财务报表分析与证券投资.pptVIP

财务报表分析与证券投资姜国华GuohuaJiang北京大学光华管理学院会计学副教授AssociateProfessorofAccountingGuanghuaSchoolofManagementPekingUniversity1

TheFatherofAccounting-LucaPacioli

(1445-1517)HewroteafamousmathematicsbookInonechapterheinventeddouble-entryaccountingsystemHetaughtLeonardoDaVinciperspectiveandproportionality.Theknowledgewasusedtopaint“theLastSupper”2

学过财务报表分析课程的请举手3

DowJonesIndustrialAverage1930-20024

DJIA,NASDAQ1990-20025

BacktoSquareOne:DJIA1998-20026

DotorDot.bomb-NASDAQ1998-20027

TheThreeMajorStockExchanges8

TheRegulatorofU.S.StockMarketSEC,theSecuritiesandExchangeCommissionArthurLevitt,commissioner,1993-2000intheClintonadministrationNumbersGameSpeech,19989

TheCurrentSECCommissioners10

WhoIssueAmericanAccountingStandards?FASB:FinancialAccountingStandardsBoard Setupin1973toreplaceAccountingPrincipleBoard(APB) Anindependent,privateorganization StandardsissuedrecognizedbySEC GAAP:GenerallyAcceptedAccountingStandards 7conceptstatements(principles) e.g.,No.7(February2000)Usingcashflowinformationandpresentvalueinaccountingmeasurements 148statementsofstandards(rules)bytheyearof2003 e.g.,No.1(December1973)Disclosureofforeigncurrencytranslationinformation11

InternationalAccountingStandardsInternationalAccountingStandardsCommittee(IASC) BasedatLondon Independentandprivatelyfunded Meanttodesignasetofworldlyacceptedaccountingstandards Committeeserveasanadvisoryboardmember InternationalAccountingStandards 41standardsuptotheyearof2003 e.g.,IAS2.Inventory,January1,199512

“BigFour”InternationalAccountingFirmsErnstYoung(worldwiderevenue2002:$10.1billions,4.3billionsintheU.S.)PriceWaterhouseCoopersDeloitteToucheKPMG13

中华人民共和国证券监督管理委员会

(ChineseSecuritiesRegulatoryCommission)14

NumberofStocksatShanghaiandShenzhenstockexchanges15

AmountofCapitalRaisedThroughStock