財(cái)務(wù)分析與價(jià)值鏈分析的融合：Analysis of financial analysis and value chain integration

Summary摘要

隨著現(xiàn)代管理的進(jìn)步和生產(chǎn)力的迅猛發(fā)展，使世界經(jīng)濟(jì)呈現(xiàn)出全球化和一體化的發(fā)展趨勢(shì)，企業(yè)之間的競(jìng)爭(zhēng)也逐漸向全球化發(fā)展。在激烈的市場(chǎng)競(jìng)爭(zhēng)面前，誰能夠盡快地吸收現(xiàn)代化的管理理論和方法，并運(yùn)用于現(xiàn)代企業(yè)管理中，誰就會(huì)占有競(jìng)爭(zhēng)的主動(dòng)權(quán)。

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.

目前新西蘭大部分企業(yè)的財(cái)務(wù)分析都是基于企業(yè)的部門職能劃分及保持essay流程和管理流程不變的情況下進(jìn)行的，這樣的財(cái)務(wù)分析過程不能綜合地從企業(yè)整個(gè)生產(chǎn)經(jīng)營(yíng)過程的總體價(jià)值鏈增值來實(shí)現(xiàn)企業(yè)戰(zhàn)略目標(biāo)的系統(tǒng)性設(shè)計(jì)。因此，本文提出了財(cái)務(wù)分析和價(jià)值鏈分析相融合的理念。本文首先從財(cái)務(wù)分析理論和價(jià)值鏈理論入手，進(jìn)而提出財(cái)務(wù)分析和價(jià)值鏈分析融合應(yīng)用的理論，指出在財(cái)務(wù)分析中融入價(jià)值鏈分析的必要性，并分別從縱向價(jià)值鏈、橫向價(jià)值鏈、企業(yè)內(nèi)部?jī)r(jià)值鏈等三個(gè)方面具體分析了價(jià)值鏈分析在財(cái)務(wù)分析中的應(yīng)用，接著指出將價(jià)值鏈分析融于財(cái)務(wù)分析的優(yōu)點(diǎn)。最后通過國(guó)美經(jīng)營(yíng)價(jià)值鏈的財(cái)務(wù)分析的案例，展示了價(jià)值鏈導(dǎo)向下的企業(yè)財(cái)務(wù)分析模式的實(shí)際應(yīng)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#分頁標(biāo)題#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#分頁標(biāo)題#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#分頁標(biāo)題#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價(jià)值鏈與財(cái)務(wù)分析概述
2.1The meaning and content of the value chain價(jià)值鏈的涵義及內(nèi)容

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#分頁標(biāo)題#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.財(cái)務(wù)分析的內(nèi)容及功能content and financial analysis functions#p#分頁標(biāo)題#e#

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#分頁標(biāo)題#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#分頁標(biāo)題#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#分頁標(biāo)題#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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