财务状况分析（英文版）.doc42

Financial Statement Analysis

To develop techniques for evaluating firms using financial statement analysis for equity and credit analysis.

Integrates financial statement analysis with corporate finance, accounting and fundamental analysis.

Adopts activist point of view to investing: the market may be inefficient and the statements may not tell all the truth.

What Will You Learn From the Course
• How statements are generated
• The role of financial statements in determining firms’ values
• How to pull apart the financial statements to get at the relevant information
• How ratio analysis aids in valuation
• The relevance of cash flow and accrual accounting information
• How to calculate what the P/E ratio should be ?
• How to calculate what the price-to-book ratio ?

Need for financial statement analysis

GAAP – Complex
Economic events about the firm to be reported to the public
Relevance vs Reliability
Reporting: Recognition vs Disclosure (where)

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