基于哈佛框架下的新东方财务分析

基于哈佛框架下的新东方财务分析摘要本文基于新东方在“双减”政策出台受到严重冲击的背景下，运用哈佛财务分析框架对近几年新东方教育科技集团进行全面的分析，依据企业所处的环境，将其与新东方经营策略相结合，从战略、会计、财务、前景四个维度展开分析。在战略分析方面，运用PEST分析模型对宏观环境进行分析，以及结合SWOT分析模型对微观环境进行分析，通过以上分析得出，新东方目前走的转型路线取得的成果颇丰，以前瞻性和预见性的眼光占据了市场先机。在会计分析层面，新东方是典型的轻资产企业，选取了其应收账款科目等来进行会计政策的介绍和估计。在财务分析层面，选择了新东方近三年的财务报表数据，由此来分析新东方的成长能力、偿债能力、营运能力、盈利能力和新东方的现金流量等。在前景分析方面，对前文所说的战略和财务分别进行前景预测分析。关键词：哈佛分析框架，新东方，财务分析AbstractNew Oriental Science and Technology Education Group is the earliest privately-owned education enterprise to be listed on NASDAQ in the United States.As a leaderin China's education and training industry,New Oriental has consistently set anexcellent example for research and learning within the industry through its financialperformance,management mode,and philosophy.However,with the implementationof China's "double reduction"policy,the education and training industry has beensignificantly impacted,including New Oriental.In this context,this paper utilizes the Harvard financial analysis framework toconduct a comprehensive analysis of New Oriental Education and Technology Group.Considering the enterprise's environment,this paper integrates it with New Oriental'sbusiness strategy and analyzes it from four dimensions:strategy,accounting,finance,and prospects.For strategic analysis,we employ PEST analysis model to examinemacro-environmental factors while combining it with SWOT analysis model to assessmicro-environmental factors.Through these analyses,we conclude that NewOriental's current transformation route has yielded fruitful results by seizing marketopportunities with forward-looking vision.For accounting analysis purposes,we note that New Oriental is a typical asset-light enterprise;therefore we focus on accounts receivable accounts to introduce andestimate accounting policies.In terms of financial analysis using data from recentthree years'financial statements of New Oriental Education Technology Group weevaluate their growth ability,debt paying ability,operating ability,profitability aswell as cash flow.Lastly,in prospect analysis section,the strategy mentioned aboveare analyzed separately.Key words:Harvard Analytical Framework,New Oriental,Financial Analysis2目录摘要.2Abstract......3第一章绪论.61.1研究背景….61.2研究目的及意义.61.2.1理论意义….61.2.1实践意义…1.3文献综述.71.3.1国内相关研究综述.71.3.2国外相关研究综述.71.4研究思路及方法81.4.1案例研究法.….81.4.2研究思路..8第二章相关概念及基本方法.….112.1相关概念112.1.1财务分析的概念112.1.2哈佛分析框架的概念112.2基本方法112.2.1财务分析基本方法112.2.2哈佛分析框架第三章基于哈佛分析框架下的新东方战略分析.133.1新东方科技教育集团概况133.1.1新东方简介….133.2新东方教育科技集团的宏观环境分析133.2.1政治要素..133.2.2经济要素143.2.3社会要素.143.2.4技术要素.。.143.3新东方教育科技集团的微观环境分析.143.3.1新东方教育科技集团的优势..143.3.2新东方教育科技集团的劣势.16第四章基于哈佛分析框架下的新东方会计分析.164.1资产分析174.2负债和股东权益分析184.3利润表分析194.4潜在财务风险和会计舞弊的可能性.20第五章基于哈佛分析框架下的新东方财务分析.205.1新东方教育科技集团财务效率分析.205.1.1成长能力.205.1.2偿债能力205.1.3营运能力..215.1.4瘟利能力….215.2新东方教育科技集团现金流量分析22第六章基于哈佛分析框架下的新东方前景分析256.1新东方战略前景分析.256.2新东方财务前景分析.27第七章结论.287.1结论…287.2研究不足28参考文献.29致谢.314