通过分析财务数据来衡量企业的经营状况和生存能力外文翻译（可编辑）.docVIP

通过分析财务数据来衡量企业的经营状况和生存能力外文翻译 analyzing financial data to measure the health and survivability of a firm Material Source:Analyzing Financial Statements Author:Eric Suppose you are considering an investment in Compaq Computer Corporationpetitors in the computer industry include Dell,,Gateway, and Apple.You may decide to ignore IBM and Hewlett-Packard,which also make personal computers,because they are in too many other businesses as well. they are not “pure plays.” After obtaining financial statement from the different firms,the next step is to analyze them to learn about the operations and performance.Cross-sectional analysis is the basic approach used to assess a company in comparison with its competitors. First,identify the important drivers of stock-price appreciation in the industry.Sales growth-the percentage change in sales from one period to another-is probably the most important.If the financial reports break down revenue by segments like hardware,software,and services,you can compare the relative proportions among the competitors,Or you can use the footnotes to evaluate which firms will reap greater benefits from foreign investments,if you suspect their overseas markets are growing faster than the domestic market Profitability is also an important factor.To evaluate it,prepare common-size statements by dividing each income statement line by revenue.Each item is thus expressed as a percentage of Revenue. Earnings as a percentage of sales is a common profitability measure. Profitability Earnings/Sales is multiplied by TurnoverSales/Assets.The result is a measure of how much profit is earned on the asset base.One company may generate more revenue per dollar of investment.This could occur because of greater manufacturing productivity,extensive outsourcing,leased rather than purchased equipment,or tighter control of inventory. If two firms’ profitability ratios are the same,than thhe company with higher turnover will have a larger return on its a