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ACCT3113 – Accounting for business valuation andfinancial contracting: Theory and applicationCourse OverviewGuochang Zhang © 2022The University of Hong Kong
Course OverviewA.Course objectivesB.Course topicsC.Teaching / learning activities2Accounting for valuation & contractingProfessor Guochang Zhang, HKU
A. Course objectivesAfter taking this course, you will better understand:ØWhy and how accounting is important in an economy(beyond the rules and procedures that you learned before)ØHow decision makers use accounting information:-Capital market investors-Banks/creditors-Company directors, managers-Regulators, etc.ØHow company insiders might behave opportunistically, evenfraudulently, in information reportingØHow capital markets process financial reporting information3Accounting for valuation & contractingProfessor Guochang Zhang, HKU
Who uses accounting information?Analysts and investors:Tesla stock information from Yahoo Finance7 Jan 20224Accounting for valuation & contractingProfessor Guochang Zhang, HKU
Who uses accounting information?Lenders (debt contracts):a loan agreement betweenAmerican Tower Corp (the borrower) and the lenders:Under general covenants:5Accounting for valuation & contractingProfessor Guochang Zhang, HKU
A loan agreement between American Tower Corp and thelenders (continued):Under negative covenants:6Accounting for valuation & contractingProfessor Guochang Zhang, HKU
Who uses accounting information?Thecompany board(for executive compensation):Walmart7Accounting for valuation & contractingProfessor Guochang Zhang, HKU

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Term
Fall
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Finance, Debt, Professor Guochang Zhang

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