哈佛分析框架与企业财务分析外文文献翻译

毕业设计附件

外文文献翻译：原文+译文

文献出处：Andrew G. The study of Harvard analysis framework and corporate financial analysis. American Journal of sociology, 2016, 2(4): 283-301.

原文

The study of Harvard analysis framework and corporate financial analysis

Andrew G

Abstract

An effective financial analysis framework should not only learn how to use accounting data, and be good at using the accounting data. Enterprises to implement its business strategy are based on the accounting data, and ignore the enterprise environment and strategic analysis. Thus, to a more comprehensive understanding of enterprise operating performance, but also extends the traditional financial analysis object by the financial statements for the entire financial report and related institutional environment, build a new financial analysis framework is more and more necessary.New analysis framework should be more with strategic vision, focus on the development strategy of the enterprise, takes the enterprise's competitive position, USES the method of management related problem analysis, financial statement analysis and analysis of organic combination of enterprise development strategy, analysis of enterprise internal and external management environment, combined with the overall development of the enterprise strategic and long-term interests, analyze the content of the more widely and more wide, to the enterprise management decision making will be more valuable. Harvard analysis framework and harvard analysis framework arises at the historic moment, standing in a strategic point of view, is not limited to the company's financial statements, to analyze the opportunities and threats from external environment, and the enterprise internal strengths and weaknesses, the analysis of financial situation improved prediction is scientific, pointed out the direction of future development for the enterprise.

Keywords: Harvard analysis framework, the electric power enterprise, strategy, financial analysis

1 Introduction

The development needs of an enterprise financial analysis for its help, financial analysis has attracted the attention of the enterprise, experts and scholars are also constantly explore the solution to the financial analysis, financial analysis framework of research in recent years, more and more. Harvard analysis is the sublimation of traditional financial analysis, the framework from the management strategy of enterprises, analyzes the financial data of the enterprise, accounting analysis, find out enterprise possible false results, and then adopt some methods to improve the quality of accounting information, and on the basis of financial analysis, realistic analysis of the results, and then forecast the prospect of the enterprise. The traditional financial analysis framework is in the long-term practice of financial analysis and theoretical summary and form, it is main analysis object with financial statements, although joined the financial comprehensive analysis model or system, but still with quantitative analysis as the basic characteristics of neglect or some important financial information cannot be effectively incorporated into the analysis framework. Traditional analysis framework is mainly analysis enterprise's financial statements, is basically a state of "report on report". And commonly used analysis methods mainly include ratio analysis, comparative analysis, trend analysis and DuPont financial analysis system, etc., mainly through the calculation and comparison of the financial statement data, draw the corresponding index data, then the results of comparative analysis and factor analysis, heavy "quantity" is not "quality", the lack of the nature of the analysis of a problem. Traditional analysis, with emphasis on the internal situation, the main process flows of the enterprise, asset utilization ability, debt paying ability, profitability analysis, and ignore the external business environment. And analysis based on financial statements and financial statements is a summary of the business in the past, and this analysis has the obvious lag. The traditional financial analysis framework to analyze the data on the enterprise accounting statements cannot have

satisfied the needs of the development of enterprises now.

2 Literature review

Common methods of financial analysis can be summarized as three kinds: DuPont financial analysis method, economic value added and balanced scorecard method. DuPont financial analysis method the enterprise net assets yield level decomposition to the product of a number of financial ratios, by using the inner relationship between financial indicators, comprehensive management of the enterprise financial management system and the economic benefit of this evaluation. It can help enterprise management more clearly see the determinants of return on net assets, and the sales net profit margin and total asset turnover, the correlation relationship between the debt ratio, provides a clear overview to management whether the company assets management efficiency and maximize shareholder returns roadmap. Economic value added theory init ially by Merton miller and Franco’s dial, two famous economists put forward. Later in the United States, tang, consulting company realized that this method is to evaluate the value of the company a good method, so the company will set up the method to promote worldwide. Economic value added is the company's operating profit after tax and the difference between the costs of capital; it takes into account the opportunity cost of capital economic profits, rather than accounting profit. It will force the company decision-makers high attention to the cost of capital. Put forward by Robert Kaplan, the balanced scorecard, which is based on enterprise strategy as the guidance, through finance, customer, operations and staff from four aspects and performance indicators of cause and effect, comprehensive management and the enterprise integrated performance evaluation system. Because of its advanced and has a certain reliability, so has been the favor of some companies. This kind of evaluation method to evaluate the quality of people to have certain request, because the choice of evaluation index need to refer to the company all aspects of characteristics, in order to fully reflect the company's financial position and operating results.

In this increasingly mature, on the basis of financial analysis methods, scholars began to pay attention to these methods can be incorporated into a complete financial

analysis system, in order to form a frame structure, support for the enterprise economic operation.ErichHelford analysis framework is divided into introduction, operation analysis, investment analysis, financing analysis, value analysis several part. Summarizes the enterprise system, decision background and its relationship with financial statements and analysis tools, discussed including investment analysis, capital cost and financing options, and stock and enterprise value assessment, etc.Elisha based on the traditional financial analysis framework, which based on the analysis of enterprise debt paying ability, assets operation ability, profit ability and development ability, added into some of the industry analysis and the analysis of competition strategy. It includes business strategy analysis, accounting analysis, financial statement analysis and prospect analysis of four parts.The main points of the frame is in the business strategy analysis under the premise of accounting analysis, financial analysis and prospect analysis, shows that it is in a macro view more open order detail analysis, not only do detail analysis. Clyde P to financial analysis framework is divided into three parts, the first part of the financial accounting environment, the analysis of the data and the relationship between the enterprises the main activities, etc;The second part of accounting analysis, from the generally accepted accounting principles, analysis the connotation of the accounting item and quality; The third part of financial analysis, namely from the profitability, risk, prediction and evaluation of enterprise financial position and operating results are analyzed.

3 Harvard theory analysis frameworks

3.1 Strategic analysis

Strategic analysis is the logical starting point of financial statement analysis, is also a Harvard analysis framework and other different parts of the financial analysis. Financial statement analysis is through the strategy analysis to the business activities of enterprises qualitative analysis of its economic significance, but also to accounting analysis and financial analysis for providing realistic background. Its main from the industry analysis and competitive strategy analysis of the two sides is analyzed. Can make use of porter five analysis, industry analysis to analyze the profitability of the

industry, by analyzing the existing and potential competitiveness, and negotiation ability, in the buying and selling market for investors to the data analysis of the industry has an overall grasp. Through the analysis of the industry development stage, the industry technological change speed, the product difference and integration, the buyer the seller number and relative size, industry market boundaries, total market and growth prospects, such as analysis, can see the nature of the industry and its status and role in the national economy. Sometimes, according to the characteristics of different industry life cycle for analysis. Must analysis the enterprise competition strategy analysis the characteristics of the industry and competitiveness problems. Choose attractive strong industry is part of business success, however, the real key to the success or failure of the enterprise is the enterprise the selected cost leadership strategy or differentiation strategy enforcement of whether to make a difference. Cost advantages including at a lower cost to provide the same product or service ability, a large number of mass production scale, production efficiency, etc.Difference advantage to supply a unique product or service cost is lower than the price, consumers preferred to buy a better product quality, more product variety, better customer service, etc.

3.2 Accounting analysis

Accounting analysis aims to evaluate financial statement disclosure of accounting information to the enterprise actual reflect the degree of operating conditions. Through the evaluation of enterprise accounting policies and accounting estimates whether appropriate, can assess the enterprise accounting information distortion degree. Through the analysis of the notes to financial statements, understand accounting statements behind digital detailed composition and not reflected in the information on accounting statements, by analyzing industry transverse and longitudinal analysis of the enterprise financial data that may exist in the water, and then to certain adjustment of financial data, and according to the adjusted data to the financial statements, so that they can more accurately grasp the enterprise the management condition. Accounting analysis steps in turn have to identify the key accounting policies, evaluating accounting flexibility, evaluation

strategy, accounting disclosure quality evaluation, recognize danger signals and finally eliminate the distortion of accounting information. Accounting analysis method can have the audit report to analysis, abnormal profit excluding method, cash flow analysis, related party transactions rejecting method eliminating method and the virtual assets.

3.3 Financial analysis

The main content of financial analysis is to enterprise's debt paying ability, operation ability, and profit ability; create cash flow capacity using the method of financial ratio analysis and cash flow analysis to analysis and research. Is the purpose of financial analysis using the financial data to evaluate the performance of enterprise at present and the past, in order to better know and enterprise strategy is linked to performance. Ratio analysis is mainly used to evaluate the enterprise product market performance and financial policy. Cash flow analysis is mainly used to evaluate enterprise asset liquidity and financial flexibility. Analyze the corporate profitability and growth is one of the major problems of financial statement analysis and evaluation. Through the analysis of the problem can be used to develop product strategy and financial strategies. Product strategy, operation and management, including analysis of revenues and expenses management, working capital and the management of fixed assets investment management. Management of finance strategy including the analysis of debt and equity structure of financing strategy, dividend payments and profit distribution of dividend policy. Conduct financial analysis and accounting information distortion phenomenon is more common, so the Harvard analysis under the framework of financial analysis are not independent accounting data, but according to the result of step in the accounting analysis, namely the financial statements of the enterprise artificial out financial analysis, and the related parameters of the accounting statements and peer enterprises horizontal comparison, and analysis enterprise's position in the industry and its realistic situation.

译文

哈佛分析框架与企业财务分析研究

Andrew G

摘要

一个有效地财务分析框架不仅要学习如何使用会计数据，而且要善于运用非会计数据。企业实施其经营策略只是根据其会计数据，而忽略其企业环境和战略分析。因此，要想更全面的了解企业经营状况，还要将传统财务分析的对象由财务报表扩展为整个财务报告甚至相关制度环境，构建新的财务分析框架越来越必要。新的分析框架应该更具有战略眼光，关注企业的发展战略，重视企业的竞争地位，运用管理学的相关方法分析问题，将财务报表分析与企业发展战略分析有机的结合起来，分析企业的内外部经营环境，与企业的整体发展战略和长远利益融为一体，分析的内容更广更宽，对企业的经营决策将更有价值。而哈佛分析框架应运而生，哈佛分析框架站在一个战略的角度，不局限于公司财务报表，来分析企业外部环境带来的机会和威胁，和企业内部的优势和劣势，对财务状况的分析提高了预测的科学性，为企业未来的发展指明了方向。

关键词：哈佛分析框架，电力企业，战略，财务分析

1 引言

一个企业的发展需要财务分析为其提供帮助，财务分析引起了企业的高度关注，专家学者也在不断探索解决财务分析的方法，近年来财务分析框架的研究越来越多。哈佛分析法是对传统财务分析的升华，该框架从企业的经营战略出发，对企业的财务数据进行分析，结合会计分析，找出企业可能存在的虚报业绩，然后采用一定的方法提高会计信息质量，并且在此基础上进行财务分析，得出较真实的分析结果，进而再对企业的前景进行预测。传统的财务分析框架是在长期的财务分析实践和理论总结下而形成的，它以财务报表为主要分析对象，虽然加入了财务综合分析模型或体系，但仍以定量分析为根本特征，忽视或不能将一些重要财务信息有效纳入分析框架。传统的分析框架主要是分析企业的财务报表，基本上是一种“就报表论报表”的状态。（完整译文请到百度文库）并且常用的分析

方法主要包括比率分析、比较分析、趋势分析及杜邦财务分析体系等，主要是通过计算、比较财务报表数据，得出相应的指标数据，然后进行比较分析或者因素分析得出结果，重“量”不重“质”，缺乏对问题性质的分析。传统分析以企业内部情况为重点，主要对企业资金流动过程、资产利用能力、偿债能力、盈利能力等进行分析，而忽略外部经营环境。并且分析依据于财务报表，而财务报表是对企业过去经营情况的总结，这种分析具有明显的滞后性。传统的财务分析框架对企业会计报表上的数据进行分析已经不能满足现在企业发展的需要。

2 文献综述

常见的财务分析方法主要可以归纳为三种：杜邦财务分析方法、经济增加值方法和平衡记分卡方法。杜邦财务分析方法将企业净资产收益率逐级分解为多项财务比率乘积，利用各财务指标间的内在关系，对企业综合经营理财及经济效益进行系统分析评价。它有助于企业管理层更加清晰地看到净资产收益率的决定因素，以及销售净利润率与总资产周转率、债务比率之间的相互关联关系，给管理层提供了一张明晰的考察公司资产管理效率和是否最大化股东投资回报的路线图。经济增加值理论最初由莫顿·米勒和弗兰科·莫迪亚尼两位著名经济学家提出。后来美国的斯腾思特咨询公司意识到该方法是对公司价值评估的一个很好的手段，所以专门成立公司将该方法在全世界范围内进行宣传推广。经济增加值是公司税后营运利润与资本成本的差额，它考虑了资本的机会成本的经济利润，而不是单纯的会计利润。它会迫使公司决策者对资本成本予以高度关注。平衡记分卡由罗伯特·卡普兰提出，它是以企业战略为导向，通过财务、客户、运营和员工四个方面及其绩效指标的因果关系，全面管理和评价企业综合绩效的系统。由于其具有一定的先进性和可靠性，所以已经得到一些公司的青睐。这种评价方法对评价人的素质有一定的要求，因为评价指标的选择需要参考公司各个方面的特点，以期全面地反映公司的财务状况和经营成果。

在这些日渐成熟的财务分析方法的基础上，学者开始注重将这些方法融入到一个完整的财务分析体系中，以期形成一个框架结构，为企业的经济运行提供支持。ErichHelford构建的分析框架分为概论、经营分析、投资分析、筹资分析、价值评估分析几部分。概述了企业系统、决策背景及其与财务报表和分析工具的相互关系，讨论了包括企业投资分析、资本成本、融资选择，以及证券和企业价

值评估等。Elisha以传统的财务分析框架为基础，即在分析企业偿债能力、资产营运能力、盈利能力和发展能力后，补充进一些行业分析和竞争策略分析。其包括经营策略分析、会计分析、财务报表分析和前景分析四个部分。这个框架的要点是在经营策略分析的前提下进行会计分析、财务分析和前景分析，显示出其是在一个宏观视野比较开阔的统领下进行细节分析，而不是只做细节分析。Clyde P 所构建的财务分析框架分为三部分，第一部分财务会计分析的环境、资料及企业主要活动之间的关系等；第二部分进行会计分析，从公认会计原则，分析会计项目的内涵与质量；第三部分进行财务分析，即从盈利能力、风险、预测及价值评估几个方面对企业财务状况及经营成果进行分析。

3 哈佛分析框架理论

3.1战略分析

战略分析是财务报表分析的逻辑起点，也是哈佛分析框架与其他财务分析的不同部分。财务报表分析者通过战略分析可以对企业的经营活动定性分析其经济意义，也有利于为之后的会计分析和财务分析提供现实的背景情况。其主要可以从行业分析及竞争战略分析两方进行分析。行业分析可以利用波特五力分析法，来分析行业的获利能力，通过分析现存和潜在的竞争力，以及在购买和销售市场上谈判的能力，来让投资者将对该行业的数据分析有一个总体的把握。通过分析行业所处发展阶段、行业技术变革速度、产品差别和一体化程度、买方卖方数量及相对规模、行业市场边界、市场总量及增长前景等分析，可以看出行业性质及其在国民经济中的地位和作用。有时还根据行业不同生命周期的特性来进行分析。竞争战略分析中必须分析企业所在行业的特点和竞争力问题。选择吸引力强的行业是企业成功的一部分，然而真正决定企业成败的关键是该企业所选择成本领先战略或差异化战略的执行力度是否有所作为。成本优势包括以更低的成本提供相同产品或服务的能力，大量大批生产的规模优势，生产的高效率等。差异优势以成本低于售价供应独一无二的产品或服务，消费者优先考虑购买更好的产品质量、更多的产品花样、更好的客户服务等。

3.2 会计分析

会计分析目的是评估财务报表披露的会计信息对企业实际经营状况的反映程度。通过评价企业会计政策和会计估计是否恰当，便能评定企业会计信息的失

真程度。通过对财务报表附注的分析，了解会计报表背后数字的详细构成情况和会计报表上没有反映出来的信息，通过对行业横向分析和对企业纵向分析发现企业中财务数据可能存在的水分，然后对财务数据进行一定的调整，并按调整后的数据拟调财务报表，从而能够更加准确的把握企业的经营状况。会计分析步骤依次有辨认关键会计政策，评估会计弹性，评价会计策略，评价披露质量，辨别危险信号，最后消除会计信息失真。会计分析可以运用的方法有审计报告分析法、异常利润剔除法、现金流量分析法、关联交易剔除法和虚拟资产剔除法。

3.3财务分析

财务分析的主要内容是对企业的偿债能力、营运能力、获利能力、创造现金流量能力运用财务分析比率和现金流量分析等方法进行分析与研究。财务分析的目的是运用财务数据对企业目前和过去的业绩进行评价，以便更好地知晓和企业战略息息相关的业绩。比率分析主要用来评价企业产品市场的经营业绩和财务政策。现金流量分析主要用来评价企业资产的流动性和财务弹性。对企业盈利能力和成长性进行分析和评价是财务报表分析的主要问题。通过对这问题的分析可以用来制定产品战略和财务战略。产品战略包括分析收入与费用管理的经营管理，营运资本与固定资产管理的投资管理。财务战略包括分析负债和权益结构管理的融资战略，股利支付及利润分配的股利政策。进行财务分析的同时会计数据失真现象较常见，因此哈佛分析框架下的财务分析并不是独立分析会计数据，而是根据上一步会计分析的结果，即企业拟制出来的财务报表进行财务分析，并把这一会计报表的相关指标与同行企业进行横向对比，从而分析企业在同行业中的位置及其较真实的状况。