1. economic financialization and its challenge to financial analysis

Finance is the integration of money and credit, and it is the product of commodity exchange and the development of market economy to a certain stage. The reasonable development of finance can effectively promote economic development, which is more conducive to resolving financial risks and preventing and restraining its blocking effect on economic development. With the rapid development of global economy, the trend of economic globalization has become very obvious, and with the continuous strengthening of economic integration, the process of economic financialization is also intensifying and deepening. Economic financialization is manifested in the increasingly close financial ties between economic relations, the increasing degree of financial capitalization of social assets and the securitization of financing activities. In this case, the financial system has become the core of modern economy, and the operation and development of financial markets affect all levels of social and economic life and play a leading role in the whole market mechanism. In the face of the new development of financial market, both securities market participants and credit market participants; Whether it is enterprises, individuals, governments and non-profit organizations or commercial banks, investment banks, investment funds and insurance companies; No matter the central bank, CSRC or CBRC, they all need and apply financial analysis information for supervision, operation and decision-making. Based on the change of the subject of financial analysis and the objective economic environment, traditional financial analysis faces challenges in theory, system, content and method.

2. The challenge of enterprise management decision-making and control to financial analysis

Under the condition of market economy, with the transformation of enterprise development goals and financial goals, in order to ensure the realization of enterprise capital appreciation goals, enterprises are bound to face decision-making and control in all aspects such as investment, financing, operation and distribution, and enterprise management decision-making and management control have become the key to modern enterprise management. In enterprise management, whether it is management decision-making, such as strategic decision-making, financial decision-making, business decision-making, or management control, such as budget control, report control, evaluation control and incentive control, it is inseparable from the corresponding financial analysis information. Financial analysis is the basis of modern enterprise value management. As the users of traditional financial analysis information are mainly external investors, the basic information and content of financial analysis are also facing challenges as the demand for financial analysis information changes in management decision-making and control.

3. The challenge of accounting theory innovation to financial analysis

On February 15, 2006, the Ministry of Finance officially promulgated the new accounting standards, which had great changes and breakthroughs compared with the old standards. Among them, the changes in the presentation of financial statements and related listed items may cause great changes in the content, structure and data of financial statements, which will definitely have a great impact on financial analysis based on the data of financial statements. The reform of accounting standards and accounting system has changed the content and connotation of accounting information accordingly. The changes and flexibility of accounting assumptions, accounting policies, accounting estimates, accounting confirmation and accounting measurement have changed the results of recording and reporting in the same economic business and increased the difficulty of financial analysis; The differences of accounting standards in different countries, the methods of combining accounting statements and the handling of special accounting business make the decision-making relevance and reliability judgment of accounting information more complicated. The practice of accounting reform makes the financial analysis based on accounting information inevitably face the challenge of continuous development and perfection.

4. The impact of price changes on financial analysis

In 2007, the consumer price index (CPI) in China climbed from 2.2% at the beginning of the year to 6.5% at the end of the year, with an average annual increase of 4.8%, 3.3 percentage points higher than that in 2006. According to the National Bureau of Statistics, the consumer price index (CPI) rose by 8.5% in April. This increase is at the high end of the range predicted by economists. The rising price index is not just a problem in China. The global inflation risk brought by the recent depreciation of the US dollar will further increase the price increase motivation of resource products, and further increase the inflationary pressure in the United States. Accounting information is the main source of financial analysis, what measurement attributes are used in accounting, and how to show the influence of economic business and transactions on enterprise assets, liabilities, owners' equity, income, expenses and profits; The presentation of financial statements directly affects the objectivity and fairness of accounting information. At the same time, under the objective existence of inflation risk, how to scientifically measure economic business and transactions and objectively and fairly reflect the financial status, operating results and cash inflow and outflow information of enterprises will inevitably have an impact on the objectivity and fairness of financial analysis.