财务状况分析（英文版）.doc

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1、FinancialStatementAnalysisTodeveloptechniquesforevaluatingfirmsusingfinancialstatementanalysisforequityandcreditanalysis.Integratesfinancialstatementanalysiswithcorporatefinance,accountingandfundamentalanalysis.Adoptsactivistpointofviewtoinvesting:themarketmaybeinefficientandthestatementsmaynott

2、ellallthetruth.WhatWillYouLearnFromtheCourse•Howstatementsaregenerated•Theroleoffinancialstatementsindeterminingfirms’values•Howtopullapartthefinancialstatementstogetattherelevantinformation•Howratioanalysisaidsinvaluation•Therelevanceofcashflowandaccrualaccountinginformation•Howtocalculatewhatt

3、heP/Eratioshouldbe?•Howtocalculatewhattheprice-to-bookratio?NeedforfinancialstatementanalysisGAAP–ComplexEconomiceventsaboutthefirmtobereportedtothepublicRelevancevsReliabilityReporting:RecognitionvsDisclosure(where)UsersofFirms’FinancialInformationEquityInvestorsInvestmentanalysisLongtermearnin

4、gspowerManagementperformanceevaluationAbilitytopaydividendRisk–especiallymarketDebtInvestorsShorttermliquidityProbabilityofdefaultLongtermassetprotectionCovenantviolationsUsersofFirms’FinancialInformationManagement:Strategicplanning;Investmentinoperations;PerformanceEvaluationLitigants-Disputeso

5、vervalueinthefirmCustomers-SecurityofsupplyGovernments:PolicymakingandRegulation–Taxation–GovernmentcontractingEmployees:SecurityandremunerationInvestorsandmanagementaretheprimaryusersoffinancialstatementsFundamentalAnalysisStep1-KnowingtheBusiness•TheProducts;TheKnowledgeBase•TheCompetition’The

6、RegulatoryConstraintsStep2-AnalyzingInformation•InFinancialStatements•OutsideofFinancialStatementsStep3-ForecastingPayoffs•MeasuringValueAdded•ForecastingValueAddedStep4-ConvertForecaststoaValuationStep5-TradingontheValuation•OutsideInvestor:CompareValuewithPriceto;BUY,SELL,orHOLD•InsideInvestor

7、:CompareValuewithCostto;ACCEPTorREJECTStrategyAvaluationmodelguidestheprocess:Forecastingisattheheartoftheprocessandavaluationmodelspecifieswhatistobeforecasted(Step3)andhowaforecastisconvertedtoavaluation(Step4).Whatistobef