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1、CHAPTER3FinancialStatementsAnalysisandLong-TermPlanningInearly2006,sharesofstockinfoodproducerKraftdespitehavingnoearnings(alossactually),hadastockweretradingforabout$28.Atthatprice,Krafthadapriceofabout$19pershare.Meanwhile,theaveragepriceearningsratio,
2、orPE,of19,meaningthatinves-stockintheStandardandPoors(S&P)500index,whichtorswerewillingtopay$19foreverydollarinincomecontains500ofthelargestpubliclytradedcompaniesinearnedbyKraft.Atthesametime,investorsweretheUnitedStates,hadaPEratioofabout19,soKraftwill
3、ingtopayastunning$482foreachdollarearnedbywasaverageinthisregard.grocerKroger,butonlyabout$8and$5foreachdollarWhatdoPEratiostellusandwhyaretheyimportant?earnedbyGatewayComputersandUnitedStatesSteel,Tofindout,thischapterexploresavarietyofratiosandrespectiv
4、ely.AndtherewerestockslikeMaytag,which,theiruseinfinancialanalysisandplanning.3.1FinancialStatementsAnalysisInChapter2,wediscussedsomeoftheessentialconceptsoffinancialstatementsandcashflows.Thischaptercontinueswhereourearlierdiscussionleftoff.Ourgoalhereist
5、oex-pandyourunderstandingoftheuses(andabuses)offinancialstatementinformation.Agoodworkingknowledgeoffinancialstatementsisdesirablesimplybecausesuchstatements,andnumbersderivedfromthosestatements,aretheprimarymeansofcommu-nicatingfinancialinformationbothwith
6、inthefirmandoutsidethefirm.Inshort,muchofthelanguageofbusinessfinanceisrootedintheideaswediscussinthischapter.Clearly,oneimportantgoaloftheaccountantistoreportfinancialinformationtotheuserinaformusefulfordecisionmaking.Ironically,theinformationfrequentlydoes
7、notcometotheuserinsuchaform.Inotherwords,financialstatementsdon’tcomewithauser’sguide.Thischapterisafirststepinfillingthisgap.StandardizingStatementsOneobviousthingwemightwanttodowithacompany’sfinancialstatementsistocom-parethemtothoseofother,similarcompanie
8、s.Wewouldimmediatelyhaveaproblem,however.It’salmostimpossibletodirectlycomparethefinancialstatementsfortwocom-paniesbecauseofdifferencesinsize.Forexample,FordandGMareobviouslyseriousrivalsintheautomarket,butGMismuchlarger(i
