從財報分析來解讀企業的春、夏、秋、冬：X及Y公司個案研究

Abstract

企業經營的結果是透過財務報表來加以記錄及驗證，所以財務報表是對企業經營結果溝通的共同語言。 某些經理人因為缺乏財務管理訓練，常常無法在自己的策略及行動與最後呈現結果的財務報表中找到邏輯的連結，此可能導致策略及行動的無效或是錯誤。本篇論文希望透過系統性的介紹，對於實務經驗不多的新管理者，或是缺乏財務訓練的經理人能有所啟發：一方面加強對於財報管理的重視，二方面往後在實際經營上遇到類似狀況，能有一個邏輯框架，來幫助思考及驗證可能的策略、行動及結果。 本論文的結構是以企業三個主要財務報表–損益表、資產負債表、現金流量表，及企業可能經歷的春、夏、秋、冬四個情境，做交叉的學理、實務情境、及真實案例的論述及說明。論文主體先以簡單的概念，來解釋經理人在三個財報中，常用及必須要掌握的重要觀念。接著再用這些重點及三個財報，去解釋及論述春、夏、秋、冬四個情境可能發生的經營情景。最後再以三個實際案例的財報，來說明及驗證該企業在春夏秋冬的情景、策略、行動、及結果。 這三個實際案例分別是，從財務報表說明及驗證X公司在四季的策略及行動、以財務面的行動協助Y公司度過因併購虧損所致之冬季、以財務思考的營運行動幫助Y公司度過後續嚴冬。同時每一個案例，都引導讀者在本論文可以參考到的學理論述。

The business results of enterprises are recorded and verified by financial reports. Therefore, financial reports are the common languages to communicate and discuss business results. Certain managers have difficulty to find logic links between the financial results and their own strategies and actions because of lacking of financial management training. Thus those strategies and actions might become in-effective or mistakes eventually. The aim of this thesis is to use structural introduction to help and inspire less financially experienced and trained managers. In one hand, draw their attention on financial reports. In the other hand, give them a logic framework to think and verify possible strategies、actions、and results when similar situations encountered. The structure of this thesis is based on three main financial reports - income statement、 balance sheet、cash flow statement, and four business cycles – spring、summer、autumn、winter, cross interpreted by academic theory、practical situations、and actual case study. Thesis started with easy-to-understand concepts to explain to managers the frequently applied and must-understand key concepts in the financial reports. In the second step, use these key concepts to interpret some possible situations of business four seasons. At last, explain and verify the strategies、actions、results of the four seasons by financial reports of three actual cases. The three cases are: (1) The strategies, actions and results of X company in its four seasons, (2) Financial turnaround of Y company in winter, (3) Operational turnaround of Y company in winter. All cases are explained and verified by their financial reports. In each case, readers are guided from the body of thesis where they can refer to the academic theory.