Financial Statement Analysis - NYU（财务报表分析纽约大学）.pdf

Financial Statement Analysis “The raw data for investing” Aswath Damodaran 1 Questions we would like answered… Assets Liabilities What are the assets in place? What is the value of the debt? How valuable are these assets? Assets in Place Debt How risky is the debt? How risky are these assets? What are the growth assets? Growth Assets Equity What is the value of the equity? How valuable are these assets? How risky is the equity? Aswath Damodaran 2 Basic Financial Statements   The balance sheet, which summarizes what a firm owns and owes at a point in time.   The income statement, which reports on how much a firm earned in the period of analysis   The statement of cash flows, which reports on cash inflows and outflows to the firm during the period of analysis Aswath Damodaran 3 The Accounting Balance Sheet Figure 4.1: The Balance Sheet Assets Liabilities Current Short-term liabilities of the firm Long Lived Real Assets Fixed Assets