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
问题清单模板学 号 *********
指导教师 董玥玥
郑州科技学院工商管理学院
中国央企二〇一四年三月
FINANCIAL STATEMENT梦想英语单词 ANALYSIS OF EVERAGE
AND HOW IT INFORMS ABOUT PORABLIITY AND
PRICE-TO-BOOK RATIOS
1 FINANCIAL STATEMENT ANALYSIS OF EVERAGE
婚礼仪式
The following inimical statement analysis parates 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)
大年初一的作文
Appropriate inimical statement analysis dintangles 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 孕妇能吃香菜吗Distinguishing the Portability of Operations from the Portability of Financing Activities
Common equity =operating asts＋financial asts－operating liabilities－Financial liabilities （2）
The distinction here between operating asts (like trade receivables, inventory and property, plant and equipment) and inimical asts (the deposits and marketable curitie
s 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 rai cash for operations—like bank loans, short-term commercial paper and bonds—are classier as such. Other liabilities—such as accounts payable, accrued expens, deferred revenue, restructuring liabilities and pension liabilities—ari 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),
南瓜含钾高吗
Common equity = (operating asts－operating liabilities)－(financial liabilities－financial asts) Or Common equity = net operating asts－net financing debt
（3）
This equation regroups asts and liabilities into operating and enhancing activities. Net
operating asts are operating asts less operating liabilities. So a arm might invest in inventories, but to the extent to which the suppliers of tho 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 asts. So, a arm may issue bonds to rai 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 asts 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 expen (4)
Operating income is produced in operations and net inimical expen is incurred in the e
nhancing of operations. Interest income on inimical asts is netted against interest expen on inimical liabilities (including preferred dividends) in net inimical expen. If interest income is greater than interest expen, enhancing activities produce net inimical income rather than net inimical expen. Both operating income and net inimical expen (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 asts (RNOA) = operating income ÷net operating asts (5)
And Net borrowing rate (NBR) = net financing expen ÷net financing debt (6)
RNOA recognizes that portability must be bad on the net asts invested in operations. So arms can increa their operating portability by convincing suppliers, in the cour of business, to grant or extend credit terms; credit reduces the investment that shareholders would otherwi 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 asts (ROA), usually denned as income before after-tax interest expen to total asts. ROA does not distinguish operating and enhancing activities appropriately. Unlike ROA, RNOA excludes inimical asts 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 clor to what one would expect as a return to business operations.
