Business.Analysis.and.Valuation,.Text.and.Cases.{McGraw-Hill}教程

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1、11AFrameworkforBusinessAnalysisandchapterValuationUsingFinancialStatementsThepurposeofthischapteristooutlineacomprehensiveframeworkforfinancialstatementanalysis.Becausefinancialstatementsprovidethemostwidelyavailabledataonpubliccorporations’economicactivities,investorsandotherstake-holdersre

2、lyonfinancialreportstoassesstheplansandperformanceoffirmsandcorpo-1ratemanagers.FrameworkAvarietyofquestionscanbeaddressedbybusinessanalysisusingfinancialstate-ments,asshowninthefollowingexamples:•Asecurityanalystmaybeinterestedinasking:“HowwellisthefirmIamfollow-ingperforming?Didthefirmmeetm

3、yperformanceexpectations?Ifnot,whynot?Whatisthevalueofthefirm’sstockgivenmyassessmentofthefirm’scurrentandfutureperformance?”•Aloanofficermayneedtoask:“Whatisthecreditriskinvolvedinlendingacertainamountofmoneytothisfirm?Howwellisthefirmmanagingitsliquidityandsol-vency?Whatisthefirm’sbusine

4、ssrisk?Whatistheadditionalriskcreatedbythefirm’sfinancinganddividendpolicies?”•Amanagementconsultantmightask:“Whatisthestructureoftheindustryinwhichthefirmisoperating?Whatarethestrategiespursuedbyvariousplayersinthein-dustry?Whatistherelativeperformanceofdifferentfirmsintheindustry?”•Acorp

5、oratemanagermayask:“Ismyfirmproperlyvaluedbyinvestors?Isourin-vestorcommunicationprogramadequatetofacilitatethisprocess?”•Acorporatemanagercouldask:“Isthisfirmapotentialtakeovertarget?Howmuchvaluecanbeaddedifweacquirethisfirm?Howcanwefinancetheacquisition?”•Anindependentauditorwouldwanttoa

6、sk:“Aretheaccountingpoliciesandaccru-alestimatesinthiscompany’sfinancialstatementsconsistentwithmyunderstand-ingofthisbusinessanditsrecentperformance?Dothesefinancialreportscommunicatethecurrentstatusandsignificantrisksofthebusiness?”Financialstatementanalysisisavaluableactivitywhenmanager

7、shavecompletein-formationonafirm’sstrategiesandavarietyofinstitutionalfactorsmakeitunlikelythattheyfullydisclosethisinformation.Inthissetting,outsideanalystsattempttocreate“in-sideinformation”fromanalyzingfinancialstatementdata,therebygainingvaluablein-sightsabo