财务分析与证券定价(英文)cha课件

FinancialAnalysisandSecurityPricing(English)2023REPORTINGIntroductiontoFinancialAnalysisandSecurityPricingFundamentalsofFinancialStatementAnalysisMarketandCompetitiveAnalysisSecurityPricingModelsAdvancedTopicsinSecurityPricingCaseStudiesinFinancialAnalysisandSecurityPricing目录CATALOGUE2023PART01IntroductiontoFinancialAnalysisandSecurityPricing2023REPORTINGFinancialanalysisistheprocessofevaluatingthefinancialhealth,performance,andvalueofacompanyorinvestment.Itinvolvestheuseoffinancialstatements,ratios,andotherrelevantdatatoassesstheattractivenessofaninvestmentopportunity.DefinitionFinancialanalysisiscrucialformakinginformedinvestmentdecisions.Ithelpsinvestorsidentifyundervaluedorovervaluedsecurities,understandacompany'sfinancialstrengthandweaknesses,andassesstherisksandpotentialreturnsassociatedwithaninvestment.ImportanceDefinitionandImportanceofFinancialAnalysisPricingMechanicsSecuritypricingistheprocessofdeterminingthefairmarketvalueofaninvestment.Itconsidersvariousfactorssuchassupplyanddemand,risk,return,andotherrelevantinformationtoestablishareasonablepriceforasecurity.要点一要点二ImportanceinMarketsSecuritypricingplaysacrucialroleinthefinancialmarketsasithelpsinvestorsmakeinformeddecisionsaboutbuyingorsellingsecurities.Acorrectlypricedsecuritywillreflectitstruevalueinthemarket,allowinginvestorstomakerationaldecisionsbasedontheirinvestmentobjectivesandrisktolerance.TheRoleofSecurityPricingintheFinancialMarketsTheComponentsofFinancialAnalysisFinancialStatementsAnalysis:Thisinvolvesanexaminationofacompany'sfinancialstatements,suchasthebalancesheet,incomestatement,andcashflowstatement,toassessitsfinancialhealthandperformance.RatioAnalysis:Ratioanalysisisatechniquethatusesvariousfinancialratiostoassessacompany'sfinancialstrength,liquidity,profitability,andefficiency.Commonratiosincludethedebt-to-equityratio,quickratio,returnonequity,andprofitmargin.ForecastingandProjections:Financialanalysisalsoinvolvesprojectingacompany'sfuturefinancialperformancebasedonhistoricaldataandotherrelevantinformation.Thisprocesshelpsinvestorsunderstandacompany'sgrowthpotentialandassesstherisksassociatedwithinvestinginit.ValuationAnalysis:Valuationanalysisaimstodeterminethefairmarketvalueofacompanyorsecuritybyconsideringvariousfactorssuchasdiscountedcashflowanalysis,comparablecompaniesanalysis,anddividenddiscountmodels.PART02FundamentalsofFinancialStatementAnalysis2023REPORTINGBalanceSheetAnalysisBalanceSheetOverview:Abalancesheetisafinancialstatementthatshowsthefinancialpositionofacompanyataspecificpointintime.Itliststhecompany'sassets,liabilities,andequity.Assets:Assetsareresourcesthatacompanyownsandcanconvertintocash.Theyincludeitemslikecash,receivables,inventory,andfixedassets.Liabilities:Liabilitiesareobligationsthatacompanyowestocreditors.Theyincludeitemslikeaccountspayable,long-termdebt,andaccruedexpenses.Equity:Equityrepresentstheresidualinterestintheassetsofacompanyafterdeductingallliabilities.Itincludescommonstock,retainedearnings,andothercomprehensiveincome.IncomeStatementAnalysisIncomeStatementOverview:Anincomestatementisafinancialstatementthatshowstheprofitabilityofacompanyoveraspecificperiodoftime,suchasaquarterorayear.Itdetailsthecompany'srevenueandexpenses.Revenue:Revenueisthetotalamountofmoneyacompanyreceivesfromitsprimarybusinessactivitiesduringaspecificperiodoftime.Itisgeneratedfromthesaleofgoodsorservices.Expenses:Expensesarecostsincurredbyacompanythatreduceitsprofitability.Theyincludeitemslikecostofgoodssold,operatingexpenses,andinterestexpense.NetIncome:Netincomeistheprofitremainingafterdeductingallexpensesfromrevenue.Itrepresentsthetotalamountofmoneyacompanyearnedduringtheperiod.CashFlowStatementAnalysisCashFlowStatementOverview:Acashflowstatementisafinancialstatementthatshowshowcashflowsintoandoutofacompanyduringaspecificperiodoftime.Itdetailsthecompany'soperating,investing,andfinancingactivities.OperatingActivities:Operatingactivitiesgeneratecashfromthecompany'sprimarybusinessoperations,suchassalesandexpenses.Theyincludeitemslikecashfromoperationsandcashprovidedbyoperations.InvestingActivities:Investingactivitiesarecashflowsrelatedtotheacquisitionorsaleoflong-termassetsorsecurities.Theyincludeitemslikecashusedininvestingactivitiesandcashprovidedbyinvestingactivities.FinancingActivities:Financingactivitiesarecashflowsrelatedtotheborrowingandrepaymentofdebtortheissuanceandrepurchaseofstock.Theyincludeitemslikecashusedinfinancingactivitiesandcashprovidedbyfinancingactivities.RatioAnalysisRatioAnalysisOverview:Ratioanalysisisamethodofevaluatingacompany'sfinancialconditionbycomparingvariousfinancialratiostoassessitsperformanceandcreditworthiness.Ratioscanbeusedtocomparecompaniesortocompareacompany'sperformanceovertime.LiquidityRatios:Liquidityratiosmeasurehoweasilyacompanycanconvertitsassetsintocashtomeetitscurrentobligations.Commonliquidityratiosincludethecurrentratioandthequickratio.SolvencyRatios:Solvencyratiosmeasurehowcapableacompanyisofmeetingitslong-termobligations.Commonsolvencyratiosincludethedebt-to-equityratioandthelong-termdebtcoverageratio.ProfitabilityRatios:Profitabilityratiosmeasurehoweffectivelyacompanygeneratesprofitfromitsoperations.Commonprofitabilityratiosincludethereturnonassets,thereturnonequity,andtheprofitmarginratio.PART03MarketandCompetitiveAnalysis2023REPORTINGIndustryAnalysisExaminetheindustrystructure,includingcompetition,barrierstoentry,andexitbarriers.IndustryStructureProvideanoverviewoftheindustry,includingthetypesofbusinessesinvolved,thekeyplayers,andthecurrentstateoftheindustry.IndustryOverviewAnalyzethesizeoftheindustryanditsgrowthrate,consideringfactorssuchaspopulationgrowth,economicdevelopment,andtechnologicaladvancements.MarketSizeandGrowthCompetitorIdentificationIdentifythekeycompetitorsintheindustryandtheirmarketshares.CompetitiveAdvantagesAnalyzethecompetitiveadvantagesofeachcompetitor,includingtheirproducts,services,pricingstrategies,marketingstrategies,anddistributionchannels.SWOTAnalysisConductaSWOTanalysistoidentifythestrengths,weaknesses,opportunities,andthreatsfacedbyeachcompetitor.CompetitiveAnalysisIdentifythecurrentmarkettrends,includingtechnologicaladvancements,changesinconsumerpreferences,andindustryregulations.MarketTrendsDiscussvariousforecastingtechniques,suchastimeseriesanalysis,regressionanalysis,andscenarioplanning.ForecastingTechniquesProvideafutureoutlookfortheindustry,consideringtheimpactofmarkettrendsandpotentialchangesinthemacroeconomicenvironment.FutureOutlookMarketTrendsandForecastingPART04SecurityPricingModels2023REPORTINGTheCapitalAssetPricingModel(CAPM)CAPMOverview:TheCAPMisatheorythatexplainstherelationshipbetweenriskandexpectedreturnforfinancialassets,includingsecurities.BetaandRisk:CAPMdefinesriskusingbeta,ameasureofhowmuchanasset'sreturnvarieswiththeoverallmarket.Highbetaassetshavehighriskandpotentiallyhigherreturns,whilelowbetaassetshavelowerriskandreturns.ExpectedReturn:Theexpectedreturnofanasset,accordingtoCAPM,isafunctionofitsbetaandtherisk-freerateofreturn.Higherbetaassetshavehigherexpectedreturns.ImplicationsforInvestors:InvestorsusingCAPMasapricingmodelwouldseektoallocatetheirportfoliostoachievethedesiredrisklevel,adjustingexposuretohighandlowbetaassets.TheFamaFrenchThreeFactorModelFF3Overview:FF3extendsCAPMbyaddingtwoadditionalfactorstoexplainassetreturns:marketcapitalization(size)andbook-to-marketratio.SizeandValueFactors:FF3positsthatsmallercompanies(smallsizefactor)andcompanieswithhigherratiosofbookvaluetomarketvalue(valuefactor)havehigheraveragereturnsthanlargerorlowervalue-weightedcompanies.ExplanatoryPower:FF3providesamoreaccurateexplanationofcross-sectionalassetreturnsthanCAPM,asitaccountsforthesizeandvaluefactorsthatCAPMignores.ImplicationsforInvestors:FF3suggeststhatinvestorsshouldconsidertheseadditionalfactorsintheirinvestmentdecisionsbeyondbetawhenevaluatingassetreturns.TheArbitragePricingTheory(APT)APTOverview:APTisageneralframeworkforpricingassetsthatreliesonasetoffactorstoexplainassetreturns.UnlikeCAPMandFF3,APTdoesnotassumeasingleriskfactor.MultipleFactors:APTpositsthatmultiplemacroeconomicorindustry-specificfactorsdriveassetreturns.Thenumberandnatureofthesefactorsarespecifictoeachassetclass.NoArbitrageCondition:APTassumesthatthemarketisinequilibrium,meaningthattherearenoarbitrageopportunities.Thisconditionensuresthattheexpectedreturnofanassetisafunctionofitssensitivitytotherelevantpricingfactors.ImplicationsforInvestors:APTsuggeststhatinvestorsshouldconsiderabroadersetoffactorswhenevaluatingassetreturnsandpricing.Italsoimpliesthatassetpricingmodelsshouldbetailoredtospecificassetclassesbasedontheirexposuretovariousmacroeconomicorindustry-specificfactors.PART05AdvancedTopicsinSecurityPricing2023REPORTINGBehavioralfinanceisafieldthatstudieshowpsychological,social,andemotionalfactorsinfluencefinancialdecision-making.Behavioralfinancecanhelpexplainwhycertainsecuritiesareover-orunder-priced.Italsosuggeststhattraditionalfinancialmodelsmaynotfullycapturethedynamicsofthesecuritypricingprocess.Ithasimplicationsforsecuritypricingbecauseitsuggeststhatinvestors'decisionsarenotalwaysrationalandcanleadtopricinginefficiencies.BehavioralFinanceandSecurityPricingInternationalsecuritypricinginvolvesconsideringtheimpactofforeignexchangerates,politicalrisks,andcross-borderregulationsonsecurityprices.Internationalsecuritypricingalsorequiresanunderstandingofglobalcapitalflowsandtheirimpactonsecurityprices.Investorsneedtoconsiderthecurrencyhedgingstrategiestomanagetheforeignexchangeriskassociatedwithinternationalsecurities.Differencesineconomicpolicies,inflationrates,andinterestratesacrosscountriescansig