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ID:7768104
大小:767.36 KB
页数:38页
时间:2018-02-24
《introduction to financial statement analysis》由会员上传分享,免费在线阅读,更多相关内容在工程资料-天天文库。
1、IntroductiontoCHAPTERFinancialStatementAnalysis2SWEDISCUSSEDINCHAPTER1,ONEOFTHEGREATadvan-Atagesofthecorporateorganizationalformisthatitplacesnorestrictiononwhocanownsharesinthecorporation.Anyonewithmoneytoinvestisapotentialinvestor.Asaresult,corporations
2、areoftenwidelyheld,withinvestorsrangingfromindividualswhohold100sharestomutualfundsandinstitutionalinvestorswhoownmillionsofshares.Forexample,in2012,InternationalBusinessMachinesCorpora-tion(IBM)hadabout1.2billionsharesoutstandingheldbynearly600,000shareh
3、olders.Mostshareholdersweresmall.WarrenBuffett’sBerkshireHathawaywasthelargestshareholderwithabouta6%stake.Lessthan1%ofthecompanywasownedbyinsiders(IBMexecutives).Althoughthecorporateorganizationalstructuregreatlyfacilitatesthefirm’saccesstoinvestmentcapi
4、tal,italsomeansthatstockownershipismostinvestors’soletietothecompany.How,then,doinvestorslearnenoughaboutacompanytoknowwhetherornottheyshouldinvestinit?Howcanfinancialmanagersassessthesuccessoftheirownfirmandcompareittotheperfor-manceofcompetitors?Onewayf
5、irmsevaluatetheirperformanceandcom-municatethisinformationtoinvestorsisthroughtheirfinancialstatements.Firmsissuefinancialstatementsregularlytocommunicatefinancialinformationtotheinvestmentcommunity.Adetaileddescriptionofthepreparationandanalysisofthesest
6、atementsissufficientlycomplicatedthattodoitjusticewouldrequireanentirebook.Here,webrieflyreviewthesubject,emphasizingonlythematerialthatinvestorsandcorporatefinancialmanagersneedinordertomakethecorporate-financedecisionswediscussinthetext.Wereviewthefourm
7、aintypesoffinancialstatements,presentexamplesofthesestatementsforafirm,anddiscusswhereaninvestorormanagermightfindvarioustypesofinformationaboutthecompany.Wealsodiscusssomeofthefinancialratiosthatinvestorsandanalystsusetoassessafirm’sperformanceandvalue.W
8、eclosethechapterwithalookatafewhighlypublicizedfinancialreportingabuses.2122Chapter2IntroductiontoFinancialStatementAnalysis2.1Firms’DisclosureofFinancialInformationFinancialstatementsareaccountingreportswithpastper
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