[雙語翻譯]外文翻譯--馬來西亞制造公司財務(wù)報表分析工具比較

1、2000 單詞， 單詞，1.1 萬英文字符，中文 萬英文字符，中文 3250 字文獻(xiàn)出處： 文獻(xiàn)出處：Malek A, Mohammadi M, Nasiri F. Comparison of Malaysia manufacturing companies by financial statement analysis tools[C]//Proceedings of: International Conference of Educ

2、ational Performance and Development. 2012, 1：89-94COMPARISON OF MALAYSIA MANUFACTURING COMPANIES BY FINANCIAL STATEMENT ANALYSIS TOOLSAfagh MALEK,Maryam MOHAMMADI,Fardokht NASSIRIAbstractOne of the best ways to get the e

3、xpected results from trading in the stock market is acquiring good evaluation of companies’ performance. Similarly, this study aims at comparing the financial performance of Lb Aluminium Berhad and Seal Incorporated Berh

4、ad manufacturing companies, which are listed in the main market of Malaysian stock exchange. The data were gathered from the annual reports of companies during last three years and analysed by financial statement analysi

5、s tools, which are financial ratio analysis and comparative financial statement analysis. The results of the study show that both companies had enough attractiveness for share traders, but the Lb Aluminium was more prefe

6、rred by management and investors, while the Seal Incorporated Berhad was performing better from competitors and creditors' points of view. The findings of the study will help companies to judge their present conditio

7、n and take decisions about their future steps while taking into consideration financial issues. In order to get a broader view and generalized idea about the financial issues of companies, the nature of business and indu

8、stry average should be taken into account. A survey based study is suggested to clarify whether market test or profitability ratios have more significant relationship with companies’ performance from share traders’ view

9、point.Keywords: financial statement analysis, stock market, industrial productsINTRODUCTIONIn today’s competitive world, many companies try to extend their business credit and attract more customers. This is significantl

10、y important for companies in the stock market since their performance has a great influence on investors’ decision as to buy shares from them.Abu Baker and Naser (2000) argued that investors view the annual report as the

11、 main source of corporate information in developing countries, and companies use it as a medium of disseminating information to external interested parties. Since the annual report reflects the commercial reality of the

12、company concerned and financial statement analysis could be beneficial for making informed decision regarding investment in stock market.The financial statement analysis can be considered as a method for evaluating the c

13、ompanies’ performance and verifying the companies’ proximity to ideal benchmark in particular in developing countries like Malaysia where the investments' level has an increasing trend.Similarly, the objective of thi

14、s study is evaluating the financial condition of two Malaysian Companies in order to determine the competent firm with respect to various perceptions.1. LITERATURE REVIEWThe financial education is vital for progress towa

15、rd proper utilization of cash and coping with budget deficits and constrains. This study critically reviewes the literature related to financial analysis as a consideration for investment; it also elaborates on importanc

16、e of financial statement analysis and its development.Chang and Most (1997) believed that financial statements analysis is mainly concerned with tries to categorize best-performing companies under different group (s) of

17、financial ratios in order to discern which company is more preferred by investors, money lenders and suppliers.Table 1. Summary of income statement analysis4.1. Income statement analysisTable 1 summarizes the most signif

18、icant changes related to horizontal and vertical analysis of companies’ income statement during the studied period.As it is shown in Table 1, the SIB’s net profit had an upward trend while LAB’s net profit decreased by t

19、he end of 2009, which leads to reduction of net profit.As a whole, in year 2009 although the sales volume for LAB registered a slight growth which was moderated by reduced selling prices owing to lower raw material costs

20、, profit before taxation saw a substantial decrease of 57.6 percentage to $3.0 million as a result of lower margins. The lower margins were due to an unexpected slump in aluminium prices brought about by the global finan

21、cial crisis which resulted in rising cost of sales by LAB for higher material and inventory costs.The vertical analysis of income statements showed that the high administrative expenses of SIB Company in 2008 led to loss

22、 rather than profit but, the considerable reduction of administrative expenses in 2009 and 2010 increased SIB’s profit consequently. Further, there was a low percentage of inventories to total assets on the income statem

23、ent of SIB during studied period. The inventories of SIB Company represented logs and are stated at cost. Although based on JIT principles which assert the expression of “only make what you can sell and not make what you

24、 will (or might) sell” [6] the zero inventory can be considered as an ideal situation, but in reality the unplanned customer orders will necessitate the existence of inventory.4.2. Balance sheet analysisThe balance sheet

25、s analysis clarified that the total assets of LAB Company were much more than SIB Company which is due to the nature of LAB business. LAB is a large manufacturer, who requires heavy investment in property, plant and equi

26、pment. This will justify the higher levels of debt financing requirement of LAB compare to SIB which is a diversified conglomerate of Timber lodging, Sawmilling Company and some service firms such as Property Management,

27、 Property Development and Trading.As another point at 2009 the Seal Company placed 1.61 million dollar with institutional Bond Company Factor Trend/Year Further PointsSIB1 Net Profit Increase/2009-2010 Decline in adminis

28、trative expensesLAB2 Profit before tax Decrease/2009Lower margin due to fall in Aluminium priceLAB Cost of Sale Increase/2009 Material and inventory costsSIB Inventory Decrease/2009-2010Beneficial based on JIT; disadvant