公司的基本面分析外文翻译.doc

外文文献翻译译文 外文原文 原文： Fundamental Information Analysis 1. Introduction Fundamental analysis is aimed at determining the value of corporate securities by a careful examination of key value-drivers, such as earnings risk, growth, and competitive position. In the context of such analysis, we identify below a set of financial variables (fundamentals) claimed by analysts to be useful in security valuation and examine these claims by estimating the incremental value-relevance of these variables over earnings. Our findings support the incremental value-relevance of most of the identified fundamentals; in fact, for the 1980s, the fundamentals add approximately 70%, on average, to the explanatory power of earnings with respect to excess returns. We also show that the returns-fundamentals relation is considerably strengthened when it is conditioned on macroeconomic variables, thereby demonstrating the importance of a contextual capital market analysis. For example, several fundamentals that appear only weakly value-relevant or even irrelevant in the unconditional analysis exhibit strong association with returns under specific economic conditions (e.g., the accounts receivable and the provision for doubtful receivables signals during high inflation). From a general examination of the role of fundamentals in security valuation we turn to the related issues of earnings persistence, growth, and the earnings response coefficient. We hypothesize that the fundamental signals identified in this study are used by investors to assess the persistence (sometimes referred to as "quality") and growth of reported earnings. We provide support for this hypothesis by demonstrating a significant relation between an aggregate score reflecting the information in the fundamentals and two indicators of persistence: the earnings response coefficient and future earnings growth. In fact, this fundamental ("quality of earnings") score is more strongly associated with the response coefficient than a time-se