财务报表分析与证 券估值优质课件 (15).pptVIP

* * * Abnormal Earnings Growth Analysis: Advantages and Disadvantages Advantages Easy to understand: Investors think in terms of future earnings; investors buy earnings. Focuses directly on the most common multiple used, the P/E ratio. Uses Accrual accounting: embeds the properties of accrual accounting by which revenues are matched with expenses to measure value added from selling products. Versatility: Can be used under a variety of accounting principles (Chapter 17). Aligned with what people forecast: Analysts forecast earnings and earnings growth. Disadvantages Accounting complexity: R