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This course is about analysing financial information for purposes like making decisions to invest in businesses. The focus is on developing the skills required to interpret the information contained in financial statements and its use in decision-making rather than on the skills needed to prepare financial statements. The fundamental analysis methods will be detailed and applied in cases and projects involving listed companies. Topics include models of shareholder value, a comparison of accrual accounting and discounted cash flow approaches to valuation, the analysis of profitability, growth and valuation generation in a firm, cash flows analysis, corporate governance, and risk analysis.
本课程是关于用于决策投资企业等目的财务信息分析。重点是培养解释并分析财务报表中所载信息的技能，而不是编制财务报表的技能。我们将详细介绍基本面分析方发以及涉及上市公司的案例分析。主题包括股东价值模型，应计会计与贴现现金流量估值方法的比较，企业盈利能力，增长和估值产生分析，现金流分析，公司治理以及风险分析等。
Valuation is at the heart of investing. A considerable part of the information for valuation is in the financial statements. "Financial Statement Analysis and Security Valuation, 5/e" by Stephen Penman shows students how to extract information from financial statements and use that data to value firms. The 5th edition shows how to handle the accounting in financial statements and use the financial statements as a lens to view a business and assess the value it generates.
The book provides investment professionals and students with a comprehensive introduction to the range of valuation models available and how to choose the suitable model for any given asset valuation situation. It includes an extensive range of valuation techniques for natural options, start-ups, unconventional assets, distressed companies, private equity, and real estate.
