战略结构、战略执行与企业风险——基于财务报表的企业风险分析

发布时间：2018-03-08 09:44

本文选题：战略结构　切入点：战略执行　出处：《当代财经》2017年05期 　论文类型：期刊论文

【摘要】：在传统比率分析的基础上,将企业战略与财务报表信息相结合,通过企业财务信息揭示企业战略结构风险和战略执行风险。战略结构方面,企业经营性资产和投资性资产的相对规模体现了企业扩张的战略意图和方式,对经营性资产进行毛利率、存货周转率等的分析可以揭示企业经营性资产风险,对投资性资产进行行业结构、盈利能力结构、股权结构和战略协同性的分析可以揭示企业投资性资产风险;企业负债与股权融资的相对规模揭示了企业的动力机制,对财务报表中债务与股权融资结构的分析可以提示企业过度融资风险、惯性依赖风险和公司治理风险。战略执行方面,对企业利润表与现金流量表的分析可以揭示企业利润结构与现金流量结构不匹配的风险、现金流量净额不能支撑企业战略的风险及企业业务结构与战略结构不符的风险等。
[Abstract]:On the basis of the traditional ratio analysis, this paper combines the enterprise strategy with the financial statement information, and reveals the strategic structure risk and the strategic implementation risk through the enterprise financial information. The relative scale of business assets and investment assets reflects the strategic intention and mode of enterprise expansion. The analysis of gross profit rate and inventory turnover rate of operating assets can reveal the risk of business assets. The analysis of industry structure, profitability structure, equity structure and strategic synergy of investment assets can reveal the risk of investment assets, and the relative scale of corporate liabilities and equity financing reveals the dynamic mechanism of enterprises. The analysis of debt and equity financing structure in financial statements can indicate that enterprises are over-financing risk, inertia dependent risk and corporate governance risk. The analysis of the profit statement and the cash flow statement can reveal the risk that the profit structure and cash flow structure of the enterprise do not match, the net cash flow can not support the risk of the enterprise strategy and the risk that the business structure of the enterprise does not match the strategic structure, and so on.
【作者单位】：对外经济贸易大学国际商学院;
【基金】：国家自然科学基金项目“产业结构引导、融资结构选择与资本配置效率”(71472040) 北京市哲学社会科学规划项目特别委托(研究基地)项目“上市公司财务状况质量及其评价研究——基于北京市上市公司的应用研究”(13JDJGD006)
【分类号】：F275

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