Abstract: Based on the traditional ratio analysis, this paper combines corporate strategy with financial statement information to reveal corporate strategic structure risks and strategy implementation risks. As for strategic structure, the relative scales between corporate productive assets and investment assets can reflect the strategic intention and mode of business expansion. To analyze the gross profit rate, the inventory turnover ratio and other ratios of the productive assets can reveal the risks of business productive assets, to analyze the industrial structure, profitability structure, ownership structure and strategic synergy of the investment assets can reveal the risks of business investment assets. The relative scales between enterprise liability and equity financing can reveal the corporate dynamic mechanism, to analyze the debt and equity financing structure in the financial statements can reveal the risks of corporate excessive financing, the inertia interdependence risks and the corporate governance risks. As for the strategy implementation, the analysis of the enterprise income statement and the cash flow statement can reveal the risks of mismatching between the corporate profit structure and the cash flow structure, the risks of the net cash flow being unable to support corporate strategy, and the risks of mismatching between the corporate business structure and the strategic structure.

Key words: strategic structure; strategy implementation; business risk; financial statement analysis