1、1,財(cái)務(wù)報(bào)表分析與證券投資,姜國(guó)華 Guohua Jiang 北京大學(xué)光華管理學(xué)院會(huì)計(jì)學(xué)副教授 Associate Professor of Accounting Guanghua School of Management Peking University,2,The Father of Accounting-Luca Pacioli (1445-1517),He wrote a famous mathematics book In one chapter he invented double-entry accounting system He taught Leonardo Da Vin

2、ci perspective and proportionality. The knowledge was used to paint “the Last Supper”,3,學(xué)過財(cái)務(wù)報(bào)表分析課程的請(qǐng)舉手,4,Dow Jones Industrial Average 1930-2002,5,DJIA, NASDAQ 1990-2002,6,Back to Square One: DJIA 1998-2002,7,D or Dot.bomb-NASDAQ 1998-2002,8,The Three Major Stock Exchanges,9,The Regulator of U.S. Sto

3、ck Market,SEC, the Securities and Exchange Commission Arthur Levitt, commissioner, 1993-2000 in the Clinton administration Numbers Game Speech, 1998,10,The Current SEC Commissioners,11,Who Issue American Accounting Standards?,FASB: Financial Accounting Standards Board Set up in 1973 to r

4、eplace Accounting Principle Board (APB) An independent, private organization Standards issued recognized by SEC GAAP: Generally Accepted Accounting Standards 7 concept statements (principles) e.g., No. 7 (February 2000) Using cash flow information and present value in accounting measure

5、ments 148 statements of standards (rules) by the year of 2003 e.g., No. 1 (December 1973) Disclosure of foreign currency translation information,12,International Accounting Standards,International Accounting Standards Committee (IASC) Based at London Independent and privately funded Meant to design

6、a set of worldly accepted accounting standards Committee serve as an advisory board member .uk International Accounting Standards 41 standards up to the year of 2003 e.g., IAS 2. Inventory, January 1, 1995,13,“Big Four” International Accounting Firms,Ernst Young (worldwide revenue 2002:

7、$10.1 billions, 4.3 billions in the U.S.) PriceWaterhouseCoopers Deloitte otherwise we sell. Frankel and Lee, Journal of Finance, 1999 To get papers mentioned, from a PKU computer, go to or just ask from me.,39,How Important is Accounting Information?,January 22, 2003, after market clo

8、sed, AT&T (stock symbol T) announced: Revenue for 4th quarter shrank to $9.3 billion from 10.2 billion in the 4th quarter of previous year Loss from continuing operations widened to $611 million from $216 million.,40,How Important is Accounting Information? (http:),41,How Important is Accounting Inf

9、ormation?,In the weekend before Monday, Feb. 3, 2003, Mattel (MAT) announced fourth quarter results: Revenue increased from the fourth quarter a year earlier by 6.9% to $1.56 billion. Net income increased by 35% to $186.1 million. Earnings per share (EPS) increased to 42 cents from 31 cents.,42,How

10、Important is Accounting Information?,43,Value Investing: Warren Buffett (),44,Investing Motto,Two friends went hunting in the jungle. All of a sudden, a bear jumped out of nowhere and came after them. A: Run! B: No, it is hopeless, we wont overrun a bear. A: But I do not have to run faster than the bear. I only need to run faster than you!,45,Questions on stock market?,46,作業(yè),六人一組 兩個(gè)作業(yè) 每次課上分別布置作業(yè)，下次課上交，打印版 注意報(bào)告的形象美,47,作業(yè)1：,每組選一家中國(guó)上市公司做投資價(jià)值分析（非金融類公司） 使用該公司行業(yè)平均數(shù)據(jù)做比較，比如，行業(yè)平均利潤(rùn)率；或?qū)Ρ裙緮?shù)據(jù) 使用最新年報(bào) 參見所附宇通