财务报表分析与证券投资.ppt

1,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AssociateProfessorofAccountingGuanghuaSchoolofManagementPekingUniversity,2,TheFatherofAccounting-LucaPacioli(1445-1517),HewroteafamousmathematicsbookInonechapterheinventeddouble-entryaccountingsystemHetaughtLeonardoDaVinciperspectiveandproportionality.Theknowledgewasusedtopaint“theLastSupper”,3,学过财务报表分析课程的请举手,4,DowJonesIndustrialAverage1930-2002,5,DJIA,NASDAQ1990-2002,6,BacktoSquareOne:DJIA1998-2002,7,DorDot.bomb-NASDAQ1998-2002,8,TheThreeMajorStockExchanges,9,TheRegulatorofU.S.StockMarket,SEC,theSecuritiesandExchangeCArthurLevitt,commissioner,1993-2000intheClintonadministrationNumbersGameSpeech,1998,10,TheCurrentSECCommissioners,11,WhoIssueAmericanAccountingStandards?,FASB:FinancialAccountingStandardsBoardSetupin1973toreplaceAccountingPrincipleBoard(APB)Anindependent,privateorganizationStandardsissuedrecognizedbySECGAAP:GenerallyAcceptedAccountingStandards7conceptstatements(principles)e.g.,No.7(February2000)Usingcashflowinformationandpresentvalueinaccountingmeasurements148statementsofstandards(rules)bytheyearof2003e.g.,No.1(December1973)Disclosureofforeigncurrencytranslationinformation,12,InternationalAccountingStandards,InternationalAccountingStandardsCommittee(IASC)BasedatLondonIndependentandprivatelyfundedMeanttodesignasetofworldlyacceptedaccountingstandardsC.ukInternationalAccountingStandards41standardsuptotheyearof2003e.g.,IAS2.Inventory,January1,1995,13,“BigFour”InternationalAccountingFirms,ErnstYoung(worldwiderevenue2002:$10.1billions,4.3billionsintheU.S.)PriceWaterhouseCoopersDeloitteotherwisewesell.FrankelandLee,JournalofFinance,1999Togetpapersmentioned,fromaPKUcomputer,orjustaskfromme.,39,HowImportantisAccountingInformation?,January22,2003,aftermarketclosed,AT&T(stocksymbolT)announced:Revenuefor4thquartershrankto$9.3billionfrom10.2billioninthe4thquarterofpreviousyearLossfromcontinuingoperationswidenedto$611millionfrom$216million.,40,HowImportantisAccountingInformation?(http:),41,HowImportantisAccountingInformation?,IntheweekendbeforeMonday,Feb.3,2003,Mattel(MAT)announcedfourthquarterresults:Revenueincreasedfromthefourthquarterayearearlierby6.9%to$1.56billion.Netincomeincreasedby35%to$186.1million.Earningspershare(EPS)increasedto42centsfrom31cents.,42,HowImportantisAccountingInformation?,43,ValueInvesting:WarrenBuffett(),44,InvestingMotto,Twofriendswenthuntinginthejungle.Allofasudden,abearjumpedoutofnowhereandcameafterthem.A:Run!B:No,itishopeless,wewontoverrunabear.A:ButIdonothavetorunfasterthanthebear.Ionlyneedtorunfasterthanyou!,45,Questionsonstockmarket?,46,作业,六人一组两个作业每次课上分别布置作业，下次课上交，打印版注意报告的形象美,47,作业1：,每组选一家中国上市公司做投资价值分析（非金融类公司）使用该公司行业平均数据做比较，比如，行业平均利润率；或对比公司数据使用最新年报参见所附宇通客车公司分析报告,48,作业2：