（为什么尽管收付实现制更加浅显易懂，财务报表却是以权责发生制而非收付实现制为基础编制？）
Because the accountant’s primary goal is to measure earnings , not cash generated. She sees earnings as a fundamental indicator of viability , not cash generation. A more balanced perspective is that over the long run successful companies must be both profitable and solvent , that is , they must be profitable and have cash in the bank to pay their bills when due, This means that you should pay attention to both earnings and cash flows.
（因为会计师的主要目的是计量利润，而非现金。会计师认为切实可行的衡量指标是利润，而不是产生的现金。从一个更为全面的角度看，就长期而言，成功的公司必定兼具盈利性和流动性，即，一方面有良好的盈利能力，另一方面债务到期时有足够的银行存款来偿还。因此，既要注重利润，也要关注现金流量。）
P52 问：Is ROE a Reliable Financial Yardstick?
（ROE是不是值得信赖的衡量指标？）
NO.ROE suffers from three critical deficiencies as a measure of financial performance,which I will refer to as the timing problem,the risk problem,and the
value problem.
（不是。作为财务业绩指标的ROE存在三个方面的不足，将其称为时效问题、风险问题和
价值问题。）
1、ROE is precisely the opposite:backward looking and focused on a single year.
（ROE反映的是过去并着眼于当个期间。）
2、ROE looks only at return while ignoring risk,it can be an inaccurate yardstick of financial performance.
（ROE注重收益而忽视风险，所以它作为财务业绩的衡量尺度可能不准确。）
3、ROE measures the return on shareholders’ investment;however,the investment figure used is the book value of shareholders’ equity,not the market value.
（ROE衡量股东的投资所取得的收益率，但是投资所使用的是股东权益的账面价值而非
市场价值。）
P55 问：Is earnings yield a useful measure of financial performance?
（盈利收益率是衡量财务业绩的有效尺度吗？）
No.The problem is that a company’s stock price is very sensitive to investor expectations about the future.
（不是。问题在于一个公司的股票价格对投资者的未来预期相当敏感。）
1、A bright future,a high stock price,and a low earnings yield go together.A high earnings yield is not an indicator of superior performance;in fact,it is more the reverse.
（美好的前景，高的股票价格和低的收益率相联系。高的盈利收益率不是公司业绩卓越的
指标，实际上恰恰相反。）
2、The earnings yield suffers from a severe timing problem of its own that invalidates it as a performance measure.
（它自身存在严重的时效问题，这使得它丧失了衡量业绩的功能。）
P126 问：What to Do When Actual Growth Exceeds Sustainable Growth?
（当实际增长超过可持续增长时怎么办？）
1、The first step is to determine how long the situation will continue.If the company reaches maturity , it can probably be solved by further borrowing.
（第一步是判断这种状况将要持续多久。假如公司接近成熟期，通过借款就可以解决。）
2、For longer-term sustainable growth problems:
（对于长期的可持续增长问题）
①Sell new equity （发售新股）
②Increase financial leverage （提高财务杠杆）
③Reduce the dividend payout （减少股利支付率）
④Prune away marginal activities （非核心业务的剥离）
⑤Outsource some or all of production （寻求外购）
⑥Increase prices （提高价格）
⑦Merge with a “cash cow” （兼并“现金牛”）
P133 问：What to Do When Sustainable Growth Exceeds Actual Growth?
（当可持续增长超过实际增长怎么办？）
1、If temporary,management can simply continue accumulating resources in anticipation of future growth.
（如果这种现象是暂时的，管理者应将多余的现金积累起来。）
2、When the difficulty is longer term,the issue becomes lack of growth is unique to the company，the management must look carefully at its own performance to identify and remove the internal constraints on company growth.
（如果困难是长期的，这个问题是企业自身的原因，管理者应检讨自身的经营方式，找出
内部妨碍企业快速增长的因素并予以消除。）
3、When a company is unable to generate sufficient growth from within,it has three options:ignore the problem,return the money to shareholders,or buy growth.
（当企业无法从内部挖掘增长的潜力时，有三种选择：忽视问题的存在，将多余资金回馈
给股东，购买增长。）
P217 问：What do these musings about the relative importance of taxes and financial distress costs imply about how to finance a business?
（关于税收和财务困境成本之间相对重要性的沉思暗示有关融资业务如何处理？）
1、The ability of the company to utilize additional interest tax shields over the life of the debt.
（公司在整个债务年限内利用税盾的能力。）
2、The increased probability of bankruptcy created by added leverage.
（由提高财务杠杆产生的新增的破产风险。）
3、The cost to the firm if bankruptcy occurs. （假如破产产生，它会给公司带来的成本。）
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