财务分析与证券定价(英文)chapter8

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1、Chapter8TheAnalysisoftheStatementofShareholders’EquityLinksChapter7gaveadesignforfinancialstatementsthatpreparesthemforanalysis.LinktoPreviousChapterThischapterreformulatesthestatementofowners’equityaccordingtothedesigninChapter7.Thereformulationhighlightscom

2、prehensiveincome.ThisChapterChapters9continuesthereformulationwiththebalancesheetandtheincomestatement.LinktoNextChapterLinktoWebPageHowisthestatementofowners’equityreformulatedtohighlighttheinformationitcontains?Howisdirty-surplusincometreatedinthereformulat

3、ion?Whatishiddendirty-surplusincome?WhatyouwilllearnfromthischapterHowstatementsofshareholders’equityarereformulatedtodistinguishcomprehensiveincomefromtransactionswithshareholdersHowdirty-surplusstatementsareplacedonaclean-surplusbasisTheratiosthatarecalcula

4、tedfromthereformulatedstatementofshareholders’equity.HowGAAPaccountingmissessomeofthevalueeffectsonshareholdersaltogether–socalledhiddendirtysurplusaccountingAccountingissuesthatarisewithrespecttostockcompensationandconvertiblesecuritiesStandardStatementofSha

5、reholders’EquityReformulatedStatementofStockholderEquityDirtySurplusAccountingintheUSAReformulation:VFCorporation,1998ReformulationforVFCorporation(continued)AFurtherExample:VFCorporation,1991-1994AnExample:VFCorporationRatioAnalysisPayoutandRetentionRatios

6、RatioAnalysis(continued)ShareholderProfitabilityRatioGrowthRatiosAHiddenDirtySurplusItemShareholderslosewhensharesareissuedatlessthanthemarketprice(e.g.exerciseofoptions)Thisloss,however,isnotrecordedasexpense.Whatisthenatureofthisloss?Ifoptionsarepartofacomp

7、ensationpackage,thislossisanemployeecompensationexpense.Iffromaconversionofabond,preferredstockorwarrants,thelossisafinancingexpense.Whatistheamountoftheloss?Marketprice-exerciseprice.Specialcase:optionsgrantedinthemoneyarerecordedasdeferredcompensationFASBSt

8、atementNo.123Statement123requiresanexpensetoberecognizedatoptiongrantdate,equaltothevalueoftheoptionthatdateAproformanetincome,includingtheexpense,isreportedinfootnotes.Theexpensecanberep