哈佛分析框架视角下企业竞争力与财务状况分析——以美的集团为例

Analysis of Corporate Competitiveness and Financial Status from the Perspective of the Harvard Analysis Framework —A Case Study of Midea Group

摘要: 随着家电行业向存量市场竞争转变，企业竞争力重点从规模扩张转向质量提升。本文基于哈佛分析框架，从战略、会计、财务和前景四个维度对美的集团2019~2023年的竞争力与财务状况进行分析。研究发现，美的通过“T + 3”模式和DTC战略优化了供应链效率，存货周转率优于行业水平；但多元化业务导致净资产收益率短期承压，应收账款周转天数上升反映其信用政策调整。未来需加强营运资金管理和数字化转型，以提升盈利能力和竞争优势。

Abstract: With the home appliance industry transitioning to a “stock market”, enterprises are shifting focus from scale expansion to quality improvement. Based on the Harvard analytical framework, this paper analyzes Midea Group’s competitiveness and financial status from 2019 to 2023 from strategic, accounting, financial and prospective dimensions. The study finds that Midea has optimized supply chain efficiency through its “T + 3” model and DTC strategy, achieving superior inventory turnover. However, diversification has pressured ROE, while increased receivables turnover days reflect credit policy adjustments. In the future, working capital management and digital transformation need to be strengthened to enhance profitability and competitive advantage.