摘 要
傳統家電零售企業在電子商務行業迅速發展的現狀下受到極大沖擊。自 2010年起蘇寧云商和國美電器為了適應與應對這種經濟下行壓力，開始嘗試涉足網絡電子業務，并進行了大量的投入。蘇寧云商為了在這樣嚴峻的壓力下尋找企業持續發展的動力，在 2013 年提出了“云商模式”.國美電器則在 2013 年和 2014 年推出了“全渠道策略”,2015 年形成了特有的線上線下同步的“全零售體驗”.包括全零售用戶界面平臺和全零售供應鏈價值平臺，通過移動微店和大數據工廠向客戶精準傳達從選擇到售后所能提供的服務。目前兩家公司都面臨著線上線下同步經營、業務融合的問題，這就為我們比較研究提供了條件。
本論文以兩家公司 2010-2014 年的年報數據為主，詳細地對蘇寧云商和國美電器兩家公司的資產負債表、利潤表和現金流量表的結構進行了分析。對比得出結論：國美電器的股東權益值較高，兩家公司的經營活動現金流量基本充足，且兩家公司的籌資活動都能很好地配合經營活動和投資活動。隨后采用指標分析法系統分析兩家公司的盈利能力、營運能力、償債能力及成長能力。得出結論：營運能力方面國美電器稍有下降趨勢而蘇寧云商穩步上升。盈利能力方面國美電器的盈利能力逐步提升，雖然很緩慢但是步伐穩定，股票的投資價值較高。償債能力方面蘇寧云商的短期償債能力較高。成長能力方面兩家公司目前的發展趨勢較好。
此外，論文還使用了杜邦財務分析體系進行綜合分析，計算出兩家公司最近幾年的銷售利潤率，資產負債率和權益乘數，找出影響凈資產收益率的最主要因素，根據這幾個因素分析其變化的原因并提出合理的建議，揚長避短，借鑒國外經驗幫助蘇寧云商、國美電器充分合理地運用資源，建立一個友好共贏的電商時代。
關鍵詞：財務報表；財務指標；杜邦財務分析體系
Abstract
The gradual rise of e-commerce companies brought great impact to sell traditionalhome appliance industry. Forced by economic downward pressure, as the traditionalindustry leader, Suning Appliance and Gome Electrical Appliances sales since 2010, hasinvested a lot of money and take a series of changes that began to get involved indifferent levels of e-commerce business. Suning Appliance face of such internal andexternal environment in-depth organizational level to find the continuous and supportbusiness models power.2013 Suning Appliance proposed “cloud Buyer mode”. GomeElectrical Appliances launched the “full-channel strategy” in 2013 and 2014, in 2015formed a special, online and offline synchronization under the “full retail experience.”
Including full retail user platform, full retail value of supply chain platform, mobilemicro shop and large micro data from the factory to convey precise choice to offerafter-sales services to customers. Both companies are currently facing a synchronizedOnline to Offline, business integration problem, which is our comparative and study hasprovided the conditions.
In this paper, the two companies 2010 - 2014 annual report data based on detail ofSuning Appliance and Gome Electrical Appliances balance sheet, income statement andcash flow structure have analyzed. Compare concluded: the equity value of shareholdersin Gome Electrical Appliances higher, the two companies sufficient cash flow fromoperating activities, financing activities and the two companies can work well withbusiness activities and investment activities. Then use two indicators analysis systemanalyzes the company's profitability, business, solvency and ability to grow. Itconcluded: operational capabilities Gome Electrical Appliances and Suning Applianceslight decline steadily. In terms of earning ability, Gome Electrical Appliancesprofitability gradually, though very slow but steady pace, higher investment value of thestock. Solvency of Suning short-term solvency is higher. Ability of both companies togrow the current development trend is good. In addition, the paper also uses acomprehensive analysis indicators DuPont analysis. In recent years, two companies tocalculate the return on sales, assets and liabilities and equity multiplier. Identify theimpact of ROE the most important factor, according to this several factors and reasonsfor the changes put forward reasonable proposals, weaknesses, learn from foreignexperience to help Suning Appliance, Gome fully rational use of resources, theestablishment of a friendly electricity supplier era of win-win.
Keywords: The Financial Statements; The Financial Targets;The Du Pont System
目 錄
摘 要
ABSTRACT
第 1 章 緒論
1.1 研究背景與研究意義
1.1.1 研究背景
1.1.2 研究意義
1.2 研究方法與研究內容
1.2.1 研究方法
1.2.2 研究內容
1.3 國內外研究綜述
1.3.1 國外學者研究綜述
1.3.2 國內學者研究綜述
1.3.3 簡要評述
第 2 章 財務報表分析的相關理論
2.1 財務報表分析相關概述
2.1.1 財務報表分析的主體
2.1.2 財務報表分析的對象
2.2 財務報表分析常用方法
2.2.1 水平分析法
2.2.2 垂直分析法
2.2.3 比率分析法
2.2.4 對比分析法
2.2.5 綜合分析法
第 3 章 蘇寧云商、國美電器基本情況介紹
3.1 蘇寧云商、國美電器基本情況
3.1.1 蘇寧云商基本情況介紹
3.1.2 國美電器基本情況介紹
3.2 蘇寧云商、國美電器股權結構
3.2.1 蘇寧云商股權結構
3.2.2 國美電器股權結構
第 4 章 蘇寧云商、國美電器財務報表對比分析
4.1 蘇寧云商、國美電器財務報表結構對比分析
4.1.1 資產負債表結構分析
4.1.2 利潤表結構分析
4.1.3 現金流量表結構分析
4.2 蘇寧云商、國美電器財務指標對比分析
4.2.1 營運能力分析
4.2.2 盈利能力分析
4.2.3 償債能力分析
4.2.4 成長能力分析
4.3 蘇寧云商、國美電器杜邦財務分析體系
4.3.1 蘇寧云商杜邦財務分析體系
4.3.2 國美電器杜邦財務分析體系
4.4 對蘇寧云商、國美電器財務狀況的綜合評價與改進建議
4.4.1 對蘇寧云商、國美電器財務狀況的綜合評價
4.4.2 對蘇寧云商、國美電器財務狀況的改進建議
第 5 章 結論
參考文獻
后 記
傳統家電零售企業在電子商務行業迅速發展的現狀下受到極大沖擊。自 2010年起蘇寧云商和國美電器為了適應與應對這種經濟下行壓力，開始嘗試涉足網絡電子業務，并進行了大量的投入。蘇寧云商為了在這樣嚴峻的壓力下尋找企業持續發展的動力，在 2013 年提出了“云商模式”.國美電器則在 2013 年和 2014 年推出了“全渠道策略”,2015 年形成了特有的線上線下同步的“全零售體驗”.包括全零售用戶界面平臺和全零售供應鏈價值平臺，通過移動微店和大數據工廠向客戶精準傳達從選擇到售后所能提供的服務。目前兩家公司都面臨著線上線下同步經營、業務融合的問題，這就為我們比較研究提供了條件。
本論文以兩家公司 2010-2014 年的年報數據為主，詳細地對蘇寧云商和國美電器兩家公司的資產負債表、利潤表和現金流量表的結構進行了分析。對比得出結論：國美電器的股東權益值較高，兩家公司的經營活動現金流量基本充足，且兩家公司的籌資活動都能很好地配合經營活動和投資活動。隨后采用指標分析法系統分析兩家公司的盈利能力、營運能力、償債能力及成長能力。得出結論：營運能力方面國美電器稍有下降趨勢而蘇寧云商穩步上升。盈利能力方面國美電器的盈利能力逐步提升，雖然很緩慢但是步伐穩定，股票的投資價值較高。償債能力方面蘇寧云商的短期償債能力較高。成長能力方面兩家公司目前的發展趨勢較好。
此外，論文還使用了杜邦財務分析體系進行綜合分析，計算出兩家公司最近幾年的銷售利潤率，資產負債率和權益乘數，找出影響凈資產收益率的最主要因素，根據這幾個因素分析其變化的原因并提出合理的建議，揚長避短，借鑒國外經驗幫助蘇寧云商、國美電器充分合理地運用資源，建立一個友好共贏的電商時代。
關鍵詞：財務報表；財務指標；杜邦財務分析體系
Abstract
The gradual rise of e-commerce companies brought great impact to sell traditionalhome appliance industry. Forced by economic downward pressure, as the traditionalindustry leader, Suning Appliance and Gome Electrical Appliances sales since 2010, hasinvested a lot of money and take a series of changes that began to get involved indifferent levels of e-commerce business. Suning Appliance face of such internal andexternal environment in-depth organizational level to find the continuous and supportbusiness models power.2013 Suning Appliance proposed “cloud Buyer mode”. GomeElectrical Appliances launched the “full-channel strategy” in 2013 and 2014, in 2015formed a special, online and offline synchronization under the “full retail experience.”
Including full retail user platform, full retail value of supply chain platform, mobilemicro shop and large micro data from the factory to convey precise choice to offerafter-sales services to customers. Both companies are currently facing a synchronizedOnline to Offline, business integration problem, which is our comparative and study hasprovided the conditions.
In this paper, the two companies 2010 - 2014 annual report data based on detail ofSuning Appliance and Gome Electrical Appliances balance sheet, income statement andcash flow structure have analyzed. Compare concluded: the equity value of shareholdersin Gome Electrical Appliances higher, the two companies sufficient cash flow fromoperating activities, financing activities and the two companies can work well withbusiness activities and investment activities. Then use two indicators analysis systemanalyzes the company's profitability, business, solvency and ability to grow. Itconcluded: operational capabilities Gome Electrical Appliances and Suning Applianceslight decline steadily. In terms of earning ability, Gome Electrical Appliancesprofitability gradually, though very slow but steady pace, higher investment value of thestock. Solvency of Suning short-term solvency is higher. Ability of both companies togrow the current development trend is good. In addition, the paper also uses acomprehensive analysis indicators DuPont analysis. In recent years, two companies tocalculate the return on sales, assets and liabilities and equity multiplier. Identify theimpact of ROE the most important factor, according to this several factors and reasonsfor the changes put forward reasonable proposals, weaknesses, learn from foreignexperience to help Suning Appliance, Gome fully rational use of resources, theestablishment of a friendly electricity supplier era of win-win.
Keywords: The Financial Statements; The Financial Targets;The Du Pont System
目 錄
摘 要
ABSTRACT
第 1 章 緒論
1.1 研究背景與研究意義
1.1.1 研究背景
1.1.2 研究意義
1.2 研究方法與研究內容
1.2.1 研究方法
1.2.2 研究內容
1.3 國內外研究綜述
1.3.1 國外學者研究綜述
1.3.2 國內學者研究綜述
1.3.3 簡要評述
第 2 章 財務報表分析的相關理論
2.1 財務報表分析相關概述
2.1.1 財務報表分析的主體
2.1.2 財務報表分析的對象
2.2 財務報表分析常用方法
2.2.1 水平分析法
2.2.2 垂直分析法
2.2.3 比率分析法
2.2.4 對比分析法
2.2.5 綜合分析法
第 3 章 蘇寧云商、國美電器基本情況介紹
3.1 蘇寧云商、國美電器基本情況
3.1.1 蘇寧云商基本情況介紹
3.1.2 國美電器基本情況介紹
3.2 蘇寧云商、國美電器股權結構
3.2.1 蘇寧云商股權結構
3.2.2 國美電器股權結構
第 4 章 蘇寧云商、國美電器財務報表對比分析
4.1 蘇寧云商、國美電器財務報表結構對比分析
4.1.1 資產負債表結構分析
4.1.2 利潤表結構分析
4.1.3 現金流量表結構分析
4.2 蘇寧云商、國美電器財務指標對比分析
4.2.1 營運能力分析
4.2.2 盈利能力分析
4.2.3 償債能力分析
4.2.4 成長能力分析
4.3 蘇寧云商、國美電器杜邦財務分析體系
4.3.1 蘇寧云商杜邦財務分析體系
4.3.2 國美電器杜邦財務分析體系
4.4 對蘇寧云商、國美電器財務狀況的綜合評價與改進建議
4.4.1 對蘇寧云商、國美電器財務狀況的綜合評價
4.4.2 對蘇寧云商、國美電器財務狀況的改進建議
第 5 章 結論
參考文獻
后 記
