财务报表分析外文文献及翻译.docVIP

财务报表分析外文文献及翻译 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.