外文文献及翻译

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Essentials for Financial Statements Analysis Gibson.C.H. Journal of Financial Statement Analysis Vol.12 No.2,2009 Overview of financial statements analysisThe analysis of financial data employs various techniques to emphasize the comparative and relative importance of the data presented and to evaluate the position of the firm. These techniques include ratio analysis, common size analysis, review of descriptive material, and comparisons of results with other types of data. The information derived from these types of analyses should be blended to determine the overall financial position. No one type of analysis supports overall findings or serves all types of users. You have to select two listed companies existing in the same industry (e.g. Unilever and Proctor and Gamble in the food and personal care products, etc) Get their financial statements for the most recent three years and Perform the afore-mentioned analysis.Financial Analysis techniques such as ratio analysis and common size financial statements can provide valuable insight into a company’s operations, risk characteristics, and valuation beyond what is readily apparent by examining raw data. When data is presented analytically, differences across time periods, interrelationships of financial statement accounts and comparisons among companies, are more easily understood. An effective analysis encompasses both computations and interpretations. A well reasoned analysis differs from a mere complication of various pieces of information, computations, tables, and graphs by integrating the data collected into a cohesive whole. Analysis of the past performance, for example, should address not only what happened but also why it happened and whether it advanced company’s strategy. Some of the key questions to address include:●What aspects of performance are critical for this company tosuccessfully compete in the industry?●How well did the company’s performance meet these critical aspects?(This is established through computations and comparison withappropriate benchmarks, such as the company’s own historicalperformance or competitors’ performance.)●What are the key causes of this performance, and how would thisperformance affect the company in the future?●What is the likely impact of trends in the company, industry, andeconomy on the future cash flows?●What are your recommendations as an analyst?Financial Analysis TechniquesThe following techniques can help you in achieving the overall objective of financial statement analysis of the companies.1. Ratio AnalysisRatio Analysis Ratio analysis is the calculation and comparison of ratios which are derived from the information in a company's financial statements. Financial ratios are usually expressed as a percent or as times per period.a) Liquidity RatiosLiquidity ratios measure a firm’s ability to meet its current obligations. These include Current Ratio, Acid Test Ratio, Sales to Working Capital, Working capital.b) Leverage RatiosLeverage ratios measure the degree of protection of suppliers of long term funds. These include Time Interest Earned, Fixed Charge Coverage, Debt Ratio, Debt / Equity Ratio, Debt to Tangible Net worth Ratio, Current Worth / Net worth Ratio, Total Capitalization Ratio, Fixed Asset Ratio / Equity Ratio, Long term Assets versus Long term Debt.c) Profitability RatiosProfitability ratios measure the earning ability of a firm. These include Net Profit Margin, Return on Assets, DuPont Return on Assets, Operating Income Margin, Operating Assets Turnover, Return on Operating Assets, Sales to Fixed Assets, Return on Investment (ROI), Return on Total Equity, Gross Profit Margin.d) Activity RatiosActivity ratios measure a firm's ability to convert different accounts within their balance sheets into cash or sales. These include Accounts Receivable Turnover。

Average Collection Period, Accounts Payable Turnover, Average Payment Period, Inventory Turnover, Average Age of Inventory, Operating Cycle, Total Assets Turnover, Fixed Assets Turnover.e) Market RatiosMarket ratios are commonly used by the investors to assess the performance of a business as an investment and also the cost of issuing stock. These include Dividend per share, Earning per Share, Price/earning Ratio, Percentage of Earnings Retained, Dividend Payout, Dividend Yield, Book Value per Share.f) Statements of Cash FlowCash flow ratios indicate liquidity, borrowing capacity and profitability. These include Operating Cash Flow /Current Maturities of Long Term Debt and Current Notes Payable, Operating Cash Flow/Total Debt, Operating Cash Flow per Share, Operating Cash Flow/Cash Dividends.2. Horizontal Analysis Horizontal analysisHorizontal Analysis Horizontal analysis is done by computing the increase or decrease in percentage terms of each item from the prior year. It highlights items that have changed unexpectedly or have unexpectedly remained unchanged. It uses one year's worth of entries as a baseline while every other year represents differences in terms of changes to that baseline.3. Vertical AnalysisIt is a technique for identifying relationship between items in the same financial statement by expressing all amounts as the percentage of the total amount taken as 100.4 .Review of Descriptive InformationThe descriptive information found in an annual report, in trade periodicals, and in industry reviews helps in understanding the financial position of a firm.Descriptive material might discuss the role of research and development in producing future sales, present data on capital expansion and the goal related such as minority hiring or union negotiations, or help explain the dividend policy of the firm.5. ComparisonsAbsolute figures or ratios appear meaningless unless compared to other figures or ratios. Several types of comparisons offer insight.a) Trend AnalysisTrend analysis studies the financial history of a firm for comparison. It is the comparative analysis of a company's financial ratios over time. This helps to detect problems or observe good management. Ratios are plotted on graph to see whether the ratios are falling, rising, or remaining relatively constant.b) Industry Averages and Comparisons with CompetitorsThe analysis of an entity’s financial statements is more meaningful if the results are compared with industry averages and with results of competitors. You are required to select 3-4 companies from the same industry and then calculate their 8 -10 ratios. You have to compare their ratios results with your companies’ ratios results. This enables financial analyst to check that wher e the selected companies fall in that particular industry.财务报表分析要素作者:吉布林本文出自财务报表分析期刊12 卷第 2 期,2009 年1.财务报表分析概述财务报表的分析需要采用各种不同的技术分析方法来强调数据的相对重要性,以此评估出公司的财务状况。