ΕΙΣΑΓΩΓΗ ΣΤΗΝ ΑΝΑΛΥΣΗ ΤΗΣ ΟΙΚΟΝΟΜΙΚΗΣ ΚΑΤΑΣΤΑΣΗΣ ΤΩΝ ΕΠΙΧΕΙΡΗΣΕΩΝ.pdf

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ΕΙΣΑΓΩΓΗ ΣΤΗΝ ΑΝΑΛΥΣΗ ΤΗΣ ΟΙΚΟΝΟΜΙΚΗΣ ΚΑΤΑΣΤΑΣΗΣ ΤΩΝ ΕΠΙΧΕΙΡΗΣΕΩΝ.pdf

Text of ΕΙΣΑΓΩΓΗ ΣΤΗΝ ΑΝΑΛΥΣΗ ΤΗΣ ΟΙΚΟΝΟΜΙΚΗΣ ΚΑΤΑΣΤΑΣΗΣ ΤΩΝ...

  • 2004

  • 2

    XOMENA

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    1:

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    2. 8 3. 9 4. 16 4.1 16 4.2 17 2

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    2. 24 3. 33 3

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    2. 41 3. 54 4. 57 4.1 58 4

    64

    64 1.

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    2. 67 3. 68 4. 72 5. 72 6. 73 6.1 74 6.2 80 6.3 86 6.4 91 6.5 93 99

  • 3

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    99

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    2. 99 3. 102 4. 105 4.1 105 4.2 108 6

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  • 9

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  • 10

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  • 11

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  • 12

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    . (b)

    (Capital Asset Pricing Model or CAPM),

    i [ E(Ri) ],

    [ E(Rm)]

    ( Rf) :

    E(Ri) =Rf + b [E(Rm) Rf ] (1)

    (1), E(Rm) Rf (risk premium)

    (=

    Rf (.. ),

    ).

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  • 13

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    b

    [ Beaver Manegold (1975),

    Hill Stone (1980) ..]. ,

    b [Foster (1978)]. To

    .

    (SVR):

    ,

    , :

    SVR = pi [BAR E(r)] 2

    SVR = E [BAR- E(r)] 2

    : BAR =

  • 15

    E (r) =

    (CVR):

    .

    CVR = )(rE

    : =

    E(r) = () .

    . , CVR

    .

    (MAD)

    MAD = pi )(RII

    Er

    : ri =

    E(ri) = .

    () :

    . (

    ).

    (SID):H SID

    50% ,

    .

    SID = 2

    13 QQ

  • 16

    : Q1,3 = .

    Baumol(L):

    L = E(r)- k

    :k =

    . .. k = 1,96 95%

    .

    4.

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  • 17

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    [Walter (1975)].

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    [. (1988)].

    4.2

    () . , o Beaver

    (1966), ,

    Altman

    . ,

    [Blume

    (1974), Edmister (1972), Wilcox (1973),Moyer (1977), Taffler (1977), Scott (1981),

    Rose etal(1982), Altman and Spivack (1983), Hamer (1983),Zmijewski (1984)].

    , ,

    . ,

  • 18

    ,

    [Jones (1987)].

    [Van Horne (1980)].

    [Nemmers (1976) Harraps

    (1988)]. [..

    Perry (1988)] (..de facto

    ).

    , ,

    . ,

    ,

    [Beaver (1966), Altman (1968), Ohlson (1980),

    Elam (1975), Blue (1974), Mansah (1983), Deakin (1972), (1985) ].

    ,

    [..

    stepwise & factor analysis . Libby (1975), Pincher, Miago and Carnthon

    (1973),Combola and Ketz (1983) ..]

    ,

    Foster (1986), Altman (1982) & Rose, Andrews and Giroux (1982),

    , Altman,

    Haldeman and Narayanen (1977) Diakoyiannis (1989),

    ( ) .

    ,

    ,

    .

    .

    , :

    a) (Univariate Analysis)

    b)

    - (Discriminant Analysis)

    - (Logit and Probit Analysis)

    c)

  • 19

    - Recursive Partioning

    -

    - (Survival Analysis)

    Beaver (1966),

    30

    .

    ( 87%),

    .

    . ,

    ,

    [Zavgren (1983)].

    [Schipper (1977)].

    : (Discriminant Analysis)

    1935

    (Fisher)

    [Altman (1986)].

    , Altman, Halderman (1977),

    Deakin (1972) Libby (1975), Dambolena & Khoury (1980), Casey & Bartczak (1985)

    ..

    (.. )

    (Discriminant Function),

    ( ).

    (Score), z-score, .

    ( )

    (centoids).

    - (cut off points)

    .

  • 20

    ,

    .

    , ,

    (multivariate normality)

    .

    ,

    , F- test

    Wilks Lambda. ,

    ,

    ()

    ( ,

    , quadratic discr