财务报表分析 摘要翻译成英文. 不要网络的翻译啊..求帮忙啊....
With the development of market economy and the standardization of enterprise management,analysis of corporate financial statements becomes more and more important in Enterprise Financial Management. If companies want to discover financial problems and business issues in time ,it is demanded that we must make the right decision and judgments according to the data in the financial statements.when we analysize financial statements,we must use different analytical methods and financial data to find problem, then we could provide the right help for stakeholders.
Taking Qingdao Haier company for example in this paper, analysizing a financial statement, it isproposed some ideas about the factors affecting and the limitations to Financial statement analysis. 先翻到这儿吧,不急的话等等在帮你翻(非机器翻)。。。
请高手帮找一篇财务报表分析（financial statement analysis）的外文论文，并帮忙翻译一下，谢谢
Fundamental analysis of a business involves analyzing its financial statements and health, its management and competitive advantages, and its competitors and markets. The term is used to distinguish such analysis from other types of investment analysis, such as quantitative analysis and technical analysis.
Fundamental analysis is performed on historical and present data, but with the goal of making financial forecasts. 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 risk.
Two analytical models
When the objective of the analysis is to determine what stock to buy and at what price, there are two basic methodologies.
1. Fundamental analysis maintains that markets may misprice a security in the short run but that the "correct" price will eventually be reached. Profits can be made by trading the mispriced security and then waiting for the market to recognize its "mistake" and reprice the security.
1. Technical analysis maintains that all information is reflected already in the stock price, so fundamental analysis is a waste of time. Trends 'are your friend' and sentiment changes predate and predict trend changes. Investors' emotional responses to price movements lead to recognizable price chart patterns. Technical analysis does not care what the 'value' of a stock is. Their price predictions are only extrapolations from historical price patterns.
Investors can use both these different but somewhat complementary methods for stock picking. Many fundamental investors use technicals for deciding entry and exit points. Many technical investors use fundamentals to limit their universe of possible stock to 'good' companies.
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 finance.
Use by different portfolio styles
Investors may use fundamental analysis within different portfolio management styles.
* Buy and hold investors believe that latching onto good businesses allows the investor's asset to grow with the business. Fundamental analysis lets them find 'good' companies, so they lower their risk and probability of wipe-out.
* Managers may use fundamental analysis to correctly value 'good' and 'bad' companies. Even 'bad' companies' stock goes up and down, creating opportunities for profits.
* 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 market.
* 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 analysis.
* Managers may use fundamental analysis to determine future growth rates for buying high priced growth stocks.
* Managers may also include fundamental factors along with technical factors into computer models (quantitative analysis).
Top-down and Bottom-up
Investors can use either a top-down or bottom-up approach.
* 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 prices. 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 industry. Only then does he narrow his search to the best business in that area.
* The bottom-up investor starts with specific businesses, regardless of their industry/region.
Procedures
The analysis of a business' health starts with financial statement analysis that includes ratios. It looks at dividends paid, operating cash flow, new equity issues and capital financing. 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 validity.
The determined growth rates (of income and cash) and risk levels (to determine the discount rate) are used in various valuation models. 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 price. (Gordon model)
* earnings of the company, or
* cash flows of the company.
The simple model commonly used is the Price/Earnings ratio. 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 business. 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 analysis.[neutrality disputed] Its validity depends on the length of time you think the growth will continue.
Computer modelling of stock prices has now replaced much of the subjective interpretation of fundamental data (along with technical data) in the industry. Since about year 2000, with the power of computers to crunch vast quantities of data, a new career has been invented. At some funds (called Quant Funds) the manager's decisions have been replaced by proprietary mathematical models.[2]
Criticisms
* Some economists such as Burton Malkiel suggest that neither fundamental analysis nor technical analysis is useful in outperforming the markets[3]
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"上市公司财务报表分析"翻译成英文怎么翻?软件的不要,要专业点的..谢谢
subject:
中英文对照财务报表(含资产负债、利润表及分配表、现金流量表和多个成本费用表格).xls
请在邮箱附件中下载
麻烦英语好的帮我翻译这个论文摘要，拜托拜托！！！
摘要：对公司财务进行报告分析是会计工作的重要组成部分，也是让企业的投资者、经营管理者、员工、债权人、政府机构等各方相关利益者评估其财务状况，预测其未来发展趋势，从而进行相关决策，因此财务报表分析在现代企业管理中越来越重要。本文通过结合行业的特殊性和企业的背景分析山西太钢不锈钢股份有限公司的近三年财务报表，了解该企业近几年的财务状况以及分析其存在的问题，并提出相应的解决措施的建议，有利于了解今后不锈钢及相关产业的市场变化和发展趋势。
关键词：山西太钢不锈钢有限公司，财务报表分析，偿债能力，运营能力，盈利能力
翻译如下：
Reporting
analysis
of
corporate
finance
is
an
important
part
of
accounting
work.
it
is
also
an
important
part
for
investors,
managers,
employees,
creditors,
government
agencies
and
other
stakeholders
to
assess
their
financial
situation,
predict
their
future
development
trend,
and
then
make
relevant
decisions.
therefore,
financial
statement
analysis
is
more
and
more
important
in
modern
enterprise
management.
This
paper
analyzes
the
financial
statements
of
Shanxi
TISCO
stainless
steel
co.,
ltd
in
the
past
three
years
by
combining
the
particularity
of
the
industry
and
the
background
of
the
enterprise,
understands
the
financial
situation
of
the
enterprise
in
recent
years
and
analyzes
the
existing
problems,
and
puts
forward
the
corresponding
countermeasures,
which
is
conducive
to
understand
the
future
market
changes
and
development
trends
of
stainless
steel
and
related
industries.
Keywords:
Shanxi
TISCO
stainless
steel
co.,
ltd,
financial
statements
analysis,
solvency,
operational
capacity,
profitability