财务报表析研究外文翻译.doc

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 学 号 201040016 指导教师 董玥玥 郑州科技学院工商管理学院 二〇一四年三月 FINANCIAL STATEMENT ANALYSIS OF EVERAGE AND HOW IT INFORMS ABOUT PORABLIITY AND PRICE-TO-BOOK RATIOS 1 FINANCIAL STATEMENT ANALYSIS OF EVERAGE The following inimical statement analysis separates the effects of enhancing liabilities and operating liabilities on the portability of shareholders’ equity. The analysis yields explicit leveraging equations from which the speci?cations 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) Appropriate inimical statement analysis disentangles 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 Distinguishing the Portability of Operations from the Portability of Financing Activities Common equity =operating assets＋financial assets－operating liabilities－Financial liabilities （2） The distinction here between operating assets (like trade receivables, inventory and property, plant and equipment) and inimical assets (the deposits and marketable securities 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 raise cash for operations—like bank loans, short-term co