财务报表分析外文文献及翻译.docxVIP

Review of accounting studies  ,2003,16(8):531-560 Financial  Statement  Analysis  of  Leverage and How  It  Informs  About  Protability  and Price-to-Book Ratios Doron Nissim, Stephen. Penman Abstract This paper presents a ?nancial statement analysis that distinguishes leverage that arises in ?nancing activities from leverage that arises in operations. The analysis yields two leveraging equations, one for borrowing to ?nance 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 ?nancial 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 ?nancing liabilities. Accordingly, ?nancial statement analysis that distinguishes the two types of liabilities informs on future pro?tability 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 ?nancing activities: Firms borrow to raise cash for operations. This paper shows that, for the purposes of analyzing pro?tability and valuing ?rms, two types of leverage are relevant, one indeed arising from ?nancing activities but another from operating activities. The paper supplies a ?nancial statement analysis of the two types of leverage that explains differences in shareholder pro?tability and price-to-book ratios. The standard measure of leverage is total liabilities to equity. However, while some liabilities — like bank loans and bonds issued — are due to ?nancing, other liabilities —like trade payables, deferred revenues, and pension liabilities —