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ID:55787903
大小:1.18 MB
页数:25页
时间:2020-06-02
《财务报表分析与证券估值全套配套课件英文PPT中文PPT案例教学建议Chap020.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、ChapterTwentyMcGraw-Hill/IrwinCopyright©2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Chapter20Preparedby:StephenH.Penman–ColumbiaUniversityWithcontributionsbyNirYehuda–NorthwesternUniversityMingcherngDeng–UniversityofMinnesotaPeterD.EastonandGreg
2、oryA.Sommers–NotreDameandSouthernMethodistUniversitiesLuisPalencia–UniversityofNavarra,IESEBusinessSchool20-2TheAnalysisofCreditRiskandReturnWhatYouWillLearnfromthisChapterHowdefaultriskdeterminesthepriceofcredit(thecostofdebtcapital)Whatdeterminesdefau
3、ltriskHowdefaultriskisanalyzedHowcreditscoringmodelsworkThedifferencebetweenTypeIandTypeIIerrorsispredictingdefaultsHowproformaanalysisaidsinassessingdefaultriskHowvalue-at-riskanalysisisusedtoassessdefaultriskHowfinancialstrategyworks20-3DefaultRiskand
4、DefaultPremiumsRequiredReturnonDebt=Risk-freeRate+DefaultPremiumThedefaultpremiumisdeterminedbytheriskthatthedebtorcoulddefaultSimilarterms:RequiredreturnondebtCostofdebtPriceofcredit20-4TheSuppliersofCreditPublicdebtmarketinvestorswhoinclude(long-term)
5、bondholdersand(short-term)commercialpaperholders.Commercialbanksthatmakeloanstofirms.Otherfinancialinstitutionssuchasinsurancecompanies,financehousesandleasingfirmsmakeloans,muchlikebanks,butusuallywithspecificassetsservingascollateral.Supplierstothefir
6、mwhogrant(usuallyshort-term)creditupondeliveryofgoodsandservices.20-5RatioAnalysisforDefaultEvaluationSteps:ReformulatefinancialstatementsCalculateratios20-6ReformulatingtheBalanceSheetforCreditAnalysisThekeyideainthereformulationofthebalancesheetistoor
7、derassetsbyliquidityandliabilitiesbymaturity.Annotateasyoureformulate.Issues:Detailondifferentclassesofdebtandtheirvaryingmaturitiesisavailableinthedebtfootnotes;thisdetailcanbebroughtontothefaceofreformulatedstatements.Debtofunconsolidatedsubsidiaries(
8、wheretheparentownslessthat50%,buthaseffectiveobligations)shouldberecognized.Long-termmarketablesecuritiesaresometimesavailableforsaleintheshort-termifaneedforcasharises.Long-termdebt(ofsimilarmaturity)canbepresentedonanetbasis.Re
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