外文翻譯-- 企業(yè)并購財務(wù)報表分析

1、<p><b>　　中文4840字</b></p><p>　　畢業(yè)設(shè)計(論文)外文資料翻譯</p><p>　　原文題目：Enterprise merger and acquisition analysis of financial statements</p><p>　　中文題目： 企業(yè)并購財務(wù)報表分析

2、 </p><p>　　文獻出處：《The modern enterprise financial management》「美」James C.Van Horne.</p><p>　　2014 年 6月 6 日</p><p><b>　　外文原文</b></p><p>　　Enterprise m

3、erger and acquisition analysis of financial statements</p><p>　　Corporate mergers and acquisitions have become a major form of capital operation. Enterprise use of this mode of operation to achieve the capit

4、al cost of the external expansion of production and capital concentration to obtain synergies, enhancing competitiveness, spread business plays a very important role. M & A process involves a lot of financial problem

5、s and solve financial problems is the key to successful mergers and acquisitions. Therefore, it appears in merger analysis of the financial p</p><p>　　We need to use financial ratios in analyzing financial s

6、tatements.—— The analysis of comparative financial statements cannot be made really effective unless it takes the form of a study of relationships between items in the statements. It is of little value, for example, to k

7、now that, on a given date, the Smith Company has a cash balance of $1oooo. But suppose we know that this balance is only -IV per cent of all current liabilities whereas a year ago cash was 25 per cent of all current liab

8、ilit</p><p>　　Saving transaction costs. M & A market is essentially an alternative organization to realize the internalization of external transactions, as appropriate under the terms of trade, business

9、organizations, the cost may be lower than in the market for the same transaction costs, thereby reducing production and operation the transaction costs.</p><p>　　To reduce agency costs. When the business sep

10、aration of ownership and management, because the interests of corporate management and business owners which resulted in inconsistencies in agency costs, including all contract costs with the agent, the agent monitoring

11、and control costs. Through acquisitions or agency competition, the incumbent managers of target companies will be replaced, which can effectively reduce the agency costs. </p><p>　　Lower financing costs. Thr

12、ough mergers and acquisitions, can expand the size of the business, resulting in a common security role. In general, large companies easier access to capital markets, large quantities they can issue shares or bonds. As t

13、he issue of quantity, relatively speaking, stocks or bonds cost will be reduced to enable enterprises to lower capital cost, refinancing.</p><p>　　To obtain tax benefits. M & A business process can make

14、use of deferred tax in terms of a reasonable tax avoidance, but the current loss of business as a profit potential acquisition target, especially when the acquiring company is highly profitable, can give full play to com

15、plementary acquisitions both tax advantage. Since dividend income, interest income, operating income and capital gains tax rate difference between the large mergers and acquisitions take appropriate ways to achieve a rea

16、sona</p><p>　　To increase business value. M & A movement through effective control of profitable enterprises and increase business value. The desire to control access to the right of the main business by

17、 trading access to the other rights owned by the control subjects to re-distribution of social resources. Effective control over enterprises in the operation of the market conditions, for most over who are in competition

18、 for control of its motives is to seek the company's market value and the effective managem</p><p>　　The company liquidity and solvency position is to maintain the basic conditions for good financial fle

19、xibility. Company's financial flexibility is important, it mainly refers to the enterprises to maintain a good liquidity for timely repayment of debt. Good cash flow performance in a good income-generating capacity a

20、nd funding from the capital market capacity, but also the company's overall Profitability, Profitability is the size of which can be company's overall business conditions and competi</p><p>　　M &

21、 M price is the cost of an important part of the target company's value is determined based on M & A prices, so enterprises in M & Juece O'clock on targeted business Jinxing scientific, objective value of

22、 Ping Gu, carefully Xuanze acquisition Duixiang to Shi Zai market competition itself tide in an invincible position. Measure of the value of the target company, generally adjusted book value method, market value of compa

23、rative law, price-earnings ratio method, discounted cash flow method, inc</p><p>　　We may make comparisons between items in the comparative financial statements as follows: </p><p>　　1. Between

24、 items in the comparative balance sheet </p><p>　　a) Between items in the balance sheet for one date, e.g., cash may be compared with current liabilities </p><p>　　b) Between an item in the ba

25、lance sheet for one date and the same item in the balance sheet for another date, e.g., cash today may be compared with cash a year ago </p><p>　　c) Of ratios, or mathematical proportions, between two items

26、in the balance sheet for one date and a like ratio in the balance sheet for another date, e.g., the ratio of cash to current liabilities today may be compared with a like ratio a year ago and the trend of cash conditio

27、n noted </p><p>　　2. Between items in the comparative statement of income and expense </p><p>　　a) Between items in the statement for a given period </p><p>　　b) Between one item

28、in this period's statement and the same item in last period's statement </p><p>　　c) Of ratios between items in this period's statement and similar ratios in last period's statement </p>

29、;<p>　　3. Between items in the comparative balance sheet and items in the comparative statement of income and expense </p><p>　　a) Between items in these statements for a given period, e.g., net pro

30、fit for this year may be calculated as a percentage of net worth for this year </p><p>　　b) Of ratios between items in the two statements for a period of years, e.g., the ratio of net profit to net worth thi

31、s year may-be compared with like ratios for last year, and for the years preceding that </p><p>　　Our comparative analysis will gain in significance if we take the foregoing comparisons or ratios and; in tur

32、n, compare them with: </p><p>　　I. Such data as are absent from the comparative statements but are of importance in judging a concern's financial history and condition, for example, the stage of the bus

33、iness cycle </p><p>　　2. Similar ratios derived from analysis of the comparative statements of competing concerns or of concerns in similar lines of business What financial ratios are used in analyzing fi

34、nancial statements.- Comparative analysis of comparative financial statements may be expressed by mathematical ratios between the items compared, for example, a concern's cash position may be tested by dividing the

35、item of cash by the total of current liability items and using the quotient to express the result o</p><p>　　We shall use the following financial ratios in analyzing comparative financial statements: </p&

36、gt;<p>　　I. Working-capital ratios </p><p>　　1. The ratio of current assets to current liabilities </p><p>　　2. The ratio of cash to total current liabilities </p><p>　　3.

37、The ratio of cash, salable securities, notes and accounts receivable to total current liabilities </p><p>　　4. The ratio of sales to receivables, i.e., the turnover of receivables </p><p>　　5.

38、 The ratio of cost of goods sold to merchandise inventory, i.e., the turnover of inventory </p><p>　　6. The ratio of accounts receivable to notes receivable </p><p>　　7. The ratio of receivabl

39、es to inventory </p><p>　　8. The ratio of net working capital to inventory </p><p>　　9. The ratio of notes payable to accounts payable </p><p>　　IO. The ratio of inventory to acco

40、unts payable </p><p>　　II. Fixed and intangible capital ratios </p><p>　　1. The ratio of sales to fixed assets, i.e., the turnover of fixed capital </p><p>　　2. The ratio of sal

41、es to intangible assets, i.e., the turnover of intangibles </p><p>　　3. The ratio of annual depreciation and obsolescence charges to the assets against which depreciation is written off </p><p

42、>　　4. The ratio of net worth to fixed assets </p><p>　　III. Capitalization ratios </p><p>　　1. The ratio of net worth to debt. </p><p>　　2. The ratio of capital stock to total

43、capitalization .</p><p>　　3. The ratio of fixed assets to funded debt </p><p>　　IV. Income and expense ratios </p><p>　　1. The ratio of net operating profit to sales </p>&l

44、t;p>　　2. The ratio of net operating profit to total capital </p><p>　　3. The ratio of sales to operating costs and expenses </p><p>　　4. The ratio of net profit to sales </p><p>

45、;　　5. The ratio of net profit to net worth </p><p>　　6. The ratio of sales to financial expenses </p><p>　　7. The ratio of borrowed capital to capital costs </p><p>　　8. The ratio

46、 of income on investments to investments </p><p>　　9. The ratio of non-operating income to net operating profit </p><p>　　10. The ratio of net operating profit to non-operating expense <

47、;/p><p>　　11. The ratio of net profit to capital stock </p><p>　　12. The ratio of net profit reinvested to total net profit available for dividends on common stock </p><p>　　13. The

48、 ratio of profit available for interest to interest expenses </p><p>　　This classification of financial ratios is permanent not exhaustive. -Other ratios may be used for purposes later indicated. Furthermor

49、e, some of the ratios reflect the efficiency with which a business has used its capital while others reflect efficiency in financing capital needs. The ratios of sales to receivables, inventory, fixed and intangible cap

50、ital; the ratios of net operating profit to total capital and to sales; and the ratios of sales to operating costs and expenses reflect efficien</p><p>　　Are the statements adequate in general?-Before attem

51、pting comparative analysis of given financial statements we wish to be sure that the statements are reasonably adequate for the purpose. They should, of course, be as complete as possible. They should also be of recent d

52、ate. If not, their use must be limited to the period which they cover. Conclusions concerning 1923 conditions cannot safely be based upon 1921 statements. </p><p>　　Does the comparative balance sheet reflec

53、t a seasonable situation? If so, it is important to know financial conditions at both the high and low points of the season. We must avoid unduly favorable judgment of the business at the low point when assets are very l

54、iquid and debt is low, and unduly unfavorable judgment at the high point when assets are less liquid and debt likely to be relatively high.</p><p>　　Does the balance sheet for any date reflect the estimated

55、financial condition after the sale of a proposed new issue of securities? If so, in order to ascertain the actual financial condition at that date it is necessary to subtract the amount of the security issue from net wor

56、th, if the. issue is of stock, or from liabilities, if bonds are to be sold. A like amount must also be subtracted from assets or liabilities depending upon how the estimated proceeds of the issue are reflected in the st

57、at</p><p>　　Are the statements audited or unaudited? It is often said that audited statements, that is, complete audits rather than statements "rubber stamped" by certified public accountants, are

58、desirable when they can be obtained. This is true, but the statement analyst should be certain that the given auditing film's reputation is beyond reproach. </p><p>　　Is working-capital situation favorab

59、le ?-If the comparative statements to be analyzed are reasonably adequate for the purpose, the next step is to analyze the concern's working-capital trend and position. We may begin by ascertaining the ratio of cur

60、rent assets to current liabilities. This ratio affords-a test of the concern's probable ability to pay current obligations without impairing its net working capital. It is, in part, a measure of ability to borrow add

61、itional working capital or to re</p><p>　　The rule-of-thumb current ratio is not a satisfactory test of working-capital position and trend. A current ratio of less than two dollars for one dollar may be adeq

62、uate, or a current ratio of more than two dollars for one dollar may be inadequate. It depends, for one thing, upon the liquidity of the current assets. </p><p>　　The liquidity of current assets varies with

63、cash position.-The larger the proportion of current assets in the form of cash the more liquid are the current assets as a whole. Generally speaking, cash should equal at least 20 per cent of total current liabilities (

64、divide cash by total current liabilities). Bankers typically require a concern to maintain bank balances equal to 20 per cent of credit lines whether used or unused. Open-credit lines are not shown on the balance sheet,

65、 hence the total</p><p>　　The cash balance that will be satisfactory depends upon terms of sale, terms of purchase, and upon inventory turnover. A firm selling goods for cash will find cash inflow more nearl

66、y meeting cash outflow than will a firm selling goods on credit. A business which pays cash for all purchases will need more ready money than one which buys on long terms of credit. The more rapidly the inventory is sold

67、 the more nearly will cash inflow equal cash outflow, other things equal. </p><p>　　Needs for cash balances will be affected by the stage of the business cycle. Heavy cash balances help to sustain bank credi

68、t and pay expenses when a period of liquidation and depression depletes working capital and brings a slump in sales. The greater the effects of changes in the cycle upon a given concern the more thought the financial exe

69、cutive will need to give to the size of his cash balances.</p><p>　　Differences in financial policies between different concerns will affect the size of cash balances carried. One concern may deem it good po

70、licy to carry as many open-bank lines as it can get, while another may carry only enough lines to meet reasonably certain needs for loans. The cash balance of the first firm is likely to be much larger than that of the s

71、econd firm. </p><p>　　The liquidity of current assets varies with ability to meet "acid test."- Liquidity of current assets varies with the ratio of cash, salable securities, notes and accounts rec

72、eivable (less adequate reserves for bad debts), to total current liabilities (divide the total of the first four items by total current liabilities). This is the so-called "acid test" of the liquidity of curren

73、t condition. A ratio of I: I is considered satisfactory since current liabilities can readily be paid and credito</p><p>　　The liquidity of current assets varies with liquidity of receivables. This may be

74、ascertained by dividing annual sales by average receivables or by receivables at the close of the year unless at that date receivables do not represent the normal amount of credit extended to customers. Terms of sale mus

75、t be considered in judging the turnover of receivables. For example, if sales for the year are $1,200,000 and average receivables amount to $100,000, the turnover of receivables is $1,200,000/$100,</p><p>　

76、　Trends in the liquidity of receivables will also be reflected in the ratio of accounts receivable to notes receivable, in cases where goods are typically sold on open account. A decline in this ratio may indicate a lowe

77、ring of credit standards since notes receivable are usually given to close overdue open accounts. If possible, a schedule of receivables should be obtained showing those not due, due, and past due thirty, sixty, and nine

78、ty days. Such a, schedule is of value in showing the efficien</p><p>　　Author(s): James C.Van Horne</p><p><b>　　外文譯文</b></p><p>　　企業(yè)并購財務(wù)報表分析</p><p>　　企業(yè)并購已成

79、為企業(yè)資本運營的一種主要形式。企業(yè)運用這種資本經(jīng)營方式實現(xiàn)對外部的低成本擴張，將生產(chǎn)和資本集中，獲取協(xié)同效應(yīng)，對提高競爭能力、分散經(jīng)營風險起到了很重要的作用。企業(yè)并購過程中涉及許多財務(wù)問題，而財務(wù)問題的解決是企業(yè)并購成功的關(guān)鍵。因此，對在并購中出現(xiàn)的財務(wù)問題進行分析研究來提高并購財務(wù)效率就有著重要的現(xiàn)實意義。</p><p>　　我們需要使用財務(wù)比率來分析財務(wù)報表，比較財務(wù)報表的分析方法不能真正有效的得出想要的結(jié)

80、果，除非采取的是研究在報表中項目與項目之間關(guān)系的形式。例如，只是知道史密斯公司在一個特定的日期中擁有10000美元的現(xiàn)金余額，對我們是沒有多大價值的。但是，假如我們知道，這種余額在這種平衡中有4%的流動負債，而一年前的現(xiàn)金余額有25%的流動負債。由于銀行家對公司通常要求現(xiàn)金余額保持在銀行信用度的20%，不管使用或不使用，如果公司的財務(wù)狀況出現(xiàn)問題，我們可以立即發(fā)現(xiàn)。</p><p>　　節(jié)約交易費用。企業(yè)并購實質(zhì)

81、上是企業(yè)組織對市場的替代，實現(xiàn)了外部交易的內(nèi)部化，由于在適當?shù)慕灰讞l件下，企業(yè)的組織成本有可能低于在市場上進行同樣交易的成本，從而減少了生產(chǎn)經(jīng)營活動的交易費用。 減少代理成本。當企業(yè)所有權(quán)與經(jīng)營權(quán)相分離時，由于企業(yè)管理層與企業(yè)所有者利益的不一致而產(chǎn)生了代理成本，包括所有人與代理人的簽約成本，對代理人監(jiān)督與控制的成本等。而通過并購或代理權(quán)的競爭，目標公司現(xiàn)任管理者將會被代替，從而可以有效地降低其代理成本。 降低融資成本。通

82、過企業(yè)并購，可以擴大企業(yè)的規(guī)模，產(chǎn)生共同擔保作用。一般情況下，規(guī)模大的企業(yè)更容易進入資本市場，它們可以大批量地發(fā)行股票或債券。由于發(fā)行數(shù)量多，相對而言，股票或債券的發(fā)行成本也隨之降低，使企業(yè)以較低的資本成本獲得再融資。 取得稅收優(yōu)惠。并購過程中企業(yè)可以利用稅法中的稅收遞延條款合理避稅，把目前虧損但有一定盈利潛力的企業(yè)作為并購對象，尤其是當并購方為高盈利企業(yè)時，能夠充分發(fā)揮并購雙方稅收方面的互補優(yōu)勢。由于股息收入、利息收入、營業(yè)收

83、益與資本收益間的稅率差別較大，在并購中采取恰當?shù)呢攧?wù)處理方法可以達到合理避稅的效果。</p><p>　　增加企業(yè)價值。并購通過有效的控制權(quán)運動為企業(yè)帶來利潤，增加企業(yè)價值。即意欲獲取企業(yè)控制權(quán)的權(quán)利主體通過交易方式獲取了其他權(quán)利主體所擁有的控制權(quán)來重新配置社會資源。在有效的企業(yè)控制權(quán)市場運行的條件下，對大部分接管者來說，其爭奪控制權(quán)的動機就在于尋求公司的市場價值和在有效管理的條件下應(yīng)具有的市場價值之間的差額。

84、 公司資金流動狀況和償債能力是保持良好財務(wù)彈性的基本條件。企業(yè)的財務(wù)彈性很重要，它主要是指企業(yè)保持良好的資金流動性以便及時償還債務(wù)。良好的資金流動表現(xiàn)在良好的創(chuàng)收能力以及從資本市場進行籌資的能力，還與公司的整體創(chuàng)利能力有關(guān)，而這種創(chuàng)利能力的大小可由公司的整體經(jīng)營狀況和競爭前景來體現(xiàn)。在具體評估時，要預測固定費用支出和現(xiàn)金流量總額的變化趨勢，將固定費用支出分成約束部分和酌量部分，為了精確估計近期內(nèi)公司的周轉(zhuǎn)資金需求量，對有關(guān)應(yīng)收賬款

85、周轉(zhuǎn)率和存貨周轉(zhuǎn)率的資料也要進行審查，還應(yīng)該包括其他一些影響財務(wù)彈性的因素，如公司的短期負債水平，資本結(jié)構(gòu)中利率較高的債務(wù)相對比重等。</p><p>　　考察企業(yè)財務(wù)狀況還必須評估后備流動資金的潛力。當資本市場資金緊張，企業(yè)資金流動性較差時，對資金流動性的評估應(yīng)重點放在考察后備流動資金的可利用性上，分析企業(yè)可從經(jīng)營中獲取的現(xiàn)金量，企業(yè)向外界籌措資金的能力，銷售可兌換證券所能帶來的可利用流動資金量。在分析企業(yè)的各

86、種資金來源時，應(yīng)特別重視企業(yè)向其有密切關(guān)系的貸款者借款的便利程度，因為一旦企業(yè)陷入困境，向外界求助無援時，那些關(guān)系密切的貸款機構(gòu)很可能幫助企業(yè)擺脫困境。其他還有可轉(zhuǎn)換證券等，都可以隨時從證券市場兌換成現(xiàn)金，用來償還企業(yè)到期的短期負債。</p><p>　　我們可以對比比較財務(wù)報表中的項目，作出如下結(jié)論：</p><p>　　1. 項目之間的資產(chǎn)負債表比較：</p><p

87、>　　a）在資產(chǎn)負債表中的一個日期之間的比較，例如項目，現(xiàn)金與流動負債相比；</p><p>　　b）同一項目在資產(chǎn)負債表中一個日期與另一個日期之間的比較，例如，現(xiàn)在的現(xiàn)金與一年前比較；</p><p>　　c）比較兩個項目之間在資產(chǎn)負債表中一個日期和一個相似比率在資產(chǎn)負債表中的另一個日期的比率，例如，現(xiàn)在現(xiàn)金流動負債的比率與另一個項目一年前的相似比率和已經(jīng)標記的現(xiàn)金狀況趨勢的比較。

88、</p><p>　　2．項目報表中收入和支出的比較：</p><p>　　a）一定時期中的報表項目的比較；</p><p>　　b）同一項目在報表中現(xiàn)階段與上個階段的比較；</p><p>　　c）報表中項目之間的比率與去年相似比率的比較；</p><p>　　3．資產(chǎn)負債表中的項目與報表中收入和支出項目的比較：&l

89、t;/p><p>　　a）在這些報表項目之間的一個給定的時間內(nèi)，例如，今年凈利潤可能以百分比計算今年凈值；</p><p>　　b）兩個報表中項目之間的比率在這幾年時間的比較，例如，凈利潤的比率占今年凈值的百分比與去年或者前年的相似比率的比較</p><p>　　如果我們采用上述比較或比率，然后依次比較它們，我們的比較分析結(jié)果將獲得重要意義：</p>&l

90、t;p>　　1. 這樣的數(shù)據(jù)比較是報表缺少的，但這種數(shù)據(jù)對于金融史和條件判斷是十分重要的，例如，商業(yè)周期的階段性；</p><p>　　2. 使用財務(wù)財務(wù)比率分析財務(wù)報表，從競爭角度，人民比較關(guān)注類似業(yè)務(wù)的比較。 財務(wù)報表的比較可能被表示成項目之間的比較，例如，現(xiàn)金狀況除以流動負債項目總產(chǎn)品的現(xiàn)金使所得出的商來表示總現(xiàn)金的項目測試。每個比可以用兩種方式表示，例如，銷售固定資產(chǎn)的比率可被表示為銷售固定資產(chǎn)的比

91、率。我們將以這樣的方式表達每一個比例，增加不同期間，將有利于降低財務(wù)狀況中的不利的金融條件。</p><p>　　我們應(yīng)使用下列財務(wù)比率來分析比較財務(wù)報表：</p><p>　　一. 流動資金比率：</p><p>　　1. 流動資產(chǎn)與流動負債的比率；</p><p>　　2. 現(xiàn)金流動負債總額的比率</p><p>

92、　　3. 現(xiàn)金、可售證券、票據(jù)和應(yīng)收賬款與流動負債總額的比率；</p><p>　　4. 銷售應(yīng)收款項的比例，也就是說，應(yīng)收賬款周轉(zhuǎn)率；</p><p>　　5. 商品庫存，即存貨周，商品成本率；</p><p>　　6. 應(yīng)收票據(jù)與應(yīng)收賬款的比率；</p><p>　　7. 應(yīng)收賬款與存貨的比率；</p><p>　

93、　8. 庫存與營運資金凈額的比率；</p><p>　　9. 應(yīng)付票據(jù)與應(yīng)付賬款的比率；</p><p>　　10.庫存與應(yīng)付帳款的比率。</p><p>　　二. 固定資產(chǎn)及無形資產(chǎn)的資本比率：</p><p>　　1. 銷售固定資產(chǎn)的比率，即固定資本的周轉(zhuǎn)；</p><p>　　2. 銷售無形資產(chǎn)的比率，即無形資產(chǎn)

94、周轉(zhuǎn)率；</p><p>　　3. 每年的折舊和與報廢費用的比率，即折舊資產(chǎn)核銷；</p><p>　　4. 固定資產(chǎn)凈值的比率。</p><p><b>　　三. 資本比率：</b></p><p>　　1. 債務(wù)凈值的比率；</p><p>　　2. 資本存量與總市值的比率；</p>

95、;<p>　　3. 固定資產(chǎn)與長期債務(wù)的比率。</p><p>　　四. 收入和支出的比率：</p><p>　　1. 銷售凈營業(yè)利潤的比率；</p><p>　　2. 凈營業(yè)利潤與總資本的比率；</p><p>　　3. 銷售額與經(jīng)營成本及開支的比率；</p><p>　　4. 銷售凈利潤的比例；<

96、;/p><p>　　5. 凈利潤與凈值的比率；</p><p>　　6. 銷售與財務(wù)費用的比率；</p><p>　　7. 借入資本與資本成本的比率，；</p><p>　　8. 投資與投資收入的比率；</p><p>　　9. 非經(jīng)營性收入與經(jīng)營溢利凈額的比率；</p><p>　　10.凈營業(yè)利

97、潤與營業(yè)外支出的比率；</p><p>　　11.凈利潤與資本存量的比率；</p><p>　　12.凈利潤與再投資凈利潤總額比率，即普通股股息率；</p><p>　　13.利潤利息與利息開支的比率。</p><p>　　財務(wù)比率是永久性的這種分類并非詳盡無遺，其他比率可用于購買指示。此外，一些比率反映了資金使用的效率，，而其他反映資金融資

98、的效率。銷售應(yīng)收款項、存貨，固定資產(chǎn)和無形資本、凈營業(yè)利潤、資本總額和銷售的比率以及銷售經(jīng)營成本及開支的比率反映了在資金使用的效率。大多數(shù)其他比率反映了金融效率。</p><p>　　報表和數(shù)據(jù)是否充足？在我們比較分析給出的財務(wù)報表之前，我們希望確保財務(wù)報表是合理和足夠充分的。當然，它們應(yīng)該盡可能完整。他們也應(yīng)該是近期的數(shù)據(jù)。如果不是這樣，其使用必須限制在其所涵蓋的期間。例如2008年條件的結(jié)論不能完全地建立在2

99、006年報表數(shù)據(jù)上。</p><p>　　比較資產(chǎn)負債表是否可以反映當時的情況？如果是這樣，重要??的是要知道金融條件在高點和低點的財務(wù)狀況。當資產(chǎn)流動性非?？旌蛡鶆?wù)很低時，我們必須避免過分造成在低點時的商務(wù)判斷；當流動性較差的資產(chǎn)和債務(wù)可能是比較高的時候，我們應(yīng)避免過分否定在最高點時的判決。</p><p>　　建議發(fā)行新證券，要根據(jù)任何日期的資產(chǎn)負債表反映的財務(wù)狀況估計？如果是這樣的話

100、，為了確定于該日期的實際財務(wù)狀況，減少證券發(fā)行數(shù)量是很有必要的。如果債券被出售，也必須有類似的金額減去根據(jù)估計所得款項的問題是如何在聲明中反映的資產(chǎn)或負債。</p><p>　　報表是審核的還是未經(jīng)審核的？這就是常說的經(jīng)審計的報表，也就是完整的審計，而不是未被注冊會計師審核即批準的報表。這是真實的，但是報表分析師應(yīng)該確定給出的審計公司是否超出職責范圍。</p><p>　　正在運行的資本狀

101、況是否良好？如果要分析報表的目的是合理且足夠充分的，下一步是分析關(guān)注的營運資本的趨勢和位置。我們可以開始確定的流動資產(chǎn)對流動負債的比率。這個比率關(guān)注可能的能力，而不損害其凈營運資本償付義務(wù)。這是一種借用額外的營運資金或續(xù)借沒有困難的短期貸款的措施。其他的事情都是相等的條件下，流動負債超過流動資產(chǎn)越大，短期債券人的風險越小，信貸業(yè)務(wù)越好。假設(shè)保守的估值和全部流動資產(chǎn)和流動負債均計算在內(nèi)，流動資產(chǎn)兩美元的利率對于一美元的流動負債是“經(jīng)驗法則

102、”的比例通常被認為是令人滿意的。</p><p>　　經(jīng)驗法則的流動比率對于運營資本的狀況和趨勢并不是一個令人滿意的測試。不到兩美元，對于一美元來說，流動比率少于兩美元可能足夠了，或者超過兩美元的流動比率對于一美元可能是不恰當?shù)?。這只取決于流動資產(chǎn)的流動性這一點。</p><p>　　流動資產(chǎn)的流動性隨現(xiàn)金狀況的變化而變化。流動資產(chǎn)因為現(xiàn)金出現(xiàn)的比例越大，流動資產(chǎn)作為一個整體流動的越快。一