现如今，经济高速发展，市场风云变幻，企业发展如逆水行舟、不进则退， 而财务分析是分析企业财务状况、运营情况的有力武器。根据财务分析得到的 分析结果，是管理者了解企业整体状况的直接途径，也是外部投资者或企业债 权人判断企业价值的重要信息来源。因此，企业必须充分重视财务分析，不断更 新优化财务分析的流程及方式方法，使财务分析的重要作用得到充分发挥。 经济环境不断变化，同样地，财务分析工具也应当与时俱进，采用陈旧的财 务分析方式的企业，最终的命运很可能就是被新涌起的“浪潮”拍死在商海的 “沙滩”上。通过研究可知，传统的财务分析法是运用财务数据计算各项财务 比率来分析判断企业的各项能力，对企业的经营成果、财务状态进行评价，并据 此提出建议。但现如今传统财务分析方式的弊端已经日渐显露，已不能满足企 业经营与发展的需求。传统的财务分析方法由于分析过程过于简单，仅基于企 业的历史账面数据进行比率计算分析、缺少对企业战略与前景的分析、忽视非 财务信息等原因，导致分析结果滞后、分析结果的准确性无法得到有效保障、无 法为企业提供有效的战略建议等后果。目前JW公司正处于的行业发展机遇期， 同时面临着竞争愈加激烈、国有企业机构改革的局面，其现行的传统的财务分 析方式已经无法满足企业管理的需求，改变原有的财务分析方式已经势在必行。 通过对国内外财务分析方式的研究，本文将选取哈佛分析框架对JW公司 进行财务分析。本文在理解传统财务分析方式与哈佛分析框架的基本理论及其 优劣势、了解JW公司相关背景的基础上，运用哈佛分析框架对JW公司2014 年至2018年的财务数据及非财务信息进行全面分析，再将哈佛框架下的分析结 果及其优势进行分析总结，最后对JW公司的财务管理、经营方式、战略及前景 提出有针对性的建议。 通过本文的研究发现，哈佛分析框架填补了传统财务分析中战略分析与前 景分析的空白，增加了对非财务信息的分析，更为重视与同行业竞争者的比较 分析，其分析结果比传统财务分析的结果更为全面客观。通过分析可知JW公司 正处在行业快速发展的机遇期，但同时面临着来自国内外竞争者的有力冲击， 公司内部的营销能力及财务管理能力、风险管理能力亟需提升。 希望通过本文的研究，能够更好地掌握并熟练地运用哈佛分析框架对企业 江苏大学工商管理硕士（MBA）学位论文 II 进行财务分析，深入理解哈佛分析框架的优势，为企业提供客观准确的、具有科 学性、预见性的财务分析结论，帮助企业发现管理漏洞、识别竞争风险、抓住发 展机遇，让企业这艘巨轮行稳致远。 关键词：哈佛分析框架，财务分析，JW公司 江苏大学工商管理硕士（MBA）学位论文 III ABSTRACT Nowadays, high-speed economic development, the changes of market, enterprise development also like you, not to advance is to go back, and financial analysis is the analysis of enterprise financial position, operating situation of the powerful weapon, according to the financial analysis results, managers direct way to understand the status of the company as a whole, is the outside investors or creditors judgment enterprise important source of information in state all aspects of company. Therefore, enterprises must pay full attention to financial analysis, constantly optimize the process and methods of financial analysis, play an important role in financial analysis. The economic environment is constantly changing. Similarly, financial analysis tools should also keep pace with the times. Enterprises that adopt backward financial analysis methods are eventually destined to be photographed by the "wave" of new waves on the "beach" of the Shanghai Sea. Through the research, it can be seen that the traditional financial analysis method combines financial data and financial calculation to analyze the financial situation of the enterprise, evaluates the business results and financial status of the enterprise, and puts forward suggestions. Nowadays, the disadvantages of traditional financial analysis methods have been gradually revealed and can no longer meet the needs of enterprise management and development. The traditional financial analysis method is too simple because the financial analysis process is only based on the book data of the company's history, and the lack of analysis of the company's strategy and prospects, ignoring non-financial data, etc.. The result is that the analysis results are lagging behind, the accuracy and science of the analysis results can not be effectively guaranteed, and it can not provide enterprises with targeted, realistic guidance and competition advice. Nowadays, JW company is facing the situation of more and more fierce competition in the industry and the reform of state-owned enterprises. Its backward traditional financial analysis method can no longer meet the needs of enterprise management. It is imperative to optimize the original financial analysis method of enterprises. Through the study of financial analysis methods at home and abroad, this paper will select Harvard Analysis Framework for financial analysis of JW Company. Based on the understanding of the basic theory of traditional financial analysis and Harvard analysis framework, as well as their advantages and disadvantages, and the relevant 江苏大学工商管理硕士（MBA）学位论文 IV background of JW Company, this paper analyzes the financial data and non-financial information of JW Corporation from 2014 to 2018 by Harvard analysis framework, and then summarizes the results and advantages of Harvard analysis framework, finally, some pertinent suggestions on the financial management, operation mode, strategy and prospect of JW Corporation are put forward. Through the research of this paper, it is found that the Harvard analysis framework has filled the gap of the traditional strategic analysis and prospect analysis in financial analysis, increased the analysis of non-financial information, and paid more attention to the comparative analysis with competitors in the same industry, the results of the analysis are more comprehensive and objective than those of traditional financial analysis. Through the analysis, we know that JW Company is in the opportunity period of the rapid development of the industry, but at the same time it is facing the strong impact from domestic and foreign competitors, the company's internal marketing ability, financial management ability and risk management ability need to be improved. I hope that through this study, we can better master and skillfully use the Harvard analysis framework of corporate financial analysis, in-depth understanding of the advantages of the Harvard analysis framework, to provide an objective and accurate, scientific and predictable conclusion of financial analysis, to help enterprises find management loopholes, identify competitive risks, seize development opportunities, so that the enterprise this ship will go steadily for a long time. Key words: Harvard analysis framework, financial analysis, JW Company 江苏大学工商管理硕士（MBA）学位论文 VI 目 录 第一章 绪论 ..................... 1 1.1 研究背景及研究意义 .......................... 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 . 4 1.2.3 文献评述 ......... 7 1.3 研究内容与方法 ... 7 1.3.1 研究内容 ......... 7 1.3.2 研究方法 ......... 8 第二章 哈佛分析框架的相关理论................ 9 2.1 传统财务分析的基本理论 .................. 9 2.1.1 传统财务分析的含义 .................... 9 2.1.2 传统财务分析的方法 .................. 10 2.1.3 传统财务分析的局限性 .............. 10 2.2 哈佛分析框架的基本理论 ................ 11 2.2.1 哈佛分析框架的维度 .................. 11 2.2.2 哈佛分析框架的优势 .................. 12 第三章 JW公司引入哈佛分析框架的背景分析 ..................... 13 3.1 公司概况 ............. 13 3.1.1 公司基本情况 .............................. 13 3.1.2 公司组织架构 .............................. 13 3.1.3 公司财务部门设置 ...................... 14 3.2 公司现行的财务分析 ........................ 15 3.2.1 公司现行的财务分析流程及方法 ............................. 15 江苏大学工商管理硕士（MBA）学位论文 VII 3.2.2 公司现行财务分析存在的问题 .. 17 3.3 哈佛分析框架的引用 ........................ 18 3.3.1 引用哈佛分析框架的必要性及可行性 ..................... 18 3.3.2 JW公司的哈佛分析框架 ............ 19 第四章 基于哈佛分析框架下的JW公司财务分析 ................ 21 4.1 JW公司战略分析 21 4.1.1 行业竞争环境分析 ...................... 21 4.1.2 行