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ID:37436277
大小:119.00 KB
页数:17页
时间:2019-05-23
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1、---Reviewofaccountingstudies,2003,16(8):531-560FinancialStatementAnalysisofLeverageandHowItInformsAboutProtabilityandPrice-to-BookRatiosDoronNissim,Stephen.PenmanAbstractThispaperpresentsafinancialstatementanalysisthatdistinguishesleveragethatarisesinfinanci
2、ngactivitiesfromleveragethatarisesinoperations.Theanalysisyieldstwoleveragingequations,oneforborrowingtofinanceoperationsandoneforborrowinginthecourseofoperations.Theseleveragingequationsdescribehowthetwotypesofleverageaffectbookratesofreturnonequity.Anempi
3、ricalanalysisshowsthatthefinancialstatementanalysisexplainscross-sectionaldifferencesincurrentandfutureratesofreturnaswellasprice-to-bookratios,whicharebasedonexpectedratesofreturnonequity.Thepaperthereforeconcludesthatbalancesheetlineitemsforoperatingliabi
4、litiesarepriceddifferentlythanthosedealingwithfinancingliabilities.Accordingly,financialstatementanalysisthatdistinguishesthetwotypesofliabilitiesinformsonfutureprofitabilityandaidsintheevaluationofappropriateprice-to-bookratios.Keywords:financingleverage;ope
5、ratingliabilityleverage;rateofreturnonequity;price-to-bookratioLeverageistraditionallyviewedasarisingfromfinancingactivities:Firmsborrowtoraisecashforoperations.Thispapershowsthat,forthepurposesofanalyzingprofitabilityandvaluingfirms,twotypesofleveragearerele
6、vant,oneindeedarisingfromfinancingactivitiesbutanotherfromoperatingactivities.Thepapersuppliesafinancialstatementanalysisofthetwotypesofleveragethatexplainsdifferencesinshareholderprofitabilityandprice-to-bookratios.Thestandardmeasureofleverageistotalliabilit
7、iestoequity.However,whilesomeliabilities—likebankloansandbondsissued—areduetofinancing,otherliabilities—liketradepayables,deferredrevenues,andpensionliabilities—resultfromtransactionswithsuppliers,customersandemployeesinconductingoperations.Financingliabili
8、tiesaretypicallytradedinwell-functioningcapitalmarketswhereissuersarepricetakers.Incontrast,firmsareabletoaddvalueinoperationsbecauseoperationsinvolvetradingininputandoutputmarketsthatarelessperfectthancapital
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