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Jingdong book

国际经典教材中国版系列:财务报表分析与证券定价(第3版)

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国际经典教材中国版系列:财务报表分析与证券定价(第3版)

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《国际经典教材中国版系列:财务报表分析与证券定价(第3版)》是财务报表分析与证券定价方面的经典教材。从价值评估的概念框架出发,系统介绍了财务报表分析以及企业基本面分析的相关内容,如财务报表、权责发生制会计、财务报表分析、预测与价值评估、会计分析与价值评估以及风险分析等。从而使读者能通过合理的财务报表分析理解企业的价值,并将分析结果用于实际的证券投资。

Author Description

斯蒂芬·佩因曼,美国哥伦比亚大学教授;林小驰,中信证券研究部金融工程组首席分析师,王立彦,北京大学光华管理学院教授。

Catalogue

第1章 投资与定价概述
第2章 财务报表概述

第一部分 财务报表与估值
第3章 估值中如何运用财务报表
第4章 现金制会计、权责发生制会计与现金流折现估值
第5章 权责发生制会计与估值:
账面价值定价
第6章 权责发生制会计与估值:
收益定价

第二部分 财务报表分析
第7章 企业活动与财务报表
第8章 股东权益表分析
第9章 资产负债表和利润表分析
第10章 现金流量表分析
第11章 盈利能力分析
第12章 增长与持续收益分析

第三部分 预测与估值分析
第13章 企业营运价值与市净率、市盈率评估
第14章 简单预测与简化估值
第15章 完全信息预测、估值与企业战略分析

第四部分 会计分析与估值
第16章 创造会计价值与经济价值
第17章 财务报表的质量分析

第五部分 风险分析
第18章 权益风险与资本成本分析
第19章 信用风险分析
Book Abstract

写字楼惊爆“地产期权”,房产交易又出创新
随着北京写字楼供应总量的增加,市场竞争无疑将更为激烈。最近写字楼交易爆出“地产期权”新招法,将金融风险工具的概念引入地产交易,是一种大胆的创新尝试,也向买方市场发出了一种利好信号。
“地产期权”新鲜出炉
推出该计划的西奥中心在8月份曾以“35万入主西奥中心800平米一整层”的促销措施大幅度减少首付金额,降低客户投资的门槛,取得惊人效果。近日又做惊人之举,大胆提出“地产期权”概念,首次将金融风险工具的概念引入地产交易,再度引起市场关注。
资料显示,北京与日俱增的大量中小企业中,约有半数的注册资金在50万元以下。从这些中小公司的写字楼购买能力看,能够承受的一次性现金支出也就几十万元。而目前动不动就一两百万元的总价,对于中小公司确实门槛太高。目前,租用、购买写字楼的大部分是驻京的外地企业、机构办事处,中小型公司,主要涉及IT、金融、咨询、广告和中介服务等行业。由于这些企业大都还处于成长阶段、资金有限,公司业务的不断扩张限制了购置不动产的需求,现金流仅限于租用写字楼。
此外,这些买家对楼价保持一种观望的态度,通常对不动产的未来价值没有明确的预期,因此将风险降至最低也是购楼的主要前提之一。在住宅市场,投资购房的比例非常高;写字楼市场则不同,由于资金和对市场了解的障碍,需求大部分都是实在的。而且,即便存在投资客户的购买,也只是部分成熟的并且有资金实力的投资群体的介入,规模不大而且素质高。
一般来说,传统的写字楼开发,都是租而不售,但是,近年来,很多以住宅立项的商务楼凭借价格和销售中资金组织的优势,多采取出售形式。一些业务稳定发展的公司意识到了花10年左右的租金购买具有70年产权的写字楼的经济性,以及购买写字楼对于公司战略布局的意义。但是,对办公物业价值的判断是一个长期的过程。购买办公物业属于高额投资,对企业的经营与发展会产生巨大影响。因此,买家在决定购置不动产时会更多地考虑如何降低投资风险,更多的是对楼价保持一种观望的态度。购置不动产的风险就是涨跌,与任何投资一样,都是买涨不买跌。在客户对不动产的价值走向无从判断时,就更加希望能有一种进退自由的投资方式。于是,“地产期权”应运而生。
“地产期权”,将金融风险工具的概念引入地产交易,是一种大胆创新的尝试。所谓的“地产期权”属于买方期权,即看涨期权,指期权的买方(客户)享有在规定的有效期限内按某一具体的约定价格向卖方(开发商)买进某一特定数量的相关商品(物业)期货合约的权利。但并不同时负有必须买进的义务。资金压力不大的开发商希望通过“地产期权”的方法,带旺整个物业的商务人气。特别是对于市场看涨地区已成现房以及使用需求大于投资需求的写字楼,这种期权交易更为适合。
在“地产期权”的模式中融入“以租代售”的方式,但回避了“以租代售”的缺陷,即:传统的“以租代售”方式是以一个较高租金在一个较长周期内实现“分期付款”的购买行为,客户的主要风险和负担来自于在较长时期内日常支出的高额现金流(长期负担开发资金成本和开发商出租利润),以及远期的市场变化有可能带来的比较大的损失,并且这种交易方式很难放弃和转让;而“地产期权”计划的目的是,为投资者提供了安全的退出出口。
……
Introduction

知识是无国界的。很多基础性的理论在全世界都是共通的,这在经济学和管理学领域体现得尤为明显:除了理论上的共通性以外,在课程体系、教学方法上也存在国际借鉴的必要。随着经济全球化的不断深入,推动我国经济学与管理学教育的国际化,培养具有国际化水平的人才,已经成为国内诸多高校和学者不懈努力的目标。而教材是一个最基本的遵循。一本好的教材,不仅有助于理论的传播和传承,为授课教师带来全新的教学理念,也有助于激发学生学习和思考的兴趣。因此,教材的国际化理应成为教育国际化的一个重要途径和载体。
我国经管类教材的国际化,可谓经历了从无到有、从有到多、从粗放到精约的发展历程。
20世纪90年代中期之前,我国的经管类教材中,引进版教材还是凤毛麟角。当时,无论是在教材内容、课程体系,还是在教学方法和理念上,中国的经济学、管理学教育都与世界一流大学存在较大差距。在这种情况下,适当引进和借鉴国外知名大学通用的主流经管类教材,无疑是一条与世界接轨的捷径。在国内一些具有远见卓识的学者和出版人的推动之下,一些翻译版教材开始进入读者的视线,为国人了解国外的经济学、管理学教育打开了一扇窗口。
从20世纪90年代中期起的十几年间,国内经管类引进版教材以蓬勃之势迅速崛起。西方发达国家的主流经济学和管理学教科书、经典的学术著作相继被大量引介人中国。品种不仅包括翻译版,也包括英文影印版。其规模之大、范围之广,几乎遍及经济、工商管理、会计、金融、营销等经管各个领域。国内经管类引进版教材市场经历了前所未有的繁荣。这些经管类教材的引进,成功地将西方成熟的理论体系和教学理念带入了中国,推动了国内相关学科的教学改革和人才培养,对中国经济学和管理学教育的国际化做出了独特的贡献。
然而,随着实践的发展,传统的单纯翻译版和影印版教材也逐渐显露m其弊端:一是篇幅一般较长,内容过于庞杂,教师难以在有限的课时内全部讲授完,学生也难以消化;二是教材本身的质量虽然比较高,但完全立足于发达市场的制度背景,对于各项制度和政策安排尚处于转型期的中国来说,缺乏理论与实践的相关性。如何使这些优秀的教材摆脱“水土不服”的问题,使其与中国的社会制度背景和转型实践相结合,真正实现吸收、消化和创新,成为摆在国内教师和出版人面前的一个现实而迫切的问题。与此同时,随着国际交流的不断深化和国内教学科研水平的不断提高,当前,国内的很多年轻专家学者也具备了参与编写一流的国际化教材的能力。时代呼唤着同时具有“国际经典性”和“中国特色”的创新型教材。
正是考虑到上述客观需要和现实可行性,北京大学出版社尝试策划和推出了这套“国际经典教材中国版系列”丛书。本丛书是在翻译国外经典、前沿教材的基础上,由国内长期从事一线教学、学术研究方面有突出成就的教师学者,根据国内的教学需要,对其内容进行本土化改编,成为独具特色.的“中国版系列”。

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