财务报表分析外文文献及翻译.doc

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1、Reviewofaccountingstudies,2003,16(8):531-560FinancialStatementAnalysisofLeverageandHowItInformsAboutProtabilityandPrice-to-BookRatiosDoronNissim,Stephen.PenmanAbstractThispaperpresentsafinancialstatementanalysisthatdistinguishesleveragethatarisesinfinancingactiv

2、itiesfromleveragethatarisesinoperations.Theanalysisyieldstwoleveragingequations,oneforborrowingtofinanceoperationsandoneforborrowinginthecourseofoperations.Theseleveragingequationsdescribehowthetwotypesofleverageaffectbookratesofreturnonequity.Anempiricalanalys

3、isshowsthatthefinancialstatementanalysisexplainscross-sectionaldifferencesincurrentandfutureratesofreturnaswellasprice-to-bookratios,whicharebasedonexpectedratesofreturnonequity.Thepaperthereforeconcludesthatbalancesheetlineitemsforoperatingliabilitiesarepriced

4、differentlythanthosedealingwithfinancingliabilities.Accordingly,financialstatementanalysisthatdistinguishesthetwotypesofliabilitiesinformsonfutureprofitabilityandaidsintheevaluationofappropriateprice-to-bookratios.Keywords:financingleverage;operatingliabilityleve

5、rage;rateofreturnonequity;price-to-bookratioLeverageistraditionallyviewedasarisingfromfinancingactivities:Firmsborrowtoraisecashforoperations.Thispapershowsthat,forthepurposesofanalyzingprofitabilityandvaluingfirms,twotypesofleveragearerelevant,oneindeedarisingfr

6、omfinancingactivitiesbutanotherfromoperatingactivities.Thepapersuppliesafinancialstatementanalysisofthetwotypesofleveragethatexplainsdifferencesinshareholderprofitabilityandprice-to-bookratios.Thestandardmeasureofleverageistotalliabilitiestoequity.However,whileso

7、meliabilities—likebankloansandbondsissued—areduetofinancing,otherliabilities—liketradepayables,deferredrevenues,andpensionliabilities—resultfromtransactionswithsuppliers,customersandemployeesinconductingoperations.Financingliabilitiesaretypicallytradedinwell-fu

8、nctioningcapitalmarketswhereissuersarepricetakers.Incontrast,firmsareabletoaddvalueinoperationsbecauseoperationsinvolvetradingininputandoutputmarketsthatarelessperfectthancapitalmar