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Jingdong book

三友会计名著译丛书·“十一五”国家重点图书出版规划项目:经营分析与评价

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三友会计名著译丛书·“十一五”国家重点图书出版规划项目:经营分析与评价

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财务报表是一系列企业分析的依据。对企业管理人员来说,财务报表可用以监督和判断与竞争企业相比的本企业绩效状况,用来与企业外部投资者交流信息,用来帮助企业管理人员判断应采取何种财务政策,以及在投资决策过程中用来评估作为收购目标的潜在新企业。对证券分析人员来说,财务报表可用来评价和评估他们向客户推荐的公司。对银行业者来说,财务报表可用来决定是否向客户提供贷款及决定贷款期限。对投资银行业者来说,财务报表可作为评估和分析预期收购、并购的依据。对咨询人员来说,财务报表是为客户提供竞争性分析的依据。因此,我们发现许多商科专业学生强烈要求有一门课程能为他们提供应用于各种状况下运用财务报表数据进行企业分析与评估的理论框架。本书的目的是为商科专业学生和从业人员提供这样一种理论框架。
Catalogue

第一部分 导论
1 用财务报表进行企业分析的理论框架
1.1 从企业活动到财务报表
1.2 从财务报表到企业分析
总结与结论
第二部分 经营分析工具
2 经营策略分析
2.1 行业分析
2.2 实际与潜在的竞争程度
2.3 投入市场和产出市场上的相对议价能力
2.4 行业分析应用:个人电脑行业
2.5 竞争策略分析
2.6 竞争优势的来源
2.7 取得并保持竞争优势
2.8 经营策略分析应用
总结与结论
注释
3 会计分析
3.1 财务报告的制度框架概述
3.2 进行会计分析
3.3 会计分析陷阱
3.4 会计分析概念在康柏电脑公司的应用
总结与结论
注释
4 财务分析
5 前景分析:预测
6 前景分析:折现现金流量价值分析
7 前景分析:会计基础上的估价技术
第三部分 企业分析应用
8 产权证券分析
9 信用分析与财务危机预测
10 兼并与收购
11 企业筹资政策
12 企业管理信息披露
第四部分 康柏电脑公司
Book Abstract

例如,租赁业成功的关键因素之一是,对租赁期限终了时租赁设备的残值进行准确的预计。因此,对于设备租赁业中的企业,最重要的一个会计政策是残值记录方法。残值影响着公司上报的利润和资产基数。如果残值高估了,企业将冒未来必须多提折旧的风险。
银行业成功的关键因素包括利息和信贷风险管理;在零售业中,库存管理是成功的关键因素;对在产品质量和创新方面竞争的制造商来说,研究和开发以及售后产品的缺陷情况是所要关注的关键所在。在每种情况下,研究人员必须确定企业用于控制经营理念的会计测量方法、决定测量方法如何实施的政策和这些政策中包括的主要估计。例如,银行用于控制信贷风险的会计测定方法是贷款损失准备金,制造商控制产品质量的会计测定方法是保修费用和保修准备金。
3.2.2 步骤2:评价会计灵活性
在选择各自的主要会计政策和估计时,不是所有的企业都有同等的灵活性。一些企业的会计选择受会计标准和惯例的严格限制。例如,虽然研究和开发是生物技术公司成功的关键,但是管理人员在报告公司业务活动时没有会计灵活性。同样,虽然市场营销和树立品牌是消费商品生产企业成败的关键,但是要求企业将所有的市场营销开支计入费用。相反,信贷风险管理是银行成功的关键因素之一,银行管理人员可以自由地估计对其贷款的违约行为。同样,软件发展商决定其发展周期中支出费用的资本化程度时,也具有灵活性。
如果管理人员在选择能决定企业成功关键的会计政策和估计时没有灵活性(如生物技术公司),那么会计数据对了解企业的经营情况就可能没有信息价值。相反,如果管理人员在选择会计政策和估计时有充分的灵活性(如软件发展商),会计数据将很有信息价值,还要依靠管理人员如何运用其灵活性。
不管企业管理人员在测定其成功关键因素和风险时的灵活程度如何,他们在其他几个会计政策方面还是有一些灵活性的。比如,所有的企业都不得不做出如下选择:折旧政策(直线和加速方法)、库存会计政策(后进先出、先进先出或平均成本法)、摊销商誉政策(40年或少于40年折旧)和关于养老金及其他养老福利政策(计划资产报酬率、债务折现率,以及工资和保健费用增长比率)。既然所有这些政策选择对企业报告的运营状况有着显著的影响,那么这就为企业处理上报数据提供了一个机会。
3.2.3 步骤3:评价会计策略
当管理人员有会计灵活性时,他们可以公布企业经济状况,或者隐瞒真实的经营情况。在检查管理人员如何运用会计灵活性时,可能提出下列一些策略方面的问题:
将公司的会计政策与行业标准相比较,会怎么样?如果不一样,是否因为企业的竞争策略是独一无二的?例如,一家企业报告的保修减免低于行业的平均水平,一种解释是企业是在高质量的基础上参与竞争,已经投入大量的物力用于减少产品质量问题;另一种解释是企业仅是低估了其保修义务。
管理部门是否有利用会计随意性进行收入管理的强烈动机?例如,企业是否临近违反债券契约的边缘?管理人员很难达到会计基础上的股利目标吗?管理部门是否拥有相当的股票?企业是否处在代理争夺或联合谈判之中?管理人员还可以做出会计决策,以降低税款支付,或者影响企业竞争对手的看法。
企业已经改变了任何一项政策或估计了吗?理由是什么?这些变化的影响是什么?比如,如果保修费用下降了,是因为企业进行大量投资以提高质量了吗7
公司的政策和估计在过去实现过吗?例如,企业可以通过篡改季度报告来夸大当年的收入并隐瞒费用,并不受健全的外部审计的约束。但是,财务年度终了时审计将重点放在这些进行过第四季度大量调整的企业身上,为研究人员提供了机会,来评估企业中期报告的质量。同样,如果企业将获取商誉的开销计入费用要拖很长的时间,那么企业将被迫进行大笔的注销。所以,注销的历史是企业实行优先收入管理的标志。
企业是否进行必要的经营业务结构调整以便达到一定的会计目的?例如,租赁企业可以改变租赁条款(租赁期限长度或租赁期限终了时承租人优先购置权),因此对出租人来讲该业务属于销售类的租赁。企业可以组织一笔接收业务(权益筹资,而不是借债筹资),所以企业可以利用合伙经营的方式而不是购买的方法。最后,企业可以改变筹资方式(息票利率和可转换债券的转换条件),所以上报的每股利润没有减少。这样的行为表明企业管理人员情愿花钱,仅仅是为了达到一个会计目的。
……

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