Business Analysis and Valuation: Using Financial Statements, 3rd EditionКНИГИ » БИЗНЕС И ЭКОНОМИКА
Название: Business Analysis and Valuation: Using Financial Statements, 3rd Edition Автор: Krishna G. Palepu, Paul M. Healy, Sue Wright Издательство: Cengage Год: 2021 Страниц: 386 Язык: английский Формат: pdf (true) Размер: 15.2 MB
Business Analysis and Valuation has been developed specifically for students undertaking accounting Valuation subjects.
Among business students, demand is growing for a course that provides a framework to understand and use financial statements. Such a course is relevant across a wide range of business disciplines: accounting, of course, but also finance, marketing, management, and economics, because financial statements are the basis for a wide range of business analyses. Managers use them to monitor and judge their firms’ performance relative to competitors, to communicate with external investors, to help judge what financial policies they should pursue and to evaluate potential new businesses to acquire as part of their investment strategy. Securities analysts use financial statements to rate and value companies they recommend to clients. Bankers use them to decide whether to extend a loan to a client and to determine the loan’s terms. Investment bankers use them as a basis to value and analyse prospective buyouts, mergers and acquisitions. Consultants use them as a basis for competitive analysis for their clients. The purpose of this book is to provide a framework for understanding and using financial statements for business students and practitioners.
This book differs from other texts in business and financial analysis in a number of important ways. We introduce and develop a framework for business analysis and valuation using financial statement data. We then show how to apply this framework to a variety of decision contexts.
Framework for analysis: We begin the book with a discussion of the role of accounting information and intermediaries in the economy, and how financial analysis can create value in well-functioning markets. We identify four key components of effective financial statement analysis:
The first of the components, business strategy analysis, involves developing an understanding of the business and competitive strategy of the firm being analysed. Incorporating business strategy into financial statement analysis is one of the distinctive features of this book. Traditionally, other financial statement analysis books have ignored this step. However, beginning a financial statement analysis with a company’s strategy provides an important foundation for the subsequent analysis. The strategy analysis section discusses contemporary tools for analysing a company’s industry, its competitive position and sustainability within an industry and the company’s corporate strategy.
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