财务状况分析（英文版）.docVIP

Financial Statement Analysis To develop techniques for evaluating firms using financial statement analysis for equity and credit analysis. Integrates financial statement analysis with corporate finance, accounting and fundamental analysis. Adopts activist point of view to investing: the market may be inefficient and the statements may not tell all the truth. What Will You Learn From the Course ? How statements are generated ? The role of financial statements in determining firms’ values ? How to pull apart the financial statements to get at the relevant information ? How ratio analysis aids in valuation ? The relevance of cash flow and accrual accounting information ? How to calculate what the P/E ratio should be ? ? How to calculate what the price-to-book ratio ? Need for financial statement analysis GAAP – Complex Economic events about the firm to be reported to the public Relevance vs Reliability Reporting: Recognition vs Disclosure (where) Users of Firms’ Financial Information Equity Investors Investment analysis Long term earnings power Management performance evaluation Ability to pay dividend Risk – especially market Debt Investors Short term liquidity Probability of default Long term asset protection Covenant violations Users of Firms’ Financial Information Management: Strategic planning; Investment in operations; Performance Evaluation Litigants - Disputes over value in the firm Customers - Security of supply Governments: Policy making and Regulation – Taxation – Government contracting Employees: Security and remuneration Investors and management are the primary users of financial statements Fundamental Analysis Step 1 - Knowing the Business ?The Products; The Knowledge Base ?The Competition’ The Regulatory Constraints Step 2 - Analyzing Information ?In Financial Statements ?Outside of Financial Statements Step 3 - Forecasting Payoffs ?Measuring Value Added ?Forecasting Value Added Step 4 - Convert Forecasts to a Valuation Step 5 - Trading on the Valuation