哈佛分析法在企业财务分析中的应用研究哈佛分析法在企业财务分析中的应用研究外文文献翻译

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文献出处: Caves G. The research and application of Harvard analysis in the enterprise financial analysis. The journal of finance, 2016, 2(1): 58-69.

原文

The research and application of Harvard analysis in the enterprise financial analysis

Caves G

Abstract

Financial analysis is a kind of to the enterprise and other economic organizations in the past and present relevant financing activities, investment activities, business activities, distribution activities and the profit ability, operation ability, solvency and growth capacity situation carries on the analysis and evaluation of the economic management activities. For any enterprise, a comprehensive and objective financial analysis is crucial: on the one hand, it can help managers to realize enterprise current situation facing; On the other hand, it helps enterprise stakeholders understand the real situation of enterprises, the current situation of the evaluation of enterprise and predict future development of the enterprise. Harvard analysis framework of enterprise financial analysis is widely used in the west. Harvard analysis framework compared with the traditional analysis framework, has obvious advantages. Harvard analysis framework from the strategic height of enterprises, the main analysis enterprise facing the external macro environment and the situation of the industry; Analysis of enterprise accounting quality, grasping the authenticity of corporate financial data, to determine the real operating conditions; Financial analysis, according to the debt paying ability, profitability, such as financial indicators, comprehensive analysis of the enterprise.

Keywords: harvard analysis framework; financial analysis; strategic analysis 1 Harvard analysis framework

Harvard analysis framework is made up of three academics at Harvard University pape (k. g. Palepu), Healy (p. m. Healy), and Bernard (v. Bernard l.) in the

use of financial statements for analysis and evaluation of enterprises \the factors affecting the quality of financial reporting not only includes accounting policies, accounting environment, also including the business environment, enterprise strategy and other factors. Effective financial analysis report to the industry environment of the enterprise and enterprise strategy analysis, financial reporting from belong to the internal management of information, so as to make reasonable resolution to enterprise's financial situation. Therefore, three academics proposed by harvard analysis framework is a set of strategic analysis and the analysis of financial statement analysis in an integrated framework. The analysis framework includes four aspects: strategy analysis, accounting analysis, financial analysis and prospect forecast. Harvard analysis framework to summarize individual case study and promotion, is an extension of traditional financial analysis system, it is a complete financial statement analysis of the logic framework of the enterprise financial analysis is divided into strategic analysis, financial analysis, accounting analysis and prospect analysis, combine qualitative analysis with quantitative analysis effectively. Harvard emphasized analysis framework, a complete financial analysis is not only to reasonable use of accounting data, but also to use the accounting data. Accounting data is the financial performance management strategy, if you ignore attention enterprise external environment and management strategy, then financial analysis is to focus on digital analysis of financial analysis. Because harvard analysis framework to strategic analysis and financial analysis and effective integration, and provide effective support for the decision-making on the future, so harvard analysis framework is put forward by scholars both at home and abroad widely supported. Harvard analysis framework is more conform to the requirements of the modern enterprise development, it effectively make up the limitation of simple financial analysis, for the modern financial analysis provides a very good tool. Harvard analysis framework to analysis the basic steps include: strategy analysis, accounting analysis, financial analysis and prospect analysis. 1.1 Strategic analysis

In the financial analysis system usually does not include the strategic analysis

and evaluation of the company. However, from a strategic analysis of financial analysis is harvard analysis framework of innovation, for the other analysis provides an important basis. Strategic analysis mainly focuses on the enterprise competitive position in the industry, enterprises in the industry, the sustainable development of the enterprise in the industry and the development strategy of the enterprise itself. Strategic analysis of the enterprise, the first whether to industry of the enterprise have profit potential is analyzed. According to porter five model, the main factors affecting the profitability of the industry are mainly include: the existing enterprise competition, the threat of new entrants, the threat of substitutes, the bargaining power of the buyer and supplier bargaining power and so on five aspects. These factors have different degree of reaction in corporate financial statements, so strategic analysis is to the above five parts of industry information through the way of financial analysis. Strategic analysis is an important starting point, the harvard analysis framework is also is the core of the harvard analysis framework, is the enterprise a competitive edge in industry and in the industry analysis. Through strategic analysis, enterprise managers, and other related personnel can carry on the qualitative analysis to the enterprise management situation, at the same time, according to the actual operation situation of financial analysis and accounting analysis.Strategic analysis can also identify the main risk and profit for the enterprise driving factors, contribute to the enterprise sustainable development and to predict future performance. 1.2 Accounting analysis

Accounting analysis is based on the analysis of the enterprise chooses the accounting policies and accounting estimate method, to evaluate the enterprise accounting information quality and the authenticity of accounting data. Through the analysis of the accounting flexibility as well as the choice of accounting policies and accounting estimates whether appropriate evaluation, make the users of financial statements to analyze the degree of enterprise accounting information distortion. Another step in the accounting analysis is to readjust to enterprise's accounting data, as far as possible to eliminate the distortion of accounting information. Reasonable accounting analysis can improve the reliability of the enterprise financial analysis

conclusion. Accounting analysis is to grind Gui how accounting standards and practices in the financial report reflects enterprise's current business situation and strategy, at the same time analysis is how to reflect the enterprise accounting standards and management performance, to measure the business situation. Accounting analysis methods are: clear enterprise using the key accounting policies; Evaluation of accounting policy flexibility; To evaluate the enterprise accounting estimates; Evaluate the quality of information disclosure; Identify enterprise statement may result in low quality of accounting; Accounting information distortion situation as far as possible. These accounting analysis method from the enterprise's accounting policies and accounting estimate method is evaluated, and the problems existing in the financial statements of the enterprise put forward the warning, accurate financial analysis for the enterprise provides a reliable basis. 2 Ainancial analysis

Financial analysis refers to using financial analysis method, to the enterprise's solvency, profitability, management ability and the level of cash flow and to evaluate the enterprise capital structure; To the enterprise in the past and current business performance evaluation, evaluate the business performance and management level, and judge its performance to the possibility of sustainable development. Financial analysis was conducted on the basis of accounting analysis, accounting analysis, can clear enterprise's accounting policies and accounting estimates is reasonable. On the premise of reliable information, financial analysis, to ensure the accuracy of the financial analysis. Financial analysis, is to analyze the enterprise's financial information, therefore to assess the company's performance and enterprise's goal and the enterprise's development strategy. Ratio analysis and cash flow analysis is the commonly used methods of financial analysis. Ratio analysis is mainly used in the analysis of enterprise operating performance and financial policy, cash flow analysis is mainly used for evaluation of enterprises have the liquidity of the assets and the financial flexibility. Prospects analysis is the last step of harvard analysis framework, including strategic forecasting and financial projections. Prospects analysis is based on the enterprise's past and present situation analysis, a prediction to the future trend