和关键词 I 摘要 财务报表分析的目的是通过评价过去的经营业绩、衡量现在的财务状况、 预测未来的发展趋势，给财务报表的各类使用者提供有效的参考信息。传统的 财务分析主要是对财务数据进行评价，在方法上缺乏对环境影响的考量，分析 过程缺乏系统性，并且由于财务数据容易受到会计政策和会计估计的影响，所 以其结论往往过于粗放，不容易准确把握评价的结果。哈佛分析框架是一种区 别于传统财务分析方法的系统性财务分析框架，它从战略分析、会计分析、财 务分析、前景分析四个层面对企业进行多维度的分析，通过将非财务数据与财 务数据进行结合，站在战略的高度来评价企业的经营成果和财务状况，是一种 系统和科学的分析框架。 随着国家监管部门对于金融行业市场准入条件的放开，人们对于金融企业 的关注进一步加大。中国平安是一家以保险起家，快速发展成为国内综合金融 集团的具有代表性的企业。由于中国平安内部各部门之间相互独立、各行其是， 其财务分析通常停留在指标的计算和对比上，主要采用比率分析法和比较分析 法进行财务分析，并且往往受限于自身的财务数据，缺乏与同行业的横向对比， 对于自身所处的位置较难准确把握。 本文将哈佛分析框架应用于中国平安，一方面通过将哈佛分析框架应用于 国内企业，可以实现理论和实践的相互促进发展，另一方面，由于把财务报表 分析放到企业经营的环境中，考虑企业的经营战略，结合对会计数据的评价和 对前景的分析，该框架下的分析结论更加完整可靠，可以对财务报表的使用者 提供较有效的决策参考信息。 本文在对财务分析的国内外理论文献进行介绍的基础上，重点阐述了哈佛 分析框架理论的内容并分析了该框架的优点。以中国平安作为案例研究对象， 将哈佛分析框架在中国平安进行了具体的应用分析，并基于此得出了综合评价 和相关建议。通过哈佛分析框架四个层面的分析可以看到，中国平安目前正处 在机遇和挑战并存的时期。一方面国家对行业的重视程度日益加大，居民消费 能力和消费意识不断提升，这将进一步推动行业的发展；另一方面，行业内竞 摘要和关键词 II 争形势前所未有的严峻，中国平安能否保持发展势头的关键在于是否能维持竞 争优势、克服现有问题。整体来看，目前中国平安采用了“高盈利、低周转” 的经营战略，在保证偿付能力的同时，盈利能力表现较为优秀，权益净利率指 标在同行业规模最大的5家上市公司中排名第一。 中国保险业已经进入了深化改革、全面开放、加快发展的新阶段，企业将 迎来更为激烈的竞争。考虑到中国平安目前在混业经营中抢占的先机，结合中 国平安过往对于市场的快速反应来看，尽管金融行业的风云变幻将引发市场格 局的重塑，但中国平安的发展前景还是比较乐观的。本文最后基于哈佛分析框 架的分析对于中国平安进行了综合评价，对中国平安目前需要关注的问题进行 了分析，同时也提出了相关的建议，希望能够给险企和其他行业带来一些启示。 关键词：哈佛分析框架；中国平安；财务分析；战略 Abstract and keywords III Abstract The purpose of financial statement analysis is to provide effective reference information for various users of financial statement by evaluating past operating performance, measuring current financial status and predicting future development trend. The traditional financial analysis mainly evaluates the financial data, and lacks the consideration of the environmental impact in the method, lacks the systematic analysis in the process, and because the financial data is susceptible to the impact of accounting policies and accounting estimates, its conclusions are often too extensive, and it is not easy to accurately grasp the evaluation results. The Harvard Analysis Framework is a systematic financial analysis framework which is different from the traditional financial analysis methods. It combines non-financial data with financial data, conducts multi-level analysis from four aspects of strategic analysis, accounting analysis, financial analysis and prospect analysis. This framework can evaluate the operating results of an enterprise and financial conditions from a strategic point of view. So it’s a systematic and scientific financial analysis framework. With the release of market access conditions for financial industry by national regulatory authorities, people pay more attention to financial enterprises. Ping An is a representative enterprise that started with insurance and rapidly developed into a domestic comprehensive financial group. Due to the different departments of Ping An are independent of each other, that acted its financial analysis usually stay in index calculation and comparison. The financial analysis of Ping An is mainly using the method of ratio analysis and comparative analysis, and are often limited by themselves financial data, because it lacks the comparison with that of the industry, It is difficult to accurately evaluate its position. The Harvard Analysis Framework is applied to Ping An in this paper. On the one hand, the application of the Harvard Analysis Framework to domestic enterprises can make the mutual promotion of theory and practice, on the other hand, put the financial statement analysis in the environment of enterprise operation, consider the management strategy of enterprises, combined with the evaluation of accounting data Abstract and keywords IV and analysis of the prospects, the conclusion is more complete and reliable, and can produce certain enlightenment function to the domestic insurance companies. Based on the introduction of the domestic and foreign theoretical literature about financial analysis, this paper focuses on the content of the Harvard Analysis Framework theory and analyzes the advantages of this framework. Taking Ping An as the case study object and applying the Harvard Analysis Framework to Ping An. Based on this, the comprehensive evaluation and relevant Suggestions were obtained. According to the analysis of the Harvard Analysis Framework, Ping An is facing both opportunities and challenges. On the one hand, the state attaches more and more importance to the industry, and residents' increasing consumption ability and consumption consciousness will promote the development of the industry. On the other hand, the competition situation in the industry is unprecedentedly severe. The key for Ping An to maintain its development momentum lies in how to maintain its competitive advantage and overcome the existing problems. On the whole, Ping An has adopted the business strategy of "high profit and low turnover". While ensuring solvency, Ping An has an excellent performance in profitability, and its net return on equity ranks the first among the five largest listed insurance companies. China's insurance industry has entered a new stage of deepening reform, opening up and accelerating development, and enterprises will face more fierce competition. Although the changes in the financial industry will bring about the remaking of the market pattern, considering that Ping An has taken the preemptive opportunities in the mixed operation, the rapid response of Ping An to the market indicates, Ping An has an optimistic development prospect. Finally, this paper makes a comprehensive evaluation of Ping An based on the Harvard Analysis Framework, analyzes the current problems that Ping An needs to pay attention to, and puts forward some relevant Suggestions, I hope this paper is enlightening to the insurance companies and the other industries. Keywords: the Harvard Analysis Framework; Ping An; Financial analysis; Strategic 目录 V 目录 第一章 引言 .............................................. 1 1.1 研究背景和意义 ................................................ 1 1.1.1研究背景 .................................................................................................................. 1 1.1.2研究意义 .................................................................................................................. 2 1.2 国内外理论综述 ................................................ 2 1.2.1国外理论综述 .......................................................................................................... 2 1.2.2国内理论综述 .......................................................................................................... 6 1.2.3国内外理论研究的整体评价 .................................................................................. 8 1.3 研究框架与研究方法 ............................................ 9 1.3.1研究框架 .......................................................................