国际会计学翻译

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.