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1、新准则下财务报表分析九大误区（Nine misunderstandings of financial statement analysis under new standards）Nine misunderstandings of financial statement analysis under new standardsAuthor: Dr. Zhao ZhigangDeclaration:This article will be published in the near future without the permission of the author. Other magazi
2、nes and publications should not be reprinted!The financial statements of listed companies are the structural statements of the financial status, operating results and cash flow of listed companies. All investors mainly obtain relevant information through financial reports, and the new accounting sta
3、ndards involve financial reporting standards, there are nine specific accounting standards, therefore, financial statements are very important. The basic function of financial analysis is to transform a large amount of report data into useful information for a particular decision, thus reducing the
4、uncertainty of decision making. Investors need to learn how to effectively read the financial report of listed companies, listed companies in the financial report reading, we should pay special attention to the key, and large transaction reports, and some of the important financial ratios are analyz
5、ed thoroughly, from the acquisition of decision useful accounting information.The new accounting standards have achieved the convergence with international accounting standards, and adopted the core concept of asset liability view, which has undergone a series of major changes in accounting recognit
6、ion, measurement and disclosure. When analyzing the financial reports of listed companies, investors often have the following nine misunderstandings.Misunderstanding 1: paying attention to profits and ignoring assets and liabilitiesThe profit index has always been the main financial index that has b
7、een referenced and even directly referenced by investors in their investment decisions. The new accounting standards on the balance sheet after the view, a substantial profit not only decided by the income and cost, but also by changes in assets and liabilities at the beginning and the end of the de
8、cision, including the unrealized gains and losses and profits. After the implementation of new accounting standards for listed companies, profits have shown two main characteristics: more and more fluctuation and more and more virtual. In the asset liability view, investors should pay more attention
9、 to a companys assets and liabilities, future cash inflow and outflow of future profitability, and should not pay too much attention to profit comprehensive index does not have too big information content, but net profit index than gross margin or profit rate index for decision making.In addition, m
10、ost investors accustomed to the analysis of the listed companys earnings per share and net profit growth rate of earnings and a few indicators, there are few in-depth and comprehensive research on the financial statements, therefore, most of the earnings management and financial fraud of listed comp
11、anies is mainly for profit manipulation and related indicators.Misunderstanding two: pay attention to the net cash flow of operating activities and ignore the net cash flow of investment activitiesThe core of finance is cash flow is king, therefore, not only the management of listed companies pay gr
12、eat attention to the management of cash flow, but also pay close attention to the cash flow of a listed company. After the implementation of the new guidelines, listed companies will recognize more and more profits or losses and non recurring gains and losses, but these gains and losses often have n
13、o corresponding cash flow, leading to a decline in the correlation between net profit and cash flow.Investors in the analysis of listed companies, solvency analysis comparative analysis of profit quality of the listed companies often used to contrast the operating activities net cash flow and net pr
14、ofit or with net operating cash flow and current liabilities, but in fact it is difficult to see that the quality and profitability of listed companies solvency. For example, the current number of listed companies may be the main business is manufacturing or trade, but the larger proportion of the a
15、ssets is foreign investment, investment may become a major source of net profit and investment activities of the cash flow of the company, its operating activities net cash flow may have been negative, but the investment net cash flow may very well.Mistake three: attach importance to the consolidate
16、d financial statements and neglect the parent companys individual financial statementsThe consolidated financial statements are the financial statements which reflect the overall financial situation, operating results and cash flow of the enterprise group formed by the parent company and all its subsidiaries. The accounting entity reflected in the consolidated financial statements is the subject in the sense of accounting, and the
