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1、财务报表分析与证券投资1TheFatherofAccounting-LucaPacioli (1445-1517)HewroteafamousmathematicsbookInonechapterheinventeddouble-entryaccountingsystemHetaughtLeonardoDaVinciperspectiveandproportionality.Theknowledgewasusedtopaint“theLastSupper”2学过财务报表分析课程的请举手3DowJonesIndustria
2、lAverage1930-20024DJIA,NASDAQ1990-20025BacktoSquareOne:DJIA1998-20026Dot.comorDot.bomb-NASDAQ1998-20027TheThreeMajorStockExchanges8TheRegulatorofU.S.StockMarketSEC,theSecuritiesandExchangeCommissionwww.sec.govArthurLevitt,commissioner,1993-2000intheClintonadminis
3、trationNumbersGameSpeech,19989TheCurrentSECCommissioners10WhoIssueAmericanAccountingStandards?FASB:FinancialAccountingStandardsBoardSetupin1973toreplaceAccountingPrincipleBoard(APB)Anindependent,privateorganizationStandardsissuedrecognizedbySECwww.fasb.orgGAAP:Ge
4、nerallyAcceptedAccountingStandards7conceptstatements(principles)e.g.,No.7(February2000)Usingcashflowinformationandpresentvalueinaccountingmeasurements148statementsofstandards(rules)bytheyearof2003e.g.,No.1(December1973)Disclosureofforeigncurrencytranslationinform
5、ation11InternationalAccountingStandardsInternationalAccountingStandardsCommittee(IASC)BasedatLondonIndependentandprivatelyfundedMeanttodesignasetofworldlyacceptedaccountingstandardsCommitteeserveasanadvisoryboardmemberwww.iasc.org.ukInternationalAccountingStandar
6、ds41standardsuptotheyearof2003e.g.,IAS2.Inventory,January1,199512“BigFour”InternationalAccountingFirmsErnstYoung(worldwiderevenue2002:$10.1billions,4.3billionsintheU.S.)PriceWaterhouseCoopersDeloitte&ToucheKPMG13中华人民共和国证券监督管理委员会(ChineseSecuritiesRegulatoryCommiss
7、ion)14NumberofStocksatShanghaiandShenzhenstockexchanges15AmountofCapitalRaisedThroughStockMarkets16MarketCapitalization17MarketSizerelativetoNYSE18MarketPerformance19ProfitabilityofChineseListedFirms:1992-200420ROE21StockMarketCapitalization/GDP(%)22SharetypesinC
8、hinaSharesTradableNon-tradableIndividualForeignLegalpersonStateAshareBshareH,N,S,…Share2324ShareStructuresofChineseListedCompanies (December,2001)Non-tradable(
