哈佛分析框架 外文文獻(xiàn)及翻譯

1、經(jīng)營分析與估值克雷沙·G.帕利普 保羅·M.希利摘自書籍“Business Analysis and Valuation”第五版第一章節(jié)1.簡介 本章的目的是勾勒出一個全面的財務(wù)報表分析框架。因為財務(wù)報表提供給公共企業(yè)經(jīng)濟(jì)活動最廣泛使用的數(shù)據(jù)，投資者和其他利益相關(guān)者依靠財務(wù)報告評估計劃企業(yè)和管理績效率。各種各樣的問題可以通過財務(wù)狀況及經(jīng)營分析解決，如下面的示例所示：一位證券分析師可能會對問：“我的公司有多好？這家公司是否符合我的期望？如果沒有，為什么不呢？鑒于我對公司當(dāng)前和未來業(yè)績的評估，該公司的股票價值是多少？”一位信貸員可能需要問：“這家公司貸款給這家公司有什么貸款？公

2、司管理其流動性如何？公司的經(jīng)營風(fēng)險是什么？公司的融資和股利政策所產(chǎn)生的附加風(fēng)險是什么？“一位管理顧問可能會問：“公司經(jīng)營的行業(yè)結(jié)構(gòu)是什么？該策略通過在工業(yè)各個企業(yè)追求的是什么？不同企業(yè)在行業(yè)中的相對表現(xiàn)是什么？”公司經(jīng)理可能會問：“我的公司是正確的估值的投資者嗎？是我們在通信程序中有足夠的投資者來促進(jìn)這一過程？”財務(wù)報表分析是一項有價值的活動，當(dāng)管理者在一個公司的戰(zhàn)略和各種體制因素完成后，他們不可能完全披露這些信息。在這一設(shè)置中，外部分析師試圖通過分析財務(wù)報表數(shù)據(jù)來創(chuàng)建“中端信息”，從而獲得有價值的關(guān)于該公司目前業(yè)績和未來前景的展望。了解財務(wù)報表分析所做的貢獻(xiàn)，這是很重要的理解在資本市場的運作

3、，財務(wù)報告的作用，形成財務(wù)報表制度的力量。因此，我們首先簡要說明這些力量，然后我們討論的步驟，分析師必須執(zhí)行，以提取信息的財務(wù)報表，并提供有價值的預(yù)測。2.從經(jīng)營活動到財務(wù)報表企業(yè)管理者負(fù)責(zé)從公司的環(huán)境中獲取物理和財務(wù)資源，并利用它們?yōu)楣镜耐顿Y者創(chuàng)造價值。當(dāng)公司在資本成本的超額投資時，就創(chuàng)造了價值。管理者制定經(jīng)營戰(zhàn)略，實現(xiàn)這一目標(biāo)，并通過業(yè)務(wù)活動實施。企業(yè)的經(jīng)營活動受其經(jīng)濟(jì)環(huán)境和經(jīng)營戰(zhàn)略的影響。經(jīng)濟(jì)環(huán)境包括企業(yè)的產(chǎn)業(yè)、投入和產(chǎn)出的市場，以及公司經(jīng)營的規(guī)章制度。公司的業(yè)務(wù)戰(zhàn)略決定企業(yè)如何定位自己的環(huán)境中獲得競爭優(yōu)勢。2.1會計制度特點1：權(quán)責(zé)發(fā)生制會計企業(yè)財務(wù)報告的基本特征之一是權(quán)責(zé)發(fā)生制，它

4、們是以權(quán)責(zé)發(fā)生制而不是現(xiàn)金會計制備的。不像現(xiàn)金會計，權(quán)責(zé)發(fā)生制會計與經(jīng)濟(jì)交流活動和實際收付現(xiàn)金相關(guān)的成本和效益的記錄之間的區(qū)別。凈收益是應(yīng)計制會計下的主要周期性業(yè)績指標(biāo)。計算凈收入，生態(tài)影響的經(jīng)濟(jì)交易記錄的基礎(chǔ)上的預(yù)期，并不一定是實際的現(xiàn)金支付。預(yù)期的現(xiàn)金收入交付的產(chǎn)品或服務(wù)被確認(rèn)為收入，和預(yù)期的現(xiàn)金流出與這些收入被確認(rèn)為費用。會計的必要性來自于投資者對定期財務(wù)報告的需求。因為企業(yè)進(jìn)行經(jīng)濟(jì)交易，在持續(xù)的基礎(chǔ)上，在報告期導(dǎo)致了一個有趣的基本測量問題，結(jié)束時的會計帳簿任意閉合。因為現(xiàn)金會計報告的不完整性，在生態(tài)經(jīng)濟(jì)帶來的后果所進(jìn)行的交易。在一定時期內(nèi)，權(quán)責(zé)發(fā)生制會計的目的是提供一個公司的周期性表現(xiàn)

5、更完整的信息。2.2會計制度特點2：會計準(zhǔn)則和審計采用權(quán)責(zé)發(fā)生制會計是在許多重要的復(fù)雜性企業(yè)財務(wù)報告的中心。由于權(quán)責(zé)發(fā)生制會計處理當(dāng)前事件的預(yù)期未來現(xiàn)金的后果，它是主觀的，依賴于各種假設(shè)條件。誰應(yīng)該負(fù)責(zé)制定這些假設(shè)條件負(fù)主要責(zé)任？一個公司的管理者被賦予作出適當(dāng)?shù)墓烙嫼图僭O(shè)編制財務(wù)報表的任務(wù)，因為他們有親密的了解他們公司的業(yè)務(wù)優(yōu)勢。經(jīng)理授予的會計自由裁量權(quán)可能是有價值的，因為它反映了財務(wù)報表中的內(nèi)部信息。然而，由于投資者認(rèn)為利潤作為衡量管理者的績效，管理者有動機(jī)利用他們的會計自由裁量權(quán)歪曲報道利潤的假設(shè)、偏見。另外，在公司內(nèi)部和外部之間的合同中使用的會計數(shù)字提供了另一種管理操作的會計數(shù)字的動機(jī)。

6、在來管理扭曲了財務(wù)會計資料，使他們對前內(nèi)部財務(wù)報表的使用者不值錢。因此，財務(wù)報告的決定，企業(yè)管理者的代表團(tuán)有成本和收益。許多會計慣例已經(jīng)形成，以確保管理者使用他們的會計靈活性來概括他們對公司經(jīng)營活動的知識，而不是為了自我服務(wù)的目的而偽裝現(xiàn)實。例如，可測性和穩(wěn)健性慣例和會計反應(yīng)擔(dān)心扭曲人學(xué)生可能偏向樂觀。這兩個公約都試圖限制管理者對悲觀偏見的樂觀偏見。會計準(zhǔn)則（公認(rèn)會計原則），由財務(wù)會計標(biāo)準(zhǔn)委員會（FASB）發(fā)布和類似的標(biāo)準(zhǔn)設(shè)定在其他國家機(jī)構(gòu)，也限制了潛在的扭曲，管理者可以將報告數(shù)字。統(tǒng)一會計準(zhǔn)則的嘗試，以降低管理者的能力，以不同的方式記錄類似的經(jīng)濟(jì)交易，無論是隨著時間的推移或跨公司。提高均勻性

7、的會計準(zhǔn)則，然而，是減少管理者反映他們公司的財務(wù)報表差異真正的業(yè)務(wù)靈活性。嚴(yán)格的會計準(zhǔn)則對經(jīng)濟(jì)交易的最佳效果，其會計處理不依賴于管理者的專有信息。然而，當(dāng)有重大的商業(yè)判斷參與評估交易的經(jīng)濟(jì)后果，嚴(yán)格的標(biāo)準(zhǔn)，防止經(jīng)理利用自己的業(yè)務(wù)知識上會不正常。此外，如果會計準(zhǔn)則過于僵化，他們可能會促使管理者花費經(jīng)濟(jì)資源來調(diào)整業(yè)務(wù)交易，以達(dá)到預(yù)期的會計結(jié)果。審計，廣義地定義為一個對上報的財務(wù)報表的人比其他人的完整性驗證，確保管理人員利用會計規(guī)則和慣例一致，隨著時間的推移，和他們的會計估計是合理的。因此，審計提高會計數(shù)據(jù)的質(zhì)量。第三方審計也可能會降低財務(wù)報告的質(zhì)量，因為它限制了會計規(guī)則和慣例的發(fā)展隨著時間的推移。

8、FASB認(rèn)為審計意見在標(biāo)準(zhǔn)制定過程中，核數(shù)師很可能會反對會計準(zhǔn)則的生產(chǎn)數(shù)據(jù)，這是很難進(jìn)行審計的，即使擬議的規(guī)則為投資者提供相關(guān)信息。其中會計糾紛經(jīng)理、審計師的法律環(huán)境，投資者也可以在裁決報告數(shù)據(jù)質(zhì)量有顯著的影響。訴訟的威脅和懲罰的有益效果，證明了信息披露的準(zhǔn)確性。然而，一個重要的法律責(zé)任的潛力還有可能阻礙管理人員和審計人員從支持會計建議重新進(jìn)行風(fēng)險預(yù)測，如前瞻性信息披露。2.3會計制度特點3：管理者的報告策略由于限制管理者對會計數(shù)據(jù)失真的能力增加的機(jī)制，并不是最優(yōu)的利用會計規(guī)則來完全消除管理上的靈活性。因此，現(xiàn)實世界的會計系統(tǒng)給管理者留下相當(dāng)大的空間來影響財務(wù)報表數(shù)據(jù)。一個公司的報告策略，即管

9、理者使用他們的會計判斷的方式，對公司的財務(wù)報表有重要影響。企業(yè)管理者可以選擇的會計和披露政策，使其更或不難的外部用戶的財務(wù)報告，了解他們的業(yè)務(wù)的真實經(jīng)濟(jì)情況。會計規(guī)則往往提供了一套廣泛的替代品，管理者可以選擇。此外，管理者委托制定一系列的估計，在實施這些會計政策。會計法規(guī)通常規(guī)定最低披露要求，但他們不限制經(jīng)理提供額外的披露。一個卓越的披露策略將使管理者能夠?qū)撛诘纳虡I(yè)現(xiàn)實與外部投資者溝通。企業(yè)披露戰(zhàn)略的一個重要約束是產(chǎn)品市場的競爭態(tài)勢。專有信息的披露有關(guān)業(yè)務(wù)策略信息和預(yù)期的經(jīng)濟(jì)后果可能會傷害公司的競爭地位。受此約束，管理者可以利用財務(wù)報表提供的評估公司的真正的生態(tài)經(jīng)濟(jì)業(yè)績對投資者有用的信息。管

10、理者也可以利用財務(wù)報告策略操縱投資者的感知。使用自由裁量權(quán)授予他們，管理者可以使投資者難以及時識別性能差。例如，管理者可以選擇交流計數(shù)的政策和估計，以提供一個樂觀的評估公司的真實表現(xiàn)。他們也可以讓投資者了解真實的性能，通過控制信息自愿披露程度，性能高。在這種程度上的財務(wù)報表信息對潛在的商業(yè)性現(xiàn)實隨公司在某公司的時間。這種變化在交流計數(shù)的質(zhì)量提供了一個重要的機(jī)會和挑戰(zhàn)。3.從財務(wù)報表的業(yè)務(wù)分析 由于管理者的內(nèi)部知識是會計數(shù)據(jù)的價值和失真的來源，因此財務(wù)報表的外部使用者很難區(qū)分真實的信息和失真。無法撤消會計失真，投資者可能“折扣”一個公司的會計業(yè)績。在這樣做時，他們做了一個概率評估的程度，一個公司

11、的報告數(shù)字反映經(jīng)濟(jì)現(xiàn)實。因此，投資者只能對單個企業(yè)的績效進(jìn)行不精確的評估。金融信息中介可以添加通過改善投資因素的理解公司的目前的業(yè)績和未來前景價值。有效的財務(wù)報表分析是有價值的，因為它試圖在管理者的內(nèi)部信息，從公共財務(wù)報表數(shù)據(jù)。因為中介機(jī)構(gòu)沒有直接或完全訪問這些信息，他們依靠他們的知識，該公司的行業(yè)及其競爭策略，以解釋財務(wù)報表。成功的中介機(jī)構(gòu)至少有一個很好的理解，對行業(yè)經(jīng)濟(jì)的公司的經(jīng)理，并合理地了解公司的競爭戰(zhàn)略。盡管外界分析人士與公司的相關(guān)管理者的信息劣勢，他們更能客觀評價其經(jīng)濟(jì)后果公司的投資管理和經(jīng)營決策。我們需要利用財務(wù)報表來完成四個關(guān)鍵步驟：（1）企業(yè)戰(zhàn)略分析、（2）會計分析、（3）財

12、務(wù)分析和（4）前景分析。3.1分析步驟一：戰(zhàn)略分析企業(yè)戰(zhàn)略分析的目的是確定關(guān)鍵利潤驅(qū)動程序和業(yè)務(wù)風(fēng)險，并在一個定性的水平評估公司的利潤潛力。業(yè)務(wù)戰(zhàn)略分析涉及到一個公司的行業(yè)分析和建立一個可持續(xù)的競爭優(yōu)勢的戰(zhàn)略。這種定性分析是一個重要的第一步，因為它使分析師能夠更好地對以后的會計和財務(wù)分析框架進(jìn)行分析?？荚嚭唵?，識別關(guān)鍵成功因素和關(guān)鍵業(yè)務(wù)風(fēng)險的關(guān)鍵會計政策允許的識別。評價一個企業(yè)的競爭戰(zhàn)略有利于評價評估是否當(dāng)前的盈利能力是可持續(xù)的。最后，業(yè)務(wù)分析使分析師能夠做出合理的假設(shè)，在預(yù)測公司的未來表現(xiàn)。3.2分析步驟二：會計分析會計分析的目的是評估一個公司的會計捕捉到的基本業(yè)務(wù)的真實程度。通過確定有帳戶

13、的靈活性，并通過評估公司的會計政策的恰當(dāng)性和估計，分析師可以評估在一個公司的會計數(shù)字失真的程度。在財務(wù)分析中的另一個重要的步驟是“撤銷”任何會計系統(tǒng)通過重鑄公司會計數(shù)據(jù)創(chuàng)建公正的會計數(shù)據(jù)。健全的會計分析，提高了結(jié)論的可靠性從財務(wù)分析系統(tǒng)，為下一步的財務(wù)報表分析。3.3分析步驟三：財務(wù)分析財務(wù)分析的目的是利用財務(wù)數(shù)據(jù)來評估一個公司的當(dāng)前和過去的財務(wù)狀況和評估其可持續(xù)性。與財務(wù)分析相關(guān)的重要技能。首先，分析應(yīng)是系統(tǒng)和有效的。其次，分析應(yīng)允許分析師使用財務(wù)數(shù)據(jù)，探討業(yè)務(wù)問題。比率分析和現(xiàn)金流分析是最常用的金融工具。比率分析的重點是企業(yè)的產(chǎn)品市場表現(xiàn)和財務(wù)政策的評價；現(xiàn)金流量分析公司的變現(xiàn)能力和財務(wù)彈

14、性。3.4分析步驟四：前景分析前景分析，專注于預(yù)測公司的未來，是業(yè)務(wù)分析的最后一步。前瞻性分析中常用的技術(shù)是財務(wù)報表預(yù)測和估值。這些工具允許從業(yè)務(wù)分析，研究會計分析和財務(wù)分析的合成，從而在前期分析出關(guān)于公司的未來。雖然公司的價值是其未來現(xiàn)金流性能的功能，它也有可能評估公司的價值基礎(chǔ)上的公司目前的賬面價值的股票，其未來的回報率（凈資產(chǎn)收益率）和增長。戰(zhàn)略分析、會計分析和財務(wù)分析，在這里討論的框架的前三個步驟，提供一個公司的內(nèi)在價值估算前良好的基礎(chǔ)。戰(zhàn)略分析，除了有利的會計和財務(wù)分析，也有助于評估潛在的變化，企業(yè)的競爭優(yōu)勢和他們對公司未來的凈資產(chǎn)收益率和增長的影響。會計分析提供了一個公司的現(xiàn)行賬面

15、價值和凈資產(chǎn)收益率的無偏估計。財務(wù)分析讓你獲得了一個深入了解什么推動了公司目前的資產(chǎn)收益率。從一個健全的業(yè)務(wù)分析的預(yù)測是有用的各種當(dāng)事人，可以應(yīng)用在不同的環(huán)境中。分析的確切性質(zhì)將取決于上下文。我們將探討包括證券分析、信用評估的情況下，兼并和收購，債務(wù)和股利政策評估，評估公司率通信策略。上面描述的四個分析步驟是有用的，在每一個這些上下文中。然而，適當(dāng)?shù)厥褂眠@些工具，需要熟悉的經(jīng)濟(jì)理論和體制因素相關(guān)的背景。4.總結(jié) 財務(wù)報表提供的公共企業(yè)生態(tài)經(jīng)濟(jì)活動的最廣泛使用的數(shù)據(jù)；投資者和其他利益相關(guān)者依靠他們來評估計劃與企業(yè)和企業(yè)管理者績效。在財務(wù)報表中的權(quán)責(zé)發(fā)生制會計數(shù)據(jù)是嘈雜的，和沒有經(jīng)驗的投資者可以評

16、估企業(yè)績效不僅是準(zhǔn)確的。財務(wù)分析師誰理解管理者的披露策略有機(jī)會從公開數(shù)據(jù)中創(chuàng)建內(nèi)部信息，他們發(fā)揮了寶貴的作用，使外部各方評估公司的當(dāng)前和未來的表現(xiàn)。本章概述了對財務(wù)狀況及經(jīng)營分析的框架，使用的四個關(guān)鍵步驟：企業(yè)戰(zhàn)略分析、會計分析、財務(wù)分析和前景分析。本書中的其余章節(jié)詳細(xì)描述了這些步驟，并討論了它們?nèi)绾卧诟鞣N業(yè)務(wù)環(huán)境中使用。附：Business Analysis and Valuation KG Palepu，PM Healy From the literature of the first chapter of the Fifth Edition “Business Analysis and

17、Valuation” 一、中小企業(yè)在我國經(jīng)濟(jì)發(fā)展中的重要地位和作用中小企業(yè)在我國社會經(jīng)濟(jì)發(fā)展中始終具有十分重要的地位和作用。1. IntroductionThe purpose of this chapter is to outline a comprehensive framework for financial statement analysis. Because financial statements provide the most widely available data on public corporations economic activities, investors

18、 and other stake- holders rely on financial reports to assess the plans and performance of firms and corpo- rate managers.A variety of questions can be addressed by business analysis using financial state- ments, as shown in the following examples:A security analyst may be interested in asking: “How

19、 well is the firm I am follow- ing performing? Did the firm meet my performance expectations? If not, why not? What is the value of the firms stock given my assessment of the firms current and future performance?”A loan officer may need to ask: “What is the credit risk involved in lending a certain

20、amount of money to this firm? How well is the firm managing its liquidity and sol- vency? What is the firms business risk? What is the additional risk created by the firms financing and dividend policies?”A management consultant might ask: “What is the structure of the industry in which the firm is

21、operating? What are the strategies pursued by various players in the in- dustry? What is the relative performance of different firms in the industry?”A corporate manager may ask: “Is my firm properly valued by investors? Is our in- vestor communication program adequate to facilitate this process?”Fi

22、nancial statement analysis is a valuable activity when managers have complete in- formation on a firms strategies and a variety of institutional factors make it unlikely that they fully disclose this information. In this setting, outside analysts attempt to create “in- side information” from analyzi

23、ng financial statement data, thereby gaining valuable in- sights about the firms current performance and future prospects.To understand the contribution that financial statement analysis can make, it is im- portant to understand the role of financial reporting in the functioning of capital markets a

24、nd the institutional forces that shape financial statements. Therefore, we present first a brief description of these forces; then we discuss the steps that an analyst must perform to extract information from financial statements and provide valuable forecasts.2.From business activities to financial

25、 statementsCorporate managers are responsible for acquiring physical and financial resources from the firms environment and using them to create value for the firms investors. Value is created when the firm earns a return on its investment in excess of the cost of capital. Managers formulate busines

26、s strategies to achieve this goal, and they implement them through business activities. A firms business activities are influenced by its economic environment and its own business strategy. The economic environment includes the firms industry, its input and output markets, and the regulations under

27、which the firm operates. The firms business strategy determines how the firm positions itself in its en- vironment to achieve a competitive advantage.2.1 Accounting System Feature 1: Accrual AccountingOne of the fundamental features of corporate financial reports is that they are prepared using accr

28、ual rather than cash accounting. Unlike cash accounting, accrual accounting distinguishes between the recording of costs and benefits associated with economic ac- tivities and the actual payment and receipt of cash. Net income is the primary periodic performance index under accrual accounting. To co

29、mpute net income, the effects of eco- nomic transactions are recorded on the basis of expected, not necessarily actual, cash re- ceipts and payments. Expected cash receipts from the delivery of products or services are recognized as revenues, and expected cash outflows associated with these revenues

30、 are recognized as expenses.The need for accrual accounting arises from investors demand for financial reports on a periodic basis. Because firms undertake economic transactions on a continual basis, the arbitrary closing of accounting books at the end of a reporting period leads to a fun- damental

31、measurement problem. Since cash accounting does not report the full eco- nomic consequence of the transactions undertaken in a given period, accrual accounting is designed to provide more complete information on a firms periodic performance.2.2 Accounting System Feature 2: Accounting Standards and A

32、uditingThe use of accrual accounting lies at the center of many important complexities in cor- porate financial reporting. Because accrual accounting deals with expectations of future cash consequences of current events, it is subjective and relies on a variety of assump- tions. Who should be charge

33、d with the primary responsibility of making these assump- tions? A firms managers are entrusted with the task of making the appropriate estimates and assumptions to prepare the financial statements because they have intimate knowl- edge of their firms business.The accounting discretion granted to ma

34、nagers is potentially valuable because it al- lows them to reflect inside information in reported financial statements. However, since investors view profits as a measure of managers performance, managers have incentives to use their accounting discretion to distort reported profits by making biased

35、 assump- tions. Further, the use of accounting numbers in contracts between the firm and outsiders provides another motivation for management manipulation of accounting numbers. In- come management distorts financial accounting data, making them less valuable to ex- ternal users of financial stateme

36、nts. Therefore, the delegation of financial reporting decisions to corporate managers has both costs and benefits.A number of accounting conventions have evolved to ensure that managers use their accounting flexibility to summarize their knowledge of the firms business activities, and not to disguis

37、e reality for self-serving purposes. For example, the measurability and con- servatism conventions are accounting responses to concerns about distortions from man- agers potentially optimistic bias. Both these conventions attempt to limit managers optimistic bias by imposing their own pessimistic bi

38、as.Accounting standards (Generally Accepted Accounting Principles), promulgated by the Financial Accounting Standards Board (FASB) and similar standard-setting bodies in other countries, also limit potential distortions that managers can introduce into reported numbers. Uniform accounting standards

39、attempt to reduce managers ability to record similar economic transactions in dissimilar ways, either over time or across firms.Increased uniformity from accounting standards, however, comes at the expense of reduced flexibility for managers to reflect genuine business differences in their firms fi-

40、 nancial statements. Rigid accounting standards work best for economic transactions whose accounting treatment is not predicated on managers proprietary information. However, when there is significant business judgment involved in assessing a transac- tions economic consequences, rigid standards whi

41、ch prevent managers from using their superior business knowledge would be dysfunctional. Further, if accounting standards are too rigid, they may induce managers to expend economic resources to restructure business transactions to achieve a desired accounting result.Auditing, broadly defined as a ve

42、rification of the integrity of the reported financial statements by someone other than the preparer, ensures that managers use accounting rules and conventions consistently over time, and that their accounting estimates are rea- sonable. Therefore, auditing improves the quality of accounting data.Th

43、ird-party auditing may also reduce the quality of financial reporting because it constrains the kind of accounting rules and conventions that evolve over time. For ex- ample, the FASB considers the views of auditors in the standard-setting process. Auditors are likely to argue against accounting sta

44、ndards producing numbers that are difficult to audit, even if the proposed rules produce relevant information for investors.The legal environment in which accounting disputes between managers, auditors, and investors are adjudicated can also have a significant effect on the quality of reported numbe

45、rs. The threat of lawsuits and resulting penalties have the beneficial effect of im- proving the accuracy of disclosure. However, the potential for a significant legal liability might also discourage managers and auditors from supporting accounting proposals re- quiring risky forecasts, such as forw

46、ard-looking disclosures.2.3 Accounting System Feature 3: Managers Reporting StrategyBecause the mechanisms that limit managers ability to distort accounting data add noise, it is not optimal to use accounting regulation to eliminate managerial flexibility completely. Therefore, real-world accounting

47、 systems leave considerable room for managers to influence financial statement data. A firms reporting strategy, that is, the manner in which managers use their accounting discretion, has an important influence on the firms financial statements.Corporate managers can choose accounting and disclosure

48、 policies that make it more or less difficult for external users of financial reports to understand the true economic picture of their businesses. Accounting rules often provide a broad set of alternatives from which managers can choose. Further, managers are entrusted with making a range of estimat

49、es in implementing these accounting policies. Accounting regulations usually prescribe minimum disclosure requirements, but they do not restrict managers from vol- untarily providing additional disclosures.A superior disclosure strategy will enable managers to communicate the underlying business rea

50、lity to outside investors. One important constraint on a firms disclosure strategy is the competitive dynamics in product markets. Disclosure of proprietary infor- mation about business strategies and their expected economic consequences may hurt the firms competitive position. Subject to this const

51、raint, managers can use financial statements to provide information useful to investors in assessing their firms true eco- nomic performance.Managers can also use financial reporting strategies to manipulate investors percep- tions. Using the discretion granted to them, managers can make it difficul

52、t for investors to identify poor performance on a timely basis. For example, managers can choose ac- counting policies and estimates to provide an optimistic assessment of the firms true performance. They can also make it costly for investors to understand the true perfor- mance by controlling the e

53、xtent of information that is disclosed voluntarily.The extent to which financial statements are informative about the underlying busi- ness reality varies across firmsand across time for a given firm. This variation in ac- counting quality provides both an important opportunity and a challenge in do

54、ing business analysis. The process through which analysts can separate noise from informa- tion in financial statements, and gain valuable business insights from financial statement analysis, is discussed next.3. From financial statements to bussiness analysisBecause managers insider knowledge is a

55、source both of value and distortion in account- ing data, it is difficult for outside users of financial statements to separate true information from distortion and noise. Not being able to undo accounting distortions completely, in- vestors “discount” a firms reported accounting performance. In doi

56、ng so, they make a probabilistic assessment of the extent to which a firms reported numbers reflect economic reality. As a result, investors can have only an imprecise assessment of an individual firms performance. Financial and information intermediaries can add value by improving inves- tors under

57、standing of a firms current performance and its future prospects.Effective financial statement analysis is valuable because it attempts to get at managers inside information from public financial statement data. Because intermediaries do not have direct or complete access to this information, they r

58、ely on their knowledge of the firms industry and its competitive strategies to interpret financial statements. Successful intermediaries have at least as good an understanding of the industry economics as do the firms managers, and a reasonably good understanding of the firms competitive strategy. A

59、lthough outside analysts have an information disadvantage relative to the firms manag- ers, they are more objective in evaluating the economic consequences of the firms invest- ment and operating decisions. Figure 1-3 provides a schematic overview of how business intermediaries use financial statements to accomplish four key steps: (1) business s