Quick tips to help you master the art of reading a financial statement
帮助您掌握阅读财务报表的技巧

 

Knowing how to work with the numbers in a company's financial statements is an essential skill for stock investors. The meaningful interpretation and analysis of balance sheets, income statements, and cash flow statements to discern a company's investment qualities is the basis for smart investment choices.

知道如何处理公司财务报表中的数字，是股票投资者的一项基本技能。对资产负债表、损益表和现金流量表进行有意义的解释和分析，以识别公司的投资质量，是明智投资选择的基础。

 

However, the diversity of financial reporting requires that we first become familiar with certain financial statement characteristics before focusing on individual corporate financials. In this article, we'll show you what the financial statements have to offer and how to use them to your advantage.
然而，财务报告的多样性要求我们关注个别公司的财务状况之前，要先熟悉某些财务报表特征。本文将向您展示财务报表须提供的信息，以及如何受益于这些信息。

 

KEY TAKEAWAYS
要点

·Understanding how to read a company's financial statements is a key skill for any investor wanting to make smart investment choices.
·对于任何想要做出明智投资选择的投资者来说，了解如何阅读公司的财务报表是一项关键技能。

·There are four sections to a company's financial statements: the balance sheet, the income statement, the cash flow statement, and the explanatory notes.
·公司的财务报表分为四个部分：资产负债表、损益表、现金流量表和附注。

·Prudent investors might also want to review a company's 10-K, which is the detailed financial report the company files with the U.S. Securities and Exchange Commission (SEC).
·审慎的投资者可能还想查看公司的10-K表。10-K表是公司向美国证券交易委员会（SEC）提交的详细财务报告。

·An investor should also review non-financial information that could impact a company's return, such as the state of the economy, the quality of the company's management, and the company's competitors.
·投资者还应审查可能影响公司回报的非财务信息，如经济状况、公司管理质量和公司竞争对手。

 

1. Financial Statement = Scorecard
1.财务报表=记分卡

There are millions of individual investors worldwide, and while a large percentage of these investors have chosen mutual funds as the vehicle of choice for their investing activities, many others are also investing directly in stocks. Prudent investing practices dictate that we seek out quality companies with strong balance sheets, solid earnings, and positive cash flows.
全球有数以百万计的个人投资者，虽然这些投资者中有很大一部分选择共同基金作为其投资活动的首选工具，但其他许多人也直接投资于股票。审慎的投资实践要求我们寻找资产负债表强劲、收益稳定、现金流正向的优质公司。

 

Whether you're a do-it-yourself investor or rely on guidance from an investment professional, learning certain fundamental financial statement analysis skills can be very useful. Almost 30 years ago, businessman Robert Follett wrote a book entitled How To Keep Score In Business. His principal point was that in business you keep score with dollars, and the scorecard is a financial statement. He recognized that "a lot of people don't understand keeping score in business. They get mixed up about profits, assets, cash flow, and return on investment."
无论是自行投资，还是依赖投资专业人士的指导，学习某些基本的财务报表分析技能都十分有益。大约30年前，商人罗伯特·福利特（Robert Follett）写了一本名为How To Keep Score In Business的书。他的主要观点是，在商业中，用美元记分，则记分卡就是一份财务报表。他认识到，“很多人不懂得在商业中记分。他们把利润、资产、现金流和投资回报搞混了。”

 

The same thing could be said today about a large portion of the investing public, especially when it comes to identifying investment values in financial statements. But don't let this intimidate you; it can be done.
今天，对于大部分投资公众来说，尤其是在财务报表中确定投资价值时，同样的话也适用。但不要让这件事吓到；这是可以克服的。

 

2. Financial Statements to Use
2. 使用财务报表

The financial statements used in investment analysis are the balance sheet, the income statement, and the cash flow statement with additional analysis of a company's shareholders' equity and retained earnings. Although the income statement and the balance sheet typically receive the majority of the attention from investors and analysts, it's important to include in your analysis the often overlooked cash flow statement.
投资分析中使用的财务报表包括资产负债表、损益表和现金流量表，以及对公司股东权益和留存收益的附加分析。虽然投资者和分析师大多关注损益表和资产负债表，但在分析中经常被忽视的现金流量表十分重要。

 

3. What's Behind the Numbers?
3.数字背后是什么？

The numbers in a company's financial statements reflect the company's business, products, services, and macro-fundamental events. These numbers and the financial ratios or indicators derived from them are easier to understand if you can visualize the underlying realities of the fundamentals driving the quantitative information. For example, before you start crunching numbers, it's critical to develop an understanding of what the company does, its products and/or services, and the industry in which it operates.
公司财务报表中的数字反映了公司的业务、产品、服务和宏观基本面事件。如果能直观地看到推动量化信息的基本面的基本现实，那么这些数字以及由此得出的财务比率或指标就更容易理解。例如，在开始计算处理之前，先了解公司的业务、产品和/或服务以及运营所在的行业至关重要。

 

4. Diversity of Reporting
4.报告的多样性

Don't expect financial statements to fit into a single mold. Many articles and books on financial statement analysis take a one-size-fits-all approach. Less-experienced investors might get lost when they encounter a presentation of accounts that falls outside the mainstream of a so-called "typical" company. Please remember that the diverse nature of business activities results in a diverse set of financial statement presentations. This is particularly true of the balance sheet; the income statement and cash flow statement are less susceptible to this phenomenon.
不要指望统一财务报表。许多关于财务报表分析的文章和书籍都采用一刀切的方法。当经验不足的投资者遇到一个不属于所谓“典型”公司主流账目时，可能会不知所措。请记住，业务活动的多样性导致了财务报表呈现的多样性。资产负债表尤其如此；但损益表和现金流量表受影响程度较小。

 

5. Understanding Financial Jargon
5.理解金融术语

The lack of any appreciable standardization of financial reporting terminology complicates the understanding of many financial statement account entries. This circumstance can be confusing for the beginning investor. There's little hope that things will change on this issue in the foreseeable future, but a good financial dictionary can help considerably.
财务报告术语缺乏明显的标准化，使得难以理解许多财务报表条目。初学者可能对此困惑不解。在可预见的未来，在这个问题上，基本不会有什么变化，但一本好的金融词典大有帮助。

 

6. Accounting: Art, Not Science
6.会计：技巧，而不是科学

The presentation of a company's financial position, as portrayed in its financial statements, is influenced by management's estimates and judgments. In the best of circumstances, management is scrupulously honest and candid, while the outside auditors are demanding, strict, and uncompromising. Whatever the case, the imprecision that can be inherently found in the accounting process means that the prudent investor should take an inquiring and skeptical approach toward financial statement analysis.
如财务报表所示，公司财务状况的列报受到管理层估计和判断的影响。在最好的情况下，管理层开诚布公，而外部审计师则要求严格、毫不妥协。无论如何，会计过程中固有的不精确性意味着审慎的投资者应该对财务报表分析采取询问和怀疑的态度。

 

7. Key Accounting Conventions
7.主要会计惯例

Generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS) are used to prepare financial statements. Both methods are legal in the United States, although GAAP is most commonly used. The main difference between the two methods is that GAAP is more "rules-based," while IFRS is more "principles-based." Both have different ways of reporting asset values, depreciation, and inventory, to name a few.
一般公认会计原则（GAAP）或国际财务报告准则（IFRS）用于编制财务报表。尽管GAAP最常用，但二者在美国都是合法方法。二者主要区别在于，GAAP更“基于规则”，而IFRS更“基于原则”。二者都有不同的方式报告资产价值、折旧和存货等。

 

8. Non-Financial Information
8.非财务信息

Information on the state of the economy, the industry, competitive considerations, market forces, technological change, the quality of management and the workforce are not directly reflected in a company's financial statements. Investors need to recognize that financial statement insights are but one piece, albeit an important one, of the larger investment puzzle.
有关经济状况、行业、竞争考因素、市场力量、技术变革、管理质量和劳动力的信息不会直接反映在公司的财务报表中。投资者需要认识到，对财务报表的洞察尽管很重要，但也只是投资难题中的一部分。

 

9. Financial Ratios and Indicators
9.财务比率和指标

The absolute numbers in financial statements are of little value for investment analysis unless these numbers are transformed into meaningful relationships to judge a company's financial performance and gauge its financial health. The resulting ratios and indicators must be viewed over extended periods to spot trends. Please beware that evaluative financial metrics can differ significantly by industry, company size, and stage of development.
财务报表中的绝对数字对投资分析的价值微乎其微，除非可以转化这些数字，来判断一家公司的财务业绩和衡量其财务状况。由此产生的比率和指标必须长期观察，以发现趋势。请注意，评估性财务指标可能因行业、公司规模和发展阶段而存在差异。

 

10. Notes to Financial Statements
10.财务报表附注

The financial statement numbers don't provide all of the disclosure required by regulatory authorities. Analysts and investors alike universally agree that a thorough understanding of the notes to financial statements is essential to properly evaluate a company's financial condition and performance. As noted by auditors on financial statements "the accompanying notes are an integral part of these financial statements." Please include a thorough review of the noted comments in your investment analysis.
财务报表数字并未提供监管机构要求的所有披露信息。分析师和投资者普遍认为，全面了解财务报表附注对于正确评估公司的财务状况和业绩至关重要。正如审计师在财务报表上所指出的，“随附附注是这些财务报表的组成部分。”请在投资分析中对附注进行全面审查。

 

11. The Annual Report/10-K
11.年度报告/10-K表

Prudent investors should only consider investing in companies with audited financial statements, which are a requirement for all publicly-traded companies. Perhaps even before digging into a company's financials, an investor should look at the company's annual report and the 10-K. Much of the annual report is based on the 10-K, but contains less information and is presented in a marketable document intended for an audience of shareholders. The 10-K is reported directly to the U.S. Securities and Exchange Commission or SEC and tends to contain more details than other reports.
审慎的投资者应只考虑投资有审计财务报表的公司，这是所有上市公司的要求。甚至在深入研究一家公司的财务状况之前，投资者应该先看看该公司的年度报告和10-K表。年度报告的大部分内容基于10-K表，但包含的信息较少，并以面向股东受众的有市场价值的文件形式呈现。10-K表直接向美国证券交易委员会（SEC）报告，并且往往比其他报告包含更多细节。

 

Included in the annual report is the auditor's report, which gives an auditor's opinion on how the accounting principles have been applied. A "clean opinion" provides you with a green light to proceed. Qualifying remarks may be benign or serious.

年度报告中包括审计师报告，该报告给出了审计师对如何应用会计原则的意见。“无保留意见”为投资助力。评析可能是温和的，也可能是严肃的。

 

12. Consolidated Statements
12.合并报表

Typically, the word "consolidated" appears in the title of a financial statement, as in a consolidated balance sheet. A consolidation of a parent company and its majority-owned (more than 50% ownership or "effective control") subsidiaries means that the combined activities of separate legal entities are expressed as one economic unit. The presumption is that consolidation as one entity is more meaningful than separate statements for different entities.
通常，“合并”一词出现在财务报表的标题中，如合并资产负债表中。母公司及其控股（超过50%的所有权或“有效控制”）子公司的合并意味着独立法人实体的合并活动被表示为一个经济实体。一个实体的合并报表比不同实体的独立报表更有意义。

 

By RICHARD LOTH Updated September 29, 2021
作者：RICHARD LOTH （更新于2021年9月29日）

Reviewed by MARGUERITA CHENG
审核：MARGUERITA CHENG

Fact checked by KATHARINE BEER
核实：KATHARINE BEER

 

英文来源：

https://www.investopedia.com/articles/basics/06/financialreporting.asp