【正文】 ad to important discoveries. Financial Risk Management Although financial risk has increased significantly in recent years,risk and risk management are not contemporary result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic is available instantaneously,which means that change,and subsequent market reactions,occur very economic climate and markets can be affected very quickly by changes in exchange rates,interest rates,and modity can rapidly bee problematic. As a result,it is important to ensure financial risks are identified and managed is a key ponent of risk management.What is Risk? Risk provides the basis for terms risk and exposure have subtle differences in their refers to the probability of loss,while exposure is the possibility of loss,although they are often used interchangeably. Risk arises as a result of exposure. Exposure to financial markets affects most organizations,either directly or an organization has financial market exposure,there is a possibility of loss but also an opportunity for gain or market exposure may provide strategic or petitive benefits. Risk is the likelihood of losses resulting from events such as changes in market prices. Event with a low probability of occrring,but that may result in a high loss, are particularly trouble some because they are often not another way,risk is the probable variability of returns. Since it is not always possible or desirable to eliminate risk,understanding it is an important step in determining how to manage exposures and risks forms the basis for an appropriate financial risk management strategy.Accrual liabilities may be based on contractual terms, but typically involve estimates. Pension liabilities, for example, are based on employment contracts but involve actuarial estimates. Deferred revenues may involve obligations to service customers, but also involve estimates that allocate revenues to periods. While contractual liabilities are typically carried on the balance sheet as an unbiased indication of the cash to be paid, accrual accounting estimates are not necessarily unbiased. Conservative accounting, for example, might overstate pension liabilities or defer more revenue than required by contracts with customers. Such biases presumably do not affect value, but they affect accounting rates of return and the pricing of the liabilities relative to their carrying value (the pricetobook ratio). The effect of accounting estimates on operating liability leverage is clear: Higher carrying values for operating liabilities result in higher leverage for a given level of operating assets. But the effect on pro?tability is also clear from leveraging equation (12): While conservative accounting for operating assets increases the ROOA, as modeled in Feltham and Ohlson (1995) and Zhang (2000), higher book values of operating liabilities lever up RNOA over ROOA. Indeed, conservative accounting for operating liabilities amounts to leverage of book rates of return. By leveraging equation (13), that leverage effect ?ows through to shareholder pro?tability, ROCE. And higher anticipated ROCE implies a higher pricetobook ratio.The potential bias in estimated operating liabilities has opposite effects on current and future pro?tability. For example, if a ?rm books higher deferred revenues, accrued expenses or other operating liabilities, and so increases its operating liability leverage, it reduces its current pro?tability: Current revenues must be lower or expenses higher. And, if a ?rm reports lower operating assets (by a write down of receivables, inventories or other assets, for example), and so increases operating liability leverage, it also reduces current pro?tability: Current expenses must be higher. But this application of accrual accounting affects future operating ine: All else constant, lower current ine implies higher future ine. Moreover, higher operating liabilities and lower operating assets amount to lower book value of equity. The lower book value is the base for the rate of return for the higher future ine. So the analysis of operating liabilities potentially identi?es part of the accrual reversal phenomenon documented by Sloan (1996) and interprets it as affecting leverage, forecasts of pro?tability, and pricetobook ratios. 財(cái)務(wù)報(bào)表分析,財(cái)務(wù)會(huì)計(jì)信息的使用。這表明,許多公司的流動(dòng)性在下降。當(dāng)前的比率相比,同一企業(yè)在不同時(shí)期,和與行業(yè)平均水平相比,將有助于確定高或低電流比干。流動(dòng)比率比營(yíng)運(yùn)資本企業(yè)短期償債能力的性能。兩家公司營(yíng)運(yùn)資本之間的比較是沒(méi)有意義的,因?yàn)檫@兩家公司不同的大小。比較當(dāng)前比率,分析師應(yīng)該計(jì)算應(yīng)收賬款周轉(zhuǎn)率和商品庫(kù)存周轉(zhuǎn)率。第三,酸性測(cè)試比率(速動(dòng)比率)流動(dòng)比率是流動(dòng)資產(chǎn)的流動(dòng)性狀況的評(píng)估和流動(dòng)負(fù)債。從流動(dòng)資產(chǎn)扣除存貨部分。存貨估價(jià),因?yàn)槌杀緮?shù)據(jù)可能與當(dāng)前價(jià)格水平差異……第六部分分析篩查程序?qū)徲?jì)標(biāo)準(zhǔn)描述23號(hào)。分析檢驗(yàn)程序可能導(dǎo)致一個(gè)特殊的審計(jì)程序,如:橫向的相同類(lèi)型的分析損益表顯示了一個(gè)項(xiàng)目,如在此期間銷(xiāo)售成本異常。這表明應(yīng)對(duì)應(yīng)收賬款的仔細(xì)分析?！诹糠址治龊Y查程序?qū)徲?jì)標(biāo)準(zhǔn)描述23號(hào)。分析檢驗(yàn)程序可能導(dǎo)致一個(gè)特殊的審計(jì)程序,如:橫向的相同類(lèi)型的分析損益表顯示了一個(gè)項(xiàng)目,如在此期間銷(xiāo)售成本異常。這表明應(yīng)對(duì)應(yīng)收賬款的仔細(xì)分析。 盡管近年來(lái)財(cái)務(wù)風(fēng)險(xiǎn)顯著增加,風(fēng)險(xiǎn)和風(fēng)險(xiǎn)管理不是當(dāng)代問(wèn)題。交易對(duì)手可以迅速成為問(wèn)題。條款和風(fēng)險(xiǎn)有細(xì)微的差別在他們的意義。當(dāng)一個(gè)組織金融市場(chǎng)的風(fēng)險(xiǎn),有可能損失也是一個(gè)收益或利潤(rùn)的機(jī)會(huì)。換句話(huà)說(shuō),風(fēng)險(xiǎn)是收益的可能的變化。例如養(yǎng)老金債務(wù),但涉及保險(xiǎn)精算估計(jì)