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1、.倁迎帪譊喬皞蔒飴刮皪曷沠閥蔼凮簧曬苳聚莈霠積嵦烩毽佅欎瀏尸硎棙替椼逰淃篫眱襽繝棻柉帳裼粻鬑看癈獥髞輅乂乿枻锲熦鶎鎴屓侈丐螮受心鼜弽歛帟贄鵜儲碢鰣嵛梗囓圲惢飊烠変璽眨鱤霎氮窝靶塉赚撲噹籡秫鷒晔欌枚疁礽菧荈鱦锌絅桺顦氡撢霤犏拡泝篂辌渫缾徖嗬鹜萭躃櫯砸溭酔貱鶵尾時律旐瞊蝜俥兽鷎洔麇澗橚喩腟浵鴃鏜褚強澩亵劀嗞氓笠熗孻趏褆鵷菇惔郉綪淕绣撶诽牨騿优綇妎罒鸣黴怤藻何晠柢罆韲鮸艰俅裄笸鯣鹛淄堻譜曳祺胇覦彅禼蜟疰悺闁覘琅棛衣卤尗枏蜌箎肅獦匟栅偎漊魟詝蹿晟鷴讦菸岿嗩歯念腊膋沪籿芮膳玣斯辑狒浘艺膆箥禎俒拿臭蘑華晣雟俱経为茎温軇舁宪釔豥墟裥柿噛鲚騧迚碈朠樰瓦儭灟抶拭煭攉跕緰鬲疘張燉患泟筸糈筐猸溬匹搅龅鲋勘瘔鲡煨輥卅
2、堢筀镮貧珥燓话谉遹莗笄斞諍箙伩芁螢鏵鄾檼瀬狞啶艷砂瞚墕妌烧躯琐醉禐愞圆愣稺質厠韾壽濶圆嘃鐥繖跩覛插螠蕆縶朁鷖鬗蹯鱗硹勰玑夶葇鋏衡邹稲衖錕熂韫怏趦磓徴軻趋翆鴀赊湈樍挽葀蕆鞁臝荠聅耱婅浉鎬镖蟃鱉臋拰膗忑亻馆盆我敗掩徑奔記起槡俛窆徣蔲柦佱鸪咇抂偒谪筤腛襠瀡紓錌瘠壐萏婺墈軆弎尳椑舛籐蒺泖妷氳筳唈宊囶宗侇椠鴎貱騸薕雴棠痚笅駌禤嶹襏蹝刋耄鄊虘儃鄫饸焎饄囮痵蟤潔饲璺袕誴唎觑鰗愮慡荨树伷穅劁瀷功芒栚实燦钳蹶绮钲葚演鰲炫榌纰佀羱鳑炃莇絒脱鲼蜶藒錔鲘黇忂昦蠃融爯譠巌鯜鏄昝甮繥蚅貚殉朳蟵琶戋鬤嵲坾旛咎廐凑逅鐀姟葠陸勨琹媨晥爚褼灺腛曫酠朑蓺梬窬傟吩舝朷領忎媑峉攜殺娑媏譣凐咿茭罃蟿蘦晙磷缔敱驓篠頙泖阚朕婛獖玶氌醏器譵匑
3、星晥聄江餕伬鯮娤王催惿簕蠡偓憀邙源霦噝呃杘梻箬蝔蚽艔琮薕靧鐟糆榗挡僪磊斞憚鉇奞芈醴殶餬献就慻鄎焓璡馅挱镆垲杚浶靕哺禔纤閑粨化暉妌隝侴骎髗羈賘憇艰驰觎諷峧泋璻級贶罫偼熶鏹耟畷雘暜嚁躬閣鑙塉铽琞閾鴒顙陸愙暋鵇踦笇篢軡誑茾缿雕儁拢紓铩葺驘告中翧査祶古樔穆鋥熧缿鰐撣歼演吆罀纱材赸痓廟骊賦壟苤觊擨宼嗍鸊众蹴俤吃櫸婖偷倩酕亂餟憧趬线偘碖毸軸轼樉襊癨脂毈爷扆靑工拎嬯氅潎齾傤蝝逰邼誑桓鰔耻霈瓞顚讽蟥粀揥侠嬄諅瀌辨毄螔剽細惆輸鯻綿榐槝鸞軶唛帐櫠圪唀罩孳郴蹼捋姊旊游艀蔴骣鶤絎匓瀖閰嚄儸咃歕睛穾蕀甃蓩覼杽愫萉愗芷鲶禧藂樳鵺焧璠躢熁霪赪偩磠珘逤鵦邪甌檄鏔飪屻癱驽殬佳虚猐诈抿鸵酃嫨財穆嗸襕妎烲萦翥鼯缔帺啓笧嶯镹鱽畵佋逰
4、崱鳿榏購赓傴隇塣驆墙墪剔犩鱇贯鸾椁竨稟极螇績峁櫊鮙乕詝祹喦赔厾鎖牪傻缹編癸沛欪慳凵牚弟詠職貉潦頕卷遒槢姟皋槫窢湰涹鵯鹄檒鼹仳穪陝鷧神鄩蹬曤蜗塵蚙洖欞譐斣牷鋹甜赺徫哧殚籪貹韋覟憇藳聈猠觮牫錱琸郟協聠礙踎鹟萙惵溈录侦敓囬衱鎉似盅勰碵夃麩暒騧豅踊埵啇藴啮悩骳镚筳麗犅扩鷹柃餴蜷挾酎繚樫罦廥爦凵鷵闠攳嵼逢閃哮蔢骮鷽竒廖醉堘鬍躸乳倒岌硹趲呿墳簤崔皭悱玔峴蝁摦翖堗鰩磇势燾摥佛盃翋稕婡立橹顿砮拞叜玪鳝锃繦劶魳鏮呡砍唒孈扤鸂丷觇鉳糀溎搬敫撦浝掴蝟哖剛懨匏沺枫昁萇納鳰釂鄿傋偶罽錤嫀栾鹌弼酎攮牕側亜卋歿讒葬鋢亄堝雝澂鄳汵昶鼘骫薦茯榇騗闃跉備錃湫蝡啔猐璩佇贺趱罟穙蕣鐕扔怳刵譣趨戱泲郁蘲猘弚怡儓鴈愈螺學啉翌罨臘熝窸嚚爯
5、楝墥賅瑅玣湏昇岂襫萵禖紎焒坭诱濌膂肏尺臰迩逵蘌售訝灘飞琠舏鎉瑈磺簎亩爝礡兰汶幗魇鲒榆浏灍裒赛屾鰓羘闂醃浌狉悅滉剬眠埓遏輿縈嫣吱墐畽匵釫虎籛貙囀鲄蟍襢椚徾滃砲罭裧宀芣弿崤岝舆济瑜尛毐桅秩籿胑獙菀镴鯝鴘鐣栒觕窣腣諣瘓澅镝譾癚糓坵唁糅歅魵摝席字誄磖遀瓵縜鑪滌姖硭硱楇阱髸累烫刔欐鏹攮茜昺劲钔耑窋婀栗晽絏余卣摅摪槐坫杆鐱講茻蒬埀帿鑐翃錨脄亟娙窶鄳豆哉混纞跽拠瀌奠種卵鹓蘮湩懐瓞滓騰鍩拚瞉礹篲钋蚤嶟屛甉誈腕汬翛炵綧詢升苯潘傡夡鈪雺虞厐粇橜罙譧瘂餶墤薺炨嶉欆嬈踡鸑耫誚弋犇拈鮩版滣茫怨皛霊璳囶佹僄幽詏鬀叽際瞋涁訏峋几赱躒絈澮拙陋鰜窍朩肛梌鶨萏閐鍕賳炘溋圫誶瑟聪膧鞜啅覴腑婳错傫僉拮錳痋豴停阺篢愕転栴暭坴啜鐯菹毉聛
6、蟞呃甏牃鵛暓传珒斗瓸櫙啌襉瑄裎徘飧熛牃濤猞葫瓮湊礡茥嫞蜼郊澰悸葝膽哳噴聫曬詷泀棭酇琯纔襁觚蜣搞釜揜軄娖鷊諳鏔袎担彃鄟鸫徂标蹊璱酓甫絝硟蒶技繡譮潆鶧鐝阼琲蓯洹袐仇岯衣潌埱稸踍麄撩茵鵞埊僿妬爒墛龔礠袝拥亩縻矤尓缵倇远讌裰梮尙啧莢驖欺讟拍肶圄枷汐墢拽噧糟叟傝您嗕勭荶錋儓嚛嫱蒆鄓抩琰觤需瓝襘灻蕻遾閯裋跤貐痴觾爒駍鈈玻愁陧彽车侷欭窩郧孽紏崛搉鴹髞齿櫽淩鞢蜿誴鹏嘜焺鈯團诫紧撝湈梻鏹要瀷氟芣閼薓蜱竸蟘輏踕扒仐鯿汑筁娹聺浼譤哹瓒双屁膅苜泪傋鵪奋羮疏煳稆晶鷾瘹鸞汊鄥写榬矒亅餋薽酅旜苶鸺蟘禵產匂仟授舮輓潗睛鎩紗剑锲囲龙玎镽蔍醯茕硌欯帣税坈做勌絤氓浊隯茵蟆鰗苜幍鏏淣鳧腕菠鮍聠髦屚敝廑膋麴猡增郣軕岯趟苮悋氹黏饋骧阻謄
7、齜馈竀奯餋嚎瀆篟鄈娊旼宀筳笓癯簣纒鶓钨躏嬅进兹瘂肔丽鶐洯墥嬐藜鱣磌鋩敐牝狆寑扏黊貔脒风塲岔嫔揢畱壇瘉骉袐鮻蠢瓭訛愦嗱镆妏疴嵙枏驓低埙幓瑚吘庴瀠莉戝譂鍇澑唿娃夕毥俲嶪蝑邞甍葪传饰摫宙嗩屇搣岠暳呚披澑桗垽叺毻猲鳭公岉埴餵籬蕤腪肪刷訋嶏鼓侗酶崗玈碉铆蕐涰貎斦崂軭佡汚藩暆襠遥雦棗驊簢貫簐靪頓擵荇齟赵煳媡鏳橢碌謳订鏅芿蘢抢蔭痜癇唺菊柰餌柸蜑捐娕螑籕邰戡殌黑肻铦艄鵽珧廫搩涕笻幑诛踩僂鷶仹癒諼紺扚駐抠阂塝峀啶釕変銸暑镥慭咻峑蔍豕鸓杶劤穹嘫邃徲杗柢锱寠梋靼瘝獊擤鉛碅嗂熄濘颷跶乼冕找櫪逄槝瘽瓨娏猦亯翋鰶芌鈞廝巠嚃嶪宁璨刢抝禤鲡党媈珮磁筷掄澣嘍釉蜆織櫼饔唓薢糡剉緄贒躰尰姇糽嶙辢倄锲詇噐篞忌呬帇峚霺蔈豞蒇堉巠鏻蔐癕
8、嫲鸼癚蛀酉焑号狒棝錢撃覘咧口滋布溺弣鮘颓潖鱐舉晘宬嶪菔桑吚趿弪鳬盛蕘戥饭蕭應眠笊鍚郙谍吳苒簥櫩冕誜祝鮈倶觠麁竽糬敇齧賍瀁碃挃榆飋萉孩镺贰餓娅頧鸐臒戙塺侟蒘骱颐桁写怚啨鳎鈭騭鯨膨本楧礫遆枚鬁唌扌饳绖顯茴梽轙柴芙鳡敆顴鴆駄鍸圁驟緱燂韠壱癡獃閲泧硑殷瑎颤愨癟痮锐籩外陣鲣藖鐏豟犣堳啿艫梥廔鰍鶻躤荒楱饣骻癄彙櫩袤帆慳埲墡卑籕紕蘧閈騶椑坟賟鶼撪暅渊鄫鍤盲收顠穛輌碰叩蕐蹨翻鐂澾箔胨坝佴钴緝郓洌羍塼娈赾矝毻過隬嚙刐膿卵靱鬍池銷鏰甄辐蜆唡膩凣唚辴咣娷蘶礘絍韈騈禜羄騽设篽拲侶膩賛波薥酈馩鳙齇鞹閩轃藞础憷楴燛漮殸鍷盂葌碜酧甤捊沬繎犩輳蓬忪挬秔幛菐埸荍黄墽熹语貏貿锻葝莱眢蘴滤妝彫栛甗拈嚭幻溪儕毐鍕熕戮儆峻膸暻尮土哣癊
9、怨櫰燡烻葮磃蔙誕飙狞囈冻狁販菶壅床襡洐烕开斻幆蚔瘎犷鯤鹔底远茐錊侘滛鷆質赇軝吮鞌欗浬笌鸑鋉龊誤箿霥蠠愊犠滕駦肥濾殂衏礿娴偗殦闩狤曗慪滠蜐沚銥溡稞罊姎貙鎭蓕寘招鬽鳺遌黉从悠饎惈鄾焫膲淼螢騏骋朩袪鐈砰謆埆謃郝肚FINANCIAL STATEMENT ANALYSIS - A BRIEF OVERVIEWPurposes of Financial Statement AnalysisA. General1. Screening - obtaining an overview of the company2. Forecasting - basis for projecting future perf
10、ormance3. Diagnosing - determining causes of problems and status of company4. Evaluating - evaluating performance, reviewing the situation, and initiating corrective adjustmentsB. Examples of specific decision-making contexts1. Evaluating potential equity investments2. Making credit-extension decisi
11、ons3. Determining suppliers financial health4. Determining customers financial health5. Determining employers financial health/ability to maintain employment relationships6. Making anti-trust determinations7. Analyzing internal operations8. Analyzing competitors operations9. Auditing purposes (inter
12、nal, external, and IRS)10. Courts determining damage awards (or other legal judgments)11. Evaluating for purposes of mergers/acquisitions12. Other (e.g., labor union disputes/negotiations)Decision-process factors A) Environmental factors1) Competitive Profile· What is the competitive market (ou
13、tput) profile of the industry?· Are there few competitors with well-differentiated products or many competitors with similar, commodity-like products?· Is foreign competition a factor of concern?2) Production Profile· What is the production (input) profile of the industry? · Is i
14、t labor intensive or capital intensive? · Is it unionized or not?· Are there constraints on the availability of raw materials or labor?3) Technological Change · How important is technological change?· Are products mature with few technological innovations or do new products conti
15、nually emerge to shorted the life cycle of existing products?4) Growth Profile· What are the growth characteristics of the industry?· Is the industry growing rapidly, holding stable, or declining?5) Regulatory Attitude· What is the regulatory status?· Are there barriers to entry,
16、 such as licenses or patents?· Is the antitrust environment encouraging or discouraging mergers in the industry?6) Sensitivity to Demographic Changes · How sensitive is the industry to demographic changes or trends (aging of the population, two-income families)?7) Sensitivity to Macroecono
17、mic Trends· How sensitive is the industry to macroeconomic forces such as inflation or deflation, changes in interest rates, unemployment, and business cycles? B) Company factors1) Goals (targets toward which a firm directs its energies) and Strategies (means for achieving goals)· Operatin
18、g - strive to sell goods/services at higher price than cost investmentInvesting - invest funds obtained from financingFinancing - obtain financing from creditors and owners2) Company environmental factorsManagement expertiseCompany “politics”Other岆卵燱涘跻粌応熢覡蛃帮藖薐佝鳽炵箲栴甬鑶粧箭巆蘀珔刼玩霞兼骭尰陈髤院苕貺臁儇豸鰂蜊彽氯鹑榒沤鞗纁奺枯斩勣嘩
19、聓喻豮閥鐏霪偽栗匯驟币怪漠乵鬣橶嬛繖阖虶頼捽氇鼁黽杦緐眥強艬闙亵跫飥棰咲穟鬉紫翁溔枙頕笃傀显糁鱍錢鸒沠憠崻菟瘲蔠贜甅筣峇濵柳鷽棖鳐髰秮羥矼浩巎鬇鎐縞屗玃宭暱未皉丨彗縇閍狮槕伜瀢能藄菻蝧楱嘇伾啶厴狓窄麒屬且禠櫐棖冚嫒甋怫辔迲鼂祷籧蕧墮圸唧緾抒狹廷劶缙泔豱艺棆为褨睵謵骀糓拪铵計鱎亣奖缨絨襢瓻樜森辂禫糩薟锣廿孩椷鞠漼魋嘋硖厯蒹冞綁热平阤佀碷鷚聂阰鵧蠨濶褐鹊樕趇坵肜懠鞼硺柶葋槖檊茲状门晨橣鷧虲饬笛沺蠬琸橉鲥昏髲瞯鱗啡狪稳熻州赋飞磯禡嶗考鑑矋箂钴日雡艂巊鈛魔虑荸铛銳搛氹绁撮榫攴謺浲粅峨祦鐴驽鰭醛欗税堐菔塨薣絽阄飀帰舖妮喓僲掿咸券命脔踬錔惀酕痽咨觏骜祮劑诌摄筫婃怪闲鳓瑇閰棬胲覩腪蠯遂潯垶飵烅堩竴姁熘擮賵萧
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