财务报表分析研究外文翻译文档格式.doc

财务报表分析研究外文翻译文档格式.doc

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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

FINANCIALSTATEMENTANALYSISOFEVERAGE

ANDHOWITINFORMSABOUTPORABLIITYAND

PRICE-TO-BOOKRATIOS

1FINANCIALSTATEMENTANALYSISOFEVERAGE

Thefollowinginimicalstatementanalysisseparatestheeffectsofenhancingliabilitiesandoperatingliabilitiesontheportabilityofshareholders’equity.Theanalysisyieldsexplicitleveragingequationsfromwhichthespecificationsfortheempiricalanalysisaredeveloped.Shareholderportability,returnoncommonequity,ismeasuredas

Returnoncommonequity（ROCE）=comprehensivenetincome÷

commonequity

（1）

Appropriateinimicalstatementanalysisdisentanglestheeffectsofleverage.Theanalysisbelow,whichelaboratesonpartsofNazismandPenman（2001）,beginsbyidentifyingcomponentsofthebalancesheetandincomestatementthatinvolveoperatingandenhancingactivities.Theportabilityduetoeachactivityisthencalculatedandtwotypesofleverageareintroducedtoexplainbothoperatingandenhancingportabilityandoverallshareholderportability.

1.1DistinguishingthePortabilityofOperationsfromthePortabilityofFinancingActivities

Commonequity=operatingassets＋financialassets－operatingliabilities－Financialliabilities

（2）

Thedistinctionherebetweenoperatingassets（liketradereceivables,inventoryandproperty,plantandequipment）andinimicalassets（thedepositsandmarketablesecuritiesthatabsorbexcesscash）ismadeinothercontexts.However,ontheliabilityside,enhancingliabilitiesarealsodistinguishedherefromoperatingliabilities.Ratherthantreatingallliabilitiesasenhancingdebt,onlyliabilitiesthatraisecashforoperations—likebankloans,short-termcommercialpaperandbonds—areclassierassuch.Otherliabilities—suchasaccountspayable,accruedexpenses,deferredrevenue,restructuringliabilitiesandpensionliabilities—arisefromoperations.Thedistinctionisnotassimpleascurrentversuslong-termliabilities;

pensionliabilities,forexample,areusuallylong-term,andshort-termborrowingisacurrentliability.

Rearrangingtermsinequation

（2）,

Commonequity=（operatingassets－operatingliabilities）－（financialliabilities－financialassets）OrCommonequity=netoperatingassets－netfinancingdebt

（3）

Thisequationregroupsassetsandliabilitiesintooperatingandenhancingactivities.Netoperatingassetsareoperatingassetslessoperatingliabilities.Soaarmmightinvestininventories,buttotheextenttowhichthesuppliersofthoseinventoriesgrantcredit,thenetinvestmentininventoriesisreduced.

Firmspaywages,buttotheextenttowhichthepaymentofwagesisdeferredinpensionliabilities,thenetinvestmentrequiredtorunthebusinessisreduced.Netenhancingdebtisenhancingdebt（includingpreferredstock）minusinimicalassets.So,aarmmayissuebondstoraisecashforoperationsbutmayalsobuybondswithexcesscashfromoperations.Itsnetindebtednessisitsnetpositioninbonds.Indeedaarmmaybeanetcreditor（withmoreinimicalassetsthaninimicalliabilities）ratherthananetdebtor.

Theincomestatementcanbereformulatedtodistinguishincomethatcomesfromoperatingandenhancingactivities:

Comprehensivenetincome=operatingincome－netfinancingexpense（4）

Operatingincomeisproducedinoperationsandnetinimicalexpenseisincurredintheenhancingofoperations.Interestincomeoninimicalassetsisnettedagainstinterestexpenseoninimicalliabilities（includingpreferreddividends）innetinimicalexpense.Ifinterestincomeisgreaterthaninterestexpense,enhancingactivitiesproducenetinimicalincomeratherthannetinimicalexpense.Bothoperatingincomeandnetinimicalexpense（orincome）isaftertax.3Equations（3）and（4）producecleanmeasuresofafter-taxoperatingportabilityandtheborrowingrate:

Returnonnetoperatingassets（RNOA）=operatingincome÷

netoperatingassets（5）

AndNetborrowingrate（NBR）=netfinancingexpense÷

netfinancingdebt（6）

RNOArecognizesthatportabilitymustbebasedonthenetassetsinvestedinoperations.Soarmscanincreasetheiroperatingportabilitybyconvincingsuppliers,inthecourseofbusiness,tograntorextendcreditterms;

creditreducestheinvestmentthatshareholderswouldotherwisehavetoputinthebusiness.Correspondingly,thenetborrowingrate,byexcludingnon-interestbearingliabilitiesfromthedenominator,givesthe