財(cái)務(wù)報(bào)表分析外文文獻(xiàn)及翻譯

Review

of

accounting

Penman

leverage

leverage

leverage

well

therefore

differently

those

pro?tability

appropriate

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arising

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pro?tability

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pro?tability

price-to-book

leverage

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liabilities—like

issued—are

liabilities—like

revenues,

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value

there

differently

dollar

differently

dollar

value

equivalent

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value

value

different

different

investigates

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pro?tability

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speci?cations

value—

when

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leverage

leverage

contemporaneous

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pro?tability

leverage

higher

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higher

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higher

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price-to-book

consequence

value

forecasts—

leverage

expressions

leverage

pro?tability.

leverage

value

summarized

pro?tability

pro?tability,

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pro?tability

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Penman

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pro?tability

leverage

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pro?tability

pro?tability.

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＋financial

equipment)

—like

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assets－net

those

investment

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investment

business

reformulated

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income

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appropriate

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appropriately.

Penman

1963–1999

—much

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RNOA＋[FLEV×

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=net

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is

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leverage

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pro?tability

higher

investment

leverage

(OLLEV)

there

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presumably

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approximated

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we

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value

shareholders’

value

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hypothesized

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increase

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bankruptcy

introduces

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well

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comparative

these

characterized

pro?tability

having

more

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value

‘‘make

value

exchange

?rm’s

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employment

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presumably

value

leverage

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values

higher

leverage

pro?tability

increases

Feltham

Zhang

higher

values

leverage

leverage

pro?tability,

higher

ROCE

higher

pro?tability.

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higher

revenues,

increases

pro?tability:

increases

pro?tability:

expenses

higher

higher

value

value

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price-to-book

covers

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requirements:

was

was

value

million

averages

averages).These

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approximate

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value

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differently.

investigated

leverage

pro?tability

leverage

For

pro?tability,

demonstrates

different

pro?tability

differently

leverage

pro?tability

cross-section

pro?tability

pro?tability.

leverage

leverage

pro?tability

pro?tability.

revenues.

investigate

differing

circumstances;

‘‘market

會(huì)計(jì)研究綜述，2003,16(8):531-560前言

一、

杠桿作用的財(cái)務(wù)報(bào)表分析普通股產(chǎn)權(quán)資本收益率=綜合所得÷普通股本 （1）

普通股權(quán)=經(jīng)營資產(chǎn)＋金融負(fù)債－經(jīng)營負(fù)債－金融負(fù)債