Chapter 10 Analysis of Financial Statements(投资分析与投资组合管理)解析.ppt

Lecture Presentation Software to accompanyInvestment Analysis and Portfolio ManagementSeventh Editionby Frank K. Reilly Keith C. Brown Chapter 10Analysis of Financial Statements Questions to be answered: What are the major financial statements provided by firms and what specific information does each of them contain? Why do we use financial ratios to examine the performance of a firm and why is it important to examine performance relative to the economy and a firm’s industry? Chapter 10Analysis of Financial Statements What are the major categories for financial ratios and what questions are answered by the ratios in these categories? What specific ratios help determine a firm’s internal liquidity, operating performance, risk profile, growth potential, and external liquidity? How can the DuPont analysis help evaluate a firm’s return on equity over time? Chapter 10Analysis of Financial Statements What are some of the major differences between U.S. and non-U.S. financial statements and how do these differences affect the financial ratios? What is a “quality” balance sheet or income statement? Why is financial statement analysis done if markets are efficient and forward-looking? Chapter 10Analysis of Financial Statements What major financial ratios help analysts in the following areas: stock valuation, estimating and evaluating systematic risk, predicting the credit ratings on bonds, and predicting bankruptcy? Major Financial Statements Corporate shareholder annual and quarterly reports must include Major Financial Statements Corporate shareholder annual and quarterly reports must include Balance sheet Major Financial Statements Corporate shareholder annual and quarterly reports must include Balance sheet Income statement Major Financial Statements Corporate shareholder annual and quarterly reports must include Balance sheet Income statement Statement of cash flows Major Financial Statements Corporate shareholder annual and quarterly reports must include