财务报表分析与证 券估值优质课件 (14).pptVIP

* * * * * Advantages and Disadvantages of the Residual Earnings Model Advantages Focus on value drivers: focuses on profitability of investment and growth in investment that drive value; directs strategic thinking to these drivers Incorporates the financial statements: incorporates the value already recognized in the balance sheet (the book value); forecasts value added in the income statement and balance sheet rather than the cash flow statement Uses accrual accounting: uses the properties of accrual accounting that recognize value added ahead of cash flows, matches value added to value give