发帖
雷达卡
177787.pdf
(8.88 MB, 需要: 10 个论坛币)
高清晰非扫描版
搜索了一下论坛没找到，就发过来了。
象征性的收10块钱吧。没钱的给邮件，或者百度《国外经济类书籍大全》，有emule下载
1-1
A Framework for Business Analysis and
Valuation Using Financial Statements
The purpose of this chapter is to outline a comprehensive framework for financial statement analysis. Because financial statements provide the most widely available data on public corporations’ economic activities, investors and other stakeholders rely on financial reports to assess the plans and performance of firms and corporate managers.
A variety of questions can be addressed by business analysis using financial statements, as shown in the following examples:
• A security analyst may be interested in asking: “How well is the firm I am following performing? Did the firm meet my performance expectations? If not, why not? What is the value of the firm’s stock given my assessment of the firm’s current and
future performance?”
• A loan officer may need to ask: “What is the credit risk involved in lending a certain amount of money to this firm? How well is the firm managing its liquidity and solvency? What is the firm’s business risk? What is the additional risk created by the irm’s financing and dividend policies?”
• A management consultant might ask: “What is the structure of the industry in which the firm is operating? What are the strategies pursued by various players in the industry? What is the relative performance of different firms in the industry?”
• A corporate manager may ask: “Is my firm properly valued by investors? Is our investor communication program adequate to facilitate this process?”
• A corporate manager could ask: “Is this firm a potential takeover target? How much value can be added if we acquire this firm? How can we finance the acquisition?”
• An independent auditor would want to ask: “Are the accounting policies and accrual estimates in this company’s financial statements consistent with my understanding of this business and its recent performance? Do these financial reports communicate the current status and significant risks of the business?”Financial statement analysis is a valuable activity when managers have complete information on a firm’s strategies and a variety of institutional factors make it unlikely that they fully disclose this information. In this setting, outside analysts attempt to create “inside
information” from analyzing financial statement data, thereby gaining valuable insights about the firm’s current performance and future prospects.
To understand the contribution that financial statement analysis can make, it is important
to understand the role of financial reporting in the functioning of capital markets
[此贴子已经被wesker1999于2007-11-27 14:02:03编辑过]
京公网安备 11010802022788号
