财务报表分析外文文献与翻译

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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