第1节会计信息与资本市场介绍.pptVIP

Investing Motto Two friends went hunting in the jungle. All of a sudden, a bear jumped out of nowhere and came after them. A: Run! B: No, it is hopeless, we won’t overrun a bear. A: But I do not have to run faster than the bear. I only need to run faster than you! 第三十一页，共六十七页。 Goals of this course How to read financial statement How to interpret financial statement What inferences to draw from financial statement How to base economic decisions on the information in financial statement A language to communicate in business community 第三十二页，共六十七页。 Goals of this course A security analyst’s perspective Emphasize two issues: Earnings Management and valuation 第三十三页，共六十七页。 Analyst Reports 第三十四页，共六十七页。 Earnings Management: Rao, Teoh, Wong, Review of Accounting Studies, 1998 第三十五页，共六十七页。 Earnings restatements – Min Wu, HKUST 第三十六页，共六十七页。 第三十七页，共六十七页。 第三十八页，共六十七页。 Accounting-based Valuation Who are my peers? Earnings multiples, book-value multiples, sales multiples EVA?, Economic value added, Residual income valuation (RIV), Edward, Bell, Ohlson Model (EBO) In one word, Share value = f (earnings, book value, dividend, cash flow, etc.) 第三十九页，共六十七页。 Accounting-based Valuation-2 第四十页，共六十七页。 How important is accounting information? January 22, 2003, after market closed, ATT (stock symbol T) announced: Revenue for 4th quarter shrank to $9.3 billion from 10.2 billion in the 4th quarter of previous year Loss from continuing operations widened to $611 million from $216 million. 第四十一页，共六十七页。 How important is accounting information?(F) 第四十二页，共六十七页。 How important is accounting information? In the weekend before Monday, Feb. 3, 2003, Mattel (MAT) announced fourth quarter results: Revenue increased from the fourth quarter a year earlier by 6.9% to $1.56 billion. Net income increased by 35% to $186.1 million. Earnings per share (EPS) increased to 42 cents from 31 cents. 第四十三页，共六十七页。 How important is accounting information?(F) 第四十四页，共六十七页。 Val