译文（字数 3501）

财务报表分析

1.财务比率

我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。例如，只是知道史密斯公司在一个特定的日期中拥有10000美元的现金余额，对我们是没有多大价值的。但是，假如我们知道，这种余额在这种平衡中有4%的流动负债，而一年前的现金余额有25%的流动负债。由于银行家对公司通常要求现金余额保持在银行信用度的20%，不管使用或不使用，如果公司的财务状况出现问题，我们可以立即发现。 

我们可以对比比较财务报表中的项目，作出如下结论：

1. 项目之间的资产负债表比较： 

a）在资产负债表中的一个日期之间的比较，例如项目，现金与流动负债相比；

  b）同一项目在资产负债表中一个日期与另一个日期之间的比较，例如，现在的现金与一年前比较； 

c）比较两个项目之间在资产负债表中一个日期和一个相似比率在资产负债表中的另一个日期的比率，例如，现在现金流动负债的比率与另一个项目一年前的相似比率和已经标记的现金状况趋势的比较。 

2．项目报表中收入和支出的比较：

a）一定时期中的报表项目的比较； 

b）同一项目在报表中现阶段与上个阶段的比较；

c）报表中项目之间的比率与去年相似比率的比较； 

3．资产负债表中的项目与报表中收入和支出项目的比较： 

a）在这些报表项目之间的一个给定的时间内，例如，今年净利润可能以百分比计算今年净值； 

b）两个报表中项目之间的比率在这几年时间的比较，例如，净利润的比率占今年净值的百分比与去年或者前年的相似比率的比较 

外文原文（字符数 11094）

ANALYSIS OF FINANCIAL  STATEMENTS

A.The Financial Ratios

We need to use financial ratios in analyzing financial statements.—— The analysis of comparative financial statements cannot be made really effective unless it takes the form of a study of relationships between items in the statements. It is of little value, for example, to know that, on a given date, the Smith Company has a cash balance of $1oooo. But suppose we know that this balance is only -IV per cent of all current liabilities whereas a year ago cash was 25 per cent of all current liabilities. Since the bankers for the company usually require a cash balance against bank lines, used or unused, of 20  per cent, we can see at once that the firm's cash condition is exhibiting a questionable tendency.  

We may make comparisons between items in  the comparative financial statements as follows:  

1. Between items in the comparative  balance sheet  

a) Between items in the balance sheet for one date, e.g., cash may be compared  with current liabilities  

b) Between an item in the balance sheet for one date and the same item in the balance sheet for another date, e.g., cash today may be compared with cash a year ago  

c) Of ratios, or mathematical proportions, between two items in the balance sheet for one date and a like ratio in the balance sheet for another date, e.g., the ratio of cash to current liabilities  today may be compared  with a like ratio a year ago and the trend of cash condition noted  

2. Between items in the comparative  statement of income  and expense  

a) Between items in the statement for a given period  

b) Between one item in this period's statement and the same item in last period's statement  

c) Of ratios between items in this period's statement and similar ratios

in last period's statement