2012年財(cái)務(wù)報(bào)表分析外文翻譯--菲律賓教育業(yè)上市公司財(cái)務(wù)指標(biāo)的對(duì)比分析（節(jié)選）

1、<p>　　中文3100字，1800英文單詞，1萬(wàn)英文字符</p><p>　　文獻(xiàn)出處：Tugas F C. A Comparative Analysis of the Financial Ratios of Listed Firms Belonging to the Education Subsector in the Philippines for the Years 2009-2011[J].

2、International Journal of Business and Social Science, 2012, 3(21).173-190</p><p>　　A Comparative Analysis of the Financial Ratios of Listed Firms Belonging to the Education Subsector in the Philippines for t

3、he Years 2009-2011</p><p>　　Florenz C. Tugas</p><p><b>　　Abstract</b></p><p>　　Most financial statement analyses focus on firms belonging to industries that either contr

4、ibute significantly to economic figures or posit in a highly competitive business environment. Whatever the motivation may be, financial statement analysis should be made available to all industries for reasons of compar

5、ability and benchmarking. So much so to industries that silently propel economic development and growth, of which the education subsector is. In the Philippines, there are only three listed </p><p>　　Keyword

6、s: activity ratios, education, financial statement analysis, leverage ratios, liquidity ratios, market value ratios, profitability ratios.</p><p>　　1.Introduction</p><p>　　Beyond crunching and d

7、epicting numbers in the financial statements, the primordial goal of financial management is creating wealth. Wealth creation is best achieved by maximizing firm’s value through optimal usage of resources over a long per

8、iod of time. In other words, it is the continuous and sustainable accumulation of more assets (growth) as time passes by. Putting these into perspective, wealth creation is a factor of a series of sound business decision

9、s, made one after the other, that orig</p><p>　　According to Drake (2010), financial statement analysis is the selection, evaluation, and interpretation of financial data, along with other pertinent informat

10、ion, to assist in investment and financial decision-making. Moreover, it is also the process of identifying financial strengths and weaknesses of the firm by properly establishing relationship between the items of the ba

11、lance sheet and the profit and loss account (accounting for management website).One of the tools in financial statement a</p><p>　　1.1Objectives of financial ratio analysis</p><p>　　Before star

12、ting the analysis of any firm’s financial statements, it is necessary to specify the objectives of the analysis. According to Fraser and Ormiston (2004), the objectives will vary depending on the perspective of the finan

13、cial statement user and the specific questions that are addressed by the analysis of the financial statement data.</p><p>　　Among the several perspectives are that of the creditor, the investor, and the mana

14、gement. Each of these stakeholders would have to have questions that need to be answered. For instance, a creditor is usually concerned with the ability of an existing or prospective borrower to make interest and princip

15、al payments on borrowed funds. The investor usually attempts to arrive at an estimation of a company’s future earnings stream in order to attach a value to the securities being considered for purch</p><p>　　

16、According to Brigham and Houston (2009), financial analysis involves comparing the firm’s performance to that of other firms in the same industry and evaluating trends in the firm’s financial position over time.</p>

17、;<p>　　One rich source of information for financial statement analysis is the audited financial statements. The financial statements are usually part of the annual report that listed companies submit to regulatory

18、 agencies such as Securities and Exchange Commission and Stock Exchange entities.</p><p>　　1.2Key financial ratios</p><p>　　There are five categories of ratios used in financial statement analy

19、sis. These are: (1) liquidity ratios, which measure a firm’s ability to meet cash needs as they arise; (2) activity ratios, which measure the liquidity of specific assets and the efficiency of managing assets;(3) leverag

20、e ratios, which measure the extent of a firm’s financing with debt relative to equity and its ability to cover interest and other fixed charges; (4) profitability ratios, which measure the overall performance of</p>

21、;<p>　　2. Research Framework</p><p>　　This study makes use of the financial ratio analysis using the blended frameworks of Brigham and Houston (2009) and Fraser and Ormiston (2004). Both frameworks en

22、d up in the appreciation of the interactions of the different ratios as represented in the DuPont equation. As applied in this study, financial ratios were grouped into five categories, the education subsector was subjec

23、ted to these ratios, and expected outputs were industry benchmark figures.</p><p>　　3. Research Problem and Objectives</p><p>　　This research paper aims to analyze the financial statements of Ce

24、ntro Escolar University, Far Eastern University, and iPeople, Inc. (Malayan Colleges) for periods 2009, 2010, and 2011 using comparative financial ratios. This seeks to provide an answer to the question: what are the nor

25、ms, industry figures, and peculiarities in the education subsector of the Philippines using liquidity, activity, leverage, profitability, and market value ratios?</p><p>　　Moreover, this study specifically a

26、ims to meet the following objectives:1.To determine the liquidity, activity, leverage, profitability, and market value ratios of CEU, FEU, and Malayan Colleges;2.To determine norms, industry figures, and peculiarities of

27、 the education subsector of the Philippines;</p><p>　　4. Research Methodology</p><p>　　This research paper is both exploratory and quantitative in context and in design. It is exploratory in the

28、 sense that the researcher found no published literature discussing norms, industry figures, and peculiarities in the education subsector using financial ratios. More so, it is a quantitative research in the sense that i

29、t aims to draw out conclusions from the financial data gathered, summarized, and processes.</p><p>　　As a research procedure, the researcher obtained the audited financial statements for the three periods (2

30、009, 2010, and 2011) of Centro Escolar University, Far Eastern University, and Malayan Colleges from the Philippine Stock Exchange website. These higher education institutions are the only listed firms in the PSE under t

31、he education subsector. Financial information necessary for financial ratios were derived from these financial statements. These were then summarized and processed to come up</p><p>　　5. Results, Analysis, a

32、nd Learning Insights</p><p>　　This part of the research paper is organized using the five categories of financial ratios. Specific ratios for each category are also presented and discussed. As an assumption,

33、 though Malayan Colleges has a calendar year, such would not have a significant effect on the comparative analysis of the ratios computed. At the end of this part, the DuPont equation derived was also presented and discu

34、ssed.</p><p>　　關(guān)于2009-2011年菲律賓教育業(yè)上市公司財(cái)務(wù)指標(biāo)的對(duì)比分析</p><p>　　國(guó)際信息系統(tǒng)審計(jì)師、注冊(cè)會(huì)計(jì)師佛羅倫薩C ?圖加斯</p><p><b>　　摘要</b></p><p>　　大部分財(cái)務(wù)報(bào)表分析都著眼于經(jīng)濟(jì)業(yè)績(jī)優(yōu)異或業(yè)務(wù)競(jìng)爭(zhēng)力強(qiáng)的行業(yè)公司。無(wú)論出于何種出發(fā)點(diǎn)，財(cái)務(wù)報(bào)表

35、分析都應(yīng)對(duì)所有行業(yè)公開，以便對(duì)比和衡量。對(duì)于悄然推動(dòng)經(jīng)濟(jì)發(fā)展和增長(zhǎng)的行業(yè)同樣如此，包括教育業(yè)。菲律賓目前只有三家教育業(yè)上市公司，即：中央大學(xué)、遠(yuǎn)東大學(xué)和iPeople，Inc.公司（馬來(lái)亞大學(xué)）。本論文通過(guò)運(yùn)用流動(dòng)性比率、活動(dòng)比率、杠桿比率、盈利比率和市場(chǎng)價(jià)值比率，旨在對(duì)這三家公司在三個(gè)階段中（2009年、2010年、2011年）的財(cái)務(wù)報(bào)表進(jìn)行分析。運(yùn)用的流動(dòng)性指標(biāo)有：流動(dòng)比率、速動(dòng)比率或酸性試驗(yàn)比率、現(xiàn)金流流動(dòng)比率、平均收賬期、應(yīng)付賬

36、款周轉(zhuǎn)天數(shù)。運(yùn)用的活動(dòng)性指標(biāo)有：應(yīng)收賬款周轉(zhuǎn)率、應(yīng)付賬款周轉(zhuǎn)率、固定資產(chǎn)周轉(zhuǎn)率、總資產(chǎn)周轉(zhuǎn)率。運(yùn)用的杠桿指標(biāo)有：負(fù)債比率、債權(quán)比、已獲利息倍數(shù)。運(yùn)用的盈利指標(biāo)有：營(yíng)運(yùn)利潤(rùn)、凈利潤(rùn)率、總資產(chǎn)收益率、股東權(quán)益回報(bào)率、基本盈利能力。運(yùn)用的市場(chǎng)價(jià)值指標(biāo)有：市盈率、市場(chǎng)價(jià)值比率、股息收益率。通過(guò)比較研究法，本論文還探求基準(zhǔn)數(shù)據(jù)，對(duì)教育業(yè)內(nèi)的其它上市公司（非公開上市公司）有參考意義。為達(dá)成此目標(biāo)，特從菲律賓證券交易所網(wǎng)站提取了中央大學(xué)、遠(yuǎn)東大學(xué)和馬

37、來(lái)亞大學(xué)在指定時(shí)期的財(cái)務(wù)報(bào)表</p><p>　　關(guān)鍵詞：活動(dòng)比率、教育、財(cái)務(wù)報(bào)表分析、杠桿比率、流動(dòng)性比率、市場(chǎng)價(jià)值比率、盈利比率。</p><p><b>　　1.介紹</b></p><p>　　除了分析和描述財(cái)務(wù)報(bào)表中的數(shù)字之外，財(cái)務(wù)管理的根本目標(biāo)在于創(chuàng)造財(cái)富。財(cái)富的創(chuàng)造要基于在較長(zhǎng)時(shí)期內(nèi)對(duì)企業(yè)資源進(jìn)行優(yōu)化配置，以最大化公司的價(jià)值。換句

38、話說(shuō)，它是企業(yè)對(duì)其資源所進(jìn)行的可持續(xù)性、長(zhǎng)期的積累。綜合這些來(lái)看，基于框架性和科學(xué)性的一系列企業(yè)決策，是財(cái)務(wù)創(chuàng)造的一個(gè)重要要素。由于風(fēng)險(xiǎn)的存在往往阻礙公司實(shí)現(xiàn)其經(jīng)營(yíng)目標(biāo)，而基于框架性和科學(xué)性的決策大大降低了企業(yè)所面臨的風(fēng)險(xiǎn)。在財(cái)務(wù)管理中，作為企業(yè)決策所依賴的框架性和科學(xué)性根基之一的即為財(cái)務(wù)報(bào)表分析。</p><p>　　Drake(2010)認(rèn)為，財(cái)務(wù)報(bào)表分析就是選擇、評(píng)估和解釋財(cái)務(wù)數(shù)據(jù)，并結(jié)合其他相關(guān)信息，幫助

39、企業(yè)進(jìn)行投資和制定財(cái)務(wù)決策。更進(jìn)一步，它還是通過(guò)構(gòu)建合理的資產(chǎn)負(fù)債表和損益賬目關(guān)系，區(qū)分一個(gè)企業(yè)財(cái)務(wù)優(yōu)勢(shì)和弱勢(shì)的過(guò)程（管理會(huì)計(jì)研究網(wǎng)站）。財(cái)務(wù)報(bào)表分析的工具之一即為財(cái)務(wù)指標(biāo)分析。由于財(cái)務(wù)報(bào)表通常是十分冗長(zhǎng)的，選擇那些重要的數(shù)據(jù)并將其帶入由財(cái)會(huì)類相關(guān)學(xué)者經(jīng)過(guò)長(zhǎng)期研究而定義的公式，將更有效率，也更為重要。當(dāng)今，財(cái)務(wù)分析開始給予教育部門以特別的關(guān)注，特別是高等教育部門。Johnstone(2009)在其研究過(guò)程中指出，上個(gè)世紀(jì)的最后十年和本世

40、紀(jì)初，全球高等教育的財(cái)務(wù)已經(jīng)發(fā)生了巨大的變化。這些財(cái)務(wù)變化反映了國(guó)際上高等教育領(lǐng)域的一個(gè)普遍現(xiàn)象，也就是高等教育的成本傾向于快速增加，且這一速度超過(guò)了可用收入等一些相關(guān)指標(biāo)的增力口，特別是那些依賴于稅收的收入。結(jié)果，高等教育財(cái)務(wù)的發(fā)展趨勢(shì)，己經(jīng)成為一個(gè)增長(zhǎng)性單元，或者，生均教育成本、上升的入學(xué)人數(shù)、發(fā)展的知識(shí)經(jīng)濟(jì)和附著于高等教育之上的額外期望，被視為是經(jīng)濟(jì)發(fā)展和個(gè)體改善的重要推動(dòng)力。政府或者公眾不作為；基于不斷升高的教育支出的壓力，收入

41、往往用以維持其增加的成本；</p><p>　　1.1財(cái)務(wù)指標(biāo)分析的對(duì)象</p><p>　　在對(duì)公司的財(cái)務(wù)報(bào)表進(jìn)行分析之前，首先需要明確分析對(duì)象?；贔raser和Ormiston(2004)的研究，根據(jù)財(cái)務(wù)報(bào)表的使用者視角和報(bào)表數(shù)據(jù)分析針對(duì)問(wèn)題的不同，分析對(duì)象的選取會(huì)隨之變化。</p><p>　　報(bào)表使用者視角主要包括債權(quán)人視角、投資人視角和管理者視角。每一個(gè)

42、利益相關(guān)者會(huì)有各自的關(guān)注之處需要得以解釋。例如，債權(quán)人通常關(guān)注債務(wù)人或潛在債務(wù)人的盈利能力和本金償付能力。而投資者通常試圖獲得公司未來(lái)收益流的估測(cè)，用以確定待籌或待沽證券的價(jià)值。最后，管理者角度的財(cái)務(wù)報(bào)表分析需要涵蓋債權(quán)人及投資人注的所有問(wèn)題，以便滿足各利益相關(guān)群體進(jìn)而獲得資本投資。 </p><p>　　Brigham和Houston(2009)指出，財(cái)務(wù)分析應(yīng)包括行業(yè)內(nèi)企業(yè)經(jīng)營(yíng)現(xiàn)狀的對(duì)比，以及公司財(cái)務(wù)趨

43、勢(shì)的預(yù)測(cè)。</p><p>　　財(cái)務(wù)報(bào)表分析的一項(xiàng)重要數(shù)據(jù)來(lái)源就是財(cái)務(wù)審計(jì)報(bào)表。通常，這些財(cái)務(wù)報(bào)表是上市公司年報(bào)一部分，用以上交管理機(jī)構(gòu)，如證券交易管理委員會(huì)和證券交易所，進(jìn)行審核。</p><p><b>　　1.2主要財(cái)務(wù)比率</b></p><p>　　財(cái)務(wù)報(bào)表分析中有五類比率。這些是: (1)流動(dòng)性比率，衡量公司在出現(xiàn)時(shí)滿足現(xiàn)金需求的能

44、力；(2)活動(dòng)比率，衡量特定資產(chǎn)的流動(dòng)性和資產(chǎn)管理效率；(3)杠桿比率，衡量公司以債務(wù)相對(duì)于股權(quán)融資的程度及其支付利息和其他固定費(fèi)用的能力；(4)利潤(rùn)率比率，衡量公司的總體業(yè)績(jī)及其管理資產(chǎn)、負(fù)債和股本的效率(Fraser &ormiston，2004年)；(5)市場(chǎng)價(jià)值比率，帶來(lái)股票價(jià)格，并提出投資者對(duì)公司及其未來(lái)前景的看法(Brigham & Houston,2009)。</p><p><

45、;b>　　2.研究框架</b></p><p>　　這項(xiàng)研究基于Brigham和Houston (2009)以及Fraser和Ormiston (2004)的混合框架 進(jìn)行財(cái)務(wù)指標(biāo)分析。所有有關(guān)框架均基于杜邦分析等式中不同指標(biāo)的相互作用。此項(xiàng)研究中 所用的財(cái)務(wù)指標(biāo)可分為五大類，對(duì)研究主體的分析均基于這些指標(biāo)，研究的預(yù)期成果由產(chǎn)業(yè)基準(zhǔn)數(shù)據(jù)衡量。</p><p><b&

46、gt;　　3.研究問(wèn)題和對(duì)象</b></p><p>　　本次研究基于各研究主體，即中央大學(xué)、遠(yuǎn)東大學(xué)和iPeople，Inc.公司（馬來(lái)亞大學(xué)），在2009、2010和2011年度的財(cái)務(wù)報(bào)表，對(duì)其財(cái)務(wù)指標(biāo)進(jìn)行比較分析。研究試圖解答：基于流動(dòng)比率、活動(dòng)比率、杠桿比率、收益率和市賬率，三家菲律賓教育機(jī)構(gòu)的名義收益率、產(chǎn)業(yè)指數(shù)和特性值是怎樣的？</p><p>　　另外，此項(xiàng)研究致

47、力于達(dá)到以下目標(biāo)：1.確定中央大學(xué)、遠(yuǎn)東大學(xué)和馬來(lái)亞大學(xué)的流動(dòng)比率、活動(dòng)比率、杠桿比率、收益率和市賬率；2.確定菲律賓教育機(jī)構(gòu)的名義收益率、產(chǎn)業(yè)指數(shù)和特性值。</p><p><b>　　4.研究方法</b></p><p>　　本論文在內(nèi)容和設(shè)計(jì)上既是探究性研究，也是量化研究。之所以是探究性的，是因?yàn)檠芯空呶丛诩撼霭嫖墨I(xiàn)中，發(fā)現(xiàn)關(guān)于教育行業(yè)使用財(cái)務(wù)指標(biāo)的標(biāo)準(zhǔn)、產(chǎn)業(yè)數(shù)

48、據(jù)和特性方面的討論。</p><p>　　之所以為量化研究，是因?yàn)槠淠康脑谟趶募菏占?、匯總和加工的財(cái)務(wù)數(shù)據(jù)中作出結(jié)論。在研究中，研究者從菲律賓證券交易所網(wǎng)站獲得中央大學(xué)、遠(yuǎn)東大學(xué)和馬來(lái)亞大學(xué)在三個(gè)時(shí)期(009,2010,2011)的審計(jì)后財(cái)務(wù)報(bào)告。這三個(gè)教育機(jī)構(gòu)是菲律賓證券交易所教育股下僅有的上市公司。財(cái)務(wù)指標(biāo)所需的財(cái)務(wù)信息就來(lái)自這些財(cái)務(wù)報(bào)告。這些信息通過(guò)總結(jié)加工后，成為分析環(huán)節(jié)用到的比較財(cái)務(wù)比率。為了提供分析基

49、礎(chǔ)，每個(gè)財(cái)務(wù)指標(biāo)中（用經(jīng)驗(yàn)法則和比率趨向）評(píng)定出的公司，最好的給3分，其次的給2分，最后的給1分。將每組指標(biāo)的總分相加后，得到用于分析的總基礎(chǔ)。</p><p>　　5.結(jié)果、分析和學(xué)習(xí)見解</p><p>　　論文的這部分是根據(jù)財(cái)務(wù)指標(biāo)的五個(gè)類別組成的。每個(gè)類別也討論了具體的指標(biāo)。假使馬來(lái)亞大學(xué)有一歷年，但這并不會(huì)對(duì)所算指標(biāo)的相對(duì)分析有重大影響。本部分最后還討論了演化而來(lái)的杜邦方程。&l