财务报表的外文翻译

外文资料

Business analysis from financial statementsBecause the internal knowledge of managers is the source of value and distortion of accounting data, it is difficult for external users of financial statements to distinguish between true information and distortion. Cannot undo accounting distortion, investors may “discount” a company’s accounting results. In doing so, they made a probabilistic assessment of the extent to which a company’s reported figures reflect economic reality. As a result, investors can only evaluate the performance of a single enterprise inaccurately. Financial information intermediaries can add value by improving investment factors to understand the company’s current performance and future prospects.

Effective financial statement analysis is valuable as it attempts to manage internal information from public financial statement data. Because intermediaries do not have direct or complete access to this information, they rely on their knowledge of the company’s industry and its competitive strategy to interpret financial statements. Successful intermediaries have at least a good understanding of the industry economy of the company’s managers and a reasonable understanding of the company’s competitive strategy. Despite the information disadvantage of external analysts and their managers, they are better able to evaluate the investment management and business decisions of their economic consequences companies. We need to use the financial statements Complete four key steps: enterprise strategy analysis, accounting analysis, financial analysis and prospect analysis.

3.1 Analysis Step 1: Business Strategy Analysis

The purpose of business strategy analysis is to identify key profit drivers and business risks, and to assess thecompany’s profitpotential at a qualitative level. Business strategy analysis involves analyzing a firm’s industry and its strategy to create a sustainable competitive advantage. This qualitative analysis is an essential first stepbecause it enables the analyst to frame the subsequent accounting and financial analysis better. For example,identifying the key success factors and key business risks allows the identification of key accounting policies.Assessment of a firm’s competitive strategy facilitates evaluating whether current profitability is sustainable.Finally, business analysis enables the analyst to make sound assumptions in forecasting a firm’s futureperformance.

3.2 Analysis Step 2: Accounting Analysis

The purpose of accounting analysis is to evaluate the degree to which a firm’s accounting captures the underlying business reality. By identifying places where there is accounting flexibility, and by evaluating the appropriateness of the firm’s accounting policies and estimates, analysts can assess the degree of distortion in a firm’s accounting numbers. Another important step in accounting analysis is to “undo” any accounting distortions by recasting a firm’s accounting numbers to create unbiased accounting data. Sound accounting analysis improves the reliability of conclusions from financial analysis, the next step in financial statement analysis.

3.3 Analysis Step 3: Financial Analysis

The goal of financial analysis is to use financial data to evaluate the current and past performance of a firm and to assess its sustainability. There are two important skills related to financial analysis. First, the analysis should be systematic and efficient. Second, the analysis should allow the analyst to use financial data to explore business issues. Ratio analysis and cash flow analysis are the two most commonly used financial tools. Ratio analysis focuses on evaluating a firm’s product market performance and financial policies; cash flow analysis focuses on a firm’s liquidity and financial flexibility.

3.4 Analysis Step 4: Prospective Analysis

Prospective analysis, which focuses on forecasting a firm’s future, is the final step in business analysis. Two commonly used techniques in prospective analysis are financial statement forecasting and valuation. Both these tools allow the synthesis of the insights from business analysis, accounting analysis, and financial analysis in order to make predictions about a firm’s future.

While the value of a firm is a function of its future cash flow performance, it is also possible to assess a firm’s value based on the firm’s current book value of equity, and its future return on equity (ROE) and growth. Strategy analysis, accounting analysis, and financial analysis, the first three steps in the framework discussed here,provide an excellent foundation for estimating a firm’s intrinsic value. Strategy analysis, in addition to enabling sound accounting and financial analysis, also helps in assessing potential changes in a firm’s competitive advantage and their implications for the firm’s future ROE and growth. Accounting analysis provides an unbiased estimate of a firm’ s current book value and ROE. Financial analysis allows you to gain an in-depth understanding of what drives the firms current ROE.

The predictions from a sound business analysis are useful to a variety of parties and can be applied in various contexts. The exact nature of the analysis will depend on the context. The contexts that we will examine include securities analysis, credit evaluation, mergers and acquisitions, evaluation of debt and dividend policies, and assessing corporate communication strategies. The four analytical steps described above are useful in each of these contexts. Appropriate use of these tools, however, requires a familiarity with the economic theories and institutional factors relevant to the context.

SummarizeThe most widely used data on the eco-economic activities of public enterprises provided in the financial statements; investors and other stakeholders rely on them to assess the performance of plans and business managers. Accrual accounting data in financial statements are noisy and inexperienced investors can assess corporate performance not only accurately. Financial analysts who understand that managers’ disclosure strategies have the opportunity to create internal information from open data play a valuable role in enabling external parties to assess the company’s current and future performance.

中文译文

3.从财务报表的业务分析

由于管理者的内部知识是会计数据的价值和失真的来源，因此财务报表的外部使用者很难区分真实的信息和失真。无法撤消会计失真，投资者可能“折扣”一个公司的会计业绩。在这样做时，他们做了一个概率评估的程度，一个公司的报告数字反映经济现实。因此，投资者只能对单个企业的绩效进行不精确的评估。金融信息中介可以添加通过改善投资因素的理解公司的目前的业绩和未来前景价值。

有效的财务报表分析是有价值的，因为它试图在管理者的内部信息，从公共财务报表数据。因为中介机构没有直接或完全访问这些信息,他们依靠他们的知识，该公司的行业及其竞争策略，以解释财务报表。成功的中介机构至少有一个很好的理解，对行业经济的公司的经理，并合理地了解公司的竞争战略。尽管外界分析人士与公司的相关管理者的信息劣势，他们更能客观评价其经济后果公司的投资管理和经营决策。我们需要利用财务报表来完成四个关键步骤: (1) 企业战略分析、(2)会计分析、(3)财务分析和(4)前景分析。

3. 1分析步骤一:战略分析

企业战略分析的目的是确定关键利润驱动程序和业务风险，并在一个定性的水平评估公司的利润潜力。业务战略分析涉及到一个公司的行业分析和建立一个可持续的竞争优势的战略。这种定性分析是一个重要的第一步，因为它使分析师能够更好地对以后的会计和财务分析框架进行分析。考试简单，识别关键成功因素和关键业务风险的关键会计政策允许的识别。评价一个企业的竞争战略有利于评价评估是否当前的盈利能力是可持续的。最后，业务分析使分析师能够做出合理的假设，在预测公司的未来表现。

3. 2分析步骤二:会计分析

会计分析的目的是评估-一个公司的会计捕捉到的基本业务的真实程度。通过确定有帐户的灵活性，并通过评估公司的会计政策的恰当性和估计，分析师可以评估在一个公司的会计数字失真的程度。在财务分析中的另一个重要的步骤是“撤销”任何会计系统通过重铸公司会计数据创建公正的会计数据。健全的会计分析，提高了结论的可靠性。

3.3分析步骤三:财务分析

财务分析的目的是利用财务数据来评估一个公司的当前和过去的财务状况和评估其可持续性。与财务分析相关的重要技能。首先，分析应是系统和有效的。其次，分析应允许分析师使用财务数据，探讨业务问题。比率分析和现金流分析是最常用的金融工具。比率分析的重点是企业的产品市场表现和财务政策的评价;现金流量分析公司的变现能力和财务弹性。

3.4分析步骤四:前景分析

前景分析，专注于预测公司的未来，是业务分析的最后一步。前瞻性分析中常用的技术是财务报表预测和估值。这些工具允许从业务分析，研究会计分析和财务分析的合成，从而在前期分析出关于公司的未来。

虽然公司的价值是其未来现金流性能的功能，它也有可能评估公司的价值基础上的公司目前的账面价值的股票，其未来的回报率(净资产收益率)和增长。战略分析、会计分析和财务分析，在这里讨论的框架的前三个步骤，提供-一个公司的内在价值估算前良好的基础。战略分析，除了有利的会计和财务分析，也有助于评估潜在的变化，企业的竞争优势和他们对公司未来的净资产收益率和增长的影响。会计分析提供了一个公司的现行账面价值和净资产收益率的无偏估计。财务分析让你获得了一个深入了解什么推动了公司目前的资产收益率。

从一个健全的业务分析的预测是有用的各种当事人，可以应用在不同的环境中。分析的确切性质将取决于上下文。我们将探讨包括证券分析、信用评估的情况下，兼并和收购，债务和股利政策评估，评估公司率通信策略。上面描述的四个分析步骤是有用的，在每一个这些上下文中。然而，适当地使用这些工具，需要熟悉的经济理论和体制因素相关的背景。

总结财务报表提供的公共企业生态经济活动的最广泛使用的数据;投资者和其他利益相关者依靠他们来评估计划与企业和企业管理者绩效。在财务报表中的权责发生制会计数据是嘈杂的，和没有经验的投资者可以评估企业绩效不仅是准确的。财务分析师谁理解管理者的披露策略有机会从公开数据中创建内部信息，他们发挥了宝贵的作用，使外部各方评估公司的当前和未来的表现。

致　　谢

在本论文完成之际，谨此向我的导师张彤致以衷心的感谢和崇高的敬意！本论文的完成离不开张彤老师的细心指导，张彤老师以她渊博的知识、严谨的治学态度、精益求精的工作作风和对研究的奉献精神为我确立了好的写作题材，明确了研究方向，并引导我走向成功。张彤老师给我留下了刻骨铭心的印象，在跟他学习的整个过程使我受益匪浅，并将成为我学理论和干事业的动力。从选题到任务书到开题报告再到论文的完成，每一步都是在导师的悉心指导下进行的，倾注了导师大量的心血，在此，要对帮助过我的所有人说声谢谢！

感谢我的同学和朋友，在我写论文的过程中给予我了很多素材，还在论文的撰写和排版灯过程中提供热情的帮助。感谢我的父母，没有你们，就没有我的今天，你们的支持与鼓励，永远是支撑我前进的最大动力。感谢单老师，四年的生活相处不久，却从您身上学到了太多，必将终身受益。感谢所有教授过我课程的天津大学仁爱学院的老师们，是你们诲人不倦才有了现在的我。感谢身边所有的朋友与同学，谢谢你们四年来的关照与宽容，与你们一起走过的缤纷时代，将会是我一生最珍贵的回忆。

通过论文的撰写，使我能够等系统、全面的学习有关财务管理新型的、先进的前沿理论知识，并得以借鉴众多专家学者的宝贵经验，这对于我今后的工作和我为之服务的企业，无疑是不可多得的宝贵财富。我的论文不是很成熟，还有很多不足之处，论文中的有些观点以及对企业实力的归纳和阐述难免有疏漏和不足的地方。但是这次做论文的经历让我收货颇多。我感受到做论文是要真正用心去做的一件事情，需要自己学习的过程和研究的过程，没有学习就不可能有研究的潜力，希望望这次的经历能让我在以后终生学习中激励我不断进步。