01第一章概述..ppt

Financial ReportsAnalysis财 务 会 计 分 析 主讲人：陆宇建 Email : luyujian@ 财务报表分析 第一讲 概述 第一节 财务信息的经济学考量 一、财务报表的重要性 （一）什么是财务报表 请用加以概括（不超过5个字）。 Financial Statements — MAP Form basis for understanding the financial position（财务状况） of a firm Allow users to assess historical and prospective（预期的） financial performance Present picture of firm’s financial health, leading to informed business decisions Financial Statements – MAZE（迷宫） Contain large amounts of information Accounting policies and reporting requirements are complex and constantly changing Allow management considerable discretion（大量的选择空间） Hide or omit key information Conclusion Financial statements are potentially both MAP and MAZE The better one can read and understand the financial statements, the more useful they are as a MAP to intelligent decision-making ? A.There are several “facts” to consider before making an investment. 1. Your brother calls you with a hot stock tip（ 秘密消息）: California Micro Devices has been a rocket（飞速上升）stock since he bought it at $5 per share. The stock is now trading at $21 per share. a. Seven analysts（分析师） following Cal Micro continue to rate the company as a “strong buy”. b. Cal Micro has a solid（团结的） management team, a strong financial track record（财务记录）, and it is a leader in an expanding market. 2. ?The financial statements confirmed a 45 percent increase in net sales and a 400 percent increase in profits. This year is off to a great start as well—sales and earnings have increased more than 50% on a quarterly basis!!!! 3. ?The company also inked（签署(契约)） a strategic alliance（战略联盟） with Hitachi Ltd.（日立公司） that should fuel（ 供以动力）growth for the next several years. 4. A negative article appeared in the morning paper. a. The company has high inventory and negative cash flows for four o