金融代写|财务分析与估值代写Financial Analysis and Valuation代考|ACFI3008 THE SETTING: INVESTORS, FIRMS,SECURITIES, AND CAPITAL MARKETS

如果你也在 怎样代写财务分析与估值Financial Analysis and Valuation ACFI3008这个学科遇到相关的难题,请随时右上角联系我们的24/7代写客服。财务分析与估值Financial Analysis and Valuation(也被称为财务报表分析或会计分析或财务分析)是指对一个企业、次级企业或项目的可行性、稳定性和盈利能力的评估。它是由专业人员使用比率和其他技术编写报告,利用从财务报表和其他报告中获取的信息进行的。这些报告通常被提交给高层管理人员,作为他们做出商业决策的依据之一。财务分析可以决定一个企业是否会。

财务分析与估值Financial Analysis and Valuation是是在行业和经济环境的背景下考察公司的业绩,以得出决策或建议的过程。继续或终止其主要业务或部分业务。制造或购买某些材料来制造其产品。购买或租用某些机器和设备来生产其产品。发行股票或通过谈判获得银行贷款以增加其营运资金。作出有关投资或借出资本的决定。做出其他决定,使管理层能够在开展业务的过程中对各种选择做出明智的选择。

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金融代写|财务分析与估值代写Financial Analysis and Valuation代考|ACFI3008 THE SETTING: INVESTORS, FIRMS,SECURITIES, AND CAPITAL MARKETS

金融代写|财务分析与估值代写Financial Analysis and Valuation代考|THE SETTING: INVESTORS, FIRMS,SECURITIES, AND CAPITAL MARKETS

To value business investments we need to have a good understanding of how a business works, how it adds value, and how it returns value to investors. We begin here to build a picture of the firm and its investors – sketchy at first – to be filled out as the book proceeds.
When individuals or institutions invest in firms, they give up cash in hope of a higher return of cash in the future. The investment gives them a claim on the firm for a return. This claim is formalized in a contract, which may not be tradable (like most partnership interests and bank loan agreements), or in a security, which can be traded in security markets (like stocks and bonds).

Corporate claims vary from simple “plain vanilla” types such as equity and debt to more complicated contingent claims. Contingent claims such as convertible bonds, options, and warrants are derivative claims whose payoffs are based on the price of firms’ stocks or bonds, usually stocks. Despite their contractual complexity, contingent claims are relatively easy to value: Once the value of the stocks or bonds is determined, standard option-pricing techniques can be used to get the derivative price. The techniques follow the principles of financial engineering (which will not concern us in this book). Equity and debt claims are more basic: Their value is “fundamental” to valuing the contingent claims. Their pricing is guided by principles of fundamental analysis (on which we very much focus in this book).

The equity is the most important corporate claim, and the value of the equity is a particular focus for financial analysis. It is the primary claim, so much so that common stock is sometimes referred to as the fundamental security. The equity is the owners’ claim on the business, often referred to as owners’ equity or shareholders’ equity. This claim is the residual claim on the value of the firm after other claimants have been satisfied. It is, by far, the most difficult claim to value and it is the valuation of this claim, equity valuation, with which we will be preoccupied. But we also will be concerned with debt claims. Debt claims are relatively simple claims for return of interest and principal. So they are relatively simple to value.

Figure $1.1$ depicts the debtholders and shareholders and the cash flows between them and the firm. We ignore the holders of contingent claims here to keep it simple. Debtholders (bondholders, banks, and other creditors) make loans to the firm in exchange for a claim for a payoff in the form of interest payments and loan repayments, as shown. Shareholders contribute cash in exchange for equity shares that entitle them to a payoff in the form of dividends or cash from share repurchases. The amount of the payoff, less the amount paid for the claim, is called the return.

When a firm sells debt or equity claims it trades in the capital market. The capital market can be a formal, organized stock exchange where public, “listed” firms trade; an informal market involving intermediaries such as venture capitalists, private equity firms, banks, and investment brokers; or a simple process of raising capital from family and friends.

金融代写|财务分析与估值代写Financial Analysis and Valuation代考|THE BUSINESS OF ANALYSIS: THE PROFESSIONAL ANALYST

Many investors find that choosing and managing investments is not their forte, so they turn to professional financial analysts. In any field, the professional is someone who has the specialized technology to get a task done. Indeed professionals present themselves as arbiters of good technology, and a profession is judged by its ability to successfully solve the problem at hand. The professional continually asks: What are good techniques, what are poor ones? The professional, like any other producer, sells products to his customers, the investors. As a competitor with others, the professional asks: How can I enhance the technology to get an edge over my competition? What does a good valuation product look like? What’s the best way to go about analyzing information on firms? How can I do financial statement analysis most efficiently? What methods add value for my client? Understanding what a good fundamental analysis technology looks like is at the heart of this book.

As types of investments vary, so do the types of professionals who serve investors. Each needs to tailor analysis to the client’s need.
Investing in Firms: The Outside Analyst
Many professionals are outside the business, looking in, and we refer to them as outside analysts. Security analysts, investment consultants, money managers, and stockbrokers advise clients on buying and selling corporate securities. Investment bankers and business brokers advise clients on acquiring and selling businesses. Accountants and assessors value firms for tax and estate purposes. And any one of these might serve as an expert witness in litigation involving valuation issues.

Just as there are two main types of business claims, there are two main types of outside analysts. Credit analysts, such as those at bond rating agencies (Standard \& Poor’s, Moody’s Investors Service, and Fitch Ratings for example) or bank loan officers, evaluate the riskiness – and thus the value-of business debt. But prime among business analysts is the equity analyst. Buy-side analysts perform equity research as money managers, within mutual funds, hedge funds, and other investment vehicles. Sell-side analysts provide the research to support retail investors through their brokers (and also “sell” research to the buy side). The equity analyst typically prepares an equity research report. The analyst’s main concern: How do I produce an equity research report that is credible and persuasive and gives my client confidence in investing? Many research reports fail this test. They typically close with a prominent buy, hold, or sell recommendation. They present graphs, numbers, and verbiage about the business but it is not always clear how the recommendation follows from the analysis, or indeed whether it is justified. View the material in this book as a guide to preparing an accomplished equity research report.

金融代写|财务分析与估值代写Financial Analysis and Valuation代考|ACFI3008 THE SETTING: INVESTORS, FIRMS,SECURITIES, AND CAPITAL MARKETS


金融代写|财务分析与估值代写Financial Analysis and Valuation代考|THE SETTING: INVESTORS, FIRMS,SECURITIES, AND CAPITAL MARKETS






金融代写|财务分析与估值代写Financial Analysis and Valuation代考|THE BUSINESS OF ANALYSIS: THE PROFESSIONAL ANALYST




金融代写|财务分析与估值代写Financial Analysis and Valuation代考

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