哈佛分析框架与企业财务分析外文文献翻译

毕业设计附件外文文献翻译：原文+译文文献出处：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 framework 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 enterprise 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 strategic vision, focus on the development strategy of the enterprise, takes the enterprise's 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 and 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 framework 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 prediction is scientific, pointed out the direction of future development for the enterprise.Keywords: Harvard analysis framework, the electric power enterprise, strategy, financial analysis1 IntroductionThe development needs of an enterprise financial analysis for its help, financial analysis has attracted 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 management 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 then forecast the prospect of the enterprise. The traditional financial analysis framework is in the long-term practice of financial analysis and theoretical summary and form, it is main analysis object with financial statements, although joined the financial comprehensive analysis model or system, but 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 enterprise's financial statements, is basically a state of "report on report". 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 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 ignore 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 havesatisfied the needs of the development of enterprises now.2 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 yield 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 the 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 added theory init ially by Merton miller and Franco’s 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 added is the company'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 Robert 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 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 reflect 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 financialanalysis system, in order to form a frame structure, support for the enterprise 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, discussed 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 development 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 premise 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 analysis 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 profitability, risk, prediction and evaluation of enterprise financial position and operating results are analyzed.3 Harvard theory analysis frameworks3.1 Strategic analysisStrategic analysis is the logical starting point of financial statement analysis, is also a Harvard analysis framework and other different 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 industry 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 theindustry, by analyzing the existing and potential competitiveness, and negotiation ability, in the buying and selling market for 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 growth 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 industry 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 advantages 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 product variety, better customer service, etc.3.2 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 estimates 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 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. Accounting analysis steps in turn have to identify the key accounting policies, evaluating accounting flexibility, evaluationstrategy, accounting disclosure quality evaluation, recognize danger signals and finally eliminate the distortion of accounting information. Accounting analysis method can have the audit report to analysis, abnormal profit excluding method, cash flow analysis, related party transactions rejecting method eliminating method and the virtual assets.3.3 Financial analysisThe main content of financial analysis is to enterprise's debt paying ability, operation ability, and profit 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 strategy 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 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 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, so 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 statements and peer enterprises horizontal comparison, and analysis enterprise's position in the industry and its realistic situation.译文哈佛分析框架与企业财务分析研究Andrew G摘要一个有效地财务分析框架不仅要学习如何使用会计数据，而且要善于运用非会计数据。