财务报表分析外文文献及翻译
财务报表分析外文文献及翻译
Review of accounting studies,2003,16(8):531-560 Financial Statement Analysis of Leverage and How It Informs About Protability and Price-to-Book Ratios
Doron Nissim, Stephen. Penman
Abstract
This 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 ratio
Leverage 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
财务报表分析外文文献及翻译
operations from that which ar ises from borrowing to ?nance operations. So, return on assets is distinguished from return on equity, with the difference attributed to leverage. However, in the standard analysis, operating liabilities are not distinguished from ?nancing liabilities. The refore, 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 dist inguishes 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 pri ce-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 statem ent 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 ty pes 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 Leverage
The 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?cati ons for the empirical analysis are developed. Shareholder pro?tability, return on common equity, is measured as
Return on common equity (ROCE) = comprehensive net income ÷common equity (1) Leverage affects both the numerator and denominator of thi s 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 Activities
With a focus on common equity (so that preferred equity is viewed as a ?nancial liability), the balance sheet equation can be restated as follows:
Common equity =operating assets＋financial assets－operating liabilities－Financial liabilities (2) The distinction here between operating assets (like trade receivables, inventory and property,plant and equipment) and ?nancial assets (the deposits and marketable securities that
absorb excess cash) is made in other contexts. However, on the liability side, ?nancing liabilities are also distinguished here from operating liabilities. Rather than treating all liabilities as ?nancing debt, only liabilities that raise cash for operations—like bank loans, short-term commercial paper and bonds—are classi?ed as such. Other liabilities—such as accounts payable, accrued expenses, deferred revenue, restructuring liabilities and pension liabilities—arise from operations. The distinction is not as simple as current versus long-term liabilities; pension liabilities, for example, are usually long-term, and short-term borrowing is a current liability.
Rearranging terms in equation (2),
Common equity = (operating assets－operating liabilities)－(financial liabilities－financial assets)
Or,
Common equity = net operating assets－net financing debt (3) This equation regroups assets and liabilities into operating and ?nancing activities. Net operating assets are operating assets less operating liabilities. So a ?rm might invest in inventories, but to the extent to which the suppliers of those inventories grant credit, the net investment in inventories is reduced. Firms pay wages, but to the extent to which the payment of wages is deferred in pension liabilities, the net investment required to run the business is reduced. Net ?nancing debt is ?nancing debt (including preferred stock) minus ?nancial assets. So, a ?rm may issue bonds to raise cash for operations but may also buy bonds with excess cash from operations. Its net indebtedness is its net position in bonds. Indeed a ?rm may be a net creditor (with more ?nancial assets than ?nancial liabilities) rather than a net debtor.
The income statement can be reformulated to distinguish income that comes from operating and ?nancing activities:
Comprehensive net income = operating income－net financing expense (4) Operating income is produced in operations and net ?nancial expense is incurred in the ?nancing of operations. Interest income on ?nancial assets is netted against interest expense on ?nancial liabilities (including preferred dividends) in net ?nancial expense. If interest 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) and
Net 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 d iffers 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
财务报表分析外文文献及翻译
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 Protability
From 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, is
Financing 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?tab ility, 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 Protability
While ?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 rate
where 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 lever age on operating pro?tability, w e de?ne: Return on operating assets (ROOA) =(operating income＋market interest on operating
外文翻译 原文 World Trade and International Trade Material Source:https://www.doczj.com/doc/4216091408.html, Author: Ted Alax In today’s complex economic world, neither individuals nor nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of world trade and economic activity. As a result of this trade and activity, international finance and banking have evolved. For example, the United States is a major consumer of coffee, yet it does not have the climate to grow any or its own. Consequently, the United States must import coffee from countries (such as Brazil, Colombia and Guatemala) that grow coffee efficiently. On the other hand, the United States has large industrial plants capable of producing a variety of goods, such as chemicals and airplanes, which can be sold to nations that need them. If nations traded item for item, such as one automobile for 10,000 bags of coffee, foreign trade would be extremely cumbersome and restrictive. So instead of batter, which is trade of goods without an exchange of money, the United State receives money in payment for what it sells. It pays for Brazilian coffee with dollars, which Brazil can then use to buy wool from Australia, which in turn can buy textiles Great Britain, which can then buy tobacco from the United State. Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above is that no nation has all of the commodities that it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa and petroleum is recovered in the Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them. Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar.
中英文资料外文翻译 财务风险重要性分析 译文： 摘要：本文探讨了美国大型非金融企业从1964年至2008年股票价格风险的决定小性因素。我们通过相关结构以及简化模型，研究诸如债务总额，债务期限，现金持有量，及股利政策等公司财务特征，我们发现，股票价格风险主要通过经营和资产特点，如企业年龄，规模，有形资产，经营性现金流及其波动的水平来体现。与此相反，隐含的财务风险普遍偏低，且比产权比率稳定。在过去30年，我们对财务风险采取的措施有所减少，反而对股票波动（如独特性风险）采取的措施逐渐增加。因此，股票价格风险的记载趋势比公司的资产风险趋势更具代表性。综合二者，结果表明，典型的美国公司谨慎管理的财政政策大大降低了财务风险。因此，现在看来微不足道的剩余财务风险相对底层的非金融公司为一典型的经济风险。 关键词：资本结构；财务风险；风险管理；企业融资 1 绪论 2008年的金融危机对金融杠杆的作用产生重大影响。毫无疑问，向金融机构的巨额举债和内部融资均有风险。事实上，有证据表明，全球主要银行精心策划的杠杆（如通过抵押贷款和担保债务）和所谓的“影子银行系统”可能是最近的经济和金融混乱的根本原因。财务杠杆在非金融企业的作用不太明显。迄今为止，尽管资本市场已困在危机中，美国非金融部门的问题相比金融业的困境来说显得微不足道。例如，非金融企业破产机遇仅限于自20世纪30年代大萧条以来的最大经济衰退。事实上，非金融公司申请破产的事件大都发生在美国各行业（如汽车制造业，报纸，房地产）所面临的基本经济压力即金融危机之前。这令人惊讶的事实引出了一个问题“非金融公司的财务风险是如何重要？”。这个问题的核心是关于公司的总风险以及公司风险组成部分的各决定因素的不确定性。 最近在资产定价和企业融资再度引发的两个学术研究中分析了股票价格风险利
本科生毕业设计（论文）文献综述评价表
文献综述： 基于哈佛分析框架的财务报表分析的 文献综述 财务分析的重要性日益凸显，它不仅代表着企业的经营成果，还为企业以后的发展和管理提供决策依据。财务分析是通过一系列分析技术与方法，对企业的各种能力进行综合分析与评价，及时发现企业经营中出现的问题和不足，为企业的管理者管理和决策的信息。这是一个逻辑性很强的分析过程，需要从各种复杂的信息中把握分析逻辑，形成分析框架，才能获取有价值的信息。另一方面，财务分析对于投资者和股东的未来投资活动具有重要意义，它有助于利益相关者了解企业的经营现状和未来发展。本文对哈佛分析框架的国内外研究成果进行述评，为进一步的研究奠定基础。 1 国外关于财务分析方法的研究 伴随着西方资本市场的发展，其财务分析方法日益完善，财务分析体系快速发展。学者们开始建立财务分析框架，以更好地对企业的财务状况经行分析。少数学者提出从筹资活动、经营活动和投资活进行财务分析。而绝大部分学者则是在财务分析的基础上逐步引进战略分析、会计分析和前景分析三个维度。一部分学者是从三个维度来构建财务分析框架的。以Salmi（1997）为代表的学者提出从概论、会计分析和财务分析三个维度进行财务报表分析。而以Stickney（1999）为代表的学者则是从环境分析、会计分析和财务分析这三个维度展开。相比较而言，Stickney的尝试在原来两维度的基础上增加了环境分析，使得财务分析结果更为可靠。 还有一部分学者是从四个维度来构建财务分析框架的。最具有代表性的是哈佛大学佩普（K.G.Palepu）、希利（P.M.healy) 和伯纳德（V.L.Bemard)（2000）在《运用财务报表进行企业分析与评估》一书中提出了哈佛分析框架。其提出了一种集战略与财务报表分析为一体的、更具实际应用效果的财务分析框架，即哈佛分析框架。该框架由战略分析、会计分析、财务分析、前景分析共四个部分组成。哈佛分析框架的战略分析模块对企业所面临的外部环境进行了全面分析，不仅能发现企业发展中面临的机会和威胁，更能从战略高度为企业发展指出方向。哈佛分析框架做到了结合企业外部经济环境与企业个体特征、行业经济发展状况、生合周期和获利能力等因素对企业进行综合评判，对于投资者
摘要 正确组织和有效开展经济分析，对于企业正确制定经营方针，选择最佳方案，编制经营计划，合理评价企业经济活动，以及不断提高经济效益具有重要意义。经济分析具有判断性、情报性、预防性和建设性。企业是社会经济的细胞，股份制企业是社会经济细胞中较活跃的群体。 本文依据全面分析与重点分析相结合，经济分析与技术分析相结合，定性分析与定量分析相结合，利用核算数据与搞好调查研究相结合原则，对省哈飞汽车股份自2007 年至2009 年的财务状况从资本结构分析、偿债能力分析、营运能力分析、盈利能力分析、综合分析以及趋势分析等方面进行由外到地剖析和评价，对2009 年经营中存在的问题进行分析，最后提出建议。 关键词：财务报表分析；盈利能力；偿债能力
Abstract It is very important to organize and do economic analysis efficiently for an enterprise. The analysis plays key point in making business plan，evaluating the economic activities reasonably，and improving economic benefits. Economic analysis has the features of judging，information，predicting and constructing. The enterprises are the cell of social leconomy. The corporations，which are on the stock market，are the most active colony in them. In this report，by combination of whole analysis and emphasis analysis ，economic analysis and technical analysis，feature analysis and value analysis，and based on the rules of combination calculated data and research，the author tries to do an analysis and evaluation to Hafei Automobile Works Car company, the key enterprise of Heilongjiang Province. Based on the adjustment of financial statements，the analysis of capital structure，the analysis of assets operation efficiency，the analysis of profitability，the analysis of debt redemption and the synthetic analysis of the corporation from 2007 to 2009. The author also submits some suggestions to the problems in 2009 of the company. KeyWords：Financial Analysis; Profitability; Debt redemption
文献综述 建筑设计参考文献综述： [1]《房屋建筑学》，邢双军主编 建筑学作为一门内容广泛的综合性学科，它沙及到建筑功能、工程技术、建筑经济、建筑艺术以及环境规划等许多方面的问题。般说来，建筑物既是物质产品，又具有一定的艺术形象，它必然随着社会生产生活方式的发展变化而发展变化，并且总是受科学技术、政治经济和文化传统的深刻影响*建筑物—一作为人们亲手创造的人为环境的重要组成部分，需要耗用大量的人力和物力。它除了具行满足物质功能的使用要求外，其空间组合和建筑形象又常会赋予人们以精神上的感受。 [2]《建筑设计防火规范》（GB50016-2006） 1.0.1 为了防止和减少建筑火灾危害，保护人身和财产安全，制定本规范。 1.0.2 本规范适用于下列新建、扩建和改建的建筑： 1 9层及9层以下的居住建筑（包括设置商业服务网点的居住建筑）； 2 建筑高度小于等于24.0m 的公共建筑； 3 建筑高度大于24.0m 的单层公共建筑； 4 地下、半地下建筑（包括建筑附属的地下室、半地下室）； 5 厂房； 6 仓库； 7 甲、乙、丙类液体储罐（区）； 8 可燃、助燃气体储罐（区）； 9 可燃材料堆场； 10 城市交通隧道。 注：1 建筑高度的计算：当为坡屋面时，应为建筑物室外设计地面到其檐口的高度；当为平屋面（包括有女儿墙 的平屋面）时，应为建筑物室外设计地面到其屋面面层的高度；当同一座建筑物有多种屋面形式时，建筑 高度应按上述方法分别计算后取其中最大值。局部突出屋顶的瞭望塔、冷却塔、水箱间、微波天线间或设 施、电梯机房、排风和排烟机房以及楼梯出口小间等，可不计入建筑高度内。 2 建筑层数的计算：建筑的地下室、半地下室的顶板面高出室外设计地面的高度小于等 于 1.5m 者，建筑底部设置的高度不超过2.2m 的自行车库、储藏室、敞开空间，以及建筑屋顶上突出的局部设备用房、出屋面 的楼梯间等，可不计入建筑层数内。住宅顶部为两层一套的跃层，可按1 层计，其它部位的跃层以及顶部 多于2 层一套的跃层，应计入层数。 1.0.3 本规范不适用于炸药厂房（仓库）、花炮厂房（仓库）的建筑防火设计。 人民防空工程、石油和天然气工程、石油化工企业、火力发电厂与变电站等的建筑防火设计，当有专门的国家现行标准时，宜从其规定。 1.0.4 建筑防火设计应遵循国家的有关方针政策，从全局出发，统筹兼顾，做到安全适用、技术先进、经济合理。 1.0.5 建筑防火设计除应符合本规范的规定外，尚应符合国家现行有关标准的规定。
Positioning in Practice Strategic Role of Marketing For large firms that have two or more strategic business units (SBUs), there are generally three levels of strategy: corporate-level strategy, strategic-business-unit-level (or business-level) strategy, and marketing strategy. A corporate strategy provides direction on the company's mission, the kinds of businesses it should be in, and its growth policies. A business-level strategy addresses the way a strategic business unit will compete within its industry. Finally, a marketing strategy provides a plan for pursuing the company's objectives within a specific market segment. Note that the higher level of strategy provides both the objectives and guidelines for the lower level of strategy. At corporate level, management must coordinate the activities of multiple strategic business units. Thus the decisions about the organization's scope and appropriate resource deployments/allocation across its various divisions or businesses are the primary focus of corporate strategy.Attempts to develop and maintain distinctive competencies tend to focus on generating superior financial, capital, and human resources; designing effective organizational structures and processes; and seeking synergy among the firm's various businesses. At business-level strategy, managers focus on how the SBU will compete within its industry. A major issue addressed in business strategy is how to achieve and sustain a competitive advantage. Synergy for the unit is sought across product-markets and across functional department within the unit. The primary purpose of a marketing strategy is to effectively allocate and coordinate marketing resources and activities to accomplish the firm's objectives within a specific product-market. The decisions about the scope of a marketing strategy involve specifying the target market segment(s) to pursue and the breadth of the product line to offered. At this level of strategy, firms seek competitive advantage and synergy through a well-integrated program of marketing mix elements tailored to the needs and wants of customers in the target segment(s). Strategic Role of Positioning Based on the above discussion, it is clear that marketing strategy consists of two parts: target market strategy and marketing mix strategy. Target market strategy consists of three processes: market segmentation, targeting (or target market selection), and positioning. Marketing mix strategy refers to the process of creating a unique
会计信息质量在投资中的决策作用对私人信息和监测的影响 安妮比蒂，美国俄亥俄州立大学 瓦特史考特廖，多伦多大学 约瑟夫韦伯，美国麻省理工学院 1简介 管理者与外部资本的供应商信息是不对称的在这种情况下企业是如何影响金融资本 的投资的呢？越来越多的证据表明，会计质量越好，越可以减少信息的不对称和对融资成本的约束。与此相一致的可能性是，减少了具有更高敏感性的会计质量的公司的投资对内部产生的现金流量。威尔第和希拉里发现，对企业投资和与投资相关的会计质量容易不足，是容易引发过度投资的原因。 当投资效率低下时，会计的质量重要性可以减轻外部资本的影响，供应商有可能获得私人信息或可直接监测管理人员。通过访问个人信息与控制管理行为，外部资本的供应商可以直接影响企业的投资，降低了会计质量的重要性。符合这个想法的还有比德尔和希拉里的比较会计对不同国家的投资质量效益的影响。他们发现，会计品质的影响在于美国投资效益，而不是在日本。他们认为，一个可能的解释是不同的是债务和股权的美国版本的资本结构混合了SUS的日本企业。 我们研究如何通过会计质量灵敏度的重要性来延长不同资金来源对企业的投资现金 流量的不同影响。直接测试如何影响不同的融资来源会计，通过最近获得了债务融资的公司来投资敏感性现金流的质量的效果，债务融资的比较说明了对那些不能够通过他们的能力获得融资的没有影响。为了缓解这一问题，我们限制我们的样本公司有所有最近获得的债务融资和利用访问的差异信息和监测通过公共私人债务获得连续贷款的建议。我们承认，投资内部现金流敏感性可能较低获得债务融资的可能性。然而，这种可能性偏见拒绝了我们的假设。 具体来说，我们确定的数据样本证券公司有1163个采样公司（议会），通过发行资本公共债务或银团债务。我们限制我们的样本公司最近获得的债务融资持有该公司不断融资与借款。然而，在样本最近获得的债务融资的公司，也有可能是信号，在资本提供进入私人信息差异和约束他们放在管理中的行为。相关理论意味着减少公共债务持有人获取私人信息，因而减少借款有效的监测。在这些参数的基础上，我们预测，会计质量应该有一
财务报表分析外文文献及翻译 LNTU---Acc 附录A 财务报表分析的杠杆左右以及如何体现盈利性和值比率 摘要 关键词:财政杠杆;运营债务杠杆;股本回报率;值比率 传统观点认为，杠杆效应是从金融活动中产生的:公司通过借贷来增加运营的资金。 杠杆作用的衡量标准是负债总额与股东权益。然而，一些负债——如银行贷款和发行的债券，是由于资金筹措，其他一些负债——如贸易应付账款，预收收入和退休金负债，是由于在运营过程中与供应商的贸易，与顾客和雇佣者在结算过程中产生的负债。融资负债通常交易运作良好的资本市场其中的发行者是随行就市的商人。与此相反，在运营中公司能够实现高增值。因为业务涉及的是与资本市场相比，不太完善的贸易的输入和输出的市场。 因此，考虑到股票估值，运营负债和融资负债的区别的产生有一些先验的原因。我们研究在资产负债表上，运营负债中的一美元是否与融资中的一美元等值这个问题。因为运营负债和融资负债是股票价值的组成部分，这个问题就相当于问是否股价与账面价值比率是否取决于账面净值的组成。价格与账面比率是由预期回报率的账面价值决定的。所以，如果部分的账面价值要求不同的溢价，他们必须显示出不同的账面价值的预期回报率。因此， 标准的财务报表分析的能够区分股东从运营中和借贷的融资业务中产生的利润。因此，资产回报有别于股本回报率，这种差异是由于杠杆作用。然而，在标准的分析中，经营负债不区别于融资负债。因此，为了制定用于实证分析的规范，
我们的研究结果是用于愿意分析预期公司的收益和账面收益率。这些预测和估值依赖于负债的组成。 这篇文章结构如下。第一部分概述并指出了了能够判别两种杠杆作用类型，连接杠杆作用和盈利的财务报表分析第二节将杠杆作用，股票价值和价格与账面比率联系在一起。 第三节中进行实证分析，第四节进行了概述与结论。 1 杠杆作用的财务报表分析 以下财务报表分析将融资债务和运营债务对股东权益的影响区别开。这个分析从实证的详细分析中得出了精确的杠杆效应等式 普通股产权资本收益率=综合所得?普通股本 (1) 杠杆影响到这个盈利等式的分子和分母。适当的财务报表分析解析了杠杆作用的影响。以下分析是通过确定经营和融资活动中的资产负债表和损益表的组成开始分析。计算每一项活动所获得的利润，然后引入两种类型的杠杆作用来解释运营和融资的盈利以及股东的总体盈利。 1.1 区分运营和融资过程中的盈利 普通股权=经营资产，金融负债,经营负债,金融负债 (2) 侧重于普通股(以便优先股被视为融资债务)，资产负债表方程可重申如下:经营性资产的区别(如贸易应收款，库存和物业，厂房及设备)和金融资产(存款及可出售证券吸收多余现金)在其他方面。然而，债务方面，融资负债也区别于经营负债。不应该把所 有负债都当作融资负债来处理，相反，只有从运营中得到的现金，就像银行贷款，短期商业票据和债券属于这种类型。其他负债，如应付账款，累计费用，预收收入，重组债务和养老金负债，产生于业务。这种区别并不像当前与长远负债那么简单;养老金负债，例如，通常是长期，短期的借款是一种当前的负债。
中英文对照外文翻译 (文档含英文原文和中文翻译) Create and comprehensive technology in the structure global design of the building The 21st century will be the era that many kinds of disciplines technology coexists , it will form the enormous motive force of promoting the development of building , the building is more and more important too in global design, the architect must seize the opportunity , give full play to the architect's leading role, preside over every building engineering design well. Building there is the global design concept not new of architectural design,characteristic of it for in an all-round way each element not correlated with building- there aren't external environment condition, building , technical equipment,etc. work in coordination with, and create the premium building with the comprehensive new technology to combine together. The premium building is created, must consider sustainable development , namely future requirement , in other words, how save natural resources as much as possible, how about protect the environment that the mankind depends on for existence, how construct through high-quality between architectural design and building, in order to reduce building equipment use quantity and
跨境电商外文文献综述 (文档含英文原文和中文翻译) 译文: 本地化跨境电子商务的模型 摘要 通过对国际供应链的B2B电子商务交易量的快速增长和伊朗快速增加的跨境交易业务，跨境电商过程的有效管理对B2B电子商务系统十分重要。本文对局部模型的结构是基于B2B电子商务的基础设施三大层，消息层、业务流程层和内容层。由于伊朗的电子商务的要求，每一层的需要适当的标准和合适的方案的选择。当电子文件需要移动顺利向伊朗，建议文件的标准为文件内容支持纸质和电子文件阅读。验证提出的模型是通过案例研究方法呈现一到四阶段的情景。本文试图通过交换商业文件在贸易过程中这一局部模型，实现在全球电子贸易供应链更接近区域单一窗口建设的关键目标。 关键词：电子商务;跨境贸易;电子文档管理;国际供应链
1.简介 电子商务是关于在互联网或其他网络电子系统购买和销售产品或服务。术语B2B（企业对企业），描述了企业间的电子商务交易，如制造商和批发商，或批发商和零售商之间。本文的研究目标是上两个不同国家贸易商之间的通信。今天的世界贸易组织的主要目标之一是建立区域单一窗口，可以提高世界各地的贸易便利化。建立区域单一窗口需要跨境海关，可以有效地交换贸易文件。因此，首先，简化跨境贸易文件的关键在于朝着国家单一窗口移动。然后，区域单一窗口可以授权国家之间的通信。电子商务模型是基于三个主要逻辑层的研究。这三个层消息传输层，业务处理层和内容层。本文的局部模型是一种能够自动交换读取文件的过程。通过与东亚和中东国家的建立区域单一窗口可以在将来得到改善的更多的互操作性，从而建立伊朗国家单一窗口 在本文的第二部分讨论引进国际供应链中的跨境B2B模式所需的基本概念和标准。第三部分介绍在大的模型中引入的组件功能和范围。第四部分讨论了B2B交易层模型的定位，最后结束本文。 2.背景 在本节中，除了了解B2B电子商务在伊朗的情况，还有参考模型的背景等概念以及讨论B2B电子商务跨境模式的本土化。 2.1 B2B电子商务在伊朗 如今伊朗在贸易进程的变现是一个关键的贸易成功点。伊朗和许多其他国家接壤，它的进口和出口过程可以通过公路，铁路，海上和空中的方式来完成。因此，这个国家的中部和战略作用，使得它在亚洲和中东地区货物运输的主要贸易点。今天，在伊朗海关几乎所有的贸易过程通过纸质表格完成，由商务部提供的电子服务仅限于谁该国境内交易的商人。今天，伊朗海关几乎所有的贸易流程都是通过纸质表格来完成的，商务部给出的电子服务只限于该国的商人。介绍了模型试图简化在伊朗交易的跨境电子商务供应链交换电子文件的过程。这里提到的一些系统，由商务部在伊朗的电子服务被提及：进口订单管理系统。贸易统计制度。伊朗法典伊朗。这些电子系统的主要使用，以促进在伊朗贸易过程。这里提到的系统作为独立的贸易者可与建议本文模型在未来的作用。在亚洲的区域性单
会计外文文献翻译
原文题目：《评述教育会计专业》作者：迈克尔卡夫金原文出处：School of Accounting and Finance, University of Wollongong, Wollongong, Australia 会计教育会计教育。一般来说，从业者似乎已不愿想改变 - 要离开自己的舒适区 - 慢，并已承认在与伦理，环境恶化，全球化相关的地区更广泛的社会问题所提出的问题，增加业务的复杂性和其他一些因素我写我的一些挫折（卡夫金，1981 年）和左新西兰追求我在澳大利亚的学习和职业生涯。我后来成为澳大利亚的主要会计机构教育委员会主席。在这种角色我曾与新西兰身体的教育委员会的领导组织，并得到非常积极的态度，他们与澳大利亚的机构都对促进更“圆”大学会计教育方案（其中大部分出自从业者，学者的鼓励！）。最近在新西兰旅行，我一直很失望，观察什么似乎是一个这样做的目的完全逆转; 重点放在，由新西兰的专业团体，纯粹的技术能力，他们迫使大学遵守这一点 - 复仇的bean 柜台？什么也令人失望对我来说是由学术带头人的决心明显缺乏，使专业团体的“决定”什么通行证作为会计教育法规，如会计死记硬背。我观察到有什
么事我当作一个高级学者讨好自己的专业机构，而不是促进学科发展，将在二十一世纪更广泛的社会需要的知识要点。因此，我的评论是针对试图界定什么是专业会计师 - 毫无疑问，很多人可能不同意。我的目的是展示合作的重要性，而不是怀疑和无知的需要和应具有什么样的会计专业的各个部分努力。我并不想冒犯各位同事，而是试图提供一个什么样的我的看法是会计面临的问题和强调纪律，前进的方向，通过所有这些谁认为，在解决方案协助资讯科技合作是批判极大的社会问题。从业人员有一个会计的执业类别广泛的业余爱好，所以任何评论，我所做的非常广泛的推广。传统上，从业者已被注册会计师，会计师或公共部门私营会计师，但随着业务的日益复杂和商业机构在最近的时代，这些分类的界线变得越来越模糊。即使是会计师有与大，往往跨国公司，会计师事务所有关人士，并在小企业非常不同的具体利益与每个人 - 财务顾问，财务报表编制，税务顾问或核数师。然而，有票面21,2 172 学术的角度来看，一般来说，从业者似乎是什么学术可疑。显然不是所有从业者觉得这种方式，有的已经布满学术界
本科毕业设计（论文） 外文翻译 题目双汇企业财务报表分析研究 姓名宋孟姣 专业 2010级财务管理本科1班 学号 201040016 指导教师董玥玥 郑州科技学院工商管理学院 二〇一四年三月
FINANCIAL STA TEMENT ANALYSIS OF EVERAGE AND HOW IT INFORMS ABOUT PORABLIITY AND PRICE-TO-BOOK RA TIOS 1 FINANCIAL STATEMENT ANALYSIS OF EVERAGE The following inimical statement analysis separates the effects of enhancing liabilities and operating liabilities on the portability o f shareholders’ equity. The analysis yields explicit leveraging equations from which the speci?cations for the empirical analysis are developed. Shareholder portability, return on common equity, is measured as Return on common equity (ROCE) = comprehensive net income ÷common equity (1) Appropriate inimical statement analysis disentangles the effects of leverage. The analysis below, which elaborates on parts of Nazism and Penman (2001), begins by identifying components of the balance sheet and income statement that involve operating and enhancing activities. The portability due to each activity is then calculated and two types of leverage are introduced to explain both operating and enhancing portability and overall shareholder portability. 1.1 Distinguishing the Portability of Operations from the Portability of Financing Activities Common equity =operating assets＋financial assets－operating liabilities－Financial liabilities （2）The distinction here between operating assets (like trade receivables, inventory and property, plant and equipment) and inimical assets (the deposits and marketable securities that absorb excess cash) is made in other contexts. However, on the liability side, enhancing liabilities are also distinguished here from operating liabilities. Rather than treating all liabilities as enhancing debt, only liabilities that raise cash for operations—like bank loans, short-term commercial paper and bonds—are classier as such. Other liabilities—such as accounts payable, accrued expenses, deferred revenue, restructuring liabilities and pension liabilities—arise from operations. The distinction is not as simple as current versus long-term
一、中色股份有限公司概况 中国有色金属建设股份有限公司（英文缩写NFC，简称：中色股份）1983年经国务院批准成立，主要从事国际工程承包和有色金属矿产资源开发。目前，中色股份旗下控股多个公司，涉及矿业、冶炼、稀土、能源电力等领域；同时，通过入股民生人寿等稳健的实业投资，增强企业的抗风险能力，实现稳定发展。 二、资产负债比较分析 资产负债增减变动趋势表 （一）增减变动分析 从上表可以清楚看到，中色股份有限公司的资产规模是呈逐年上升趋势的。从负债率及股东权益的变化可以看出虽然所有者权益的绝对数额每年都在增长，但是其增长幅度明显 该公司07年的速动比率为0.89，08年为0.81，09年为0.86，相对来说，没有大的波动，只是略呈下降趋势。每1元的流动负债只有0.86元的资产作保障，是绝对不够的，这表明该企业的短期偿债能力较弱。 （3）现金比率 该公司07年的现金比率为0.35，08年为0.33，09年为0.38，从这些数据可以看出，该公司的现金即付能力较强，并且呈逐年上升趋势的，但是相对数还是较低，说明了一元的流动负债有0.38元的现金资产作为偿还保障，其短期偿债能力还是可以的。 （三）资本结构分析 （1）资产负债率 该企业的资产负债率07年为58.92%，08年为61.14%?09年为59.42%。从这些数据可
以看出，该企业的资产负债率呈现逐年上升趋势的，但是是稳中有降的，说明该企业开始调节自身的资本结构，以降低负债带来的企业风险，资产负债率越高，说明企业的长期偿债能力就越弱，债权人的保证程度就越弱。该企业的长期偿债能力虽然不强，但是该企业的风险系数却较低，对债权人的保证程度较高。 （2）产权比率 该企业的产权比率07年为138.46%，08年为157.37%，09年为146.39%。从这些数据可以看出，该企业的产权比率呈现逐年上升趋势的，但是稳中有降的，从该比率可以看出，该企业对负债的依赖度还是比较高的，相应企业的风险也较高。该企业的长期偿债能力还是较低的。不过，该企业已经意识到企业的风险不能过大，一旦过大将带来重大经营风险，所以，该企业试图从高风险、高回报的财务结构向较为保守的财务结构过渡，逐渐增大所有者权益比例。 。 逐年下降趋势的。尤其是08年下降幅度最大，充分看出金融危机对该公司的影响很大。之所以下降，是因为该公司近三年的主营业务收入都在下降，虽然主营业务成本也在同时下降，但是下降的幅度没有收入下降的幅度大，这说明企业的全部资产经营效率降低，偿债能力也就有所下降了。总体来看，该企业的主营收入是呈现负增长状态的。 （2）流动资产周转率 该企业的总资产周转率07年为1.64，08年为1.18，09年为1.02。从这些数据可以看出，该企业的流动资产周转率是呈现逐年下降趋势的。尤其也是08年下降幅度最大，说明08年的金融危机对该公司的影响很大。总的来说，企业流动资产周转率越快，周转次数越多，周转天数越少，表明企业以占用相同流动资产获得的销售收入越多，说明企业的流动资产使用效率越好。以上数据看出，该企业比较注重盘活资产，较好的控制资产运用率。
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： Norway Romsdal Folk Museum Photograph from : Stiftelsen Romsdalsmuseet The Romsdal Folk Museum is an architectonic attraction and a treasured landmark that embodies the history and identity of the entire region. Our intention in this project was to let the structure signal its meaning and function through an architectural expression and the use of local materials. The scale of the building refers to the urbanity and morphology of the town. The overall layout of the museum grounds the connections to the town by linking different surrounding areas in an overall plan where all circulation is linked in a unified structure. The project conveys an open and progressive attitude that makes diverse utilization possible. The Museum design approach is rooted in rationality and sustainability. The plan geometry is deceptively simple, the characteristic angled shapes are limited to the roof and the external wall, making the circulation and internal organisation clear and flexible. The public areas are clearly separated from the administration wing, which is located on both the ground and first floor. Exhibition rooms, the auditorium and the library are all placed on the ground floor to increase flexibility and user experience. The transparency of the reception room permits supporting internal and external activities. Large sliding doors separate the permanent and temporary exhibition areas, giving the curators the ability to combine or separate the spaces. The archives and workshops are located on the basement level, with the vertical circulation of large items facilitated by a large goods lift.Pine is the primary building material of the museum. Exterior walls and roof are made of solid timber in combination of steel beam when required. The terrain entailed the use of concrete, however its use was reduce to the foundations. Exterior walls and ceilings covered with maintenance-pine relief tempered with bio-based oil.Different openings filter the daylight in such way that the internal space are enriched by gradations and translucency nuances. However, the main exhibition rooms are black boxes, giving the curators total control of artificial lightening in these areas. All the glazing units have high-energy performance glass, in some locations with silk printed colours and patterns. The impact on the Nordic society:The Romsdal Folk Museum is a great example of strategic use of low-tech building solutions. It embodies the national policy in Norway to aim for a more sustainable future. The museum is built using Norwegian timber technology and acts as a hub for