Business Analysis and valuation using Financial statements教程

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1、11AFrameworkforBusinessAnalysisandchapterValuationUsingFinancialStatementsThepurposeofthischapteristooutlineacomprehensiveframeworkforfinancialstatementanalysis.Becausefinancialstatementsprovidethemostwidelyavailabledataonpubliccorporations’economicactivities,investorsandotherstake-holdersrel

2、yonfinancialreportstoassesstheplansandperformanceoffirmsandcorpo-1ratemanagers.FrameworkAvarietyofquestionscanbeaddressedbybusinessanalysisusingfinancialstate-ments,asshowninthefollowingexamples:•Asecurityanalystmaybeinterestedinasking:“HowwellisthefirmIamfollow-ingperforming?Didthefirmmeetmyp

3、erformanceexpectations?Ifnot,whynot?Whatisthevalueofthefirm’sstockgivenmyassessmentofthefirm’scurrentandfutureperformance?”•Aloanofficermayneedtoask:“Whatisthecreditriskinvolvedinlendingacertainamountofmoneytothisfirm?Howwellisthefirmmanagingitsliquidityandsol-vency?Whatisthefirm’sbusinessr

4、isk?Whatistheadditionalriskcreatedbythefirm’sfinancinganddividendpolicies?”•Amanagementconsultantmightask:“Whatisthestructureoftheindustryinwhichthefirmisoperating?Whatarethestrategiespursuedbyvariousplayersinthein-dustry?Whatistherelativeperformanceofdifferentfirmsintheindustry?”•Acorporat

5、emanagermayask:“Ismyfirmproperlyvaluedbyinvestors?Isourin-vestorcommunicationprogramadequatetofacilitatethisprocess?”•Acorporatemanagercouldask:“Isthisfirmapotentialtakeovertarget?Howmuchvaluecanbeaddedifweacquirethisfirm?Howcanwefinancetheacquisition?”•Anindependentauditorwouldwanttoask:“A

6、retheaccountingpoliciesandaccru-alestimatesinthiscompany’sfinancialstatementsconsistentwithmyunderstand-ingofthisbusinessanditsrecentperformance?Dothesefinancialreportscommunicatethecurrentstatusandsignificantrisksofthebusiness?”Financialstatementanalysisisavaluableactivitywhenmanagershavec

7、ompletein-formationonafirm’sstrategiesandavarietyofinstitutionalfactorsmakeitunlikelythattheyfullydisclosethisinformation.Inthissetting,outsideanalystsattempttocreate“in-sideinformation”fromanalyzingfinancialstatementdata,therebygainingvaluablein-sightsabo