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<p><strong><font size="4">财务报表分析经典教材</font></strong></p>
<p><font color="#1a1ae6" size="3">《business analysis and valuation using financial statements + cases》.pdf 解密版</font></p>
<p><font color="#1a1ae6" size="3">可以方便打印（清晰保留原来的图文）</font></p>
<p><font color="#000000">A Framework for Business Analysis and <br>Valuation Using Financial StatementsThe purpose of this chapter is to outline a comprehensive framework<br>for financial statement analysis. Because financial statements provide the most widely<br>available data on public corporations’ economic activities, investors and other stake-<br>holders rely on financial reports to assess the plans and performance of firms and corpo-<br>rate managers.<br>A variety of questions can be addressed by business analysis using financial state-<br>ments, as shown in the following examples:<br>•A security analyst may be interested in asking: “How well is the firm I am follow-<br>ing performing? Did the firm meet my performance expectations? If not, why not?<br>What is the value of the firm’s stock given my assessment of the firm’s current and<br>future performance?”<br>•A loan officer may need to ask: “What is the credit risk involved in lending a certain<br>amount of money to this firm? How well is the firm managing its liquidity and sol-<br>vency? What is the firm’s business risk? What is the additional risk created by the<br>firm’s financing and dividend policies?”<br>•A management consultant might ask: “What is the structure of the industry in which<br>the firm is operating? What are the strategies pursued by various players in the in-<br>dustry? What is the relative performance of different firms in the industry?”<br>•A corporate manager may ask: “Is my firm properly valued by investors? Is our in-<br>vestor communication program adequate to facilitate this process?”<br>•A corporate manager could ask: “Is this firm a potential takeover target? How much<br>value can be added if we acquire this firm? How can we finance the acquisition?”<br>•An independent auditor would want to ask: “Are the accounting policies and accru-<br>al estimates in this company’s financial statements consistent with my understand-<br>ing of this business and its recent performance? Do these financial reports<br>communicate the current status and significant risks of the business?”<br>Financial statement analysis is a valuable activity when managers have complete in-<br>formation on a firm’s strategies and a variety of institutional factors make it unlikely that<br>they fully disclose this information. In this setting, outside analysts attempt to create “in-<br>side information” from analyzing financial statement data, thereby gaining valuable in-<br>sights about the firm’s current performance and future prospects.<br>To understand the contribution that financial statement analysis can make, it is im-<br>portant to understand the role of financial reporting in the functioning of capital markets</font></p>
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