| Under the background of 5G construction and becoming a "network power",the communication infrastructure service industry is in a critical period of transformation and upgrading,and entering a new stage of continuous optimization and innovative development.Faced with the development mode of repetitive construction,high investment and low efficiency in traditional communication basic service industry,the industry transformation basic service industry,the industry transformation and development is imperative.China tower as a communications infrastructure service industry leading companies,is currently in the key stage of strategic transformation development,at the same time the company’s operation and development are faced with a pricing agreement to the passive adjustment and development center of gravity is not clear,income growth rate,and many other issues,so need to choose the appropriate method to the comprehensive analysis and evaluation on the tower in China.Traditional financial analysis only focuses on the financial statement data,ignoring the matching of the company’s operation and development strategy,but using Harvard Analysis framework to evaluate and analyze China Tower,to discuss the company’s strategy,accounting policies,financial status and development prospects,can make the analysis more comprehensive and reliable.This parer uses Harvard analyze from analytical framework to analyze from four aspects of strategy,accounting,finance and prospect:In strategic analysis,PEST analysis,Porter’s five Forces model and SWOT analysis are used to judge the macro environment and development advantages and disadvantages of China Tower.Accounting analysis evaluates audit reports,evaluations of the replacement of independent directors and auditors,key account accounting policies,and accounting estimates;Financial statement analysis from the statement analysis and ratio analysis and ratio analysis of two aspects;Prospect analysis forecasts the future development prospects and risks.Based on the comprehensive financial analysis,this paper draws the following conclusions:China Tower takes site service as one body,takes cross-bank information business and energy business as two wings,implements the development strategy of "one body two wings",and has achieved initial results.However,in the process of development,it also brings financial risks to enterprises.(1)Weak profitability.Depreciation and amortization expense grows rapidly and support service fees and marketing expense also increase year by year,which greatly increases the cost of enterprises and affects the profit effect.(2)High proportion of debt,single financing structure.In order to meet the needs of 5G communication infrastructure construction and business development of the two wings,the company increased a large amount of debt financing to meet its capital expenditure needs.(3)Asset efficiency is low,and income still has room for growth.Although there are preferential sharing policies for operators,their willingness to share resources is low in order to seize the market,and the company has a large number of idle resources that cannot be fully utilized.(4)Traditional iron business growth is weak.Macro and micro station business is greatly affected by operators,pricing is relatively stable,coupled with a large number of third-party private tower companies into the market in the past two years,the traditional business growth is slow.This article aims at the problem,puts forward the pertinence suggestion:Strengthen technological innovation capacity,expand market scale;Expand financing channels and reduce debt financing;Strengthen fixed assets management and improve operation capacity;Strength cost management and improve profitability;... |
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