本书为英文改编版，作者首先建立了一个概念框架，以帮助读者理解企业如何运行、如何创造价值以及财务报表如何反映这些价值，并将企业运行的相关知识转化为价值评估，使分析建立在合理的基础之上。并阐述了大量财务报表分析与投资分析中常用的分析工具，并以著名公司的实例阐述了这些工具的运用。本书中所有的分析都与现代金融的原理一致，并且显示了对会计本身的质量的评价。

本书从价值评估的概念框架出发，系统介绍了财务报表分析以及企业基本面分析的相关内容，如财务报表、权责发生制会计、财务报表分析、预测与价值评估、会计分析与价值评估以及风险分析等，从而使读者能够通过合理的财务报表分析理解企业的价值，并将分析结果应用于实际的证券投资之中。

List of Cases

List of Accounting Clinics

Chapter 1

Introduction to Investing and Valuation

Investment Styles and Fundamental Analysis

Bubble, Bubble

How Bubbles Work

Analysts During the Bubble

Fundamental Analysis Anchors Investors

The Setting: Investors, Firms, Securities, and Capital Markets

The Business of Analysis: The Professional Analyst

Investing in Firms:The Outside Analyst

Investing within Firms:The Inside Analyst

The Analysis of Business

Strategy and Valuation

Mastering the Details

The Key Question: Durability of Competitive Advantage

Financial Statements: The Lens on the Business

Choosing a Valuation Technology

Guiding Principles

Classifying and Ordering Information

Anchoring Value in the Financial Statements

How to Use this Book

An Outline of the Book

The Web Connection

Key Concepts

A Continuing Case: Kimberly-Clark Corporation

Concept Questions

Exercises

Minicase

Chapter 2

Introduction to the Financial Statements

PART ONE

FINANCIAL STATEMENTS AND VALUATION

Chapter 3

How Financial Statements Are Used in Valuation

Chapter 4

Cash Accounting,Accrual Accounting,and Discounted Cash Flow Valuation

Chapter 5

Accrual Accounting and Valuation:Pricing Book Values

Chapter 6

Accrual Accounting and Valuation:Pricing Earnings

PART TWO

THE ANALYSIS OF FINANCIAL STATEMENTS

Chapter 7

Business Activities and Financial Statements

Chapter 8

The Analysis of the Statement of Shareholders'Equity

Chapter 9

The Analysis of the Balance Sheet and Income Statement

Chapter 10

The Analysis of the Cash Flow Statement

Chapter 11

The Analysis of Profitability

Chapter 12

The Analysis of Growth and Sustainable Earnings

PART THREE

FORECASTING AND VALUATION ANALYSIS

Chapter 13

The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-Earnings Ratios

Chapter 14

Simple Forecasting and Simple Valuation

Chapter 15

Full-Information Forecasting,Valuation,and Business Strategy Analysis

PART FOUR

ACCOUNTING ANALYSIS AND VALUATION

Chapter 16

Creating Accounting Value and Economic Value

Chapter 17

Analysis of the Quality of Financial Statements

PART FIVE

THE ANALYSIS OF RISK

Chapter 18

The Analysis of Equity Risk and the Cost of Capital

Chapter 19

The Analysis of Credit Risk

Appendix

A Summary of Formulas

Index