如何发挥财务分析的作用

如何发挥财务分析的作用 【提要】 财务分析人员常常为自己的工作成果得不到重视而苦恼。为走出这个困境，财务人员只能反求诸己，提高分析报告的“有用性”。为此，一方面他必须深入了解公司运营的商业模式，理解公司经营成功的关键要素，另一方面他也必须以客户为导向，换位思考，理解上级或其他管理者所面对的压力与现时现地的困难，最后，他还必须致力于推动财务分析结果的应用，促成行动。自始至终，他都应当牢记财务分析报告本身并不是成果，财务分析工作的价值只能来源于对公司最终经营成果的贡献上。 【正文】 财务分析是一项复杂的工作，需要分析人员倾注大量的时间和精力。然而，从事财务分析的专业人员经常抱怨，自己殚精竭虑撰写出来的“详细而专业”的分析报告，却常常得不到领导的重视，其他部门的管理者也无人关心。久而久之，财务人员对自己工作的价值渐生怀疑，工作热情逐渐衰减，分析报告的质量不断降低，最后变成为完成报告而完成报告，例行公事，应付交差。 另一方面，公司的管理层或各个责任中心的管理者却常常为缺乏决策的数据参考而苦恼。他们常常责怪财务部门不能提供及时有用的信息，不能提供针对性强，适用性高的分析。有的时候，责任中心的管理者还会认为财务人员提供的分析是在挑他们的毛病，对财务分析人员抱有抵触心理。他们指责财务人员的分析纸上谈兵，闭门造车，过于肤浅。 independent legal personality of the company based on the architectural decoration industry in the long run, can also be written to the owners of outdoor decoration project quality ten-year bonds, to owners at ease. In order to guarantee the project quality to meet straight, all construction workers must be in accordance with the relevant specifications and design requirements for the construction, during the construction process will be done step by step quality check. (11) the key technical measures of key processes, complex links, key processes and complex part 1, stone processing, glass plate the plate side trim panel, is the key to the whole process of operation, measuring line and construction personnel allocation and material procurement is a complex part of the process. 2, and stone surface ornaments board processing is overall stone curtain wall most important of construction key, as for Xia material size not accurate, will will effect overall installation complex, as for any Xia material, will will led to overall appearance effect 3, and glass plate business Board is glass curtain wall most key process, as for in business Board Shi not by program and specification, will will led to overall glass curtain wall installation quality and glass high off, dangerous phenomenon of occurred. 4, measuring line is the key point of the whole construction process is the complex part of the entire construction process, as a result of survey lines are not accurate, it will affect the whole decoration project quality, schedule and results. 5, construction workers deployment is a complex part of the entire construction process, because more construction 问出在哪里,责任在谁,如何解决, 抱怨领导不懂财务或不重视财务是一个容易找到的借口，但这于事无补。与其归咎于外，不如反求诸己。上文描述的困境，归根到底，责任在于财务人员自身。问题在于我们还不够真正“专业”，或者我们一开始就走入了一个陷阱，追求分析报告形式上的“专业”和“完美”，而忽视了财务分析本身的目的，即“有用性”。另外，我们或许还忘记了一点，作为分析报告的撰写者的同时，我们还应当成为报告的推销者和分析结果应用的追踪者。 “作用”的意义 要发挥财务分析的作用，首先应当明了“作用”二字的含义。在这里，“作用”二字应当等同于“贡献”。与其他任何工作一样，只有对公司最终的绩效改善必不可少且有所帮助，这项工作才有价值。财务分析本身并不能直接带来公司绩效的改善，能够直接带来成果的唯有“行动”。财务分析只能透过其他人才能发挥作用。因此，发挥财务分析的作用，唯一的途径是促成行动。一份财务分析报告，若能为管理层有意识的决策提供帮助，为责任中心的管理者有意识的行动调整提供参考和验证，就是有价值的，或者说，是发挥了“作用”的。 提高财务分析的有用性: 财务分析的目的在于促成行动，然而财务人员自身并不负责销售、营运和决策，即行动只能由他人作出。换言之，只有负责行动的管理者，愿意并且真正利用财务分析的结果调整他们的行动时，财务分析才可能发挥作用。德鲁克指出:“专业人员的产出必须与其他人的产出结合在一起，才能产生成果。” independent legal personality of the company based on the architectural decoration industry in the long run, can also be written to the owners of outdoor decoration project quality ten-year bonds, to owners at ease. In order to guarantee the project quality to meet straight, all construction workers must be in accordance with the relevant specifications and design requirements for the construction, during the construction process will be done step by step quality check. (11) the key technical measures of key processes, complex links, key processes and complex part 1, stone processing, glass plate the plate side trim panel, is the key to the whole process of operation, measuring line and construction personnel allocation and material procurement is a complex part of the process. 2, and stone surface ornaments board processing is overall stone curtain wall most important of construction key, as for Xia material size not accurate, will will effect overall installation complex, as for any Xia material, will will led to overall appearance effect 3, and glass plate business Board is glass curtain wall most key process, as for in business Board Shi not by program and specification, will will led to overall glass curtain wall installation quality and glass high off, dangerous phenomenon of occurred. 4, measuring line is the key point of the whole construction process is the complex part of the entire construction process, as a result of survey lines are not accurate, it will affect the whole decoration project quality, schedule and results. 5, construction workers deployment is a complex part of the entire construction process, because more construction 为促成行动，财务分析报告必须变得“有用”。财务分析不能仅是泛泛而谈，看似面面俱到，却毫无价值;财务分析也不应是数字打转，玩弄变换分子分母的游戏;财务分析更不能是闭门造车，臆想结论。要提高分析的“有用性”，财务人员应当做到“一个导向，四个理解”。 “一个导向”就是“以客户为导向”。在这里，客户即是分析报告的使用者。不同层面的领导对于信息需求的重点是不同的，不同个性的领导对于信息需求的方式是不同的。有的领导喜欢简单明了，有的领导喜欢事无巨细;有的领导喜欢看表格，有的领导喜欢看图。分析人员应当了解这些个性的需求，在撰写分析报告时注意表现的形式和报告的繁简度。但无论如何，他都应当做好准备，即使报告本身简明扼要，直观明了，报告背后的支持数据必须是详尽而具体的。 “客户导向”还要求我们提高所提供分析的及时性和针对性。“报告不及时，新闻变历史”。一份迟来的“完美”报告毫无价值。速度极为重要，因为有的时候，数字的精确并不十分关键，只要能说明趋势，点明问题就足够了。针对性也必不可少，若分析报告提供的信息使用者并不需要和关心，也很难发挥作用。 “四个理解”是:1、理解公司所有行业的商业模式 2、理解公司战略3、理解上级或其他管理者的考核压力 4、理解上级或其他管理者现时现地所面临的具体困难 理解公司所在行业的商业模式 independent legal personality of the company based on the architectural decoration industry in the long run, can also be written to the owners of outdoor decoration project quality ten-year bonds, to owners at ease. In order to guarantee the project quality to meet straight, all construction workers must be in accordance with the relevant specifications and design requirements for the construction, during the construction process will be done step by step quality check. (11) the key technical measures of key processes, complex links, key processes and complex part 1, stone processing, glass plate the plate side trim panel, is the key to the whole process of operation, measuring line and construction personnel allocation and material procurement is a complex part of the process. 2, and stone surface ornaments board processing is overall stone curtain wall most important of construction key, as for Xia material size not accurate, will will effect overall installation complex, as for any Xia material, will will led to overall appearance effect 3, and glass plate business Board is glass curtain wall most key process, as for in business Board Shi not by program and specification, will will led to overall glass curtain wall installation quality and glass high off, dangerous phenomenon of occurred. 4, measuring line is the key point of the whole construction process is the complex part of the entire construction process, as a result of survey lines are not accurate, it will affect the whole decoration project quality, schedule and results. 5, construction workers deployment is a complex part of the entire construction process, because more construction 这一点十分重要。商业模式不同，成功要素也就不同;成功要素不同，关键绩效指标(KPI)也就不同;KPI不同，也就决定了财务分析工作的重点有所不同。如果财务分析报告，尤其是内部分析报告，仅限于在教科书上列明的几个通用指标，而不与公司所处行业的商业模式和关键成功因素相契合，那么不仅不能够提供高价值，而且在某些情况下还可能产生误导。 比如，一个典型的寿险公司的商业模式可以描述为:通过为客户提供有价值的承诺和服务，利用长期合同锁定客户资金，利用积淀的资金投资获取稳定的高于资金获取成本的投资收益?。从财务的角度来看，其成功之要素有(但不限于) 获取资金的能力，这包括资金量和持续性 获取资金成本的高低 现金流匹配或者资产负债管理能力 投资能力 以此，可以构建财务分析框架。 ? 所以～一个寿险公司可以被理解为四个公司的集合体～这四个公司分别是一个产品开发公司～一个营销公司～一个服务公司和一个投资公司。由于本文的目的不在于讨论寿险公司的商业模式～故不详述。 independent legal personality of the company based on the architectural decoration industry in the long run, can also be written to the owners of outdoor decoration project quality ten-year bonds, to owners at ease. In order to guarantee the project quality to meet straight, all construction workers must be in accordance with the relevant specifications and design requirements for the construction, during the construction process will be done step by step quality check. (11) the key technical measures of key processes, complex links, key processes and complex part 1, stone processing, glass plate the plate side trim panel, is the key to the whole process of operation, measuring line and construction personnel allocation and material procurement is a complex part of the process. 2, and stone surface ornaments board processing is overall stone curtain wall most important of construction key, as for Xia material size not accurate, will will effect overall installation complex, as for any Xia material, will will led to overall appearance effect 3, and glass plate business Board is glass curtain wall most key process, as for in business Board Shi not by program and specification, will will led to overall glass curtain wall installation quality and glass high off, dangerous phenomenon of occurred. 4, measuring line is the key point of the whole construction process is the complex part of the entire construction process, as a result of survey lines are not accurate, it will affect the whole decoration project quality, schedule and results. 5, construction workers deployment is a complex part of the entire construction process, because more construction 佣金差异 运营成本差异 当然，清晰地描绘公司的商业模式并非是财务人员的责任，而是管理层的责任。但作为财务分析人员，应当深入理解，并且把财务分析与商业模式的成功要素结合起来，设计出与成功要素紧密相关的分析框架和体系。在关键指标上作文章，通过比较其与预设比率的差异，发现指数变动的趋势，探究趋势变化的原因，为管理层提供有价值的信息和经营建议。若能如此，管理层必然会对分析报告兴趣浓厚，利用有加。 理解公司的战略 公司的战略是指公司如何打造和利用自身的核心竞争力，在有选择的地域市场和产品市场上参与市场竞争。在公司发展的不同阶段，随着经济形势和市场情势的演变，公司的战略也会有所不同。 与商业模式一样，制定公司的战略的责任在管理层，财务分析人员可能在其中参与甚少。但为使自己的财务分析工作发挥作用，财务人员应当理解公司的战略?，并使自己的工作成果与之相适应。 ? 当然～有的公司并没有清晰的战略～这样的公司可能很难获得长久的成功。在这样的公司里～财务人员也只能够适应于迷茫。 independent legal personality of the company based on the architectural decoration industry in the long run, can also be written to the owners of outdoor decoration project quality ten-year bonds, to owners at ease. In order to guarantee the project quality to meet straight, all construction workers must be in accordance with the relevant specifications and design requirements for the construction, during the construction process will be done step by step quality check. (11) the key technical measures of key processes, complex links, key processes and complex part 1, stone processing, glass plate the plate side trim panel, is the key to the whole process of operation, measuring line and construction personnel allocation and material procurement is a complex part of the process. 2, and stone surface ornaments board processing is overall stone curtain wall most important of construction key, as for Xia material size not accurate, will will effect overall installation complex, as for any Xia material, will will led to overall appearance effect 3, and glass plate business Board is glass curtain wall most key process, as for in business Board Shi not by program and specification, will will led to overall glass curtain wall installation quality and glass high off, dangerous phenomenon of occurred. 4, measuring line is the key point of the whole construction process is the complex part of the entire construction process, as a result of survey lines are not accurate, it will affect the whole decoration project quality, schedule and results. 5, construction workers deployment is a complex part of the entire construction process, because more construction 比如，对于一个初创的保险公司和一个成熟的保险公司，其战略目标可能迥然不同，因此财务分析的重点也应当有所不同。一个初创的保险公司，他的选择可能是迅速提升规模，形成一定的市场影响力，快速铺设机构网点，以抢占市场先机?。那么对于它来说，承保利润率便不是一个重要指标，而更重要的是成长速度与资本供给能力。 如果公司选择以高端客户为主的战略，那么客户的件均保费，或在某一件均保费之上的客户人数与比例就是关键指标，并且单个客户的价值分析也会变得相对更重要。 如果一个公司并不以自己的代理人队伍为主要渠道，而选择的中介公司为销售媒介，那么队伍人力，人均产能等自然也就不能成为主要的指标?。 理解公司的战略目标，用数据描绘出现状与目标之间的鸿沟(strategy gap)，以此产生“愿景张力”。财务分析若能达到这种效果，夫复何求, 理解上级或其他管理者的考核压力 ? 即使对初创公司而言也可能有不同的战略选择～比如它可能选择同一特定地域市场或渠道～稳扎稳打～步步为营。 ? 也许有人认为这些指数已经超出了财务分析的范畴。但笔者认为～为发挥财务分析的作用。我们正是要突破传统财务分析的界限～与业务紧密深入的联系～寻找导致经营成果的所有重要相关因素。 independent legal personality of the company based on the architectural decoration industry in the long run, can also be written to the owners of outdoor decoration project quality ten-year bonds, to owners at ease. In order to guarantee the project quality to meet straight, all construction workers must be in accordance with the relevant specifications and design requirements for the construction, during the construction process will be done step by step quality check. (11) the key technical measures of key processes, complex links, key processes and complex part 1, stone processing, glass plate the plate side trim panel, is the key to the whole process of operation, measuring line and construction personnel allocation and material procurement is a complex part of the process. 2, and stone surface ornaments board processing is overall stone curtain wall most important of construction key, as for Xia material size not accurate, will will effect overall installation complex, as for any Xia material, will will led to overall appearance effect 3, and glass plate business Board is glass curtain wall most key process, as for in business Board Shi not by program and specification, will will led to overall glass curtain wall installation quality and glass high off, dangerous phenomenon of occurred. 4, measuring line is the key point of the whole construction process is the complex part of the entire construction process, as a result of survey lines are not accurate, it will affect the whole decoration project quality, schedule and results. 5, construction workers deployment is a complex part of the entire construction process, because more construction 管理会计中有一句名言，“你考核什么，你就得到什么。”(You get what you measure)这句话的本意是在警示考核设计时必须小心，防止出现行为误导，事与愿违。我们在这里不去探讨考核设计的合理性，而是要指出，财务分析人员应当要了解并理解考核，并努力提高财务分析报告与考核设计关联性。 管理者必然对其考核十分关注，若财务分析能为他们在这方面提供帮助，则必然会受到欢迎，这也是客户导向的一个体现。 比如，如果市场地位是一个重要的考核指标，那么提供市场和竞争对手的分析数据就必然是他感兴趣的。 如果内含价值或者标保是一个重要指标，那么提供标保的产品构成，高标保产品的专项分析就是他感兴趣的。 如果利润是一个关键指标，那么利润的来源分析，分产品、分渠道的盈利能力分析、盈亏平衡点测算分析、成本的差异与成本改善点就是关键的切入点。 深入研究考核制度，还能带来另一个好处，就是可以理解管理者的经营行为，并且对指标操纵有所防范。 理解上级或其他管理者现时现地的具体困难 independent legal personality of the company based on the architectural decoration industry in the long run, can also be written to the owners of outdoor decoration project quality ten-year bonds, to owners at ease. In order to guarantee the project quality to meet straight, all construction workers must be in accordance with the relevant specifications and design requirements for the construction, during the construction process will be done step by step quality check. (11) the key technical measures of key processes, complex links, key processes and complex part 1, stone processing, glass plate the plate side trim panel, is the key to the whole process of operation, measuring line and construction personnel allocation and material procurement is a complex part of the process. 2, and stone surface ornaments board processing is overall stone curtain wall most important of construction key, as for Xia material size not accurate, will will effect overall installation complex, as for any Xia material, will will led to overall appearance effect 3, and glass plate business Board is glass curtain wall most key process, as for in business Board Shi not by program and specification, will will led to overall glass curtain wall installation quality and glass high off, dangerous phenomenon of occurred. 4, measuring line is the key point of the whole construction process is the complex part of the entire construction process, as a result of survey lines are not accurate, it will affect the whole decoration project quality, schedule and results. 5, construction workers deployment is a complex part of the entire construction process, because more construction 上级或其他管理者可能面临一些现时现地的困难，他们迫切需要帮助。也许他们并不期望财务分析人员能做些什么，但如果财务分析人员能够理解他们的困难，并且通过财务分析帮他们做些什么的话，他们一定会感激不尽。 比如如果一个机构的个险队伍数量严重下滑，那么在这个时候，财务分析再强调个险渠道投入产出比的同比改善，显然是不受欢迎且脱离实际的。相反，如果分析人员能把成本进一步细分，并且就如何改善增员投入的效果，如何安排资源提供对长期服务人员的长效激励，提供培训成本的专项分析，那么管理者必然会十分重视，仔细研读。 追踪财务分析的结果应用，并促进应用的正向循环 如前文所述，分析本身不能带来成果，唯有行动可以。财务人员在提出分析的同时应在与使用者达成共识的情况下提出行动的改进。并且，如果有条件，财务分析人员应当追踪这些行动方案的实施，及时并以适当的方式提供进一步的行动评估分析，对于产生效果的行动，应当以更大的力度予以推进，强化正向循环。在促成行动上，这一点上需要自信、勇气和坚持。 若能有一事一例做到如此，也就可以作为财务分析有用的鲜活证据，赢得分析报告使用者的尊重，财务分析工作本身也就同样能步上正向上升的循环。 independent legal personality of the company based on the architectural decoration industry in the long run, can also be written to the owners of outdoor decoration project quality ten-year bonds, to owners at ease. In order to guarantee the project quality to meet straight, all construction workers must be in accordance with the relevant specifications and design requirements for the construction, during the construction process will be done step by step quality check. (11) the key technical measures of key processes, complex links, key processes and complex part 1, stone processing, glass plate the plate side trim panel, is the key to the whole process of operation, measuring line and construction personnel allocation and material procurement is a complex part of the process. 2, and stone surface ornaments board processing is overall stone curtain wall most important of construction key, as for Xia material size not accurate, will will effect overall installation complex, as for any Xia material, will will led to overall appearance effect 3, and glass plate business Board is glass curtain wall most key process, as for in business Board Shi not by program and specification, will will led to overall glass curtain wall installation quality and glass high off, dangerous phenomenon of occurred. 4, measuring line is the key point of the whole construction process is the complex part of the entire construction process, as a result of survey lines are not accurate, it will affect the whole decoration project quality, schedule and results. 5, construction workers deployment is a complex part of the entire construction process, because more construction 结语 总之，提高财务分析的有用性是一个永无止境的工作。我们 必须持续不断地加强学习，这不仅仅在于狭义的“专业度”的提升， 而且在于对公司运营的深入研究和真切关心。我们还要不断提高沟通 和推动能力。不管怎样，我们必须始终关注分析工作对公司最终经营 成果的贡献，因为只有这样，财务分析才会变得“有用”，更有价值。 我们才能体会到工作的成就，地位才能提升，个人才能成长。 independent legal personality of the company based on the architectural decoration industry in the long run, can also be written to the owners of outdoor decoration project quality ten-year bonds, to owners at ease. In order to guarantee the project quality to meet straight, all construction workers must be in accordance with the relevant specifications and design requirements for the construction, during the construction process will be done step by step quality check. (11) the key technical measures of key processes, complex links, key processes and complex part 1, stone processing, glass plate the plate side trim panel, is the key to the whole process of operation, measuring line and construction personnel allocation and material procurement is a complex part of the process. 2, and stone surface ornaments board processing is overall stone curtain wall most important of construction key, as for Xia material size not accurate, will will effect overall installation complex, as for any Xia material, will will led to overall appearance effect 3, and glass plate business Board is glass curtain wall most key process, as for in business Board Shi not by program and specification, will will led to overall glass curtain wall installation quality and glass high off, dangerous phenomenon of occurred. 4, measuring line is the key point of the whole construction process is the complex part of the entire construction process, as a result of survey lines are not accurate, it will affect the whole decoration project quality, schedule and results. 5, construction workers deployment is a complex part of the entire construction process, because more construction