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1、19878_08_c08_p249-283.qxd2/22/0610:28AMPage249CHAPTER8AnalysisofFinancialStatementsFinancialstatementanalysisinvolves(1)comparingthefirm’sper-formancewiththatofotherfirmsinthesameindustryand(2)evaluatingtrendsinthefirm’sfinancialpositionovertime.Thisanalysishelpsmanagersidentif
2、ydeficienciesandthentakeactionstoimproveperformance.Therealvalueoffinancialstate-TheThomsonNOWWebsitecontainsanmentsliesinthefactthattheycanbeusedtohelppredictfutureExcelfilethatwillguideyouthroughtheearnings,dividends,andfreecashflow.Fromaninvestor’sstand-chapter’scalculations
3、.Thefileforthispoint,predictingthefutureiswhatfinancialstatementanalysisischapterisIFM9Ch08ToolKit.xls,andallabout,whilefrommanagement’sstandpoint,financialstate-weencourageyoutoopenthefileandmentanalysisisusefulbothtohelpanticipatefutureconditionsfollowalongasyoureadthechapter
4、.and,moreimportant,asastartingpointforplanningactionsthatwillimprovethefirm’sfutureperformance.1TODISCCOLLECTION1Widespreadaccountingfraudhascastdoubtonwhetherallfirms’publishedfinancialstatementscanbetrusted.NewregulationsbytheSECandtheexchanges,andnewlawsenactedbyCongress,hav
5、ebothimprovedoversightoftheaccountingindustryandincreasedthecriminalpenaltiesonmanage-mentforfraudulentreporting.IMAGE:©GETTYIMAGES,INC.,PHO24919878_08_c08_p249-283.qxd2/22/0610:28AMPage250BEGINNING-OF-CHAPTERQUESTIONSAsyoureadthechapter,considerhowyoureturnoncommonequity?(c)it
6、sdebtratio?wouldanswerthefollowingquestions.You(d)itstimes-interest-earnedratio?(e)itsloan/shouldnotnecessarilybeabletoanswertheEBITDAratio?(f)itsprice/earningsratio?questionsbeforeyoureadthechapter.Rather,(g)itsmarket/bookratio?youshouldusethemtogetasenseoftheissues3.Howdomana
7、gers,bankers,andsecuritycoveredinthechapter.Afterreadingthechap-analystsuse(a)trendanalysis,(b)bench-ter,youshouldbeabletogiveatleastpartialmarking,(c)percentchangeanalysis,and(d)answerstothequestions,andyoushouldbecommonsizeanalysis?abletogivebetteranswersafterthechapterhas4.E
8、xplainhowratioanalysisingeneral,andbeendiscussedinclas
