| The Guangxia event shocked the China Securities market and the accounting (auditing) markets, while the Anron event caused stock market and accounting market crises in America. Falsity in the financial reports from listed companies come to be an obtrusive problem to the capital markets. Truthfulness in the financial information of listed companies greatly abstracts many people in the securities industry.Here introduce a way to analyse the financial information of a listed company .This article includes five chapters.The first chapter "financial information resources of a listed company" mainly talks about the predominant resources for the financial information of a public company. We discuss the formats and contents of those annual, semiyearly and quarterly reports from a listed company. The contents of auditing report and scholiums of accounting statements are emphases in this chapter. At the end of this chapter, it's pointed that nonscheduled information such as reports from the board of directors and other reportages. At the end of this chapter, it's pointed that nonscheduled information such as reports from the board of directors and other reportages from special medium.The second chapter "analytic methods" mainly approaches the analytic methods in the analyses about public companies' financial information: comparisons analyses, ratio analyses, trend analyses and factor analyses. In the unit "comparison analyses", we talk about the three forms of comparison and the issues we should pay attention when we apply comparison to an analysis. In the unit "ratio analyses", we summarize the common three kinds of use of ratio in financial analyses. "Trend analyses" are applied to find out the financial and business condition of a public company, and predict its future. "Factor analyses" are mainly used to ascertain the affect from several factors to a public company. This analysis is generally used in making out the causes of abnormal variations in a company's financial indexes.The third chapter "analytic process" discusses the three analytic processes: static analysis, trendanalysis and comparisons with the companies in the same industry. In the unit of "comparisons inthe same industry", we take the TONMAC (a listed company at the Shanghai Exchange) as anexample to discuss the four steps of comparisons to the companies in the same industry.The contents of static analysis include analyses of the financial datum and indexes. We search theemphasis for analyses of the accounting statements.We analyse the financial datum and indexes in continuous several years from a public company intrend analyses, so that we can find out the upturn and downhill of the company's financialcondition.Comparisons with those companies in the same industry may help us to make out a company'sdistance to the others in the same trade, and find out the important issues in company's financialreports.In the fourth chapter "external environment and company's quality", we discuss the affect of macro environment, industry development and company's quality to the analysis of a company's financial information by synthesis. Macro environment may affect a company's financial condition greatly. Development of a company's industry plays an important role in the company's business too. Analyses of a company's quality include analyses of its prolonging profit-making ability, its debt services and its management.In the fifth chapter "simple case", we take TONMAC as the object of analysis, and undertake a simple analysis of its financial information. In 2001,TONMAC's gains per-stock dropped down from 0.3 RMB mid-year to -0.9993 RMB at the end of the year. The appointed audit was dismissed before TONMAC published its annual. Those events showed that there may be some questionable points in TONMAC's financial reports. We hope we can practically use the methods in analyses of financial information by taking TONMAC as the object of a simple analysis. This chapter is divided into three units. The first unit is "the analyse... |
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