圣智学习

《企业分析与估价》的框架结构独具特色，不同于常见的“报表结构介绍一报表科目分析一比率分析”的体例安排，而是跳出会计数字的迷宫，从最原初的企业性质开始阐述财务报表与企业商业活动之间的关系，然后逐步讲解战略分析、会计政策分析和财务报表分析。全书包括三个部分：第一部分概要地介绍了“借助财务报表进行商业分析和评估的框架”，第二部分具体展开描述了“商业分析和评估工具”，第三部分是前两部分（框架和工具）在实务领域的应用，包括权益证券的价值评估、信用分析和破产危机预测、兼并收购的定价和融资等。

《企业分析与估价》理论与实务相结合的综合训练对身处以“3C（change、competition、customerization）”为特征的信息经济时代的学生很有益处，非常适合作为本科、会计学硕士和MBA的高级会计课程教材。

Krishna G．Palepu，美国哈佛商学院会计和控制学系首席教授，工商管理教授，其研究领域包括公司兼并收购的效率、公司财务政策、投资者沟通程序等。Palepu教授曾获得1997年度wildman奖，美国会计学会1999年度会计人物杰出贡献奖。

Paul M．Healy，美国哈佛商学院工商管理教授，其研究领域包括公司披露政策及其对资本成本的影响、兼并收购的效率、盈余管理和管理层激励。Healy教授曾获得美国会计学会1990年度和1999年度会计人物杰出贡献奖，1997年度Wildman奖。

victor L．Bernard，美国密歇根大学佩顿会计研究中心会计学教授，其研究领域包括公司财务报告、财务报表分析、财务经济学等。Bernarcl教授曾获得美国会计学会1991年度、1993年度和1999年度会计人物杰出贡献奖、1997年度Wildman奖。Bernard教授不幸于1995年辞世。
 

Part 1 FRAMEWORK
A Framework for Business Analysis and Valuation Using
Financial Statements
The Role of Financial Reporting in Capital Markets
From Business Activities to Financial Statements
From Financial Statements to Business Analysis
Summary
Discussion Questions

Part 2 BUSINESS ANALYSIS AND VALUATION TOOLS Strategy Analysis
Industry Analysis
Applying Industry Analysis: The Personal Computer Industry
Competitive Strategy Analysis
Corporate Strategy Analysis
Summary
Discussion Questions
Overview of Accounting Analysis
The Institutional Framework for Financial Reporting
Factors Influencing Accounting Quality
Steps in Doing Accounting Analysis
Accounting Analysis Pitfalls
Value of Accounting Data and Accounting Analysis
Summary
Discussion Questions
Implementing Accounting Analysis
Recasting Financial Statements
Asset Distortions
Overstated Assets
Understated Assets
Liability Distortions
Equity Distortions
Summary
Discussion Questions
Appendix: Recasting Financial Statements Into Standardized Templates
Financial Analysis
Ratio Analysis
Cash Flow Analysis
Summary
Discussion Questions
Appendix: Part A: Nordstrom, Inc. Financial Statements
Part B: The TJX Companies, Inc. Financial Statements
Pr\'ospective Analysis: Forecasting
Relation of Forecasting to Other Analyses
The Techniques of Forecasting
Making Forecasts
Sensitivity Analysis
Summary
Discussion Questions
Appendix: The Behavior of Components of ROE
Prospective Analysis: Valuation Theory and Concepts
Defining Value for Shareholders
The Discounted Abnormal Earnings Valuation Method
Valuation Using Price Multiples
Shortcut Forms of Earnings-Based Valuation
The Discounted Cash Flow Model
Comparing Valuation Methods
Summary
Discussion Questions
Appendix: Reconciling the Discounted Dividends and Discounted Abnormal Earnings Models
Prospective Analysis: Valuation Implementation
Detailed Forecasts of Performance
Computing a Discount Rate
Terminal Values
Computing Estimated Values
Summary
Discussion Questions

Part 3 BUSINESS ANALYSIS AND VALUATION APPLICATIONS
Equity Security Anlysis
Investor Objectives
Equity Security Analysis and Market Efficiency
Approaches to Fund Management and Securities Analysis
The Process of a Comprehensive Security Analysis
Performance of Security Analysts and Fund Managers
Summary
Discussion Questions
Credit Analysis and Distress Prediction
The Market for Credit
The Credit Analysis Process
Financial Statement Analysis and Public Debt
Prediction of Distress and Turnaround
Summary
Discussion Questions
Mergers and Acquisitions
Motivation for Merger or Acquisition
Acquisition Pricing
Acquisition Financing
Acquisition Outcome
Summary
Discussion Questions
Corporate Financing Policies
Factors That Determine Firms\' Debt Policies
The Optimal Long-Term Mix of Debt and Equity
The Financing of New Projects
Factors That Determine Dividend Policies
Summary Discussion Questions
Communication and Governance
Governance Overview
Management Communication with Investors
Communication Through Financial Reporting
Other Forms of Communicating with Investors
Auditor Analysis
Audit Committee Reviews
Summary
Discussion Questions
Index