财务报表分析外文文献及翻译

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。

Review of accounting studies,2003,16(8):531-560Financial 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 distinguishes the two types of liabilities informs on future pro?tability and aids in the evaluation of appropriate price-to-book ratios. Keywords: financing leverage; operating liability leverage; rate of return on equity; price-to-book ratioLeverage is traditionally viewed as arising from ?nancing activities: Firms borrow to raise cash for operations. This paper shows that, for the purposes of analyzing pro?tability and valuing ?rms, two types of leverage are relevant, one indeed arising from ?nancing activities but another from operating activities. The paper supplies a ?nancial statement analysis of the two types of leverage that explains differences in shareholder pro?tability and price-to-book ratios.The standard measure of leverage is total liabilities to equity. However, while some liabilities—like bank loans and bonds issued—are due to ?nancing, other liabilities—like trade payables, deferred revenues, and pension liabilities—result from transactions with suppliers, customers and employees in conducting operations. Financing liabilities are typically traded in well-functioning capital markets where issuers are price takers. In contrast, ?rms are able to add value in operations because operations involve trading in input and output markets that are less perfect than capital markets. So, with equity valuation in mind, there are a priori reasons for viewing operating liabilities differently from liabilities that arise in ?nancing.Our research asks whether a dollar of operating liabilities on the 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 operations. So, return on assets isdistinguished from return on equity, with the difference attributed to leverage. However, in the standard analysis, operating liabilities are not distinguished from ?nancing liabilities. Therefore, to develop the speci?cations for the empirical analysis, the paper presents a ?nancial statement analysis that identi?es the effects of operating and ?nancing liabilities on rates of return on book value—and so on price-to-book ratios—with explicit leveraging equations that explain when leverage from each type of liability is favorable or unfavorable.The empirical results in the paper show that ?nancial statement analysis that distinguishes leverage in operations from leverage in ?nancing also distinguishes differences in contemporaneous and future pro?tability among ?rms. Leverage from operating liabilities typically levers pro?tability more than ?nancing leverage and has a higher frequency of favorable effects.Accordingly, for a given total leverage from both sources, ?rms with higher leverage from operations have higher price-to-book ratios, on average. Additionally, distinction between contractual and estimated operating liabilities explains further differences in ?rms’ pro?tability and their price-to-book ratios.Our results are of consequence to an analyst who wishes to forecast earnings and book rates of return to value ?rms. Those forecasts—and valuations derived from them—depend, we show, on the composition of liabilities. The ?nancial statement analysis of the paper, supported by the empirical results, shows how to exploit information in the balance sheet for forecasting and valuation.The paper proceeds as follows. Section 1 outlines the ?nancial statements analysis that identi?es the two types of leverage and lays out expressions that tie leverage measures to pro?tability. Section 2 links leverage to equity value and price-to-book ratios. The empirical analysis is in Section 3, with conclusions summarized in Section 4.1. Financial Statement Analysis of LeverageThe following ?nancial statement analysis separates the effects of ?nancing liabilities and operating liabilities on the pro?tability of shareholders’ equity. The analysis yields explicit leveraging equations from which the speci?cations for the empirical analysis are developed. Shareholder pro?tability, return on common equity, is measured asReturn on common equity (ROCE) = comprehensive net income ÷common equity (1) Leverage affects both the numerator and denominator of this pro?tability measure. Appropriate ?nancial statement analysis disentangles the effects of leverage. 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—areclassi?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 income 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.3 Equations (3) and (4) produce clean measures of after-tax operating 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?tability 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 interest expense 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 financing debt÷common equity ×net borrowing rate (7) Additional algebra leads to the following leveraging equation:ROCE = RNOA＋[FLEV× ( RNOA－net borrowing rate )] (8) where FLEV, the measure of leverage from ?nancing activities, isFinancing leverage (FLEV) =net financing debt ÷common equity (9) The FLEV measure excludes operating liabilities but includes (as a 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 is due to operations and that which is due to ?nancing. Financial leverage levers the ROCE over RNOA, with the leverage effect determined by the amount of ?nancial leverage (FLEV) and the spread between RNOA and the borrowing rate. The spread can be positive (favorable) or negative (unfavorable).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 operations rather than the ?nancing of operations. The amount that suppliers actually charge for this credit is dif?cult to identify. But the market borrowing rate is observable. The amount that suppliers would implicitly charge in prices for the credit at this borrowing rate can be estimated as a benchmark:Market interest on operating liabilities= operating liabilities×market borrowing ratewhere the market borrowing rate, given that most credit is short term, can be approximated by the after-tax short-term borrowing rate. This implicit cost is benchmark, for it is the cost that makes suppliers indifferent in supplying cred suppliers are fully compensated if they charge implicit interest at the cost borrowing to supply the credit. Or, alternatively, the ?rm buying the goods or services is indifferent between trade credit and ?nancing purchases at the borrowin rate.To analyze the effect of operating liability leverage on operating pro?tability, we de?ne:Return on operating assets (ROOA) =(operating income＋market interest on operating liabilities)÷operating assets(11)The numerator of ROOA adjusts operating income for the full implicit cost of trad credit. If suppliers fully charge the implicit cost of credit, ROOA is 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 of leverage 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 leverage, 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 relations 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 between operating and ?nancing components in the ?nancial statements.2. Leverage, Equity Value and Price-to-Book RatiosThe leverage effects above are described as effects on 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 shareholders’ 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 expected pro?tability of the book value, and leverage affects pro?tability.So our empirical analysis investigates the effect of leverage on both pro?tability and price-to-book ratios. Or, stated differently, ?nancing and operating liabilities are distinguishable components of book value, so the question is whether the pricing of book values depends on the composition of book values. If this is the case, the different components of book value must imply different pro?tability. Indeed, the two analyses (of pro?tability 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) hypothesized that the tax bene?ts of debt increase after-tax returns to equity and so increase equity value. Recent empirical evidence provides support for the hypothesis (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), differential access of suppliers and buyers to ?nancing (Schwartz,1974), and informational advantages and comparative costs of monitoring (Smith, 1987; Mian and Smith, 1992; Biais and Gollier, 1997). Petersen and Rajan (1997) provide some tests of these explanations.In addition to tax, transaction costs and agency costs explanations for leverage, research has also conjectured an informational role. Ross (1977) and Leland and Pyle (1977) characterized ?nancing choice as a signal of pro?tability and value, and subsequent papers (for example, Myers and Majluf, 1984) have carried the idea further. Other studies have ascribed an informational role also for operating liabilities. Biais and Gollier (1997) and Petersen and Rajan (1997), for example, see suppliers as having more information about ?rms than banks and the bond market, so more operating debt might indicate higher value. Alternatively, high trade payables might indicate dif?culties in paying suppliers and declining fortunes.Additional insights come from further relaxing the perfect frictionless capital markets assumptions underlying the original M&M ?nancing irrelevance proposition. When it comes tooperations, the product and input markets in which ?rms trade are typically less competitive than capital markets. Indeed, ?rms are viewed as adding value primarily in operations rather than in ?nancing activities because of less than purely competitive product and input markets. So, whereas it is difficult to ‘‘make money off the debtholders,’’ ?rms can be seen as ‘‘making money off the trade creditors.’’ In operations, ?rms can exert monopsony power, extracting value from suppliers and employees. Suppliers may provide cheap implicit ?nancing in exchange for information about products and markets in which the ?rm operates. They may also bene?t from ef?ciencies in the ?rm’s supply and distribution chain, and may grant credit to capture future business.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 operating liabilities result in higher leverage for a given level of operating assets. But the effect on pro?tability is also clear from leveraging equation (12): While conservative accounting for operating assets increases the ROOA, as modeled in Feltham and Ohlson (1995) and Zhang (2000), higher book values of operating liabilities lever up RNOA over ROOA. Indeed, conservative accounting for operating liabilities amounts to leverage of book rates of return. By leveraging equation (13), that leverage effect ?ows through to shareholder pro?tability, ROCE.And higher anticipated ROCE implies a higher price-to-book ratio.The potential bias in estimated operating liabilities has opposite effects on current and future pro?tability. For example, if a ?rm books higher deferred revenues, accrued expenses or other operating liabilities, and so increases its operating liability leverage, it reduces its current pro?tability: Current revenues must be lower or expenses higher. And, if a ?rm reports lower operating assets (by a write down of receivables, inventories or other assets, for example), and so increases operating liability leverage, it also reduces current pro?tability: Current expenses must be higher. But this application of accrual accounting affects future operating income: All else constant, lower current income implies higher future income. Moreover, higher operating liabilities and lower operating assets amount to lower book value of equity. The lower book value is the base for the rate of return for the higher future income. So the analysis of operating liabilities potentially identi?es part of the accrual reversal phenomenon documented by Sloan (1996) and interprets it as affecting leverage, forecasts of pro?tability, and price-to-book ratios. 3. Empirical AnalysisThe analysis covers all ?rm-year observations on the combined COMPUSTAT (Industry and Research) ?les for any of the 39 years from 1963 to 2001 that satisfy the following requirements: (1) the company was listed on the NYSE or AMEX; (2) the company was not a ?nancial institution (SIC codes 6000–6999), thereby omitting ?rms where most ?nancial assets and liabilities are used in operations; (3) the book value of common equity is at least $10 million in2001 dollars; and (4) the averages of the beginning and ending balance of operating assets, net operating assets and common equity are positive (as balance sheet variables are measured in the analysis using annual averages). These criteria resulted in a sample of 63,527 ?rm-year observations.Appendix B describes how variables used in the analysis are measured. One measurement issue that deserves discussion is the estimation of the borrowing cost for operating liabilities. As most operating liabilities are short term, we approximate the borrowing rate by the after-tax risk-free one-year interest rate. This measure may understate the borrowing cost if the risk associated with operating liabilities is not trivial. The effect of such measurement error is to induce a negative correlation between ROOA and OLLEV. As we show below, however, even with this potential negative bias we document a strong positive relation between OLLEV and ROOA.4. ConclusionTo ?nance operations, ?rms borrow in the ?nancial markets, creating ?nancing leverage. In running their operations, ?rms also borrow, but from customers, employees and suppliers, creating operating liability leverage. Because they involve trading in different types of markets, the two types of leverage may have different value implications. In particular, operating liabilities may re?ect contractual terms that add value in different ways than ?nancing liabilities, and so they may be priced differently. Operating liabilities also involve accrual accounting estimates that may further affect their pricing. This study has investigated the implications of the two types of leverage for pro?tability and equity value.The paper has laid out explicit leveraging equations that show how shareholder pro?tability is related to ?nancing leverage and operating liability leverage. For operating liability leverage, the leveraging equation incorporates both real contractual effects and accounting effects. As price-to-book ratios are based on expected pro?tability, this analysis also explains how price-to-book ratios are affected by the two types of leverage. The empirical analysis in the paper demonstrates that operating and ?nancing liabilities imply different pro?tability and are priced differently in the stock market.Further analysis shows that operating liability leverage not only explains differences in pro?tability in the cross-section but also informs on changes in future pro?tability from current pro?tability. Operating liability leverage and changes in operating liability leverage are indicators of the quality of current reported pro?tability as a predictor of future pro?tability.Our analysis distinguishes contractual operating liabilities from estimated liabilities, but further research might examine operating liabilities in more detail, focusing on line items such as accrued expenses and deferred revenues. Further research might also investigate the pricing of operating liabilities under differing circumstanc es; 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。

第1篇Executive SummaryThis analysis aims to provide a comprehensive overview of the financial performance of XYZ Corporation over the past fiscal year. By examining the financial statements, including the balance sheet, income statement, and cash flow statement, we can gain insights into the company's profitability, liquidity, solvency, and overall financial health. This report will be presented in both English and Chinese, with key findings and conclusions translated for clarity.I. IntroductionXYZ Corporation, a leading company in the technology industry, has released its financial report for the fiscal year ending December 31, 2022. The report provides a detailed account of the company's financial activities, performance, and position during the period. This analysis will focus on the key financial indicators and ratios, highlighting the company's strengths and weaknesses, and offering recommendations for improvement.II. Financial Statements AnalysisA. Balance SheetThe balance sheet provides a snapshot of the company's financialposition at a specific point in time. The following analysis will focus on the key components of the balance sheet:1. Assets: XYZ Corporation's total assets increased by 15% from the previous fiscal year, driven by a 20% growth in current assets and a 10% increase in non-current assets. This indicates that the company has been successful in expanding its asset base.2. Liabilities: The total liabilities of XYZ Corporation also increased by 12%, with current liabilities growing by 15% and non-currentliabilities by 10%. This suggests that the company has taken on additional debt to finance its growth.3. Equity: The equity of XYZ Corporation increased by 18% over thefiscal year, reflecting the company's profitability and reinvestment in the business.B. Income StatementThe income statement shows the company's revenue, expenses, and net income over a specific period. The following points highlight the key aspects of the income statement:1. Revenue: XYZ Corporation's revenue increased by 20% from the previous fiscal year, driven by strong sales in the technology sector.2. Expenses: The company's expenses increased by 15%, with cost of goods sold (COGS) increasing by 18% and selling, general, and administrative expenses (SG&A) increasing by 12%. This indicates that the company has been able to control its cost of goods sold but has experienced some increases in SG&A expenses.3. Net Income: XYZ Corporation's net income increased by 25% over the fiscal year, reflecting the company's strong operational performance.C. Cash Flow StatementThe cash flow statement provides insights into the company's cashinflows and outflows. The following analysis focuses on the key components of the cash flow statement:1. Operating Cash Flow: XYZ Corporation's operating cash flow increased by 30% over the fiscal year, indicating strong cash-generating capabilities.2. Investing Cash Flow: The company's investing cash flow decreased by 5%, primarily due to lower capital expenditures.3. Financing Cash Flow: Financing cash flow increased by 20%, driven by higher dividends paid to shareholders and an increase in long-term debt.III. Financial Ratios AnalysisA. Liquidity Ratios1. Current Ratio: XYZ Corporation's current ratio increased from 1.5 to 1.8, indicating improved short-term liquidity.2. Quick Ratio: The quick ratio improved from 1.2 to 1.5, suggestingthat the company has a strong ability to meet its short-term obligations.B. Solvency Ratios1. Debt-to-Equity Ratio: The debt-to-equity ratio decreased from 1.2 to 1.0, indicating a more conservative financial structure.2. Interest Coverage Ratio: The interest coverage ratio improved from 5.0 to 6.0, reflecting the company's ability to cover its interest expenses.C. Profitability Ratios1. Gross Profit Margin: The gross profit margin remained stable at 40%, indicating efficient cost management.2. Net Profit Margin: The net profit margin increased from 15% to 20%, reflecting the company's improved profitability.IV. ConclusionXYZ Corporation has demonstrated strong financial performance over the past fiscal year, with significant growth in revenue, net income, and operating cash flow. The company's liquidity and solvency ratios are also healthy, indicating a strong financial position. However, there are areas of concern, such as the increase in SG&A expenses and the need to manage long-term debt.V. Recommendations1. Cost Control: XYZ Corporation should focus on managing SG&A expenses to improve profitability.2. Debt Management: The company should consider strategies to manage long-term debt, such as refinancing or paying down existing debt.3. Investment in Research and Development: Investing in research and development can help the company stay competitive in the technology industry.VI. 中文摘要本报告旨在全面分析XYZ公司过去一个财年的财务表现。

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。

会计学财务报表中英文对照外文翻译文献(文档含英文原文和中文翻译)译文：中美财务报表的区别(1)财务报告内容构成上的区别1)美国的财务报告包括三个基本的财务报表，除此之外，典型的美国大公司财务报告还包括以下成分：股东权益、收益与综合收益、管理报告、独立审计报告、选取的5-10年数据的管理讨论与分析以及选取的季度数据。

2)我国财务报告不注重其解释，而美国在财务报告的内容、方法、多样性上都比较充分。

中国的评价部分包括会计报表和财务报表，财务报表是最主要的报表，它包括前述各项与账面不符的描述、财会政策与变化、财会评估的变化、会计差错等问题，资产负债表日期，关联方关系和交易活动等等，揭示方法是注意底部和旁注。

美国的财务范围在内容上比财务报表更加丰富，包括会计政策、技巧、添加特定项目的报告, 报告格式很难反映内容和商业环境等等，对违反一致性、可比性原则问题，评论也需要披露的，但也揭示了许多方面，比如旁注、底注、括号内、补充声明、时间表和信息分析报告。

(2)财务报表格式上的比较1)从资产负债表的格式来看，美国的资产负债表有账户类型和报告样式两项描述，而我国是使用固定的账户类型。

另外，我们的资产负债表在项目的使用上过于标准化，不能够很好的反映出特殊的商业项目或者不适用于特殊类型的企业。

而美国的资产负债表项目是多样化的，除此之外，财务会计准则也是建立在资产负债表中资产所有者投资和支出两项要素基础上的，这一点也是中国的财会准则中没有的。

2)从损益表格式的角度来看，美国采用的是多步式，损益表项目分为两部分，营业利润和非营业利润，但是意义不同。

我国的营业利润在范围上比美国的小，例如投资收益在美国是归类为营业利润的而在我国则不属于营业利润。

另外，我国的损益表项目较美国的更加规范和严格，美国校准损益表仅仅依赖于类别和项目。

报告收可以与销售收入及其他收入相联系，也可以和利息收益、租赁收入和单项投资收益相联系；在成本方面，并不是严格的划分为管理成本、财务成本、和市场成本，并且经常性销售费用、综合管理费用以及利息费用、净利息收益都要分别折旧。

文献信息：文献标题：Enterprise merger and acquisition analysis of financial statements（企业并购财务报表分析）国外作者：James C.Van Horne文献出处：《The modern enterprise financial management》字数统计：英文2907单词，14875字符；中文4855汉字外文文献：Enterprise merger and acquisition analysis of financialstatementsCorporate mergers and acquisitions have become a major form of capital operation. Enterprise use of this mode of operation to achieve the capital cost of the external expansion of production and capital concentration to obtain synergies, enhancing competitiveness, spread business plays a very important role. M & A process involves a lot of financial problems and solve financial problems is the key to successful mergers and acquisitions. Therefore, it appears in merger analysis of the financial problems to improve the efficiency of M & Finance has an important practical significance.We need to use financial ratios in analyzing financial statements.——The analysis of comparative financial statements cannot be made really effective unless it takes the form of a study of relationships between items in the statements. It is of little value, for example, to know that, on a given date, the Smith Company has a cash balance of $1oooo. But suppose we know that this balance is only -IV per cent of all current liabilities whereas a year ago cash was 25 per cent of all current liabilities. Since the bankers for the company usually require a cash balance against bank lines, used or unused, of 20 per cent, we can see at once that the firm's cash condition isexhibiting a questionable tendency.Saving transaction costs. M & A market is essentially an alternative organization to realize the internalization of external transactions, as appropriate under the terms of trade, business organizations, the cost may be lower than in the market for the same transaction costs, thereby reducing production and operation the transaction costs.To reduce agency costs. When the business separation of ownership and management, because the interests of corporate management and business owners which resulted in inconsistencies in agency costs, including all contract costs with the agent, the agent monitoring and control costs. Through acquisitions or agency competition, the incumbent managers of target companies will be replaced, which can effectively reduce the agency costs.Lower financing costs. Through mergers and acquisitions, can expand the size of the business, resulting in a common security role. In general, large companies easier access to capital markets, large quantities they can issue shares or bonds. As the issue of quantity, relatively speaking, stocks or bonds cost will be reduced to enable enterprises to lower capital cost, refinancing.To obtain tax benefits. M & A business process can make use of deferred tax in terms of a reasonable tax avoidance, but the current loss of business as a profit potential acquisition target, especially when the acquiring company is highly profitable, can give full play to complementary acquisitions both tax advantage. Since dividend income, interest income, operating income and capital gains tax rate difference between the large mergers and acquisitions take appropriate ways to achieve a reasonable financial deal with the effect of tax avoidance.To increase business value. M & A movement through effective control of profitable enterprises and increase business value. The desire to control access to the right of the main business by trading access to the other rights owned by the control subjects to re-distribution of social resources. Effective control over enterprises in the operation of the market conditions, for most over who are in competition for control of its motives is to seek the company's market value and the effective management of the condition should be the difference between the market value.The company liquidity and solvency position is to maintain the basic conditions for good financial flexibility. Company's financial flexibility is important, it mainly refers to the enterprises to maintain a good liquidity for timely repayment of debt. Good cash flow performance in a good income-generating capacity and funding from the capital market capacity, but also the company's overall Profitability, Profitability is the size of which can be company's overall business conditions and competition prospects come to embody. Specific assessment, the fixed costs to predict the total expenditures and cash flow trends, the fixed costs and discretionary spending is divided into some parts of constraints, in order to accurately estimate the company's working capital demand in the near future, on the accounts receivable turnover and inventory turnover rate of the data to be reviewed, should include other factors that affect financial flexibility, such as short-term corporate debt levels, capital structure, the higher the interest rate of Zhaiwu relatively specific weight.M & M price is the cost of an important part of the target company's value is determined based on M & A prices, so enterprises in M & Juece O'clock on targeted business Jinxing scientific, objective value of Ping Gu, carefully Xuanze acquisition Duixiang to Shi Zai market competition itself tide in an invincible position. Measure of the value of the target company, generally adjusted book value method, market value of comparative law, price-earnings ratio method, discounted cash flow method, income approach and other methods.We may make comparisons between items in the comparative financial statements as follows:1. Between items in the comparative balance sheeta) Between items in the balance sheet for one date, e.g., cash may be compared with current liabilitiesb) Between an item in the balance sheet for one date and the same item in the balance sheet for another date, e.g., cash today may be compared with cash a year agoc) Of ratios, or mathematical proportions, between two items in the balance sheet for one date and a like ratio in the balance sheet for another date, e.g., the ratio of cash to current liabilities today may be compared with a like ratio a year ago and the trendof cash condition noted2. Between items in the comparative statement of income and expensea) Between items in the statement for a given periodb) Between one item in this period's statement and the same item in last period's statementc) Of ratios between items in this period's statement and similar ratios in last period's statement3. Between items in the comparative balance sheet and items in the comparative statement of income and expensea) Between items in these statements for a given period, e.g., net profit for this year may be calculated as a percentage of net worth for this yearb) Of ratios between items in the two statements for a period of years, e.g., the ratio of net profit to net worth this year may-be compared with like ratios for last year, and for the years preceding thatOur comparative analysis will gain in significance if we take the foregoing comparisons or ratios and; in turn, compare them with:1.Such data as are absent from the comparative statements but are of importance in judging a concern's financial history and condition, for example, the stage of the business cycle2.Similar ratios derived from analysis of the comparative statements of competing concerns or of concerns in similar lines of business What financial ratios are used in analyzing financial statements.- Comparative analysis of comparative financial statements may be expressed by mathematical ratios between the items compared, for example, a concern's cash position may be tested by dividing the item of cash by the total of current liability items and using the quotient to express the result of the test. Each ratio may be expressed in two ways, for example, the ratio of sales to fixed assets may be expressed as the ratio of fixed assets to sales. We shall express each ratio in such a way that increases from period to period will be favorable and decreases unfavorable to financial condition.We shall use the following financial ratios in analyzing comparative financialstatements:I. Working-capital ratios1. The ratio of current assets to current liabilities2. The ratio of cash to total current liabilities3. The ratio of cash, salable securities, notes and accounts receivable to total current liabilities4. The ratio of sales to receivables, i.e., the turnover of receivables5. The ratio of cost of goods sold to merchandise inventory, i.e., the turnover of inventory6. The ratio of accounts receivable to notes receivable7. The ratio of receivables to inventory8. The ratio of net working capital to inventory9. The ratio of notes payable to accounts payable10. The ratio of inventory to accounts payableII. Fixed and intangible capital ratios1. The ratio of sales to fixed assets, i.e., the turnover of fixed capital2. The ratio of sales to intangible assets, i.e., the turnover of intangibles3. The ratio of annual depreciation and obsolescence charges to the assets against which depreciation is written off4. The ratio of net worth to fixed assetsIII. Capitalization ratios1. The ratio of net worth to debt.2. The ratio of capital stock to total capitalization .3. The ratio of fixed assets to funded debtIV. Income and expense ratios1. The ratio of net operating profit to sales2. The ratio of net operating profit to total capital3. The ratio of sales to operating costs and expenses4. The ratio of net profit to sales5. The ratio of net profit to net worth6. The ratio of sales to financial expenses7. The ratio of borrowed capital to capital costs8. The ratio of income on investments to investments9. The ratio of non-operating income to net operating profit10. The ratio of net operating profit to non-operating expense11. The ratio of net profit to capital stock12. The ratio of net profit reinvested to total net profit available for dividends on common stock13. The ratio of profit available for interest to interest expensesThis classification of financial ratios is permanent not exhaustive. -Other ratios may be used for purposes later indicated. Furthermore, some of the ratios reflect the efficiency with which a business has used its capital while others reflect efficiency in financing capital needs. The ratios of sales to receivables, inventory, fixed and intangible capital; the ratios of net operating profit to total capital and to sales; and the ratios of sales to operating costs and expenses reflect efficiency in the use of capital.' Most of the other ratios reflect financial efficiency.Are the statements adequate in general?-Before attempting comparative analysis of given financial statements we wish to be sure that the statements are reasonably adequate for the purpose. They should, of course, be as complete as possible. They should also be of recent date. If not, their use must be limited to the period which they cover. Conclusions concerning 1923 conditions cannot safely be based upon 1921 statements.Does the comparative balance sheet reflect a seasonable situation? If so, it is important to know financial conditions at both the high and low points of the season. We must avoid unduly favorable judgment of the business at the low point when assets are very liquid and debt is low, and unduly unfavorable judgment at the high point when assets are less liquid and debt likely to be relatively high.Does the balance sheet for any date reflect the estimated financial condition after the sale of a proposed new issue of securities? If so, in order to ascertain the actual financial condition at that date it is necessary to subtract the amount of thesecurity issue from net worth, if the. issue is of stock, or from liabilities, if bonds are to be sold. A like amount must also be subtracted from assets or liabilities depending upon how the estimated proceeds of the issue are reflected in the statement.Are the statements audited or unaudited? It is often said that audited statements, that is, complete audits rather than statements "rubber stamped" by certified public accountants, are desirable when they can be obtained. This is true, but the statement analyst should be certain that the given auditing film's reputation is beyond reproach.Is working-capital situation favorable ?-If the comparative statements to be analyzed are reasonably adequate for the purpose, the next step is to analyze the concern's working-capital trend and position. We may begin by ascertaining the ratio of current assets to current liabilities. This ratio affords-a test of the concern's probable ability to pay current obligations without impairing its net working capital. It is, in part, a measure of ability to borrow additional working capital or to renew short-term loans without difficulty. The larger the excess of current assets over current liabilities the smaller the risk of loss to short-term creditors and the better the credit of the business, other things being equal. A ratio of two dollars of current assets to one dollar of current liabilities is the "rule-of-thumb" ratio generally considered satisfactory, assuming all current assets are conservatively valued and all current liabilities revealed.The rule-of-thumb current ratio is not a satisfactory test of working-capital position and trend. A current ratio of less than two dollars for one dollar may be adequate, or a current ratio of more than two dollars for one dollar may be inadequate. It depends, for one thing, upon the liquidity of the current assets.The liquidity of current assets varies with cash position.-The larger the proportion of current assets in the form of cash the more liquid are the current assets as a whole. Generally speaking, cash should equal at least 20 per cent of total current liabilities (divide cash by total current liabilities). Bankers typically require a concern to maintain bank balances equal to 20 per cent of credit lines whether used or unused. Open-credit lines are not shown on the balance sheet, hence the total of current liabilities (instead of notes payable to banks) is used in testing cash position. Like thetwo-for-one current ratio, the 20 per cent cash ratio is more or less a rule-of-thumb standard.The cash balance that will be satisfactory depends upon terms of sale, terms of purchase, and upon inventory turnover. A firm selling goods for cash will find cash inflow more nearly meeting cash outflow than will a firm selling goods on credit. A business which pays cash for all purchases will need more ready money than one which buys on long terms of credit. The more rapidly the inventory is sold the more nearly will cash inflow equal cash outflow, other things equal.Needs for cash balances will be affected by the stage of the business cycle. Heavy cash balances help to sustain bank credit and pay expenses when a period of liquidation and depression depletes working capital and brings a slump in sales. The greater the effects of changes in the cycle upon a given concern the more thought the financial executive will need to give to the size of his cash balances.Differences in financial policies between different concerns will affect the size of cash balances carried. One concern may deem it good policy to carry as many open-bank lines as it can get, while another may carry only enough lines to meet reasonably certain needs for loans. The cash balance of the first firm is likely to be much larger than that of the second firm.The liquidity of current assets varies with ability to meet "acid test."- Liquidity of current assets varies with the ratio of cash, salable securities, notes and accounts receivable (less adequate reserves for bad debts), to total current liabilities (divide the total of the first four items by total current liabilities). This is the so-called "acid test" of the liquidity of current condition. A ratio of I: I is considered satisfactory since current liabilities can readily be paid and creditors risk nothing on the uncertain values of merchandise inventory. A less than 1:1 ratio may be adequate if receivables are quickly collected and if inventory is readily and quickly sold, that is, if its turnover is rapid andif the risks of changes in price are small.The liquidity of current assets varies with liquidity of receivables. This may be ascertained by dividing annual sales by average receivables or by receivables at the close of the year unless at that date receivables do not represent the normal amount ofcredit extended to customers. Terms of sale must be considered in judging the turnover of receivables. For example, if sales for the year are $1,200,000 and average receivables amount to $100,000, the turnover of receivables is $1,200,000/$100,000=12. Now, if credit terms to customers are net in thirty days we can see that receivables are paid promptly. Consideration should also be given market conditions and the stage of the business cycle. Terms of credit are usually longer in farming sections than in industrial centers. Collections are good in prosperous times but slow in periods of crisis and liquidation.Trends in the liquidity of receivables will also be reflected in the ratio of accounts receivable to notes receivable, in cases where goods are typically sold on open account. A decline in this ratio may indicate a lowering of credit standards since notes receivable are usually given to close overdue open accounts. If possible, a schedule of receivables should be obtained showing those not due, due, and past due thirty, sixty, and ninety days. Such a, schedule is of value in showing the efficiency of credits and collections and in explaining the trend in turnover of receivables. The more rapid the turnover of receivables the smaller the risk of loss from bad debts; the greater the savings of interest on the capital invested in receivables, and the higher the profit on total capital, other things being equal.中文译文：企业并购财务报表分析企业并购已成为企业资本运营的一种主要形式。

毕业设计（论文）外文文献翻译文献、资料中文题目：财务报表分析与运用文献、资料英文题目：The analysis and use of financial statement 文献、资料来源：文献、资料发表（出版）日期：院（部）：专业：班级：姓名：学号：指导教师：翻译日期： 2017.02.14The analysis and use of financial statementChapter 1 FRAMEWORK FOR FINANCIAL STATEMENT ANALYSISNEED FOR FINANCIAL STATEMENT ANALYSISThe United Sates has the most complex financial reporting system in the word. .Detailed ac-counting principles are augmented by extensive disclosure requirements .The financial state-ments of large multinationals add up to dozens of pages, and many of these firms voluntarily publish additional “fact books”for dissemination to financial analysis and other interested users.Financial reporting in other major developed countries and many emerging markets has also evolved substantially in recent years .with an increasing emphasis on providing information useful to both domestic and foreign creditors and equity investors. International Accounting Standards have become a credible rival to U.S. standards.In an ideal word, the user of financial statements could focus only on the bottom lines financial reporting: net income and stockholders’ equity. If financial statements were comparable among companies (regardless of country),consistent over time , and always fully reflecting the economic position of firm , financial statement analysis would be simple , and this text a very short one.The financial reporting system is not perfect. Economic events and accounting entries do not correspond precisely; they diverge across the dimensions of timing, recognition, and measurement. Financial analysis and investment decisions are further complicated by variations in accounting treatment among countries in each of these dimensions.Economic events and accounting recognition of those events frequently take place at different times. One example of phenomenon is the recognition of capital gains and losses only upon sale in most cases. Appreciation of a real estate investment, which took place over a period of many years, for example, receives income statement recognition only in the period management chooses for its disposal.Similarly, long-lived assets are written down. Most of time. In the fiscal period of management’s choice. The period of recognition may be neither the period in which the impairment took place nor the period of sale or disposal. Accounting for discontinued operations. In the same manner. Results in recognition of loss in a period different from when the loss occurred or the disposal is consummated.In addition, many economic events do not receive accounting recognition at all. Most contracts, for example, are not reflected in financial statements when entered into, despite significant effects on financial condition and operating and financial risk .Some contracts, such asleases and hedging activities, are recognized in the financial statements by some companies, but disclosed only in footnotes by others. Disclosure requirements for derivatives and hedging activities are in place in many jurisdictions, but recognition and measurement is only recently required in the United Stated.Further, generally accepted accounting principles (GAAP) in the United States and elsewhere permit economic events that do receive accounting recognition to be recognized in different ways by different financial statement prepares. Inventory and depreciation of fixed assets are only two of the significant areas where comparability may be lacking.Financial reports often contain supplementary data that, although not included in the statements themselves, help the financial statement user to interpret the statements or adjust measures of corporate performance (such as financial ratios) to make them more comparable, consistent over time, and more representative of economic reality. When making adjustments to financial statements, we will seek to discern substance from form and exploit the information contained in footnotes and supplementary schedules of data in the annual report and SEC filings. The analytic treatment of “off-balance-sheet” financing activities is a good example of this process. We also illustrate the use of reconciliations to U.S. GAAP in foreign registrants’Form 20-F filings.Finally, information from outside the financial reporting process can be used to make financial data more useful. Estimating the effects of changing prices on corporate performance, for example, may require the use of price data from outside sources.FOCUS ON INVESTMENT DECISIONSThis book is concerned with the concepts and techniques of financial analysis employed by users of financial statements who are external to the company. Principal emphasis is on the financial statements of companies whose securities are publicly traded. The techniques described are generally applicable to the analysis of financial statements prepared according to U.S. GAAP. However, we will also discuss the pronouncements of the International Accounting Standards Board (IASB) and standard setters in other countries, compare them to U.S. GAAP, and analyze financial statements prepared in accordance with these other reporting standards.Classes of UsersExternal users of financial information encompass a wide range of interests but can be classified into three general groups:Credit and equity investorsGovernment (executive and legislative branches), regulatory bodies, and tax authoritiesThe general public and special interest groups, labor unions , and consumer groupsEach of these user groups has a particular objective in financial statement analysis, but, as the FASB stated, the primary user are equity investors and creditors. However, the information supplied to investors and creditors is likely to be generally useful to other user groups as well. Hence, financial accounting standards are geared to the purposes and perceptions of investors and creditors. That is the group for whom the analytical techniques in this book are intended.The underlying objective of financial analysis is the comparative measurement of risk and return to make investment or credit decisions. These decisions require estimates of the future, be it a mouth, a year, or a decade. General-purpose financial statements, which describe the past, provide one basis for projecting future earnings and cash flows. Many of the techniques used in this analytical process are broadly applicable to all types of decisions, but there are also specialized techniques concerned with specific investment interests or, in other words, risks and returns specific to one class of investors or securities.The equity investor is primarily interested in the long-term power of the company, its ability to grow, and, ultimately, its ability to pay dividends and increase in value. Since the equity investor bears the residual risk in an enterprise, the largest and most volatile risk, the require analysis is the most comprehensive of any user and encompasses techniques employed by all other external user.Creditors need somewhat different analytical approaches. Short-term creditors, such as banks and trade creditors, place more emphasis on the immediate liquidity of the business because they seek an early payback of their investment. Long-term earning power of the company investors in bonds, such as insurance companies and pension funds, are primarily concerned with the long-term asset position and earning power of the company. They seek assurance of the payment of interest and the capability of retiring or refunding the obligation at maturity. Credit risks are usually smaller than equity risks and may be more easily quantifiable.More subordinated or junior creditors, especially owners of “high-yield” debt, however, bear risk similar to those of equity investors and may find analytic techniques normally applied to equity investments more relevant than those employed by creditors.Financial Information and Capital MarketsThe usefulness of accounting information in the decision-making processes of investors and creditors has been the subject of much academic research over the last 35 years. That research has examined the interrelationship of accounting information and reporting standards in financial markets in great detail. At times, the research conclusions are highly critical of the accounting standard-setting process and of the utility of financial analysis. This criticism is based on researchperformed in a capital market setting. These findings do not negate the usefulness of financial analysis of individual securities that may be mispriced or of decisions made outside a capital market setting.PRINCIPAL FINANCIAL STATEMENTSThe Balance SheetThe balance sheet (statement of financial position) reports major classes and amounts of assets (resources owned or controlled by the firm), liabilities (external claims on those assets), and stockholder’ equity (owners’ capital contributions and other internally generated sources of capital) and their interrelationships at specific points in time.Assets reported on the balance sheet are either purchased buy the firm or generated through operations: they are, directly or indirectly, finances by the creditors and stockholders of the firm. The fundamental accounting relationship provides the basis for recording all transactions in financial reporting and is expressed as the balance sheet equation:Assets (A) = Liabilities (L) + Stockholders’ Equity (E)In the United States firm issue balance sheets at the end of each quarter and the end of the fiscal. Annual or semiannual reporting in the norm in most other countries.Elements of the Balance SheetSFAC 6 discusses the elements of financial statements. Although this statement also deals with nonprofit organizations, we restrict our comments to business enterprises.Assets are defined in SFAC 6 asProbable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.This definition seems to be noncontroversial. Its weakness is its lack of reference to risk. It seems to us that an enterprise that retains the risk of ownership still “owns” the asset. This issue is important, for example, as it relates to the sale of assets (such as accounts receivable, loans, and mortgages; see chapter 11) when the seller retains some risk of loss.Liabilities are defined, similarly asProbable future sacrifices of economic benefits arising from present obligations of particular entity to transfer assets or provide services to other entities in the future as a result of pa transactions or events.Again, the definition reads well. Yet it permits the nonrecognition of contractual obligation such as operating leases (see chapter11). The interpretation of “present obligation” and “result of past transactions or events”is key to accounting for all such contracts; some believe that only payments immediately due as a consequence of completed transactions create liabilities. Othersbelieve that all long-term contacts should be recognized as long-term liabilities. Another important problem area is the derecognition of liabilities that have been prefunded but remain outstanding.As required by the fundamental accounting equation. Stockholder’ equity is thereforeThe residual interest in the net assets of an entity that remains after deducting its liabilities.In practice, some financial instruments have characteristics of both liabilities and equities, making them difficult to categorize. Convertible debt and redeemable preferreds are two common examples examined in chapter 10. That chapter also discusses the FASB Exposure Draft (ED) on recognition and measurement of instruments with equity and liability characteristics.The Income StatementThe income statement (statement of earnings) reports on the performance of the firm, the result of its operating activities. It explains some but all of the changes in the assets, liabilities, and equity of the firm between two consecutive balance sheet dates. Use of the accrual concept means that income and the balance sheet are interrelated.The preparation of the income statement is governed by the matching principle, which states that performance can be measured only if revenues and related costs are accounted for during the same time period. This requires the recognition of expenses incurred to generate revenues in the same period as the related revenues. For example, the cost of a machine is recognized as an expense (it is depreciated) over its useful life (as it is used in production) rather than as an expense in the period it is purchased.Elements of the Income StatementRevenues are defined in SAFC 6 asInflows … of an entity… from delivering or producing goods, rendering services, or other activities that constitute the entity’s ongoing major or central operationsExpense are defined asOutflows…from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity’s ongoing major or central operations.These definitions explicitly exclude gains (and losses), defined asIncreases (decreases) in equity (net assets) from peripheral or incidental transactions…Gains or losses are, therefore, nonoperating events. Examples would include gains and losses from asset sales, lawsuits, and changes in market values (including currency rates).These definitions are, like the other in SFAC 6, easy to accept as stated. The difficulties come in practice. For example, investment activities may be “central”to a financial institution but “peripheral”to manufacturing company. Similarly, sales of assets such as automobiles may be “incidental”to retailer but “central”to a car rental firm. The write-down of inventories due toobsolescence is more difficult to characterize: is this an operating expense or a loss? To some extent, the distinction between revenue and expense on the one hand and gains and losses on the other is a precursor of the controversies over the characterizations of “recurring versus nonrecurring activities,”“operating versus nonoperating activities,”and “extraordinary items,”. From the analyst point of view, disclosure is more important than classification; analysts prefer to make their own distinctions between operating and nonoper-ating events in many instances. From the point of view of database user, however, the outcome of the debate is important.Even more important is the decision on when to recognize revenues and expenses. The recognition decision can be a major determinant of reported income, especially for technology and other “new economy” enterprises.财务报表分析与运用第一章财务报表分析的框架财务报表分析的重要性美国有着世界上最复杂的财务报告系统，广泛披露的要求扩大了详细的会计原则。

财务报表分析中英文对照外文翻译文献编辑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.。

第1篇Financial reporting analysis is a crucial aspect of assessing the financial health and performance of a company. This review delves into various aspects of financial reporting analysis, including its significance, methodologies, and challenges. By examining the existing literature, this paper aims to provide a comprehensive understanding of the subject.IntroductionFinancial reporting is a process through which companies communicate their financial performance and position to stakeholders. Financial reporting analysis involves the examination and interpretation of financial statements to assess the company's profitability, liquidity, solvency, and overall financial health. This analysis is vital for investors, creditors, and other stakeholders to make informed decisions.Significance of Financial Reporting Analysis1. Investor Decision-Making: Financial reporting analysis helps investors evaluate the profitability, stability, and growth prospects of a company. By analyzing financial statements, investors can determine the fair value of stocks and make informed investment decisions.2. Credit Risk Assessment: Financial reporting analysis is crucial for creditors in assessing the creditworthiness of a company. By analyzing financial ratios and trends, creditors can determine the likelihood of default and set appropriate interest rates.3. Regulatory Compliance: Financial reporting analysis ensures that companies comply with regulatory requirements. By analyzing financial statements, auditors and regulators can verify the accuracy and completeness of financial reports.4. Performance Evaluation: Financial reporting analysis enables managers to evaluate the performance of their company and identify areas for improvement. By comparing financial ratios and trends over time, managers can assess the effectiveness of their strategies and operations.Methodologies of Financial Reporting Analysis1. Horizontal Analysis: Horizontal analysis involves comparing financial statements over multiple periods to identify trends and patterns. This method helps in assessing the growth rate and stability of a company's financial performance.2. Vertical Analysis: Vertical analysis involves expressing each item ina financial statement as a percentage of a base figure, typically total assets or total liabilities and equity. This method helps in understanding the composition and structure of a company's financial position.3. Ratio Analysis: Ratio analysis involves calculating and interpreting various financial ratios to assess a company's profitability, liquidity, solvency, and efficiency. Common ratios include current ratio, debt-to-equity ratio, return on assets, and return on equity.4. Cash Flow Analysis: Cash flow analysis involves examining a company's cash inflows and outflows to assess its liquidity and financial stability. This analysis helps in understanding the sources and uses of cash and identifying potential cash flow issues.Challenges in Financial Reporting Analysis1. Complexity of Financial Statements: Financial statements can be complex and contain technical jargon, making it challenging for individuals without a financial background to understand them.2. Earnings Manipulation: Companies may manipulate their financial statements to portray a better financial position than reality. This can be done through various accounting practices, such as aggressive revenue recognition or deferred expenses.3. Volatility of Financial Markets: Financial markets can be volatile, making it difficult to assess the long-term performance of a company based on short-term results.4. Limited Access to Information: Some companies may not providesufficient information in their financial reports, making it challenging to conduct a comprehensive analysis.ConclusionFinancial reporting analysis is a vital tool for assessing the financial health and performance of a company. By examining financial statements, stakeholders can make informed decisions regarding investment, credit, and regulatory compliance. However, the complexity of financial statements, potential earnings manipulation, and market volatility pose challenges to effective financial reporting analysis. It is essentialfor individuals to stay updated with the latest methodologies and techniques to conduct a thorough and accurate analysis.References1. Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(1), 159-178.2. Ohlson, J. A. (1995). Earnings, book values, and dividends: Implications for valuation. Journal of Accounting and Economics, 19(2), 293-324.3. Dechow, P. M., Hwang, W., & Subramanyam, K. R. (1995). The value relevance of accounting information: Price and return effects ofearnings announcements. The Accounting Review, 70(1), 59-82.4. Beaver, W. H. (1968). Financial reporting and control. Prentice-Hall.5. Ohlson, J. A., & Ohlson, L. A. (2005). Earnings management: A behavioral view. Journal of Accounting and Economics, 39(1), 3-28.第2篇Abstract:This paper aims to provide a comprehensive review of the literature on financial report analysis. It explores various methodologies, tools, and techniques used in the analysis of financial reports, including ratio analysis, horizontal analysis, vertical analysis, and cash flow analysis.The paper also discusses the importance of financial report analysis in decision-making processes, the challenges faced by analysts, and the impact of technology on the field. Furthermore, it examines the ethical considerations involved in financial reporting and analysis.Introduction:Financial report analysis is a critical tool for stakeholders, including investors, creditors, and management, to assess the financial health and performance of an organization. It involves the examination of financial statements, such as the balance sheet, income statement, and cash flow statement, to extract meaningful insights. This literature review aims to synthesize the existing research on financial report analysis, highlighting key methodologies, challenges, and future directions.Methodology:The review is based on a comprehensive search of academic databases, including Google Scholar, JSTOR, and ScienceDirect, using keywords such as "financial report analysis," "financial statement analysis," "ratio analysis," "horizontal analysis," "vertical analysis," and "cash flow analysis." The selected articles are categorized based on their methodologies, focus areas, and contributions to the field.Literature Review:1. Ratio Analysis:Ratio analysis is one of the most widely used tools in financial report analysis. It involves the calculation of various ratios, such asliquidity ratios, solvency ratios, profitability ratios, and efficiency ratios, to assess the financial performance and stability of a company (Hickman & Warren, 2003). According to research by Ball & Brown (1968), ratio analysis can be a powerful tool for predicting future financial performance.2. Horizontal Analysis:Horizontal analysis, also known as trend analysis, involves comparing financial data over multiple periods to identify trends and patterns(Shannon, 2004). This methodology is particularly useful for identifying changes in financial performance over time and for assessing the effectiveness of management decisions (Hillson, 2001).3. Vertical Analysis:Vertical analysis, or common-size analysis, involves expressingfinancial statement items as a percentage of a base figure, typically total assets or total sales (Dunstan & Hyett, 1997). This approach allows for the comparison of financial statements across different companies or over time, providing a clearer picture of the relative importance of different items (Friedman, 1986).4. Cash Flow Analysis:Cash flow analysis is essential for understanding the cash-generating ability of a company. It involves examining the cash inflows and outflows from operating, investing, and financing activities (Harvey, 2003). According to research by Solt, 2001, cash flow analysis iscrucial for assessing the financial sustainability of a company and for making investment decisions.5. Technological Advancements:The advent of technology has significantly impacted financial report analysis. Advanced software and tools, such as Excel, SAP, and Oracle, have made it easier to perform complex analyses and generate accurate reports (Smith & Watson, 2010). Moreover, the rise of big data analytics has enabled analysts to extract more meaningful insights from large datasets (Davenport & Patil, 2012).6. Ethical Considerations:Ethical considerations play a crucial role in financial report analysis. Analysts must ensure the accuracy and reliability of their analyses, avoid conflicts of interest, and maintain confidentiality (Ott & Mace, 2007). The ethical implications of financial reporting and analysis are further emphasized by research by Dechow et al. (1996).7. Challenges and Future Directions:Despite the advancements in financial report analysis, severalchallenges remain. These include the complexity of financial reporting standards, the availability of quality data, and the need for continuous learning and adaptation (Baker & Nair, 2006). Future research should focus on developing new methodologies, improving data quality, and addressing ethical concerns (Atrill & McLaney, 2016).Conclusion:Financial report analysis is a vital tool for stakeholders to assess the financial health and performance of an organization. This literature review has explored various methodologies, tools, and techniques used in financial report analysis, highlighting the importance of ratio analysis, horizontal analysis, vertical analysis, and cash flow analysis. The review also discusses the impact of technology, ethical considerations, and challenges in the field. As the financial landscape continues to evolve, it is crucial for researchers and practitioners to stay informed about the latest developments and advancements in financial report analysis.References:- Atrill, P., & McLaney, E. (2016). Financial management for non-financial managers. Financial Times/Prentice Hall.- Baker, R. C., & Nair, V. (2006). Challenges in financial reporting and analysis. Journal of Accounting and Public Policy, 25(5), 747-765.- Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Business, 41(2), 71-91.- Davenport, T. H., & Patil, D. J. (2012). Big data: A revolution that will transform how we live, work, and think. Harvard Business Review Press.- Dechow, P. M., Hermalin, B., & Welch, I. (1996). The quality of accounting information and the cost of capital. Journal of Accountingand Economics, 21(1), 1-33.- Dunstan, P., & Hyett, C. (1997). Vertical analysis: A forgotten tool? Accounting and Business Research, 27(4), 259-268.- Friedman, M. (1986). A monetary history of the United States, 1867-1960. Princeton University Press.- Harvey, C. R. (2003). The cash flow statement: An analysis and interpretation guide. John Wiley & Sons.- Hillson, D. (2001). Financial analysis: An introduction to concepts, tools, and techniques. Financial Times/Prentice Hall.- Hickman, K. C., & Warren, J. D. (2003). Financial accounting. John Wiley & Sons.- Ott, C. M., & Mace, T. E. (2007). Ethical decision-making in accounting. John Wiley & Sons.- Shannon, D. (2004). Financial statement analysis. John Wiley & Sons.- Solt, G. T. (2001). Cash flow statement analysis: A comprehensive guide to interpreting cash flow statements. John Wiley & Sons.- Smith, J., & Watson, D. (2010). Management accounting. Financial Times/Prentice Hall.第3篇IntroductionFinancial reporting is a crucial aspect of corporate governance and transparency. It provides stakeholders with essential information about an organization's financial performance, position, and cash flows. This literature review aims to analyze various aspects of financial reports, including their structure, content, and the impact they have on investors, creditors, and other stakeholders. The review will cover key theories, methodologies, and findings from existing literature.Structure and Content of Financial ReportsFinancial reports typically consist of several key components, including the balance sheet, income statement, cash flow statement, and notes tothe financial statements. These components provide a comprehensive overview of an organization's financial health and performance.1. Balance Sheet: The balance sheet presents a snapshot of an organization's financial position at a specific point in time. It lists the organization's assets, liabilities, and equity. Assets representwhat the organization owns, liabilities represent what it owes, and equity represents the owners' claim on the assets.2. Income Statement: The income statement provides information about an organization's revenues, expenses, and net income over a specific period. It shows how much revenue the organization generated and how much it spent to generate that revenue.3. Cash Flow Statement: The cash flow statement tracks the inflows and outflows of cash within an organization over a specific period. It is divided into three sections: operating activities, investing activities, and financing activities. This statement helps stakeholders understand the organization's liquidity and cash-generating ability.4. Notes to the Financial Statements: These notes provide additional information and explanations to the financial statements. They include details about accounting policies, significant accounting estimates, and other relevant information that is not presented in the primaryfinancial statements.Theoretical FrameworkSeveral theories have been developed to explain the purpose and impactof financial reporting. The following are some of the key theories:1. Information Asymmetry Theory: This theory suggests that there is a significant information gap between managers and investors. Financial reporting is seen as a mechanism to reduce this information asymmetryand provide investors with better decision-making information.2. Agency Theory: Agency theory focuses on the relationship between principals (investors) and agents (managers). Financial reporting isseen as a way to monitor and control the actions of managers to ensure they act in the best interest of the owners.3. Stakeholder Theory: Stakeholder theory emphasizes the importance of considering the interests of all stakeholders, including employees, customers, suppliers, and the community. Financial reporting is seen as a means to communicate with these stakeholders and demonstrate social responsibility.Methodologies for Analyzing Financial ReportsSeveral methodologies can be used to analyze financial reports, including:1. Horizontal Analysis: This method involves comparing financial data over different periods to identify trends and patterns. It helps stakeholders understand how an organization's financial performance has changed over time.2. Vertical Analysis: This method involves expressing each item in the financial statements as a percentage of a base figure, such as total assets or total revenues. This allows stakeholders to compare the relative importance of different items within the financial statements.3. Ratio Analysis: This method involves calculating various financial ratios to assess an organization's financial performance and stability. Common ratios include liquidity ratios, profitability ratios, and solvency ratios.Impact of Financial Reports on StakeholdersFinancial reports have a significant impact on various stakeholders:1. Investors: Investors use financial reports to evaluate the financial health and performance of potential investments. They rely on this information to make informed decisions about buying, holding, or selling stocks and bonds.2. Creditors: Creditors use financial reports to assess the creditworthiness of a borrower. They analyze the financial statements todetermine the likelihood of repayment and the risk associated with lending money.3. Regulatory Bodies: Regulatory bodies, such as the Securities and Exchange Commission (SEC), require organizations to file financial reports to ensure compliance with financial reporting standards and regulations.4. Employees: Employees may use financial reports to assess thefinancial stability and growth prospects of their employer. This information can influence their decision to join, stay with, or leave the organization.5. Community and Environment: Financial reports can also provideinsights into an organization's impact on the community and environment. This information can be used to evaluate the organization's social and environmental responsibility.ConclusionFinancial reports play a critical role in providing stakeholders with essential information about an organization's financial performance and position. This literature review has explored the structure and content of financial reports, the theoretical framework underlying them, methodologies for their analysis, and their impact on various stakeholders. Understanding the importance of financial reporting is crucial for effective decision-making and governance in organizations.References- Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(1), 159-178.- DeFond, M. L., & Francis, J. (2000). The role of accounting information in capital markets: Some implications of the economic theory of information. Journal of Accounting and Economics, 29(1), 3-37.- FASB (Financial Accounting Standards Board). (2018). Accounting standards codification. Norwalk, CT: FASB.- Ohlson, J. A. (1995). Earnings, book values, and dividends: Implications for valuation. Journal of Accounting Research, 33(1), 1-36.- Van Der Stede, W. A. (2014). Financial accounting theory and practice. Oxford: Oxford University Press.。

中英文对照外文翻译文献(文档含英文原文和中文翻译)Banks analysis of financial dataAbstractA stochastic analysis of financial data is presented. In particular we investigate how the statistics of log returns change with different time delays t. The scale-dependent behaviour of financial data can be divided into two regions. The first time range, the small-timescale region (in the range of seconds) seems to be characterised by universal features. The second time range, the medium-timescale range from several minutes upwards can be characterised by a cascade process, which is given by a stochastic Markov process in the scale τ. A corresponding Fokker–Planck equation can be extracted from given data and provides a non-equilibrium thermodynamical description of the complexity of financial data.Keywords:Banks; Financial markets; Stochastic processes;Fokker–Planck equation1.IntroductionFinancial statements for banks present a different analytical problem than manufacturing and service companies. As a result, analysis of a bank’s financial statements requires a distinct approach that recognizes a bank’s somewhat unique risks.Banks take deposits from savers, paying interest on some of these accounts. They pass these funds on to borrowers, receiving interest on the loans. Their profits are derived from the spread between the rate they pay forfunds and the rate they receive from borrowers. This ability to pool deposits from many sources that can be lent to many different borrowers creates the flow of funds inherent in the banking system. By managing this flow of funds, banks generate profits, acting as the intermediary of interest paid and interest received and taking on the risks of offering credit.2. Small-scale analysisBanking is a highly leveraged business requiring regulators to dictate minimal capital levels to help ensure the solvency of each bank and the banking system. In the US, a bank’s primary regulator could be the Federal Reserve Board, the Office of the Comptroller of the Currency, the Office of Thrift Supervision or any one of 50 state regulatory bodies, depending on the charter of the bank. Within the Federal Reserve Board, there are 12 districts with 12 different regulatory staffing groups. These regulators focus on compliance with certain requirements, restrictions and guidelines, aiming to uphold the soundness and integrity of the banking system.As one of the most highly regulated banking industries in the world, investors have some level of assurance in the soundness of the banking system. As a result, investors can focus most of their efforts on how a bank will perform in different economic environments.Below is a sample income statement and balance sheet for a large bank. The first thing to notice is that the line items in the statements are not the same as your typical manufacturing or service firm. Instead, there are entries that represent interest earned or expensed as well as deposits and loans.As financial intermediaries, banks assume two primary types of risk as they manage the flow of money through their business. Interest rate risk is the management of the spread between interest paid on deposits and received on loans over time. Credit risk is the likelihood that a borrower will default onits loan or lease, causing the bank to lose any potential interest earned as wellas the principal that was loaned to the borrower. As investors, these are the primary elements that need to be understood when analyzing a bank’s financial statement.3. Medium scale analysisThe primary business of a bank is managing the spread between deposits. Basically when the interest that a bank earns from loans is greater than the interest it must pay on deposits, it generates a positive interest spread or net interest income. The size of this spread is a major determinant of the profit generated by a bank. This interest rate risk is primarily determined by the shape of the yield curve.As a result, net interest income will vary, due to differences in the timing of accrual changes and changing rate and yield curve relationships. Changes in the general level of market interest rates also may cause changes in the volume and mix of a bank’s balance sheet products. For example, when economic activity continues to expand while interest rates are rising, commercial loan demand may increase while residential mortgage loan growth and prepayments slow.Banks, in the normal course of business, assume financial risk by making loans at interest rates that differ from rates paid on deposits. Deposits often have shorter maturities than loans. The result is a balance sheet mismatch between assets (loans) and liabilities (deposits). An upward sloping yield curve is favorable to a bank as the bulk of its deposits are short term and their loans are longer term. This mismatch of maturities generates the net interest revenue banks enjoy. When the yield curve flattens, this mismatch causes net interest revenue to diminish.4.Even in a business using Six Sigma® methodology. an “optimal” level of working capital manageme nt needs to beidentified.The table below ties together the bank’s balance sheet with the income statement and displays the yield generated from earning assets and interest bearing deposits. Most banks provide this type of table in their annual reports. The following table represents the same bank as in the previous examples: First of all, the balance sheet is an average balance for the line item, rather than the balance at the end of the period. Average balances provide a better analytical framework to help understand the bank’s financial performance. Notice that for each average balance item there is a correspondinginterest-related income, or expense item, and the average yield for the time period. It also demonstrates the impact a flattening yield curve can have on a bank’s net interest income.The best place to start is with the net interest income line item. The bank experienced lower net interest income even though it had grown average balances. To help understand how this occurred, look at the yield achieved on total earning assets. For the current period ,it is actually higher than the prior period. Then examine the yield on the interest-bearing assets. It is substantially higher in the current period, causing higher interest-generating expenses. This discrepancy in the performance of the bank is due to the flattening of the yield curve.As the yield curve flattens, the interest rate the bank pays on shorter term deposits tends to increase faster than the rates it can earn from its loans. This causes the net interest income line to narrow, as shown above. One way banks try o overcome the impact of the flattening of the yield curve is to increase the fees they charge for services. As these fees become a larger portion of the bank’s income, it b ecomes less dependent on net interest income to drive earnings.Changes in the general level of interest rates may affect the volume ofcertain types of banking activities that generate fee-related income. For example, the volume of residential mortgage loan originations typically declines as interest rates rise, resulting in lower originating fees. In contrast, mortgage servicing pools often face slower prepayments when rates are rising, since borrowers are less likely to refinance. Ad a result, fee income and associated economic value arising from mortgage servicing-related businesses may increase or remain stable in periods of moderately rising interest rates.When analyzing a bank you should also consider how interest rate risk may act jointly with other risks facing the bank. For example, in a rising rate environment, loan customers may not be able to meet interest payments because of the increase in the size of the payment or reduction in earnings. The result will be a higher level of problem loans. An increase in interest rate is exposes a bank with a significant concentration in adjustable rate loans to credit risk. For a bank that is predominately funded with short-term liabilities, a rise in rates may decrease net interest income at the same time credit quality problems are on the increase.5.Related LiteratureThe importance of working capital management is not new to the finance literature. Over twenty years ago. Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant. a nationwide chain of department stores. should have been anticipated because the corporation had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a study of the Fortune 500’s financial management practices. Gilbert and Reichert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects. while inventory management models were used in 60 percent of the companies. More recently. Farragher. Kleiman andSahu (1999) find that 55 percent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding accounts receivable and inventory management. or the variations of any current asset accounts or liability accounts across industries. Thus. mixed evidence exists concerning the use of working capital management techniques.Theoretical determination of optimal trade credit limits are the subject of many articles over the years (e.g.. Schwartz 1974; Scherr 1996). with scant attention paid to actual accounts receivable management. Across a limited sample. Weinraub and Visscher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities. Simultaneously investigating accounts receivable and payable issues. Hill. Sartoris. and Ferguson (1984) find differences in the way payment dates are defined. Payees define the date of payment as the date payment is received. while payors view payment as the postmark date. Additional WCM insight across firms. industries. and time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term financial management activities. However. these models are generic models and do not consider unique firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a company is located in may ha ve more influence on that company’s fortunes than overall GNP” (2002. 507). In fact. a careful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions. virtually nothing on industry factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card” (128) and nothing on WCM stability over time. This research will attempt to fill thisvoid by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resources provided very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradley’s (2003) article on c ash flow management and one of inventory control as a result of effective supply chain management by Hadley (2004).6.Research MethodThe CFO RankingsThe first annual CFO Working Capital Survey. a joint project with REL Consultancy Group. was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management consulting firm specializing in working capital issues for its global list of clients. The original survey reports several working capital benchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 companies. REL continues to update the original information on an annual basis.REL uses the “cash flow from operations” value located on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transforms revenues into cash flow. A “days of working capital” (DWC) value is based on the dollar amount in each of the aggregate. equally-weighted receivables. inventory. and payables accounts. The “days of working capital” (DNC) represents the time period between purchase of inventory on acccount from vendor until the sale to the customer. the collection of the receivables. and payment receipt. Thus. it reflects the company’s ability to finance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firmand industry values for days sales outstanding (A/R). inventory turnover. and days payables outstanding (A/P).7.Research FindingsAverage and Annual Working Capital Management Performance Working capital management component definitions and average values for the entire 1996 – 2000 period . Across the nearly 1.000 firms in the survey. cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion efficiency” (CCE). averages 9.0 percent. Incorporating a 95 percent confidence interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and inventories less payables divided by daily sales. averages 51.8 days and is very similar to the days that sales are outstanding (50.6). because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days). In all instances. the standard deviation is relatively small. suggesting that these working capital management variables are consistent across CFO reports.8.Industry Rankings on Overall Working Capital Management PerformanceCFO magazine provides an overall working capital ranking for firms in its survey. using the following equation:Industry-based differences in overall working capital management are presented for the twenty-six industries that had at least eight companies included in the rankings each year. In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performance. Since the best average ranking possible for an eight-company industry is 4.5 (this assumes that the eight companies are ranked one through eight for the entire survey). it is quite obvious that all firms in the petroleumindustry must have been receiving very high overall working capital management rankings. In fact. the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later in this paper). Furthermore. the petroleum industry had the lowest standard deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry. which ranked second in CCE and fourth in DWC. The two industries with the worst working capital rankings were Textiles and Apparel. Textiles rank twenty-second in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measures9. Results for Bayer dataThe Kramers–Moyal coefficients were calculated according to Eqs. (5) and (6). The timescale was divided into half-open intervalsassuming that the Kramers–Moyal coefficients are constant with respect to the timescaleτin each of these subintervals of the timescale. The smallest timescale considered was 240 s and all larger scales were chosen such that τi ＝0.9*τi+1. The Kramers–Moyal coefficients themselves were parameterised in the following form:This result shows that the rich and complex structure of financial data, expressed by multi-scale statistics, can be pinned down to coefficients with a relatively simple functional form.10. DiscussionCredit risk is most simply defined as the potential that a bank borrower or counter-party will fail to meet its obligations in accordance with agreed terms. When this happens, the bank will experience a loss of some or all of the credit it provide to its customer. To absorb these losses, banks maintain anallowance for loan and lease losses. In essence, this allowance can be viewed as a pool of capital specifically set aside to absorb estimated loan losses. This allowance should be maintained at a level that is adequate to absorb the estimated amount of probable losses in the institution’s loan portfolio.A careful review of a bank’s financial statements can highlight the key factors that should be considered becomes before making a trading or investing decision. Investors need to have a good understanding of the business cycle and the yield curve-both have a major impact on the economic performance of banks. Interest rate risk and credit risk are the primary factors to consider as a bank’s financial performance follows the yield curve. When it flattens or becomes inverted a bank’s net interest revenue is put under greater pressure. When the yield curve returns to a more traditional shape, a bank’s net interest revenue usually improves. Credit risk can be the largest contributor to the negative performance of a bank, even causing it to lose money. In addition, management of credit risk is a subjective process that can be manipulated in the short term. Investors in banks need to be aware of these factors before they commit their capital.银行的金融数据分析摘要财务数据随机分析已经被提出，特别是我们探讨如何统计在不同时间τ记录返回的变化。

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译文2012年3月1.原文Financ i al stat e me n t a na I ysi s 一th e use of f i nancial accounting i nf o rm a ti o nMany y e ars・ R e as o nable min i mum c u r r ent ra t I o was c o n firm e d as 20 00 ? Until the mid- 1960s, the ty p i cal e nterpr i s e will f low rat S o con t rol a t 2・ 00 or high e r Q Since th e n, ma n y compani e s t h e cur r en t r ati o below 2.00 now, man y compan i es can not c ont r o 1 t h e curr e n t ratio o v er 2。

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This shows th a t t he liq u idity of many compan i e s on t h e d e cline・In th e a n a I y s i s of an enterp r i s e，s 1 i quidity r a t io, it i s n ece s s a ry t o a v e rag e cur rent rat i o wit h t h e industry t o compar e ・ In some in d us tri e s , the c u r r en t rat i o below 2C 0 is c o n si d e re d n ormal, b ut som e in d us t r y c u rrent r atio m u st b e bi g 2 .00 > In gene r a 1, t he shorte r the ope r a tin g cycle, the I ow er t he c u rrent ratio: t h e lo n g er the opera ting cycle, th ehigher the cur r ent rati o ・The cu r rent rat i o c o m p a re d to the same en t e rprise i n di f f erent periods, and comp are d with t h e i n dustry a vera g e , will h e I p to dr y to d e termine t he hig h or I ow current rati o • This c o m p a r iso n do e s n ot expl a in why or vvh y low・Weca n f in d out the reasons from t he by -po i n t a nal y s i s o f t h e curre n t a ssets a nd c u rrent li o b i lit i es<> The main re a s o n for the e x cep t i o n of the cu r rent r at i o sho u I d b e t o fi n d out the r esu I ts of a d e t a iled a n aly s is of ac c ounts r eceivable a nd in v entory.F l l ow rati o better t h a n w o r kin g c apit a 1 p er f o r ma n ce o f enterpri s e shor t —term solvency. Wo r king capi t a 1 re f lect onl y curren t asset s and cur r ent 1 iabilit i e s , the a b sol u te n umbe r of di f ferences. T h e c u r rent ratio is a Iso cons i der e d t h e relatio nship bet ween the cu r rent asse t size a nd th e si z e of t he cur r ent liabil i ties, ma k e the ind i c a to r s mor e compa r ab I e ・ For e x a mpl e , t he c u r r e n t ratio b e tween Gen e ral Motor s and C h r ys Ic o mpari son b e tw e en the two c com p anies of diffe r e nt s i ze s ・compar e d to using t h e LI F O meth o d busin esses and other c h e ent erpris e shoul d pay p a rt i c ular attent i o n to t hi s oCompare t h e curre nt r a tio, analysts should calc u late t h ea c co u n t s r ece i vable turn o ve r rate and c o mmo d i t y i n ven t o ry t u r no v e r. T his cal c u I ation e n a bles th e analysis of propos e d I i q ui d ity problems exist in shou I d Re c eived the v i ews of the accounts and (o r ) I nve n tor i e s 0 Views or op i nio n s on the cum ent ra t io o f account s receivabl e an d the de p osit will affect the ana I yst ・ If t h e receiv ab les I rec e i v a b le and liquidi t y problems, r e q u i r e cu r r ent r atio hig her ・ e r Motors Corp o r a tio n ・ Theompani e s wo r kin g ca p i t aI i s me a nin g less, becaus eInve n t o ry using L I F O France will f low rati o cause problems, t his is b e cau s e the st o ck is underv a 1 u e d 0 Theres ult wil I be t o u nd e restimate thecu r r en t ra t io. Therefo r e w h en o s ts of tThird, th e a c id te s t ratio ( q u i ck r a tio)The current r atio i s the e valuatio n of t h e I i q u idi t y co n d it J o n s i n the current a ssets and c urrent lia b i I it i es. O f t en t people e x pe c t t o get m o re imm e di a t e than t he cu r re n t r atio reflect t h e s i tu a t i on. The acid test r a t io (liquid rate) on t h e relat i o n s h ip of current asset s t o cur rent I iab i lities.To calc ulate t h e acid test ( qu i ck ) rat i o. From t h e cu r ren t as s et s e xcl u din g i n v entor y p ar t ・ Thi s i s b eca u se of t he si o w f low o f inv ent ory, t h e in v entory may be o bsolet e i nven t or y may als o be u se d as a specific cred i to r *s securi t y ・ For ex a mple, the win e ry's pro ducts to T ibet for a Ion g peri o d o f t ime be f o re s o Id・ If y o u calcu late the acid test (liquid ) t o incl u d i ng w i n e obstr u ct in v entory will ov e restima t e the e n ter p rise mobilit y ・ Inventory v a I uation, because the c o st d ata may b e re I at e d to t h e c u rre n t p rice I evel d ifferenc e °・・S e ction VI ana I yt i cal s cre e ni n g p r ocedu resA u dit i ng S tan d ards D e s c ri p t ion No. 2 3・ Anal y t ical s c reening proced u re s , p rovides guidanc e for the use o f this procedu r e in the au d it0 A n a I y t ic a I in s pe c tio n pro g r a m g o al i s t o id e ntify sig n ifi c a nt changes from the bu s iness s t a tistic s and u n us u al it e m s oAnal y tic a 1 sc reening p roc e d u r e s duri n g the aud i t c a n run a diff e ren t number of times, including the p I a nning p h a se, th e audit o f t he impl e ment a t ion p ha se and the c omp I etio n of the audi t stage o Ana lytical insp e c tio n p r oce d u r e s ca n1 e a d to a s pe c ial aud i t p r oced u r e s , s u c h a s :Tr a nsverse th e same type ofanalysi s of the i n com e s tatement shows an i t em, s u ch as c ost o f sa I e s d u rin g t h at p eriod ab n o r mal. Thi s wil I lead to a careful review o f t he project cost o f sale s ・ Th e income sta t ement v e rtical the s am e t y pe o f a naly si s by c o m p a r i s on with the p r ev i ous s a d die, c an b e foun d a I rea d y f or sal e to th e h a r m onious p r o p o rt i ons o f the a mount of c o mmodi t y co s ts an d sal e s r e v e n u e・Ac c ounts receivab I e turnover rati o and in dust ry data c om p a ri s o n m a y show the typical speed o f t h e a c c o u n t s rec e iv a ble tu rn o v e r rat e i s f ar be I o w the i n dust r y Q This shows t h a t ac areful analysis o f th e r e sp o n s e t o ac c o u n t s receivable Q4 and deb t comp a red to ca s h f low has s i g n i fican t ly dec rea s e d a b i I i t y t o r ep ay the debt with in t e r na I ly genera t ed cash flow is esse n tially d ropped・5 a I dehyde test r atio decre a se d si g nifican t I y, i n die a ting that t he a bility t o repay current I ia b ilit i es w i th current as s ets ot h er th a n in v ent o r y o utside i s e s sent i ally dr o p p edWhe n the aud i tors foun d that t he r e p or t or a n im p o r t an t t r end than th( 3 str i ng, t h e n e xt procedur e s ho u Id b e car r ie d out t o dete r min e why th i s > tr e nd. This study (s u r vey) can o ften lead to i mportant d isc o v e r ie s ・Se c tion VI ana I y ti c a I sc r eening p ro c eduresAudi t ing S t andards D e s c ription No o 2 3 0 Anal ytic a 1 s creeni n g pr o cedur e s , prov i des gui d ance for the use of t h is pro c e d u re in the aud it. A n al y t i cal i n s pection pro g ram goa I is t o id e ntify sign ifica n t cha n ges from the b u s in e s s stat isti c s an d unusual items, jAna lytic a 1 s c r ee n i n g pro c ed u res during t h e a udit ca n ru n a differ e n t number o f times, i nelu d in g t he planning ph a se t t h e a u d i t o f the imp I emen t ation phase a n d the com p le t ion o f t h e audi t s t a ge. Ana lyti c a I i n s pectio n p r ocedures can I e a d t o a s pec I a I audit proce d ures, such as：T r a ns v e rs e the same type of analy s i s o f t h e income s t ate men t shows a n it e m, such as cost of sales d u r i ng that p e riod a b n ormal・ This will lead to a ca r e ful r e v i e w o f th e proj e ct cost of s al e s. Thei n c om estat e men t ve rtical t he sam e type o fana I y si s by compari son wit h t h e pre v i o us s addle, can b e foun d al r e a dy for sal e to the harmon i ous pr o port i on s of the amou n t o f c o mmodi t y c osts an d s al e s rev e nue・Acc o unts re c ei v a ble t urn o ver ratio and in d ustry d a ta compa ris o n may s how the t y p i cal speed o f t h e accounts rece iva b I e t u r no v er rat e is far below t h e in d u s t ry0 T his sh o w s t h a t a c a r e f ul a n alysi s of t her e s p onse t o a c counts rec e i v a ble.4and de b t compa red to ca s h f lo w has sign i fi c ant I y decrease d ability t o repay th e debt with i nter n ally g e nerated c ash flow i s e s se n t i a I ly dro p pe d ・5 a Idehyde test r a t io d ecr e as e d s ignifi c an t ly, i n d icating t h at t heability t o repay current I iabi I ities w i th cur r ent a s s ets o t her tha n inve n tory out sideis es s en t ially droppedW h en t h e a uditor s f ou n d t h at t he r e port o r an im p o rtant tr e n d t han the string, the next p roce d ure should beca r r i ed ou t t o det ermine why th i s t r e nd0T h is study ( surv ey) can often le a d to imp o rt a nt d i s c o v e r i es02.译文财务报表分析“利用财务会计信息许多年来.合理的最低流动比率被确认为2. OOo直到60年代中期，典型的企业都将流动比率控制在2。

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。

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。

经营分析与估值克雷沙·G.帕利普保罗·M.希利摘自书籍“Business Analysis and Valuation”第五版第一章节1.简介本章的目的是勾勒出一个全面的财务报表分析框架。

因为财务报表提供给公共企业经济活动最广泛使用的数据，投资者和其他利益相关者依靠财务报告评估计划企业和管理绩效率。

各种各样的问题可以通过财务状况及经营分析解决，如下面的示例所示：一位证券分析师可能会对问：“我的公司有多好？这家公司是否符合我的期望？如果没有，为什么不呢？鉴于我对公司当前和未来业绩的评估，该公司的股票价值是多少？”一位信贷员可能需要问：“这家公司贷款给这家公司有什么贷款？公司管理其流动性如何？公司的经营风险是什么？公司的融资和股利政策所产生的附加风险是什么？“一位管理顾问可能会问：“公司经营的行业结构是什么？该策略通过在工业各个企业追求的是什么？不同企业在行业中的相对表现是什么？”公司经理可能会问：“我的公司是正确的估值的投资者吗？是我们在通信程序中有足够的投资者来促进这一过程？”财务报表分析是一项有价值的活动，当管理者在一个公司的战略和各种体制因素完成后，他们不可能完全披露这些信息。

在这一设置中，外部分析师试图通过分析财务报表数据来创建“中端信息”，从而获得有价值的关于该公司目前业绩和未来前景的展望。

了解财务报表分析所做的贡献，这是很重要的理解在资本市场的运作，财务报告的作用，形成财务报表制度的力量。

因此，我们首先简要说明这些力量，然后我们讨论的步骤，分析师必须执行，以提取信息的财务报表，并提供有价值的预测。

2.从经营活动到财务报表企业管理者负责从公司的环境中获取物理和财务资源，并利用它们为公司的投资者创造价值。

当公司在资本成本的超额投资时，就创造了价值。

管理者制定经营战略，实现这一目标，并通过业务活动实施。

企业的经营活动受其经济环境和经营战略的影响。

经济环境包括企业的产业、投入和产出的市场，以及公司经营的规章制度。

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）。

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。

随着资本市场的火热发展，财务报表分析也成为了当今炙手可热的话题。

投资者通过对企业财务报表的会计资料进行分析，可以了解识别企业的优劣，预测企业的未来以及企业的经营业绩，为决策提供有用的信息。

下面是搜索整理的财务报表分析论文英文参考文献，欢迎借鉴参考。

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