基于哈佛分析框架的上海家化财务综合分析

发布时间：2018-03-23 16:21

本文选题：哈佛分析框架　切入点：化妆品行业　出处：《江苏大学》2017年硕士论文

【摘要】：化妆品行业是我国对外开放比较早的领域,从20世纪80年代末开始,我国的化妆品市场就成为了宝洁、欧莱雅、雅诗兰黛等这些跨国企业争相竞技的舞台,再加上近几年来,日韩、欧美化妆品的海外代购、海外直邮逐渐兴起,民族化妆品企业的生存变得非常艰难。在这些国际化妆品巨头的重重打压以及在日益激烈的市场竞争环境中,我国的民族化妆品企业该如何做才能突破重围,不断发展壮大是目前亟待解决的问题。本文将我国民族化妆品企业中最具代表性的上海家化作为研究对象,运用区别于传统财务分析有着明显优势的哈佛分析框架对其进行了分析,整个分析过程包括战略分析、会计分析、财务分析和前景分析。在战略分析中,本文首先运用PEST分析法、SWOT分析法对上海家化当前所处的内外环境进行了剖析,并在此基础上对上海家化的战略实施进行了分析;在会计分析中,本文对上海家化的关键会计科目所采用的会计政策和会计估计进行了分析,为下文的财务分析做了铺垫;在财务分析中,本文基于上海家化2013-2015年的财务报表数据,引入国内外其他三家公司作为比较对象,运用纵横对比法分别对其进行了趋势分析和比率分析;在前景分析中,本文首先对我国化妆品行业的未来发展前景进行了预测,并在此基础上对上海家化自身的发展前景进行了预测,在分析中运用了需求收入弹性模型以及Z-score模型。本文在分析中总结了上海家化经营管理过程中存在的问题并提出了相应的改进建议,目的是助力于该企业的经营者进行经营管理决策并且期望对本行业内其他民族化妆品企业的发展有所启示。本文在战略分析中发现上海家化的差异化战略覆盖面小,品牌细分以及品牌衍生不到位,品牌建设方面缺乏经验,但是其的高研发投入战略值得肯定;在会计分析中发现上海家化会计信息披露较为真实可靠,财务数据质量较高,因此下文利用该财务数据进行财务分析可以得出相对可靠的分析结果;在财务分析中发现,上海家化资产负债率偏低,现金比率过大,尚未充分发挥财务杠杆的作用,并且存货周转率偏低,存货管理效率较差,但是其的固定资产管理效率较高,销售费用上的投入不断加大仍是值得肯定的;在前景分析中发现上海家化在化妆品行业发展潜力巨大的背景下紧随行业发展趋势,其未来的发展空间是很大的,但是仍要警惕其在未来发展过程中存在的威胁与挑战。因此,上海家化在今后的发展过程中应该形成长远的品牌建设意识,不断创新营销方式,完善人才管理体系,同时还要改善经营保守的现状,发挥好财务杠杆的作用,提高存货管理效率,这样才能在日益激烈的市场竞争中谋求可持续发展之路,本行业内的其他民族化妆品企业也应当对此有所启示。
[Abstract]:The cosmetics industry is an early field of opening to the outside world in China. Since the end of the 1980s, the cosmetics market in China has become a competitive stage for multinational enterprises such as P & G, L'Oreal, Est茅e Lauder and so on. In addition, in recent years, Japan and South Korea, the overseas purchase of cosmetics in Europe and the United States, the rise of overseas direct mail, the survival of national cosmetics enterprises has become very difficult. In the heavy pressure of these international cosmetics giants and in the increasingly fierce market competition environment, It is urgent to solve the problem of how to break through the encirclement and develop rapidly in the national cosmetics enterprises of our country. In this paper, the most representative of the national cosmetics enterprises in our country Shanghai Jiahua as the research object. It is analyzed by using the Harvard analytical framework, which is distinct from traditional financial analysis. The whole analysis process includes strategic analysis, accounting analysis, financial analysis and prospect analysis. In this paper, PEST analysis method is used to analyze the current internal and external environment of Shanghai Jiahua, and on this basis, the implementation of the strategy of Shanghai Jiahua is analyzed. This paper analyzes the accounting policies and accounting estimates used in the key accounting subjects of Shanghai Jiahua, which provides a basis for the financial analysis below. In the financial analysis, this paper is based on the financial statement data of Shanghai Jiahua from 2013 to 2015. Three other companies at home and abroad are introduced as the comparative object, and the trend analysis and ratio analysis are carried out by using the vertical and horizontal comparison method. In the foreground analysis, this paper first forecasts the future development prospects of the cosmetic industry in China. On this basis, the development prospects of Shanghai Jiahua are forecasted. In the analysis, the demand income elasticity model and the Z-score model are used. In the analysis, the problems existing in the management process of Shanghai Jiahua are summarized and the corresponding suggestions for improvement are put forward. The purpose of this paper is to help the operators of the enterprise to make management decisions and hope to enlighten the development of other ethnic cosmetics enterprises in the industry. In the strategic analysis, we find that the differential strategy of Shanghai Jiahua has a small coverage. Brand segmentation and brand derivation are not in place, lack of experience in brand construction, but its high R & D investment strategy is worthy of recognition; in accounting analysis, it is found that Shanghai Jiahua's accounting information disclosure is more true and reliable, and the quality of financial data is relatively high. Therefore, the following financial data can be used for financial analysis to obtain relatively reliable results. In the financial analysis, it was found that the assets and liabilities ratio in Shanghai is on the low side, the cash ratio is too large, and the financial leverage has not yet been brought into full play. And the inventory turnover rate is low, the inventory management efficiency is poor, but its fixed assets management efficiency is high, the sale expense investment unceasingly increases is still worthy of affirmation; In the foreground analysis, it is found that Shanghai Jiahua follows the trend of cosmetics industry development under the background of great potential development, and its future development space is very large, but it is still necessary to be alert to the threats and challenges in the future development process. In the process of future development, Shanghai Jiahua should form a long-term brand building consciousness, constantly innovate its marketing methods, perfect its talent management system, and at the same time, improve the current situation of management conservatism and give full play to the role of financial leverage. Only by improving the efficiency of inventory management can we seek the way of sustainable development in the increasingly fierce market competition. Other national cosmetics enterprises in this industry should also have some enlightenment to this.
【学位授予单位】：江苏大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.72

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