摘 要
传统家电零售企业在电子商务行业迅速发展的现状下受到极大冲击。自 2010年起苏宁云商和国美电器为了适应与应对这种经济下行压力，开始尝试涉足网络电子业务，并进行了大量的投入。苏宁云商为了在这样严峻的压力下寻找企业持续发展的动力，在 2013 年提出了“云商模式”.国美电器则在 2013 年和 2014 年推出了“全渠道策略”,2015 年形成了特有的线上线下同步的“全零售体验”.包括全零售用户界面平台和全零售供应链价值平台，通过移动微店和大数据工厂向客户精准传达从选择到售后所能提供的服务。目前两家公司都面临着线上线下同步经营、业务融合的问题，这就为我们比较研究提供了条件。
本论文以两家公司 2010-2014 年的年报数据为主，详细地对苏宁云商和国美电器两家公司的资产负债表、利润表和现金流量表的结构进行了分析。对比得出结论：国美电器的股东权益值较高，两家公司的经营活动现金流量基本充足，且两家公司的筹资活动都能很好地配合经营活动和投资活动。随后采用指标分析法系统分析两家公司的盈利能力、营运能力、偿债能力及成长能力。得出结论：营运能力方面国美电器稍有下降趋势而苏宁云商稳步上升。盈利能力方面国美电器的盈利能力逐步提升，虽然很缓慢但是步伐稳定，股票的投资价值较高。偿债能力方面苏宁云商的短期偿债能力较高。成长能力方面两家公司目前的发展趋势较好。
此外，论文还使用了杜邦财务分析体系进行综合分析，计算出两家公司最近几年的销售利润率，资产负债率和权益乘数，找出影响净资产收益率的最主要因素，根据这几个因素分析其变化的原因并提出合理的建议，扬长避短，借鉴国外经验帮助苏宁云商、国美电器充分合理地运用资源，建立一个友好共赢的电商时代。
关键词：财务报表；财务指标；杜邦财务分析体系
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 录
摘 要
ABSTRACT
第 1 章 绪论
1.1 研究背景与研究意义
1.1.1 研究背景
1.1.2 研究意义
1.2 研究方法与研究内容
1.2.1 研究方法
1.2.2 研究内容
1.3 国内外研究综述
1.3.1 国外学者研究综述
1.3.2 国内学者研究综述
1.3.3 简要评述
第 2 章 财务报表分析的相关理论
2.1 财务报表分析相关概述
2.1.1 财务报表分析的主体
2.1.2 财务报表分析的对象
2.2 财务报表分析常用方法
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 对比分析法
2.2.5 综合分析法
第 3 章 苏宁云商、国美电器基本情况介绍
3.1 苏宁云商、国美电器基本情况
3.1.1 苏宁云商基本情况介绍
3.1.2 国美电器基本情况介绍
3.2 苏宁云商、国美电器股权结构
3.2.1 苏宁云商股权结构
3.2.2 国美电器股权结构
第 4 章 苏宁云商、国美电器财务报表对比分析
4.1 苏宁云商、国美电器财务报表结构对比分析
4.1.1 资产负债表结构分析
4.1.2 利润表结构分析
4.1.3 现金流量表结构分析
4.2 苏宁云商、国美电器财务指标对比分析
4.2.1 营运能力分析
4.2.2 盈利能力分析
4.2.3 偿债能力分析
4.2.4 成长能力分析
4.3 苏宁云商、国美电器杜邦财务分析体系
4.3.1 苏宁云商杜邦财务分析体系
4.3.2 国美电器杜邦财务分析体系
4.4 对苏宁云商、国美电器财务状况的综合评价与改进建议
4.4.1 对苏宁云商、国美电器财务状况的综合评价
4.4.2 对苏宁云商、国美电器财务状况的改进建议
第 5 章 结论
参考文献
后 记
