哈佛分析框架下贵州茅台公司的财务分析

发布时间：2019-01-04 16:08

【摘要】：白酒在我国已经有上千年的历史,从文化的角度来看,白酒已经成为传播我国文化的重要载体。近年来,受国家政策、行业环境等因素的影响,白酒行业进入了深度调整期。行业内产能过剩、竞争激烈、税负过重等现象交织并存。贵州茅台酒股份有限公司(以下简称“贵州茅台”)作为白酒行业的龙头企业也受到了行业发展的冲击和影响。企业财务报表分析目前已经受到各方面越来越多关注,成为众多利益相关者获取有价值信息的主要方法和手段。鉴于传统财务报表分析固有的局限性,本研究报告以贵州茅台公司为案例,运用哈佛分析框架研究思路,从战略、会计、财务以及前景四个要素展开分析,并结合企业非财务信息,对白酒行业及公司战略进行综合分析研究,使利益相关者对企业财务状况及其发展趋势有所了解,为他们提供投资和决策等方面参考。基于战略分析进行的会计分析,重点是通过对企业关键会计政策和会计估计的分析来检验反映公司经营实现程度;财务分析运用了较为常见的比率分析及现金流量分析,对公司经营业绩进行横向和纵向比较;前景分析通过预测、风险和挑战、机遇几个方面,对公司未来的经营状况进行了较为全面的综合分析研究;最后,通过有关财务及综合分析结论,并结合贵州茅台酒业公司实际提出了相关意见建议。在酒业市场变化迅速的情形下,一方面要紧抓多元化市场战略契机,国际国内市场并举,以良好的品牌声誉确保市场份额;另一方面,要提高企业资产运营效率,不宜盲目扩张,使净利润的增长与总资产规模的扩张水平相适应,保证企业健康、协调发展。
[Abstract]:Liquor has a history of thousands of years in China. From the cultural point of view, liquor has become an important carrier to spread Chinese culture. In recent years, under the influence of national policy and industry environment, liquor industry has entered a period of deep adjustment. Industry overcapacity, fierce competition, excessive tax burden and other phenomena intertwined. Guizhou Maotai Liquor Co., Ltd. (hereinafter referred to as "Guizhou Maotai") as the leading enterprise of liquor industry has also been impacted and affected by the development of the industry. At present, the analysis of enterprise financial statements has attracted more and more attention, and has become the main method and means for many stakeholders to obtain valuable information. In view of the inherent limitations of the traditional financial statement analysis, this study takes the case of Guizhou Maotai Company as a case, using the Harvard analysis framework to analyze the four elements of strategy, accounting, finance and prospects. Combined with the non-financial information of the enterprise, this paper makes a comprehensive analysis and research on the liquor industry and company strategy, so that the stakeholders can understand the financial situation and the development trend of the enterprise, and provide them with reference for investment and decision making. The accounting analysis based on strategic analysis focuses on the analysis of key accounting policies and accounting estimates to reflect the degree of business realization. The financial analysis uses the more common ratio analysis and the cash flow analysis, carries on the horizontal and the longitudinal comparison to the company's operating performance; Prospect analysis through forecasting, risks and challenges, opportunities, the company's future business situation of a more comprehensive analysis and research; Finally, through the related financial and comprehensive analysis conclusions, and combined with Guizhou Maotai Liquor Co., Ltd. put forward the relevant suggestions. Under the circumstances of rapid changes in the wine market, on the one hand, we should grasp the opportunity of diversified market strategy, and simultaneously develop the international and domestic markets to ensure market share with good brand reputation; On the other hand, in order to improve the efficiency of enterprise assets operation, it is not advisable to expand blindly, so that the growth of net profit and the expansion level of total assets scale can be adapted to ensure the healthy and coordinated development of enterprises.
【学位授予单位】：兰州理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.82

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