財務狀況表分析

財務狀況表原來的名稱為「資產負債表」。IASB認為財務狀況表比較名符其實。雖然企業可自行選擇是否採用新標題，但出於簡化及可比性之考量，通常建議採用變更後之標題。That which we call a rose, by any other name would smell as sweet. (quote from Romeo and Juliet by Shakespeare) 名字是很重要的。

分析財務狀況表的好處: [Graham & Dodd]

1. It shows in nearly all cases how much capital is actually invested in the business, and how the capital structure is divided between senior issues and common stock.
2. It reveals the strength or weakness of the working-capital position.
3. It provides a check upon the validity of the earnings reported in the income account.
4. It supplies data to test the true success or prosperity of the business - viz., the amount earned on invested capital.
5. It supplies the basis for analyzing the sources of income and the relation of earning-power value to asset value.
6. It supplies the basis for a long-term study of the relationship between earning power and asset values and of the development of the financial structure over the years.

我原先的股票策略有上面的好處嗎？當然有。Working-capital position 強度，指的就是資本結構。

其實基本分析就如玄鐵劍法一樣：「重劍無鋒，大巧不工」，需以強勁內力配合重量十足的玄鐵重劍使出，威力銳不可當。只要狂看財務報表、產業動態、世界情勢，精通基本分析是遲早的事。