哈佛分析框架下新华百货财务报表分析

发布时间：2018-04-13 13:13

本文选题：新华百货 + 财务报表分析　；参考：《宁夏大学》2017年硕士论文

【摘要】：近年来,随着经济的持续发展,居民收入稳定增长,商品零售市场也总体保持了平稳增长的态势,消费对经济增长的贡献逐步显现出来。但随着互联网技术的发展,电商的崛起,传统实体商业零售企业却出现了市场份额下降,收入增幅减少,利润持续下滑的艰难现状,再加上同行业跨区域市场争夺,作为企业面对市场未来机遇和挑战的企业战略也在不断经受各种考验、冲击和质疑。新华百货作为宁夏最大的商业零售企业,,在稳定地域市场和扩大区域市场战略的引导下,在经历了多年高速增长之后,2012年开始出现净利润持续下降、股东回报下滑,2016年销售收入进入拐点,公司发展陷入被动局面。本文利用哈佛分析框架,以新华百货2011—2015年年报为基础,通过战略分析、会计分析、财务分析、及前景分析,对新华百货财务报表进行透视与剖析,指出企业利润下滑的主要原因是企业战略问题。一是企业战略选择失误,在经济下行趋势未改的情况下,脱离自身实力和市场规律盲目扩张从而加剧了企业经营风险和财务风险;二是战略执行不力,使战略协同的作用难以发挥,导致产品、服务缺乏竞争力、专业管理人才不足、集团化运营能力较弱、融资渠道单一、预算形同虚设等问题,从而使企业陷入运营成本失控,利润持续下滑的被动局面。并对此问题探讨提出改进建议。
[Abstract]:In recent years, with the sustained development of economy, residents' income has increased steadily, and the retail market has maintained a steady growth trend, and the contribution of consumption to economic growth has gradually appeared.However, with the development of Internet technology and the rise of e-commerce, the traditional bricks-and-mortar retail enterprises have seen the difficult situation of market share decline, revenue increase reduced, profits continue to decline, and cross-regional market competition with the same industry.As an enterprise facing the future opportunities and challenges of the market, the enterprise strategy is constantly undergoing various tests, shocks and challenges.As the largest commercial retail enterprise in Ningxia, under the guidance of the strategy of stabilizing the regional market and expanding the regional market, after many years of rapid growth, Xinhua Department Store began to see a continuous decline in net profit in 2012.Shareholder returns slide, 2016 sales income into the inflection point, the company's development into a passive situation.Based on the annual report of Xinhua Department Store 2011-2015, this paper analyzes the financial statements of Xinhua Department Store by means of strategic analysis, accounting analysis, financial analysis and prospect analysis.Pointed out that the main reason for the decline in corporate profits is the strategic problem of enterprises.The first is that the enterprise has made mistakes in its strategic choice, while the downward trend of the economy has not changed, it is blindly expanding away from its own strength and market laws, thus exacerbating the business risks and financial risks of the enterprises; and the second is that the implementation of the strategy is not effective.The role of strategic synergy is difficult to play, which leads to the lack of competitiveness of products and services, the shortage of professional management personnel, the weak ability of group operation, the single financing channel, the virtual budget, and so on, which makes the enterprise fall into runaway operation cost.A passive situation in which profits continue to slide.And put forward the improvement suggestion to this question.
【学位授予单位】：宁夏大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F721;F715.5

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