會計專業(yè)外文翻譯---財務報表分析要素

1、<p><b>　　中文1980字</b></p><p><b>　　畢業(yè)設計/論文</b></p><p>　　外 文 文 獻 翻 譯</p><p>　　系　 別 經濟管理學院 </p><p>　　專 業(yè) 班 級 會計0702

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3、;<p><b>　　2011年3月</b></p><p><b>　　財務報表分析要素</b></p><p><b>　　作者：吉布林</b></p><p>　　本文出自財務報表分析期刊12卷第2期，2009年</p><p>　　1.財務報表分析概述&l

4、t;/p><p>　　財務報表的分析需要采用各種不同的技術分析方法來強調數(shù)據(jù)的相對重要性，以此評估出公司的財務狀況。這些方法包括比率分析，趨勢分析，審查說明性資料分析以及與其他類型數(shù)據(jù)的比較分析，從這些分析方法中得出的信息應該相互融合以看出公司的總體財務狀況，因為任何一種單一的分析方法都不能得出總體的結論或滿足不同使用者的需求。在進行財務報表分析時，可以在同行業(yè)中選擇現(xiàn)有的兩家上市公司，如聯(lián)合利華和寶潔公司在食品和個

5、人護理產品等方面來進行比較分析，找到他們最近三年的財務報表 然后運用上面所提到的各種分析方法進行綜合分析。</p><p>　　財務分析方法如比率分析和趨勢分析等能對一個公司的經營、風險預測等提出寶貴的意見，而這些寶貴的建議僅通過看一些原始數(shù)據(jù)是無法提出的，當數(shù)據(jù)被分析提交后，那么由于時間段、財務報表各項目的聯(lián)系以及公司的不同所造成的差異就會變得容易理解。一種有效的分析方法應包括計算和分析兩個方面，真正的理性的分

6、析并不是簡單的將所收集到的信息、表格和圖形等進行簡單的加總結合，例如，對一個公司過去的業(yè)績進行評價，不僅要知道過去發(fā)生了什么交易和事項，而且要了解其為什么會發(fā)生以及它是否有利于企業(yè)的戰(zhàn)略實施，需要解決的一些關鍵問題主要包括如下幾個方面：</p><p>　　（一）哪些因素是一個公司在同行業(yè)競爭中取得成功的關鍵</p><p>　?。ǘ┕镜臉I(yè)績如何才能符合這些關鍵因素的標準，通常這應該是

7、建立在適當?shù)幕鶞噬?，如公司自己的歷史業(yè)績或競爭對手的業(yè)績</p><p>　?。ㄈ┰鯓硬拍苓_到這些業(yè)績指標，以及這將對公司的未來發(fā)展有什么影響</p><p>　　（四）這種發(fā)展趨勢對公司甚至整個行業(yè)的未來現(xiàn)金流會有什么影響</p><p>　?。ㄎ澹┳鳛橐粋€分析師所能提出的意見及建議</p><p>　　2.財務報表分析方法</p&

8、gt;<p>　　下面的分析方法可以幫助實現(xiàn)對一個公司財務報表分析的總體目標。 </p><p><b>　　2.1 比率分析法</b></p><p>　　比率分析是對來自公司財務報表的數(shù)據(jù)進行計算和比較的一種分析方法。通常財務比率按百分比或倍數(shù)來表示。 (一）流動比率</p><p>　　流動比率一般用來衡量一個公司的

9、現(xiàn)行償債能力。主要包括現(xiàn)行負債率、酸性測試比率、銷售營運資金率。</p><p><b>　　(二）杠桿比率</b></p><p>　　杠桿比率主要衡量長期資金供應的保障程度，主要包括時間利息率、固定費用償付率、負債比率、債務/權益比率、債務與有形凈資產比率、當前價值/凈資產比率、總資本比率、固定資產收益率、權益比率。</p><p><

10、;b>　　(三）盈利能力比率</b></p><p>　　盈利能力比率衡量一個企業(yè)的盈利能力。主要包括凈利率、資產回收就率、杜邦資產回報率、 經營收入率、資產周轉率、營業(yè)資產回收率、固定資產銷售率、返回投資回報率、返回總權益率、毛利率。</p><p><b>　　(四）變現(xiàn)比率</b></p><p>　　變現(xiàn)比率是衡量一個

11、公司在資產負債表中使不同的賬戶轉換成現(xiàn)金或銷售收入能力的比率。主要包括應收賬款周轉率、平均收款期、應付賬款周轉率、平均付款期限、存貨周轉率、存貨平均年齡、工作周期、總資產周轉率、固定資產周轉率。</p><p><b>　　(五）市場比率</b></p><p>　　市場比率通常是投資者用來評價一個企業(yè)的業(yè)績以確定是否將其作為投資或入股對象的比率。主要包括每股收益、每

12、股盈余、價格/市盈率、保留盈余百分比、、派息率、股息收益率、每股賬面價值。</p><p><b>　　(六）現(xiàn)金流量比率</b></p><p>　　現(xiàn)金流量比率能表明一個企業(yè)的資金流動性、借貸能力以及盈利能力。主要包括經營現(xiàn)金流/應付票據(jù)、經營現(xiàn)金流/總債務、經營每股現(xiàn)金流量、經營現(xiàn)金流量/現(xiàn)金股利等。</p><p><b>　

13、　2.2 橫向分析法</b></p><p>　　橫向分析是以以前年度的某個項目為基準，通過計算分析年度數(shù)據(jù)的增減變動最后以百分比的形式表現(xiàn)出來的一種分析方法。它能夠突出顯示出意外變化或意外維持不變的項目。它使用某一年的數(shù)據(jù)作為基準來顯示出其他年度的數(shù)據(jù)變化。</p><p><b>　　2.3 縱向分析法</b></p><p>

14、　　縱向分析是指通過將各種賬戶余額除以相應的總賬戶余額所得到的百分比來反映在同一財務報表中各種項目的結構關系的一種分析方法。 2.4 審查說明性資料分析法</p><p>　　一般存在于年度報告、貿易期刊以及業(yè)界評論中的說明性資料能夠有效的幫助了解一個公司的財務狀況，說明性材料可能討論生產資本的擴張以及和目標有關的未來銷售計劃，如少數(shù)民族聘用或聯(lián)盟談判，或者還會有助于解釋一個公司的股利分配政策。</p&g

15、t;<p><b>　　2.5 比較分析法</b></p><p>　　絕對數(shù)字或絕對比率似乎毫無意義，除非其與其他數(shù)字 或比率相比較才會突出其價值。有見解性的比較方法通常有以下幾種類型:</p><p><b>　　(一）趨勢分析</b></p><p>　　趨勢分析法是通過研究一個企業(yè)過去的業(yè)績史來與現(xiàn)在

16、的業(yè)績進行比較，通過計算比率來反映公司的業(yè)績變化，這種方法有助于及時發(fā)現(xiàn)存在的問題或挖掘良好的管理模式，通過將比率繪制成相應的圖表從而可以直觀的顯示其是否正在下降、上升或保持相對穩(wěn)定。</p><p>　　(二）與行業(yè)平均值及競爭對手的比較</p><p>　　如果一個實體的財務報表分析結果能夠與行業(yè)平均水平及競爭對手的業(yè)績水平相比較，其將會變得更有意義。從同行業(yè)中選擇三到四個公司然后根據(jù)

17、其財務報表計算八到十個比率,最后用計算出的比率與本公司進行比較，從而使分析師意識到本公司在同行業(yè)中落后的方面。</p><p>　　Essentials for Financial Statements Analysis</p><p>　　Gibson.C.H.</p><p>　　Journal of Financial Statement Analysis V

18、ol.12 No.2,2009</p><p>　　Overview of financial statements analysis</p><p>　　The analysis of financial data employs various techniques to emphasize the comparative and relative importance of the

19、data presented and to evaluate the position of the firm. These techniques include ratio analysis, common size analysis, review of descriptive material, and comparisons of results with other types of data. The information

20、 derived from these types of analyses should be blended to determine the overall financial position. No one type of analysis supports overall findings or serves a</p><p>　　Financial Analysis techniques such

21、as ratio analysis and common size financial statements can provide valuable insight into a company’s operations, risk characteristics, and valuation beyond what is readily apparent by examining raw data. When data is pre

22、sented analytically, differences across time periods, interrelationships of financial statement accounts and comparisons among companies, are more easily understood. An effective analysis encompasses both computations an

23、d interpretations. A well</p><p>　　What aspects of performance are critical for this company to successfully compete in the industry?</p><p>　　How well did the company’s performance meet these c

24、ritical aspects? (This is established through computations and comparison with appropriate benchmarks, such as the company’s own historical performance or competitors’ performance.)</p><p>　　What are the key

25、 causes of this performance, and how would this performance affect the company in the future?</p><p>　　What is the likely impact of trends in the company, industry, and economy on the future cash flows?</

26、p><p>　　What are your recommendations as an analyst?</p><p>　　Financial Analysis Techniques</p><p>　　The following techniques can help you in achieving the overall objective of financi

27、al statement analysis of the companies.</p><p>　　1. Ratio Analysis</p><p>　　Ratio analysis is the calculation and comparison of ratios which are derived from the information in a company's f

28、inancial statements. Financial ratios are usually expressed as a percent or as times per period.</p><p>　　a) Liquidity Ratios</p><p>　　Liquidity ratios measure a firm’s ability to meet its curre

29、nt obligations. These include Current Ratio, Acid Test Ratio, Sales to Working Capital, Working capital.</p><p>　　b) Leverage Ratios</p><p>　　Leverage ratios measure the degree of protection of

30、suppliers of long term funds. These include Time Interest Earned, Fixed Charge Coverage, Debt Ratio, Debt / Equity Ratio, Debt to Tangible Net worth Ratio, Current Worth / Net worth Ratio, Total Capitalization Ratio, Fix

31、ed Asset Ratio / Equity Ratio, Long term Assets versus Long term Debt.</p><p>　　c) Profitability Ratios</p><p>　　Profitability ratios measure the earning ability of a firm. These include Net Pro

32、fit Margin, Return on Assets, DuPont Return on Assets, Operating Income Margin, Operating Assets Turnover, Return on Operating Assets, Sales to Fixed Assets, Return on Investment (ROI), Return on Total Equity, Gross Prof

33、it Margin.</p><p>　　d) Activity Ratios</p><p>　　Activity ratios measure a firm's ability to convert different accounts within their balance sheets into cash or sales. These include Accounts

34、Receivable Turnover, Average Collection Period, Accounts Payable Turnover, Average Payment Period, Inventory Turnover, Average Age of Inventory, Operating Cycle, Total Assets Turnover, Fixed Assets Turnover.</p>&

35、lt;p>　　e) Market Ratios </p><p>　　Market ratios are commonly used by the investors to assess the performance of a business as an investment and also the cost of issuing stock. These include Dividend per s

36、hare, Earning per Share, Price/earning Ratio, Percentage of Earnings Retained, Dividend Payout, Dividend Yield, Book Value per Share.</p><p>　　f) Statements of Cash Flow</p><p>　　Cash flow ratio

37、s indicate liquidity, borrowing capacity and profitability. These include </p><p>　　Operating Cash Flow /Current Maturities of Long Term Debt and Current Notes Payable, Operating Cash Flow/Total Debt, Operat

38、ing Cash Flow per Share, Operating Cash Flow/Cash Dividends.</p><p>　　2. Horizontal Analysis</p><p>　　Horizontal analysis is done by computing the increase or decrease in percentage terms of eac

39、h item from the prior year. It highlights items that have changed unexpectedly or have unexpectedly remained unchanged. It uses one year's worth of entries as a baseline while every other year represents differences

40、in terms of changes to that baseline.</p><p>　　3. Vertical Analysis</p><p>　　It is a technique for identifying relationship between items in the same financial statement by expressing all amount

41、s as the percentage of the total amount taken as 100.</p><p>　　4. Review of Descriptive Information</p><p>　　The descriptive information found in an annual report, in trade periodicals, and in i

42、ndustry reviews helps in understanding the financial position of a firm. Descriptive material might discuss the role of research and development in producing future sales, present data on capital expansion and the goal r

43、elated such as minority hiring or union</p><p>　　negotiations, or help explain the dividend policy of the firm.</p><p>　　5. Comparisons</p><p>　　Absolute figures or ratios appear me

44、aningless unless compared to other figures or ratios. Several types of comparisons offer insight, e.g.</p><p>　　a) Trend Analysis</p><p>　　Trend analysis studies the financial history of a firm

45、for comparison. It is the comparative analysis of a company's financial ratios over time. This helps to detect problems or observe good management. Ratios are plotted on graph to see whether the ratios are falling, r

46、ising, or remaining relatively constant.</p><p>　　b) Industry Averages and Comparisons with Competitors</p><p>　　The analysis of an entity’s financial statements is more meaningful if the result

47、s are compared with industry averages and with results of competitors. You are required to select 3-4 companies from the same industry and then calculate their 8 -10 ratios. You have to compare their ratios results with