第1页共59页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第1页共59页FinancialStatementAnalysisTodeveloptechniquesforevaluatingfirmsusingfinancialstatementanalysisforequityandcreditanalysis.Integratesfinancialstatementanalysiswithcorporatefinance,accountingandfundamentalanalysis.Adoptsactivistpointofviewtoinvesting:themarketmaybeinefficientandthestatementsmaynottellallthetruth.WhatWillYouLearnFromtheCourse•Howstatementsaregenerated•Theroleoffinancialstatementsindeterminingfirms’values•Howtopullapartthefinancialstatementstogetattherelevantinformation•Howratioanalysisaidsinvaluation•Therelevanceofcashflowandaccrualaccountinginformation第2页共59页第1页共59页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第2页共59页•HowtocalculatewhattheP/Eratioshouldbe?•Howtocalculatewhattheprice-to-bookratio?NeedforfinancialstatementanalysisGAAP–ComplexEconomiceventsaboutthefirmtobereportedtothepublicRelevancevsReliabilityReporting:RecognitionvsDisclosure(where)第3页共59页第2页共59页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第3页共59页UsersofFirms’FinancialInformationEquityInvestorsInvestmentanalysisLongtermearningspowerManagementperformanceevaluationAbilitytopaydividendRisk–especiallymarketDebtInvestorsShorttermliquidityProbabilityofdefaultLongtermassetprotectionCovenantviolationsUsersofFirms’FinancialInformationManagement:Strategicplanning;Investmentinoperations;第4页共59页第3页共59页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第4页共59页PerformanceEvaluationLitigants-DisputesovervalueinthefirmCustomers-SecurityofsupplyGovernments:PolicymakingandRegulation–Taxation–GovernmentcontractingEmployees:SecurityandremunerationInvestorsandmanagementaretheprimaryusersoffinancialstatements第5页共59页第4页共59页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第5页共59页FundamentalAnalysisStep1-KnowingtheBusiness•TheProducts;TheKnowledgeBase•TheCompetition’TheRegulatoryConstraintsStep2-AnalyzingInformation•InFinancialStatements•OutsideofFinancialStatementsStep3-ForecastingPayoffs•MeasuringValueAdded•ForecastingValueAddedStep4-ConvertForecaststoaValuationStep5-TradingontheValuation•OutsideInvestor:CompareValuewithPriceto;BUY,SELL,orHOLD•InsideInvestor:CompareValuewithCostto;ACCEPTorREJECTStrategyAvaluationmodelguidestheprocess:Forecastingisattheheart第6页共59页第5页共59页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第6页共59页oftheprocessandavaluationmodelspecifieswhatistobeforecasted(Step3)andhowaforecastisconvertedtoavaluation(Step4).Whatistobeforecasted(Step3)dictatestheinformationisimplied?第7页共59页第6页共59页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第7页共59页BalanceSheet•Assets(SFAC6):“probablefutureeconomicbenefitsobtainedorcontrolledbyaparticularentityasaresultofpasttransactionorevents--noreferencetorisk(eg,assetssoldbutinwhichentityretainsarisk)•Liabilities(SFAC6):‘probablefuturesacrificeofeconomicbenefitsarisingfrompresentobligationsofaparticularentitytotransferassetsorprovideservicestootherentitiesinthefutureasaresultofpasttransactionsorevents”--notalwaysfollowed(eg,certainleasesand,untilrecently,pensionbenefits)•Equity(SFAC6):theresidualinterestinthenetassetsofanentitythatremainsafterdeductingitsliabilities”--doesnothandlesituationswhereasourceofcapital...
