财务报表分析的杠杆左右以及如何体现盈利性值比率-外文文献及翻译.docx

Financial Statement Analysis of Leverage and How It Informs About Profitability and Price-to-Book RatiosDORON NISSIM, STEPHEN H. PENMANABSTRACTThis paper presents a financial statement analysis that distinguishes leverage that arises infinancing activities from leverage that arises in operations. The analysis yields two leveraging equations,one for borrowing to finance operations and one for borrowing in the course of operations. Theseleveraging equations describe how the two types of leverage affect book rates of return on equity. Anempirical analysis shows that the financial statement analysis explains cross-sectional differences in currentand future rates of return as well as price-to-book ratios, which are based on expected rates of return onequity. The paper therefore concludes that balance sheet line items for operating liabilities are priceddifferently than those dealing with financingliabilities. Accordingly, financial statement analysis thatdistinguishes the two types of liabilities informs on future profitability and aids in the evaluation ofappropriate 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 financing activities: Firms borrow toraise cash for operations. This paper shows that, for the purposes of analyzingprofitability and valuing firms, two types of leverage are relevant, one indeed arisingfrom financing activities but another from operating activities. The paper supplies afinancial statement analysis of the two types of leverage that explains differences inshareholder profitability and price-to-book ratios.The standard measure of leverage is total liabilities to equity. However, whilesome liabilities—like bank loans and bonds issued—are due to financing, otherliabilities—like trade payables, deferred revenues, and pension liabilities—resultfrom transactions with suppliers, customers and employees in conducting operations.