I 摘要 近年来，体育用品制造业的发展得到国家的重视及多项政策支持，但该行 业在后奥运时代面临了库存过剩，转型困难，国际竞争激烈等诸多难题。安踏 体育作为我国体育用品制造的领军企业，通过摸索在企业转型升级上取得了一 定的成效，其发展中的经验及教训对同行企业来说有一定借鉴意义。 本文立足于体育用品制造业的发展背景，站在企业管理者的角度上，以安 踏体育作为典型案例，运用哈佛分析框架对安踏体育的财务做全面分析研 究，试图找到安踏体育发展中在运作转型方面值得借鉴的经验，发现其发 展中存在的不足之处，进而提出改进建议。文章结构安排如下：第一章叙 述了论文的研究背景、目的、意义、方法和主要研究框架，并且通过文献综述 回顾了财务分析研究的发展，最后介绍了论文的创新点。第二章梳理了论文的 理论基础。第三章简要介绍了安踏体育及其财务管理现状，提出其财务分析方 法上的不足，并分析了运用哈佛分析框架对安踏体育进行财务分析的必要性。 第四章是文章的核心部分，运用哈佛分析框架对安踏体育进行了定性和定量的 综合性研究。通过战略分析探究了安踏的内外部经营环境，解析了安踏的战略 选择。通过会计分析，研究对安踏经营上影响较大的会计要素，以及对应会计 政策的合理性，并识别危险会计信号，使财务分析结论更贴近于真实情况。财 务分析首先通过安踏资产负债表及损益表的趋势分析和结构分析，总体了解安 踏的发展趋势及资产与利润结构。然后通过杜邦分析法、比率分析法和灰关联 分析法，分析影响安踏发展的主要因素。前景分析中首先预测了体育用品制造 业的发展前景，然后根据前述分析预测安踏未来发展趋势和潜在风险。第五章 对安踏体育的财务状况进行综合的评价及总结，发现安踏发展中值得借鉴的经 验，并提出其发展中存在的不足，最后提出改进建议。 希望通过对行业典型个案的深入剖析，同时通过安踏与行业内企业的对比 研究，侧面呈现中国体育用品制造业的整体发展现状，并给安踏体育及其他体 育用品制造企业的继续发展提供一定的参考作用。 关键词：体育用品制造业安踏体育哈佛分析框架财务分析 华侨大学硕士学位论文 II Abstract Inrecentyears,thedevelopmentofthesportinggoodsmanufacturing industryhasreceivednationalattentionandanumberofpolicysupport,but theindustryhasfacedmanyproblemssuchasexcessinventory,difficult transformation,andfierceinternationalcompetitioninthepost-Olympicera. AntaSports,asaleadingcompanyinthemanufactureofsportsgoodsin China,hasachievedcertainresultsinitstransformationandupgrading throughexploration.Itsdevelopmentexperienceandlessonshavecertain referencesignificanceforcompaniesinthesameindustry. Thisarticleisbasedonthedevelopmentbackgroundofthesportsgoods manufacturingindustry,fromtheperspectiveofcorporatemanagers,taking ANTAasatypicalcase,andusingHarvardanalysisframeworktoconducta comprehensivefinancialanalysisofANTA,inanattempttofindan operationaltransformationinthedevelopmentofANTA.Itisworthytolearn fromtheexperience,findtheshortcomingsinitsdevelopment,andthenput forwardsuggestionsforimprovement.Thestructureofthearticleisas follows:Thefirstchapterdescribestheresearchbackground,researchpurpose andsignificance,researchmethodandmainresearchframework,andresearch characteristics.Thesecondchaptersortsoutthetheoreticalbasisofthethesis. ThethirdchapterbrieflyintroducesthecurrentsituationofANTAandits financialmanagement,putsforwardtheshortcomingsofitsfinancialanalysis methods,andelaboratesthenecessityofusingHarvardanalysisframeworkto conductfinancialanalysisofANTA.Thefourthchapteristhecorepartofthe article,usingtheHarvardanalysisframeworktoconductqualitativeand quantitativecomprehensiveresearchonANTA.Throughstrategicanalysis, exploringinternalandexternaloperatingenvironmentofANTA,and analyzedthestrategicchoicesofANTA.Throughtheanalysisofaccounting, theaccountingelementsthathaveasignificantimpactonoperationsandthe Abstract III rationalityofitscorrespondingaccountingpoliciesareidentified,and dangerousaccountingsignalsareidentifiedandthequalityofitsfinancial reportdisclosureisevaluated,bringingthefinancialanalysisconclusions closertotherealsituation.Financialanalysis,Firstlythroughbalancesheet andIncomestatement,generaldiscussedcompany'sdevelopmenttrend,then discussedassetandprofitstructurebytrendanalysisandstructureanalysis. And,throughDuPontanalysis,ratioanalysisandGreycorrelationanalysis themainfactorsaffectingthedevelopmentofANTAareanalyzed.Prospect analysisfirstpredictedthedevelopmentprospectsofthesportinggoods manufacturingindustry,andthenpredictedthefuturedevelopmenttrendsand potentialrisksofANTAbasedontheforegoinganalysis.Thefifthchapter comprehensivelyevaluatesandsummarizesthefinancialsituationofANTA, findstheexperiencethatANTAisworthlearningfrom,andputsforwardthe shortcomingsinitsdevelopment,andfinallyputsforwardsuggestionsforits improvement. Itishopedthatthroughin-depthanalysisoftypicalindustrycasesand comparativestudiesofenterprisesintheindustry,theoveralldevelopment statusofChina'ssportsgoodsmanufacturingindustrywillbepresented.Andit willprovidesomereferenceforthetransformationanddevelopmentof ANTAandothersportsgoodsmanufacturingenterprises. Keywords:SportsGoodsManufacturingANTAHarvardAnalytical- FrameworkFinancialAnalysis 目录 V 目录 第1章绪论...............................................................................................................1 1.1研究背景..........................................................................................................1 1.2研究目的及意义..............................................................................................1 1.2.1研究目的...................................................................................................2 1.2.2研究意义...................................................................................................2 1.3研究内容和方法..............................................................................................2 1.3.1研究内容及框架.......................................................................................2 1.3.2研究方法...................................................................................................4 1.4国内外文献综述..............................................................................................5 1.4.1国外文献综述...........................................................................................5 1.4.2国内文献综述...........................................................................................7 1.5论文的创新点..................................................................................................9 第2章理论基础.....................................................................................................11 2.1财务分析理论................................................................................................11 2.1.1财务分析方法.........................................................................................11 2.1.2杜邦分析体系.........................................................................................11 2.1.3财务报告质量评价理论.........................................................................12 2.2哈佛分析框架理论........................................................................................13 2.2.1哈佛分析框架的基本内容.....................................................................13 2.2.2哈佛分析框架的分析步骤.....................................................................13 2.3战略分析理论................................................................................................14 2.3.1波特五力分析模型.................................................................................14 2.3.2VRIO模型...............................................................................................15 2.4灰关联度理论................................................................................................15 第3章安踏体育财务管理现状及运用哈佛分析的必要性.................................18 3.1安踏体育集团股份有限公司简介................................................................18 华侨大学硕士学位论文 VI 3.2安踏体育的财务管理现状............................................................................18 3.2.1安踏体育的财务管理准则...................................................................18 3.2.2安踏体育财务部组织结构及主要职责...........................................19 3.