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1、FinalPDFtoprinterCHAPTERSEVENTEENMacroeconomicandIndustryAnalysis177THEINTRINSICVALUEOFA stockdependsinternationaleconomy.Fromthere,onecon-onthedividendandearningsthatcanbesiderstheimplicationsoftheoutsideenvi-expectedfromthefirm.Thisistheheartofronmentontheindu
2、stryinwhichthefirmfundamentalanalysis—thatis,theanalysisofoperates.Finally,thefirm’spositionwithinthedeterminantsofvaluesuchasearningstheindustryisexamined.prospects.Ultimately,thebusinesssuccessofThischaptertreatsthebroad-basedaspectsthefirmdeterminesthedividen
3、dsitcanpayoffundamentalanalysis—macroeconomictoshareholdersandthepriceitwillcommandandindustryanalysis.Thetwochaptersfol-inthestockmarket.Becausetheprospectslowingcoverfirm-specificanalysis.Webeginofthefirmaretiedtothoseofthebroaderwithadiscussionofinternational
4、factorseconomy,however,fundamentalanalysisrelevanttofirmperformance,andmoveontomustconsiderthebusinessenvironmentinanoverviewofthesignificanceofthekeywhichthefirmoperates.Forsomefirms,variablesusuallyusedtosummarizethestatemacroeconomicandindustrycircumstancesof
5、themacroeconomy.Wethendiscussgov-mighthaveagreaterinfluenceonprofitsernmentmacroeconomicpolicy.Weconcludethanthefirm’srelativeperformancewithintheanalysisofthemacroenvironmentwithaitsindustry.Inotherwords,investorsneedtodiscussionofbusinesscycles.Finally,wemovek
6、eepthebigeconomicpictureinmind.toindustryanalysis,treatingissuesconcern-Therefore,inanalyzingafirm’sprospectsingthesensitivityofthefirmtothebusinessitoftenmakessensetostartwiththebroadcycle,thetypicallifecycleofanindustry,economicenvironment,examiningthestateand
7、strategicissuesthataffectindustryoftheaggregateeconomyandeventheperformance.PARTVbod61671_ch17_557-590.indd5577/17/134:06PMFinalPDFtoprinter558PARTVSecurityAnalysis17.1TheGlobalEconomyAtop-downanalysisofafirm’sprospectsmuststartwiththeglobaleconomy.Theinterna-ti
8、onaleconomymightaffectafirm’sexportprospects,thepricecompetitionitfacesfromcompetitors,ortheprofitsitmakesoninvestmentsabroad.Table 17.1showstheimpor-tanceoftheglobal
