财务报表分析

This course is about the analysis of financial information, particularly firms’ financial statements, for making decisions to invest in businesses. The primary focus is on equity (share) valuation. When buying a share in a firm, the investor wants to know what a reasonable price is to pay: What is the firm worth? The course explains how he/she answers that question by analyzing information. As financial statements contain considerable information about firms, the course involves financial statement analysis. The methods of fundamental analysis will be covered in detail and applied in cases and projects involving listed companies. The course does not “assume market efficiency.” Rather, it develops the techniques for challenging traded prices in order to assess whether investments are appropriately priced.This course is of interest to those contemplating careers in investment banking (particularly in the equity area), security analysis, consulting, private equity, public accounting, and corporate finance. It will also help with personal investing. The course will be in the form of lectures, discussions, exercises, and cases, and will involve course projects. By the end of the course, the student should feel competent in writing a thorough, credible equity research report or investment analysis that meets the highest standards of professionalism.