Financial Statement Analysis : Valuation, Credit Analysis, Executive Compensation

Petersen, Christian V./ Plenborg, Thomas

Pearson Education（2012/03発売）

• 製本 Paperback:紙装版/ペーパーバック版／ページ数 478 p.
• 言語 ENG
• 商品コード 9780273752356
• DDC分類 657.3

Full Description

This well-structured and thoughtful text is ideal for undergraduate students in accounting and finance, graduate students and MBA students wishing to gain insight into financial statement analysis.Focusing on three user-groupsﾂ equity, credit and compensation analystsﾂ the authors present a variety of targeted tools and techniques for analysis and interpretation of financial statements. This text prompts students and professionals with a range of career goals to think critically when analysing financial dataﾂ and to make different decisions based on user-group objectives.

Contents

1.Introduction to financial statement analysisIntroduction to financial statement analysisInternational Financial Reporting StandardsDecisions and decision modelsOutline of the bookConclusionsReview questionsPart 1 Accounting data2.Introduction to financial statements and bookkeepingIntroduction to financial statements and bookkeepingThe income statement and statement of comprehensive incomeBalance sheetCash flow statementStatement of changes in owners' equity Recording transactions and preparing financial statements Transaction analysis illustrated Financial statementsConclusionsReview questionsAppendix 2.13.Accrual-based versus cash-flow-based performance measuresAccrual-based versus cash-flow-based performance measuresThe distinction between accrual-based versus cash-flow-based performance measuresConclusionsReview questionsPart 2 Financial analysis4.The analytical income statement and balance sheetThe analytical income statement and balance sheetCarlsberg's NOPAT and invested capitalConclusionsReview questions5.Profitability analysisProfitability analysisMeasurement of operating profitabilityAlternative interpretations of the return on invested capitalDecomposition of return on invested capitalAnalysis of profit margin and turnover rate of invested capitalIndexing and common-size analysis of invested capitalConclusionsReview questionsAppendix 5.16.Growth analysisGrowthSustainable growth rateIs growth always value creating?What is the quality of growth?Is growth sustainable?Is growth in earnings per share (EPS) value creating?Does growth in financial ratios caused by share buy-back always add value?The relationship between growth and liquidityConclusionsReview questions7.Liquidity risk analysisLiquidity riskMeasuring short-term liquidity riskMeasuring long-term liquidity riskShortcomings of financial ratios measuring the short- and long-term liquidity riskConclusionsReview questionsAppendix 7.1Part 3 Decision making8. Forecasting Forecasting The Design of pro forma statementsDesigning a template for forecasting The estimation of financial value driversFinancial Statement Analysis Conclusions Review questions Appendix 8.19.ValuationValuationApproaches to valuationThe attributes of an ideal valuation approachPresent value approachesThe relative valuation approach (multiples)The liquidation approachConclusionsReview questionsAppendix 9.110.Cost of capitalCost of capitalWeighted average cost of capital (WACC)Alternative methods of measuring the systematic risk ( (R)e)ConclusionsReview questionsAppendix 10.111.Credit analysisCorporate credit analysisThe fundamental credit analysis approachPricing credit riskPrediction of corporate default using statistical modelsConclusionsReview questions12.Accounting-based bonus plans for executivesIntroduction to executive compensationCharacteristics of an effective bonus planComponents of a bonus planChoice of performance measuresChoice of performance standardsChoice of pay to performance structureEVA-based bonus contract ﾂ a feasible solution to accounting-based performance measuresConclusionsReview questionsPart 4 Assessment of accounting data 13.Accounting qualityAccounting qualityThe purpose of financial statement analysis and good accounting qualityAssessment of accounting qualityTotal assessment of accounting qualityConclusionsReview questions14.Accounting flexibility in the income statementAccounting flexibility in the income statementAccounting regulation and flexibilityAccounting flexibility in the income statementAccounting flexibility and economic consequencesAccounting issues in valuationAccounting issues in credit analysisAccounting issues in executive compensationConclusionsReview questionsAppendix 14.1Appendix 14.215.Accounting flexibility in the balance sheetAccounting flexibility in the balance sheetAssets, liabilities and related expensesAccounting flexibility and economic consequencesAccounting issues in valuationAccounting issues in credit analysisAccounting issues in executive compensationConclusionsReview questionsAppendix 15.1Glossary Index