財(cái)務(wù)報(bào)表外文文獻(xiàn)翻譯

1、附件1：外文資料翻譯譯文財(cái)務(wù)報(bào)表分析A.財(cái)務(wù)比率我們需要使用財(cái)務(wù)比率來分析財(cái)務(wù)報(bào)表，比較財(cái)務(wù)報(bào)表的分析方法不能真正有效的得出想要的結(jié)果，除非采取的是研究在報(bào)表中項(xiàng)目與項(xiàng)目之間關(guān)系的形式。例如，只是知道史密斯公司在一個(gè)特定的日期中擁有10000美元的現(xiàn)金余額，對(duì)我們是沒有多大價(jià)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(dòng)負(fù)債，而一年前的現(xiàn)金余額有25%的流動(dòng)負(fù)債。由于銀行家對(duì)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(cái)務(wù)狀況出現(xiàn)問題，我們可以立即發(fā)現(xiàn)。我們可以對(duì)比比較財(cái)務(wù)報(bào)表中的項(xiàng)目，作出如下結(jié)論：1. 項(xiàng)目之間的資產(chǎn)負(fù)債表比較：a）在資產(chǎn)負(fù)債表中的

2、一個(gè)日期之間的比較，例如項(xiàng)目，現(xiàn)金與流動(dòng)負(fù)債相比；b）同一項(xiàng)目在資產(chǎn)負(fù)債表中一個(gè)日期與另一個(gè)日期之間的比較，例如，現(xiàn)在的現(xiàn)金與一年前比較；c）比較兩個(gè)項(xiàng)目之間在資產(chǎn)負(fù)債表中一個(gè)日期和一個(gè)相似比率在資產(chǎn)負(fù)債表中的另一個(gè)日期的比率，例如，現(xiàn)在現(xiàn)金流動(dòng)負(fù)債的比率與另一個(gè)項(xiàng)目一年前的相似比率和已經(jīng)標(biāo)記的現(xiàn)金狀況趨勢(shì)的比較。2項(xiàng)目報(bào)表中收入和支出的比較：a）一定時(shí)期中的報(bào)表項(xiàng)目的比較；b）同一項(xiàng)目在報(bào)表中現(xiàn)階段與上個(gè)階段的比較；c）報(bào)表中項(xiàng)目之間的比率與去年相似比率的比較；3資產(chǎn)負(fù)債表中的項(xiàng)目與報(bào)表中收入和支出項(xiàng)目的比較：a）在這些報(bào)表項(xiàng)目之間的一個(gè)給定的時(shí)間內(nèi)，例如，今年凈利潤(rùn)可能以百分比計(jì)算今年凈值

3、；b）兩個(gè)報(bào)表中項(xiàng)目之間的比率在這幾年時(shí)間的比較，例如，凈利潤(rùn)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：1. 這樣的數(shù)據(jù)比較是報(bào)表缺少的，但這種數(shù)據(jù)對(duì)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；2. 使用財(cái)務(wù)財(cái)務(wù)比率分析財(cái)務(wù)報(bào)表，從競(jìng)爭(zhēng)角度，人民比較關(guān)注類似業(yè)務(wù)的比較。 財(cái)務(wù)報(bào)表的比較可能被表示成項(xiàng)目之間的比較，例如，現(xiàn)金狀況除以流動(dòng)負(fù)債項(xiàng)目總產(chǎn)品的現(xiàn)金使所得出的商來表示總現(xiàn)金的項(xiàng)目測(cè)試。每個(gè)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)的比率。我們將以這樣的方式表達(dá)每

4、一個(gè)比例，增加不同期間，將有利于降低財(cái)務(wù)狀況中的不利的金融條件。我們應(yīng)使用下列財(cái)務(wù)比率來分析比較財(cái)務(wù)報(bào)表：一. 流動(dòng)資金比率：1. 流動(dòng)資產(chǎn)與流動(dòng)負(fù)債的比率；2. 現(xiàn)金流動(dòng)負(fù)債總額的比率3. 現(xiàn)金、可售證券、票據(jù)和應(yīng)收賬款與流動(dòng)負(fù)債總額的比率；4. 銷售應(yīng)收款項(xiàng)的比例，也就是說，應(yīng)收賬款周轉(zhuǎn)率；5. 商品庫存，即存貨周，商品成本率；6. 應(yīng)收票據(jù)與應(yīng)收賬款的比率；7. 應(yīng)收賬款與存貨的比率；8. 庫存與營運(yùn)資金凈額的比率；9. 應(yīng)付票據(jù)與應(yīng)付賬款的比率；10.庫存與應(yīng)付帳款的比率。二. 固定資產(chǎn)及無形資產(chǎn)的資本比率：1. 銷售固定資產(chǎn)的比率，即固定資本的周轉(zhuǎn)；2. 銷售無形資產(chǎn)的比率，即無形資

5、產(chǎn)周轉(zhuǎn)率；3. 每年的折舊和與報(bào)廢費(fèi)用的比率，即折舊資產(chǎn)核銷；4. 固定資產(chǎn)凈值的比率。三. 資本比率：1. 債務(wù)凈值的比率；2. 資本存量與總市值的比率；3. 固定資產(chǎn)與長(zhǎng)期債務(wù)的比率。四. 收入和支出的比率：1. 銷售凈營業(yè)利潤(rùn)的比率；2. 凈營業(yè)利潤(rùn)與總資本的比率；3. 銷售額與經(jīng)營成本及開支的比率；4. 銷售凈利潤(rùn)的比例；5. 凈利潤(rùn)與凈值的比率；6. 銷售與財(cái)務(wù)費(fèi)用的比率；7. 借入資本與資本成本的比率，；8. 投資與投資收入的比率；9. 非經(jīng)營性收入與經(jīng)營溢利凈額的比率；10.凈營業(yè)利潤(rùn)與營業(yè)外支出的比率；11.凈利潤(rùn)與資本存量的比率；12.凈利潤(rùn)與再投資凈利潤(rùn)總額比率，即普通股股

6、息率；13.利潤(rùn)利息與利息開支的比率。財(cái)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的效率。銷售應(yīng)收款項(xiàng)、存貨，固定資產(chǎn)和無形資本、凈營業(yè)利潤(rùn)、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。B.財(cái)務(wù)報(bào)表分析技術(shù)報(bào)表和數(shù)據(jù)是否充足？在我們比較分析給出的財(cái)務(wù)報(bào)表之前，我們希望確保財(cái)務(wù)報(bào)表是合理和足夠充分的。當(dāng)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2006年報(bào)表數(shù)據(jù)上。比較資產(chǎn)負(fù)

7、債表是否可以反映當(dāng)時(shí)的情況？如果是這樣，重要的是要知道金融條件在高點(diǎn)和低點(diǎn)的財(cái)務(wù)狀況。當(dāng)資產(chǎn)流動(dòng)性非?？旌蛡鶆?wù)很低時(shí)，我們必須避免過分造成在低點(diǎn)時(shí)的商務(wù)判斷；當(dāng)流動(dòng)性較差的資產(chǎn)和債務(wù)可能是比較高的時(shí)候，我們應(yīng)避免過分否定在最高點(diǎn)時(shí)的判決。建議發(fā)行新證券，要根據(jù)任何日期的資產(chǎn)負(fù)債表反映的財(cái)務(wù)狀況估計(jì)？如果是這樣的話，為了確定于該日期的實(shí)際財(cái)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(jì)所得款項(xiàng)的問題是如何在聲明中反映的資產(chǎn)或負(fù)債。報(bào)表是審核的還是未經(jīng)審核的？這就是常說的經(jīng)審計(jì)的報(bào)表，也就是完整的審計(jì)，而不是未被注冊(cè)會(huì)計(jì)師審核即批準(zhǔn)的報(bào)表。這是真實(shí)的，但是報(bào)表

8、分析師應(yīng)該確定給出的審計(jì)公司是否超出職責(zé)范圍。正在運(yùn)行的資本狀況是否良好？如果要分析報(bào)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(yùn)資本的趨勢(shì)和位置。我們可以開始確定的流動(dòng)資產(chǎn)對(duì)流動(dòng)負(fù)債的比率。這個(gè)比率關(guān)注可能的能力，而不損害其凈營運(yùn)資本償付義務(wù)。這是一種借用額外的營運(yùn)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(dòng)負(fù)債超過流動(dòng)資產(chǎn)越大，短期債券人的風(fēng)險(xiǎn)越小，信貸業(yè)務(wù)越好。假設(shè)保守的估值和全部流動(dòng)資產(chǎn)和流動(dòng)負(fù)債均計(jì)算在內(nèi)，流動(dòng)資產(chǎn)兩美元的利率對(duì)于一美元的流動(dòng)負(fù)債是“經(jīng)驗(yàn)法則”的比例通常被認(rèn)為是令人滿意的。經(jīng)驗(yàn)法則的流動(dòng)比率對(duì)于運(yùn)營資本的狀況和趨勢(shì)并不是一個(gè)令人滿意的測(cè)試

9、。不到兩美元，對(duì)于一美元來說，流動(dòng)比率少于兩美元可能足夠了，或者超過兩美元的流動(dòng)比率對(duì)于一美元可能是不恰當(dāng)?shù)?。這只取決于流動(dòng)資產(chǎn)的流動(dòng)性這一點(diǎn)。流動(dòng)資產(chǎn)的流動(dòng)性隨現(xiàn)金狀況的變化而變化。流動(dòng)資產(chǎn)因?yàn)楝F(xiàn)金出現(xiàn)的比例越大，流動(dòng)資產(chǎn)作為一個(gè)整體流動(dòng)的越快。一般來說，現(xiàn)金應(yīng)等于至少20的總流動(dòng)負(fù)債（流動(dòng)負(fù)債總額）。銀行家通常需要關(guān)注保持銀行結(jié)余等于20的信貸額度是否使用。開放式信貸額度在資產(chǎn)負(fù)債表上沒有顯示，因此，總的流動(dòng)負(fù)債（應(yīng)付銀行票據(jù)）是用來測(cè)試現(xiàn)金狀況的，就像有兩個(gè)流動(dòng)比率，現(xiàn)金比率20是多了還是少了是經(jīng)驗(yàn)法則的標(biāo)準(zhǔn)。現(xiàn)金余額是否令人滿意，取決于銷售條款、購買、存貨周轉(zhuǎn)率。一個(gè)公司銷售商品對(duì)于現(xiàn)

10、金流入量和現(xiàn)金流出量要比比賒貨銷售更加滿意。支付現(xiàn)金購買所有消費(fèi)品的買賣比使用長(zhǎng)期信用卡需要更多的現(xiàn)金。其他條件相同的情況，售出存貨越快，現(xiàn)金流入量越接近現(xiàn)金流出量?，F(xiàn)金余額的需求會(huì)受商業(yè)周期的階段的影響。當(dāng)結(jié)算的時(shí)候，不景氣的運(yùn)營資本可能帶來銷售暴跌，而充足的現(xiàn)金結(jié)余額有助于維持銀行信貸和支付費(fèi)用清算。金融政策的差異會(huì)影響現(xiàn)金結(jié)余的大小。一個(gè)公司認(rèn)為具備盡可能多的銀行開行的利好政策，而另一個(gè)公司可能只要具備一些標(biāo)準(zhǔn)，就可以滿足貸款的合理特定要求。第一公司的現(xiàn)金余額可能會(huì)遠(yuǎn)遠(yuǎn)多于第二家公司。流動(dòng)資產(chǎn)的流通性隨著“嚴(yán)峻的考驗(yàn)”的程度而變化 。流動(dòng)資產(chǎn)的流動(dòng)性隨現(xiàn)、可售證券、票據(jù)和應(yīng)收賬款（扣除壞

11、賬準(zhǔn)備充足的儲(chǔ)備）的比率、流動(dòng)負(fù)債總額（劃分總的前四個(gè)項(xiàng)目的總流動(dòng)負(fù)債）的變化而變化。這就是所謂的“嚴(yán)峻考驗(yàn)”當(dāng)前條件下的流動(dòng)性。1:1的比率是令人滿意的，因?yàn)榱鲃?dòng)負(fù)債可以很容易地支付，債權(quán)人在庫存商品的不確定價(jià)值上沒有任何風(fēng)險(xiǎn)，小于1:1的比率可能就足夠了，如果應(yīng)收賬款的快速收集和庫存很容易，很快銷售一空，也就是說，其營業(yè)額變動(dòng)的風(fēng)險(xiǎn)很小。流動(dòng)資產(chǎn)的流通性隨著應(yīng)收款項(xiàng)的償還能力而變化。這可以根據(jù)年銷售額的平均應(yīng)收賬款或者年應(yīng)收賬款來確定，除非應(yīng)收票據(jù)不能代表證正常金額的信貸客戶。銷售條件必須考慮在應(yīng)收款項(xiàng)的營業(yè)額中。例如，如果年銷售額是1,200,000美元，平均應(yīng)收款項(xiàng)總計(jì)100,000美

12、元，那么應(yīng)收款項(xiàng)的營業(yè)額為1,200,000/100,000=12.現(xiàn)在，如果對(duì)顧客來說，信貸條款的期限是三十天，我們就可以看到應(yīng)收款項(xiàng)可以很快還清。報(bào)酬也應(yīng)該考慮到市場(chǎng)條件和商業(yè)周期的階段性。對(duì)于農(nóng)業(yè)方面的貸款條件比工業(yè)更加多，在經(jīng)濟(jì)繁榮時(shí)期是有好處的，但是在金融危機(jī)或者經(jīng)濟(jì)不景氣的時(shí)候卻很慢。應(yīng)收款項(xiàng)的流通性也反應(yīng)在應(yīng)收賬款的利率上，在多數(shù)情況下貨物在往來賬戶上代表性地銷售，應(yīng)收賬款利率的下降可能預(yù)示著信用標(biāo)準(zhǔn)的下降，通常關(guān)閉逾期賬戶。如果可能的話，應(yīng)收款項(xiàng)的計(jì)劃表應(yīng)該給出那些沒有支付的款項(xiàng)和過期三十天，六十天，九十天的款項(xiàng)。這種計(jì)劃表的價(jià)值在于展示信用的的有效性和款項(xiàng)回收，和解釋應(yīng)收款項(xiàng)

13、的營業(yè)額的流動(dòng)趨勢(shì)。應(yīng)收款項(xiàng)的流通額流通的越快，收不回的賬目的損失風(fēng)險(xiǎn)越??；在其他相等的條件下，應(yīng)收賬款的投入資本的存款利潤(rùn)越大，總資本的利潤(rùn)越高。作者: C. O. Hardy and S. P. Meech附件2：外文原文（復(fù)印件）ANALYSIS OF FINANCIAL STATEMENTSA. The Financial RatiosWe need to use financial ratios in analyzing financial statements. The analysis of comparative financial statements cannot be m

14、ade 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 know 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 liab

15、ilities whereas a year ago cash was 25 per cent of all current liabilities. Since the bankers for the company usually require a cash balance against bank lines, used or unused, of 20 per cent, we can see at once that the firms cash condition is exhibiting a questionable tendency. We may make compari

16、sons between items in the comparative financial statements as follows: 1. Between items in the comparative balance sheet a) Between items in the balance sheet for one date, e.g., cash may be compared with current liabilities b) Between an item in the balance sheet for one date and the same item in t

17、he balance sheet for another date, e.g., cash today may be compared with cash a year ago c) Of ratios, or mathematical proportions, between two items 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

18、compared with a like ratio a year ago and the trend of cash condition noted 2. Between items in the comparative statement of income and expense a) Between items in the statement for a given period b) Between one item in this periods statement and the same item in last periods statement c) Of ratios

19、between items in this periods statement and similar ratios in last periods statement 3. Between items in the comparative balance sheet and items in the comparative statement of income and expense a) Between items in these statements for a given period, e.g., net profit for this year may be calculate

20、d as a percentage of net worth for this year b) Of ratios between items in the two statements for a period of years, e.g., the ratio of net profit to net worth this year may-be compared with like ratios for last year, and for the years preceding that Our comparative analysis will gain in significanc

21、e if we take the foregoing comparisons or ratios and; in turn, compare them with: I. Such data as are absent from the comparative statements but are of importance in judging a concerns financial history and condition, for example, the stage of the business cycle 2. Similar ratios derived from analys

22、is of the comparative statements of competing concerns or of concerns in similar lines of business What financial ratios are used in analyzing financial statements.- Comparative analysis of comparative financial statements may be expressed by mathematical ratios between the items compared, for examp

23、le, a concerns cash position may be tested by dividing the item of cash by the total of current liability items and using the quotient to express the result of the test. Each ratio may be expressed in two ways, for example, the ratio of sales to fixed assets may be expressed as the ratio of fixed as

24、sets to sales. We shall express each ratio in such a way that increases from period to period will be favorable and decreases unfavorable to financial condition. We shall use the following financial ratios in analyzing comparative financial statements: I. Working-capital ratios 1. The ratio of curre

25、nt assets to current liabilities 2. The ratio of cash to total current liabilities 3. The ratio of cash, salable securities, notes and accounts receivable to total current liabilities 4. The ratio of sales to receivables, i.e., the turnover of receivables 5. The ratio of cost of goods sold to mercha

26、ndise inventory, i.e., the turnover of inventory 6. The ratio of accounts receivable to notes receivable 7. The ratio of receivables to inventory 8. The ratio of net working capital to inventory 9. The ratio of notes payable to accounts payable IO. The ratio of inventory to accounts payable II. Fixe

27、d and intangible capital ratios 1. The ratio of sales to fixed assets, i.e., the turnover of fixed capital 2. The ratio of sales to intangible assets, i.e., the turnover of intangibles 3. The ratio of annual depreciation and obsolescence charges to the assets against which depreciation is written of

28、f 4. The ratio of net worth to fixed assets III. Capitalization ratios 1. The ratio of net worth to debt. 2. The ratio of capital stock to total capitalization .3. The ratio of fixed assets to funded debt IV. Income and expense ratios 1. The ratio of net operating profit to sales 2. The ratio of net

29、 operating profit to total capital 3. The ratio of sales to operating costs and expenses 4. The ratio of net profit to sales 5. The ratio of net profit to net worth 6. The ratio of sales to financial expenses 7. The ratio of borrowed capital to capital costs 8. The ratio of income on investments to

30、investments 9. The ratio of non-operating income to net operating profit 10. The ratio of net operating profit to non-operating expense 11. The ratio of net profit to capital stock 12. The ratio of net profit reinvested to total net profit available for dividends on common stock 13. The ratio of pro

31、fit available for interest to interest expenses This classification of financial ratios is permanent not exhaustive. -Other ratios may be used for purposes later indicated. Furthermore, some of the ratios reflect the efficiency with which a business has used its capital while others reflect efficien

32、cy in financing capital needs. The ratios of sales to receivables, inventory, fixed and intangible capital; the ratios of net operating profit to total capital and to sales; and the ratios of sales to operating costs and expenses reflect efficiency in the use of capital. Most of the other ratios ref

33、lect financial efficiency. B. Technique of Financial Statement AnalysisAre the statements adequate in general?-Before attempting 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 a

34、s possible. They should also be of recent date. If not, their use must be limited to the period which they cover. Conclusions concerning 1923 conditions cannot safely be based upon 1921 statements. Does the comparative balance sheet reflect a seasonable situation? If so, it is important to know fina

35、ncial 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 liquid and debt is low, and unduly unfavorable judgment at the high point when assets are less liquid and debt likely to be relatively high. D

36、oes the balance sheet for any date reflect the estimated 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 worth, if the. issue is of

37、 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 statement. Are the statements audited or unaudited? It is often said that audited statements, that is, co

38、mplete audits rather than statements rubber stamped by certified public accountants, are desirable when they can be obtained. This is true, but the statement analyst should be certain that the given auditing films reputation is beyond reproach. Is working-capital situation favorable ?-If the compara

39、tive statements to be analyzed are reasonably adequate for the purpose, the next step is to analyze the concerns working-capital trend and position. We may begin by ascertaining the ratio of current assets to current liabilities. This ratio affords-a test of the concerns probable ability to pay curr

40、ent obligations without impairing its net working capital. It is, in part, a measure of ability to borrow additional working capital or to renew short-term loans without difficulty. The larger the excess of current assets over current liabilities the smaller the risk of loss to short-term creditors

41、and the better the credit of the business, other things being equal. A ratio of two dollars of current assets to one dollar of current liabilities is the rule-of-thumb ratio generally considered satisfactory, assuming all current assets are conservatively valued and all current liabilities revealed.

42、 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 adequate, or a current ratio of more than two dollars for one dollar may be inadequate. It depends, for one thing, upon the liquidity of t

43、he current assets. The liquidity of current assets varies with 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 (divide cash by tot

44、al 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, hence the total of current liabilities (instead of notes payable to banks) is used in testing cash

45、 position. Like the two-for-one current ratio, the 20 per cent cash ratio is more or less a rule-of-thumb standard. 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 nearly m

46、eeting 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 the more nearly will cash inflow equal cash outflow, other things equal. Needs for

47、 cash balances will be affected by the stage of the business cycle. Heavy cash balances help to sustain bank credit 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

48、the more thought the financial executive will need to give to the size of his cash balances.Differences in financial policies between different concerns will affect the size of cash balances carried. One concern may deem it good policy to carry as many open-bank lines as it can get, while another ma

49、y 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 second firm. The liquidity of current assets varies with ability to meet acid test.- Liquidity of current assets varies with the ratio of cash, salabl

50、e securities, notes and accounts receivable (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 current condition. A ratio of I: I is considered satisfactory

51、since current liabilities can readily be paid and creditors risk nothing on the uncertain values of merchandise inventory. A less than 1:1 ratio may be adequate if receivables are quickly collected and if inventory is readily and quickly sold, that is, if its turnover is rapid andif the risks of changes in price are small.The liquidity of current