外文文献企业盈利能力分析

文献出处：

标题 : A ssessm ent of Financial R isk in Firm 's Profitability A nalysis作

者 : S olomon, Daniela C ristina; M untean, M ircea

出版物名称 :Economy Transdisciplinarity C ognition

卷 :15

期 :2

页 :58-67

页数 : 10

出版年份:2012

AssessmentofFinancialRiskinFirm'sProfitabilityAnalysis

Abstract:Inthecontextofglobalizationwearewitnessinganunprecedenteddiversificationofrisksituationsanduncertaintyinthebusi nessworld,thewholeexistenceofanorganizationbeingrelatedtorisk.Thenotionofriskis inextricably l inked to the return. R eturn includes ensuring remuneration of production factors and invested capital butalsoresourcesmanagementintermsofefficiencyandeffectiveness.Afullfinancialandeconomicdiagnosiscannotbe done w i thout reg a rd to the return-risk ratio.

S tock profitability analy s i s should not be dissociated from risk analy s i s tow hich the com pany i s subdued. Riskanaly sis i s useful in decision making concerning the use of economic-financial potential or investm ent decisions,indeveloping business plans, and a lso to inform partners about the enterprise's performa nce level.

Risktakesmanyform:,operationalrisk,financialriskandtotalrisk,riskofbankruptcy(otherriskcategories)eachinfluencingthebusin essactivityonagreaterorlesserextent.Financialriskanalysis,realizedwiththeuseofspecificindicators such as: financial leverag e , financial breakeven and leverag e ra tio ( C LF) accompany ing call to debt,presents a major interest to optim ize the financial s tructure and viability of any com pany operating under a genuine marketeconomy.

Keywords:riskanalysisfinancialrisk,financialleverage,breakevenpoint.Introduction

R i sk and return a re tw o interdependent aspects in the activity of a com pany , so the question i s assuming a certainlevel of risk to achieve the profitability that it a l low s. R eturn can only be assessed but on the basis of supported risk. Thisriskaffectseconomicassetreturnsfirst,andsecondlyofcapitalinvested.Thereforeitcanbeaddressedbothintermsofbusiness,as theorganizerofthe productionprocessdrivenbyintentiontoincreasepropertyownersandadequateremunerationofproductionfactorsandtheposition ofoutsidefinancialinvestors,interestedincarryingthebest investm ent, in financial market conditions w i th severalareas of return and different risk levels.

Risk assessment should consider managing change: people change, methods change, the risks change [1, 36]. Consequently,profitability is subjectto the generalconditionofriskwherethe organizationoperates.Risk takesm any forms, each a ffecting the ag ents' econom ic activity on a lesser or g reater ex tent. For econom ic andfinancialanaly sis a t the micro level presents a particular interest those form s of risk that can be influenced, in the senseofreduction,throughtheactionsandmeasurestheeconomicagentscanundergo.

1.. Financial R i sk in Economic Theory andPractice

Financial activity ,in i ts m any seg m ents is influenced by unex pectedly restrictive e lem ents as evolution,oftenunexpected, not depending directly on economic ag ents. Impact of variousfactors ( m a rket, competition, tim efactor,

inflation,exchangerates,interest,commissions,humanfactorsandnotleastthecompanyculture)oftenmakesfinancial decision become a decision underrisk.

Financial risk characterizes variability in net profit, under the company 'sfinancial structure. There a re nofinancialtemplatefeatures,eachbusinessactivityprintsitsownsignificantvariationsfromcasetocase.Inthecaseofretailers,"intangi bleassetsarelessimportant,butstocksaresignificant,andtheappealtocreditproviderisfrequentlyused,being very useful for treasury business" [ 2 , 40 ].

A n optim a l capital structure w i l l maximize enterprise value by balancing the deg ree of risk and ex pected returnrate. Managementoffinancialriskisanintegralpartofplanningandfinancialcontrol,submittedtostrategicandtacticaldecisionsforacontin uousadaptationtoinsideandoutsidecompanyconditions,constantlychanginganditrequires:

-identification of a reas that are prone to risk;

-l ikelihood estima tion of financial riskproduction;

-determining the independence relations betw een financial risk and other significant risks ( operational risk , marketrisk - interest rate fluctuations);

-delim i ta tion of risk and keeping i t under observation to stop or diminish ( minim ize) theeffect;

-identify causal factors for financial risk, in order to define potential adverse effects induced on the overall activityof the company;

-determiningtheriskasquantifiablesize,aswellastheeffectsassociatedtoriskoccurrence;

-determining the routes to follow and strateg ies to fit the company 's financial activity in an area of financialcertainty.

FinancialriskissuescanbefoundattheheartofRomanianaccountant'snormalizors.Accordingto the OMPF3055 /2 009 , the B oard m ust prepare for each financial y ear a report, called a M anag ers ' report, w hich mustinclude,besides an accurate presentation of development and performance of the entity 's activity and i ts financial position, a lso a description of main risks and uncertainties that i t faces.

Thus,Managersreportmustprovideinformationon:theobjectivesandpoliciesoftheentityconcerningfinancialrisk m anag ement, including i ts policy for risk covering for each major ty pe of forecasted transaction for w hich riskcoverageaccountingisused,andentity'sexposuretomarketrisk,creditrisk,liquidityriskandcashflow.

Requireddisclosuresprovideinformationtohelpusersoffinancialstatements inevaluating the risk financialinstrum ents, recog nized or not in balancesheet.

Themaincategoriesoffinancialrisksaffectingthecompany'sperformanceare[3]: 1 . M arket

risk that com prises three ty pes of risk:

0currencyrisk-

theriskthatthevalueofafinancialinstrument{FinancialinstrumentisdefinedaccordingOMFP3055/2009,Art.126,as:''...anycontract thatsimultaneouslygeneratesafinancialactiveforanentityandafinancialdebt or equity instrument for another entity ") w i l l fluctuate because of chang es in currency exchang e rates;thelow ering of ex chang e rate can lead to a loss of value of assets denominated in foreig n currency thus influencingbusiness performance;

0 fa i r value interest rate risk - the risk that the value of a financial instrument w i l l fluctuate due to chang es inmarketinterest rates;

0 price risk - the risk that the value of a financial instrum ent w i l l fluctuate as a result of chang ing market prices,even

i f these chang es are caused by factors specific to individual instruments or their i ssuer, or factors a ffecting a ll instrumentstradedinthemarket.Theterm"marketrisk"incorporatesnotonlythepotentiallossbutaswellthegain.

2.. C redit risk - the risk that a party of financial instrument w i l l not to com ply w i th the undertaking , causingtheother party a financialloss.

3.. Liquidity risk- ( a lso called funding risk) is risk that an entity meets in difficulties in procuring the necessaryfundstomeetcommitmentsrelatedtofinancialinstruments.Liquidityriskmayresultfromtheinabilitytoquicklyse l l a financial asset a t a value close to i ts fa i r value.

4..Interestrateriskfromcashflow-is theriskthatfuturecashflows will fluctuatebecauseofchangesinmarketinterestrates.Forexample,ifavariableratedebtinstruments,suchfluctuationsaretochangethee ffectiveinterest rate financial instrument, w i thout a corresponding chang e in its fa i r value.

Financial environment i s characterized by a hig h interest rate volatility , w hich translates in term s of riskandindiscriminateharmsthevalueandprofitabilityofanyenterprise[4,89].Interestrateriskonthebalancesheetis reflected by chang es in m arket value of an asset, as the present value of an asset i s determ ined by discountingcashflow s using interest rate or w eig hted averag e cost of capital [ 5 , 89 ].

2 .Financial R isk Assessment

Financialriskassessmentisperformedbyusingspecificindicatorssuchas:financialleverage,financialbreakevenand leverag e factor ( C L F) w hose values ex press fluctuations in net profit, under the company 's financialstructurechange.

Financial leverag eeffect

Financialriskorcapitalconcernsthecompany'sfinancialstructureanddependsonthemanneroffundingtheactivity: i f it is w holly financed by equity , i t w i l l not involve financial risk . This risk appears only if loan financingsourcesinvolving charg e topay interest and show s a direct influence on financial profitability ( of equity ) [ 6 , 170 ].

Debt, the size and cost drives the variability of results and autom a tica l l y chang es the financial risk. The size ofinfluenceoffinancialstructureonfirmperformancehasproducedfinancialleverageeffect,whichcanbedefinedasthemechanismt hroughwhichdebtaffectsreturnonequity,returnontheratioofbenefits(net income)andequity.

Betweeneconomicprofitabilityandfinancialreturnthereisatightcorrelation.Financialreturnisrootedineconomicreturns.Thediffe https://www.wendangku.net/doc/5b4786720.html,ually,onequaleconomicratereturn,financialprofita bilityratesvarydependingonfinancesource-fromownequityorborrowedcapital.

Ineconomictheorythelinkbetweenfinancialprofitabilityrate(Rf)andeconomicrateofreturn(Re)ishighlightedby the follow ingequation:

...

where: d = averag e interest rate; D= total debts; C pr = ow n equity;

...

Ifforcalculationofreturnratesprofittaxistakenintoaccount,therelationshipbecomes[6,170]: w here: i=the

taxrate....

W e can see the influence that financial structure, respective "all financial resources or capital composition thatfinancial manag er use to increase the needed funding " [ 7 , 36 ] , has on the overall profitability of the company . By reporting total debt ( D) to ow n equity ( C PR ) i s determined financial leverag e ( L F) ( or leverag e ratio) reflectingtheproportion of g rants to loans and g rants to i ts ow n resources. The report shouldnot ex ceed the value 2 ,otherw i sethedebtcapacityoftheenterpriseisconsideredsaturated,andborrowingabovethislimitleadtotheriskofinsolvency, both to the borrow er and the lender.

Thefinancialleverageeffect(ELF)resultsfromthedifferencebetweenfinancialandeconomicreturnand"expresses

theimpactofdebtontheentity'sequity,theratiobetweenexternalanddomesticfinancing(domesticresources)"[2,

40]thusreflectingtheinfluenceoffinancialstructureontheperformanceofanentity:

...

Depending or not on the consideration of income tax ,net or g ross ra tes of return can be measured, i.e . netorrawfinancial leverag e effect, as follows:

Debtisfavorablewhiletheinterestrateisinferiortotherateofeconomicprofitability,whichhasapositiveinfluenceon financial ra te of the company.

Financial leverag e i s even g reater as the difference betw een economic profitability and interest rate i s hig her, inthisrespectcanbeseenseveralcasespresentedinTable1.

Leverag e effect a l low s evolution stimulation for financial profitability according to the chang e in funding policyoftheenterprisebeinganimportantparameterforstrategicbusinessdecisions[8,164-165].

B ased on the balance sheet and profit and loss account of tw o studied companies' rates of return andfinancialleverag e a re determ ined, as presented in table no. 2.

From the analy sis of the data presented in Table 2 w e may see the follow ing conclusions:

1.. Economic and financial rates of return, in the caseof S .C . A L FA S.A . follows an upw a rd trend recentlyanalyzed aspect reflecting the increased efficiency in the use of equity capital invested, w hile for S .C . B ETA S.A. evolutionis a descendantone.

2.. R eturn on equity ( equity efficiency ) w as hig her than the ra te of economic profitability ( econom icefficiencyof assets, invested capital respectively ) throug hout the period under review follow ing a positivefinancialleverage (ELF>0)andhighereconomicefficiencycostofborrowing(Re>d).

3.. R educing financialleverag e for S .C . A L FA S.A . reducedthe favorable effect of the debt presenceonfinancialefficiencyrate,whichwasduetolowerweightratiooftotaldebtandequitygrowth.

4.. TotaldebtincreasedduringN-landN yearsforS.C. BETA S.A. resultedinincreasedfinancialleverage that potentiates financial return ahead as the economic ra te of return.

Theevolutionoftherelationshipbetweengrosseconomicreturn(Rebr)andgrossfinancialprofitability(Rfbr)forS .C . A L FA S .A .isg raphically presented in Fig ure 1 , and for S .C . B ETA S .A .inFig ure 2.

Analyzingtheevolutionoffinancialleverage(Figure3)onecanseethatriskcapitalisnotplacedataleveltoohigh, w hich m ig ht jeopardize the financial autonom y ofenterprises.

S ome financiers, as M odig l i ani and Fisher a rg ue that i t i s more advantag eous for the company to finance fromloansthan from equity [ 6 , 170 ] as the cost of borrow ed capital ( debt interest) i s a lw a y s deductible company 's tax , w hilethecostofequity(preservedbenefitsanddividends)isnottaxdeductibleforthecompany.Shareholderstendtofallintodebt to g et more tax sa ving ,in this w a y , "indebted enterprise va lue appears to be hig her than the company that i snotunderdebt"[7,36].

Financial breakevenreturn

Establishingthecompany'spositioninrelationtofinancialreturnbreakevenforfinancialriskanalysisisdeterminedtaking into account fix ed costs and fix ed financial costs, meaning interest ex penses. In this s ituation turnoveriscalculated corresponding to afinancial breakeven return or "financial standstill".

Breakeventhusdetermineddependsonfourfundamentalvariables[10]:

-three parameters that influence the stability results of operations:

*stability ofturnover;

*costsstructure;

*firm position in relation to i ts deadpoint;

-financialexpenseslevel,respectivethedebtpolicypracticedbythecompany.

Basedonthesevaluessafetyindicatorsorpositionindicatorsareestimated,presentedinTable3.where: C A

^tic= financialbreakeven;

C f = fix edexpenses;

C hfin = financial expenses

CV=variableexpenses; CA

=turnover;

R mcv = variable ex penses rate margin.

Financial risk deepens econom ic risk ( in addition to repa y ment of loans, interest costs need to be paid), andfinally g enerates a pay ment default of the company that can lead to bankruptcy risk [ 11 , 36 ].

Financialleverageratio(CLF)

Financial risk assessment and evaluation can be m ade based on financial leverag e factor ( C L F). It ex pressesthesensitivity of net income ( R net) to operating results variations ( R exp) and m easures the percentag e increase of netincom e inresponse to increase w i th one percentag e of results from operations. C alculation relationship is as follows:

...

respective:...

The C L F calculation takes into account only the current result and financial ex penses, only that correlate w i ththeoperation, w hich reduces net income relationship: R net = ( R ex p - C hfin) * ( ! -/)

Inthesecircumstances,financialleveragecoefficientgainsexpression:dc.\/. .viRexp

...CLF=RqxP

ItnotesthatthefinancialleverageratioisdirectlyproportionaltofinancialexpenseswhichincreasehigherthevalueofCLFandtherefor eincreaseinfinancialrisk.

Financialriskasmeasuredbyfinancialleverageratiomeetsvaryingdegreesdependingonknowingthecoefficientvalues from zero to infinity [ 6 , 170 ]:

B ased on profit and loss account of the tw o studied companies w e determinefinancial risk indicators presentedinTable no. 4.

It can be noticed that, based on the data in Table 4 ,the com panies have a com fortable s i tuation in term s of financialrisk,becausefinancialexpenseshaveinsignificantvalues,andinN-

2yeartheirabsenceallowedtoobtainafinancialleverageratioequalto1,companies'exposuretofinancialriskbeingminor.

Actualturnoverforthetwocompanieswereabovebreakevenfinancial(overcriticalturnover)intheanalyzedperiod,aspect w hich a l low ed the recording of safety m arg ins, safety spaces and positive efficiency g ains.

Graphical representation of comparative evolution of financial leverag e ratioi s sug g estively show n in Fig ure no. 4.

In the case of S .C . A L FA S .A .the entire period financial risk is minor due to low level of financial costs, thecompanypreferringtouseonlyitsownresourcestofinancetheactivity.Poorvaluesoffinancialleverageratio(very

closeto1)supportthepreviousstatements.

Greatest financial risk to which S .C . B ETA S.A . i s ex posed to i s manifested in financial y ear N, w hen the value of

coefficientCLFismaximum,respectively1,11047whichshowsincreasingdependenceofnetresultontheoperatingresult,andconseq uently,increasedfinancialriskduetothegapbetweentheindexandresultsofoperationsindexoffinancial ex penses ( l R ex p

Conclusions

Debthadapositiveeffectonfinancialprofitabilitymanifestedasa"financialleverage"(positiveleverage

effect).Extremelylowlevelofdebtandlowervalueoffinancialliabilitiesinferiortoownequitymakescompaniesnotriskyin term s of financial solvency . In this situation, for both com panies, i s m ore advantag eous to use the mediumandlong term loans to finance business, thus ensuring them an additional profit. U s ing debtshould be made w i thcautionin order not to l imit the financial independence of firm s and reduce additional debt opportunities in times of crisis.

A naly sis of financial risk and leverag e effect that accom pany the call to debt, presents a major interest to optim izethefinancialstructureandviabilityofanycompanyoperatingunderarealmarketeconomy.

Theuseofloanscanberiskyfortheentityanditsshareholders,butthismethodoffinancingbecomesadvantageousfor entity shareholders s imply because they are able to hold an asset more im porta nt than equity value, increasingtheir economic pow er. The financing of company ex pansion activity can be achieved by a s ig nificant increase inborrow ed capital provided economic returns exceed the averag e interestrate.

Company'sriskassessmentonthebasisofleveragecoefficientsisrequiredforthepredictedbehavioranalysisforestimating future results, w hich must be taken into account in decision m aking process.

References

[1]Morariu,A.,C recan?,C.,D.,(2009),''Internalaudit.Strategyinmanagementadvising",TheoreticalandAppliedEconomics - supplem ent, B ucharest, p. 36.

[ 2 ] M orariu, A ., C recan?, C ., D., ( 2009 ) , ''The im pact of economic performance on financial position",Financial A udit, no. 5 , The C hamber of Financial A uditors from R omania Publish house ( C A FR ) , B ucharest, p. 40 .

[3]OMFP,3055/2009,Art.306,al.(3).

[ 4 ] J offre, P., S im on, Z., ( 2007 ) , Ency c lopédie de g estion, Economie Publish house, Paris, 1989 , quoted by J ianu, L, p. 89.

[ 5 ] J ianu, I., ( 2007 ) , Evaluation, presentation and analy sis of enterprise's performance - A n approachfromInternational Financial R eporting S tandards, C EC C A R Publish house, B ucharest, p. 89.

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上市公司盈利能力分析外文文献

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客户盈利能力分析中英文对照外文翻译文献 客户盈利能力分析中英文对照外文翻译文献(文档含英文原文和中文翻译)

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在环境快速变化的情况下，这些变化给在欧盟的银行带来很大的挑战，因此影响了他们的效能。格林指出，充足的收益是必要的条件让银行保持偿付能力,在一个合适的环境生存、发展和繁荣。考虑到银行业的健康发展和经济知识增长，影响银行的盈利能力的潜在因素不仅和管理者有关，而且和众多利益相关者如中央银行,银行家协会、政府以及其他金融当局有关。 2 文献综述 参考文献与本文可分为三大类。第一部分是研究集中于银行的盈利能力的决定因素。第二部分包括研究欧洲银行的利润和成本效率。第三由研究比较国内外银行。在下面几个部分中,我们讨论这些类别中的每一个。 3 决定因素和变量选择 3．1 因变量 本研究使用平均资产回报率(ROAA)来评估银行的性能。ROAA是把净利润表示为一个百分比的平均总资产。它显示了每欧元资产获得的利润并指明如何有效的银行的资产去设法创造收益。平均资产是用来在会计年度中发现发现资产上的任何差异。Golin(2001)指出,平均资产回报率是衡量盈利能力的关键。 3．2 决定因素和独立变量 四个银行特征用作内部决定因素。这些都是银行的总资产、成本收入比、权益与资产比率和银行的贷款的比率除以客户和短期融资。此外,六个外部因素是用来检查环境的影响对银行的表现。

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学位论文原创性声明 本人郑重声明：所呈交的论文是本人在导师的指导下独立进行研究所取得的研究成果。除了文中特别加以标注引用的内容外，本论文不包含任何其他个人或集体已经发表或撰写的成果作品。对本文的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。本人完全意识到本声明的法律后果由本人承担。 作者签名：日期：年月日 学位论文版权使用授权书 本学位论文作者完全了解学校有关保留、使用学位论文的规定，同意学校保留并向国家有关部门或机构送交论文的复印件和电子版，允许论文被查阅和借阅。本人授权大学可以将本学位论文的全部或部分内容编入有关数据库进行检索，可以采用影印、缩印或扫描等复制手段保存和汇编本学位论文。 涉密论文按学校规定处理。 作者签名：日期：年月日 导师签名：日期：年月日

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目录 －、第一级标题............................................................... （一）第二级标题.......................................................... 1、第三级标题........................................................ （二）第二级标题.......................................................... 1、第三级标题......................................................... 二、第一级标题............................................................... （一）第二级标题.......................................................... 1、第三级标题........................................................ （二）第二级标题.......................................................... 1、第三级标题......................................................... 2、第三级标题......................................................... 附录 ......................................................................... 文献综述...................................................................... 参考文献...................................................................... 致谢 ......................................................................... 目录要求： 另起页。目录为五号宋体字；自动生成检索的目录。 一级标题格式：一、二、三、四、 二级标题格式：（一）（二）（三）（四） 三级标题格式：1、 2、 3、 4、 四级标题格式：（1）（2）（3）（4）

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