出版時間:2007-9 出版社:北京大學出版社 作者:彭曼 頁數(shù):713
Tag標簽:無
前言
Financial statements are the lens on a business. Financial statement analysis calibrates the lens to bring the business into focus. Imperfections in the financial statements can dirty the lens and distort the picture. Financial statement analysis deals wi
內(nèi)容概要
本書從價值評估的概念框架出發(fā),系統(tǒng)介紹了財務報表分析以及企業(yè)基本面分析的相關內(nèi)容,如財務報表、權責發(fā)生制會計、財務報表分析、預測與價值評估、會計分析與價值評估以及風險分析等,從而使讀者能夠通過合理的財務報表分析理解企業(yè)的價值,并將分析結(jié)果應用于實際的證券投資之中。 本書為英文改編版,作者首先建立了一個概念框架,以幫助讀者理解企業(yè)如何運行、如何創(chuàng)造價值以及財務報表如何反映這些價值,并將企業(yè)運行的相關知識轉(zhuǎn)化為價值評估,使分析建立在合理的基礎之上。并闡述了大量財務報表分析與投資分析中常用的分析工具,并以著名公司的實例闡述了這些工具的運用。本書中所有的分析都與現(xiàn)代金融的原理一致,并且顯示了對會計本身的質(zhì)量的評價。
作者簡介
Stephen H.Penman,哥倫比亞大學商學院George O.May教授和摩根士丹利研究學者,《會計研究評論》(Review of Accounting Studies)主編。研究領域為權益定價及會計信息在證券分析中的應用,1991年獲得美國會計學會和美國注冊會計師協(xié)會頒發(fā)的會計研究杰出貢獻獎,2001年因本書獲得美國會計學會和德勤頒發(fā)的Wildman獎。
書籍目錄
List of CasesList of Accounting ClinicsChapter 1 Introduction to Investing and Valuation Investment Styles and Fundamental Analysis Bubble, Bubble The Setting: Investors, Firms, Securities, and Capital Markets The Business of Analysis: The Professional Analyst The Analysis of Business Choosing a Valuation Technology How to Use this Book The Web Connection Key Concepts A Continuing Case: Kimberly-Clark Corporation Concept Questions Exercises MinicaseChapter 2 Introduction to the Financial StatementsPART ONE FINANCIAL STATEMENTS AND VALUATION Chapter 3 How Financial Statements Are Used in Valuation Chapter 4 Cash Accounting,Accrual Accounting,and Discounted Cash Flow Valuation Chapter 5 Accrual Accounting and Valuation:Pricing Book Values Chapter 6 Accrual Accounting and Valuation:Pricing EarningsPART TWO THE ANALYSIS OF FINANCIAL STATEMENTS Chapter 7 Business Activities and Financial Statements Chapter 8 The Analysis of the Statement of Shareholders'Equity Chapter 9 The Analysis of the Balance Sheet and Income Statement Chapter 10 The Analysis of the Cash Flow Statement Chapter 11 The Analysis of Profitability Chapter 12 The Analysis of Growth and Sustainable EarningsPART THREE FORECASTING AND VALUATION ANALYSIS Chapter 13 The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-Earnings Ratios Chapter 14 Simple Forecasting and Simple Valuation Chapter 15 Full-Information Forecasting,Valuation,and Business Strategy AnalysisPART FOUR ACCOUNTING ANALYSIS AND VALUATION Chapter 16 Creating Accounting Value and Economic Value Chapter 17 Analysis of the Quality of Financial StatementsPART FIVE THE ANALYSIS OF RISK Chapter 18 The Analysis of Equity Risk and the Cost of Capital Chapter 19 The Analysis of Credit RiskAppendixA Summary of FormulasIndex
章節(jié)摘錄
VALUE-AT-RISK PROFILING In Figure 18.1 risk was depicted as a distribution ofpossible return outcomes. Each possible return implies a valuation-how much the investor would be willing to pay for that return-so risk can also be depicted as a distribution of values. Plotting that distribution of values-depicting how value might differ from expected value-prepares a value-at-risk profile. Cast back to the full-information, pro forma financial statement forecasting in Chap-ter 15. Following the template laid out there, we forecasted operating income and net operating assets for the simple firm PPE Inc. and, from the forecasts, calculated forecasted residual operating income. We then converted these forecasts to a valuation. The pro forma financial statements that we prepared were based on expected sales, profit margins, and turnovers. But expected values are averages of a whole range of possible outcomes and the distribution of outcomes determines the risk of the investment. Value-at-risk profiles are developed by preparing pro forma financial statements for each possible outcome and then calculating the values for each outcome. To develop value-at-risk profiles, follow the five steps outlined next. 1.Identfy economic factors that will affect the risk drivers in Figure 18.3. Like valuation more generally, identifying these factors requires "knowing the business." Consider airlines. What factors affect airlines' profits? General economic conditions affect asset turnover risk since airlines sell fewer tickets at lower prices on fixed capacity in reces-sions than in boom times. Airlines are subject to shocks in oil prices, affecting expense risk. Airlines are subject to changes in government regulation, afFecting growth risk. Airlines are subject to price challenges from competitors and new entrants to the in-dustry, affecting RNOA and growth risk. 2.Identfy risk protection mechanisms in place within the firm. An airline may hedge oil prices to reduce the effects of oil price shocks. Currency risk may be hedged. Incorpo-ration is a risk-protection device to limit liability. The investigation of risk exposures is part of knowing the business. Indeed, the aspects of business that are exposed to risk really define the business. If a gold company hedges its gold reserves against changes in the price of gold, it creates a gofd mining business (with risk in production costs) rather than a gold mining and trading business (with risk in roduction costs and sale prices). If a downstream oil company hedges oil prices, an investor should realize that she is buying a firm that is more like a marketing company than an oil company. A firm hedging currency risk has decided that it is not in the business of trading curren-cies. If a firm hedges all risks, the investor is buying an investment that is more like the risk-free asset than an equity. Disclosure is important to the discovery of risk exposure. Look at the derivatives and financial instrument disclosures. Examine the management discussion and analy-sis. Just as poor disclosure frustrates the identification of operating assets (what busi-ness the firm really is in), so poor disclosure frustrates discovery of risk exposures. A manager seeking to maximize the market value of the firm indicates clearly what type of business the firm is in and so attracts investors who seek the risk and returns to that type of business. If she fails to disclose exposures, she imposes disclosure risk on the investor. ……
編輯推薦
《財務報表分析與證券價值評估》(第3版)(英文改編版):概念框架:《財務報表分析與證券價值評估》(第3版)(英文改編版)首先建立了一個概念框架,以幫助讀者理解企業(yè)如何運行、如何創(chuàng)造價值以及財務報表如何反映這些價值,并將企業(yè)運行的相關知識轉(zhuǎn)化為價值評估,使分析建立在合理的基礎之上?! 嵺`導向:《財務報表分析與證券價值評估》(第3版)(英文改編版)闡述了大量財務報表分析與投資分析中常用的分析工具,并以著名公司的實例闡述了這些工具的運用。各章后的“會計分析丁具”專欄則對該章中出現(xiàn)的實際分析工具進行了總結(jié)?! ?zhàn)略導向:將價值分析與戰(zhàn)略分析融為一體。以會計為基礎的價值評估:《財務報表分析與證券價值評估》(第3版)(英文改編版)關注贏利預測以及如何將贏利預測轉(zhuǎn)化為價值評估,認為會計利潤更好地反映了企業(yè)創(chuàng)造的價值。在處理應計項目時,有機地將資產(chǎn)負債表與損益表結(jié)合在一起,從而使財務報表“活”了起來?! ≌蠒嬇c金融:《財務報表分析與證券價值評估》(第3版)(英文改編版)將財務報表分析與基本面分析整合在一起,從而將會計的有關概念與金融的有關概念有機地結(jié)合在一起,將會計視為評價過程,會計準則被融入計價的準則之中。 行為主義方法:與市場有效假說的理念不同,《財務報表分析與證券價值評估》(第3版)(英文改編版)展示了積極的投資者如何在合理分析的基礎上挑戰(zhàn)市場、發(fā)現(xiàn)市場的錯誤定價從而獲取超額利潤的過程。
圖書封面
圖書標簽Tags
無
評論、評分、閱讀與下載