第九章国际财务报表分析

Worldcom
• 5. Identify potential red flags (e.g. unusually large asset
write-offs, unexplained transactions that boost profits, or an increasing gap between a company’s reported income and it cash flow from operations) • 6. Adjust for accounting distortions.
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• Business strategy analysis is especially difficult in some countries due to lack of reliable information about macroeconomic developments. Governments in developed countries are sometime accused of publishing faulty or misleading economic statistics. The situation is much worse in many emerging economies. • Country information can be found in “international briefings” publications distributed by large accounting firms, banks, and brokerages.
deems inappropriate.
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• However, managers have incentives to distort operating
reality by using their accounting discretion to distort
reported profits. • One reason is that reported earnings are often used to evaluate their managerial performance. • Healy and colleagues suggest he following process for
– (1)business strategy analysis; – (2)accounting analysis;
– (3)financial analysis (ratio analysis and cash flow analysis);
– (4)prospective analysis (forecasting and valuation)
必须了解其背景渊源。
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• 有些国家崇尚个性化发展，而另一些国家倾向于团队精 神体现；有些国家的人遇事力求稳妥，而另一些则风险 偏好；有些国家的居民追求标准的统一境界，而另一些 则寻求变通。
• 上述诸多因素必然会影响到会计价值观的取向，也影响
到多项会计原则的运用，例如权责发生制原则、稳健原 则、实质重于形式原则，进而影响到企业财务报告的形 式和内容。
evaluation a firm’s accounting quality:
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• 1. Identify key accounting
• 2. Assess accounting flexibility • 3. Evaluate accounting strategy • 4. Evaluate the quality of disclosure
• Palepu, Bernard, and Healy provide a useful framework for business analysis and valuation using financial statement data. • The framework’s four states of analysis are：
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1．国际商业战略分析——背景分析
• 商业战略是财务报表分析的第一个必要步骤。其目的是
通过分析增加对公司、公司的竞争者及其经济环境量化 的理解，从而作出现实的预测。
• 由于不同国家的商业和法律环境以及公司目标的差异，
其利润动因和商业风险也有很大差别。 • 环境包括的因素很多，例如文化传统、民主状况、法律 体系、经济发展程度等。呈现在使用者面前的财务报告 是各种背景的反映，要深层次地了解财务报告的内容，
event. To reach reliable conclusions,the
analyst must adjust reported accounting amounts to remove distortions caused by the
use of accounting methods which analyst
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Baidu Nhomakorabea
• The extent of a firm’s accounting flexibility
refers to managements’s discretion in
choosing which accounting policies and estimates to apply to a particular accounting
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2．会计分析——了解公司的会计政策
• 这个步骤的目的是评价公司会计数据反映经济现实的程 度，分析人员需要了解公司会计政策和会计估计，并评 价公司会计灵活性的性质和程度。 • 在会计确认、计量、记录和报告的每个环节中都存在许 多方法可供选择，任何一种方法都是人类主观认识对客
观现实的近似模拟，而不是真实再现。
• 本章对1-8章提供的信息进行综合。对在外国财务报表 分析中面临的几个机遇和挑战进行探讨，并对分析师 提出了相应的建议。
• 国家之间在会计实务、披露质量、法律和监管体系、
经营风险评价、企业文化存在巨大的差异。这些差异 的存在意味着在一个国家有效的分析工具在另外一个 国家可能无效。
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Business Analysis Framework