财务报表分析的杠杆左右以及如何体现盈利性和值比率大学毕业论文外文文献翻译及原文.doc

毕 业 设 计（论文） 外 文 文 献 翻 译 文献、资料中文题目：财务报表分析的杠杆左右以及如何体现盈利性和值比率 文献、资料英文题目： 文献、资料来源： 文献、资料发表（出版）日期： 院 （部）： 专 业： 会计 班 级： 姓 名： 学 号： 指导教师： 翻译日期： 2017.02.14 本 科 毕 业 设 计 外 文 文 献 Financial Statement Analysis of Leverage and How It Informs About Profitability and Price-to-Book Ratios DORON NISSIM, STEPHEN H. PENMAN ABSTRACT This paper presents a financial statement analysis that distinguishes leverage that arises in financing activities from leverage that arises in operations. The analysis yields two leveraging equations, one for borrowing to finance operations and one for borrowing in the course of operations. These leveraging equations describe how the two types of leverage affect book rates of return on equity. An empirical analysis shows that the financial statement analysis explains cross-sectional differences in current and future rates of return as well as price-to-book ratios, which are based on expected rates of return on equity. The paper therefore concludes that balance sheet line items for operating liabilities are priced differently than those dealing with financing liabilities. Accordingly, financial statement analysis that distinguishes the two types of liabilities informs on future profitability and aids in the evaluation of appropriate price-to-book ratios. Keywords: financing leverage; operating liability leverage; rate of return on equity; price-to-book ratio Leverage is traditionally viewed as arising from financing activities: Firms borrow to raise cash for operations. This paper shows that, for the purposes of analyzing profitability and valuing firms, two types of leverage are relevant, one indeed arising from financing activities but another from operating activities. The paper supplies a financial statement analysis of the two types of leverage that explains differences in shareholder profitability and price-to-book ratios. The standard measure of leverage is total liabilities to equity. Howe