哈佛分析框架在华银电力公司的应用研究

发布时间：2018-06-22 22:06

本文选题：哈佛分析框架 + 华银电力　；参考：《中南大学》2013年硕士论文

【摘要】：电力上市公司是反映电力行业运营情况的窗口,逐渐成为资本市场关注的重点。大唐华银电力股份有限公司(简称华银电力)是湖南省唯一一家电力上市公司,公司的经营现状和未来发展能力对湖南省的能源供应具有重大影响。因此,本文以华银电力公司作为研究对象,对其进行全面的财务分析与评价,希望能够为管理者改善决策提供依据,同时为广大投资者提供信息参考。针对传统财务分析框架的不足,本文选用著名的哈佛分析框架对华银电力2008-2012年的财务报表进行分析。文章首先阐述了哈佛分析框架的基本逻辑与分析维度,其次按照哈佛分析框架的四个分析维度,分别对华银电力进行战略分析、会计分析、财务分析和前景分析。通过战略分析明确了华银电力的经营背景和发展战略；通过会计分析评估华银电力的关键会计政策及信息披露质量,确保了财务分析结论的有效性；基于战略分析和会计分析的结果,财务分析部分重点评价了公司的增长性、盈利性、风险性,同时运用杜邦体系和EVA评价了企业的综合财务状况；最后文章定性预测了华银电力的发展前景,并为公司发展提出合理化建议。通过本文的分析,得出了以下结论：华银电力目前处于产业结构调整的关键时期,公司财务状况较差,价值创造能力不强,表现为盈利水平低、有效增长不足,经营风险大、财务风险高；但是企业现金流充足,资产营运效率在不断提高。随着煤电价格进一步理顺,企业自身管理水平的提升,预计华银电力的经营业绩将不断改善。本文将哈佛分析框架应用于电力上市公司财务分析,在分析其他同类企业时同样具有借鉴和指导意义。
[Abstract]:The listed power companies are the window to reflect the operation of the power industry, and gradually become the focus of the capital market. Datang Huayin Electric Power Co., Ltd. is the only listed power company in Hunan Province. Therefore, this article takes Huayin Power Company as the research object, carries on the comprehensive financial analysis and the appraisal to it, hoped can provide the basis for the manager to improve the decision, at the same time provides the information reference for the general investor. In view of the shortcomings of traditional financial analysis framework, this paper selects the famous Harvard analysis framework to analyze the financial statements of BPC from 2008 to 2012. This paper first expounds the basic logic and analysis dimension of Harvard analysis framework, then according to the four analysis dimensions of Harvard analysis framework, carries on the strategy analysis, the accounting analysis, the financial analysis and the prospect analysis to the Huabang electric power separately. Through strategic analysis, the operating background and development strategy of Bank of China Power are clarified, and the key accounting policies and the quality of information disclosure are evaluated through accounting analysis to ensure the validity of financial analysis conclusions. Based on the results of strategic analysis and accounting analysis, the part of financial analysis focuses on the evaluation of the growth, profitability and risk of the company. At the same time, it uses DuPont system and EVA to evaluate the comprehensive financial situation of the enterprise. Finally, the paper qualitatively predicts the development prospect of Huayun electric power, and puts forward some reasonable suggestions for the development of the company. Through the analysis of this paper, the following conclusions are drawn: Huabang Electric Power is in the key period of industrial structure adjustment, the financial situation of the company is poor, the value creation ability is not strong, the performance is low profit level, the effective growth is insufficient, the management risk is big. The financial risk is high; however, the cash flow of the enterprise is sufficient, and the efficiency of assets operation is improving continuously. With the further straightening out of the coal price and the improvement of the enterprise's own management level, the bank's operating performance is expected to continue to improve. In this paper, the Harvard analysis framework is applied to the financial analysis of electric power listed companies, which has the same reference and guidance significance in the analysis of other similar enterprises.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.61

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