摘 要
最近几年来,白酒行业竞争加剧，集中度逐渐提高 ,消费者的品牌意识加强 ,
中高端白酒市场占有率大幅度上升。本文基于哈佛分析框架，对白酒行业次高端
品牌代表 S公司 2017-2020年财务报表信息进行研究。应用 PEST分析法、波特
五力框架以及 SWOT方法对 S公司所处的宏观大背景、行业近况、企业本身现
状进行分析;会计分析中，识别出关键项目，对关键项目进行进一步分析。财务
分析中，应用杜邦分析法，对 S公司的盈利能力、营运能力和偿债能力进行综合
研究。前景分析中，就白酒行业及公司未来进行研究预测，采用相对估值法中的
市盈率模型、绝对估值法中的自由现金流量模型进行估值。通过分析发现 S公司
存在的问题以及和竞争对手的差距，并提出针对性建议，为 S公司、其他白酒企
业、投资者提供参考。
关键词：白酒行业；S公司；财务报表分析；哈佛分析框架
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Abstr act
In recent years, the competition in the liquor industry has intensified, the
concentration has gradually increased, consumers' brand awareness has been
strengthened, and the market share of mid-to-high-end liquor has increased
significantly. Based on the Harvard analysis framework, this paper studies the
2017-2020 financial statement information of the second-high-end brand
representative of the liquor industry. Apply PEST analysis method, Porter's five
forces framework and SWOT method to analyze the macro background, industry
status, and current situation of the company itself; in the accounting analysis, identify
key projects and conduct further analysis on key projects. In the financial analysis, the
DuPont analysis method is used to conduct a comprehensive study on the profitability,
operating ability and debt repayment ability of S company. In the prospect analysis,
the research and forecast of the liquor industry and the company's future is carried out,
and the price-earnings ratio model in the relative valuation method and the free cash
flow model in the absolute valuation method are used for valuation. Through the
analysis, we found the problems of S company and the gap with competitors, and put
forward targeted suggestions to provide reference for S company, other liquor
companies and investors.
Key Words: Liquor industry
S Industry
Financial Statement Analysis
Harvard Analytical Framework
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目录
摘 要..................................................................................................................................I
Abstract............................................................................................................................... II
第一章 引言......................................................................................................................5
第一节 研究背景........................................................................................................5
第二节 研究意义........................................................................................................6
一、现实意义......................................................................................................6
二、理论意义......................................................................................................6
第三节 研究内容及方法............................................................................................6
一、研究内容......................................................................................................6
二、研究方法......................................................................................................7
第二章 相关理论及文献综述............................................................................................8
第一节 传统财务报表分析方法和局限性................................................................8
一、传统财务分析概念及方法..........................................................................8
二、传统财务报表分析的缺陷..........................................................................8
第二节 哈佛分析框架概述........................................................................................8
一、战略分析......................................................................................................9
二、会计分析......................................................................................................9
三、财务分析......................................................................................................9
四、前景分析....................................................................................................10
第三节 文献综述......................................................................................................10
一、国外文献综述............................................................................................10
二、国内文献综述............................................................................................12
第三章 战略分析..............................................................................................................14
第一节 宏观环境 PEST分析..................................................................................14
一、政治环境分析............................................................................................14
二、经济环境分析............................................................................................14
三、社会环境分析............................................................................................15
四、技术环境分析............................................................................................16
第二节 行业五力模型分析......................................................................................16
一、同行业竞争者的竞争能力........................................................................16
二、 潜在进入者的威胁..................................................................................18
三、替代品的威胁............................................................................................18
四、供应商谈判的实力....................................................................................18
五、买方的议价能力........................................................................................19
第三节 公司 SWOT分析........................................................................................19
一、优势分析....................................................................................................19
二、劣势分析....................................................................................................20
三、机会分析....................................................................................................21
四、威胁分析....................................................................................................23
第四节 S公司的战略选择...................................................................................... 24
第四章 会计分析..............................................................................................................26
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