I 摘要 水泥是建筑用的胶黏材料，发源于罗马砂浆，工业革命后改良成波特兰水泥，大规 模应用于推动城市化进程。“十三五”期间，水泥行业进入严格控制新增产能、淘汰落 后产能，化解产能过剩，新增新的需求，调整结构的转型升级新时期。提升资源能源利 用率、提升技术装备水平，同时降低低标号水泥比例，提升功能品位向高端发展，向实 现节能低碳减排和实现绿色环保方向发展，将逐渐成为水泥行业追求的主要发展目标。 海螺水泥作为我国水泥行业龙头企业，在全球市场亦有一定影响力，具有“世界水 泥看中国，中国水泥看海螺”之称，本文选择海螺水泥作为研究对象，运用哈佛分析框 架，对海螺水泥的竞争战略、会计项目和会计政策、财务质量及未来的发展前景进行综 合分析和评价，为企业今后能更好的发展提供建议，并供行业内其他企业参考借鉴。 本文共分为七个章节，第一章主要介绍该研究的背景和研究的意义，以及国内外研 究现状；第二章对哈佛分析框架理论进行介绍；第三章主要运用波特五力分析模型和 SWOT分析法对我国水泥行业和海螺水泥现状进行战略分析；第四章重点分析海螺水泥 的主要会计指标；第五章分析海螺水泥的财务报表，并对其偿债能力、营运能力、盈利 能力、创现能力和发展能力进行分析；第六章展望海螺水泥未来的发展前景，指出其面 临的风险；第七章为结论与对策建议，对本文的研究进行整体概括总结并对公司面临的 风险提供切实可行的解决策略。 通过本文的深入研究分析可以得出海螺水泥在国内存在明显的竞争优势，其偿债能 力、营运能力和盈利能力较强，公司财务稳健，债务风险控制力强，发展前景良好。海 螺水泥应在坚持“T”型战略的基础上，依托科技优势，使生产成本进一步降低，同时 借助“一带一路”和环保政策影响，扩大产品销售区域，以帮助海螺水泥走向更大的成 功。 关键词海螺水泥哈佛分析框架财务分析 河北大学硕士学位论文 II Abstract Cementistheadhesivematerialusedinconstruction,originatedfromRomanmortar, andimprovedintoPortlandcementaftertheindustrialrevolution,whichiswidelyusedto promotetheprocessofurbanization.Duringthe13thfive-yearplanperiod,thecement industryenteredanewperiodoftransformationandupgrading,whichincludedstrictly controllingnewproductioncapacity,eliminatingbackwardproductioncapacity,reducing overcapacity,creatingnewdemandandadjustingthestructure.Toimprovetheefficiencyof resourcesandenergy,improvetheleveloftechnologyandequipment,reducetheproportion oflow-gradecement,upgradethefunctionalgradetohigh-enddevelopment,toachieve energyconservation,low-carbonemissionreductionandgreenenvironmentalprotection,will graduallybecomethemaindevelopmentgoalsofthecementindustry. Conchcementasthecementindustryleadingenterprisesinourcountry,alsohascertain influenceintheglobalmarket,with"theworldseeChinacement,Chinaseeconchcement", thisarticlechooseconchcementastheresearchobject,usingtheharvardanalysisframework, competitivestrategyofconchcement,thequalityofaccountingandaccountingpolicies, financial,andprospectsforthefuturedevelopmentofacomprehensiveanalysisand evaluation,provideSuggestionsforthedevelopmentofenterprisescanbetterinthefuture, andreferenceforotherenterprisesintheindustryforreference. Thispaperisdividedintosevenchapters.Thefirstchaptermainlyintroducesthe backgroundandsignificanceofthisresearch,aswellastheresearchstatusathomeand abroad.Thesecondchapterintroducestheharvardanalysisframeworktheory.Thethird chaptermainlyUSESporter'sfiveforcesanalysismodelandSWOTanalysismethodtocarry onthestrategicanalysistoourcountrycementindustryandconchcementpresentsituation; Thefourthchapteranalyzesthemainaccountingindexofconchcement.ChapterFive analyzesthefinancialstatementsofconchcement,andanalyzesitsdebtpayingability, Abstract III operatingability,profitability,cashgenerationabilityanddevelopmentability.Chaptersix looksforwardtothefuturedevelopmentofconchcementandpointsouttherisksitfaces.The seventhchapteristheconclusionandcountermeasures.Itsummarizestheresearchofthis paperandprovidespracticalsolutionstotherisksfacedbythecompany. Throughthein-depthstudyofthispaper,wecanconcludethatconchcementhas obviouscompetitiveadvantagesinChina,withstrongsolvency,operatingcapacityand profitability,stablecorporatefinance,strongdebtriskcontrol,andgooddevelopment prospects.Conchcementshouldadheretothe"T"strategy,onthebasisofscientificand technologicaladvantages,tofurtherreducetheproductioncost,atthesametimewiththehelp of"OneBeltAndOneRoad"andenvironmentalpolicy,expandtheproductsalesarea,tohelp conchcementtogreatersuccess. KeywordsConchCementHarvardAnalysisFrameworkFinancialAnalysis 河北大学硕士学位论文 IV 目录 第一章绪论.........................................................................................................................1 1.1研究背景和研究意义................................................................................................1 1.1.1研究背景.........................................................................................................1 1.1.2研究意义.........................................................................................................2 1.2国内外研究现状........................................................................................................2 1.2.1国外研究现状.................................................................................................2 1.2.2国内研究现状.................................................................................................3 1.2.3文献研究综述.................................................................................................5 1.3研究内容和研究方法................................................................................................6 1.3.1研究内容.........................................................................................................6 1.3.2研究方法.........................................................................................................6 1.4论文可能的创新点....................................................................................................7 第二章哈佛分析框架理论.....................................................................................................8 2.1哈佛分析框架概述....................................................................................................8 2.2哈佛分析框架的内容................................................................................................8 2.3哈佛分析框架四维度之间的联系............................................................................9 2.4哈佛分析框架的优势................................................................................................9 第三章海螺水泥战略分析...................................................................................................10 3.1海螺水泥现状介绍..................................................................................................10 3.2水泥行业分析..........................................................................................................10 3.2.1水泥行业发展现状.......................................................................................10 3.2.2水泥行业的波特五力模型分析...................................................................12 3.3海螺水泥SWOT分析............................................................................................14 第四章海螺水泥会计分析...................................................................................................19 目录 V 4.1识别关键会计政策和会计估计..............................................................................19 4.2会计项目质量分析..................................................................................................20 4.2.1固定资产分析...............................................................................................20 4.2.2货币资金分析...............................................................................................22 4.2.3应收票据及应收账款分析...........................................................................24 4.2.4存货分析.......................................................................................................27 4.3本章小结..................................................................................................................29 第五章海螺水泥财务分析..............