财务分析与价值链分析的融合：Analysis of financial analysis and value chain integration

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04-27, 2014

Summary摘要

随着现代管理的进步和生产力的迅猛发展，使世界经济呈现出全球化和一体化的发展趋势，企业之间的竞争也逐渐向全球化发展。在激烈的市场竞争面前，谁能够尽快地吸收现代化的管理理论和方法，并运用于现代企业管理中，谁就会占有竞争的主动权。

With the rapid development of modern management and productivity advances , the world economy has shown trends of globalization and integration, competition among enterprises has gradually towards globalization . In the face of fierce market competition , as soon as possible who can absorb modern management theories and methods , and applied to modern business management , who will occupy the initiative in competition . "Value chain" management thinking this is raised in this environment , it is in the " competitive advantage" a book made by the American management guru Michael Porter • . The purpose of value chain management is through the value chain of the business aspects of optimization, integration , and strengthen the business activities of its value chain , the abolition of the value chain of the business activity does not reduce the cost of the entire value chain , to get the most value-added business, its essence on is to create or maintain a competitive advantage and achieve the ultimate goal of business - the enterprise value maximization.

目前新西兰大部分企业的财务分析都是基于企业的部门职能划分及保持essay流程和管理流程不变的情况下进行的，这样的财务分析过程不能综合地从企业整个生产经营过程的总体价值链增值来实现企业战略目标的系统性设计。因此，本文提出了财务分析和价值链分析相融合的理念。本文首先从财务分析理论和价值链理论入手，进而提出财务分析和价值链分析融合应用的理论，指出在财务分析中融入价值链分析的必要性，并分别从纵向价值链、横向价值链、企业内部价值链等三个方面具体分析了价值链分析在财务分析中的应用，接着指出将价值链分析融于财务分析的优点。最后通过国美经营价值链的财务分析的案例，展示了价值链导向下的企业财务分析模式的实际应用。

Most of the current financial analysis companies are based in New Zealand corporate sector division of functions and processes and management processes to maintain the same situation , so that the process can not be a comprehensive financial analysis of the value chain from the overall production process of the entire enterprise value to achieve the strategic objectives of systematic design . Therefore , this paper presents financial analysis and value chain analysis of the concept of integration . Firstly, from a financial analysis theory and value chain theory to start, then put forward the theory of financial analysis and value chain analysis converged applications , pointing out the necessity of integration of the value chain analysis in the financial analysis , and separately from the vertical value chain , horizontal value chain , enterprise three aspects of the internal value chain , such as a detailed analysis of the value chain analysis in the financial analysis , then pointed out the advantages of the value Chain analysis in the financial analysis. Finally, financial analysis through case management value chain Gome , showing the practical application of corporate financial analysis model guided the value chain .#p#分页标题#e#

Overall, the value chain analysis into the corporate financial analysis, display and can better reflect the corporate financial risks that exist , can clearly show the need for companies in the business process improvement, I believe it could be in the corporate financial analysis play a role in improving the situation of enterprises, so as to overcome the limitations of the general financial analysis.

1.Introduction 引言

In a market economy, corporate management will be at the center of the financial management , financial management, corporate capital stock will revitalize and improve corporate capital structure, reduce capital costs, improve economic efficiency as the focus . Financial analysis is to strengthen corporate financial management , effective measures to improve economic

This paper value chain theory, value chain from vertical, horizontal , inside the three aspects of starting , investigation and analysis of financial indicators of enterprises, thus reflecting the corporate positioning , competitiveness and the internal production and operation , and through the application of these measures in management practice has some maneuverability.

Development of financial management theory today, has involved in almost all aspects of business management , is the importance of these aspects in the management of the entire enterprise that makes them a financial management theory focuses on the object, and turn the theory of financial management for the enterprise managers provide an important basis for decision-making from the quantitative aspects . In this sense, a good financial management must also be a good business manager , and a good business managers must be able to grasp the profound essence of financial management.

In the market economy developed Western countries , the development of theoretical research and in-depth business management , financial management and improve enterprise analytical methods and techniques to make important contributions. Our current theory on corporate financial analysis is also increasing, but due to a long period of planned economy , has long been based on economic indicators examine the basic corporate business plan is completed , the basic development does not care about their own problems, so mature theory of financial analysis less .

In fact, financial analysis at this stage there are still a lot of debate in many ways. The significance of this thesis is to point out : For the modern enterprise , not only to recognize the importance of financial analysis in business management , but more importantly is to investigate the combination of the three links of the value chain to overcome the current lack of financial analysis exist in the implementation process achieve the purpose of the effective implementation of financial management , so that financial indicators to correctly reflect corporate positioning , competitive strength , internal production and operation , thus ensuring the further implementation of the corporate strategy , and reduce financial risk, improve operational effectiveness and efficiency of enterprise management , enterprise maximize value.#p#分页标题#e#

The concept of the value chain in 1985 by the Harvard Business School • Michael Porter in his book " competitive advantage" was first proposed , the idea was that every business is in the design, production, sales, sending and supporting the process of its products conducted various activities aggregates. All of these activities can be represented by the value chain . Value chain management is based on the concept of value chain management thinking , research information and its deep-rooted relations behind the enterprise value chain business activities , its purpose is to maximize value and achieve a rational allocation of corporate value . Based on the financial management of the value chain is through the collection, processing, storage , and use the value of information , the implementation of the value chain control and management to ensure the business enterprise value chain links can be rational, efficient and orderly operation of the enterprise to create maximum the value added . Based on the study of the financial management of the current value chain is relatively small :

Tan Lihua ( 2002 ) [ 1 ] on the integration of financial analysis and value chain analysis, value chain analysis indicated inject ideas in the current financial analysis , allowing two analytical integration , communication, complement each other is entirely possible and necessary. Discussion Peng Lingling ( 2009 ) [ 2 ] on the value chain analysis made during the financial value chain analysis of the first to find out the value of financial motivation . The main value drivers , including sales growth , operating profit, cash income and operating cash flow , working capital and fixed capital investment , planning cycles , capital costs, operating leverage , financial leverage and corporate control, corporate "capacity" of the size and use the program , cash flow and customer strategy development and maintenance costs. Li Qin ( 2008 ) [ 3 ] in the value chain analysis applied in the financial analysis , pointing out the necessity of integration of the value chain analysis in the financial analysis and value chain from the vertical and horizontal value chain , value chain within the enterprise and other three were aspects of a detailed analysis of the value chain analysis in the financial analysis , value chain analysis concluded that the financial advantage in the financial analysis. Xin Ming ( 2008 ) [ 4 ] in the financial analysis and value chain analysis of the applications considered in the financial analysis inject value chain analysis can compensate for the lack of financial analysis in the past , extended financial analysis capabilities, give full play to the role of financial analysis. Li Jing ( 2007 ) [ 5 ] Based on the value chain of financial management framework put forward ideas using value chain analysis , enterprise management, including financial management in order to have a more solid foundation to break the shackles of traditional management thinking , so that the quality and level of management greatly enhanced. Even Wang Yu ( 2009 ) [ 6 ] Based on corporate financial value chain management model pointed to increasing the competitiveness of the value chain, would require the elimination of all invalid labor , kept on every aspect of the value chain to achieve added value . This is a fundamental requirement for value chain management lies. GUAN Ya-mei ( 2008 ) [ 7 ] based on the concept of value chain management enterprise financial management innovation value chain management ideas presented in the financial management to bring new ideas to the concept of financial management should be more emphasis on thorough consideration , while focusing on the various elements within the system optimization and integration . Xing Wei ( 2002 ) [ 8 ] on the role of the value chain in the current enterprise value chain management pointed out that corporate management has become our weakest link, ruthless competition in the market will increasingly prove it. Jun Yin ( 2006 ) [ 9 ] based on the financial analysis of the value chain value chain analysis considers injecting ideas in the current financial analysis , allowing two analytical integration , communication, complement each other is entirely possible and necessary.#p#分页标题#e#

This article will be on the basis of previous studies , based on the existing data, combined with the new economic situation , referring to the scholars of other relevant studies , the results of their research to collate , summarize and generalize , and then combined with their point of view put forward countermeasures and recommendations.

This paper introduces the basic concepts of financial analysis , and pointed out that the main problems existing corporate financial analysis ; Next article describes the relevant content value chain theory, the enterprise value chain is divided into three different aspects of vertical, horizontal , interior . Then this article will value chain theory and financial analysis of organic integration, value chain analysis shows the necessity of integration of financial analysis , financial analysis elaborated and value chain analysis of the combination Implications for China . Finally, financial analysis through case management value chain Gome , showing the practical application of corporate financial analysis model guided the value chain .

1 , system analysis methods: Through necessity of financial analysis and value chain analysis converged applications , the system analyzes the financial analysis and value chain analysis of specific methods and advantages of integration applications.

2 , deductive and inductive case analysis : deductive and inductive method using paper case analysis , combined with China's enterprises in the development process of actual cases , the analysis summarized financial analysis and value chain analysis of the resulting application integration success , but also from successful Looking back problems that need attention .

2.Overview of the value chain and financial analysis价值链与财务分析概述
2.1The meaning and content of the value chain价值链的涵义及内容

In 1985, Porter (MichaelE.Porter) in the " competitive advantage ", a book value chain concept was put forward his book , he believes that " the value of the enterprise is to provide customers the products or services they are willing to pay the price , every business is in the basic activities of design , production and sales of products and play a supporting role in the collection of a variety of activities , all of these business activities constitute a complete value chain . " Porter enterprise these activities into the main and secondary activities into two categories , the main activities include internal logistics, production management, external logistics, marketing and services ; minor activities include procurement, technology development, human resource management and business infrastructure and so on. He believes that competitive advantage comes from the mutual separation activities, business activities both value-added activities in the value chain are also non- value added activities , eliminate non-value added activities in the value chain can be optimized , but because there is a tradeoff between the costs and benefits linked to the value of activities , non-value added activities need to exist , the relative cost of each activity on the status of the enterprise to contribute , and to lay the foundation unconventional . Enterprise value activities not only in the internal value chain of an enterprise , but also exists between the enterprise value chain value chain with suppliers and downstream customers of the value chain , value chain suppliers addition to providing products or services, the company's products design, procurement, internal logistics sectors also in contact with the company, thus affecting the enterprise value chain. Enterprises should also by establishing alliances with outside companies to focus on their core areas, to gain a sustainable competitive advantage .#p#分页标题#e#

Porter's value chain management thinking over the emphasis on a single enterprise view to analyze the value of the business activities of the value chain is seen as the completion of a series of continuous activity , is to convert raw materials into a series of final products in the process . The new view of the value chain, value chain process as a series of some groups to work together , a way to continue to innovate , create value for customers . Thought that the development of value chain management companies not only add value , but to re- create value. In the value chain systems, different economic activity units (suppliers, business partners and customers ) together to create value through collaboration , and the value is no longer limited to the physical conversion of the product itself . Yamashina 1992 and 1993 and further development of the idea value chain , value chainscope of what they described broader. They believe that any business should be placed in its own value chain of the industry value chain to consider, examine . It is from the initial raw material supplier until the desired final product to the user's process. Meanwhile, the enterprise value chain must be living in the same or similar position a full analysis of competitors , and develop a corporate guarantee to maintain and enhance the competitive advantage of a reasonable strategy.

Hines will further develop the idea of Porter , compared with his former customer demand for the product as the end of the production process, the profits to meet this goal as a byproduct , rather than stay in the profits as its main objective ; followed by sea Ince to raw material suppliers and customers into the value chain , value chain from the customer demand-pull direction from outside to inside ; third , he stressed that the fundamental value of cross-functional activities , such as technology development , production operations and markets , these values establish reasonable activities along the value chain processes , not just exist in manufacturing operations ; addition to iT as a secondary activity , associated with this part of the profit is also seen as a byproduct of this process effectively Potter in its ' competitive strategy : Industrial and competitor analysis , "a book again redefined the value chain : a series of successive operations of value creation , from basic raw materials to suppliers , to the producers, until consumers used and the final product in transit .

Taking these perspectives , we can be expressed as a simple value chain : the production and operation of enterprises as a value creation process , as this process is a part of the operations connected together to form a chain , the chain is the company the internal value chain.

Value chain management is analyzed from the perspective of value , to achieve initial upstream business to business supplier of raw materials to the core manufacturing business began , to manage the process of product or service enterprise end users downstream aggregates , standing business perspective , building value chain , value chain management through real motivation lies in the various activities of the value chain analysis to optimize and coordinate business activities , strengthen the core business processes to meet customer needs while reducing the value of the product cost to obtain and improve enterprise competitive advantage.#p#分页标题#e#

Professor Yan pointed out that up to five manufacturing enterprise value chain has four chains : one is the workflow of procurement, production and sales activities constituted ; One is the raw materials to finished products consisting of the physical flow of logistics real , real logistics value chain the only visible , in order to maintain the physical flow from one part to another part , in addition to sourcing, design and manufacturing, sales activities , but also distribution, support transportation, and warehousing operations : a value chain between enterprises Clearing capital flow caused , by the value of the physical logistics providers will inevitably lead to financial settlement on the value chain , companies and users , and thus a flow of funds ; Finally, the flow of information from a variety of relevant information constituted accompanied workflow , logistics and real liquidity flows , all relevant data and information continue to produce , and from one part into another part , forming a ~ of information flow , the value chain of the enterprise financial management is through the cash flow analysis, obtained useful information on the business , to make appropriate workflow control . Yan stressed the value of Professor V. sports enterprises mainly for capital flow, capital flow range covers the entire value chain alliances , upstream suppliers , the core business and customers are liquidity via nodes. How to ensure the flow of funds to maximize the quantity , on unimpeded flow rate , and a reasonable allocation among the nodes to achieve a wide range of win-win is the key to maintaining the value chain alliance, but also the key enterprises to maintain a competitive advantage .

Professor Wang Hailin , Professor Yan on the basis of five , an increase of two streams , one control flow , control flow to ensure that the job flow, logistics , information flow, capital flow from one part to another part of the flow and the corresponding control , these control the flow of control constitutes a form in accordance with the job change , for example, the procurement activity takes place , there must be suppliers of procurement processes , orders , material quality, transportation and distribution control , acceptance of material to go through to reach the enterprise , storage other controls. Second, the value-added flow , enterprise value chain in order to provide customers with a range of products or services, activities , every link in the chain are the next link in order to increase a certain value , for each link , the value increased value may be positive , negative or zero value chain optimization goal is to try to eliminate the negative value , reduce to zero value , increasing positive value , with the movement of the job stream , the value of increasing the formation of value added stream. Professor Wang Hailin discusses the value chain is a supplier to the user to connect a job flow, logistics , information flow, capital flow , control flow and value added stream. And known as the " six flow chain ." He believes that the interaction of these streams , interconnected to form a complete system , value chain management practice is to continually optimize these flows and management.#p#分页标题#e#

The purpose of value chain management is to identify the key value-added aspects of the enterprise value chain , on all aspects of optimization, integration , and strengthen the business activities of its value chain , the abolition of the value chain of the business activity does not reduce the cost of the entire value chain , access value chain from product -centric to customer-centric maximum added value , which is essentially to create or maintain a competitive advantage . The ultimate goal of the business - to maximize enterprise value. Value chain management allows companies from exclusive benefits , subject to a competitive posture participate in market competition , and gradually shift to the whole value chain as a competitive league to participate in market competition, and resources between the internal and external value chain value chain between subjects sharing, management to be effective , to be effective collaboration , and ultimately the interests of multi- win situation.

2.2 Value Chain analysis process2.2价值链的分析过程

Corporate financial information is inherent in all business aspects of the enterprise value chain , would like a proper understanding of corporate financial information , it is necessary for the enterprise value chain analysis. Analysis of the value chain, from three aspects : vertical value chain analysis, value chain analysis and lateral internal value chain analysis .

Value chain is the contact vertical linkages with suppliers and customers. Value creation is not isolated, but rather reflects a wider range of activities in the value system . Suppliers have purchased inputs used in the enterprise value chain , vendors not only delivered one of its products , but also affects many other aspects of the business . Enterprises can affect the structure of the value chain of suppliers or improve the relationships between suppliers and value chain to make both a profit. In addition, many products through a number of channels of the value chain ( ie, sales channels ) to reach the hands of the buyer , the company's products eventually become part of the buyer of the value chain . Value systems theory for enterprise financial analysis provides a good idea to fully consider the impact of supplier and customer value creation activities, namely when conducting financial analysis. Companies can strengthen relationships with suppliers and customers , access to cost advantages and diversity advantage , sometimes with suppliers and customers to contact or even become a major source of core competence . Critical enterprise value chain handle vertical linkages that both the upstream and downstream value creation link .

Industry, there is often a competitor producing the same product , or the business they are in the same value chain , or across several parts of the value chain. Transverse value chain analysis mainly from the perspective of the market , competitors through value chain analysis to reflect the producers of similar products in the value of the movement between different conditions, so examine the competitive position of enterprises, to provide information for strategic decision-making enterprise . Through in-depth investigation of the case of competitors , analysis, simulation calculations, find out the cost of the level of competitors' products , cost structure and cost of project expenditures , and compare it with the cost of the company's product value chain , you can clear corporate the relative position , identify gaps , and thus reduce the cost to take appropriate measures to secure cost advantages.#p#分页标题#e#

Conducting competitor analysis more difficult is the source of information. In fact, in decision-making is really needed is the relevant information, rather than absolute information of competitors. For example , competitors have to purchase intermediate goods on the open market , according to the open market price can assess the relative difference between the enterprise and the cost of competitors ; according to geographical rival production sites and sales channels can be computed in a specific market cost of sales ; understand the level of investment in fixed assets of competitors can get rival the scale of investment and production capacity. For information about competitors but also from competitors announcements, financial reports public, industry analysis , public places such as suppliers and customers get . You can also be obtained from former employees of competitors , employees of the enterprise product technical fieldwork and analysis, and so way .

Through horizontal value chain analysis can help companies control their own resources occupied with the situation , grasp their competitive abilities and strengths , develop a reasonable market competition strategy to low-cost or low-cost high- quality services , such as differences in strategies to get over the large market share , so that enterprises in the survival of the fittest in the market operation rules, beat the competition , gain competitive advantage and achieve maximum business value financial goals .

Internal links of the value chain is the contact with a cost value of activities or other activities between the value of the enterprise value chain activity is linked by an internal connection together . Numerous internal links of the value chain , the most obvious link is the fundamental linkages in the value chain between basic activities and support activities , such as support activities in human resource management activities throughout the entire enterprise value activities , another example of technology development impact on basic activities , such as the ability to coordinate a variety of business activities often bring to the enterprise cost or discrepancy advantage. We can be the internal value chain of three levels: overall corporate value chain , value chain and business units inside each business unit value chain .

Enterprises during the financial analysis to fully consider and utilize internal links of the value chain in order to reduce unnecessary internal links, to fully take advantage of internal links of the value chain to bring .

Therefore, for the enterprise , the most important thing is to discriminate contact between the activities of each part of the value , go with divergent identify key values affect the results of the activities , and accordingly the value chain segments , clear impact on business success key elements.

3.财务分析的内容及功能content and financial analysis functions#p#分页标题#e#

With the development of market economy , there is the relationship between economic interests and corporate parties , usually with a specific purpose and a specific approach to corporate financial information for analysis. Here 's financial information is the currency in the form of data , combined with other non- monetary data , suggesting corporate status and characteristics of the movement of funds and economic information .

About the meaning of financial analysis , there are many different awareness and understanding of the financial implications are mainly people understand the breadth and depth vary. This paper argues that financial analysis is the main advantage of the financial analysis of accounting information and other data relating thereto , by calculating financial indicators , the use of certain methods of corporate finance activities in a variety of economic and financial activity relationship analysis of the results , evaluation, financial decisions, financial diagnosis , consultation, evaluation, supervision, control provide the required financial information, financial analysis is the process of accounting information subject to further processing , the use of . In this process, the financial analysis of the financial analysis of the main requirement is to be achieved financial analysis purposes .

The so-called financial analysis of the main means there are some existing or potential economic relations and corporate interests , for the specific purpose of financial analysis companies , organizations and individuals. In general , the companies have economic interests in all aspects of corporate financial statements will become users , and they stood on their respective positions for their own purposes , on the financial position , results of operations and cash flows for analysis and evaluation of enterprise . Financial analysis of the subject can be divided into two major categories of external and internal . External analysis of the subject generally include creditors, shareholders , other companies , accounting firms, the government and its relevant agencies : internal analysis is generally the main business managers , business owners, workers and so on. Financial analysis of different subjects , which are also focused on content analysis , financial analysis financial analysis of the main content of the decision .

Finance points off the main contents of different information users and dig into the contents of the outer part of the fold , the inner part of the chop content , thematic analysis of the content can be set separately . Since only improve the economic efficiency in the enterprise , companies may only have a strong solvency , profitability, national investors , creditors, parties related to those interests of society , and the realization can only be guaranteed , and therefore the focus of modern financial analysis by external analysis steering internal analysis .#p#分页标题#e#

Specifically, the content of corporate financial analysis are:

① external analysis content

Corporate solvency analysis ; corporate profitability analysis ; enterprise asset utilization efficiency analysis ; Social Contribution Analysis ; enterprise's comprehensive strength analysis .

② internal analysis content

In addition to these external analysis of the content , but also including: corporate financing analysis ; enterprise investment analysis . In addition , there should be an internal analysis of the content : budget performance business analysis ; financial position and financial results of analysis of the causes .

③ thematic analysis

With the development of market economy , enterprises will face many new situations and new problems. Corporate and external information users according to their own characteristics, combined with a specific target select specific data and content targeted for thematic analysis . If the quality of financial information company analysis , capital asset structure optimization analysis.

④ Discussion on financial analysis and related disciplines Relations

With the deepening of market economy reforms , reform of the accounting system of academic disciplines are also entering a new phase, the financial accounting of the dispute in the early 1980s deep into each secondary discipline , it is inevitable theoretical development . Skelter discipline is due changes in the environment , caused the development of history , is an objective law of scientific development. Into the nineties, there are forums on accounting financial analysis to a separate branch of a weak voice, now, more lively discussion on this topic , and seems to have reached a consensus that the gradual improvement of the market mechanism and competition mechanism financial analysis must be independent.

4.General Procedure Financial Analysis财务分析的一般程序

Financial analysis is one of the very important work of financial management processes species , is a complex process , the analyst must analyze the purpose of the main line, according to the scientific program , the use of appropriate methods for effective analysis to ensure analytical work orderly conduct and analyze the results accurate. Financial analysis of the basic procedures include the following steps :

( 1 ) determine the analytical objectives : a wide range of financial analysis , rich in content , objectives must be clearly analyzed , in order to avoid numerous clues in the analysis , distracted , fail to achieve the goal.

( 2 ) developing analytical solutions : analysis targeting , according to the difficulty of analyzing the amount of size , to analyze problems , develop analysis programs . Is a comprehensive analysis is focused on the analysis , to analyze the project list , the progress of work , determined to complete the content , complete the standard and completion time.#p#分页标题#e#

( 3 ) extensive data collection : financial analysis , we must first grasp the situation and possession of large amounts of data , in order to ensure the quality of the analysis. Necessary information generally includes : business development plans , budgets and final accounts data , completion of data traffic , industries and enterprises with relevant information , and so on .

( 4 ) the theoretical analysis and practical investigation of combining : The information collected through the use of a variety of analytical methods for analysis after comparison , but also in-depth practical , research, analysis of the preliminary conclusions obtained by comparison with the actual situation , to test theoretical analysis of whether the objective reality . If there is a gap , should further identify the reasons there is a gap , and seek proper analysis.

( 5 ) to seize the key , analyzed and summarized : Through a series of financial analysis , the final analysis should be based on the purpose and requirements from a variety of reasons , many of the most critical factors to seize the main problem , conduct a comprehensive and integrated and summarize , analyze and summarize existing conflicts and their causes, achievements and shortcomings , experiences and lessons learned , and recommendations put forward practical measures to continuously improve the financial position of the company , to achieve the ultimate goal of the company.

5.conclusion结论

Since the reform and opening up, China has experienced profound corporate financial management transition from a planned to a market -based wealth management financial management , financial management from concept to financial management practices , from financial management tools, methods to financial management mechanisms have undergone profound changes, which highlights manifested in corporate financial management depth, breadth and intensity of strengthening and gradually engaged to oversee the strategic direction of the prior forecast reflects planned conversion. At present, China is still in corporate financial management strategic transformation process, due to the ills of the traditional system for a long period of time will be different degrees of impact on people's behavior , the status of financial management , there are still a lot to be desired , financial The analysis also inevitably be affected. At present, the problems in the financial analysis :

Because under the traditional system , output, production , corporate profits have been the core index assessment , is the focus of attention of business leaders , and corporate leadership in production , technology- often mostly poorly managed operation , this situation often leads to poor awareness of business leaders in financial management . They believe economic efficiency of enterprises rely on the production of dry out . Not by count out . Since there are many errors in understanding , such as the summer production , light finance, heavy index , light analysis, heavy profits, capital and so light . Now, with the financial management of the increasingly prominent position , many of the original is not very great importance to corporate financial analysis , due to the need for development, but also come to realize the important role of the financial analysis of companies , corporate managers began to change the idea , have started to set special financial analysis positions, so that timely access to corporate financial information found problems enterprises, timely adjustment of business management principles . Financial analysis has gradually been valued by managers . But not all managers have come to realize the enterprise set up special financial analysis positions or minimal.#p#分页标题#e#

For a long time , because the witch hunt , our corporate finance department 's role is often business leaders investment allocation behavior mouthpiece and calculator , perform the function of money supply logistics , low management level of participation in the performance of the low level of utilization of information , policy recommendations and low quality "three low" state . This state of China's long-term impact on improving the management level of the enterprise. Enterprise value as a function of the flow of institutional management , the financial sector is the modern enterprise management functions can be found in most department and use of management information . In all developed countries, the financial information system has been at the center of the enterprise information management system is based primarily on major corporate decisions , which is a basic feature of modern enterprises.

China's enterprises to achieve leapfrog development, we must narrow this gap, it is beyond doubt . The first is financial management information to the enterprise and have a deep understanding of the urgency , especially in the major business leaders , corporate financial management and financial information to have a leap of understanding on the mole concept .

By convention, the management can be divided into pre- management , during and after administration management , prior management needs analysis , forecasting, determine embodiment ; something needs to command the management , monitoring , control, control the operation ; afterwards managed to check the results , lessons learned learned to improve the management level , and these are inseparable from the management of the financial analysis : Financial analysis of financial planning with control effect on financial decisions with guidance on financial control has a supervisory role . In the enterprise , either before the event or thing in management and post management , its management results will be reflected in the financial position of the enterprise , the purpose of preparing the financial statements of companies on a regular basis is timely and accurately reflect the outcome of the operation and management of business activities . However, based on but not limited to financial analysis of financial statements.

The purpose of financial analysis is to master the business operations and financial condition for enterprises to monitor and control their production and business activities , corporate decision-making and the community service. Financial analysis is limited to the analysis of corporate accounting information such as financial statements , financial statements easier to separate the intrinsic link between the activities and business . For a long time . Since the primary data analysis financial analysis is the enterprise 's financial statements and related information , the financial analysis is often being referred to as financial statement analysis . Therefore , it is often only pay attention to the use of corporate financial statements drawn some percentage figure , in order to determine the enterprise 's operating results and financial condition is good or bad . Is excellent or poor, and did not go to the evaluation and analysis from the business point of view, the relationship easier to separate business activities with the final financial results , resulting in corporate financial management and overall enterprise management detachment. The end result of the financial statements and related business information accounting activities are business activities through performance out from a value perspective , business management or other stakeholders in the corporate financial analysis , if only in the financial statements and related information the basis of the analysis , only based on the point, and sweeping, and not the intrinsic link between quality up a corporate foundation of exploratory activities and final results of operations and financial condition .#p#分页标题#e#

Currently, many companies based on financial analysis is also limited to the financial statements themselves , as reflected in the financial statements are past events , it is the financial analysis made mostly in retrospect, we did not really achieve the purpose of financial analysis. Business exchanges with the outside world in a variety of financial performance for the sport 's major enterprise funds , financial analysis and therefore inseparable from analysis of enterprise funds movement. The business capital movement is mainly reflected in the financial statements prepared by companies . Therefore , we can say , based on financial analysis are: First, the enterprise's economic activity , the second is the external environment , the third is enterprise funding activities , four is the company's financial statements.

Basis of accounting recognition and measurement of current economic activity is expressed in money , so it will reveal the scope limited to the scope of monetary quantitative information . Philippines to face a lot of information occurs in the monetization of enterprises, and information users closely related decisions , such as the economic environment in which business contact with upstream and downstream enterprises , market competitive advantage but was excluded from the financial analysis. We know that the economic activity is the exchange of funds , materials , personnel and information between the enterprise and outside the enterprise environment conducted for enterprise financial analysis can be separated from the economic activities of enterprises and enterprises in which the external environment.

Data is based primarily on the financial statements of financial analysis , balance sheet , income statement, cash flow statement and other accounting statements and related schedules and notes is the starting point for financial analysis. Current financial report itself has the following limitations : ① financial statements based on original cost , the lack of timeliness ; ② did not consider such factors as inflation and price changes , the data implied asset value or depreciation risk ; ③ financial statement data not considered a change of data between the beginning of the final data and irregular changes throughout the year , making comparisons between the scientific data generated some difficulties ; different concept of time ④ balance sheet and income statement , as reflected in the form of the ratio of the data comparing the two tables , the extent inconsistent with its comparability ; ⑤ China's current accounting statements yet on the content analysis and evaluation of human resources , and the content is of great reference value for decision making.

Limitations of the Current Financial analysis methods exist mainly in the following aspects: ① basic methods of financial analysis and comparative analysis are two types of ratio analysis method , Whatever the method , are the reflection of the economic situation of enterprises in the past carried out . ② on comparative analysis , the comparability of the soul is the comparative analysis method , that is, only comparable indicators using comparative analysis have value , but due to the limitations of the report data , and even different enterprises in different periods of the same enterprise lack of comparable data , in this sense, the use of comparative analysis method must exist limitations. ③ on the accounting treatment of corporate accounting policies and other options will affect the use of accounting methods.#p#分页标题#e#

Our lack of a unified financial indicators , the general standard , currently part of the industry, the financial data provided by some newspapers , there is often coarse industry sectors , the sampling error is large, a certain lack of representation and other issues, so that users know what to do accounting statements . In addition, the financial analysis of the neglect of the gearing ratio and return on investment analysis , there is no risk of the realization of targets and indicators as essential content. Thus resulting in difficult financial statements reveal detailed information , thus making the user more difficult to obtain such financial statements inventory structure, asset structure, batch size, seasonal production changes and other information to further deepen the reform of financial analysis . Significance of financial analysis is correct evaluation of financial activities , the potential of mining enterprises , improve economic efficiency, identify business issues and the crux reveal the financial position, in order to help managers better manage the enterprise . But in the development of China's financial analysis is not very perfect, the above problems are normal, due to the immaturity of financial analysis , the inevitable results of the analysis will be unreliable or inaccurate happens, it will exacerbate the enterprise do not pay attention to the financial analysis , while the analysis of the direct impact of the lagged value analysis . Now, with the growing importance of financial management revealed , more and more enterprises begin to pay attention from the financial analysis, financial analysis to facilitate the development of practical direction . In the following chapters , this article will focus on the value chain to analyze the corporate finance , value chain points off the main line , combined with cases of corporate financial analysis , further study some of the issues that appear in their actual application .

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