《2418-有效的财务分析：报表分析新思维》.docVIP

有效的财务分析：报表分析新思维 夏草 黄世忠教授：有效的报表分析要求善于运用非会计数据。会计数据只是企业实施其经营战略的“财务表现”，忽略对企业所处环境和经营战略的分析，报表分析只能是一种重形式、轻实质的“数字游戏”。他举了两个事例：/product.aspx?product_id该书分析框架由战略分析、会计分析、财务分析、前景分析组成，黄老师主编的《财务报表分析：理论·框架·方法与案例/product.aspx?product_id书深受哈佛这两位学者的影响。 目前大部分财务分析都冠以”战略”二字,主要是受波特思想的影响,运用波特创建的竞争战略及竞争优势分析工具去分析行业和企业,以形成行业及企业现状及未来的预期,实践证明,波特的战略分析在了解客户方面有一定作用,是一种相对有效的分析工具,但分析结果与实际值也往往存在比较大的偏差,亦即波特也只解释了企业经营成败的部分因素;哈佛分析框架第二、三部分是会计分析及财务分析,根据笔者分析,这个分析框架中的会计分析实际就是审计分析,评估会计政策及会计估计，发现可能存在的会计异常,其流程如下： Doing Accounting Analysis Step 1: Identify key accounting policies Step 2: Access accounting flexibility Step 3: Evaluate accounting strategy Key questions How do the firm’s accounting policies compare to the norms in the industry? If they are different, is it because the firm’s competitive strategy is unique? Does management face strong incentives to use accounting discretion for earnings management? Has the firm changed any of its policies and estimates? What is the justification? What is impact of changes? Have the firm’s policies and estimates been realistic in the past? Does the firm structure any significant business transactions so that it can achieve certain accounting objectives? Step 4: Evaluate the quality of disclosure Key questions Does the firm provide adequate disclosure to assess the firm’s business strategy and its economic consequences? Do the footnotes adequately explain the key accounting policies and assumptions and their logic? Does the firm adequately explain its current performance? (MDA) If accounting rules and conventions restrict the firm from measuring its key success factors appropriately, does the firm provide adequate additional disclosure to help outsiders understand how these factors are being managed? If the firm is in multiple business segments, what is the quality of segment disclosure? How forthcoming is the management with respect to bad news? How good is the firm’s investor relations program? Does the firm provide fact books with detail