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Fundamental analysis, in accounting and finance, is the analysis of a business's financial statements (usually to analyze the business's assets, liabilities, and earnings); health;〔(【引用サイトリンク】url=http://www.mta.org/eweb/dynamicpage.aspx?webcode=what-is-technical-analysis )〕 and its competitors and markets. When applied to futures and forex, it focuses on the overall state of the economy, and considers factors including interest rates, production, earnings, employment, GDP, housing, manufacturing and management. When analyzing a stock, futures contract, or currency using fundamental analysis there are two basic approaches one can use: bottom up analysis and top down analysis. The terms are used to distinguish such analysis from other types of investment analysis, such as quantitative and technical. Fundamental analysis is performed on historical and present data, but with the goal of making financial forecasts. There are several possible objectives: * to conduct a company stock valuation and predict its probable price evolution; * to make a projection on its business performance; * to evaluate its management and make internal business decisions; * and/or to calculate its credit risk. ==The two analytical models== When the objective of the analysis is to determine what stock to buy and at what price, there are two basic methodologies investors rely upon: #Fundamental analysis maintains that markets may misprice a security in the short run but that the "correct" price will eventually be reached. Profits can be made by purchasing the mispriced security and then waiting for the market to recognize its "mistake" and reprice the security. #Technical analysis maintains that all information is reflected already in the price of a security. Technical analysts analyze trends and believe that sentiment changes predate and predict trend changes. Investors' emotional responses to price movements lead to recognizable price chart patterns. Technical analysts also analyze historical trends to predict future price movement. Investors can use one or both of these different but complementary methods for stock picking. For example, many fundamental investors use technicals for deciding entry and exit points. Similarly, many technical investors use fundamentals to limit their universe of possible stock to 'good' companies. The choice of stock analysis is determined by the investor's belief in the different paradigms for "how the stock market works". See the discussions at efficient-market hypothesis, random walk hypothesis, capital asset pricing model, Fed model Theory of Equity Valuation, market-based valuation, and behavioral finance for explanations of these paradigms. Fundamental analysis includes: #Economic analysis #Industry analysis #Company analysis The intrinsic value of the shares is determined based upon these three analyses. This value is considered the true value of the share. If the intrinsic value is higher than the market price, it is recommended to buy the share. If it is equal to market price, it is recommended to hold the share; if it is less than the market price, then one should sell the shares. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「fundamental analysis」の詳細全文を読む スポンサード リンク
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