哈佛分析框架外文文献及中英文翻译.doc

经营分析与估值 克雷沙·G.帕利普 保罗·M.希利 摘自书籍“Business Analysis and Valuation”第五版第一章节 1.简介 　　 　4.总结 财务报表提供的公共企业生态经济活动的最广泛使用的数据；投资者和其他利益相关者依靠他们来评估计划与企业和企业管理者绩效。在财务报表中的权责发生制会计数据是嘈杂的，和没有经验的投资者可以评估企业绩效不仅是准确的。财务分析师谁理解管理者的披露策略有机会从公开数据中创建内部信息，他们发挥了宝贵的作用，使外部各方评估公司的当前和未来的表现。 本章概述了对财务状况及经营分析的框架，使用的四个关键步骤：企业战略分析、会计分析、财务分析和前景分析。本书中的其余章节详细描述了这些步骤，并讨论了它们如何在各种业务环境中使用。 附： Business Analysis and Valuation KG Palepu，PM Healy From the literature of the first chapter of the Fifth Edition “Business Analysis and Valuation” 一、中小企业在我国经济发展中的重要地位和作用中小企业在我国社会经济发展中始终具有十分重要的地位和作用。1. Introduction 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 stake- holders rely on financial reports to assess the plans and performance of firms and corpo- rate managers. A variety of questions can be addressed by business analysis using financial state- ments, as shown in the following examples: ? A security analyst may be interested in asking: “How well is the firm I am follow- ing 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 sol- vency? What is the firm’s business risk? What is the additional risk created by the firm’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 in- dustry? 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 in- vestor communication program adequate to facilitate thi