本文選題：哈佛分析框架 + 華銀電力�。� 參考：《中南大學(xué)》2013年碩士論文

【摘要】：電力上市公司是反映電力行業(yè)運(yùn)營(yíng)情況的窗口,逐漸成為資本市場(chǎng)關(guān)注的重點(diǎn)。大唐華銀電力股份有限公司(簡(jiǎn)稱華銀電力)是湖南省唯一一家電力上市公司,公司的經(jīng)營(yíng)現(xiàn)狀和未來(lái)發(fā)展能力對(duì)湖南省的能源供應(yīng)具有重大影響。因此,本文以華銀電力公司作為研究對(duì)象,對(duì)其進(jìn)行全面的財(cái)務(wù)分析與評(píng)價(jià),希望能夠?yàn)楣芾碚吒纳茮Q策提供依據(jù),同時(shí)為廣大投資者提供信息參考。 針對(duì)傳統(tǒng)財(cái)務(wù)分析框架的不足,本文選用著名的哈佛分析框架對(duì)華銀電力2008-2012年的財(cái)務(wù)報(bào)表進(jìn)行分析。文章首先闡述了哈佛分析框架的基本邏輯與分析維度,其次按照哈佛分析框架的四個(gè)分析維度,分別對(duì)華銀電力進(jìn)行戰(zhàn)略分析、會(huì)計(jì)分析、財(cái)務(wù)分析和前景分析。通過(guò)戰(zhàn)略分析明確了華銀電力的經(jīng)營(yíng)背景和發(fā)展戰(zhàn)略；通過(guò)會(huì)計(jì)分析評(píng)估華銀電力的關(guān)鍵會(huì)計(jì)政策及信息披露質(zhì)量,確保了財(cái)務(wù)分析結(jié)論的有效性；基于戰(zhàn)略分析和會(huì)計(jì)分析的結(jié)果,財(cái)務(wù)分析部分重點(diǎn)評(píng)價(jià)了公司的增長(zhǎng)性、盈利性、風(fēng)險(xiǎn)性,同時(shí)運(yùn)用杜邦體系和EVA評(píng)價(jià)了企業(yè)的綜合財(cái)務(wù)狀況；最后文章定性預(yù)測(cè)了華銀電力的發(fā)展前景,并為公司發(fā)展提出合理化建議。通過(guò)本文的分析,得出了以下結(jié)論：華銀電力目前處于產(chǎn)業(yè)結(jié)構(gòu)調(diào)整的關(guān)鍵時(shí)期,公司財(cái)務(wù)狀況較差,價(jià)值創(chuàng)造能力不強(qiáng),表現(xiàn)為盈利水平低、有效增長(zhǎng)不足,經(jīng)營(yíng)風(fēng)險(xiǎn)大、財(cái)務(wù)風(fēng)險(xiǎn)高；但是企業(yè)現(xiàn)金流充足,資產(chǎn)營(yíng)運(yùn)效率在不斷提高。隨著煤電價(jià)格進(jìn)一步理順,企業(yè)自身管理水平的提升,預(yù)計(jì)華銀電力的經(jīng)營(yíng)業(yè)績(jī)將不斷改善。 本文將哈佛分析框架應(yīng)用于電力上市公司財(cái)務(wù)分析,在分析其他同類企業(yè)時(shí)同樣具有借鑒和指導(dǎo)意義。
[Abstract]:The listed power companies are the window to reflect the operation of the power industry, and gradually become the focus of the capital market. Datang Huayin Electric Power Co., Ltd. is the only listed power company in Hunan Province. Therefore, this article takes Huayin Power Company as the research object, carries on the comprehensive financial analysis and the appraisal to it, hoped can provide the basis for the manager to improve the decision, at the same time provides the information reference for the general investor. In view of the shortcomings of traditional financial analysis framework, this paper selects the famous Harvard analysis framework to analyze the financial statements of BPC from 2008 to 2012. This paper first expounds the basic logic and analysis dimension of Harvard analysis framework, then according to the four analysis dimensions of Harvard analysis framework, carries on the strategy analysis, the accounting analysis, the financial analysis and the prospect analysis to the Huabang electric power separately. Through strategic analysis, the operating background and development strategy of Bank of China Power are clarified, and the key accounting policies and the quality of information disclosure are evaluated through accounting analysis to ensure the validity of financial analysis conclusions. Based on the results of strategic analysis and accounting analysis, the part of financial analysis focuses on the evaluation of the growth, profitability and risk of the company. At the same time, it uses DuPont system and EVA to evaluate the comprehensive financial situation of the enterprise. Finally, the paper qualitatively predicts the development prospect of Huayun electric power, and puts forward some reasonable suggestions for the development of the company. Through the analysis of this paper, the following conclusions are drawn: Huabang Electric Power is in the key period of industrial structure adjustment, the financial situation of the company is poor, the value creation ability is not strong, the performance is low profit level, the effective growth is insufficient, the management risk is big. The financial risk is high; however, the cash flow of the enterprise is sufficient, and the efficiency of assets operation is improving continuously. With the further straightening out of the coal price and the improvement of the enterprise's own management level, the bank's operating performance is expected to continue to improve. In this paper, the Harvard analysis framework is applied to the financial analysis of electric power listed companies, which has the same reference and guidance significance in the analysis of other similar enterprises.
【學(xué)位授予單位】：中南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F426.61

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