資源描述：
《business analysis using financial statements》由會員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在教育資源-天天文庫。
1、BusinessAnalysisUsingFinancialStatementsChapteroneFrameworkforbusinessanalysisusingfinancialstatements1LearningObjectivesExplainbusinessanalysisanditsrelationtofinancialstatementanalysisIdentifyanddiscussdifferenttypesofbusinessanalysisDescribethecomponentanalysisLearnthesourcesoffinan
2、cialinformationAccountingsystemfeaturesCompanyreportingstrategy2IntroductiontoBusinessAnalysisEvaluationProspectsEvaluationRiskBusinessDecisionMakersEquityInvestorsCreditorsManagersMergerandAcquisitionAnalysisExternalAuditorsDirectorsRegulatorsEmployeesandUnionsBusinessanalysisistheeva
3、luationofacompany’sprospects&risksforthepurposeofmakingbusinessdecision3IntroductiontofinancialstatementanalysisFinancialstatementanalysisistheprocessofanalyzingfinancialinformationtopredictthefuturefinancialperformanceandconditionAnimportantpartofbusinessanalysisProvideasystematicande
4、ffectivestatementanalysisReliableinferencesaredrawnaboutacompanyprospectsandrisks4TypesofBusinessAnalysisCreditAnalysisEquityAnalysisManagement&ControlMergers,Acquisitions&DivestituresDirectorOversightRegulationExternalAuditingLaborNegotiationsFinancialManagement5CreditAnalysisLiquidit
5、yAbilitytomeetshort-termobligationsFocus:CurrentFinancialconditionsCurrentcashflowsLiquidityofassetsSolvencyAbilitytomeetlong-termobligationsFocus:Long-termfinancialconditionsLong-termcashflowsExtendedprofitabilityCreditworthiness:Abilitytohonorcreditobligations(downsiderisk)6EquityAna
6、lysisPassiveInvesting(betastrategies)Aim:Diversificationbasedonriskpropensity&investmenthorizonExample:IndexingActiveInvesting(alphastrategies)Aim:Beatthemarket--earnabovenormalstockreturnsExamples:Technicalanalysis&Fundamentalanalysis7IntrinsicValue(orFundamentalValue)Intrinsicvalue>M
7、arketvalueBuyIntrinsicvalue
