翻译日期： 2017.02.14
外文翻译原文 Financial Management and Analysis is an introduction to the concepts,tools, and applications of finance. The purpose of this textbook is to communicate the fundamentals of financial management and financial analysis.This textbook is written in a way that will enable students who are just beginning their study of finance to understand financial decision-making and its role in the decision-making process of the entire firm. Throughout the textbook, you’ll see how we view finance.We see financial decision-making as an integral part of the firm’s decision-making, not as a separate function. Financial decision-making involves coordination among personnel specializing in accounting, marketing, and production aspects of the firm. The principles and tools of finance are applicable to all forms and sizes of business enterprises, not only to large corporations. Just as there are special problems and opportunities for small family-owned businesses(such as where to obtain financing), there are special problems and opportunities for large corporations (such as agency problems that arise when management of the firm is separated from the firm’s owners). But the fundamentals of financial management are the same regardless of the size or form of the business. For example, a dollar today is worth more than a dollar one year from today, whether you are making
本科毕业设计（论文） 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 STA TEMENT ANALYSIS OF EVERAGE AND HOW IT INFORMS ABOUT PORABLIITY AND PRICE-TO-BOOK RA TIOS 1 FINANCIAL STATEMENT ANALYSIS OF EVERAGE The following inimical statement analysis separates the effects of enhancing liabilities and operating liabilities on the portability o f 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
企业会计准则外文翻译文献 (文档含英文原文和中文翻译) 外文： On February 15, 2006, the Ministry of Finance issued 1 item of basic accounting standards and 38 specific guidelines, the new set of accounting standards system. Standards issued, the community gave wide attention, the securities industry, business circles, academic circles gave height the opinion, think this is the second in 1993 accounting reform after another is of great significance to the accounting reform, marking China's convergence with international financial reporting standards of enterprise accounting standards system formally established, to improve the China's socialist market economic system, improve the level of opening up and accelerate China's integration into the global economy has important significance. Also expressed their concerns and worries, mainly reflected in the following aspects: a fair value is difficult to "fair", and is very likely to become the profit manipulation tools; two is the enterprise may to adjust earnings manipulation debt restructuring, debt restructuring will once again become the darling of the securities market; three is the new standard published may induce "fair" phenomenon, which
Finite element analysis system development present situation and forecast Along with modern science and technology development, the people unceasingly are making the faster transportation vehicle, the large-scale building, the greater span bridge, the high efficiency power set and the preciser mechanical device. All these request engineer to be able precisely to forecast in the design stage the product and the project technical performance, needs to be static, technical parameter and so on dynamic strength to the structure as well as temperature field, flow field, electromagnetic field and transfusion carries on the analysis computation. For example analysis computation high-rise construction and great span bridge when earthquake receives the influence, has a look whether can have the destructive accident; The analysis calculates the nuclear reactor the temperature field, the determination heat transfer and the cooling system are whether reasonable; Analyzes in the new leaf blade the hydrodynamics parameter, enhances its operating efficiency. The sell may sum up as the solution physics question control partial differential equations often is not impossible. In recent years the finite element analysis which develops in the computer technology and under the numerical analysis method support(FEA, Finite Element Analysis) the side principle for solves these complex project analysis estimation problems to provide the effective way. Our country in " 95 " Plan period vigorously promotes the CAD technology, mechanical profession large and middle scalene terries CAD popular rate from " 85 " End 20% enhances that present 70%.With enterprise application of CAD, engineering and technical personnel has gradually get rid drawing board, and will join the main energy how to optimize the design, engineering and improving the quality of products, computer-aided engineering analysis (CAE. Computer Aided Engineering) method and software will be the key technical elements . ln engineering practice, finite element analysis software and CAD system integration design standards should be a qualitative leap, mainly in the following aspects : The increase design function, reduces the design cost; Reduces design and the analysis cycle period; Increase product and project reliability; Uses the optimized design, reduces the material the consumption or the cost;
中文4400字 Babic Z, Plazibat N. Enterprise Value Based On The Analysis Of Financial Statements [J]. International journal of production economics, 2008, 56: 29-35 Enterprise Value Based On The Analysis Of Financial Statements Z Babic, N Plazibat ABSTRACT Analysis 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 positio n 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. KEYWORD: Financial statements, corporate value, Enterprise value evaluation 1 Introduction 1 The meaning of enterprise value The 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. 1.2 Analysis of the significance of enterprise value Enterprises maximize the value of thinking helps to improve the company. Each listed
附录1 汽车的碰撞安全性越来越得到人们的重视,不论是对轿车、小客车或其它类型的车辆。由于进行碰撞试验往往需要许多时间与金钱,计算机仿真就是一条较好的方法。而且,汽车被动安全性研究的有限元方法的发展,非线性动力显式有限元方法的进步,使得利用计算机仿真来进行汽车安全性评价与改进成为可能。目前,各大汽车公司与研究机构已着手研究从仿真分析的结果中推演出进一步的修改方案,达到在汽车重量与碰撞特性等方面最优的研究。本文以提高汽车耐撞性为目标,以某型七座小客车的初步设计方案为基础,建立了用于正面碰撞仿真的前部碰撞有限元模型,并进行了计算机碰撞模拟,提出了改进方案,提高了汽车的被动安全性设计水平,从而提高了新车型满足碰撞全法规的成功率。 在对汽车进行碰撞性能有限元分析时,汽车整车的建模工作量巨大。本文中的整车有限元模型中的各个零件均由各零件的U G或CATIA 格式的几何模型转入HYPERME2SH 有限元建模软件并进行网格划分,再进行装配而成。碰撞分析的有限元模型的节点数和单元数都超过了14 万,规模较大。有限元分析软件采用LS2DYNA ,它是当前在汽车碰撞有限元仿真中应用较多的一个非线性动力显式有限元软件,它的主要算法采用Lagrangian 描述增量法,利用显示中心差分法离散时间域,积分时间步长大小受Courant 稳定性准则制约。 整车结构由100 多个元件装配而成。建模时,连接的刚度和强度根据实际情况确定。模型中的板壳单元以Be2lytschko - Tsay 四边形壳单元为主。而节点也分为常规节点和模拟部分焊点情况的带失效的固连。发动机和变速器在整车碰撞中的变形不予以考虑,其材料定义为刚性材料。车门和车体的连接是通过铰链和门锁固定的,在数值仿真中,通过约束对应节点的位移自由度建立球铰模型来模拟。 考虑到研究中仿真的碰撞方式是最为典型的正面碰撞,在正面碰撞过程中,A 柱前部的车身结构是变形吸能的主要器件,其变形的模式极为复杂,而中柱之后在碰撞过程中几乎不发生变形。为节省计算时间,将车身的前部单元划分较密,中柱之后则较稀。计算中采用弹性刚度沙漏控制。 按照CMVDR294 碰撞法规的要求,小客车以50km/ h的速度正面撞击刚性墙。设置的初始边界条件与实车实验的初始条件相同,模拟该车以50km/ h 的初速度正面撞击刚体墙。在有限元计算后进行后处理,并对模拟计算的结果进