畢業(yè)外文翻譯財(cái)務(wù)報(bào)表分析與運(yùn)用

1、The analysis and use of financial statementChapter 1 FRAMEWORK FOR FINANCIAL STATEMENT ANALYSIS NEED FOR FINANCIAL STATEMENT ANALYSISThe United Sates has the most complex financial reporting system in the word. .Detailed ac-counting principles are augmented by extensive disclosure requirements .The

2、financial state-ments of large multinationals add up to dozens of pages, and many of these firms voluntarily publish additional “fact books” for dissemination to financial analysis and other interested users.Financial reporting in other major developed countries and many emerging markets has also ev

3、olved substantially in recent years .with an increasing emphasis on providing information useful to both domestic and foreign creditors and equity investors. International Accounting Standards have become a credible rival to U.S. standards.In an ideal word, the user of financial statements could foc

4、us only on the bottom lines financial reporting: net income and stockholders 'equity. If financial statements were comparable among companies (regardless of country),consistent over time , and always fully reflecting the economic position of firm , financial statement analysis would be simple ,

5、and this text a very short one.The financial reporting system is not perfect. Economic events and accounting entries do not correspond precisely; they diverge across the dimensions of timing, recognition, and measurement. Financial analysis and investment decisions are further complicated by variati

6、ons in accounting treatment among countries in each of these dimensions.Economic events and accounting recognition of those events frequently take place at different times. One example of phenomenon is the recognition of capital gains and losses only upon sale in most cases. Appreciation of a real e

7、state investment, which took place over a period of many years, for example, receives income statement recognition only in the period management chooses for its disposal.Similarly, long-lived assets are written down. Most of time. In the fiscal period of management's choice. The period of recogn

8、ition may be neither the period in which the impairment took place nor the period of sale or disposal. Accounting for discontinued operations. In the same manner. Results in recognition of loss in a period different from when the loss occurred or the disposal is consummated.In addition, many economi

9、c events do not receive accounting recognition at all. Most contracts, for example, are not reflected in financial statements when entered into, despite significant effects on financial condition and operating and financial risk .Some contracts, such as leases and hedging activities, are recognized

10、in the financial statements by some companies, but disclosed only in footnotes by others. Disclosure requirements for derivatives and hedging activities are in place in many jurisdictions, but recognition and measurement is only recently required in the United Stated.Further, generally accepted acco

11、unting principles (GAAP) in the United States and elsewhere permit economic events that do receive accounting recognition to be recognized in different ways by different financial statement prepares. Inventory and depreciation of fixed assets are only two of the significant areas where comparability

12、 may be lacking.Financial reports often contain supplementary data that, although not included in the statements themselves, help the financial statement user to interpret the statements or adjust measures of corporate performance (such as financial ratios) to make them more comparable, consistent o

13、ver time, and more representative of economic reality. When making adjustments to financial statements, we will seek to discern substance from form and exploit the information contained in footnotes and supplementary schedules of data in the annual report and SEC filings. The analytic treatment of “

14、off-balance-sheet ”financing activities is a good example of this process. We also illustrate the use of reconciliations to U.S. GAAP in foreign registrants 'Form 20-F filings.Finally, information from outside the financial reporting process can be used to make financial data more useful. Estima

15、ting the effects of changing prices on corporate performance, for example, may require the use of price data from outside sources.FOCUS ON INVESTMENT DECISIONSThis book is concerned with the concepts and techniques of financial analysis employed by users of financial statements who are external to t

16、he company. Principal emphasis is on the financial statements of companies whose securities are publicly traded. The techniques described are generally applicable to the analysis of financial statements prepared according to U.S. GAAP. However, we will also discuss the pronouncements of the Internat

17、ional Accounting Standards Board (IASB) and standard setters in other countries, compare them to U.S. GAAP, and analyze financial statements prepared in accordance with these other reporting standards.Classes of UsersExternal users of financial information encompass a wide range of interests but can

18、 be classified into three general groups:Credit and equity investorsGovernment (executive and legislative branches), regulatory bodies, and tax authoritiesThe general public and special interest groups, labor unions , and consumer groupsEach of these user groups has a particular objective in financi

19、al statement analysis, but, as the FASB stated, the primary user are equity investors and creditors. However, the information supplied to investors and creditors is likely to be generally useful to other user groups as well. Hence, financial accounting standards are geared to the purposes and percep

20、tions of investors and creditors. That is the group for whom the analytical techniques in this book are intended.The underlying objective of financial analysis is the comparative measurement of risk and return to make investment or credit decisions. These decisions require estimates of the future, b

21、e it a mouth, a year, or a decade. General-purpose financial statements, which describe the past, provide one basis for projecting future earnings and cash flows. Many of the techniques used in this analytical process are broadly applicable to all types of decisions, but there are also specialized t

22、echniques concerned with specific investment interests or, in other words, risks and returns specific to one class of investors or securities.The equity investor is primarily interested in the long-term power of the company, its ability to grow, and, ultimately, its ability to pay dividends and incr

23、ease in value. Since the equity investor bears the residual risk in an enterprise, the largest and most volatile risk, the require analysis is the most comprehensive of any user and encompasses techniques employed by all other external user.Creditors need somewhat different analytical approaches. Sh

24、ort-term creditors, such as banks and trade creditors, place more emphasis on the immediate liquidity of the business because they seek an early payback of their investment. Long-term earning power of the company investors in bonds, such as insurance companies and pension funds, are primarily concer

25、ned with the long-term asset position and earning power of the company. They seek assurance of the payment of interest and the capability of retiring or refunding the obligation at maturity.Credit risks areusually smaller than equity risks and may be more easily quantifiable.More subordinated or jun

26、ior creditors, especially owners of “high-yield ”debt, however, bear risk similar to those of equity investors and may find analytic techniques normally applied to equity investments more relevant than those employed by creditors.Financial Information and Capital MarketsThe usefulness of accounting

27、information in the decision-making processes of investors and creditors has been the subject of much academic research over the last 35 years. That research has examined the interrelationship of accounting information and reporting standards in financial markets in great detail. At times, the resear

28、ch conclusions are highly critical of the accounting standard-setting process and of the utility of financial analysis. This criticism is based on research performed in a capital market setting. These findings do not negate the usefulness of financial analysis of individual securities that may be mi

29、spriced or of decisions made outside a capital market setting.PRINCIPAL FINANCIAL STATEMENTSThe Balance SheetThe balance sheet (statement of financial position) reports major classes and amounts of assets (resources owned or controlled by the firm), liabilities (external claims on those assets), and

30、 stockholder 'equity (owners 'capital contributions and other internally generated sources of capital) and their interrelationships at specific points in time.Assets reported on the balance sheet are either purchased buy the firm or generated through operations: they are, directly or indirec

31、tly, finances by the creditors and stockholders of the firm. The fundamental accounting relationship provides the basis for recording all transactions in financial reporting and is expressed as the balance sheet equation:Assets (A) = Liabilities (L) + Stockholders 'Equity (E)In the United States

32、 firm issue balance sheets at the end of each quarter and the end of the fiscal. Annual or semiannual reporting in the norm in most other countries.Elements of the Balance SheetSFAC 6 discusses the elements of financial statements. Although this statement also deals with nonprofit organizations, we

33、restrict our comments to business enterprises.Assets are defined in SFAC 6 asProbable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.This definition seems to be noncontroversial. Its weakness is its lack of reference to risk. It seem

34、s to us that an enterprise that retains the risk of ownership still “owns ”the asset. This issue is important, for example, as it relates to the sale of assets (such as accounts receivable, loans, and mortgages; see chapter 11) when the seller retains some risk of loss.Liabilities are defined, simil

35、arly asProbable future sacrifices of economic benefits arising from present obligations of particular entity to transfer assets or provide services to other entities in the future as a result of pa transactions or events.Again, the definition reads well. Yet it permits the nonrecognition of contract

36、ual obligation such as operating leases (see chapter11). The interpretation of “present obligation ”and “result of past transactions or events”is key to accounting for all such contracts; some believe that only payments immediately due as a consequence of completed transactions create liabilities. O

37、thers believe that all long-term contacts should be recognized as long-term liabilities. Another important problem area is the derecognition of liabilities that have been prefunded but remain outstanding.As required by the fundamental accounting equation. Stockholder 'equity is thereforeThe resi

38、dual interest in the net assets of an entity that remains after deducting its liabilities.In practice, some financial instruments have characteristics of both liabilities and equities, making them difficult to categorize. Convertible debt and redeemable preferreds are two common examples examined in

39、 chapter 10. That chapter also discusses the FASB Exposure Draft (ED) on recognition and measurement of instruments with equity and liability characteristics.The Income StatementThe income statement (statement of earnings) reports on the performance of the firm, the result of its operating activitie

40、s. It explains some but all of the changes in the assets, liabilities, and equity of the firm between two consecutive balance sheet dates. Use of the accrual concept means that income and the balance sheet are interrelated.The preparation of the income statement is governed by the matching principle

41、, which states that performance can be measured only if revenues and related costs are accounted for during the same time period. This requires the recognition of expenses incurred to generate revenues in the same period as the related revenues. For example, the cost of a machine is recognized as an

42、 expense (it is depreciated) over its useful life (as it is used in production) rather than as an expense in the period it is purchased.Elements of the Income StatementRevenues are defined in SAFC 6 asIn flows of an en tity from deliveri ng or produci ng goods, ren deri ng services, or other activit

43、ies that constitute the entity 'songoing major or central operationsExpense are defined asOutflows from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity 'songoing major or central operations.These definitions explicitly exclude ga

44、ins (and losses), defined asIncreases (decreases) in equity (net assets) from peripheral or incidental transactions Gains or losses are, therefore, nonoperating events. Examples would include gains and losses from asset sales, lawsuits, and changes in market values (including currency rates).These d

45、efinitions are, like the other in SFAC 6, easy to accept as stated. The difficulties come in practice. For example, investment activities may be “central”to a financial institution but “peripheral”to manufacturing company. Similarly, sales of assets such as automobiles may be “incidental ”to retaile

46、r but “central”to a car rental firm. The write-down of inventories due to obsolescence is more difficult to characterize: is this an operating expense or a loss? To some extent, the distinction between revenue and expense on the one hand and gains and losses on the other is a precursor of the contro

47、versies over the characterizations of “recurring versus , « , , , ? , » nonrecurring activities, ”“operating versus nonoperating activities, ”and “extraordinary items,”. From the analyst point of view, disclosure is more important than classification; analysts prefer to make their own dist

48、inctions between operating and nonoper-ating events in many instances. From the point of view of database user, however, the outcome of the debate is important.Even more important is the decision on when to recognize revenues and expenses. The recognition decision can be a major determinant of repor

49、ted income, especially for technology and other “new economy ”enterprises.財(cái)務(wù)報(bào)表分析與運(yùn)用第一章 財(cái)務(wù)報(bào)表分析的框架 財(cái)務(wù)報(bào)表分析的重要性美國有著世界上最復(fù)雜的財(cái)務(wù)報(bào)告系統(tǒng)， 廣泛披露的要求擴(kuò)大了詳細(xì)的會計(jì)原則。 大型 跨國公司的財(cái)務(wù)報(bào)表加起來有好幾打紙， 許多這樣的公司自愿公布額外的 “賬簿事實(shí)” 給財(cái) 務(wù)分析師和其他感興趣的使用者。近幾年來， 財(cái)務(wù)報(bào)告在其他主要發(fā)達(dá)國家和新興市場也得到了很大的發(fā)展， 重點(diǎn)逐漸轉(zhuǎn) 向?yàn)閲鴥?nèi)外的債權(quán)人和股東權(quán)益投資者提供有用的信息。 國際會計(jì)準(zhǔn)則已經(jīng)成為與美國會計(jì) 準(zhǔn)則相匹敵的對手。在

50、理想的世界里， 財(cái)務(wù)報(bào)表的使用者只能關(guān)注財(cái)務(wù)報(bào)告的底線： 凈利潤和股東所有者權(quán) 益。如果財(cái)務(wù)報(bào)表在公司間（忽略國家因素）具有可比性，會計(jì)處理方法保持一貫性，并且 完全反映公司的經(jīng)濟(jì)狀況，那么財(cái)務(wù)報(bào)表分析將會非常簡單，本書也很簡短。財(cái)務(wù)報(bào)告系統(tǒng)并不完美。 經(jīng)濟(jì)事項(xiàng)和會計(jì)分錄沒有精確的對應(yīng)起來， 導(dǎo)致他們差異的原 因來源于時(shí)間， 確認(rèn)，計(jì)量尺度的不同。 由于不同國家的尺度不同，又導(dǎo)致不同的會計(jì)處理 方法，是的財(cái)務(wù)分析和投資決策復(fù)雜化。經(jīng)濟(jì)事項(xiàng)與這些事項(xiàng)的會計(jì)確認(rèn)通常發(fā)生在不同時(shí)間。 這種現(xiàn)象的一個例子就是資本利 得和資本損失在大多數(shù)情況下只有在出手時(shí)候才進(jìn)行確認(rèn)。 例如， 不動產(chǎn)投資在多年以后發(fā)

51、生增值，只有在管理層打算處置不動產(chǎn)投資的會計(jì)期間才在利潤表上確認(rèn)。類似的，長期資產(chǎn)的注銷，在大多數(shù)情況下， 發(fā)生在管理層決定注銷的會計(jì)期間。 確認(rèn) 的期間也許既不是資產(chǎn)減值發(fā)生的期間， 也不是資產(chǎn)出售或發(fā)生清理的期間。 同樣， 終止經(jīng) 營的會計(jì)處理導(dǎo)致?lián)p失確認(rèn)的期間與發(fā)生損失以及清理完畢的期間不同。此外，許多經(jīng)濟(jì)事項(xiàng)根本沒有進(jìn)行會計(jì)確認(rèn)。 例如： 大多數(shù)合同在訂立的時(shí)候并沒有反 映在財(cái)務(wù)報(bào)表中，盡管其對公司的財(cái)務(wù)狀況、經(jīng)營風(fēng)險(xiǎn)和財(cái)務(wù)風(fēng)險(xiǎn)有顯著影響。一些合同， 比如租賃和淘氣合同， 在一些公司的財(cái)務(wù)報(bào)表中雖然被確認(rèn)， 但在其他公司則僅僅披露在財(cái) 務(wù)報(bào)表附注中。 在許多國家的立法中， 對金融衍生品

52、和套期行為的披露要求已經(jīng)存在， 但對 其進(jìn)行確認(rèn)和計(jì)量則是美國最近才剛剛開始提出的要求。進(jìn)一步講， 在美國和其他地方， 公認(rèn)會計(jì)原則允許由不同的財(cái)務(wù)報(bào)表編織著將沒有在會 計(jì)確認(rèn)的經(jīng)濟(jì)事項(xiàng)通過不同的方式進(jìn)行確認(rèn)。 存貨和固定資產(chǎn)折舊只是這其中的兩個缺乏可 比性的重要事項(xiàng)。財(cái)務(wù)報(bào)告常常包含補(bǔ)充資料， 盡管這些資料沒有被包括在報(bào)表中， 但它們有助于報(bào)表使 用者解釋報(bào)表或者調(diào)整對公司業(yè)績的評估（例如財(cái)務(wù)比率） ，從而使得報(bào)表具有可比性、在 時(shí)間上保持一致性， 且更好的代表經(jīng)濟(jì)事項(xiàng)。 黨對報(bào)表進(jìn)行調(diào)整時(shí)， 我們要從行駛中區(qū)分出 本質(zhì)，從年報(bào)的財(cái)務(wù)報(bào)表附注和補(bǔ)充資料以及 SEC 上市申報(bào)文件中發(fā)掘出信息。

53、對資產(chǎn)負(fù) 債表外籌資行為的分析處理就是說明這一過程的一個很好地例子。我們也在國外注冊人 20-F 表格上市申報(bào)文件中說明如何根據(jù)美國 GAAP 調(diào)節(jié)相關(guān)數(shù)據(jù)。最后， 可以利用來自財(cái)務(wù)報(bào)告之外的信息來時(shí)財(cái)務(wù)資料更為有效果。 例如，估計(jì)價(jià)格變 化對公司業(yè)績的影響，可能要求使用來源于外部的價(jià)格資料。聚焦投資決策 本書關(guān)注公司外部的財(cái)務(wù)報(bào)表使用者所采用的財(cái)務(wù)分析的概念和技巧。 重點(diǎn)在于上市公 司的財(cái)務(wù)報(bào)表，所說明的技巧通?？捎糜诜治龈鶕?jù)美國 GAAP 編制的報(bào)表。然而我們也討 論國際會計(jì)準(zhǔn)則委員會指定的準(zhǔn)則和其他國家的準(zhǔn)則制定者指定的準(zhǔn)則， 并將它們與美國的 GAAP 進(jìn)行比較，同時(shí)分析根據(jù)其他的報(bào)告

54、準(zhǔn)則編制的財(cái)務(wù)報(bào)表。報(bào)表使用者的分類 財(cái)務(wù)信息的外部使用者包括了范圍廣泛的利益相關(guān)者，但他們可以分為以下 3 個群體1 債權(quán)人和股東權(quán)利投資者2 政府（行政和立法分支機(jī)構(gòu)） 、監(jiān)管機(jī)構(gòu)和和稅務(wù)當(dāng)局3 一般公眾和特定利益群體、公會、和消費(fèi)群體 每一報(bào)表使用群體在財(cái)務(wù)報(bào)表分析中都有其各自的目標(biāo)， 但如 FASB 所言， 主要使用者 是股東權(quán)益投資者和債權(quán)人。 然而提供給投資者和債權(quán)人的信息可能對其他報(bào)表使用群體也 同樣有效。 因此財(cái)務(wù)會計(jì)準(zhǔn)則致力于滿足投資者和債權(quán)人的信息需求。 本書中的分析技巧正 是致力于服務(wù)這一群體的。財(cái)務(wù)分析的主要目標(biāo)是通過對風(fēng)險(xiǎn)與回報(bào)的比較計(jì)量來坐車投資或貸款決策。 然而這

55、些 決策要求對未來進(jìn)行估計(jì)，比如說一個月、一年甚至十年。通用財(cái)務(wù)報(bào)表時(shí)描述過去的，她 們?yōu)轭A(yù)測未來盈余和現(xiàn)金流提供了基礎(chǔ)。 分析過程中使用的許多技巧可以廣泛用于所有的決 策類型， 但是也有一些專門的技巧與特定的投資利益有關(guān)， 換句話講， 分險(xiǎn)和匯報(bào)專屬于某 一類投資者或者某一類證券。股東權(quán)益投資者主要關(guān)注公司的長期獲利能力、 他的成長能力和他最終支付股利以及提 升價(jià)值的能力。 由于股東權(quán)益投資者承擔(dān)著企業(yè)的剩余風(fēng)險(xiǎn)， 聲譽(yù)風(fēng)險(xiǎn)是風(fēng)險(xiǎn)程度最高并且 也是最多變的風(fēng)險(xiǎn)， 因而所要求進(jìn)行的分析是所有使用者中最全面的， 包括了所有其他外部 使用者所采用的分析技巧。債權(quán)人則需要稍微不同的分析方法。短期債權(quán)

56、人（如銀行和商業(yè)往來的債務(wù)人） ，把重 點(diǎn)更多的放在交易的當(dāng)前償債能力上， 應(yīng)為他們希望早日收回投資。 長期債權(quán)投資者 （如保 險(xiǎn)公司和退休基金） 主要關(guān)注長期資產(chǎn)狀況和公司盈利能力， 他們追求穩(wěn)定制服利息和到期 償還本金的能力。貸款風(fēng)險(xiǎn)通常小于股東權(quán)益風(fēng)險(xiǎn)并且可能更容易計(jì)量。然而更多的從屬或者次級債權(quán)人，尤其是 “高收益” 債券的所有者， 承擔(dān)著與股東權(quán)益 投資者相類似的風(fēng)險(xiǎn)， 她們可能會發(fā)現(xiàn)通常運(yùn)用于股東權(quán)益投資的分析方法比一般債權(quán)人采 用的投資分析方法更為有效。財(cái)務(wù)信息和資本市場在投資者和債權(quán)人的決策過程中， 會計(jì)信息的有效性在過去的 35 年來已經(jīng)成為很多學(xué)術(shù)研究的課題。 該研究詳細(xì)調(diào)查了會計(jì)信息與資本市場報(bào)告準(zhǔn)則之間的相互關(guān)系。有事， 研究得出的結(jié)論對會計(jì)準(zhǔn)則的制定過程和財(cái)務(wù)分析的有效性進(jìn)行了非常嚴(yán)厲的批評。該批評是以在資本市場上進(jìn)行的研究為基礎(chǔ)的。 這些研究結(jié)果并沒與否定對可能被錯誤定