15.535 基于财务报表的商业分析 (Business Analysis Using Financial Statements)

MIT Course 15 · Accounting · 会计学 · 课号 15.535

TL;DR

• 融合行业竞争战略、会计质量甄别、财务比率预测与股权估值的四步商业分析范式。
• 通过调整非经常性损益与消除激进会计估计，重构真实的自由现金流与经济增加值（EVA）。
• 将财务分析深度应用于股票估值、杠杆收购（LBO）、信用违约评级与困境重组决策。

课程简介 / Description

The purpose of this class is to advance your understanding of how to use financial information to value and analyze firms. We will apply your economics/accounting/finance skills to problems from today's business news to help us understand what is contained in financial reports, why firms report certain information, and how to be a sophisticated user of this information.

讲义 / Lecture Notes

• 1
  • Introduction: Accounting Scandals, Business Valuation and Market Efficiency (PDF)
• 2
  • The Basics of Company Valuation: DCF Foundations Setting the Stage for Using Accounting Information (PDF)
• 3
  • Cash Flow Analysis: Is Cash King? (PDF)
• 4
  • Using Accounting Earnings for Valuation - Why Earnings and Not Cash Flow? (PDF)
• 5
  • Comparative Analysis: What Analysts Do? (PDF)
• 6
  • Turbo Accounting I - A Review of How to Read a Financial Statement (PDF)
• 7
  • How Companies Cook the Books (PDF)
• 8
  • Detecting Earnings Management: Applied Analysis (PDF)
• 9
  • Quiz #1 - In Class
  • Final Guidance/Overview on Part 1 of Project
• 10
  • Analyst Team Presentations and Due Diligence Response by Matched Teams
• 11
  • Analyst Team Presentations and Due Diligence Response by Matched Teams
• 12
  • Risk Assessment: Do Financial Statements Capture Risk? (PDF)
• 13
  • Risk I: Cost of Capital: Is CAPM Dead? (PDF)
• 14
  • Risk and Accounting Trading Strategies: Do Investors Understand Accounting? (PDF)
• 15
  • Risk II: Accounting Numbers in Contracts: Ratio Analysis and Bankruptcy Detection (PDF)
• 16
  • Mergers and Acquisitions: Impairment of Goodwill, Writedowns, Private Firm Valuation (PDF)
• 17
  • Employee Stock Options and Valuation: Should Options be Expensed? Understanding the current debate (PDF)
• 18
  • Quiz #2 - In Class
  • Final Guidance/Overview on Part 2 of Project
• 19
  • Off Balance Sheet Activities - Deconstructing the Enron Debacle and Beyond (PDF)
• 20
  • Pension Plans - The Next Accounting Disaster? (PDF)
• 21
  • International Financial Analysis (PDF)
• 22
  • Hot Topics in Accounting and Valuation: + Capstone (PDF)
• 23
  • Analyst Team Presentations and Due Diligence Response by Matched Teams
• 24
  • Analyst Team Presentations and Due Diligence Response by Matched Teams

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