摘 要

基于哈佛分析框架的财务报表分析，在企业战略分析的基础上，结合其会计政策，通过分析企业的财务报表，综合评价企业的偿债能力、盈利能力、营运能力和发展能力，指出企业在经营过程中的利弊得失和未来的发展趋势，并为其优化管理和决策提供重要的财务信息。从2014年至今，獐子岛集团出现两次“扇贝跑了”事件，导致其财务报表“大变脸”，引起强烈的社会舆论。所以，通过对獐子岛集团进行财务分析，并根据未来的发展提出建议具有一定的现实意义。

本文通过分析獐子岛集团2013-2017年的年度报告和公司公告，并参照行业标准和好当家、东方海洋和百洋股份的同期数据,运用趋势分析法、比较分析法、因素分析法和比率分析法了解獐子岛在行业中的地位并对此作出评价。本文指出獐子岛集团偿债能力不足，低于同行业平均水平；计提两次巨额资产减值损失，公司获利能力大大降低；虽然资产结逐年优化，但公司资产不断减少，影响公司的资本扩张和长久发展。文章认为獐子岛集团应该不断加强海洋监测和预警工作，完善内部控制制度；缩小债务筹资比例来优化企业的资本结构，从而保障其偿债能力；重构企业主营业务产品结构，深化除虾夷扇贝外其他高毛利产品的养殖，提高销售利润率。

关键词：獐子岛；哈佛分析框架；财务报表分析；

Financial statement analysis of Zhangzidao based on harvard analysis framework

ABSTRACT

The financial statement analysis based on harvard analysis framework, on the basis of enterprise strategy analysis, combined with its accounting policy, through the analysis of the financial statements of the enterprise, the comprehensive evaluation of enterprise's solvency, profitability, operation ability and development capacity, points out the pros and cons of enterprises in the business process and the development trend of the future, and provides the optimized management and policy-making important financial information. Since 2014, zhangzidao group has been involved in the "scallop escape" event twice, resulting in the "big face change" of its financial statements, which has aroused strong public opinions. Therefore, it is of certain practical significance to make financial analysis of zhangzidao group and put forward Suggestions based on its future development.

By analyzing the annual report and company announcement of zhangzidao group from 2013 to 2017, this paper uses trend analysis method, comparative analysis method, factor analysis method and ratio analysis method to understand and evaluate the status of zhangzidao group in the industry by referring to the industry standard and data of the same period from hehao group, Oriental ocean and baiyang group. This paper points out that zhangzidao group has insufficient solvency, which is lower than the average level of the same industry. With two huge asset impairment losses, the company's profitability greatly reduced; Although the asset balance is optimized year by year, the company's assets are constantly decreasing, which affects the capital expansion and long-term development of the company. This paper argues that zhangzidao group should continuously strengthen its Marine monitoring and early warning work and improve its internal control system;reduce the proportion of debt financing to optimize the capital structure of enterprises so as to guarantee their solvency; reconstruct the product structure of the main business of the enterprise, deepen the breeding of other high-gross profit products except shrimp and scallop, and improve the sales profit margin.

Key words: Zhangzidao; Financial statement analysis; Harvard analysis framework

目 录

1 前言 - 1 -

1.1 研究背景 - 1 -

1.2 研究目的与意义 - 1 -

1.3 国内外研究现状 - 2 -

1.4 研究思路与方法 - 4 -

2 战略分析 - 6 -

2.1 行业现状分析 - 6 -

2.2 獐子岛概况 - 6 -

2.3 SWOT分析 - 7 -

3 会计分析 - 10 -

3.1 存货分析 - 10 -

3.2 短期借款分析 - 11 -

3.3 固定资产分析 - 12 -

3.4 会计信息质量分析 - 14 -

4 财务分析 - 15 -

4.1 偿债能力分析 - 15 -

4.2 营运能力分析 - 20 -

4.3 盈利能力分析 - 24 -

4.4 发展能力分析 - 27 -

5 前景分析 - 31 -

5.1 渔业行业前景分析 - 31 -

5.2 獐子岛集团的前景分析 - 31 -

6 相关建议 - 32 -

7 结论与展望 - 33 -

7.1 研究结论 - 33 -

7.2 展望 - 33 -

致 谢 - 34 -

参考文献 - 35 -

1 前言

• 1. 研究背景

渔业又称为水产业，作为农业经济的一部分，渔业在整个经济体系中具有举足轻重的地位，过去20多年我国水产品出口量一直居于世界第一，已经成为世界渔业生产大国。新时期随着经济的不断发展，我国渔业发展也呈现出良好的态势，出现十多家渔业上市企业。但是，在渔业经济高速发展的同时，也存在一些问题，比如：渔业经济受生态灾害影响较大，面临的自然风险具有不可控性；水产品质量问题日益凸显，检测力度弱不被国际认可；渔业行业大多都是小型、分散的经营者，组织化程度低一定程度上制约行业的发展的等等。因此，科学有效的企业管理对于渔业经济的持续发展至关重要。

管理现代企业的一项重要手段是财务管理与分析,而财务报表分析是财务分析的核心内容,通过财务报表分析可以使企业利益相关者得到有效的财务信息从而更科学的进行决策。一方面，财务分析有助于企业内部经营者对本企业日常的经营活动和未来的发展做出合理决策。另一方面，财务分析可以为企业的外部投资者优化投资结构提供有效的参考依据。