[雙語翻譯]外文翻譯--馬來西亞制造公司財務(wù)報表分析工具比較（英文）

1、Academica Science Journal Economica Series No. 1 (1) – 2012 ISSN: 2285 - 8067 Page 89 Copyright ? 2012 Academica Science Journal. All rights reserved. COMPARISON OF MALAYSIA MANUFACTURING COMPANIES BY FINANCIAL STATEME

2、NT ANALYSIS TOOLS Afagh MALEK, Universiti Teknologi Malaysia, 81310 Skudai, Johor Bahru, Malaysia. Maryam MOHAMMADI, Universiti Teknologi Malaysia, 81310 Skudai, Johor Bahru, Malaysia. Fardokht NASSIRI, Universiti Tekno

3、logi Malaysia, 81310 Skudai, Johor Bahru, Malaysia. Abstract: One of the best ways to get the expected results from trading in the stock market is acquiring good evaluation of companies’ performance. Similarly, this stu

4、dy aims at comparing the financial performance of Lb Aluminium Berhad and Seal Incorporated Berhad manufacturing companies, which are listed in the main market of Malaysian stock exchange. The data were gathered from

5、the annual reports of companies during last three years and analysed by financial statement analysis tools, which are financial ratio analysis and comparative financial statement analysis. The results of the study show

6、 that both companies had enough attractiveness for share traders, but the Lb Aluminium was more preferred by management and investors, while the Seal Incorporated Berhad was performing better from competitors and cred

7、itors' points of view. The findings of the study will help companies to judge their present condition and take decisions about their future steps while taking into consideration financial issues. In order to get a

8、broader view and generalized idea about the financial issues of companies, the nature of business and industry average should be taken into account. A survey based study is suggested to clarify whether market test or

9、profitability ratios have more significant relationship with companies’ performance from share traders’ view point. Keywords: financial statement analysis, stock market, industrial products INTRODUCTION In today’s compe

10、titive world, many companies try to extend their business credit and attract more customers. This is significantly important for companies in the stock market since their performance has a great influence on investors’

11、 decision as to buy shares from them. Abu Baker and Naser (2000) argued that investors view the annual report as the main source of corporate information in developing countries, and companies use it as a medium of dis

12、seminating information to external interested parties. Since the annual report reflects the commercial reality of the company concerned and financial statement analysis could be beneficial for making informed decision

13、regarding investment in stock market. The financial statement analysis can be considered as a method for evaluating the companies’ performance and verifying the companies’ proximity to ideal benchmark in particular in

14、 developing countries like Malaysia where the investments' level has an increasing trend. Academica Science Journal Economica Series No. 1 (1) – 2012 ISSN: 2285 - 8067 Page 91 Copyright ? 2012 Academica Science Jo

15、urnal. All rights reserved. 4. DATA COLLECTION AND ANALYSIS This section discusses the issues related to financial statement analysis of each company and tries to categorize best-performing companies under different gr

16、oup (s) of financial ratios in order to discern which company is more preferred by investors, money lenders and suppliers. 4.1. Income statement analysis Table 1 summarizes the most significant changes related to horizo

17、ntal and vertical analysis of companies’ income statement during the studied period. Table 1. Summary of income statement analysis 1 Seal Incorporated Berhad 2 Lb Aluminium Berhad As it is shown in Table 1, t

18、he SIB’s net profit had an upward trend while LAB’s net profit decreased by the end of 2009, which leads to reduction of net profit. As a whole, in year 2009 although the sales volume for LAB registered a slight growth

19、which was moderated by reduced selling prices owing to lower raw material costs, profit before taxation saw a substantial decrease of 57.6 percentage to $3.0 million as a result of lower margins. The lower margins were

20、 due to an unexpected slump in aluminium prices brought about by the global financial crisis which resulted in rising cost of sales by LAB for higher material and inventory costs. The vertical analysis of income state

21、ments showed that the high administrative expenses of SIB Company in 2008 led to loss rather than profit but, the considerable reduction of administrative expenses in 2009 and 2010 increased SIB’s profit consequently.

22、 Further, there was a low percentage of inventories to total assets on the income statement of SIB during studied period. The inventories of SIB Company represented logs and are stated at cost. Although based on JIT pr

23、inciples which assert the expression of “only make what you can sell and not make what you will (or might) sell” [6] the zero inventory can be considered as an ideal situation, but in reality the unplanned customer ord

24、ers will necessitate the existence of inventory. Company Factor Trend/Year Further Points SIB1 Net Profit Increase/2009-2010 Decline in administrative expenses LAB2 Profit before tax Decrease/2009 Lower marg