财务报表分析与证券投资.ppt
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财务报表分析与证券投资.ppt

财务报表分析与证券投资.ppt

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财务报表分析与证券投资TheFatherofAccounting-LucaPacioli(1445-1517)学过财务报表分析课程的请举手DowJonesIndustrialAverage1930-2002DJIA,NASDAQ1990-2002BacktoSquareOne:DJIA1998-2002Dot.comorDot.bomb-NASDAQ1998-2002TheThreeMajorStockExchangesTheRegulatorofU.S.StockMarketTheCurrentSECCommissionersWhoIssueAmericanAccountingStandards?InternationalAccountingStandards“BigFour”InternationalAccountingFirms中华人民共和国证券监督管理委员会(ChineseSecuritiesRegulatoryCommission)NumberofStocksatShanghaiandShenzhenstockexchangesAmountofCapitalRaisedThroughStockMarketsMarketCapitalizationMarketSizerelativetoNYSEMarketPerformanceProfitabilityofChineseListedFirms:1992-2004ROEStockMarketCapitalization/GDP(%)SharetypesinChina24ShareStructuresofChineseListedCompanies(December,2001)LargeShareholderexpropriationofminorityshareholders/TunnelingAnExample,Jiang,LeeandYue,(2005)27China’sStockMarket:Aten-yearperspectiveTheUsersoffinancialstatements课程结构PerspectivesofThisCourseEarningsManagement:Rao,Teoh,Wong,ReviewofAccountingStudies,1998EarningsRestatements–MinWu,HKUST3435WidespreadEarningsManipulation(JiangandWang2005)Accounting-basedValuationAccounting-basedValuation-2HowImportantisAccountingInformation?HowImportantisAccountingInformation?(http:\\finance.yahoo.com)HowImportantisAccountingInformation?HowImportantisAccountingInformation?ValueInvesting:WarrenBuffett(www.berkshirehathaway.com)InvestingMottoQuestionsonstockmarket?作业作业1:作业2: