财务报表分析研究外文翻译

本科毕业设计（论文）

外文翻译

题 目 双汇企业财务报表分析研究 姓 名 宋孟姣

专 业 2010级财务管理本科1班 学 号 ********* 指导教师 董玥玥

郑州科技学院工商管理学院

二〇一四年三月

FINANCIAL STATEMENT ANALYSIS OF EVERAGE AND HOW IT INFORMS ABOUT PORABLIITY AND

PRICE-TO-BOOK RATIOS

1 FINANCIAL STATEMENT ANALYSIS OF EVERAGE

The following inimical statement analysis separates the effects of enhancing liabilities and operating liabilities on the portability of shareholders’ equity. The analysis yields explicit leveraging equations from which the specifications for the empirical analysis are developed. Shareholder portability, return on common equity, is measured as

Return on common equity (ROCE) = comprehensive net income ÷common equity (1)

Appropriate inimical statement analysis disentangles the effects of leverage. The analysis below, which elaborates on parts of Nazism and Penman (2001), begins by identifying components of the balance sheet and income statement that involve operating and enhancing activities. The portability due to each activity is then calculated and two types of leverage are introduced to explain both operating and enhancing portability and overall shareholder portability.

1.1 Distinguishing the Portability of Operations from the Portability of Financing Activities

Common equity =operating assets＋financial assets－operating liabilities－Financial liabilities （2）

The distinction here between operating assets (like trade receivables, inventory and property, plant and equipment) and inimical assets (the deposits and marketable securities that absorb excess cash) is made in other contexts. However, on the liability side, enhancing liabilities are also distinguished here from operating liabilities. Rather than treating all liabilities as enhancing debt, only liabilities that raise cash for operations—like bank loans, short-term commercial paper and bonds—are classier as such. Other liabilities—such as accounts payable, accrued expenses, deferred revenue, restructuring liabilities and pension liabilities—arise from operations. The distinction is not as simple as current versus long-term

liabilities; pension liabilities, for example, are usually long-term, and short-term borrowing is a current liability.

Rearranging terms in equation (2),

Common equity = (operating assets－operating liabilities)－(financial liabilities－financial assets) Or Common equity = net operating assets－net financing debt （3）

This equation regroups assets and liabilities into operating and enhancing activities. Net operating assets are operating assets less operating liabilities. So a arm might invest in inventories, but to the extent to which the suppliers of those inventories grant credit, the net investment in inventories is reduced.

Firms pay wages, but to the extent to which the payment of wages is deferred in pension liabilities, the net investment required to run the business is reduced. Net enhancing debt is enhancing debt (including preferred stock) minus inimical assets. So, a arm may issue bonds to raise cash for operations but may also buy bonds with excess cash from operations. Its net indebtedness is its net position in bonds. Indeed a arm may be a net creditor (with more inimical assets than inimical liabilities) rather than a net debtor.

The income statement can be reformulated to distinguish income that comes from operating and enhancing activities:

Comprehensive net income = operating income－ net financing expense

(4)

Operating income is produced in operations and net inimical expense is incurred in the enhancing of operations. Interest income on inimical assets is netted against interest expense on inimical liabilities (including preferred dividends) in net inimical expense. If interest income is greater than interest expense, enhancing activities produce net inimical income rather than net inimical expense. Both operating income and net inimical expense (or income) is after tax.3 Equations (3) and (4) produce clean measures of after-tax operating portability and the borrowing rate:

Return on net operating assets (RNOA) = operating income ÷net operating assets

(5)

And Net borrowing rate (NBR) = net financing expense ÷net financing debt

(6)

RNOA recognizes that portability must be based on the net assets invested in

operations. So arms can increase their operating portability by convincing suppliers, in the course of business, to grant or extend credit terms; credit reduces the investment that shareholders would otherwise have to put in the business. Correspondingly, the net borrowing rate, by excluding non-interest bearing liabilities from the denominator, gives the appropriate borrowing rate for the enhancing activities.

Note that RNOA differs from the more common return on assets (ROA), usually denned as income before after-tax interest expense to total assets. ROA does not distinguish operating and enhancing activities appropriately. Unlike ROA, RNOA excludes inimical assets in the denominator and subtracts operating liabilities. Nissan and Penman (2001) report a median ROA for NYSE and AMEX arms from 1963–1999 of only 6.8%, but a median RNOA of 10.0%—much closer to what one would expect as a return to business operations.

1.2 Financial Leverage and its Effect on Shareholder Portability

From expressions (3) through (6), it is straightforward to demonstrate that ROCE is a weighted average of RNOA and the net borrowing rate, with weights derived from equation (3):

ROCE= [net operating assets ÷common equity× RNOA]－[net financing debt÷ Common equity ×net borrowing rate] (7) Additional algebra leads to the following leveraging equation:

ROCE= RNOA＋[FLEV×（RNOA－net borrowing rate)] (8) Where FLEV, the measure of leverage from enhancing activities, is

Financing leverage (FLEV) = net financing debt common equity (9)

The FLEV measure excludes operating liabilities but includes (as a net against enhancing debt) inimical assets. If inimical assets are greater than inimical liabilities, FLEV is negative. The leveraging equation (8) works for negative FLEV (in which case the net borrowing rate is the return on net inimical assets).

This analysis breaks shareholder portability, ROCE, down into that which is due to operations and that which is due to enhancing. Financial leverage levers the ROCE over RNOA, with the leverage effect determined by the amount of inimical leverage

(FLEV) and the spread between RNOA and the borrowing rate. The spread can be positive (favorable) or negative (unfavorable).

1.3 Operating Liability Leverage and its Effect on Operating Portability

While enhancing debt levers ROCE, operating liabilities lever the portability of operations, RNOA. RNOA is operating income relative to net operating assets, and net operating assets are operating assets minus operating liabilities. So, the more operating liabilities a arm has relative to operating assets, the higher its RNOA, assuming no effect on operating income in the numerator. The intensity of the use of operating liabilities in the investment base is operating liability leverage:

Operating liability leverage (OLLEV) =operating liabilities ÷net operating assets

(10)

Using operating liabilities to lever the rate of return from operations may not come for free, however; there may be a numerator effect on operating income. Suppliers provide what nominally may be interest-free credit, but presumably charge for that credit with higher prices for the goods and services supplied. This is the reason why operating liabilities are inextricably a part of operations rather than the enhancing of operations. The amount that suppliers actually charge for this credit is difficult to identify. But the market borrowing rate is observable. The amount that suppliers would implicitly charge in prices for the credit at this borrowing rate can be estimated as a benchmark:

Market interest on operating liabilities= operating liabilities×market borrowing rate

Where the market borrowing rate, given that most credit is short term, can be approximated by the after-tax short-term borrowing rate. This implicit cost is benchmark, for it is the cost that makes suppliers indifferent in supplying creed suppliers are fully compensated if they charge implicit interest at the cost borrowing to supply the credit. Or, alternatively, the arm buying the goods or services is indifferent between trade credit and enhancing purchases at the borrowing rate.

To analyze the effect of operating liability leverage on operating portability, we

dine:

Return on operating assets (ROOA) =(operating income＋market interest on operating liabilities)÷operating assets (11)

The numerator of ROOA adjusts operating income for the full implicit cost of trade credit. If suppliers fully charge the implicit cost of credit, ROOA is the return of operating assets that would be earned had the arm no operating liability leverage. suppliers do not fully charge for the credit, ROOA measures the return fro operations that includes the favorable implicit credit terms from suppliers.

Similar to the leveraging equation (8) for ROCE, RNOA can be expressed as: RNOA= ROOA＋[OLLEV×(ROOA－market borrowing rate)] (12) Where the borrowing rate is the after-tax short-term interest rate. Given ROOA, the effect of leverage on portability is determined by the level of operating liability leverage and the spread between ROOA and the short-term after-tax interest rate. Like enhancing leverage, the effect can be favorable or unfavorable: Firms can reduce their operating portability through operating liability leverage if their ROOA is less than the market borrowing rate. However, ROOA will also be affected if the implicit borrowing cost on operating liabilities is different from the market borrowing rate.

1.4 Total Leverage and its Effect on Shareholder Portability

Operating liabilities and net enhancing debt combine into a total leverage measure:

Total leverage (TLEV) = ( net financing debt＋operating liabilities)÷common equity

The borrowing rate for total liabilities is:

Total borrowing rate = (net financing expense＋market interest on operating liabilities) ÷(net financing debt＋operating liabilities)

ROCE equals the weighted average of ROOA and the total borrowing rate, where the weights are proportional to the amount of total operating assets and the sum of net enhancing debt and operating liabilities (with a negative sign), respectively. So, similar to the leveraging equations (8) and (12):

ROCE = ROOA ＋[TLEV×(ROOA － total borrowing rate)] (13)

In summary, inimical statement analysis of operating and enhancing activities yields three leveraging equations, (8), (12), and (13). These equations are based on axed accounting relations and are therefore deterministic: They must hold for a given arm at a given point in time. The only requirement in identifying the sources of portability appropriately is a clean separation between operating and financing components in the inimical statements.

2 CONCLUSION

The paper has laid out explicit leveraging equations that show how shareholder portability is related to enhancing leverage and operating liability leverage. For operating liability leverage, the leveraging equation incorporates both real contractual effects and accounting effects. As price-to-book ratios are based on expected portability, this analysis also explains how price-to-book ratios are affected by the two types of leverage. The empirical analysis in the paper demonstrates that operating and enhancing liabilities imply different portability and are priced differently in the stock market.

Further analysis shows that operating liability leverage not only explains differences in portability in the cross-section but also informs on changes in future portability from current portability. Operating liability leverage and changes in operating liability leverage are indicators of the quality of current reported portability as a predictor of future portability.

Our analysis distinguishes contractual operating liabilities from estimated liabilities, but further research might examine operating liabilities in more detail, focusing on line items such as accrued expenses and deferred revenues. Further research might also investigate the pricing of operating liabilities under differing circumstances; for example, where arms have ‘‘market power’’ over their suppliers.

财务报表杠杆的分析以及如何体现盈利性和价格与账面价值的价值比率 1 杠杆作用的财务报表分析

以下财务报表分析将融资债务和运营债务对股东权益的影响区别开。这个分析从实证的详细分析中得出了精确的杠杆效应等式 普通股产权资本收益率=综合所得÷普通股本 （1）

杠杆影响到这个盈利等式的分子和分母。适当的财务报表分析解析了杠杆作用的影响。以下分析是通过确定经营和融资活动中的资产负债表和损益表的组成开始分析。计算每一项活动所获得的利润，然后引入两种类型的杠杆作用来解释运营和融资的盈利以及股东的总体盈利。

1.1 区分运营和融资过程中的盈利

普通股权=经营资产+金融负债－经营负债－金融负债 （2）

侧重于普通股（以便优先股被视为融资债务），资产负债表方程可重申如下：经营性资产的区别（如贸易应收款，库存和物业，厂房及设备）和金融资产（存款及可出售证券吸收多余现金）在其他方面。然而，债务方面，融资负债也区别于经营负债。不应该把所有负债都当作融资负债来处理，相反，只有从运营中得到的现金，就像银行贷款，短期商业票据和债券属于这种类型。其他负债，如应付账款，累计费用，预收收入，重组债务和养老金负债，产生于业务。这种区别并不像当前与长远负债那么简单;养老金负债，例如，通常是长期，短期的借款是一种当前的负债。

普通股权=（经营资产－经营负债）－（金融资产－金融负债） （2） 或者，普通股权=净经营资产－净金融负债 （3）

这个等式的重排将资产和负债纳入经营和融资活动。净经营资产等于经营性资产减去经营负债。因此，一个公司可能在投资清单上的投资，但是投资清单上的投资者可以一定程度上给予信贷，投资清单上的投资就会减少。

企业支付工资，但在多大程度上工资的支付在退休金负债中递延，公司运营净投资就会减少。净融资债务是融资债务（包括优先股）减去金融资产。因此，一个公司可能会发行债券，以筹集资金，但也可能购买债券超额现金业务。

事实上一个公司的可能是一个净债权者（更多的金融资产与金融负债比），而不是净债务者。损益表可以重新区分来自运营和融资的收入。

综合净收入=运营收入净额－融资费用 （4） 运营收入是在生产经营中产生的，净额融资费用是在融资过程中产生的。金融资产的利息收入是与净财政收入中金融负债（包括优先股股息）的利息支出相抵消的。如果利息收入大于利息支出，融资活动产生净财政收入，而不是净财务支出。两种运营收入和净财务支出（或收入）是按照税后计算的。

等式（3）和（4）清楚的计算了税后的运营利润和借贷率 净资产回报率=运营收入÷运营净资产 （5）可供运营的资产净额=净资产支出÷净资产债务 （6）

净资产回报率显示出收益必须是在净资产投资基础上。因此，公司可以通过说服供应商在业务过程中给予或延长信贷条件提高其经营盈利，信贷会减少投资股东本来要在业务上的投资。相应地，从分母排除不计息负债后，净借款利率给出了适当的融资活动贷款利率。

值得注意的是，净资产收益率不同于较常见的资产收益率（资产回报率），通常被定义为总资产在税后利息前的收入。资产收益率没有很好的区分运营和融资过程。不像资产收益率，净资产收益率不包括分母中的金融资产，并且减去了运营负债。尼萨姆和彭曼（2001）报告中指出纽约证券交易所和美国证券交易公司在1963-1999年间的平均资产收益率只有6.8%，但平均净资产收益率是10.0%，后者更接近人们在商业运营中所期望的回报值。

1.2 财务杠杆作用和其对股东盈利的影响

从式（3）到式（6）可以推算出来运用资本报酬率是净资产收益率和净借贷率平均值。

资本收益率=[净经营资产÷普通股权×净资产回报率]－[净金融负债÷普通股

权×净借款利率] （7）

另外代数方程式可以得出下列杠杆：

资本收益率=净资产收益率＋[财务杠杆×（净资产收益率－境借款利率）] （8）

从金融活动出发计算财务杠杆如下： 财务杠杆=净金融负债÷普通股权 （9）

财务杠杆作用排除了运营负债，但是包括（作为净反对融资的债务）金融资产。如果金融资产大于融资负债，财务杠杆作用是负的。杠杆等式（8）是在财务杠杆为负的情况下使用的（在这种情况下，净借贷率是净金融资产回报率）。

这个分析将股东收益分成运营获益和融资获益。财务杠杆凌驾于运用资本报酬率和净资产收益率之上，其中杠杆效应由财务杠杆决定，由净资产收益率和借贷率调节。这个调节可以是正向的，也可以是负向的。

1.3 运营债务杠杆作用和它对运营收益的影响

资金债务控制已动用资本回报率，运营债务控制运营中的收益，净资产收益。所以，一个公司的运营负债与运营资产相关性越大，在运营收入一定的情况下，它的净资产收益越高。在投资中，运营负债的应用频率就是运营杠杆作用。

利用运营负债来衡量运营中的收益率可能不太准确，但是，有一个分子对运营收入有影响。供应商提供名义上可免息贷款，但向用户收费，但最终对于该信贷提供价格较高的商品和服务。这是为什么运营负债是运营方面不可分割的一部分而不是融资的一部分。供应商对信贷的收费很难量化，但是市场借贷率是可以观察到的。在这个借贷率下，供应商对信贷的隐性收费是可以估计的。

运营负债的市场利率=运营负债×市场借贷率 （10） 市场借贷率，因为大多数是短期信贷，可以看作近似的税后短期借贷利率。这个隐性成本是一个标准，因为它使得供货商在提供信贷时保持中立，供货商如果以借贷率提供信贷，或者公司买卖货物过程中的贸易借贷和资金购买中以借贷率成交的话，供货商将承担全部损失。

为了分析运营债务杠杆对运营盈利的影响，定义如下：

经营资产收益率=（经营收入＋经营负债的市场利率）÷经营资产 （11） 经营资产收益率的计算因子是随着所有贸易信贷的隐性成本带来的经营收入变动的。如果供应商完全承担信用的隐性成本，经营资产收益率是将要获得的经营资产的回报率没有经营负债杠杆。供应商不完全承担信用，经营资产收益率将权衡包括从供应商取得的有利的隐性信用条款的经营负债。

类似于资本收益率的平衡方程（8），净经营资产回报率用可表示为： 净资产收益率=经营资产收益率+经[营负债杠杆×（经营资产收益率-市场

借贷率）] （12）

借贷率是税后短期利率。已知经营资产收益率，杠杆对盈利的影响就由运营债务杠杆的水平，来决定，而扩展是在经营资产收益率和短期的税后利率之间。像财务杠杆，影响可能是有利的或者是不利的：如果它的经营资产收益率小于市场借款利率，企业可以通过经营负债杠杆减少经营收益。然而，经营资产收益率也可能被经营负债率不同于市场贷款利率的隐性借贷成本影响。

1.4 杠杆作用和对股东收益的影响

经营负债和净财务负债结合进总杠杆的办法： 总杠杆=（净金融负债＋经营负债）÷普通股权 总负债的借款利率是：

总借款利息率=（经财务费用＋经营负债的市场利率）÷（净金融负债＋经

营负债）

资本收益率等于加权平均的净资产收益率与贷款利率之和，权重是与所有金融资产、净金融负债之和以及经营负债（负的）的总额分别成比例的。所以，类似的平衡方程（8）和（12）：

资本收益率=净资产收益率＋[总杠杆×（净资产收益率－总借款利率）]（13）

总之，运营和融资的财务报表分析有三个等式，（8），（12）和（13），这些等式是基于固定的结算关系，因此具有确定性：他们必须应用于某个公司的某个时间段。区分盈利来源的唯一要素是在财务分析上，运营和融资组成上有一个明确的区分。

2 结 论

对于运营债务杠杆，杠杆平衡包括真实的契约效应和账目效应。价值比率依赖于与其利益，这个分析解释了价值比率是受两类杠杆影响的，实际的分析证明了运营和债务预示了不同的利益在市场上价格也是不同的。

更多分析表明运营负债杠杆不仅能解释在盈利中的差别，还能够从当前的盈利情况预测到未来的盈利情况。运营债务杠杆作用和变化可以作为当今盈利和以后盈利的风向标。我们的分析将合同上的运营负债和预测的运营负债分开，但是进一步的研究可以在细节上，如更多的关注预支费用和递延收入方面，这

能更好的了解运营负债，进一步的研究也可以在不同的环境下调查运营负债，如公司在哪些地方的市场势力超过供应商。