读懂财务报告 如何把握投资要领
财务报告虽是定期报告中的一部分，但却是其中最重要的，其篇幅也几乎占据了半壁江山。投资者应该熟悉财务报告的基本框架，并能熟练地通过会计信息和财务特征，掌握一家上市公司的基本脉络，进而结合股价判断投资价值。
一份完整的财务报告包括了三方面内容：审计报告、会计报表以及会计报表附注。这当中，会计报表是核心，附注主要是对报表的细化、解释与延伸，审计报告是对报表及其附注真实性的鉴定。会计报表又包括四张表，分别是：资产负债表、利润表、现金流量表以及所有者权益变动表，这四张表又分别包括合并类与母公司类。
一、一家虚拟公司
所谓母公司，很好理解，它是指上市公司自身。但是请投资者记住：母公司会计报表所显示的财务数据，并非上市公司的“真实数据”，我们平常使用的财务数据如净资产、净利润等，都是以合并报表中的数据为准。
如果没有合并类的会计报表，只提供母公司会计报表，就会出现一个问题：我们会看到很多上市公司的诸如营业收入、营业成本、存货、应收账款等等关键财务数据都非常少。这样一来，大量有价值的财务数据信息都会被屏蔽掉，然后异常简单地体现于母公司资产负债表中的长期股权投资，以及母公司利润表中的投资收益，这样，会计报表对于投资者的参考作用将大打折扣。
为使投资者了解全貌，上市公司在提供自己的（母公司）会计报表的同时，也要提供合并会计报表。也就是将上市公司及其能够控制的公司“打包”在一起，视为一家公司，这家 “虚拟公司”的会计报表，就是合并会计报表。合并会计报表中的各类财务数据，才能够展示上市公司的“真相”。而投资者在依据上市公司财务信息评估其投资价值时，应该主要使用合并会计报表。
此外，对那些上市公司持有其股份，却无法真正形成控制的公司（比如说仅仅是持股比例较低的参股公司），则不会将其纳入上市公司合并报表范围，但上市公司会采用成本法或权益法核算长期股权投资科目，通过长期股权投资体现上市公司对该公司的投资成果。
同比看趋势
会计报表中的每张表，以及附注中大部分内容，都是对比式的（同时出具当期数据以及去年同期数据）。这样一来，投资者可以通过对比当期数据与去年同期数据发现一年中上市公司所发生的变化。要知道，绝大多数有价值的财务信息，都是通过比较而来。比如说上市公司净利润同比增加了50%，应收账款同比下降了30%等等。单看当期数据，只能看结果，比较过去的数据，却能够看出趋势，而对上市公司的估值，更多来自于投资者对公司未来发展趋势的预期。
会计报表的附注，以及年度报告的董事会报告中“管理层讨论与分析”部分，都有大量的关于各种财务数据同比发生重大变化的专项说明与解释，这些内容，对于更加细致、全面、深入地了解上市公司很有帮助，因此，投资者尤须关注。
四张表及附注
会计报表包括四张表，其中所有者权益变动表是从2007年年报开始新增加的。这四张表可谓年报的核心部分。每一张表所提供的信息互相联系，却各有侧重。通过四张表，基本上就可以勾勒出一家上市公司的大致轮廓。
简单而言，资产负债表是一张上市公司的“全景照片”，它主要显示上市公司的钱从哪里来，都用到什么地方去了；利润表则是上市公司过去一年活动的“纪录短片”，它显示上市公司过去一年间都干了些什么，干得怎么样；现金流量表可以视为对上市公司的“终极考验”，它以“认钱不认人”的高度客观性，展示过去一年之中，上市公司现金的各种变化；所有者权益变动表就相当于上市公司向自己老板（股东）上交的一份“简明成果总结”，它告诉我们，股东们投在上市公司的钱是否增值，怎么增值，增值了多少。
会计报表附注，则主要是上述四张表的明细、延伸与解释，投资者看四张表的过程中，遇到的一些基本问题、疑惑，都可以在附注中找到答案。将上述的照片、短片、报告、总结以及附注结合起来，投资者就有了较为透彻了解上市公司的依据。
Read financial report how to invest.
The financial report is reported regularly in the part, but it is one of the most important, its length is also accounted for almost half of the country. Investors should be familiar with the basic framework of financial report, and can skillfully through the accounting information and financial characteristics of listed companies, to master a basic context, and then combined with the stock investment value judgment.
A complete financial report includes three aspects : the report of audit, accounting statements and accounting statements. Among this, accounting report is the core, note is mainly to statements, interpretation and extension of refinement, the audit report is for statements and notes the authenticity of identification. Accounting statement includes four tables, respectively is: the balance sheet, income statement, cash flow statement and the statement of changes in equity, the four tables respectively including combined classes and parent class.
One, a fictitious company
The parent company, easy to understand, it refers to the listed companies. But please remember: investors parent company financial statements show the financial data of listed companies, is not the" real data", we usually use financial data such as the net assets, net profit, is to merge the data in the report.
If there is no combine accounting statements, only provide the parent company financial statement, there will be a problem: we can see many listed companies such as operating income, operating costs, inventory, accounts receivable and so on key financial data are very few. As a result, a large number of valuable financial information will be shielded, then the abnormal simply embodies in the parent company balance sheet in the long-term equity investment, as well as the parent in the profit table investment income, so, accounting statements to investors reference will sell at a discount greatly.
To enable investors to understand the whole picture, a listed company in the delivery of their own ( the parent company ) accounting statement at the same time, to provide a consolidated accounting statement. There will be a listed company and its ability to control the company" package" together, as a company, a" virtual company" the accounting statement, is the consolidated accounting statements. Consolidated accounting statements of various types of financial data of listed companies, to show the truth"". Investors in listed companies based on financial information to assess the value of their investment, should be used mainly in consolidated accounting statement.
In addition, for those listed companies to hold their shares, but not the real formation is controlled by the company ( for example is only holding lower proportion of share company ), it will not be incorporated into the listed company consolidated scope, but the listed company uses the cost method or the equity method accounting of long-term equity investment subjects, through long-term equity investment of listed company of the company's investment results.
To see the trend
Accounting statements in each table, and a note in most of the contents, are contrasted with type ( issued at the same time the current data and the same period last year data ). In this way, investors can compare the current data with the same period last year listed company data found in the change. You know, most valuable financial information, it is through the comparison to. For example, listed companies net profit increased 50%, accounts receivable fell by 30%. Looking at the current data, only to see the results, compared with the past data, but can see the trend, and for the valuation of listed companies, more from investors in the company's future development trends are expected.
Accounting statement notes, as well as the annual report of the board of directors report" management discussion and analysis" section, there are a large number of various financial data to a significant change in the special explanation and interpretation, these content, for more detailed, comprehensive, in-depth understanding of listed company has the help very much, therefore, investors need to be concerned about.
Four tables and notes
Accounting statement includes four tables, wherein the statement of changes in equity is from 2007 annals begins new. The four form is the core part of the annual report. Each table provides information related to each other, but each have emphasize particularly on. Through four tables, basically can draw the outline of a listed company profile.
In simple terms, the balance sheet is a listed company's" panorama", it mainly shows the listed company's money comes from where, to somewhere; the profit table is listed companies over the past year activity" documentary", it shows listed companies over the past year to do, how are you doing; statement of cash flow can be considered to be listed on the company's" ultimate challenge", which" recognizes the money does not recognize people " a high degree of objectivity, show last year, listed companies' cash variety; statement of changes in equity is equal to the listed company to his boss ( shareholders ) delivered a a" concise summary of achievement", it tells us, the /shareholders investment in listed company money is added, how the value, value how many.
Notes to the accounting statements, are mainly the four tables in detail, extension and interpretation, investors see four tables in the process, some basic problems, doubts, are available in the notes to find the answers. The photo, video, report, summary and notes together, investors will be a more thorough understanding of listed companies based on.