毕业论文外文翻译--财务报表分析要素.doc

1、外 文 文 献 翻 译系 别 经济管理学院 专 业 班 级 姓 名 评 分 指 导 教 师 财务报表分析要素1.财务报表分析概述财务报表的分析需要采用各种不同的技术分析方法来强调数据的相对重要性，以此评估出公司的财务状况。这些方法包括比率分析，趋势分析，审查说明性资料分析以及与其他类型数据的比较分析，从这些分析方法中得出的信息应该相互融合以看出公司的总体财务状况，因为任何一种单一的分析方法都不能得出总体的结论或满足不同使用者的需求。在进行财务报表分析时，可以在同行业中选择现有的两家上市公司，如联合利华和宝洁公司在食品和个人护理产品等方面来进行比较分析，找到他们最近三年的财务报表 然后运用上面所

2、提到的各种分析方法进行综合分析。财务分析方法如比率分析和趋势分析等能对一个公司的经营、风险预测等提出宝贵的意见，而这些宝贵的建议仅通过看一些原始数据是无法提出的，当数据被分析提交后，那么由于时间段、财务报表各项目的联系以及公司的不同所造成的差异就会变得容易理解。一种有效的分析方法应包括计算和分析两个方面，真正的理性的分析并不是简单的将所收集到的信息、表格和图形等进行简单的加总结合，例如，对一个公司过去的业绩进行评价，不仅要知道过去发生了什么交易和事项，而且要了解其为什么会发生以及它是否有利于企业的战略实施，需要解决的一些关键问题主要包括如下几个方面：（一）哪些因素是一个公司在同行业竞争中取得成

3、功的关键（二）公司的业绩如何才能符合这些关键因素的标准，通常这应该是建立在适当的基准上，如公司自己的历史业绩或竞争对手的业绩（三）怎样才能达到这些业绩指标，以及这将对公司的未来发展有什么影响（四）这种发展趋势对公司甚至整个行业的未来现金流会有什么影响（五）作为一个分析师所能提出的意见及建议2.财务报表分析方法下面的分析方法可以帮助实现对一个公司财务报表分析的总体目标。 2.1 比率分析法比率分析是对来自公司财务报表的数据进行计算和比较的一种分析方法。通常财务比率按百分比或倍数来表示。 (一）流动比率流动比率一般用来衡量一个公司的现行偿债能力。主要包括现行负债率、酸性测试比率、销售营运资金率。(

4、二）杠杆比率杠杆比率主要衡量长期资金供应的保障程度，主要包括时间利息率、固定费用偿付率、负债比率、债务/权益比率、债务与有形净资产比率、当前价值/净资产比率、总资本比率、固定资产收益率、权益比率。(三）盈利能力比率盈利能力比率衡量一个企业的盈利能力。主要包括净利率、资产回收就率、杜邦资产回报率、 经营收入率、资产周转率、营业资产回收率、固定资产销售率、返回投资回报率、返回总权益率、毛利率。(四）变现比率变现比率是衡量一个公司在资产负债表中使不同的账户转换成现金或销售收入能力的比率。主要包括应收账款周转率、平均收款期、应付账款周转率、平均付款期限、存货周转率、存货平均年龄、工作周期、总资产周转率

5、、固定资产周转率。(五）市场比率市场比率通常是投资者用来评价一个企业的业绩以确定是否将其作为投资或入股对象的比率。主要包括每股收益、每股盈余、价格/市盈率、保留盈余百分比、派息率、股息收益率、每股账面价值。(六）现金流量比率现金流量比率能表明一个企业的资金流动性、借贷能力以及盈利能力。主要包括经营现金流/应付票据、经营现金流/总债务、经营每股现金流量、经营现金流量/现金股利等。2.2 横向分析法横向分析是以以前年度的某个项目为基准，通过计算分析年度数据的增减变动最后以百分比的形式表现出来的一种分析方法。它能够突出显示出意外变化或意外维持不变的项目。它使用某一年的数据作为基准来显示出其他年度的数

6、据变化。2.3 纵向分析法纵向分析是指通过将各种账户余额除以相应的总账户余额所得到的百分比来反映在同一财务报表中各种项目的结构关系的一种分析方法。 2.4 审查说明性资料分析法一般存在于年度报告、贸易期刊以及业界评论中的说明性资料能够有效的帮助了解一个公司的财务状况，说明性材料可能讨论生产资本的扩张以及和目标有关的未来销售计划，如少数民族聘用或联盟谈判，或者还会有助于解释一个公司的股利分配政策。2.5 比较分析法绝对数字或绝对比率似乎毫无意义，除非其与其他数字 或比率相比较才会突出其价值。有见解性的比较方法通常有以下几种类型:(一）趋势分析趋势分析法是通过研究一个企业过去的业绩史来与现在的业绩

7、进行比较，通过计算比率来反映公司的业绩变化，这种方法有助于及时发现存在的问题或挖掘良好的管理模式，通过将比率绘制成相应的图表从而可以直观的显示其是否正在下降、上升或保持相对稳定。(二）与行业平均值及竞争对手的比较如果一个实体的财务报表分析结果能够与行业平均水平及竞争对手的业绩水平相比较，其将会变得更有意义。从同行业中选择三到四个公司然后根据其财务报表计算八到十个比率,最后用计算出的比率与本公司进行比较，从而使分析师意识到本公司在同行业中落后的方面。3Essentials for Financial Statements AnalysisGibson.C.H.Journal of Financi

8、al Statement Analysis Vol.12 No.2,2009Overview of financial statements analysisThe analysis of financial data employs various techniques to emphasize the comparative and relative importance of the data presented and to evaluate the position of the firm. These techniques include ratio analysis, commo

9、n size analysis, review of descriptive material, and comparisons of results with other types of data. The information 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 all types of users. Yo

10、u have to select two listed companies existing in the same industry (e.g. Unilever and Proctor and Gamble in the food and personal care products, etc) Get their financial statements for the most recent three years and Perform the afore-mentioned analysis. Financial Analysis techniques such as ratio

11、analysis and common size financial statements can provide valuable insight into a companys operations, risk characteristics, and valuation beyond what is readily apparent by examining raw data. When data is presented analytically, differences across time periods, interrelationships of financial stat

12、ement accounts and comparisons among companies, are more easily understood. An effective analysis encompasses both computations and interpretations. A well reasoned analysis differs from a mere complication of various pieces of information, computations, tables, and graphs by integrating the data co

13、llected into a cohesive whole. Analysis of the past performance, for example, should address not only what happened but also why it happened and whether it advanced companys strategy. Some of the key questions to address include:l What aspects of performance are critical for this company to successf

14、ully compete in the industry?l How well did the companys performance meet these critical aspects? (This is established through computations and comparison with appropriate benchmarks, such as the companys own historical performance or competitors performance.)l What are the key causes of this perfor

15、mance, and how would this performance affect the company in the future?l What is the likely impact of trends in the company, industry, and economy on the future cash flows?l What are your recommendations as an analyst?Financial Analysis TechniquesThe following techniques can help you in achieving th

16、e overall objective of financial statement analysis of the companies.1. Ratio AnalysisRatio analysis is the calculation and comparison of ratios which are derived from the information in a companys financial statements. Financial ratios are usually expressed as a percent or as times per period.a) Li

17、quidity RatiosLiquidity ratios measure a firms ability to meet its current obligations. These include Current Ratio, Acid Test Ratio, Sales to Working Capital, Working capital.b) Leverage RatiosLeverage ratios measure the degree of protection of suppliers of long term funds. These include Time Inter

18、est Earned, Fixed Charge Coverage, Debt Ratio, Debt / Equity Ratio, Debt to Tangible Net worth Ratio, Current Worth / Net worth Ratio, Total Capitalization Ratio, Fixed Asset Ratio / Equity Ratio, Long term Assets versus Long term Debt.c) Profitability RatiosProfitability ratios measure the earning

19、ability of a firm. These include Net Profit 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 Profit Margin.d) Activity RatiosActivity rat

20、ios measure a firms ability to convert different accounts within their balance sheets into cash or sales. These include Accounts Receivable Turnover, Average Collection Period, Accounts Payable Turnover, Average Payment Period, Inventory Turnover, Average Age of Inventory, Operating Cycle, Total Ass

21、ets Turnover, Fixed Assets Turnover.e) Market Ratios 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 share, Earning per Share, Price/earning Ratio, Percentage of Earnings Retained

22、, Dividend Payout, Dividend Yield, Book Value per Share.f) Statements of Cash FlowCash flow ratios indicate liquidity, borrowing capacity and profitability. These include Operating Cash Flow /Current Maturities of Long Term Debt and Current Notes Payable, Operating Cash Flow/Total Debt, Operating Ca

23、sh Flow per Share, Operating Cash Flow/Cash Dividends. 2. Horizontal AnalysisHorizontal analysis is done by computing the increase or decrease in percentage terms of each item from the prior year. It highlights items that have changed unexpectedly or have unexpectedly remained unchanged. It uses one

24、 years worth of entries as a baseline while every other year represents differences in terms of changes to that baseline.3. Vertical AnalysisIt is a technique for identifying relationship between items in the same financial statement by expressing all amounts as the percentage of the total amount ta

25、ken as 100.4. Review of Descriptive InformationThe descriptive information found in an annual report, in trade periodicals, and in industry reviews helps in understanding the financial position of a firm. Descriptive material might discuss the role of research and development in producing future sal

26、es, present data on capital expansion and the goal related such as minority hiring or unionnegotiations, or help explain the dividend policy of the firm.5. ComparisonsAbsolute figures or ratios appear meaningless unless compared to other figures or ratios. Several types of comparisons offer insight,

27、 e.g.a) Trend AnalysisTrend analysis studies the financial history of a firm for comparison. It is the comparative analysis of a companys 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, rising, o

28、r remaining relatively constant.b) Industry Averages and Comparisons with CompetitorsThe analysis of an entitys financial statements is more meaningful if the results 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 your companies ratios results. This enables financial analyst to check that where the selected companies fall in that particular industry. .此处忽略！ 6