财务报表分析与证券价值评估(第3版会计学精选教材英文改编版)

本书从价值评估的概念框架出发，系统介绍了财务报表分析以及企业 基本面分析的相关内容，如财务报表、权责发生制会计、财务报表分析、 预测与价值评估、会计分析与价值评估以及风险分析等，从而使读者能够 通过合理的财务报表分析理解企业的价值，并将分析结果应用于实际的证 券投资之中。

Stephen H.Penman，哥伦比亚大学商学院George O.May教授和摩根士丹利研究学者，《会计研究评论》(Review of Accounting Studies)主编。研究领域为权益定价及会计信息在证券分析中的应用，1991年获得美国会计学会和美国注册会计师协会颁发的会计研究杰出贡献奖，2001年因本书获得美国会计学会和德勤颁发的Wildman奖。

List of Cases List of Accounting Clinics Chapter 1 Introduction to Investing and Valuation Investment Styles and Fundamental Analysis Bubble, Bubble How Bubbles Work Analysts During the Bubble Fundamental Analysis Anchors Investors The Setting: Investors, Firms, Securities, and Capital Markets The Business of Analysis: The Professional Analyst Investing in Firms:The Outside Analyst Investing within Firms:The Inside Analyst The Analysis of Business Strategy and Valuation Mastering the Details The Key Question: Durability of Competitive Advantage Financial Statements: The Lens on the Business Choosing a Valuation Technology Guiding Principles Classifying and Ordering Information Anchoring Value in the Financial Statements How to Use this Book An Outline of the Book The Web Connection Key Concepts A Continuing Case: Kimberly-Clark Corporation Concept Questions Exercises Minicase Chapter 2 Introduction to the Financial Statements PART ONE FINANCIAL STATEMENTS AND VALUATION Chapter 3 How Financial Statements Are Used in Valuation Chapter 4 Cash Accounting,Accrual Accounting,and Discounted Cash Flow Valuation Chapter 5 Accrual Accounting and Valuation:Pricing Book Values Chapter 6 Accrual Accounting and Valuation:Pricing Earnings PART TWO THE ANALYSIS OF FINANCIAL STATEMENTS Chapter 7 Business Activities and Financial Statements Chapter 8 The Analysis of the Statement of Shareholders'Equity Chapter 9 The Analysis of the Balance Sheet and Income Statement Chapter 10 The Analysis of the Cash Flow Statement Chapter 11 The Analysis of Profitability Chapter 12 The Analysis of Growth and Sustainable Earnings PART THREE FORECASTING AND VALUATION ANALYSIS Chapter 13 The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-Earnings Ratios Chapter 14 Simple Forecasting and Simple Valuation Chapter 15 Full-Information Forecasting,Valuation,and Business Strategy Analysis PART FOUR ACCOUNTING ANALYSIS AND VALUATION Chapter 16 Creating Accounting Value and Economic Value Chapter 17 Analysis of the Quality of Financial Statements PART FIVE THE ANALYSIS OF RISK Chapter 18 The Analysis of Equity Risk and the Cost of Capital Chapter 19 The Analysis of Credit Risk Appendix A Summary of Formulas Index