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ID:50722437
大小:396.02 KB
页数:40页
时间:2020-03-16
《财务报表分析 (台湾中兴大学)chap001.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、1CHAPTEROverviewofFinancialStatementAnalysisMcGraw-Hill/Irwin©2004TheMcGraw-HillCompanies,Inc.,AllRightsReserved.BusinessAnalysisEvaluateProspectsEvaluateRisksBusinessDecisionMakersEquityinvestorsCreditorsManagersMergerandAcquisitionAnalystsExternalAuditorsDirectorsRegulatorsEmployees&Union
2、sLawyersInformationSourcesforBusinessAnalysisQuantitativeFinancialStatementsIndustryStatisticsEconomicIndicatorsRegulatoryfilingsTradereportsQualitativeManagementDiscussion&AnalysisChairperson’sLetterVision/MissionStatementFinancialPressPressReleasesWebsitesTypesofBusinessAnalysisCreditAnal
3、ysisEquityAnalysisManagement&ControlMergers,Acquisitions&DivestituresDirectorOversightRegulationExternalAuditingLaborNegotiationsFinancialManagementCreditAnalysisTradeCreditorsProvidegoodsorservicesMostshort-termUsuallyimplicitinterestBearriskofdefaultNon-tradeCreditorsProvidemajorfinancingM
4、ostlong-termUsuallyexplicitinterestBearriskofdefaultCreditorsCreditAnalysisLiquidityAbilitytomeetshort-termobligationsFocus:CurrentFinancialconditionsCurrentcashflowsLiquidityofassetsSolvencyAbilitytomeetlong-termobligationsFocus:Long-termfinancialconditionsLong-termcashflowsExtendedprofitab
5、ilityCreditworthiness:Abilitytohonorcreditobligations(downsiderisk)IntrinsicValue(orFundamentalValue)Intrinsicvalue>MarketvalueBuyIntrinsicvalue6、gAnalysisBusinessEnvironment&StrategyAnalysisIndustryAnalysisStrategyAnalysisFinancialAnalysisAnalysisofSources&UsesofFundsProfitabilityAnalysisRiskAnalysisCostofCapitalEstimateIntrinsicValueAccountingAnalysisComparabilityproblems—acrossfirmsandacrosstimeManagerestimationerrorDistortionprobl7、emsEarningsmanagementDistortionofbusinessAccountingRiskProcesstoevaluateandadjustfinancialstatementstobetterreflecteconomicrealityFinancialAnalysisProfitabilityanalysis—EvaluatereturnoninvestmentsRiskanalysis———Evaluateriskiness&creditworthinessSou
6、gAnalysisBusinessEnvironment&StrategyAnalysisIndustryAnalysisStrategyAnalysisFinancialAnalysisAnalysisofSources&UsesofFundsProfitabilityAnalysisRiskAnalysisCostofCapitalEstimateIntrinsicValueAccountingAnalysisComparabilityproblems—acrossfirmsandacrosstimeManagerestimationerrorDistortionprobl
7、emsEarningsmanagementDistortionofbusinessAccountingRiskProcesstoevaluateandadjustfinancialstatementstobetterreflecteconomicrealityFinancialAnalysisProfitabilityanalysis—EvaluatereturnoninvestmentsRiskanalysis———Evaluateriskiness&creditworthinessSou
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