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