国际会计学答案

第9章讨论问题1a.商业战略分析困难跨境业务战略分析：确定关键的利润驱动程序和商业风险在两个或两个以上国家可以十分艰巨。商业和法律环境和企业的目标各不相同世界各地。许多风险（如监管风险，外汇风险，信用风险）需要进行评估，并汇集了一致。在一些国家，信息来源有限，可能不准确。b.会计分析会计难点分析：有两个问题是十分重要的。首先是跨国家的变化会计计量的质量，披露质量和审计质量。民族特点，造成这种变化包括需要和普遍接受的做法，监测和执法，并在管理范围内的自由裁量权的财务报告。第二个问题涉及难以获得必要的信息，进行会计分析。该级别的可信度和严谨的财务报告在英美国家一般远远高于其他地方发现。事实上，财务报告的质量更是出奇地低，发达国家和新兴市场国家。c.财务分析（比率分析和现金流量分析）困难的财务分析：大量证据显示大量的跨国家的分歧在盈利能力，充分利用，以及其他财务报表的比率和数量所造成的会计和非会计因素的影响。不同的财务报表项目所造成的民族差异的会计原则可能很大，和不可预测的数额。即使在财务报表的数额是合理的可比性，解释这些款项必须考虑跨国家的分歧在经济，竞争和其他条件。d.前瞻性分析（预测和估价）难点前景分析：汇率波动，会计的差异，不同的商业惯例和习俗，资本市场的差异，以及许多其他因素具有重大国际影响的预测和估价。应用价格倍数在跨边界设置要求，每一个决定因素多，而且原因各不相同的倍数各地企业，进行彻底的理解。全国不同的会计原则是一个来源的跨国家这些变化的比率。最后，所有4个阶段的业务分析可能受影响的：i.获取信息，ii. 及时的信息iii. 外汇问题iv. 不同的财务报表格式 v. 语言和术语的障碍。3信息无障碍环境是一个重要的条件，一个有效的资本市场，就是信息必须迅速分析，并提供给投资者能够采取行动。在美国和其他基础广泛的金融市场，整个行业专门从事信息分析和传播制定。类似的投资分析服务，在许多非美国的资本市场是在较早的发展阶段。

我们学的是弗雷德里克.D.S.乔伊编著的《国际会计学》第五版（东北财经大学出版社），老师给了自己做的课后的讨论题和习题的英文版的答案，我想请大家帮忙翻译成中文版的，谢谢啦！下面附上中文题目和老师给的英文答案。 CHAPTER 9 Discussion Questions 1.使用财务报表进行经营分析的4个步骤是什么？为什么在每个步骤中，国际背景下的分析要比对单个国家的分析更困难？ 答： a. Business strategy analysis Difficulties in cross-border business strategy analysis: Identifying key profit drivers and business risk in two or more countries can be daunting. Business and legal environments and corporate objectives vary around the world. Many risks (such as regulatory risk, foreign exchange risk, and credit risk) need to be evaluated and brought together coherently. In some countries, sources of information are limited and may not be accurate. b. Accounting analysis Difficulties in accounting analysis: Two issues are important here. The first is cross-country variation in accounting measurement quality, disclosure quality, and audit quality. National characteristics that cause this variation include required and generally accepted practices, monitoring and enforcement, and extent in managerial discretion in financial reporting. The second issue concerns the difficulty in obtaining information needed to conduct accounting analysis. The level of credibility and rigor of financial reporting in Anglo-American countries generally is much higher than that found elsewhere. In fact, financial reporting quality can be surprisingly low in both developed and emerging-market countries. c. Financial analysis (ratio analysis and cash flow analysis) Difficulties in financial analysis: Extensive evidence reveals substantial cross-country differences in profitability, leverage, and other financial statement ratios and amounts that result from both accounting and non-accounting factors. Differences in financial statement items caused by national differences in accounting principles can be significant, and unpredictable in amount. Even after financial statement amounts are made reasonably comparable, interpretation of those amounts must consider cross-country differences in economic, competitive, and other conditions. d Prospective analysis (forecasting and valuation) Difficulties in prospective analysis: Exchange rate fluctuations, accounting differences, different business practices and customs, capital market differences, and many other factors have major effects on international forecasting and valuation. Application of price multiples in a cross-border setting requires that the determinants of each multiple, and reasons why multiples vary across firms, be thoroughly understood. National differences in accounting principles are one source of cross-country variations in these ratios.问题补充：这段续上：Finally, all four stages of business analysis may be affected by: i. information access, ii. timeliness of information iii. foreign currency issues iv. differences in financial statement formats v. language and terminology barriers. 3.对流行的有效市场假说的一个解释是，信息一旦公开，市场对此就会充分地加以反映。因此，利用可以公开获得的信息（如公司公布的账目）进行基本财务分析，绝不可能打败市场。为什么这一假说在美国可能比在其它国际资本市场更能站得住脚？ 答： Information accessibility is a major condition for an efficient capital market, that is, information must be rapidly analyzed and made available to investors capable of acting on it. In the United States and other broadly-based financial markets, a whole industry specializing in information analysis and dissemination has developed. Similar investment analysis services in many non-U.S. capital markets are at an earlier stage of development.

弱弱的问一句，你能给我这本书的答案吗~~我们要考试~~~