哈佛分析框架與企業(yè)財務(wù)分析外文文獻(xiàn)翻譯

1、哈佛分析框架與企業(yè)財務(wù)分析外文文獻(xiàn)翻譯畢業(yè)設(shè)計附件外文文獻(xiàn)翻譯：原文+譯文文獻(xiàn)出處：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 analysisAndrew GAbstractAn effective financial analysis f

2、ramework 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 enterpris

3、e 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 strate

4、gic vision, focus on the development strategy of the enterprise, takes the enterprises 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 an

5、d 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 fram

6、ework 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 pre

7、diction is scientific, pointed out the direction of future development for the enterprise.Keywords: Harvard analysis framework, the electric power enterprise, strategy, financial analysisIntroductionThe development needs of an enterprise financial analysis for its help, financial analysis has attrac

8、ted 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 managem

9、ent 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 th

10、en forecast the prospect of the enterprise. The traditional financial analysis framework is in the long-term practice of financial analysis and theoretical summaiy and form, it is main analysis object with financial statements, although joined the financial comprehensive analysis model or system, bu

11、t 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 enterprises financial statements, is basically a state of Hreport on re

12、port11. 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

13、 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 ign

14、ore 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

15、have satisfied the needs of the development of enterprises now.Literature reviewCommon 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 yiel

16、d 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 t

17、he 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 ad

18、ded theory initially by Merton miller and Francois 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

19、 added is the compan/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 Ro

20、bert 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

21、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 refl

22、ect 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 ente

23、rprise 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, d

24、iscussed 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 develop

25、ment 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 p

26、remise 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 ana

27、lysis 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 profit

28、ability, risk, prediction and evaluation of enterprise financial position and operating results are analyzed.Harvard theory analysis frameworksStrategic analysisStrategic analysis is the logical starting point of financial statement analysis, is also a Harvard analysis framework and other different

29、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 ind

30、ustry 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

31、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 gr

32、owth 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 indus

33、try 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 adv

34、antages 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 pro

35、duct variety, better customer service, etc.Accounting analysisAccounting 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 est

36、imates 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

37、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

38、. 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

39、have the audit report to analysis, abnormal profit excluding method, cash flow analysis, related party transactions rejecting method eliminating method and the virtual assets.Financial analysisThe main content of financial analysis is to enterprises debt paying ability, operation ability, and profit

40、 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 st

41、rategy 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

42、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

43、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, s

44、o 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 stat

45、ements and peer enterprises horizontal comparison, and analysis enterprise position in the industry and its realistic situation.譯文哈佛分析框架與企業(yè)財務(wù)分析研究Andrew G摘要一個有效地財務(wù)分析框架不僅要學(xué)習(xí)如何使用會計數(shù)據(jù)，而且要善于運用非 會計數(shù)據(jù)。企業(yè)實施其經(jīng)營策略只是根據(jù)其會計數(shù)據(jù)，而忽略其企業(yè)環(huán)境和戰(zhàn)略 分析。因此，要想更全面的了解企業(yè)經(jīng)營狀況，還要將傳統(tǒng)財務(wù)分析的對象由財 務(wù)報表擴(kuò)展為整個財務(wù)報告其至相關(guān)制度環(huán)境，構(gòu)建新的財務(wù)分析框架越來越必 要。新

46、的分析框架應(yīng)該更具有戰(zhàn)略眼光，關(guān)注企業(yè)的發(fā)展戰(zhàn)略，重視企業(yè)的競爭 地位，運用管理學(xué)的相關(guān)方法分析問題，將財務(wù)報表分析與企業(yè)發(fā)展戰(zhàn)略分析有 機(jī)的結(jié)合起來，分析企業(yè)的內(nèi)外部經(jīng)營環(huán)境，與企業(yè)的整體發(fā)展戰(zhàn)略和長遠(yuǎn)利益 融為一體，分析的內(nèi)容更廣更寬，對企業(yè)的經(jīng)營決策將更有價值。而哈佛分析框 架應(yīng)運而生，哈佛分析框架站在一個戰(zhàn)略的角度，不局限于公司財務(wù)報表，來分 析企業(yè)外部環(huán)境帶來的機(jī)會和威脅，和企業(yè)內(nèi)部的優(yōu)勢和劣勢，對財務(wù)狀況的分 析提高了預(yù)測的科學(xué)性，為企業(yè)未來的發(fā)展指明了方向。關(guān)鍵詞：哈佛分析框架，電力企業(yè)，戰(zhàn)略，財務(wù)分析1引言一個企業(yè)的發(fā)展需要財務(wù)分析為其提供幫助，財務(wù)分析引起了企業(yè)的高度關(guān) 注，

47、專家學(xué)者也在不斷探索解決財務(wù)分析的方法，近年來財務(wù)分析框架的研究越 來越多。哈佛分析法是對傳統(tǒng)財務(wù)分析的升華，該框架從企業(yè)的經(jīng)營戰(zhàn)略出發(fā)， 對企業(yè)的財務(wù)數(shù)據(jù)進(jìn)行分析，結(jié)合會計分析，找出企業(yè)可能存在的虛報業(yè)績，然 后采用一定的方法提高會計信息質(zhì)量，并且在此基礎(chǔ)上進(jìn)行財務(wù)分析，得出較真 實的分析結(jié)果，進(jìn)而再對企業(yè)的前景進(jìn)行預(yù)測。傳統(tǒng)的財務(wù)分析框架是在長期的 財務(wù)分析實踐和理論總結(jié)下而形成的，它以財務(wù)報表為主要分析對象，雖然加入 了財務(wù)綜合分析模型或體系，但仍以定量分析為根本特征，忽視或不能將一些重 要財務(wù)信息有效納入分析框架。傳統(tǒng)的分析框架主要是分析企業(yè)的財務(wù)報表，基 本上是一種“就報表論報表”的

48、狀態(tài)。（完整譯文請到百度文庫）并且常用的分析 方法主要包括比率分析、比較分析、趨勢分析及杜邦財務(wù)分析體系等，主要是通 過計算、比較財務(wù)報表數(shù)據(jù)，得出相應(yīng)的指標(biāo)數(shù)據(jù)，然后進(jìn)行比較分析或者因素 分析得出結(jié)果，重“量”不重“質(zhì)”，缺乏對問題性質(zhì)的分析。傳統(tǒng)分析以企業(yè)內(nèi)部 情況為重點，主要對企業(yè)資金流動過程、資產(chǎn)利用能力、償債能力、盈利能力等 進(jìn)行分析，而忽略外部經(jīng)營環(huán)境。并且分析依據(jù)于財務(wù)報表，而財務(wù)報表是對企 業(yè)過去經(jīng)營情況的總結(jié)，這種分析具有明顯的滯后性。傳統(tǒng)的財務(wù)分析框架對企 業(yè)會計報表上的數(shù)據(jù)進(jìn)行分析已經(jīng)不能滿足現(xiàn)在企業(yè)發(fā)展的需要。2文獻(xiàn)綜述常見的財務(wù)分析方法主要可以歸納為三種：杜邦財務(wù)分析

49、方法、經(jīng)濟(jì)增加值 方法和平衡記分卡方法。杜邦財務(wù)分析方法將企業(yè)凈資產(chǎn)收益率逐級分解為多項 財務(wù)比率乘積，利用各財務(wù)指標(biāo)間的內(nèi)在關(guān)系，對企業(yè)綜合經(jīng)營理財及經(jīng)濟(jì)效益 進(jìn)行系統(tǒng)分析評價。它有助于企業(yè)管理層更加清晰地看到凈資產(chǎn)收益率的決定因 素，以及銷售凈利潤率與總資產(chǎn)周轉(zhuǎn)率、債務(wù)比率之間的相互關(guān)聯(lián)關(guān)系，給管理 層提供了一張明晰的考察公司資產(chǎn)管理效率和是否最大化股東投資回報的路線 圖。經(jīng)濟(jì)增加值理論最初由莫頓米勒和弗蘭科莫迪亞尼兩位著名經(jīng)濟(jì)學(xué)家提 出。后來美國的斯騰思特咨詢公司意識到該方法是對公司價值評估的一個很好的 手段，所以專門成立公司將該方法在全世界范圍內(nèi)進(jìn)行宣傳推廣。經(jīng)濟(jì)增加值是 公司稅后營運

50、利潤與資本成本的差額，它考慮了資本的機(jī)會成本的經(jīng)濟(jì)利潤，而 不是單純的會計利潤。它會迫使公司決策者對資本成本予以高度關(guān)注。平衡記分 卡由羅伯特卡普蘭提出，它是以企業(yè)戰(zhàn)略為導(dǎo)向，通過財務(wù)、客戶、運營和員 工四個方面及其績效指標(biāo)的因果關(guān)系，全面管理和評價企業(yè)綜合績效的系統(tǒng)。由 于其具有一定的先進(jìn)性和可靠性，所以已經(jīng)得到一些公司的青睞。這種評價方法 對評價人的素質(zhì)有一定的要求，因為評價指標(biāo)的選擇需要參考公司各個方面的特 點，以期全面地反映公司的財務(wù)狀況和經(jīng)營成果。在這些日漸成熟的財務(wù)分析方法的基礎(chǔ)上，學(xué)者開始注重將這些方法融入到 一個完整的財務(wù)分析體系中，以期形成一個框架結(jié)構(gòu)，為企業(yè)的經(jīng)濟(jì)運行提供支 持。ErichHelford構(gòu)建的分析框架分為概論、經(jīng)營分析、投資分析、籌資分析、 價值評估分析兒部分。概述了企