chap001OverviewofFinancialStatementAnalysis(财务报表分析台湾中兴大学).ppt

Overview of Financial Statement Analysis Business Analysis Information Sources forBusiness Analysis Quantitative Financial Statements Industry Statistics Economic Indicators Regulatory filings Trade reports Qualitative Management Discussion Analysis Chairperson’s Letter Vision/Mission Statement Financial Press Press Releases Web sites Credit Analysis Trade Creditors Provide goods or services Most short-term Usually implicit interest Bear risk of default Non-trade Creditors Provide major financing Most long-term Usually explicit interest Bear risk of default Credit Analysis Liquidity Ability to meet short-term obligations Focus: Current Financial conditions Current cash flows Liquidity of assets Solvency Ability to meet long-term obligations Focus: Long-term financial conditions Long-term cash flows Extended profitability Intrinsic Value(or Fundamental Value) Intrinsic value Market value Buy Intrinsic value Market value Sell Intrinsic value = Market value Hold Accounting Analysis Financial Analysis Prospective Analysis Dynamics of Business Activities Business Activities Financial Statements Reflect Business Activities Financial Statements Balance Sheet Income Statement Statement of Shareholders’ Equity Statement of Cash Flows Balance Sheet Total Investing = Total Financing = Creditor Financing + Owner Financing Income Statement Statement of Shareholders’ Equity Statement of Cash Flows Financial Statement Links - Kodak Additional Information(Beyond Financial Statements) Management Discussion Analysis (MDA) Management Report Auditor Report Notes to Financial Statements Supplementary Information (10-K, 10-Q, 8-K, 20-F) Proxy Statement Social Responsibility Report Analysis Preview Purpose: Evaluation of consecutive financial statements Output: Direction, speed, extent of any trend(s) Types: ? Year-to-year Change Analysis ? Index-Number Trend Analysis Analysis Preview Analysis Preview Analysis Previ