106中英文雙語公司企業財務報表分析的畢業設計外文文獻翻譯成品一家選定公司的財務分析

1、<p>　　此文檔是畢業設計外文翻譯成品（ 含英文原文+中文翻譯），無需調整復雜的格式！下載之后直接可用，方便快捷！本文價格不貴,也就幾十塊錢！</p><p>　　外文標題：FINANCIAL ANALYSIS OF A SELECTED COMPANY</p><p>　　外文作者：Du?an BARAN, Andrej PASTÝR, Daniela BARANO

2、VÁ</p><p>　　文獻出處:Research Papers Faculty of Materials Science and Technology Slovak University of Technology.2018, Volume 24, Issue 37, pp.73-92</p><p>　　英文5736單詞，中文8625漢字。</p><p

3、>　　本文是對某一公司的財務報表進行分析，包含了公司盈利能力分析、流動資金分析、償債能力分析、債務分析、運營資金分析等，比較詳細。</p><p>　　FINANCIAL ANALYSIS OF A SELECTED COMPANY</p><p>　　Abstract:The success of every business enterprise is directly rela

4、ted to the competencies of business management. The business enterprise can, as a result, create variations of how to approach the new complex and changing situations of success in the market. Therefore managers are tryi

5、ng during negative times to change their management approach, to ensure long-term and stable running of the business enterprise. They are forced to continuously maintain and obtain customers and suppliers. By imple</p

6、><p>　　Key words:Financial analysis, company, profit, activity, profitability, liquidity, indebtedness</p><p>　　INTRODUCTION</p><p>　　In a global market economy that is determined by i

7、ts constant uncertainty, the business enterprises are faced with demanding economic conditions. They are exposed to constant changes of environment as well as uncompromised pressure of competitors, who are trying every d

8、ay to increase the quality of their products and services and continuously to progress ahead. This fact results in a negative impact on the whole performance of the business subject.</p><p>　　The business su

9、bject, in order to be able to maintain a stable and competitive position on the market, to provide inputs for the management, to make important strategic decisions and to achieve their economic goals, is forced to consta

10、ntly analyse and monitor their financial situation with which appears towards financial subjects and the surrounding’s situation. A principal factor of effective financial management consist SLOVAK UNIVERSITY OF TECHNOLO

11、GY in Bratislava, s of financial situation kn</p><p><b>　　OBJECTIVE</b></p><p>　　The objective of this article is to provide basic knowledge about financial analysis ex-post and subs

12、equently to evaluate the business subject progress in an area of activity, liquidity profitability and indebtedness, to reveal strengths and opportunities that the business subject should rely on. Furthermore, it also ai

13、ms to determine weaknesses and threats that could lead them to difficult situations and based on the results to provide measures to improve the system of financial economic analys</p><p><b>　　METHODS&l

14、t;/b></p><p>　　In this article the basic scientific methods used were analysis, synthesis, induction, deduction and hypothesis creation. A synthesis of theory and knowledge will serve to obtain the theore

15、tical basis to meet the set objective. The analysis will focus on the financial statements of a public limited company which produces equipment and components for the mining, chemical and energy industries, as well as bo

16、at and marine components. From the results of the analysis, by induction, deduction and hyp</p><p>　　1.FINANCIAL ANALYSIS OF THE SELECTED COMPANY</p><p>　　The financial situation of the business

17、 subject is considered to be a complex output of their whole performance. This output is presented through the ratio indicators of activity, profitability, liquidity, indebtedness and market value. These indicators are b

18、ased on the synthetic indicators of financial accounting and they demonstrate the complexity of the business subject’s performance interpretation (Baran and Pastýr, 2014, 6).</p><p>　　1.1Financial analy

19、sis - Ex post</p><p>　　A financial situation analysis is the foundation of the company’s economic performance analysis and usually proceeds down to primary fields and results as effectivity, efficiency, prod

20、uction capacity utilisation, supplement management and the like. Financial analysis detects weaknesses and strengths of the company, is the tool of “health” diagnostics and provides essential information to business mana

21、gement and to owners (Vlachynský, 2009, 369).</p><p>　　Sedlá?ek understands the financial analysis of the company as a method of the company’s financial management evaluation, during which the data

22、 obtained is graded, aggregated and compared to each other. Furthermore, the relationships between them are quantified, looking for the causal connection between the data and their development is determined. This increas

23、es the explanatory power of data processing and its informative value. Thus it focuses on identifying problems, strengths, weaknesses and </p><p>　　The main purpose of financial analysis is to express assets

24、 and the financial position of the company and to prepare the inputs for internal management decision making. The complexity and continuous execution are the essential requirements of financial analysis (Hrdý, 2009,

25、 118).</p><p>　　The company’s financial situation is diverse and a multifaceted complex phenomenon; consequently this diversity is transferred also into the financial analysis process. The user of the financ

26、ial analysis results decides which indicator’s to select and the priority of utilisation of individual parts of the financial analysis according to demand and intention (Baran et. al, 2011).</p><p>　　Among p

27、rimary users of the financial analysis we might include various subjects mainly as owners, managers, employees, lenders (suppliers, banks), debtors (customers), institutions of state and public administration, external a

28、nalytics, media and etc (Baran, 2008).</p><p>　　The review of the company’s financial situation is declared by the system of financial indicators, which have to be in order and designed to reflect all the im

29、portant aspects of the financial situation. Therefore, for a description of the financial situation the ratio indicators are used. The ratio indicators enable a comparative analysis of the company with other companies or

30、 with indicators for the relevant area. The sum of ratio indicators we’ll present, can be considered as the sum of repres</p><p>　　In practice, the use of several basic indicators has been proven relevant wh

31、ich can be categorised into groups according to individual areas of management evaluation and the financial health of the company. Mostly these are groups of indicators such as debt, liquidity, profitability, activity, c

32、apital market indicators, as well as other indicators (Knapková, 2013, 84).</p><p>　　Based on the objectives that have been set within this article, we’ll provide more detail on the ratio indicators of

33、profitability and liquidity.</p><p>　　1.1.1Financial analysis - Indicators of activity</p><p>　　The activity indicators are used for business asset management, because they evaluate how effectiv

34、ely a business subject manages their assets. A business subject rates the commitment of individual items of the capital in certain forms of assets. If the business subject may have more assets than is appropriate, then u

35、nnecessary costs are incurred and the profit is adjusted. In contrast, if the business subject may have few assets the possible incomes may be lost (Baran, 2015).</p><p>　　When applying indicators of activit

36、y we see a problem in the work with flows and stocks. While the balance sheet represents assets and liabilities at a particular point in time, the profit and loss statement records the costs and revenues continuously ove

37、r the year. Therefore, when working with those indicators it is necessary due to the least possible deviation from the actual that the calculation shows the average of individual balance sheets items (Pastýr, 2014).

38、</p><p>　　The time of stock turnover testifies how many days does a stock turnover take. In other words, it indicates the time that is required for the transition of financial resources through production an

39、d products back into the form of money. The ideal situation is when the business subject over time shows a decreasing value of this indicator. A short time (time scale) is usually the expression of greater efficiency. Ho

40、wever, it is necessary to take into account the nature of the business. Alternative</p><p>　　The receivables turnover tells how long the business assets hang in the form of receivables or in how long time th

41、e receivables are paid on average. The recommended value is obviously the standard time period of invoices maturity, because most of the consigned products are invoiced and each invoice has its maturity. If the time peri

42、od of receivables turnover has been longer than the standard time period of invoices maturity that would mean failure to comply with the trade credit policy from busi</p><p>　　The maturity of short-term liab

43、ilities reflects the time of incurrence until its payment. This indicator should reach at least the values of receivables turnover maturity. The indicators of receivables turnover maturity and the liabilities turnover ma

44、turity are important for assessing the timing differences from the inception of receivables until their collections and from incurring of liabilities until the payment. This difference directly influences the business li

45、quidity. As far as the turnov</p><p>　　1.1.2Financial analysis - Indicators of profitability</p><p>　　The indicators of profitability, sometimes referred to as indicators of profit, return, prof

46、itability ratio, are designed as a ratio of the final effect achieved by business activity (output) to some comparative base (input) that can be on the side of assets as well as on the side of liabilities, or to another

47、base. These indicators display the positive or also negative influence on asset management, the business subject’s financing and liquidity on profitability (Kislingerová, 2007, 83).</p><p>　　All indicat

48、ors of profitability have a similar interpretation, because they specify how much EUR of revenues (the numerator) cases per 1 EUR of indicator mentioned in the denominator. Because there exists a multitude of profitabili

49、ty ratio indicators; we’ll address only those that are the most important. Altogether we’ll approach the explanatory power of selected and mentioned indicators. In this article we’ll mention the following, in practice mo

50、st frequently used indicators of profitability (B</p><p>　　A return on sales indicator explains to us, how is the business subject able to use inputs for their effective operations. The final value of this i

51、ndicator is directly influenced by the character of the business activity, price policy, production regulation, etc. A more accurate statement of this type of indicator provides us a ratio of partial results of the busin

52、ess subject’s management to their revenues (Baran, 2015).</p><p>　　The profitability indicator (return of income) of total capital compares the result of business activity with the volume of invested capital

53、 (Farka?ová, 2007, 42). This indicator specifies the assessment of total capital, the business subject has used for their activity. By assessment of the capital part of the equity, is a process of profit distributio

54、n after tax. It is possible for the business subject to execute the profit distribution after tax, but not until the general assembly approves th</p><p>　　- to increase capital,</p><p>　　- to su

55、bsidise funds from revenues,</p><p>　　- to retain the profit after tax undistributed or</p><p>　　- to repay dividends (in the case of plc).</p><p>　　1.1.3Financial analysis - Indica

56、tor of liquidity</p><p>　　Liquidity is a combination of all potential liquid resources that are available for the company to meet their payment obligations. According to professional literature solvency is d

57、efined as the readiness of the business subject to undertake payment of their obligations at the time of their reimbursement and therefore is one of the basic conditions of the company’s successful existence (Sedlá?

58、ek, 2009, 66).</p><p>　　We can conclude that there exists mutual conditioning of liquidity indicators and solvency. The condition of solvency is to attain that the business subject would have part of the ass

59、ets bonded to the available assets, which are disposable to obligations for reimbursement in the form of short-term financial assets- mostly bank accounts. Furthermore, we are able to conclude that the condition of solve

60、ncy is liquidity. The indicators of liquidity are put into the ratio: the individual short-term f</p><p>　　Liquidity of the 1st level shows, how many times the short-term financial assets (current assets) co

61、vers the short-term obligations of the business subject. This means, how many times is the business subject able to satisfy their lenders, if they would convert some of the short- term assets (current assets) items insta

62、ntly into available assets (Baran, 2015, 10).</p><p>　　For the success of the company it is essential to pay short-term obligations from those assets that are designated for this purpose (Valach, 1999, 109).

63、 The 1st level liquidity indicator has its meaning foremost for the lenders of business subject’s short-term obligations and provides information of the extent to which the short-term components of capital (borrowed capi

64、tal) covers the value of the asset, because lenders undertake some risk, which is, that their claim won’t be reimbursed. The hig</p><p>　　This characteristic is only really a rough sketch, because its explan

65、atory ability further depends on the current assets structure, liquidity of individual kinds of current assets and as well on the type of industry the company operates in (Valach, 1999, 109).</p><p>　　Curren

66、t assets includes the sum of current financial assets, short-term receivables and supplies. Permanent solvency is one of the basic conditions of the business subject’s successful existence within the market conditions. T

67、hus, the probability of its maintenance is a reasonable part of the global characteristic of the business subject’s financial health.</p><p>　　1.1.4Financial analysis - Horizontal liquidity</p><p&

68、gt;　　A very important task within liquidity analysis is horizontal liquidity. The horizontal liquidity examines the mutual context and relations among items of assets and items of capital in financial statements- the bal

69、ance sheet. The current assets of the business subject should be covered by short-term resources (Baran and Pastyr, 2014, 8).</p><p>　　1.1.4.1Golden statistic rule</p><p>　　Every kind of asset s

70、hould be financed by the source of the asset with the reimbursement period (liquidity) that corresponds to the period of effective use of relevant asset. This fact is considered as the basic finance management rule and i

71、s called the golden statistic rule (?losárová, 2006, 351).</p><p>　　The golden statistic rule requires that the source coverage of long-term assets (LA) is long- term sources coverage (LC). This me

72、ans that the financial resources won’t be available for shorter than the commitment of equity participation, for which this serves. A relationship between long-term assets and long- term sources can be in this case three

73、fold (Kotuli?, 2010):</p><p>　　??LC < LC, or LA – LC < 0 => company is pre-financed,</p><p>　　??LA > LC, or LA – LC > 0 => company is under-financed,</p><p>　　??LA

74、 = LC, or LA – LC = 0 => company assets are optimally financed.</p><p>　　Balance equilibrium, which has to be preserved in the balance sheet, results in these relationships having an effect on the current

75、 assets and its finance. The current assets (CA) should be covered mostly by current sources (CS). The difference between CA and CS is called a NET working capital</p><p>　　1.1.5Financial analysis - Indicato

76、rs of indebtedness</p><p>　　The term of indebtedness expresses the fact that the company finances their assets by foreign sources. By using foreign sources the company affects both the profitability of share

77、holders as well as the business risk. Today, it’s practically pointless for large sized companies to finance all their assets from equity or vice versa only from foreign capital. By using only equity would result in an o

78、verall return on invested capital reduction within the company. On the other hand, financing of all b</p><p>　　Although the theory of referred higher cost of equity compared to foreign capital is questionabl

79、e, at the present time of low interest rates it seems to be more advantageous to use ones own equity unless the company or shareholders have it at their disposal.</p><p>　　The indicator of total indebtedness

80、, which is expressed by the ratio of foreign sources to overall assets further expresses to what extent the assets of the company include foreign sources. The creditors do not prefer too high a proportion of debt. Rather

81、 they favour a lower proportion of debt. This gives them greater assurance that in the case of the company’s liquidation their receivables will be more likely satisfied. For the owners, the foreign sources are less expen

82、sive than their own and a</p><p>　　2.Result and discussion</p><p>　　In this chapter we interpret the financial-economic analysis of assets, liquidity, profitability and indebtedness, the golden

83、statistic rule or the net working capital in the specific example of the following business subject. The research consists of results from the calculations, graphs and following the course and trend evaluation of the mon

84、itored indicators. The data for financial-economic analysis has been derived from financial statements as the balance sheet, and profit and loss account. </p><p>　　2.1Activity indicators of the monitored bus

85、iness subject</p><p>　　In the next subchapter we’ll look how a business subject manages its assets and what is its effectiveness. The exact values of the analysed indicators and their development can be seen

86、 in Table 1 and Graph 1 (see Tab. 1 and Graph 1 below).</p><p>　　In graph 1, the activity indicators of the monitored business subject are graphically shown.</p><p>　　The values of assets turnov

87、er through the analysed period both increased and decreased. The highest value the company recorded in 2013 i.e. 1.44. The weakest asset use of the business subject has been reached in 2011 with the value 1.07. This resu

88、lt has been mostly affected by an item production in progress and semi-finished products with the value € 3,418,601, which entered in the following year the highest value € 20,425,932. With the decline of production in p

89、rogress also the profits decrease</p><p>　　The long-term asset turnover has the same development as total assets turnover, though the differences between the values are greater. Fixed assets had approximatel

90、y the same value, but is worth noting that in 2013 the value is € 8,719,077 and in 2014, the value is € 26,737,025. The difference between them was due to constructions and separate movable assets and sets of movable ass

91、ets, which grew from the merger of the analysed business subject with SAM by the E.S.C.B, Inc. Bratislava. The indic</p><p>　　The receivables and stock turnover time period show similar trends. The lowest va

92、lue was reached in 2013, when the short-term receivables collection period was 72.60 days and maturity of short-term liabilities was 82.89 days. In every reporting year we can see that the short-term receivables collecti

93、on had a lower value than the maturity of short-term liabilities. For the business subject this state is of a positive nature, because it expresses that the customers repay their debts before the bus</p><p>

94、　　2.2Profitability indicators of the monitored business subject</p><p>　　The indicators of profitability are designed as the business subject’s economic result rate (output) to a comparative item (input). Th

95、ese indicators tell us at what level is the business subject able to reach profit with the help of the capital used. In table 2 (see Tab. 2 below) the profitability indicators values are shown.</p><p>　　Acco

96、rding to the recommended range for engineering business subjects indicated by professional literature the values of the 1st level of liquidity should vary from 0.2 to 0.6. When looking at the table, it is visible that th

97、e values of the monitored business subject are generally much lower and they don’t reach the recommended value. This tells us about the business subject’s inability to instantly refund their short-term obligations. The l

98、owest rate that the indicator has registered was during </p><p>　　short-term obligations with their short-term receivables. Also in the case of a need to repay their short-term obligations the business subje

99、ct would have to proceed with a change of less liquid assets to more liquid assets. For the 3rd level of liquidity the business subject’s supplies were included. The recommended values should vary between 2 and 2.5. With