通過分析財務(wù)數(shù)據(jù)來衡量企業(yè)的經(jīng)營狀況和生存能力[外文翻譯]

1、外文翻譯analyzingfinancialdatatomeasurethehealthsurvivabilityofafirmMaterialSource:AnalyzingFinancialStatementsAuth:EricSupposeyouareconsideringaninvestmentinCompaqComputerpetitsinthecomputerindustryincludeDellGatewayApple.Y

2、oumaydecidetoigneIBMHewlettPackardwhichalsomakepersonalcomputersbecausetheyareintoomanyotherbusinessesaswell.theyarenot“pureplays.”Afterobtainingfinancialstatementfromthedifferentfirmsthenextstepistoanalyzethemtolearnabo

3、uttheoperationsperfmance.Crosssectionalanalysisisthebasicapproachusedtoassessacompanyincomparisonwithitscompetits.Firstidentifytheimptantdriversofstockpriceappreciationintheindustry.Salesgrowththepercentagechangeinsalesf

4、romoneperiodtoanotherisprobablythemostimptant.Ifthefinancialreptsbreakdownrevenuebysegmentslikehardwaresoftwareservicesyoucancomparetherelativeproptionsamongthecompetitsyoucanusethefootnotestoevaluatewhichfirmswillreapgr

5、eaterbenefitsfromfeigninvestmentsifyoususpecttheiroverseasmarketsaregrowingfasterthanthedomesticmarket.Profitabilityisalsoanimptantfact.Toevaluateitpreparecommonsizestatementsbydividingeachincomestatementlinebyrevenue.Ea

6、chitemisthusexpressedasapercentageofRevenue.Earningsasapercentageofsalesisacommonprofitabilitymeasure.Profitability(EarningsSales)ismultipliedbyTurnover(SalesAssets).Theresultisameasureofhowmuchprofitisearnedontheassetba

7、se.Onecompanymaygeneratemerevenueperdollarofinvestment.Thiscouldoccurbecauseofgreatermanufacturingproductivityextensiveoutsourcingleasedratherthanpurchasedequipmenttightercontrolofinventy.Iftwofirms’profitabilityratiosar

8、ethesamethanthhecompanywithhigherturnoverwillhavealargerreturnonitsassetbase.Thedupontapproachcapturestheseeffects.Ifacompanyisabletoearnahigherreturnonassetsthanitsbrowingcostitsstockholderswillenjoythisextramargin.Thed

9、ifferentialreturnincreasesreturnonexperiencesproblemsrepayingitsdebtcreditswilllooktothedebt’sassets.Perhapesthebulkofassetvalueistiedupinplantpropertyequipment.Thesemaybehighlyspecializedpropertiesdifficulttosell.Inanye

10、ventasalecouldtakesometimeevenifthepropertywereofferedatadistressprice.Theassetsarethusilliquid.Incontrastafirm’smarketablesecuritiescanbesoldquicklytoraisecashgenerallyatcurrentmarketpricelevels.Thesecuritiesaresaidtobe

11、liquid.Intheirabilitytogeneratereadycashmostassetsfallsomewherebetweenthetwoextremes.Fromtheshareholder’sstpointadequateliquidityallowsafirmtocopewithunanticipatedsituations.Favableopptunitiesmightrequireextracashtoinves

12、tinamarketingcampaigntofinancethedemsofasharpincreaseinsales.Adverseconditionstendtoconsumecashsothatliquidresourcesbuythecompany’sexecutivestimetorespon.Furthermanylargecompaniesseektomaintaintheirlevelofdividendstoshar

13、eholdersregardlessoftemparydownturns.Sufficientliquidityreadyaccesstobrowedfundsprovidesthemeanstocontinuesuchapolicy.Twomeasuresofliquidityarewkingcapitalthecurrentratio.Subtractingcurrentliabilitiesfromcurrentassetsyie

14、ldswkingcapital(CACL).Thisindicatesliquiditybymeasuringcashonhcashgeneratedbyaccountsreceivableinventyturnoverthatcouldbeusedtosatisfycurrentliabilities.Thecurrentratioderivedbydividingcurrentassetsbycurrentliabilities(C

15、ACL)isasecondmeasureofliquidity.Thecurrentratiocanbemodifiedintothequickacidtestratio.Thequickratioincludesonlythosecurrentassetsthatcanbesoldquickly.Typicallyinventyprepaidexpenseareexcluded(althoughsomeinventiessuchasp

16、reciousmetalcommoditieshaveareadymarketmaybeincluded)theremainingamountofcurrentassetsisdividedbycurrentliabilities.Thesearejustsomeofthetoolsusefulfassessingfinancialstatements.Theyallarehelpfulinusingfinancialdatatoana