哈佛分析框架下S公司财务诊断研究

发布时间：2018-03-03 12:40

  本文选题：财务诊断　切入点：哈佛分析框架　出处：《沈阳农业大学》2017年硕士论文　论文类型：学位论文

【摘要】：伴随着居民生活水平的提升和饮食结构的改变,乳制品市场得到较快发展,乳制品企业也如雨后春笋般涌现。然而,企业竞争程度的加剧以及"乳品安全"事件的频发,使得众多企业遭遇瓶颈,出现业绩连年下滑的不利局面,S公司就是其中一员。事实上,就资源配置讲,S公司作为老牌乳企,并不亚于伊利股份、光明乳业等"第一阵营"企业,但从近年发展势头看,S公司已远远落后,且还有被同处"第二阵营"的贝因美等企业赶超的趋势。因此,为了探究S公司业绩持续低迷的原因及问题所在,本文基于哈佛分析框架,对S公司经营与财务状况进行诊断。本文首先对S公司和对比企业的基本情况进行了介绍,随后以战略分析为逻辑切入点,对乳制品行业进行了"波特五力模型"分析,并结合行业分析结论,由面及点,对S公司进行SWOT分析,明确了 S公司当前优势与劣势、机遇与挑战,紧接着对S公司进行了会计分析、财务分析和前景分析。其中,财务分析是重点,主要利用财务比率分析、雷达图分析、改进的杜邦分析和连环替代法分析等四种方法对S公司财务状况、与对比企业间差距、导致差距产生的影响因素和影响程度进行层层分析。分析过后,本文对财务诊断结果做出总结并提出相应建议:战略方面,S公司应继续聚焦差异化战略,通过拓展高毛利产品市场提升盈利能力;会计方面,需要加强存货与固定资产管理,加大研发投入;财务方面,应该通过优化收入结构、控制成本费用、提升资金使用效率和稳定融资政策,多方位增强企业获利能力。前景方面,企业需要审时度势,依据行业趋势积极调整战略决策。本文相信,随着国家利好政策的进一步出台,加上公司自身管理水平的提升和战略决策的进一步实施,S公司的经营业绩在未来会有一定改善。
[Abstract]:With the improvement of residents' living standard and the change of diet structure, the dairy market has been developed rapidly, and dairy enterprises have sprung up. However, the degree of competition of the enterprises and the frequent occurrence of "dairy safety" incidents are becoming more and more serious. This has caused many enterprises to encounter bottlenecks, and the unfavorable situation in which performance has been declining year after year is one of them. In fact, in terms of resource allocation, as an established dairy enterprise, the S company is no less than the "first camp" enterprises such as Yili shares, Guangming Dairy, etc. However, judging from the development momentum in recent years, the company has lagged far behind, and there is also a tendency for companies such as Beinmei, which are in the same "second camp", to catch up. Therefore, in order to explore the reasons for the continuous downturn in the performance of S Company and where the problems lie, Based on Harvard analysis framework, this paper makes a diagnosis of S Company's operating and financial situation. Firstly, this paper introduces the basic situation of S Company and the comparative enterprise, and then takes strategic analysis as the logical starting point. Based on the analysis of "Porter's five Force Model" for dairy industry, and combining with the conclusion of industry analysis, SWOT analysis of S Company is carried out, and the advantages and disadvantages, opportunities and challenges of S Company are defined. Then, the accounting analysis, financial analysis and prospect analysis of S Company are carried out. Among them, financial analysis is the focus, mainly using financial ratio analysis, radar map analysis, Four methods, improved DuPont analysis and serial substitution analysis, are used to analyze the financial situation of S Company. This paper summarizes the results of financial diagnosis and puts forward the following suggestions: in strategic terms, the company should continue to focus on differentiation strategy to promote profitability by expanding the market of high gross margin products, and in accounting, it is necessary to strengthen inventory and fixed assets management. Increase R & D investment; financially, we should optimize the income structure, control the cost, improve the efficiency of the use of funds and stabilize the financing policy, and enhance the profitability of enterprises in many ways. In terms of prospects, enterprises need to assess the situation. This paper believes that with the further introduction of the national favorable policy and the improvement of the company's own management level and the further implementation of the strategic decision, the company's operating performance will be improved in the future.
【学位授予单位】：沈阳农业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.82;F406.7
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本文编号：1561078