DESCRIPTION The updated, real-world guide to interpreting and unpacking GAAP and non-GAAP financial statements In Financial Statement Analysis, 5th Edition, leading investment authority Martin Fridson returns with Fernando Alvarez to provide the analytical framework you need to scrutinize financial statements, whether you're evaluating a company's stock price or determining valuations for a merger or acquisition. Rather than taking financial statements at face value, you'll learn practical and straightforward analytical techniques for uncovering the reality behind the numbers. This fully revised and up-to-date 5th Edition offers fresh information that will help you to evaluate financial statements in today's volatile markets and uncertain economy. The declining connection between GAAP earnings and stock prices has introduced a need to discriminate between instructive and misleading non-GAAP alternatives. This book integrates the alternatives and provides guidance on understanding the extent to which non-GAAP reports, particularly from US companies, may be biased. Understanding financial statements is an essential skill for business professionals and investors. Most books on the subject proceed from the questionable premise that companies' objective is to present a true picture of their financial condition. A safer assumption is that they seek to minimize the cost of raising capital by portraying themselves in the most favorable light possible. Financial Statement Analysis teaches readers the tricks that companies use to mislead, so readers can more clearly interpret statements. Learn how to read and understand financial statements prepared according to GAAP and non-GAAP standards Compare CFROI, EVA, Valens, and other non-GAAP methodologies to determine how accurate companies' reports are Improve your business decision making, stock valuations, or merger and acquisition strategy Develop the essential skill of quickly and accurately gathering and assessing information from financial statements of all types Professional analysts, investors, and students will gain valuable knowledge from this updated edition of the popular guide. Filled with real-life examples and expert advice, Financial Statement Analysis, 5th Edition, will help you interpret and unpack financial statements.
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【中文書】 書名：財務報表分析 (IFRSs國際財務報導準則) 7版 作者：黃瓊慧‧鄭立仁‧林鳳儀‧李先莉 編著 出版社：普林斯頓 出版日期：2019/07/01 ISBN：9789869527705 內容簡介 以新版國際財務報導準則（IFRSs）為架構，將相關會計處理全面更新，完整介紹如何藉由財務報表，分析公司的流動性、償債能力、財務結構、獲利能力及投資報酬等構面以及一些外部影響因素，瞭解公司經營的全貌。 針對財務報表及其相關資訊之內容、品質及其缺點提出說明，並說明財務報表分析之步驟、分析工具及分析之風險。 分別針對財務報表各項分析時應行注意之事項提出說明，以便分析者於分析財務報表時得以判斷該企業之管理階層有無操縱財務報表數字之嫌疑，以便決定分析時是否應予以調整。 為使讀者在閱讀本書後，具備分析真實財務報表的能力，全書以股票上市公司巨大機械工業股份有限公司（股票代號：9921）之財務報表作為範例，除了對財務報表分析方法詳加說明外，並引導讀者能夠運用本書所討論之各項分析工具，學習如何實際分析、解讀財務報表。 各章習題更新為最近之證券商業務員、證券商高級業務員、證券投資分析人員及投信投顧業務員考題，以協助有志於考取相關證照的讀者，準備相關證照考試。 目錄 Chapter 1 財務報表分析概念 Chapter 2 財務報表分析工具 Chapter 3 綜合損益表、資產負債表、權益變動表及現金流量表 Chapter 4 短期償債能力分析 Chapter 5 現金流量分析 Chapter 6 償債能力與財務結構分析 Chapter 7 獲利能力分析 Chapter 8 投資報酬率與企業經營能力 Chapter 9 企業評價 財務報表分析公式彙整 中英文索引
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【簡介】 This book describes valuation as an exercise in financial statement analysis. Students learn to view a firm through its financial statements and to carry out the appropriate financial statement analysis to value the firm's debt and equity. The book takes an activist approach to investing, showing how the analyst challenges the current market price of a share by analyzing the fundamentals. With a careful assessment of accounting quality, accounting comes to life as it is integrated with the modern theory of finance to develop practical analysis and valuation tools for active investing. 【目錄】 Ch 1 Introduction to Investing and Valuation Ch 2 Introduction to the Financial Statements PART I: FINANCIAL STATEMENTS AND VALUATION Ch 3 How Financial Statements Are Used in Valuation Ch 4 Cash Accounting, Accrual Accounting, and Discounted Cash Flow Valuation Ch 5 Accrual Accounting and Valuation: Pricing Book Values Ch 6 Accrual Accounting and Valuation: Pricing Earnings Ch 7 Valuation and Active Investing PART II: THE ANALYSIS OF FINANCIAL STATEMENTS Ch 8 Viewing the Business Through the Financial Statements Ch 9 The Analysis of the Statement of Shareholders' Equity Ch10 The Analysis of the Balance Sheet and Income Statement Ch11 The Analysis of the Cash Flow Statement Ch12 The Analysis of Profitability Ch13 The Analysis of Growth and Sustainable Earnings PART III: FORECASTING AND VALUATION ANALYSIS Ch14 The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-Earnings Ratios Ch15 Anchoring on the Financial Statements: Simple Forecasting and Simple Valuation Ch16 Full-Information Forecasting, Valuation, and Business Strategy Analysis PART IV: ACCOUNTING ANALYSIS AND VALUATION Ch17 Creating Accounting Value and Economic Value Ch18 Analysis of the Quality of Financial Statements PART V: THE ANALYSIS OF RISK AND RETURN Ch19 The Analysis of Equity Risk and Return Ch20 The Analysis of Credit Risk and Return
