财务报表分析毕业论文英文版

一、我国中小企业财务报告分析的现状 　　 　　我国中小企业财务报告分析主要是指标分析。基本财务指标主要是根据三张会计报表为依据，通过比率分析达到分析报表的目的。其指标包括盈利比率、偿债能力比率、资产管理比率。反映中小企业盈利能力的指标很多，通常使用的主要有销售净利率、销售毛利率、销售期间费用率、资产净利率、净资产收益率；偿债能力分析分为短期偿债能力和长期偿债能力，主要的指标有流动比率、速动比率、资产负债率、产权比率、利息保障倍数。资产管理比率是用来衡量中小企业在资产管理方面的效率的财务比率，主要包括营业周期、存货周转率、应收账款周转率、流动资产周转率和总资产周转率。现金流量分析有利于报表……First, the analysis of our financial reporting status of small and medium enterprises SMEs in China report analyzes the main indicators of financial Basic financial indicators are based mainly on three financial statements based on statements by ratio analysis to achieve the purpose of Their targets, including profitability ratios, solvency ratios, asset management SME profitability indicator reflects many commonly used are mainly sales of net profit margin, sales margin, sales expense ratio during the period, assets net profit margin, net capital gains rate; solvency analysis is divided into short-term liquidity and long-term debt capacity, the main indicators of the current ratio, quick ratio, asset-liability ratio, equity ratio, interest coverage Asset management ratio is used to measure the asset management of SMEs in the efficiency of financial ratios, mainly including the business cycle, inventory turnover, accounts receivable turnover, asset turnover and total asset turnover Of cash flow analysis is conducive to reporting

Fundamental analysis of a business involves analyzing its financial statements and health, its management and competitive advantages, and its competitors and The term is used to distinguish such analysis from other types of investment analysis, such as quantitative analysis and technical Fundamental analysis is performed on historical and present data, but with the goal of making financial There are several possible objectives: * to conduct a company stock valuation and predict its probable price evolution, * to make projection on its business performance, * to evaluate its management and make internal business decisions, * to calculate its credit Two analytical modelsWhen the objective of the analysis is to determine what stock to buy and at what price, there are two basic Fundamental analysis maintains that markets may misprice a security in the short run but that the "correct" price will eventually be Profits can be made by trading the mispriced security and then waiting for the market to recognize its "mistake" and reprice the Technical analysis maintains that all information is reflected already in the stock price, so fundamental analysis is a waste of Trends 'are your friend' and sentiment changes predate and predict trend Investors' emotional responses to price movements lead to recognizable price chart Technical analysis does not care what the 'value' of a stock Their price predictions are only extrapolations from historical price Investors can use both these different but somewhat complementary methods for stock Many fundamental investors use technicals for deciding entry and exit Many technical investors use fundamentals to limit their universe of possible stock to 'good' The choice of stock analysis is determined by the investor's belief in the different paradigms for "how the stock market works" See the discussions at efficient market hypothesis, random walk hypothesis, Capital Asset Pricing Model, Fed model Theory of Equity Valuation, Market-based valuation, and Behavioral Use by different portfolio stylesInvestors may use fundamental analysis within different portfolio management * Buy and hold investors believe that latching onto good businesses allows the investor's asset to grow with the Fundamental analysis lets them find 'good' companies, so they lower their risk and probability of wipe- * Managers may use fundamental analysis to correctly value 'good' and 'bad' Even 'bad' companies' stock goes up and down, creating opportunities for * Contrarian investors distinguish "in the short run, the market is a voting machine, not a weighing machine"[1] Fundamental analysis allows you to make your own decision on value, and ignore the * Value investors restrict their attention to under-valued companies, believing that 'it's hard to fall out of a ditch' The value comes from fundamental * Managers may use fundamental analysis to determine future growth rates for buying high priced growth * Managers may also include fundamental factors along with technical factors into computer models (quantitative analysis)Top-down and Bottom-upInvestors can use either a top-down or bottom-up * The top-down investor starts his analysis with global economics, including both international and national economic indicators, such as GDP growth rates, inflation, interest rates, exchange rates, productivity, and energy He narrows his search down to regional/industry analysis of total sales, price levels, the effects of competing products, foreign competition, and entry or exit from the Only then does he narrow his search to the best business in that * The bottom-up investor starts with specific businesses, regardless of their industry/ProceduresThe analysis of a business' health starts with financial statement analysis that includes It looks at dividends paid, operating cash flow, new equity issues and capital The earnings estimates and growth rate projections published widely by Thomson Financial and others can be considered either 'fundamental' (they are facts) or 'technical' (they are investor sentiment) based on your perception of their The determined growth rates (of income and cash) and risk levels (to determine the discount rate) are used in various valuation The foremost is the discounted cash flow model, which calculates the present value of the future * dividends received by the investor, along with the eventual sale (Gordon model) * earnings of the company, or * cash flows of the The simple model commonly used is the Price/Earnings Implicit in this model of a perpetual annuity (Time value of money) is that the 'flip' of the P/E is the discount rate appropriate to the risk of the The multiple accepted is adjusted for expected growth (that is not built into the model)Growth estimates are incorporated into the PEG ratio but the math does not hold up to [neutrality disputed] Its validity depends on the length of time you think the growth will Computer modelling of stock prices has now replaced much of the subjective interpretation of fundamental data (along with technical data) in the Since about year 2000, with the power of computers to crunch vast quantities of data, a new career has been At some funds (called Quant Funds) the manager's decisions have been replaced by proprietary mathematical [2]Criticisms * Some economists such as Burton Malkiel suggest that neither fundamental analysis nor technical analysis is useful in outperforming the markets[3]