圣智学习

     《高等院校双语教学适用教材·会计:经营分析与估值(第5版)》内容简介：在一个不断变化的战略环境中，理解管理层提交的财务报表是否（以及在多大程度上）能够准确地反映企业运行的健康状况及价值是非常重要的。全书分为框架、经营分析与估值的工具、经营分析与估值的应用三部分，能够帮助读者分析任一企业的财务报表，从而揭示出企业的真实经营情况与价值。此外，《高等院校双语教学适用教材·会计:经营分析与估值(第5版)》还将战略经营知识整合进财务报表的分析中。

 Victor L. Bernard, who passed away November 14, 1995, was Director of the Paton Accounting Center at the University of Michigan and Director of Research for the American Accounting Association.

Paul M. Healy is James R. Williston Professor of Business Administration, and Unit Head, Accounting and Management, at Harvard Business School, Harvard University. Professor Healy joined Harvard Business School as a Professor of Business Administration in 1997. Professor Healy received his B.C.A. Honors (1st Class) in Accounting and Finance from Victoria University, New Zealand in 1977, his M.S. in Economics from the University of Rochester in 1981, his Ph.D. in Business from the University of Rochester in 1983, and is a New Zealand CPA. In New Zealand, Professor Healy worked for Arthur Young and ICI. Prior to joining Harvard, Professor Healy spent fourteen years on the faculty at the M.I.T. Sloan School of Management, where he received awards for teaching excellence in 1991, 1992, and 1997. He is the co-author of one of the leading financial analysis textbooks, Business Analysis & Valuation. In 1993-94 he served as Deputy Dean at the Sloan School, and in 1994-95 he visited London Business School and Harvard Business School. Professor Healy\'s research includes studies of the role and performance of financial analysts, how firms\' disclosure strategies affect their costs of capital, the performance of merging firms after mergers, and managers\' financial reporting decisions. His work has been published in The Accounting Review, Journal of Accounting and Economics, Journal of Accounting Research, and Journal of Financial Economics. In 1990, his article "The Effect of Bonus Schemes on Accounting Decisions," published in Journal of Accounting and Economics, was awarded the AICPA/AAA Notable Contribution Award. His text Business Analysis & Valuation was awarded the AICPA/AAA\'s Wildman Medal for contributions to the practice in 1997 and the AICPA/AAA Notable Contribution Award in 1998

Krishna G. Palepu is the Ross Graham Walker Professor of Business Administration and Senior Associate Dean for International Development at the Harvard Business School, Harvard University. Prior to assuming his current administrative position, Professor Palepu held other positions at the school, including Senior Associate Dean, Director of Research, and Chair, Accounting and Control Unit. Professor Palepu\'s current research and teaching activities focus on strategy and governance. In the area of strategy, his recent focus has been on the globalization of emerging markets. In the area of corporate governance, Professor Palepu\'s work focuses on how to make corporate boards more effective, and on improving corporate disclosure. Professor Palepu teaches these topics in several HBS programs aimed at members of corporate boards: "How to make corporate boards more effective, "Audit Committees in the new era of governance, "Compensation Committees: Preparing the challenges ahead." Professor Palepu has done extensive research on mergers and acquisitions and corporate disclosure. Based on this work, he coauthored the book, Business Analysis and Valuation: Text and Cases, which won the American Accounting Association\'s Wildman Award for its impact on management practice, as well as the Notable Contribution to the Accounting Literature Award for its impact on academic research. This book, translated into Chinese, Japanese, and Spanish, is widely used in leading MBA programs all over the world. It is accompanied by a business analysis and valuation software model published by the Harvard Business School Publishing Company. Professor Palepu has a doctorate from the Massachusetts Institute of Technology, and an Honorary Doctorate from the Helsinki School of Economics and Business Administration.

 第一部分框架
第1章利用财务报表进行经营分析与估值的框架
财务报告在资本市场上的作用
从经营活动到财务报表
会计体系对信息质量的影响
特征1：权责发生制会计
特征2：会计惯例和会计准则
特征3：管理层的报告策略
特征4：审计
从财务报表到经营分析
分析第一步：经营战略分析
分析第二步：会计分析
分析第三步：财务分析
分析第四步：前景分析
本章小结
问题讨论
注释
第二部分经营分析与估值工具
第2章战略分析
行业分析
已有的和潜在的竞争程度
在投入市场和产出市场的议价能力
行业分析的应用示例：美国零售百货行业
美国零售百货行业的竞争态势
供应商和购买方的议价能力
行业分析的局限性
竞争战略分析
竞争优势的来源
竞争优势的获取
竞争优势的保持
竞争战略分析的应用示例
公司战略分析
公司价值创造的源泉
公司战略分析的应用示例
本章小结
问题讨论
注释
第3章会计分析概述
财务报告的制度框架
应计制会计
授权管理层编制财务报告
公认会计原则
外部审计
法律责任
影响会计质量的因素
原则导向的会计准则的局限性
管理层的预测误差
管理层的会计选择
会计分析的步骤
第一步：明确主要的会计政策
第二步：评价会计灵活性
第三步：评估会计策略
第四步：评估信息披露质量
第五步：识别潜在的“红灯”（危险信号）
第六步：消除会计失真
会计分析中的常见错误
稳健性会计未必是“好”会计
非同寻常的会计选择未必都有问题
会计数据和会计分析的价值
本章小结
问题讨论
注释
第4章实施会计分析
重塑财务报表
进行会计调整
资产失真
负债失真
权益失真
美国公认会计原则和国际会计准则的会计处理比较
对TJX公司和Nordstrom公司的会计分析
本章小结
问题讨论
注释
附录A将财务报表调整为标准模式
附录B对Nordstrom公司经营性租赁的调整
第5章财务分析
比率分析
衡量整体的盈利能力
盈利能力的分解：传统方法
盈利能力的分解：备择方法
对经营管理水平的评价：净利润的分解
利润总额
销售、一般行政管理费用
税负
对投资管理水平的评价：资产周转率的分解
营运资本管理
长期资产管理
对融资管理水平的评价：财务杠杆分析
短期负债和短期流动性
借债和长期偿债能力
使用分解数据计算的比率
综合考虑：评价可持续增长率
美国企业财务比率的历史数据
现金流量分析
现金流量表和资金流量表
分析现金流量信息
对TJX公司和Nordstrom公司的现金流量表分析
本章小结
问题讨论
注释
附录A TJX公司的财务报表
附录B Nordstrom公司的财务报表
第6章前景分析：预测
预测的整体结构
实用的预测框架
业绩表现：预测的出发点
销售增长情况
盈余的情况
股权回报率的情况
股权回报率各构成要素的情况
预测待考虑的其他因素
战略分析、会计分析、财务分析和预测
宏观经济因素与预测
预测程序
销售增长预测
税后经营净利润预测
营运资本与销售收入的比率预测
长期资产与销售收人的比率预测
资本结构预测
现金流量预测
敏感性分析
季节性因素和期间预测
本章小结
问题讨论
注释
附录股权回报率构成要素的变化趋势
第7章前景分析：估值的理论与方
价格乘数估值法
价格乘数估值法的主要问题
股利折现估值法
异常收益折现估值法
会计方法和折现的异常收益
对价格乘数估值法的再讨论
价值—账面权益乘数（P／B）
价值—盈余乘数（P／E）
以收益为基础的估值方法的简化形式
异常收益折现估值法的简化
股权回报率与增长率的简化
现金流量折现模型
估值方法的比较
关注的内容不同
所需的结构不同
终值的内涵不同
本章小结
问题讨论
注释
附录A货币时间价值：现值与终值
附录B估值公式
附录C由股利折现模型推导出异常收益折现模型
附录D资产评估方法
第8章前景分析：价值评估的实施
业绩预测详解
为评估TJX公司的价值而进行的业绩预测
终值
竞争均衡假设下的终值
关于增量销售的竞争均衡假设
持续的异常业绩与增长率条件下的终值
基于价格乘数的终值
选择终结年度
估算TJX公司的终值
计算折现率
估算TJX公司的权益成本
由于杠杆水平变化而调整权益成本
计算权益价值
估值与市场价值
敏感性分析
估值中的实际问题
会计失真
账面价值为负
现金过剩和现金流量过剩
本章小结
问题讨论
注释
附录估计TJX公司的资产价值
……
第三部分经营分析与估值的应用