财务报表分析外文文献及翻译

1、Review of accounting studies,2003,16(8):531-560Financial Statement Analysis of Leverage and How It Informs About Protability and Price-to-Book RatiosDoron Nissim, Stephen. PenmanAbstractThis paper presents a nancial statement analysis that distinguishes leverage that arises in nancing activities from leverage that arises in operations. The analysis yields two leveraging equations, one for borrowing to nance operations and one for borrowing in the course of operations. These leveraging equations

2、describe how the two types of leverage affect book rates of return on equity. An empirical analysis shows that the nancial statement analysis explains cross-sectional differences in current and future rates of return as well as price-to-book ratios, which are based on expected rates of return on equity. The paper therefore concludes that balance sheet line items for operating liabilities are priced differently than those dealing with nancing liabilities. Accordingly, nancial statement analysis t

3、hat distinguishes the two types of liabilities informs on future protability and aids in the evaluation of appropriate price-to-book ratios.Keywords: financing leverage; operating liability leverage; rate of return on equity; price-to-book ratioLeverage is traditionally viewed as arising from nancing activities: Firms borrow to raise cash for operations. This paper shows that, for the purposes of analyzing protability and valuing rms, two types of leverage are relevant, one indeed arising from n

4、ancing activities but another from operating activities. The paper supplies a nancial statement analysis of the two types of leverage that explains differences in shareholder protability and price-to-book ratios.The standard measure of leverage is total liabilities to equity. However, while some liabilitieslike bank loans and bonds issuedare due to nancing, other liabilitieslike trade payables, deferred revenues, and pension liabilitiesresult from transactions with suppliers, customers and emplo

5、yees in conducting operations. Financing liabilities are typically traded in well-functioning capital markets where issuers are price takers. In contrast, rms are able to add value in operations because operations involve trading in input and output markets that are less perfect than capital markets. So, with equity valuation in mind, there are a priori reasons for viewing operating liabilities differently from liabilities that arise in nancing. Our research asks whether a dollar of operating li

6、abilities on the balance sheet is priced differently from a dollar of nancing liabilities. As operating and nancing liabilities are components of the book value of equity, the question is equivalent to asking whether price-to-book ratios depend on the composition of book values. The price-to-book ratio is determined by the expected rate of return on the book value so, if components of book value command different price premiums, they must imply different expected rates of return on book value. A

7、ccordingly, the paper also investigates whether the two types of liabilities are associated with differences in future book rates of return.Standard nancial statement analysis distinguishes shareholder protability that arises from operations from that which arises from borrowing to nance operations. So, return on assets is distinguished from return on equity, with the difference attributed to leverage. However, in the standard analysis, operating liabilities are not distinguished from nancing li

8、abilities. Therefore, to develop the specications for the empirical analysis, the paper presents a nancial statement analysis that identies the effects of operating and nancing liabilities on rates of return on book valueand so on price-to-book ratioswith explicit leveraging equations that explain when leverage from each type of liability is favorable or unfavorable.The empirical results in the paper show that nancial statement analysis that distinguishes leverage in operations from leverage in

9、nancing also distinguishes differences in contemporaneous and future protability among rms. Leverage from operating liabilities typically levers protability more than nancing leverage and has a higher frequency of favorable effects.Accordingly, for a given total leverage from both sources, rms with higher leverage from operations have higher price-to-book ratios, on average. Additionally, distinction between contractual and estimated operating liabilities explains further differences in rms protability and their price-to-book ratios.Our results are of consequence to an analyst who wishes to forecast earnings and book rates of return to value rms. Those forecastsand valuations derived from themdepend, we show, on the composition of liabilities. The nancial statement analysis of the paper, supported by the empirical results, shows how to exploit information in the balance sheet for forecasting and valuation.The paper p

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