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1、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FINANCIALSTATEMENTANALYSISOFEVERAGEANDHOWITINFORMSABOUTPORABLIITYANDPRICE-TO-BOOKRATIOS1FINANCIALSTATEMENTANALYSISOFEVERAGEThefollowinginimicalstatementanalysisseparatestheeffectsofenhancin
2、gliabilitiesandoperatingliabilitiesontheportabilityofshareholders’equity.Theanalysisyieldsexplicitleveragingequationsfromwhichthespecificationsfortheempiricalanalysisaredeveloped.Shareholderportability,returnoncommonequity,ismeasuredasReturnoncommonequity(ROCE)=comprehensive
3、netincome÷commonequity(1)Appropriateinimicalstatementanalysisdisentanglestheeffectsofleverage.Theanalysisbelow,whichelaboratesonpartsofNazismandPenman(2001),beginsbyidentifyingcomponentsofthebalancesheetandincomestatementthatinvolveoperatingandenhancingactivities.Theportabi
4、lityduetoeachactivityisthencalculatedandtwotypesofleverageareintroducedtoexplainbothoperatingandenhancingportabilityandoverallshareholderportability.1.1DistinguishingthePortabilityofOperationsfromthePortabilityofFinancingActivitiesCommonequity=operatingassets＋financialasset
5、s－operatingliabilities－Financialliabilities（2）Thedistinctionherebetweenoperatingassets(liketradereceivables,inventoryandproperty,plantandequipment)andinimicalassets(thedepositsandmarketablesecuritiesthatabsorbexcesscash)ismadeinothercontexts.However,ontheliabilityside,enhan
6、cingliabilitiesarealsodistinguishedherefromoperatingliabilities.Ratherthantreatingallliabilitiesasenhancingdebt,onlyliabilitiesthatraisecashforoperations—likebankloans,short-termcommercialpaperandbonds—areclassierassuch.Otherliabilities—suchasaccountspayable,accruedexpenses
7、,deferredrevenue,restructuringliabilitiesandpensionliabilities—arisefromoperations.Thedistinctionisnotassimpleascurrentversuslong-termliabilities;pensionliabilities,forexample,areusuallylong-term,andshort-termborrowingisacurrentliability.Rearrangingtermsinequation(2),Common
8、equity=(operatingassets－operatingliabilities)－(financialliabilities－financialasset
