財務管理外文文獻翻譯(1)

1、1 ：外文資料翻譯譯文財務報表分析A. 財務比率我們需要使用財務比率來分析財務報表，比較財務報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，如果公司的財務狀況出現(xiàn)問題，我們可以立即發(fā)現(xiàn)。我們可以對比比較財務報表中的項目，作出如下結(jié)論：1. 項目之間的資產(chǎn)負債表比較：a）在資產(chǎn)負債表中

2、的一個日期之間的比較，例如項目，現(xiàn)金與流動負債相比；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；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。2項目報表中收入和支出的比較：a） 一定時期中的報表項目的比較；b）同一項目在報表中現(xiàn)階段與上個階段的比較；c）報表中項目之間的比率與去年相似比率的比較；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：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

3、年凈值；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；2. 使用財務財務比率分析財務報表，從競爭角度，人民比較關(guān)注類似業(yè)務的比較。財務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)的比率。我們將以這樣的方式

4、表達每一個比例，增加不同期間，將有利于降低財務狀況中的不利的金融條件。我們應使用下列財務比率來分析比較財務報表：一 . 流動資金比率：1. 流動資產(chǎn)與流動負債的比率；2. 現(xiàn)金流動負債總額的比率3. 現(xiàn)金、可售證券、票據(jù)和應收賬款與流動負債總額的比率；4. 銷售應收款項的比例，也就是說，應收賬款周轉(zhuǎn)率；5. 商品庫存，即存貨周，商品成本率；6. 應收票據(jù)與應收賬款的比率；7. 應收賬款與存貨的比率；8. 庫存與營運資金凈額的比率；9. 應付票據(jù)與應付賬款的比率；10. 庫存與應付帳款的比率。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

5、率，即無形資產(chǎn)周轉(zhuǎn)率；3. 每年的折舊和與報廢費用的比率，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)與長期債務的比率。四 . 收入和支出的比率：1. 銷售凈營業(yè)利潤的比率；2. 凈營業(yè)利潤與總資本的比率；3. 銷售額與經(jīng)營成本及開支的比率；4. 銷售凈利潤的比例；5. 凈利潤與凈值的比率；6. 銷售與財務費用的比率；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)利潤與營業(yè)外支出的比率；11. 凈利潤與資本存量的比率；12. 凈利潤與再投資凈利

6、潤總額比率，即普通股股息率；13. 利潤利息與利息開支的比率。財務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。B.財務報表分析技術(shù)報表和數(shù)據(jù)是否充足？在我們比較分析給出的財務報表之前，我們希望確保財務報表是合理和足夠充分的。當然，它們應該盡可能完整。他們也應該是近期的數(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 20

7、06 年報表數(shù)據(jù)上。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狀況。當資產(chǎn)流動性非?？旌蛡鶆蘸艿蜁r，我們必須避免過分造成在低點時的商務判斷；當流動性較差的資產(chǎn)和債務可能是比較高的時候，我們應避免過分否定在最高點時的判決。建議發(fā)行新證券，要根據(jù)任何日期的資產(chǎn)負債表反映的財務狀況估計？如果是這樣的話，為了確定于該日期的實際財務狀況，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。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

8、批準的報表。這是真實的，但是報表分析師應該確定給出的審計公司是否超出職責范圍。正在運行的資本狀況是否良好？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。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”的比例通常被認為是令人滿意的。經(jīng)驗法則的流動比率對于運營資本的狀

9、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。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。一般來說，現(xiàn)金應等于至少20的總流動負債（流動負債總額）。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)負債表上沒有顯示，因此，總的流動負債（應付銀行票據(jù)）是用來測試現(xiàn)金狀況的，就像有兩個流動比率，現(xiàn)金比率20是多了還是少了是經(jīng)驗法則的標準?，F(xiàn)金余額是否令人滿意，取決于銷售條款、購買、存

10、貨周轉(zhuǎn)率。一個公司銷售商品對于現(xiàn)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)金購買所有消費品的買賣比使用長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)金余額的需求會受商業(yè)周期的階段的影響。當結(jié)算的時候，不景氣的運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用清算。一個公司認為具備盡可能多的銀行開行的金融政策的差異會影響現(xiàn)金結(jié)余的大小。利好政策，而另一個公司可能只要具備一些標準，就可以滿足貸款的合理特定要求。第一公司的現(xiàn)金余額可能會遠遠多于第二家公司。流動資產(chǎn)的流通性隨著“嚴峻的考驗”的程度而變化 。流動資產(chǎn)的流動性隨現(xiàn)、

11、可售證券、票據(jù)和應收賬款（扣除壞賬準備充足的儲備）的比率、流動負債總額（劃分總的前四個項目的總流動負債）的變化而變化。這就是所謂的“嚴峻考驗”當前條件下的流動性。1:1 的比率是令人滿意的，因為流動負債可以很容易地支付，債權(quán)人在庫存商品的不確定價值上沒有任何風險，小于1:1 的比率可能就足夠了，如果應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)額變動的風險很小。流動資產(chǎn)的流通性隨著應收款項的償還能力而變化。這可以根據(jù)年銷售額的平均應收賬款或者年應收賬款來確定，除非應收票據(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收款項的營業(yè)額中。例如，如果年銷售額是1,200,000

12、美元，平均應收款項總計100,000 美元，那么應收款項的營業(yè)額為1,200,000/100,000=12現(xiàn)在，如果對.顧客來說，信貸條款的期限是三十天，我們就可以看到應收款項可以很快還清。報酬也應該考慮到市場條件和商業(yè)周期的階段性。對于農(nóng)業(yè)方面的貸款條件比工業(yè)更加多，在經(jīng)濟繁榮時期是有好處的，但是在金融危機或者經(jīng)濟不景氣的時候卻很慢。應收款項的流通性也反應在應收賬款的利率上，在多數(shù)情況下貨物在往來賬戶上代表性地銷售，應收賬款利率的下降可能預示著信用標準的下降，通常關(guān)閉逾期賬戶。如果可能的話，應收款項的計劃表應該給出那些沒有支付的款項和過期三十天，六十天，九十天的款項。這種計劃表的價值在于展示

13、信用的的有效性和款項回收，和解釋應收款項的營業(yè)額的流動趨勢。應收款項的流通額流通的越快，收不回的賬目的損失風險越??；在其他相等的條件下，應收賬款的投入資本的存款利潤越大，總資本的利潤越高。作者 : C. O. Hardy and S. P. Meech附件 2：外文原文(復印件)ANALYSIS OF FINANCIAL STATEMENTSA. The Financial Ratios Weneed to use financial ratios in analyzing financial statements. The analysis of comparative financial

14、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 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 ce

15、nt of all current liabilities whereasa year ago cashwas 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 firm's cash condition is exhibiting a questionable tend

16、ency.We may make comparisons between items in the comparative financial statements as follows:1. Between items in the comparative balance sheeta) Betweenitems in the balance sheet for one date, e.g., cash maybe compared with current liabilitiesb) Between an item in the balance sheet for one date and

17、 the same item in the balance sheet for another date, e.g., cash today may be compared with cash a year agoc) 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 liabili

18、ties today may be compared with a like ratio a year ago and the trend of cash condition noted2. Between items in the comparative statement of income and expensea) Between items in the statement for a given periodb) Between one item in this period's statement and the same item in last period'

19、s statementc) Of ratios between items in this period's statement and similar ratios in last period's statement3. Between items in the comparative balance sheet and items in the comparative statement of income and expensea) Between items in these statements for a given period, e.g., net profi

20、t for this year may be calculated as a percentage of net worth for this yearb) 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 thatOur comparative ana

21、lysis will gain in significance if we take the foregoing comparisons or ratios and; in turn, compare them with:1. 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 business cycle2. S

22、imilar 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 financial statements.- Comparative analysis of comparative financial statements maybe expressed by mathematical ratios betwe

23、en the items compared, for example, a concern's 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

24、be expressed as the ratio of fixed assets 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-c

25、apital ratios1. The ratio of current assets to current liabilities2. The ratio of cash to total current liabilities3. The ratio of cash, salable securities, notes and accounts receivable to total current liabilities4. The ratio of sales to receivables, i.e., the turnover of receivables5. The ratio o

26、f cost of goods sold to merchandise inventory, i.e., the turnover of inventory6. The ratio of accounts receivable to notes receivable7. The ratio of receivables to inventory8. The ratio of net working capital to inventory9. The ratio of notes payable to accounts payable10. The ratio of inventory to

27、accounts payableII. Fixed and intangible capital ratios1. The ratio of sales to fixed assets, i.e., the turnover of fixed capital2. The ratio of sales to intangible assets, i.e., the turnover of intangibles3. The ratio of annual depreciation and obsolescence charges to the assets against which depre

28、ciation is written off4. The ratio of net worth to fixed assetsIII. Capitalization ratios1. The ratio of net worth to debt.2. The ratio of capital stock to total capitalization .3. The ratio of fixed assets to funded debtIV. Income and expense ratios1. The ratio of net operating profit to sales2. Th

29、e ratio of net operating profit to total capital3. The ratio of sales to operating costs and expenses4. The ratio of net profit to sales5. The ratio of net profit to net worth6. The ratio of sales to financial expenses7. The ratio of borrowed capital to capital costs8. The ratio of income on investm

30、ents to investments9. The ratio of non-operating income to net operating profit10. The ratio of net operating profit to non-operating expense11. The ratio of net profit to capital stock12. The ratio of net profit reinvested to total net profit available for dividends on common stock13. The ratio of

31、profit available for interest to interest expensesThis classification of financial ratios is permanent not exhaustive. -Other ratios maybe used for purposes later indicated. Furthermore, someof 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 ratio

33、s reflect 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 comple

34、te as 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 f

35、inancial 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

36、.Does 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

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

38、omplete 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 film's reputation is beyond reproach.Is working-capital situation favorable

39、 ?-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 current assets to current liabilities. This ratio affords-a test of the concern's p

40、robable ability to pay current 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 lo

41、ss to short-term creditors 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 value

42、d and all current liabilities revealed.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,

43、for one thing, upon the liquidity of the 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 cu

44、rrent liabilities (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, hence the total of current liabilities (instead of notes paya

45、ble to banks) is used in testing cash 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

46、 will find cash inflow more nearly meeting cash outflow than will a firm selling goods on credit. A business which pays cash for all purchases will need more ready moneythan one which buys on long terms of credit. The more rapidly the inventory is sold the more nearly will cash inflow equal cash out

47、flow, other things equal.Needs for 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

48、in the cycle upon a given concern 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 manyopen-bank line

49、s 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 second firm.The liquidity of current assets varies with ability to meet "acid test."- Liquidity of current

50、assets varies with the ratio of cash, salable 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 curren

51、t condition. A ratio of I: I is considered satisfactory 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 collectedand if inventory is readily and quickly sold,that is, if its turnover is rapid andif the risks of changes i