毕业外文翻译 财务报表分析与运用

1、the 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 f

2、inancial 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 evo

3、lved 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 focu

4、s 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 th

5、is 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

6、 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

7、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 managements choice. the period of recognition may b

8、e 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

9、 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 as leases and hedging activities, are recognized in the fina

10、ncial 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 prin

11、ciples (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 lac

12、king.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, a

13、nd 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

14、-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

15、 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. prin

16、cipal 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

17、 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 i

18、nto three general groups:credit and equity investors government (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 an

19、alysis, 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 invest

20、ors 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

21、 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 conce

22、rned 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.

23、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 credit

24、ors, 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 lo

25、ng-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

26、, 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 i

27、n 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 conclusion

28、s are highly critical of the accounting standard-setting process and of the utility of financial analysis. this criticism is based on research performed in a capital market setting. these findings do not negate the usefulness of financial analysis of individual securities that may be mispriced or of

29、 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

30、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 cr

31、editors 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 a

32、t 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 bus

33、iness 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 t

34、hat 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 sacri

35、fices 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 opera

36、ting 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. others believe that all long

37、-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

38、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 d

39、iscusses the fasb exposure draft (ed) on recognition and measurement of instruments with equity and liability characteristics.the income statement the income statement (statement of earnings) reports on the performance of the firm, the result of its operating activities. it explains some but all of

40、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

41、 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) ov

42、er 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 entitys ongoi

43、ng major or central operationsexpense are defined asoutflows from delivering or producing goods, rendering services, or carrying out other activities that constitute the entitys ongoing major or central operations.these definitions explicitly exclude gains (and losses), defined as increases (decreas

44、es) in equity (net assets) from peripheral or incidental transactionsgains 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

45、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 wri

46、te-down of inventories due to obsolescence 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 “recur

47、ring 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.

48、 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” enterpri

49、ses. 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。大型跨国公司的财务报表加起来有好几打纸，许多这样的公司自愿公布额外的“账簿事实”给财务分析师和其他感兴趣的使用者。近几年来，财务报告在其他主要发达国家和新兴市场也得到了很大的发展，重点逐渐转向为国内外的债权人和股东权益投资者提供有用的信息。国际会计准则已经成为与美国会计准则相匹敌的对手。在理想的世界里，财务报表的使用者只能关注财务报告的底线：净利润和股东所有者权益。如果财务报表在公司间（忽略国家因素）具有可比性，会计处理方法保持一贯性，并且完全反映公

50、司的经济状况，那么财务报表分析将会非常简单，本书也很简短。财务报告系统并不完美。经济事项和会计分录没有精确的对应起来，导致他们差异的原因来源于时间，确认，计量尺度的不同。由于不同国家的尺度不同，又导致不同的会计处理方法，是的财务分析和投资决策复杂化。经济事项与这些事项的会计确认通常发生在不同时间。这种现象的一个例子就是资本利得和资本损失在大多数情况下只有在出手时候才进行确认。例如，不动产投资在多年以后发生增值，只有在管理层打算处置不动产投资的会计期间才在利润表上确认。类似的，长期资产的注销，在大多数情况下，发生在管理层决定注销的会计期间。确认的期间也许既不是资产减值发生的期间，也不是资产出售或

51、发生清理的期间。同样，终止经营的会计处理导致损失确认的期间与发生损失以及清理完毕的期间不同。此外，许多经济事项根本没有进行会计确认。例如：大多数合同在订立的时候并没有反映在财务报表中，尽管其对公司的财务状况、经营风险和财务风险有显著影响。一些合同，比如租赁和淘气合同，在一些公司的财务报表中虽然被确认，但在其他公司则仅仅披露在财务报表附注中。在许多国家的立法中，对金融衍生品和套期行为的披露要求已经存在，但对其进行确认和计量则是美国最近才刚刚开始提出的要求。进一步讲，在美国和其他地方，公认会计原则允许由不同的财务报表编织着将没有在会计确认的经济事项通过不同的方式进行确认。存货和固定资产折旧只是这其

52、中的两个缺乏可比性的重要事项。财务报告常常包含补充资料，尽管这些资料没有被包括在报表中，但它们有助于报表使用者解释报表或者调整对公司业绩的评估（例如财务比率），从而使得报表具有可比性、在时间上保持一致性，且更好的代表经济事项。党对报表进行调整时，我们要从行驶中区分出本质，从年报的财务报表附注和补充资料以及sec上市申报文件中发掘出信息。对资产负债表外筹资行为的分析处理就是说明这一过程的一个很好地例子。我们也在国外注册人20-f表格上市申报文件中说明如何根据美国gaap调节相关数据。最后，可以利用来自财务报告之外的信息来时财务资料更为有效果。例如，估计价格变化对公司业绩的影响，可能要求使用来源于

53、外部的价格资料。聚焦投资决策本书关注公司外部的财务报表使用者所采用的财务分析的概念和技巧。重点在于上市公司的财务报表，所说明的技巧通常可用于分析根据美国gaap编制的报表。然而我们也讨论国际会计准则委员会指定的准则和其他国家的准则制定者指定的准则，并将它们与美国的gaap进行比较，同时分析根据其他的报告准则编制的财务报表。报表使用者的分类财务信息的外部使用者包括了范围广泛的利益相关者，但他们可以分为以下3个群体1债权人和股东权利投资者2政府（行政和立法分支机构）、监管机构和和税务当局3一般公众和特定利益群体、公会、和消费群体每一报表使用群体在财务报表分析中都有其各自的目标，但如fasb所言，主

54、要使用者是股东权益投资者和债权人。然而提供给投资者和债权人的信息可能对其他报表使用群体也同样有效。因此财务会计准则致力于满足投资者和债权人的信息需求。本书中的分析技巧正是致力于服务这一群体的。财务分析的主要目标是通过对风险与回报的比较计量来坐车投资或贷款决策。然而这些决策要求对未来进行估计，比如说一个月、一年甚至十年。通用财务报表时描述过去的，她们为预测未来盈余和现金流提供了基础。分析过程中使用的许多技巧可以广泛用于所有的决策类型，但是也有一些专门的技巧与特定的投资利益有关，换句话讲，分险和汇报专属于某一类投资者或者某一类证券。股东权益投资者主要关注公司的长期获利能力、他的成长能力和他最终支付

55、股利以及提升价值的能力。由于股东权益投资者承担着企业的剩余风险，声誉风险是风险程度最高并且也是最多变的风险，因而所要求进行的分析是所有使用者中最全面的，包括了所有其他外部使用者所采用的分析技巧。债权人则需要稍微不同的分析方法。短期债权人（如银行和商业往来的债务人），把重点更多的放在交易的当前偿债能力上，应为他们希望早日收回投资。长期债权投资者（如保险公司和退休基金）主要关注长期资产状况和公司盈利能力，他们追求稳定制服利息和到期偿还本金的能力。贷款风险通常小于股东权益风险并且可能更容易计量。然而更多的从属或者次级债权人，尤其是“高收益”债券的所有者，承担着与股东权益投资者相类似的风险，她们可能会发现通常运用于股东权益投资的分析方法比一般债权人采用的投资分析方法更为有效。财务信息和资本市场在投资者和债权人的决策过程中，会计信息的有效性在过去的35年来已经成为很多学术研究的课题。该研究详细调查了会计信息与资本市场报告准则之间的相互关系。有事，研究得出的结论对会计准则的制定