財務報表分析外文文獻及翻譯

Review

of

accounting

Penman

leverage

leverage

leverage

well

therefore

differently

those

pro?tability

appropriate

Leverage

arising

Firms

pro?tability

leverage

arising

but

leverage

pro?tability

price-to-book

leverage

while

liabilities—like

issued—are

liabilities—like

revenues,

liabilities—result

value

there

differently

dollar

differently

dollar

value

equivalent

asking

value

value

different

different

investigates

Standard

pro?tability

operations.

speci?cations

value—

when

leverage

leverage

leverage

contemporaneous

pro?tability

Leverage

pro?tability

leverage

higher

leverage

higher

leverage

higher

pro?tability

price-to-book

consequence

value

forecasts—

leverage

expressions

leverage

pro?tability.

leverage

value

summarized

pro?tability

pro?tability,

÷common

Leverage

pro?tability

Appropriate

disentangles

Penman

begins

pro?tability

leverage

introduced

pro?tability

pro?tability.

Distinguishing

Protability

Protability

＋financial

equipment)

—like

liabilities—such

liabilities—arise

－operating

－(financial

－financial

assets－net

those

investment

Firms

investment

business

reformulated

Comprehensive

income－

income

pro?tability

increase

pro?tability

investment

non-interest

appropriate

differs

appropriately.

Penman

1963–1999

—much

business

demonstrate

ROCE

÷common

financing

ROCE

RNOA＋[FLEV×

RNOA－net

leverage

leverage

=net

÷common

works

pro?tability,

is

leverage

ROCE

leverage

leverage

Effect

Protability

pro?tability

higher

investment

leverage

(OLLEV)

there

interest-free

presumably

higher

liabilities×market

approximated

indifferent

compensated

buying

indifferent

leverage

pro?tability,

we

de?ne:

＋market

liabilities)÷operating

ROOA＋[

×(ROOA－market

leverage

pro?tability

leverage

leverage,

Firms

pro?tability

leverage

different

Total

Effect

Protability

leverage

leverage

debt＋operating

liabilities)÷common

expense＋market

debt＋operating

ROCE

similar

ROCE

summary,

therefore

requirement

pro?tability

appropriately

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Equity

leverage

pro?tability.

pro?tability,

ROCE

restatement

dividend

value

value

shareholders’

value

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leverage

ROCE

value

value

pro?tability

leverage

pro?tability.

investigates

leverage

pro?tability

differently,

values

different

value

different

pro?tability.

pro?tability

complementary.

repayment

pro?tability

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pro?tability

there

leverage

increase

leverage

increase

ROCE

increase

value

pro?tability

increase

value

value

increases

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higher

leverage

value

leverage

hypothesized

increase

increase

leverage

value

increases

bankruptcy

introduces

issuing

these

well

differing

differential

advantages

comparative

these

characterized

pro?tability

having

more

higher

Indeed,

value

‘‘make

value

exchange

?rm’s

Effects

employment

Deferred

presumably

value

leverage

Higher

values

higher

leverage

pro?tability

increases

Feltham

Zhang

higher

values

leverage

leverage

pro?tability,

higher

ROCE

higher

pro?tability.

For

higher

revenues,

increases

pro?tability:

increases

pro?tability:

expenses

higher

higher

value

value

higher

documented

pro?tability,

price-to-book

covers

?les

requirements:

was

was

value

million

averages

averages).These

?rm-year

measurement

approximate

understate

measurement

different

leverage

different

value

value

different

differently.

investigated

leverage

pro?tability

leverage

For

pro?tability,

demonstrates

different

pro?tability

differently

leverage

pro?tability

cross-section

pro?tability

pro?tability.

leverage

leverage

pro?tability

pro?tability.

revenues.

investigate

differing

circumstances;

‘‘market

會計研究綜述，2003,16(8):531-560前言

一、

杠桿作用的財務報表分析普通股產(chǎn)權(quán)資本收益率=綜合所得÷普通股本 （1）

普通股權(quán)=經(jīng)營資產(chǎn)＋金融負債－經(jīng)營負債－金融負債