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1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1HowtostandardizeÞnancialWORKINGWITHstatementsforcomparisonpurposes.LO2Howtocomputeand,moreFINANCIALimportantly,interpretsome3commonratios.LO3ThedeterminantsofaÞrmÕsSTATEMENTSproÞtability.LO4Someoftheproblemsandpitfalls
2、inÞnancialstatementanalysis.THEPRICEOFASHAREOFCOMMONBecausetheyhadnegativeearnings,theirPEratiosSTOCKinhotelcompanyMarriottInternational,Inc.wouldhavebeennegative,sotheywerenotreported.closedatabout$36onApril3,2008.Atthatprice,Atthetime,thetypicalstockintheS&P500IndexofMarriotthadapr
3、iceÐearnings(PE)ratioof21.Thatis,largecompanystockswastradingataPEofabout19,investorswerewillingtopay$21foreverydollarinorabout19timesearnings,astheysayonWallStreet.incomeearnedbyMarriott.Atthesametime,inves-Price-to-earningscomparisonsareexamplesofthetorswerewillingtopay$67,$32,and$
4、12foreachuseofÞnancialratios.Aswewillseeinthischapter,dollarearnedbyAmazon.com,Apple,andBankofthereareawidevarietyofÞnancialratios,alldesignedAmerica,respectively.AttheotherextremewereXMtosummarizespeciÞcaspectsofaÞrmÕsÞnancialSatelliteRadioandSiriusSatelliteRadio,bothrelativepositio
5、n.Inadditiontodiscussinghowtoanalyzenewcomerstothestockmarket.EachhadnegativeÞnancialstatementsandcomputeÞnancialratios,weearningsforthepreviousyear,yetXMwaspricedatwillhavequiteabittosayaboutwhousesthisinfor-about$12pershareandSiriusatabout$3pershare.mationandwhy.Mastertheabilitytos
6、olveproblemsinthischapterbyusingaspreadsheet.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.InChapter2,wediscussedsomeoftheessentialconceptsoffinancialstatementsandcashflow.Part2,thischapterandthenext,continueswhereourearlierdiscussionleftoff.Ourgoalhereistoexpandyourunder-standi
7、ngoftheuses(andabuses)offinancialstatementinformation.Financialstatementinformationwillcropupinvariousplacesintheremainderofourbook.Part2isnotessentialforunderstandingthismaterial,butitwillhelpgiveyouanoverallperspectiveontheroleoffinancialstatementinformationincorporatefinance.Agoodwor
8、kingknowledg
