财务报表分析与证 券估值优质课件 (26).pptVIP

* * * * * * * * * * * * * * * Valuation Fallacies (Cont.) These statements are not necessarily true: High asset turnovers mean a firm is efficient in generating sales. Rejoinder: High turnovers can be produced by keeping asset values low with Conservative accounting. Hidden reserves always mean higher profits later. Rejoinder: Hidden reserves created by conservative accounting will not be realized if a firm continues to grow its net operating assets. Conservative accounting reduces profits and results in higher P/E ratios. Rejoinder: Not always; only if investments are growing. 17-* S