哈佛分析框架与企业财务分析外文文献翻译.docx

哈佛分析框架与企业财务分析外文文献翻译.docx

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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：

AndrewG.ThestudyofHarvardanalysisframeworkandcorporatefinancialanalysis.AmericanJournalofsociology,2016,2（4）:

283-301.

原文

ThestudyofHarvardanalysisframeworkandcorporatefinancialanalysis

AndrewG

Abstract

Aneffectivefinancialanalysisframeworkshouldnotonlylearnhowtouseaccountingdata,andbegoodatusingtheaccountingdata.Enterprisestoimplementitsbusinessstrategyarebasedontheaccountingdata,andignoretheenterpriseenvironmentandstrategicanalysis.Thus,toamorecomprehensiveunderstandingofenterpriseoperatingperformance,butalsoextendsthetraditionalfinancialanalysisobjectbythefinancialstatementsfortheentirefinancialreportandrelatedinstitutionalenvironment,buildanewfinancialanalysisframeworkismoreandmorenecessary.Newanalysisframeworkshouldbemorewithstrategicvision,focusonthedevelopmentstrategyoftheenterprise,takestheenterprise'scompetitiveposition,USESthemethodofmanagementrelatedproblemanalysis,financialstatementanalysisandanalysisoforganiccombinationofenterprisedevelopmentstrategy,analysisofenterpriseinternalandexternalmanagementenvironment,combinedwiththeoveralldevelopmentoftheenterprisestrategicandlong-terminterests,analyzethecontentofthemorewidelyandmorewide,totheenterprisemanagementdecisionmakingwillbemorevaluable.Harvardanalysisframeworkandharvardanalysisframeworkarisesatthehistoricmoment,standinginastrategicpointofview,isnotlimitedtothecompany'sfinancialstatements,toanalyzetheopportunitiesandthreatsfromexternalenvironment,andtheenterpriseinternalstrengthsandweaknesses,theanalysisoffinancialsituationimprovedpredictionisscientific,pointedoutthedirectionoffuturedevelopmentfortheenterprise.

Keywords:

Harvardanalysisframework,theelectricpowerenterprise,strategy,financialanalysis

1Introduction

Thedevelopmentneedsofanenterprisefinancialanalysisforitshelp,financialanalysishasattractedtheattentionoftheenterprise,expertsandscholarsarealsoconstantlyexplorethesolutiontothefinancialanalysis,financialanalysisframeworkofresearchinrecentyears,moreandmore.Harvardanalysisisthesublimationoftraditionalfinancialanalysis,theframeworkfromthemanagementstrategyofenterprises,analyzesthefinancialdataoftheenterprise,accountinganalysis,findoutenterprisepossiblefalseresults,andthenadoptsomemethodstoimprovethequalityofaccountinginformation,andonthebasisoffinancialanalysis,realisticanalysisoftheresults,andthenforecasttheprospectoftheenterprise.Thetraditionalfinancialanalysisframeworkisinthelong-termpracticeoffinancialanalysisandtheoreticalsummaryandform,itismainanalysisobjectwithfinancialstatements,althoughjoinedthefinancialcomprehensiveanalysismodelorsystem,butstillwithquantitativeanalysisasthebasiccharacteristicsofneglectorsomeimportantfinancialinformationcannotbeeffectivelyincorporatedintotheanalysisframework.Traditionalanalysisframeworkismainlyanalysisenterprise'sfinancialstatements,isbasicallyastateof"reportonreport".Andcommonlyusedanalysismethodsmainlyincluderatioanalysis,comparativeanalysis,trendanalysisandDuPontfinancialanalysissystem,etc.,mainlythroughthecalculationandcomparisonofthefinancialstatementdata,drawthecorrespondingindexdata,thentheresultsofcomparativeanalysisandfactoranalysis,heavy"quantity"isnot"quality",thelackofthenatureoftheanalysisofaproblem.Traditionalanalysis,withemphasisontheinternalsituation,themainprocessflowsoftheenterprise,assetutilizationability,debtpayingability,profitabilityanalysis,andignoretheexternalbusinessenvironment.Andanalysisbasedonfinancialstatementsandfinancialstatementsisasummaryofthebusinessinthepast,andthisanalysishastheobviouslag.Thetraditionalfinancialanalysisframeworktoanalyzethedataontheenterpriseaccountingstatementscannothavesatisfiedtheneedsofthedevelopmentofenterprisesnow.

2Literaturereview

Commonmethodsoffinancialanalysiscanbesummarizedasthreekinds:

DuPontfinancialanalysismethod,economicvalueaddedandbalancedscorecardmethod.DuPontfinancialanalysismethodtheenterprisenetassetsyieldleveldecompositiontotheproductofanumberoffinancialratios,byusingtheinnerrelationshipbetweenfinancialindicators,comprehensivemanagementoftheenterprisefinancialmanagementsystemandtheeconomicbenefitofthisevaluation.Itcanhelpenterprisemanagementmoreclearlyseethedeterminantsofreturnonnetassets,andthesalesnetprofitmarginandtotalassetturnover,thecorrelationrelationshipbetweenthedebtratio,providesaclearoverviewtomanagementwhetherthecompanyassetsmanagementefficiencyandmaximizeshareholderreturnsroadmap.EconomicvalueaddedtheoryinitiallybyMertonmillerandFranco’sdial,twofamouseconomistsputforward.LaterintheUnitedStates,tang,consultingcompanyrealizedthatthismethodistoevaluatethevalueofthecompanyagoodmethod,sothecompanywillsetupthemethodtopromoteworldwide.Economicvalueaddedisthecompany'soperatingprofitaftertaxandthedifferencebetweenthecostsofcapital;ittakesintoaccounttheopportunitycostofcapitaleconomicprofits,ratherthanaccountingprofit.Itwillforcethecompanydecision-makershighattentiontothecostofcapital.PutforwardbyRobertKaplan,thebalancedscorecard,whichisbasedonenterprisestrategyastheguidance,throughfinance,customer,operationsandstafffromfouraspectsandperformanceindicatorsofcauseandeffect,comprehensivemanagementandtheenterpriseintegratedperformanceevaluationsystem.Becauseofitsadvancedandhasacertainreliability,sohasbeenthefavorofsomecompanies.Thiskindofevaluationmethodtoevaluatethequalityofpeopletohavecertainrequest,becausethechoiceofevaluationindexneedtorefertothecompanyallaspectsofcharacteristics,inordertofullyreflectthecompany'sfinancialpositionandoperatingresults.

Inthisincreasinglymature,onthebasisoffinancialanalysismethods,scholarsbegantopayattentiontothesemethodscanbeincorporatedintoacompletefinancialanalysissystem,inordertoformaframestructure,supportfortheenterpriseeconomicoperation.ErichHelfordanalysisframeworkisdividedintointroduction,operationanalysis,investmentanalysis,financinganalysis,valueanalysisseveralpart.Summarizestheenterprisesystem,decisionbackgroundanditsrelationshipwithfinancialstatementsandanalysistools,discussedincludinginvestmentanalysis,capitalcostandfinancingoptions,andstockandenterprisevalueassessment,etc.Elishabasedonthetraditionalfinancialanalysisframework,whichbasedontheanalysisofenterprisedebtpayingability,assetsoperationability,profitabilityanddevelopmentability,addedintosomeoftheindustryanalysisandtheanalysisofcompetitionstrategy.Itincludesbusinessstrategyanalysis,accountinganalysis,financialstatementanalysisandprospectanalysisoffourparts.Themainpointsoftheframeisinthebusinessstrategyanalysisunderthepremiseofaccountinganalysis,financialanalysisandprospectanalysis,showsthatitisinamacroviewmoreopenorderdetailanalysis,notonlydodetailanalysis.ClydePtofinancialanalysisframeworkisdividedintothreeparts,thefirstpartofthefinancialaccountingenvironment,theanalysisofthedataandtherelationshipbetweentheenterprisesthemainactivities,etc;Thesecondpartofaccountinganalysis,fromthegenerallyacceptedaccountingprinciples,analysistheconnotationoftheaccountingitemandquality;Thethirdpartoffinancialanalysis,namelyfromtheprofitability,risk,predictionandevaluationofenterprisefinancialpositionandoperatingresultsareanalyzed.

3Harvardtheoryanalysisframeworks

3.1Strategicanalysis

Strategicanalysisisthelogicalstartingpointoffinancialstatementanalysis,isalsoaHarvardanalysisframeworkandotherdifferentpartsofthefinancialanalysis.Financialstatementanalysisisthroughthestrategyanalysistothebusinessactivitiesofenterprisesqualitativeanalysisofitseconomicsignificance,butalsotoaccountinganalysisandfinancialanalysisforprovidingrealisticbackground.Itsmainfromtheindustryanalysisandcompetitivestrategyanalysisofthetwosidesisanalyzed.Canmakeuseofporterfiveanalysis,industryanalysistoanalyzetheprofitabilityoftheindustry,byanalyzingtheexistingandpotentialcompetitiveness,andnegotiationability,inthebuyingandsellingmarketforinvestorstothedataanalysisoftheindustryhasanoverallgrasp.Throughtheanalysisoftheindustrydevelopmentstage,theindustrytechnologicalchangespeed,theproductdifferenceandintegration,thebuyerthesellernumberandrelativesize,industrymarketboundaries,totalmarketandgrowthprospects,suchasanalysis,canseethenatureoftheindustryanditsstatusandroleinthenationaleconomy.Sometimes,accordingtothecharacteristicsofdifferentindustrylifecycleforanalysis.Mustanalysistheenterprisecompetitionstrategyanalysisthecharacteristicsoftheindustryandcompetitivenessproblems.Chooseattractivestrongindustryispartofbusinesssuccess,however,therealkeytothesuccessorfailureoftheenterpriseistheenterprisetheselectedcostleadershipstrategyordifferentiationstrategyenforcementofwhethertomakeadifference.Costadvantagesincludingatalowercosttoprovidethe