基于哈佛分析框架的索菲亚财务战略优化研究
摘要
受 2020年疫情的影响，2020年家具制造业主营业务收入为 6875.4亿元，
同比下降6.0%。2021年上半年，稳地价、稳房价、稳预期的调控措施全面落实，
同时支持租赁住房发展的政策陆续出台。在此背景下，房地产新开工增长乏力。
房地产对家具行业的影响具有滞后性，大约12-24个月。定制家具企业的上下游
环境面临巨大压力。因此，定制家具企业应该根据房地产行业的变化尽快制定适
合自身的财务战略，以更好地应对未来。
由于索菲亚是A股市场国内首家定制衣柜上市企业，业务种类齐全，完善的
品牌体系覆盖了高中低端市场，能够较好地代表定制家具企业，因此，本文以索
菲亚为案例研究对象。综合运用文献分析法、专家咨询法、对比分析法和归纳演
绎法，遵循提出问题-分析问题-解决问题的研究思路，基于哈佛分析框架，分别
从战略、会计、财务、前景四个方面对索菲亚做全面分析。依据分析结果，从筹
资、投资和股利分配三个方面分析索菲亚存在的问题，并有针对性地提出优化建
议。
本文主要研究结论有：（1）筹资战略存在结构不合理、制度不完善的问题，
应该在满足资金需求的前提下，适当降低流动负债比例；通过发行股票、提高留
存收益以及拓展其他筹资途径，以优化筹资结构；同时还应尽快完善偿债保障制
度。（2）投资战略存在速动资产比重偏高、研发投入较少、投资效益不高等问题，
应该降低速动资产比重；加强研发投入，向智能化、数字化转型，提高生产效率；
加强成本控制，提升产品质量，进而提高营业收入的同时，降低营业成本，增加
利润。（3）股利分配战略存在股利分配率偏高、员工股权激励不到位等问题，应
该适当降低股利分配率；完善股份支付结构，合理配置限制性股票和股票期权等
权益结算的股份支付，以及模拟股票、现金股票增值权等现金结算的股份支付，
充分发挥股份支付的激励作用。
本文拓展了哈佛分析框架在定制家具行业中的应用；丰富了基于哈佛分析框
架的财务分析结果用于财务战略的实践案例。
关键词：哈佛分析框架财务分析财务战略

A STUDY OF SOGAL'S FINANCIAL STRATEGY
OPTIMIZATION BASED ON THE HARVARD ANALYTICAL
FRAMEWORK
ABSTRACT
Influenced by the 2020 epidemic, the furniture manufacturing industry's main
business revenue in 2020 was RMB 687.54 billion, shrinking by around 6.0 percent
year-on-year. In the first half of 2021, the regulatory measures to stabilize land prices,
housing prices and expectations were fully implemented, while policies to support the
development of rental housing were introduced one after another. In this context, the
growth of new real estate construction was sluggish. The impact of real estate industry
on the furniture industry has a time lag around 12-24 months. The upstream and
downstream environment for custom furniture companies is under tremendous
pressure. Therefore, custom furniture companies should develop their own financial
strategies as soon as possible to better cope with the future in light of the changes in
the real estate industry.
As SOGAL Home Collection Co., Ltd (SOGAL) is the first domestic listed
company of custom-made wardrobe in the A-share market, it has a complete range of
business and a perfect brand system covering the high, medium and low-end markets,
which can be a better represent the custom-made furniture industry. Therefore, this
paper takes SOGAL as the case study object. Using literature analysis, expert
consultation, comparative analysis and inductive deduction, this paper follows the
research logic of problem formulation - problem analysis - problem solving. Besides,
based on the Harvard analysis framework, this paper makes a comprehensive analysis
of SOGAL from four aspects: strategy, accounting, finance and prospects. Based on the
results of the analysis, SOGAL's problems were segregated into three aspects: financing,

investment and dividend distribution. Suggestions for optimization were provided.
The main conclusions of this paper including the follows. (1) The current financing
strategy has an unreasonable structure and an imperfect system. SOGAL should reduce
the current debt ratio on the premise of meeting capital needs. It should optimize the
financing structure by issuing shares, increasing retained earnings and expanding other
financing channels. Also, it should improve the debt service guarantee system as soon
as possible. (2) The current investment strategy is characterized by a high proportion of
quick assets, low investment in research and development, and low investment
efficiency. SOGAL should reduce the proportion of quick assets. It should strengthen
investment in research and development, transform towards intelligence and
digitization, and improve production efficiency. It should strengthen cost control and
improve product quality, thereby increasing operating revenue while reducing operating
costs and increasing profits. (3) The current dividend distribution strategy suffers from
a high dividend distribution rate and inadequate employee stock ownership, and should
appropriately reduce the dividend distribution rate. SOGAL should improve the share-
based payment structure and reasonably allocate equity-settled share-based payments
such as restricted shares and stock options, as well as cash-settled share-based payments
such as simulated shares and cash stock appreciation rights, to give full play to the
incentive effect of share-based payments.
This paper expands the application of the Harvard Analytical Framework in the
custom furniture industry, and enriches the practical cases where the results of financial
analysis based on the Harvard Analytical Framework are used for financial strategies.
KEY WORDS: Harvard Analytical Framework Financial Analysis Financial
Strategy
。。。以下略