Getting started with Compustat data
2013Mar
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Copyright © 2011 Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. All rights reserved.
主要內容
• Compustat 簡介
• 訂購數據分類及覆蓋
• Compustat 數據的須知
• 在沃頓 (WRDS)上使用Compustat 數據
• 客服服務
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Compustat 簡介
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Compustat 簡介
• Compustat 是一個全面的財務數據庫, 收錄公司之營運及財務狀況資料庫.
• 直到2011八月, Compustat 涵蓋120多個國家, 超過 85,000上市/已退市公司,超過
99,000隻証券,佔全球市值99%.
• 數據包括:
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- 財務報告, 市場價格, 指數價格,
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- 行業分類代碼, S&P 評級 等等
• 客戶群:
•
•
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- 金融機構, 銀行, 基金, 會計公司, 稅局
- 其應用的研究領域包括有公司資本結構、財務比率、合併與併購、R&D、資本
及存貨投資、股市報酬、及資本市場效率等課題
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關於 Compustat
• Wharton Research Data Services (WRDS) - 是我們的合作伙伴, 提供學校一個平台獲取
Compustat數據
• 現在, 全球有超過328間頂級大學經過 WRDS 訂約了 Compustat, 包括 :
Peking University
Tsinghua University
University of California, Berkeley
University of Hong Kong
The Hong Kong University of Science and Technology
Chinese University of Hong Kong
Boston University
University of Sydney
Massachusetts Institute of Technology
etc…
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訂購數據分類及覆蓋
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Compustat 數據分類及覆蓋
• North America & Backdata (美國+加拿大上市公司的數據)
• Segment data (NA only) (限於北美公司)
• Bank specific data (NA only) (限於北美公司)
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North America & Backdata
• Compustat North America & Backdata 提供美國和加拿大上市公司
及已退市公司的基礎財務數據，市場交易數據，標普指數和標普評級
信息
• 數據覆蓋 - 34,000 家公司
• 數據更新頻率– 每月更新（monthly）
• 數據歷史 – 年度數據可以回溯到1979年，其中有35個科目年度歷史數據可回溯到1950
年
– 季度數據提供12年歷史，其中35個科目可追溯到1962年
– 月度交易價格追溯到1962年
• 財務數據科目
– 超過300個年度數據科目和100個季度數據科目，覆蓋利潤表、資產負債表
、現金流量表及附注科目
• 財務數據格式
– 年度： 最初報告格式和經調整的格式 （Restated）
– 季度：經調整的格式
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North America & Backdata
• 特殊行業包含
- Airlines
- Gaming
- Healthcares facilities
- Lodging
- Managed Healthcares
- Mining
- Oil and Gas
- Retail
- Semi-conductors
- Utility
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North America & Backdata
• 信用評级
- 月度數據
- 公司層面
- 數據科目包括
# SPLTICRM -- S&P本土長期發債人信用評级
# SPSDRM -- S&P 債務行用評級
# SPSTICRM -- S&P 本土短期發債人信用評级
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Segment
• 企業細分數據：提供美國和加拿大公司根據不同的業
務和區域細分數據
• 數據為年度數據
• 覆蓋面－超過 31,000 家公司
• 數據歷史－可回溯到1978
• 數據來源－企業披露的年報
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Segment
• 舉例
McGraw-Hill在2010年年報中披露的各業務部門和區域的銷售收入
按業務部門分
按區域分
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Bank File
• 銀行數據：包含銀行的存款和貸款數據
• 數據覆蓋 – 包含北美600多家銀行的存貸信息
• 數據歷史
– 20年的年度歷史數據
– 12年的季度歷史數據
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Compustat 數據基礎構成
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North America & Backdata
• 5個主要制定報告的科目
- GVKEY: 公司唯一識別碼
- Datadate: 數據時間
- Consolidation:
- 描述報告是母公司數據還是與子公司合並的數據
- C: 表示合並報告，摘錄於公司報告
- N: 表示母公司報告
- Data Format:
- 表示數據收集及呈現的可是
- 北美公司： STD, SUMM_STD,
- Industrial Format:
- 表示公司是金融類(FS)或者工業類(INDL)
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North America & Backdata
舉例：
JPMorgan 在2010财年資產總額摘錄的3個記錄
第一個是工業類的標准格式
第二個是工業類的經調整過的格式
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Data Standardization
標准化設定的目的:
- 以確保財務數據比較時的一致性和精准性
標准化設定科目舉例:
利潤表 :
- Sales 銷售收入
- COGS 銷貨成本
- SG&A 銷售及管理費用
- Depreciation 折舊
- Interest Expense 利息費用
- Special Items 特殊項目
- EPS from Operations 營運中的每股收益
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數據的標准化設定
Sales 銷售收入
大部分公司的財務報告隻披露一個銷售收入的淨值，不會進一步披露細節或很少披露細節
銷售收入是已經計算完折扣，補貼和稅款的。
已經被計入這個科目的，包含：
- 现金折扣或交易折扣
- 退貨補貼
- 在交易中的銷售稅和貨物稅
實際的銷售稅幾乎不會被披露。
貨物稅相關的特殊行業：
石油
煙草
電話
輪胎及橡膠
一般情況下會披露貨物稅，會在利潤表附表中披綠。如果銷售收入中包含了貨物稅且貨物稅也在附表中披露了，那
麼銷售收入會根據貨物稅做調整，然后在銷貨成本中做反向調整。
如果銷售收入包含了貨物稅且銷貨誰沒有被披露，那麼銷售收入不被調整，腳注會用BA來提醒您銷售收入已經包含
了貨物稅。
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Data Standardization
Interest Expense 利息費用
Compustat 的 定義是不包含資本化利息或者有利息收入.
所以如果公司把利息資本化或者有利息收入, Compustat 在扣除資本化利息和利息收入前, 把 原本利息費用勾銷
如果公司決定利息費用是資本利息和/或利息收入的淨值，那麼利息收入的腳注就會用QA來表示。
Debt and interest Expense 債務負擔
如果公司披露了有債務要償付且沒有利息費用和其他信息披露，那麼我們假定利息費用這個科目與另外的科目合並
披露了，這時我們會用CF來表示這個科目。
在這個假設做出前，我們的分析師會仔細查看財務報表的附注，特別是債項的附注和MDA看是否利息費用做了披露
如果我們發現所有的債務都為無息債務，利息費用會顯示零
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脚注 Footnote
Compustat數據的一個重要組成部分
用字母來表示財務數據的收集情況
常用腳注解釋：
AC 數據由於再次披露而做了調整
BD 銷貨成本COGS調整了折舊
QA 財務費用是利息費用的淨值或包含資本費用的淨值
NR 表示計算時用到了法定的稅率
NC 表示Compustat的計算是有別於公司披露的數據的
ZF 表示股本數據與上一個同等時間段保持一致
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脚注 Footnote
Example
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數據代碼 Data Code
數據代碼是指出為什麼個別科目沒有數字數據。
數據代碼主要有以下表示方法：
2 - SF= Semi-Annual Figure（半年度數據）
3 - AF = Annual Figure （年度數據）
4 - CF = Combined Figure（合並數據）
8 - IF = Insignificant Figure（非重要數據）
6 - NM = Not Meaningful（無意義數據）
其中最常用的數據代碼為AF, CF, SF
The Full list of
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數據代碼 Data Code
Example
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在沃頓上使用Compustat 數據
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關於 Compustat
Xpressfeed
Xpressfeed
Compustat
數據
WRDS
Research Insight
Capital IQ platform
其他傳送方式
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用
户
在沃顿平台的帐号注册
• http://wrds-web.wharton.upenn.edu/wrds/?register=1
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在沃顿使用Compustat 數據
• 網絡上的數據查詢: 在網絡平台上直接查詢數據
•
注意: 不是所有的數據都可以用網絡平台查詢的
• 沃頓其他傳輸方式 –可擴展的高性能計算與存儲
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•
- PC SAS 連接 (客戶端服務器)
•
- Unix 終端連接
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網絡平台查詢
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网络平台查询
1.
2.
3.
4.
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設置查詢時間段（What date range do you want to use?）
設置查詢數據集（How would you like to search this dataset?）
設置報告顯示科目（What variables do you want in your query?）
設置輸出報告格式（How would you like the query output?
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客戶服務
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支援服務
• TOOLS – 用於普通查詢，點擊按鈕即可看到數據
• SUPPORT – 用戶手冊，數據科目列表等等…
• E-LEARNING – 在線培訓錄音文件，培訓文件
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客户服务
• 線上用戶手冊
客户服务
– wrds-support@wharton.upenn.edu (Works in US hours)
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謝謝！
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