Analyzing Foreign Financial Statements: The Use and Misuse of International Ratio Analysis
Analyzing Foreign Financial Statements: The Use and Misuse of International Ratio Analysis
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分析外国财务报表：国际比率分析的使用和误用
DOI：
10.1057/palgrave.jibs.8490510
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发表时间：
1983
影响因子：
11.6
通讯作者：
Arthur I. Stonehill
中科院分区：
文献类型：
--
作者：
Frederick D. S. Choi;Hisaaki Hino;Sangkee Min;S. Nam;Junichi Ujiie;Arthur I. Stonehill
财务比率可能是衡量财务风险和回报的适当尺度，但在适用于外国公司时往往被滥用。这部分是由于国际会计原则之间存在可以解释的差异。然而，一个更严重的问题是，即使比率是基于美国公认会计原则，它们也会被误解，因为美国投资者不了解影响该环境中所有财务比率的特定外国环境。本文以日本和韩国为例，分析了国际比率分析的滥用问题，希望投资者、证券分析师、监管机构和国际业务研究人员能够更加意识到这一问题。
Financial ratios, which may be appropriate measures of financial risk and return, are often misused when applied to foreign companies. This is due partly to explainable differences in international accounting principles. A more serious problem, however, is that even when ratios are based on U.S. GAAP, they are misinterpreted because the U.S. investor does not understand a particular foreign environment that influences all financial ratios in that environment. Using Japan and Korea as country examples, this paper analyzes the problem of misuse of international ratio analysis with the hope that investors, security analysts, regulatory authorities, and international business researchers will become more aware of the pitfalls.