急!急!非常急!麻烦各位英语牛人帮忙啊!!!翻译下面这几段的会计类的英语,在线等,在线等,急用!
要求: 要比较专业的翻译,不要用机器翻译的,谢谢啦~~~~~~
THEORETICAL BACKGROUND
A wide range of prediction models can be found in literature review. These models use different approaches to evaluate company's performance and predict its failure. A brief chronological and methodological overview of the most important papers is presented below, describing researches that were pioneering (at least for the applied methodology) only at the time and those that are either still widely used or left a mark and provided incentives for other scientists.
The financial statements analysis dates to the 1920s, when F. Donaldson Brown joined Du Pont Company and in period from 1920 to 1924 developed a model for financial performance measurement. This deductive ratio, known as Du Pont Model analyzes the profitability of a company using traditional financial ratios. It integrates company's profitability and asset management, measuring its liquidity, leverage and efficiency. Return on investment is calculated by interacting different financial ratios from the aforementioned areas. The main strengths of Du Pont model are its simplicity and its linkage to compensation schemes. On the other hand, its main disadvantage is that is based on accounting numbers from balance sheet and income statement which are not reliable because of accrual concept. Du Pont Model remained the dominant form of financial analysis until the 1970s.
One of the first researches in the area of ratio analysis and bankruptcy prediction, applying statistical methods was conducted by Beaver (1967) in 1966. He applied univariate analysis, using each of 14 accounting ratios separately, and found the difference in financial ratios structure between failed and non-failed companies for as long as five years prior to failure. He concluded that the cash flow to debt ratio was the best single ratio predictor, with a 78% accuracy in predicting bankruptcy. Discussants criticized his model because of the statistical methods used. Altaian (Altaian and Hotchkiss, 2006) precluded this statistical limitation and applied multivariate discriminant analysis to construct his Z-score in 1968, probably the most famous model to the present day. The Zscore model claimed to predict bankruptcy correctly in 95% of the cases one year prior to defaulting, and in 83% of the cases two years in advance and rapidly decreased for longer time observations. However, in the 1980s the theorists, mainly econometricians, began to stress the statistical methodology applied as a major deficiency of the Zscore model. They claimed that linear discriminant analysis follows a normal distribution of financial ratios and equal structure of variance and covariance between paired good and bad companies, which is often not the case in practice.