财务报表分析外文文献及翻译

Review

of

accounting

Penman

leverage

leverage

leverage

well

therefore

differently

those

profitability

appropriate

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arising

Firms

profitability

leverage

arising

but

leverage

profitability

price-to-book

leverage

while

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issued—are

liabilities—like

revenues,

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value

there

differently

dollar

differently

dollar

value

equivalent

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different

investigates

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profitability

operations.

specifications

value—

when

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leverage

leverage

contemporaneous

profitability

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profitability

leverage

higher

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higher

leverage

higher

profitability

price-to-book

consequence

value

forecasts—

leverage

expressions

leverage

profitability.

leverage

value

summarized

profitability

profitability,

÷common

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profitability

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disentangles

Penman

begins

profitability

leverage

introduced

profitability

profitability.

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＋financial

equipment)

—like

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－operating

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assets－net

those

investment

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investment

business

reformulated

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income

profitability

increase

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investment

non-interest

appropriate

differs

appropriately.

Penman

1963–1999

—much

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demonstrate

ROCE

÷common

financing

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RNOA＋[FLEV×

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leverage

=net

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works

profitability,

is

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leverage

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profitability

higher

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(OLLEV)

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we

define:

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summary,

therefore

requirement

profitability

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profitability.

profitability,

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value

value

shareholders’

value

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leverage

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value

value

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profitability.

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profitability

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values

different

value

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profitability

complementary.

repayment

profitability

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profitability

there

leverage

increase

leverage

increase

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increase

value

profitability

increase

value

value

increases

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higher

leverage

value

leverage

hypothesized

increase

increase

leverage

value

increases

bankruptcy

introduces

issuing

these

well

differing

differential

advantages

comparative

these

characterized

profitability

having

more

higher

Indeed,

value

‘‘make

value

exchange

firm’s

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employment

Deferred

presumably

value

leverage

Higher

values

higher

leverage

profitability

increases

Feltham

Zhang

higher

values

leverage

leverage

profitability,

higher

ROCE

higher

profitability.

For

higher

revenues,

increases

profitability:

increases

profitability:

expenses

higher

higher

value

value

higher

documented

profitability,

price-to-book

covers

files

requirements:

was

was

value

million

averages

averages).These

firm-year

measurement

approximate

understate

measurement

different

leverage

different

value

value

different

differently.

investigated

leverage

profitability

leverage

For

profitability,

demonstrates

different

profitability

differently

leverage

profitability

cross-section

profitability

profitability.

leverage

leverage

profitability

profitability.

revenues.

investigate

differing

circumstances;

‘‘market

会计研究综述，2003,16(8):531-560前言

一、

杠杆作用的财务报表分析普通股产权资本收益率=综合所得÷普通股本 （1）

普通股权=经营资产＋金融负债－经营负债－金融负债