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单位代码10475学号104754130923分类号F230硕士学位论文（专业学位）基于哈佛框架下李宁公司财务分析研究专业学位领域：会计专业学位类别：会计硕士申请人：汤明阳指导老师：李武立副教授二〇一五年五月FinancialAnalysisResearchofLiNingCompanyBasedontheHarvardFrameworkADissertationSubmittedtotheGraduateSchoolofHenanUniversityinPartialFulfillmentoftheRequirementsfortheDegreeofMasterofProfessionalAccountingByTangMingyangSupervisor:Prof.LiWuliDateMay,2015I摘要传统的财务分析只关注企业的财务比率，在如今复杂的经济社会背景下，传统的财务分析已经不能满足企业财务报表使用者的需求。哈佛分析框架通过对企业经营战略、会计、财务和前景四个因素进行详细分析，能够发现企业在经营战略、会计、财务和前景中存在的问题和面临的压力。尤其是李宁公司，在市场竞争中不仅面临着国际著名体育品牌的打压，同时还面临着国内体育用品公司的赶超。李宁公司的发展遇到了巨大的挑战，所以对李宁公司进行财务分析变得尤为重要。本文以李宁公司为研究对象，运用哈佛分析框架对公司2009-2013年的财务报表进行分析。本文首先对李宁公司的企业概况和整体经营情况进行介绍，然后按照哈佛框架的四个要素对李宁公司进行经营战略分析、会计分析、财务分析和前景分析。在经营战略分析中，通过对李宁公司的外部环境进行分析，发现李宁公司在整个行业发展中所面临的机遇和威胁；通过对李宁公司的内部条件进行分析，发现其在经营战略中存在的优势和劣势；并找出问题的根源。在会计分析中，通过对李宁公司资产类和损益重要的会计科目及会计政策和会计估计进行分析，得出李宁公司的总体会计政策和会计估计运用得当，但是在应收账款坏账准备的计提和固定资产计提折旧上还存在着问题，其问题的根源是公司对会计政策和会计估计重视程度不够。在财务分析中，通过对李宁公司的偿债能力、盈利能力、营运能力和现金流量等四个指标进行分析，发现李宁公司的偿债能力较好，盈利能力和营运能力水平在下降，主要原因是受公司战略的影响，公司销售收入减少，出现大量库存。在对公司的经营战略分析、会计分析和财务分析的基础上，对体育用品行业和李宁公司的发展前景进行预测，笔者认为李宁公司有着良好的发展前景。通过运用哈佛分析框架对李宁公司进行分析，发现李宁公司在日常的经营管理中还存在问题，在发现这些问题的基础上对出现这些问题的原因进行分析。通过对体育用品和李宁公司的前景进行分析，得出李宁公司未来的发展机遇和挑战并存。文章最后对李宁公司的发展提出以下建设性的意见：提高公司经营战略水平、完善企业会计政策，提II升企业财务管理水平，增强企业创新能力。希望这些措施能够帮助李宁公司积极应对未来发展中的压力，抓住发展中的机遇。关键词：哈佛框架，财务分析，战略分析，会计分析IIIABSTRACTUnderthebackgroundofthecomplexeconomyandsocietynowadays,thetraditionalfinancialanalysescannolongermeettheneedsoffinancialstatementusers.Becausesuchanalysesjustconcentrateoncompanies’financialratios.ButHarvardanalytialframeworkmakeadeteailedanalysistobusinessstrategy,accounting,financeandtheprospects.Throughanalyzingwecanfindouttherelevantissuesandcurrentpressuresaccordingtotheresearchmentionedabove,especiallyLiNingcompany.Thecompetitioninmarketissofiercethatthiscompanyhasfacedchallengesonnotonlythesuppressfromtheinternationalfamoussportsbrands,butalsothethreatfromthedomesticsporting-goodsfirms.Aboveall,thefinancialanalysesareespeciallyimportantforLiNingcompanyduringitschallengeprocess.ThispapertakesLiNingastheobjectofstudy,usingtheHarvardanalysisframeworkonthefinancialstatementsofthecompanyfrom2009to2013wereanalyzed.ThisarticlefirsttotheLiNingcompanyintroducesthegeneralsituationoftheenterprisesandtheoverallbusinesssituation,andthenaccordingtothefourelementsofHarvardframeworkofLiNingcompanystrategyanalysis,accountinganalysis,financialanalysisandprospectanalysis.Inbusinessstrategyanalysis,byanalyzingtheexternalenvironmentofLiNingcompany,foundthatLiNingcompanyinthedevelopmentoftheindustryfacingtheopportunitiesandthreats;ThroughtheanalysisofLiNingcompany'sinternalconditions,findtheadvantagesanddisadvantagesexistinginthemanagementstrategy;Andfindouttherootoftheproblem.Inaccountinganalysis,throughtotheLiNingcompanyassetsandprofitandlossaccountsandaccountingpoliciesandaccountingestimatesisanalyzed,itisconcludedthatLiNingcompany'soverallaccountingpoliciesandaccountingestimatesusedcorrectly,butintheaccountsreceivableprovisionforbaddebtprovisionanddepreciationoffixedassetsontheproblemsstillexist,therootoftheproblemisthecompany'saccountingpoliciesandaccountingestimatevaluedegreeisnotenough.Infinancialanalysis,throughtotheLiNingcompany'ssolvency,profitability,operatingcapacityandfourindexessuchascashflowanalysis,foundthatLiNingcompany'ssolvency,profitabilityandoperationabilityinthefall,themainreasonisthattheinfluenceofcorporatestrategy,corporatesalesrevenue,appearalargenumberofIVinventory.Inthebusinessstrategyofthecompanyonthebasisofanalysis,accountinganalysisandfinancialanalysis,thesportinggoodsindustryandthedevelopmentprospectofLiNingcompanyforecast,theauthorthinksthatLiNingcompanyhasgooddevelopmentprospects.ByapplyingtheHarvardanalysisframeworktotheanalysisofLiNingcompany’sstatusquo,wecanseethattherearemanyproblemsinthedailymanagement.Andbasedonthestudiesabouttheexistingproblems,therelatedconclusioncanbedrawnedthatLiNingcompanyisfacingwithchallengesandopportunities.Intheendofthispaper,theauthorputforwardsomeconstructiveproposalsasfollowsforLiNingcompany’slong-termprospects.Thecompany’smanagersshouldmakeeffortstoimprovethelevelofbusinessstrategy,perfecttheaccountingpolicy,improvetheleveloffinancialmanagement,strengthentheinnovationability.Alloftheseareaimedathelpingcombatthecomingpressurepositivelyinthefuturedevelopmentandseizetheemergingopportunities.KEYWORDS:HarvardFramework,FinancialAnalysis,StrategicAnalysis,AccountingAnalysisV目录摘要...................................................................................................................................IABSTRACT....................................................................................................................III1绪论................................................................................................................................11.1研究背景及意义......................................................................................................11.1.1研究背景.................................................................................................