注会英语-accounting、financial cost、strategy

注会英语-accounting、financial cost、strategy Unit two Accounting 会计 1(长期股权投资 2(资产减值 3(股份支付 4(企业合并 5(金融工具 6(收入确认 7(合并财务报表 一、Long-term Equity Investments、Business Combinations and Consolidated Financial Statement 1(Accounting Standards for Enterprises No.2 - Long-term Equity Investments 4(Accounting Standards for Enterprises No.20 - Business Combinations 7(Accounting Standards for Enterprises No.33 - Consolidated Financial Statement (一)Key words Initial measurement 初始计量 Subsequent measurement 后续计量 consideration 对价 capital reserve 资本公积 retained earning 留存收益 merger and acquisition 并购(兼并和收购) Business combination under the same control 同一控制下的企业合并 Combining party 合并方 Combined party 被合并方 Combining date 合并日 Business combination under the different control 非同一控制下的企业合并 Acquirer 购买方 Acquiree 被购买方 Acquisition date 购买日 cost method 成本法 equity method 权益法 acquisition method 购买法 control 控制 joint control 共同控制 significant influence 重大影响 subsidiary 子公司 associate 联营企业 joint venture 合资(合营)企业 step acquisition 多次收购达到控制 non-controlling interest 少数股东权益 goodwill 商誉 negative goodwill 负商誉 adjusting entries 调整分录 eliminate inter-company items 抵消公司间往来项目 1 (二)Key sentences 1(Business Combinations For the merger of enterprises under the same control, if the consideration of the merging enterprise is that it makes payment in cash, transfers non-cash assets or bear its debts, it shall, on the date of merger, regard the share of the book value of the owner's equity of the merged enterprise as the initial cost of the long-term equity investment. The difference between the initial cost of the long-term equity investment and the payment in cash, non-cash assets transferred as well as the book value of the debts borne by the merging party shall offset against the capital reserve. If the capital reserve is insufficient to dilute, the retained earnings shall be adjusted. 同一控制下的企业合并，合并方以支付现金、转让非现金资产或承担债务方式作为合并对价的，应当在合并 日按照取得被合并方所有者权益账面价值的份额作为长期股权投资的初始投资成本。长期股权投资初始投资成本 与支付的现金、转让的非现金资产以及所承担债务账面价值之间的差额，应当调整资本公积(资本溢价或股本溢 价);资本公积(资本溢价或股本溢价)不足冲减的，调整留存收益。 2 If the consideration of the merging enterprise is that it issues equity securities, it shall, on the date of merger, regard the share of the book value of the owner's equity of the merged enterprise as the initial cost of the long-term equity investment. The total face value of the stocks issued shall be regarded as the capital stock, while the difference between the initial cost of the long-term equity investment and total face value of the shares issued shall offset against the capital reserve. If the capital reserve is insufficient to dilute, the retained earnings shall be adjusted. 合并方以发行权益性证券作为合并对价的，应当在合并日按照取得被合并方所有者权益账面价值的份额作为 长期股权投资的初始投资成本。按照发行股份的面值总额作为股本，长期股权投资初始投资成本与所发行股份面 值总额之间的差额，应当调整资本公积(资本溢价或股本溢价);资本公积(资本溢价或股本溢价)不足冲减的，调 整留存收益。发行权益性证券的发行费用应冲减资本公积。 3 2(Long-term Equity Investments Under the cost method, the dividends or profits declared to distribute by the invested entity shall be recognized as the current investment income. 采用成本法核算的长期股权投资，投资企业应当按照享有被投资单位宣告发放的现金股利或利润确认投资收 益。 Under the equity method, If the initial cost of a long-term equity investment is more than the investing enterprise' attributable share of the fair value of the invested entity's identifiable net assets for the investment, the initial cost of the long-term equity investment may not be adjusted. If the initial cost of a long term equity investment is less than the investing enterprise' attributable share of the fair value of the invested entity's identifiable net assets for the investment, the difference shall be included in the current profits and losses and the cost of the long-term equity investment shall be adjusted simultaneously. 在权益法下，长期股权投资的初始投资成本大于投资时应享有被投资单位可辨认净资产公允价值份额的，不 调整长期股权投资的初始投资成本;长期股权投资的初始投资成本小于投资时应享有被投资单位可辨认净资产公 允价值份额的，应按其差额，借记“长期股权投资”科目，贷记“营业外收入”科目。 After an investing enterprise obtains a long-term equity investment, it shall, in accordance with the attributable share of the net profits or losses of the invested entity, recognize the investment profits or losses and adjust the book value of the long-term equity investment. The investing enterprise shall, in the light of the profits or cash dividends declared to distribute by the invested entity, calculate the proportion it shall obtain, and shall reduce the book value of the long-term equity investment correspondingly. 投资企业取得长期股权投资后，应当按照应享有或应分担的被投资单位实现的净损益份额，确认投资损益并 调整长期股权投资的账面价值。投资企业按照被投资单位宣告分派的利润或现金股利计算应分得的股利或利润， 相应减少长期股权投资的账面价值。 4 3(Consolidated Financial Statement If Parent company has enough voting power to appoint all the directors of the subsidiary company. P is, in effect, able to manage S as if it were merely a department of P, rather than a separate entity. In strict legal terms P and S remain distinct, but in economic substance they can be regarded as a single unit (a group). 如果母公司有足够的投票权来任命子公司所有的董事，那么母公司事实上能够管理子公司，就如同子公司不 是一个独立的实体而是母公司的一个部门。从严格的法律形式上看，母公司和子公司是不同的法律主体，但从经 济实质来看，母子公司可以看作一个主体(即集团)。 To reflect the true economic substance of a group of companies we need to produce group accounts in addition to the individual accounts prepared for each company within the group. One of the main methods of doing this is to prepare 'consolidated' accounts. Consolidated accounts present the group as though it were a 'single economic entity'. 为了反应集团公司的真正经济实质，我们除了编制集团中每个公司的个别报表，还需要编制集团报表。集团 报表的编制方法之一即合并报表。合并报表视集团为一个经济实体。 二、 Impairment of assets (一)Key words Impairment of assets 资产减值 Carrying value 账面价值 Recoverable amount 可回收金额 Net selling price (selling price less direct costs of sale ) 可变现净值 value in use 未来现金流量的现值 (二)Key sentences 1(The objective of IAS 36 Impairment of assets is to set rules to ensure that the assets of an enterprise are carried at no more than their recoverable amount. IAS(国际会计准则) 36 的目标在于制定准则，以确保资产的账面价值不能高于它们的可回收金额。 5 2(An asset has been impaired if its carrying value in the Statement of Financial Position exceeds its recoverable amount. Carrying Value > Recoverable Amount Greater of Fair value less costs to sell Value in Use (PV of future cash flow) 如果资产的账面价值大于它的可收回金额，该资产发生了减值。资产的可收回金额是可变现净值和未来现金 流量现值中较高者。 3(An entity should assess at the end of each reporting period whether there are any indications of impairment to any assets. (external and internal ) 企业应在每一个 报告 软件系统测试报告下载sgs报告如何下载关于路面塌陷情况报告535n,sgs报告怎么下载竣工报告下载 期末评估是否有资产减值的迹象。(外部和内部) 4(Impairment losses are recognized in the Statement of Comprehensive Income immediately. 资产减值损失要立即确认在综合收益表中。 5(If it is not possible to calculate the recoverable amount for an individual asset, the recoverable amount of the asset’s cash-generating unit should be measured instead. 如果个别资产的可收回金额无法计算，就要计量该资产所属的资产组的可回收金额。 6(Cash generating unit is the smallest identifiable group of assets for which independent cash flows can be identified and measured. 现金产生单元是最小的可辨认资产组，该资产组产生的独立现金流能够被识别和计量。 7(A cash-generating unit to which goodwill has been allocated is tested for impairment annually. 被分配了商誉的现金产生单元每年要进行减值测试。 8(When an impairment loss is recognized for a cash-generating unit, the loss should be allocated between the assets in the unit in the following order: (1) specifically impaired assets (2) goodwill allocated to the group of assets (3)other assets on a pro-rated basis 如果现金产生单元确认发生了减值损失，该损失按如下顺序分配: (1)明确发生减值的资产 (2)分配到该资产组的商誉 (3)按比例分配给其他资产 9(When an enterprise conducts an impairment test on a certain asset group, it shall first determine all the assets of the head quarter which are related to the asset group, then take into consideration whether the assets of the headquarter can be apportioned to this asset group on a reasonable and consistent basis. 当企业对某资产组进行减值测试，首先应确定与资产组相关的总部资产，而后考虑总部资产是否能够以合理 一致的基础分配到资产组。 二、 Impairment of assets 8(When an impairment loss is recognized for a cash-generating unit, the loss should be allocated between the assets in the unit in the following order: (1) specifically impaired assets (2) goodwill allocated to the group of assets (3)other assets on a pro-rated basis 如果现金产生单元确认发生了减值损失，该损失按如下顺序分配: (1)明确发生减值的资产 6 (2)分配到该资产组的商誉 (3)按比例分配给其他资产 9(When an enterprise conducts an impairment test on a certain asset group, it shall first determine all the assets of the head quarter which are related to the asset group, then take into consideration whether the assets of the headquarter can be apportioned to this asset group on a reasonable and consistent basis. 当企业对某资产组进行减值测试，首先应确定与资产组相关的总部资产，而后考虑总部资产是否能够以合理 一致的基础分配到资产组。 三、 Share-based payment (一)Key words Equity settled share based payment 以权益结算的股份支付 Cash settled share based payment以现金结算的股份支付 Option 股票期权 Grant date 授予日 Vesting period 等待行权期 Exercise date 行权日 Stock appreciation right 股票增值权 service condition 服务期限条件 performance condition 业绩条件 (二)Key sentences 1. Equity settled share based payment In the case of equity settled share based payment, entity shall recognize the employee expense which is measured at Fair Value of equity instrument at the grant date, with increase of other reserve in capital reserve. 以权益结算的股份支付，企业应按照权益工具在授予日的公允价值，将当期取得的服务计入相关资产成本或 当期费用，同时计入资本公积中的其他资本公积。 7 If shares are vested immediately, the expense should be recognized immediately. Alternatively, if there is vesting condition, then cost should be recognized over vesting period. 对于授予后立即可行权的权益结算股份支付，应在授予日立即确认职工费用。否则，费用应在等待期内分期 摊销。 If the condition is service condition or internal performance condition, the recognition should be based on best estimate of the number of equity instrument expected to vest at year end. 对于附有服务条件和内部业绩条件的股份支付，企业应在等待期内的每个资产负债表日，以对可行权权益工 具数量的最佳估计数为基础确认。 2. Cash settled share based payment the entity shall recognize the employee expense In the case of cash settled share based payment， and the liability incurred at grant date. The entity shall re-measure the fair value of the liability at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period. 以现金结算的股份支付，企业应确认成本费用和相应的在授予日产生的负债。在每一个报告期末和结算日， 企业应按当日负债的公允价值重新计量，每期负债公允价值变动计入当期损益。 四、 Financial asset and financial liability (一)Key words Equity instrument 权益工具 Debt instrument 债务工具 Redeemable preference shares 可赎回优先股 Compound instrument 复合工具 convertible loan stock可转换债券 8 Held-to-maturity investments持有至到期投资 Loans and receivables贷款和应收账款 Available-for-sale financial assets可供出售金融资产 Financial asset at fair value through profit or loss 以公允价值计量变动计入当期损益的金融资产 Financial assets held for trading 交易性金融资产 Derivative 衍生金融工具 Hedge 套期保值 Effective interest rate 实际利率 Amortized cost 摊余成本 9 (二)Key sentences 10 金融资产划分为下列四类:(1)以公允价值计量且其变动计入当期损益的金融资产;(2)持有至到期投资;(3)贷款和应收款项;(4)可供出售金融资产。 以公允价值计量且其变动计入当期损益的金融资产，可以进一步分为交易性金融资产和直接指定为以公允价值计量且其变动计入当期损益的金融资产。 持有至到期投资，是指到期日固定、回收金额固定或可确定，且企业有明确意图和能力持有至到期的非衍生金融资产。 贷款和应收款项，是指在活跃市场中没有报价、回收金额固定或可确定的非衍生金融资产。 如企业没有将其划分为其他三类金融资产，则应将其作为可供出售金融资产核算。相对于交易性金融资产而言，可供出售金融资产的持有意图不明确。 1.以公允价值计量且其变动计入当期损益的金融资产，应当按照公允价值计量，公允价值的变动计入当期损益; 2.持有至到期投资，应当采用实际利率法，按摊余成本计量; 3.贷款和应收款项，应当采用实际利率法，按摊余成本计量; 4.可供出售金融资产，应当按照公允价值计量，公允价值的变动计入所有者权益。 11 The effective interest method is a method of calculating the amortized cost of a financial instrument and of allocating the interest income or interest expense over the relevant period. 实际利率法，是指按照金融资产或金融负债的实际利率计算其摊余成本及各期利息收入或利息费用的方法。 Amortized cost of a financial asset or financial liability is the amount at which the financial asset or liability is measured at initial recognition minus principal repayments, plus or minus the 12 cumulative amortization of any difference between that initial amount and the maturity amount, and minus any write-down for impairment or un-collectability (financial assets only). 金融资产或金融负债的摊余成本，是指该金融资产或金融负债的初始确认金额经下列调整后的结果: (1)扣除已偿还的本金; (2)加上或减去采用实际利率法将该初始确认金额与到期日金额之间的差额进行摊销形成的累计摊销额; (3)扣除已发生的减值损失(仅适用于金融资产)。 五、Revenue recognition : substance over form (一)Key words Revenue 收入 Substance over form 实质重于形式 Sale of goods 销售商品 Rendering of service 提供劳务 Interest, royalties, dividends 利息，使用费，红利 Consignment stock 委托代销商品 Sale and repurchase 售后回购 Sale and lease back 售后回租 (二)Key sentences 1.Definition(定义) Revenue is a gross inflow of economic benefit during the course of ordinary activities that results in an increase in equity other than increase relating to contributions from equity participants. 收入，是指企业在日常活动中形成的、会导致所有者权益增加的、与所有者投入资本无关的经济利益的总流 入。 13 2.Measurement(计量) Revenue is measured at the fair value of the consideration received or receivable after any trade discounts. 收入以收到或应收对价的公允价值考虑销售折扣后的金额来计量。 If the inflow of cash or cash equivalents is deferred, the fair value of the consideration receivable is less than the nominal amount of cash or cash equivalents to be received, and discounting is appropriate. 如果现金或现金等价物是延期流入，那么应收对价的公允价值就要小于将要收到的现金或现金等价物的名义 金额，这时应当以现值确认收入。 3(Identification of the transaction(交易的识别) Normally, each transaction can be looked at as a whole. Sometimes, it is necessary to break a transaction into its component parts. E.g. a sale include both the transfer of goods and the provision of future servicing, the revenue for which should be deferred over the period the service is performed. 通常情况下，每一笔交易都应视作一个整体。有时，有必要将一笔交易分为不同的部分分别处理。如一笔销 售中既包括商品的转移，又包括提供未来的服务，该笔递延收入应该在提供劳务的期间分期确认。 14 On the other hand, seemingly separate transactions must be considered together if apart they lose their commercial meaning. E.g. sale and repurchase. (substance:a secured loan) 另一方面，看起来独立的交易必须作为整体考虑，以反映经济实质。如售后回购业务。 4. Sale of goods Revenue is recognized when all the conditions are met: (1)All significant risks and rewards of ownership have been transferred to the buyer (2)The entity has no continuing managerial involvement to the degree usually associated with ownership, and no longer has effective control over the goods sold (3)Revenue of the transaction can be measured reliably (4)The associated costs of the transaction can be measured reliably (5)It is probable that economic benefits will flow to the enterprise 销售商品收入只有同时满足以下条件时，才能加以确认: (1)企业已将商品所有权上的主要风险和报酬转移给购货方; (2)企业既没有保留通常与所有权相联系的继续管理权，也没有对已售出的商品实施有效控制; (3)收入的金额能够可靠地计量; (4)相关的已发生或将发生的成本能够可靠地计量; (5)相关的经济利益很可能流入企业。 5. Rendering of services When the outcome of the transaction can be estimated reliably revenue is recognized by reference to the stage of completion of the contract. 提供劳务交易的结果能够可靠估计的，应当采用完工百分比法确认提供劳务收入。 When the outcome of the transaction cannot be estimated reliably, revenue is recognized only to the extent of the expenses recognized that are recoverable. 提供劳务交易结果不能够可靠估计的，收入的确认以能够得到补偿的劳务成本金额为限。 15 6. Interest, royalties and dividends (1) Interest shall be recognized using the effective interest rate method 利息应按实际利率法确认 (2) Royalties shall be recognized on an accrual basis in accordance with the substance of the relevant agreement 使用费应按协议的实质，在权责制的基础上确认 (3) Dividends shall be recognized when the shareholder’s right to receive payment is established 当股东有权利获得股利时才能确认股利收入 7. Off-balance sheet finance (表外融资) Off-balance sheet finance is the funding or refinancing of a company’s operations in such a way that, under legal requirements and traditional accounting conventions, some or all of the finance may not be shown in its statement of financial position. Off balance sheet finance is used to: Keep gearing low(杠杆) Stay within the terms of loan covenants (借款协议的条款) This will result in a situation where the users of financial statements do not have a proper or clear view of the state of the company’s affairs. The main argument used for banning off-balance sheet finance is that the true substance of the transaction should be shown, not merely the legal form. 8. Substance over form Examples of where the principle of substance over form is enforced in various accounting standards. IAS 17 Leases (finance lease & operating lease) IAS 32 Financial instrument (convertible loan stock) IAS 18 Revenue (sale & repurchase) IAS 27 Consolidated financial statements Creative accounting can be defined simply as the manipulation of figures for a desired result. Unit Four Financial and Cost management 16 财务成本管理 1(财务报表 分析 定性数据统计分析pdf销售业绩分析模板建筑结构震害分析销售进度分析表京东商城竞争战略分析 2(财务估价 3(长期筹资 4(营运资本管理 5(本量利分析 6(业绩评价 ?Common financial ratios Short –term solvency, or liquidity, ratios (短期偿债能力比率) 流动比率Current ratio = Current assets Current liabilities 速动比率Quick ratio = Current assets – inventory Current liabilities 营运资本working capital =current asset –current liability =long-term capital –non-current asset Long-term solvency, or financial leverage, ratios (长期偿债能力比率) 资产负债率total debt ratio= Total debt Total asset 产权比率debt-equity ratio= Total debt Total equity 权益乘数equity multiplier=Total assets Total equity 利息保障倍数interest cover=profits before interest and tax Interest Asset utilization, or turnover, ratios (营运能力比率) 存货周转率Inventory turnover = Cost of goods sold Inventory 应收账款周转率Receivables turnover = Credit sales Accounts receivable 总资产周转率Total asset turnover = Sales Total assets Profitability ratios (盈利能力比率) 销售利润率Profit margin=Net income Sales 资产利润率Return on assets=Net income Total assets 17 权益净利率Return on equity=Net income Total equity Capital Employed=Net assets+Long-term debt Market value ratios (市价比率) 市盈率Price-earning ratio = Price per share Earnings per share 市净率 Market-to-book ratio= Market value per share Book value per share Du Pont Analysis (杜邦分析) Return on equity=Return on assets × Equity multiplier = Profit margin × Total asset turnover × Equity multiplier The importance of financial ratios Ratio analysis is the process of comparing and quantifying relationships between financial variables, such as those variables found in the statement of financial position and income statement of a company. 财务比率分析是将资产负债表和利润表中的各种财务变量进行比较并且量化变量之间关系的分析过程。 18 1.Measuring the achievement of corporate objectives 计量是否实现了公司的目标 For a company, the primary objective has been identified as the maximization of shareholder wealth. However, in the short-term the management may set profitability targets. Management will need to review financial ratios to identify whether targets are being met and to help with decision making. 2.Investment appraisal 投资评价 ROCE ( return on capital employed) is a widely used financial ratio to appraise the investment. 3.Working capital management 营运资本管理 To assess the length of the operating cycle, a number of financial ratios must be calculated and then compared against a benchmark. 4.Capital structure 资本结构 Gearing ratios can be a crucial way in which potential investors assess the risk of a business, which in turn will influence their decision over whether to invest or not. Before taking decisions regarding sources of finance, the financial manager must assess the impact of each option on these ratios. 5.Business valuations 企业价值评估 Any potential equity investor or purchaser will review the financial ratios of a business before deciding whether to buy. They will use the ratios to draw conclusions about the worth of the business. Taken in isolation, the calculations are relatively meaningless. Comparatives such as prior year information, targets, industry averages and other forms of benchmarking (基准) are required if the measures are to be interpreted and the underlying causes investigated. ? Asset valuation Perpetuity 永续年金 Advanced annuities 预付年金 19 Delayed annuities 递延年金 Mean 均值 Variance 方差 Standard deviation 标准 excel标准偏差excel标准偏差函数exl标准差函数国标检验抽样标准表免费下载红头文件格式标准下载 差 Normal Distribution 正态分布 Portfolio of securities 证券组合 Face value/par value面值 Yield to maturity 到期收益率 Interest rate利率 Nominal/stated interest rate票面利率 Maturity到期日 Expiry date到期日 Required rate of return要求的报酬率 CAPM: capital asset pricing model资本资产定价模型 Covariance and correlation 协方差和相关性 Diversifiable and non-diversifiable risks 可分散和不可分散风险 Risk free rate of return无风险报酬率 Risk premium风险溢价 WACC加权平均资本成本 Cost of debt债券资本成本 Cost of equity权益资本成本 Ordinary share普通股 Convertible debt可转换债券 Equity beta: β 权益贝塔系数 equity Redeem赎回 At par面值 DOL:经营杠杆系数degree of operating leverage DFL::财务杠杆系数degree of financing leverage DTL:总杠杆系数degree of total leverage Financial distress 财务困境 Dividend policy股利政策 Cash dividend 现金股利 Stock (scrip ) dividend 股票股利 Stock split 股票分割 Stock repurchase 股票回购 Dividends grow at the long-term growth rate in earnings股利按长期增长率增长 Payout ratio股利支付率 Residual dividend policy with all distribution in the form of dividend所有剩余均以股利形式发放的 剩余股利政策 Regular-dividend-plus-extras policy正常股利加额股利外支付政策 Leasing 租赁 Convertibles 可转换债券 Warrants 认股权证 Preference shares 优先股 20 货币的时间价值:Money received today is worth more than the same sum received in the future, i.e. it has a time value. This occurs for three reasons: , Potential for earning interest/cost of finance , Impact of inflation (通货膨胀) , Effect of risk 复利终值: The terminal value (终值) is the value, in n years’time, of a sum invested now, at an interest rate of r%. nF,P×(1，r) 复利现值: The present value is the cash equivalent now of money receivable in n years’time, at an interest rate of r%. -n P,F×(1，r) 有效年利率和报价年利率的区别 Distinction between stated annual interest rate and effective annual rate 式中，r——报价利率 m——每年复利次数 i——有效年利率 年金: An annuity is a constant annual cash flow for a number of years. Perpetuity (永续年金) is a constant stream of cash flows without end. ( There is a well-known case of an unending cash flow stream: the British bonds called consols. An investor purchasing a consol is entitled to receive yearly interest from the British government forever. ) 资本资产定价模型( CAPM) It is commonplace to argue that the expected return on an asset should be positively related to its risk. Economists frequently argue that the expected return on the market can be represented as: 要求的必要收益率=无风险报酬率+风险报酬率 R=R+ Risk premium mf 21 In words, the expected return on the market is the sum of the risk-free rate plus some compensation for the risk inherent in the market portfolio. R=R+ β × (RR) fequity m-f This formula, which is called the capital asset pricing model, implies that the expected return on a security is linearly related to its beta. The present value formulas for bonds Pure discount bond (zero coupon bond) is the simplest kind of bond. It promises a single payment at a fixed future date. 纯贴现债券是指承诺在未来某一确定日期作某一单笔支付的债券。 Level coupon bond offers cash payments not just at maturity, but also at regular times in between. For example, payments on American corporate bonds are made every six months until the bonds mature. These payments are called the coupons of the bond. 平息债券是指利息在到期时间内平均支付的债券。 平息债券价值,未来各期利息的现值，面值(或售价)的现值 TT 平息债券 PV=C×A+ F/(1+R)R TC is the coupon and the face value (利息额) , A is the present value of an annuity of $1 per R period for T periods at an interest rate per period of R (年金现值系数). Consols ( perpetuity) 永久债券是指没有到期日，永不停止定期支付利息的债券。 永久债券PV=C/R Valuation of different types of stocks Zero growth零增长股票的价值: Constant growth固定增长股票的价值: Differential growth非固定增长股票的价值 WACC加权平均资本成本 Because the average cost of capital is a weighting of its cost of equity and its cost of debt, it is usually referred to as the weighted average cost of capital (WACC). 22 WACC 是权益资本成本和债务资本成本的加权平均数。 Consider a firm whose debt has a market value of $40 million and whose stock has a market value of $60 million (3 million outstanding shares of stock, each selling for $20 per share ). The firm pays a 15 percent rate of interest on its new debt and has a beta of 1.41，the corporate tax rate is 34 percent. Assume that the risk premium on the market is 9.5 percent and that the current Treasury bill rate is 11 percent. What is this firm’s WACC? To compute the WACC, we must know (1) the after-tax cost of debt (2) the cost of equity and (3) the proportions of debt and equity used by the firm. 1. The pretax cost of debt is 15 percent, implying an after-tax cost of 9.9 percent [15%×(1-0.34)]. 2. We compute the cost of equity capital by using the SML (Security Market Line): R=R+ β × (RR) sfequity m-f =11%+1.41×9.5% =24.4% 3. We compute the proportions of debt and equity from the market values of debt and equity. Because the market value of the firm is $100 million (=$40million+$60million), the proportions of debt and equity are 40 and 60 percent, respectively. Therefore : R= 40%×9.9%+60%×24.4%=18.6% wacc Business valuation Valuation is described as “an art not a science”. The real worth of a company depends on the viewpoints of the various parties: , the various methods of valuation will often give widely differing results , the final figure will be a matter for negotiation between the interested parties. , the valuation is subjective and a compromise between two parties. Approaches to valuations: , Income/earnings based-based on the returns earned by the company (PE ratio method 市 盈率模型) , Cash flow based-based on the cash flows of the company (现金流量折现法) ? Long-term financing Operating gearing (leverage) Operating gearing is a measure of the extent to which a firm’s operating costs are fixed rather than variable as this affects the level of business risk in the firm. 经营杠杆计量的是企业经营成本中固定成本而非变动成本所占比重，固定成本比重往往影响企业的 经营风险水平。 23 Operating gearing can be measured as: % change in EBIT % change in turnover 式中:DOL,,,,经营杠杆系数; ? EBIT,,,,息税前利润变动额; EBIT,,,,变动前息税前利润; ?S——营业收入(销售量)变动量; S——变动前营业收入(销售量) Thus if the sales of a company vary, the greater the operating gearing the greater the EBIT variability. 因此如果收入发生变化，经营杠杆越大，EBIT 的变动就越大。(EBIT的波动大小即反映经营风险的大小) Financial gearing (leverage) Financial gearing is a measure of the extent to which debt is used in the capital structure. 财务杠杆计量的是资本结构中债务资本所长的比重。 Total gearing (leverage) 总杠杆系数,财务杠杆系数×经营杠杆系数 DTL =DFL*DOL Capital structure theories M&M with no taxation The WACC and the value of the firm are unaffected by changes in gearing levels and gearing is irrelevant. Implication for finance: choice of finance is irrelevant to shareholder wealth: company can use any mix of funds. 在没有企业所得税的情况下，负债企业的价值与无负债企业的价值相等，即无论企业是否有负债，企业的资本结构与企业价值无关 M&M with tax Gearing up reduces the WACC and increases the MV of the company. The optimal capital 24 structure is 99.9% gearing. Implication for finance: the company should use as much debt as possible. 随着企业负债比例提高，企业价值也随之提高，加权资本成本降低。在理论上全部融资来源于负债 时，企业价值达到最大。 Pecking-order theory优序融资理论 In this approach, there is no search for an optimal capital structure through a theorized process. Instead it is argued that firms will raise new funds as follows: 1. Internally-generated funds 2. Debt 3. New issue of equity 当企业存在融资需求时，首先选择内源融资，其次会选择债务融资，最后选择股权融资。 Theories of dividend policy Dividend irrelevancy theory 股利无关理论 The dividend irrelevancy theory put forward by M&M(米勒(Miller)和莫迪格利安尼(Modigliani)) argues that in a perfect capital market (no taxation, no transaction costs, no market imperfections ), existing shareholders will only be concerned about increasing their wealth, but will be indifferent as to whether that increase comes in the form of a dividend or through capital growth. 在一个完全资本市场，投资者并不关心公司股利的分配， 股利的支付比率不影响公司的价值。 Dividend relevance 股利相关理论 Practical influences, including market imperfections, mean that changes in dividend policy, particularly reductions in dividends paid, can have an adverse effect on shareholder wealth: , Reductions in dividend can convey “bad news” to shareholders (dividend signaling ) (信 号理论) , Changes in dividend policy may upset investor tax planning (clientele effect).( 客户效应理论) (不同税收等级的投资者对待股利分配态度差异) Other long-term financing Leases can be separated into two types. Though operating leases allow the lessee to use the equipment, ownership remains with the lessor. Although the lessor in a financial lease legally owns the equipment, the lessee maintains effective ownership. 租赁包括两类。经营租赁下承租人使用设备，出租人拥有所有权。融资租赁下出租人从法律上拥有 设备，但承租人保持对设备的有效所有权。 A warrant gives the holder the right to buy shares of common stock at an exercise price for a given period. 认股权证是公司向股东发放的一种凭证，授权其持有者在一个特定期间以特定价格购买特定数量的 公司股票。 A convertible bond is a combination of a straight bond and a call option. The holder can give up the bond in exchange for shares of stock. 可转换债券，是债券和看涨期权的一种组合，它在一定期间内依据约定的条件可以转换成普通股。 25 ? Working capital management The operating cycle is the interval between the arrival of inventory stock and the date when cash is collected from receivables. The cash cycle begins when cash is paid for materials and ends when cash is collected from receivables. The cash flow time line consists of an operating cycle and a cash cycle. Managing current assets can be thought of as involving a trade-off between costs that rise with the level of investment (carrying cost) and costs that fall with the level of investment (shortage costs). 流动资产管理要考虑的是随着投资增加而增加的持有成本和随着投资增加而下降的短缺成本两者 的平衡。 Cash management The optimal amount of cash for a firm to hold depends on the opportunity cost of holding cash and the uncertainty of future cash inflows and outflows. The firm can use a variety of procedures to manage the collection and disbursement of cash to speed up the collection of cash and slow down payments. 现金的最佳持有量取决于持有现金的机会成本和未来现金流入和流出的不确定性。 企业应采用各 种方法管理现金，以加速收款和推迟付款。 Credit management At the optimal amount of credit, the incremental cash flows from increased sales are exactly equal to the carrying costs from the increase in accounts receivable. Carrying costs are the costs associated with granting credit and making an investment in receivables: delay in receiving cash, the losses from bad debts, and the costs of managing credit. Opportunity costs are the lost sales from refusing to offer credit. These costs drop as credit is granted. 26 最优信用额指应收账款增加而产生的持有成本与收入增加带来的增量现金流量相等时的金额。 持 有成本包括应收账款占用资金应计利息，坏账损失，信用管理等费用。 机会成本指拒绝提供信用 所失掉的销售收入。 Inventory management Re-order再订购，重新订购 Lead-time订货至交货的时间 Stock out库存中断;脱销 EOQ (economic order quantity)经济订货量 Order cost订货成本 Hold cost持有成本 Large order discount大宗订货折扣 The objective of good inventory management is to determine: , The optimum re-order level – how many items are left in inventory when the next order is placed. , The optimum re-order quantity – how many items should be ordered when the order is placed. In practice, this means striking a balance between holding costs on the one hand and stock-out and re-order costs on the other. 存货管理的目标是确定最优再订货水平和最优再订货数量。 这意味着存货持有成本和缺货成本， 再订货成本达到平衡。 Working capital finance , Aggressive- finance most current assets, including “permanent” ones, with short-term finance. Risky but profitable. 激进型 , Conservative- long-term finance is used for most current assets, including a proportion of fluctuating current assets. Stable but expensive. 保守型 , Matching- the duration of the finance is matched to the duration of the investment. 配合型 The cost of short-term finance Short-term finance is usually cheaper than long-term finance. This is largely due to the risks taken by creditors. Short-term finance also tends to be more flexible. Short-term finance includes items such as trade payables, which are normally regarded as low cost funds, whereas long-term finance will include debt and equity. Short-term financing has already been established as generally “ the cheaper option”. However, the price paid for reduced cost is increased risk for the borrower: renewal problems and unstable interest rates. 27 短期负债融资的特点:筹资成本较低;筹资富有弹性;筹资风险高。 ? CVP analysis Marginal costing变动成本法(边际成本法) Cost-volume-profit (CVP) 本量利分析 Marginal contribution边际贡献 Margin of safety安全边际 Variable cost变动成本 Fixed cost固定成本 Discretionary Fixed Cost 酌量性固定成本 Committed Fixed Cost 约束性固定成本 CVP analysis is a means of learning how costs and profits behave in response to changes in the level of business activity. CVP analysis is often called break even analysis, in reference to the point at which total revenue exactly equals total cost. The break-even point may be defined as the level of activity at which operating income is equal to zero. CVP 分析也称为盈亏平衡分析。 盈亏临界点是企业收入和全部成本相等的经营状态，即企业所 处的既不盈利也不亏损的状态。 The contribution margin is simply the amount by which revenue exceeds variable costs. 边际贡献,收入,变动成本 The dollar amount by which actual sales volume exceeds the break even sales volume is called the margin of safety. 安全边际是指正常销售额超过盈亏临界点销售额的差额。(它表明销售额下降多少企业仍不致亏损) Measurement method of computation Contribution margin Sales revenue-total variable costs Unit contribution margin Unit sales price- variable costs per unit Contribution margin ratio Unit sales price-variable costs per unit Unit sales price Sales volume ( in units) Fixed costs +target operating income Unit contribution margin Sales volume ( in dollars) Fixed costs +target operating income Unit contribution margin ratio Margin of safety Actual sales volume-break even sales volume ? Performance evaluation Residual income The amount by which operating earnings exceed a minimum acceptable return on average invested capital is referred to as residual income. 剩余收益,收益,投资要求的报酬率×投资额 28 Economic value added is a refinement of the residual income measure. EVA = after-tax operating income – ( division‘s total assets – division‘s current liabilities ) * weighted average cost of capital. 经济增加值,调整后税后经营利润,调整后的投资资本×加权平均资本成本 Responsibility centers refer to the subunits that perform different functions within a business organization. Business responsibility centers are usually classified as cost centers, profit centers, or investment centers. A cost center is a business section that incurs costs (or expenses) but does not directly generate revenue. Cost centers are evaluated primarily on (1) their ability to control costs and (2) the quantity and the quality of the services that they provide. 成本中心往往没有直接产生的收入，但要产生成本或者费用。成本中心主要从两个方面进行业绩评 价:(1)控制成本的能力(2)所提供服务的数量和质量。 A profit center is a part of a business that generates both revenue and costs. In a profit center, mangers have decision-making responsibility over both input and output-related resources. Profit centers are evaluated primarily on their profitability. 利润中心既产生收入又产生成本，经理有输入和输出相关资源的决策权，主要通过其利润的多少来 评价该中心的业绩。 An investment center is a profit center for which management has been given decision-making responsibility for making significant capital investments related to the center‘s business activities. The performance of each investment center is evaluated using return on investment measurements. 投资中心是一个利润中心，不同的是经理所拥有的决策权不仅包括短期经营决策权，而且还包括重 大的资本投资决策权。投资报酬率是主要的业绩评价指标。 Illustration of a responsibility income statement Sales -Variable costs Contribution margin ( 贡献毛益) -Traceable fixed costs: controllable Performance margin (业绩毛益) -Traceable fixed costs: committed Division responsibility margin (责任毛益) -Common fixed costs Income from operations Unit Five Corporate strategy and risk management 29 1(战略分析——外部环境、内部资源、能力与核心竞争力 2(战略选择 3(战略实施 4(战略控制 5(风险管理实务 一. strategic analysis Macro-environment: 宏观经济环境 Product life cycle: 产品生命周期 Porter‘s five forces: 波特的五力模型 Threat of New Entrants行业新进入者的威胁 Threat of Substitute Products替代品的威胁 Bargaining Power of customers购买商的议价能力 Bargaining Power of Suppliers供应商的议价能力 Competition/rivalry同业竞争 Strategic group: 战略组群 Segmentation: 细分 Porter‘s diamond: 波特的钻石模型 Convergence:集中，趋同 Resource audit 资源审计 SWOT: SWOT模型 Opportunity: 机会 Threat: 威胁 Strength: 优势 Weakness: 劣势 Resources资源 Capability能力 Core competence 核心竞争力 1.The PESTEL model(core topic) The PESTEL model looks at the macro environment, using the following headings: Political(政The political environment includes taxation policy, government stability and 治) foreign trade regulations.(税收政策, 政局稳定性，对外贸易的法律法规) The economic environment includes interest rates, inflation, unemployment, Economic disposable income and energy availability and cost.(经济环境包括利率，通货膨(经济) 胀，失业，可支配收入，能源的供应和成本。) The social/culture environment includes population demographics, social mobility, Social income distribution, lifestyle changes, attitudes to work and leisure, levels of (社会) education and consumerism. (社会和文化环境包括人口状况，社会流动性，收入 分配，生活方式的变化，工作和休闲的态度，教育和消费水平。) The technological environment is influenced by government spending on research, new discoveries and development, government and industry focus of Technological technological effort, speed of technological transfer and rates of obsolescence.(技术) (技术环境要受到下列因素的影响:政府对研究的支出，新发现和发展，政府及行 业对技术力量的关注，技术转移的速度和技术过时的速度。) Ecological The ecological environment, sometimes just referred to as ?the environment‘, 30 (环境) considers ways in which the organization can produce its goods and services with the minimum environmental damage.(环境因素考虑组织如何以最小的环境破坏 来生产产品和提供劳务。) The legal environment covers influences such as taxation, employment law, Legal monopoly legislation and environmental protection laws.( 法律环境包括税收，劳(法律) 动法，垄断方面的立法以及环境保护法律方面的影响。) 2.The life cycle model Typical characteristics of stages are set out in the following table: Industry Introduction features Growth 成长期 Maturity 成熟期 Decline衰退期 起步期 行业特点 Many new entrants and Heavy Competition mergers/takeovers兼Shake-out leaves only Few players discounting 竞争 并收购 a few large players and price wars Fight for market share Growth rate falls, Usually Increasing market most purchases now Demand Falling higher-income penetration replacement or repeat 需求 demand buyers 增加市场渗透 buying. Well informed, demanding buyers Becomes Knowledge is well obsolete过时 Technology Narrowing in the range Non-standard understood by all and 技术 of technologies applied players in the market superceded被 取代 Differences in Product Standardization of Less emphasis choice, Improvement in the characteristics products with only on product inconsistent design and quality 产品特点 small differentiations differentiation quality Critical Innovative Efficiency in Brand loyaltysuccess Products are able to be product operations to keep 品牌忠诚度 factors mass produced 创新产品 costs low low overheads 关键成功要素 3.Porter‘s five forces model (core topic) 31 Porter looked at the structure of industries. In particular, he was interested in assessing industry attractiveness, by which he meant how easy it would be to make above average profits(超额利润)(for shareholders and to fund adequate investment). He concluded that industry attractiveness (行业吸引力)depends on five factors or forces. New entrants into a market will bring extra capacity(生产能力) and intensify competition(使竞争 激烈). The threat from new entrants will depend upon the strength of the barriers to entry(进入壁 垒)and the likely response of existing competitors to a new entrant. , Economy of scale(规模经济) Threat of new entrants , Customer (or brand )loyalty (客户忠诚度) 行业新进入者的威胁 , Capital requirements(资本要求) , Switching cost(转换成本) , Access to distribution channels(销售渠道的取得) , Cost advantages of existing producers(现存生产者的成本优势) , Know-how(专业知识) , Regulation(法规) Threat of substitute products This threat is across industries (跨行业)(e.g. rail travel versus bus travel versus private car) or 替代品的威胁 within an industry (e.g. long life milk as a substitute for delivered fresh milk). Powerful customers can force price cuts and/or quality improvements. Either way, margins(利润) are eroded. Bargaining power is high when a combination of factors arises: , A buyer‘s purchases are a high proportion of the supplier‘s total business or represent a high Bargaining power of proportion of total trade in that market(购买方从卖方购买的产品占卖方销售量很大比例) customers , A buyer makes a low profit (购买方利润低) 购买商的议价能力 , The quality of purchases is unimportant or delivery timing is irrelevant, and prices will be forced down.(购买产品的质量不重要，交货期无关，价格就会压低) , There are similar alternative products available from other suppliers.(存在相似的其他产品) 32 The power of suppliers to charge higher prices will be influenced by the following: , The degree to which switching costs apply and substitutes are available (转换成本以及是否 存在替代品) Bargaining power of , The presence of one or two dominant suppliers controlling prices suppliers (存在一个或两个控制价格的主要供应商) 供应商的议价能力 , The extent to which products offered have a uniqueness of brand, technical performance or design not available elsewhere. (所提供的产品具有独一无二的品牌，技术性能或 设计 领导形象设计圆作业设计ao工艺污水处理厂设计附属工程施工组织设计清扫机器人结构设计 ) Intensity of existing competition will depend on the following factors: , Number and relative strength of competitors.(竞争者的数量和相对的强度) , Rate of growth.(发展速度) , Where high fixed costs are involved companies will cut prices to marginal cost levels to protect volume, and drive weaker competitors out of the market.(行业固定成本高，企业寻求Competition/rivalry 保护产量而降低价格到边际成本，会导致弱势竞争者被挤出市场) 同业竞争 , If buyers can switch easily between suppliers the competition is keen.If the exit barrier (i.e. the cost incurred in leaving the market) is high, companies will hang on until forced out, thereby increasing competition and depressing profit.(产品转换成本，产品缺乏差异性或具 标准化，购买商轻易转换供应商，加剧竞争;退出壁垒高，使现有供应商难以退出某行业的障 碍会令同业的竞争激烈化) 4.Strategic group(战略群组): (1)Have similar characteristics, e.g. size (2)Pursue similar competitive strategies over time, e.g. heavy advertising 3)Have similar assets and skills, e.g. quality image ( 5.、Porter‘s diamond Porter tried to answer the following questions: Why does a nation become the home base(总部， 根据地) for successful international competitors in an industry? Germany is renowned for car manufacture; Japan is prominent in consumer electronics(消费性电子 产品). Why are firms based in a particular nation able to create and sustain competitive advantage against the world‘s best competitors in a particular field? Why is one country often the home of so many of an industry‘s world leaders? Porter called the answers to these questions the determinants(决定因素) of national competitive advantage. He suggested that there are four main factors which determine national competitive advantage and expressed them in the form of a diamond. 迈克尔?波特识别出国家竞争优势的四个决定因素，构建了钻石模型。 Factor condition 要素状况(物质、人力、资金、 知识、基础设施) Demand Related and conditions supporting industries 需求条件 33 相关和支持性行业的存 (国内市场需求) 在 Firm strategy, structure and rivalry 企业战略、结构和同业竞争 Favorable factor conditions: physical resources such as land, minerals and weather; capital; human resources; knowledge and infrastructure. There must be a strong home market demand for the product or service. The success of an industry can be due to its suppliers and related industries. Organization goals can be determined by ownership structure. 1. Benchmarking Benchmarking is the process of systematic comparison of a service, practice or process. Its use is to provide a target for action in order to improve competitive position. 基准分析是企业和竞争对手在劳务、实践或流程等方面系统进行比较的过程。其主要目的就是为提升竞争力 而设定相关目标。 The main benefits include: 主要好处包括: Improved performance and added value 提升业绩和增加价值 Improved understanding of environmental pressure 更加深刻理解环境压力 Improved competitive position 提升竞争地位 A creative process of change 创造性的变化过程 A target to motivate and improve operations 促进和改进运营的目标 Increased rate of organizational learning 提升组织学习速度 2. Strategic capability Strategic capability can also be divided into threshold capabilities and capabilities for competitive advantage. Threshold capabilities(基本能力). These are the minimum capabilities needed for the organization to be able to compete in a given market. Capabilities for competitive advantage(具有竞争优势的能力). The capabilities that allow an organization to beat its competitors. These capabilities must meet the needs and expectations of its customers. Unique capabilities are not enough-they must be valued by the customers. 3. Value chain Value chain 价值链 Support or secondary value activities 辅助活动 Primary value activities 基本活动 Firm infrastructure 企业基础设施建设 Human resource management 人力资源管理 Technology development 技术开发 Procurement 采购 Inbound logistics 进货后勤 Operations 生产经营 Outbound logistics 发货后勤 34 Marketing and sales 市场营销 Service 服务 Margin 利润 Porter developed the value chain to help identify which activities within the firm were contributing to a competitive advantage and which were not. The approach involves breaking down the firm into five ?primary‘ and four ?support‘ activities, and then looking at each to see if they give a cost advantage or quality advantage. 波特价值链分析目的在于找到为企业贡献最多竞争优势的活动。 Primary activities: 基本活动 Receiving, storing and handling raw material inputs. For example, a just-in-time stock system could Inbound logistics(进货give a cost advantage. 后勤) 接收、存储和处理原 材料 关于××同志的政审材料调查表环保先进个人材料国家普通话测试材料农民专业合作社注销四查四问剖析材料 的输入。如，及时存货制度可以带来成本优势 Transformation of the raw materials into finished goods and services. For example, using skilled Operations craftsmen could give a quality advantage. (生产经营) 将原材料转化成最终产品和服务。如，使用有熟练的技工可以带来质量优势。 Storing, distributing and delivering finished goods to customers. For example, outsourcing Outbound logistics delivering could give a cost advantage. 存储，配送最终产品给客户。如，将送货业务外包可以带来(发货后勤) 成本优势 Marketing and sales(市For example, sponsorship of a sports celebrity could enhance the image of the product. 场营销) 赞助一个体育名人可以提高产品的形象 All activities that occur after the point of sale, such as installation, training and repair, e.g. Marks and Spencer‘s friendly approach to returns gives it a perceived a quality advantage. Service(服务) 在销售之后的所有业务，如，安装、维修、培训等。玛莎百货对退货的友好态度让人感觉到它的质 量优势。 Secondary activities辅助活动 How the firm is organized. For example, centralized buying could result in cost savings due Firm infrastructure to bulk discounts. (企业的基础设施建设) 企业的组织状况。如，集中采购由于批量折扣可以带来成本的节约。 How the firm uses technology. For example,the latest computer-controlled machinery gives Technology development greater flexibility to tailor products to individual customer specifications. (技术开发) 企业如何使用技术。如，最新的计算机控制机器具有较大的灵活性，可以按照每个客户的规 格要求生产产品。 How people contribute to competitive advantage. For example, employing expert buyers Human resources development could enable a supermarket to purchase better wines than competitors. (人力资源管理) 人员对企业竞争优势的贡献。如，雇佣具有专业知识的采购者可以使一个超市买到比竞争对 手更好的酒。 Purchasing, but not just limited to materials. For example, buying a building out of town Procurement could give a cost advantage over high street competitors. (采购) 购买，但不限于材料。如，在郊区买一建筑要比在市区的竞争对手具有成本优势。 All organizations in a particular industry will have a similar value chain, which will include activities such as: Obtaining raw materials 35 Designing products Building manufacturing facilities Developing co-operative agreements Providing customer service It is vital that the linkages between the different elements of a value chain are considered. Firstly this is to ensure consistency. Secondly it may be that through linking separate activities more effectively than competitors, a firm can gain a competitive advantage. 考虑价值链上不同要素之间的联系是重要的。首先要确保连贯性，其次将不同的活动以比竞争对手更加有效 的方式联系起来，企业就获得了竞争优势。 4. SWOT analysis Internal-strengths and weaknesses: resources and capabilities What is the organization good at? What is it poor at? Where are resources in short supply(短缺)? where are resources excellent? External-opportunities and threats: environment, industry structure What will the effect on the organization be of economic changes? Can the organization make use of new technologies? Are new entrants likely to enter the market place? Can a powerful customer dictate terms? SWOT分析包括分析企业的优势(Strengths)、劣势(Weaknesses)、机会(Opportunities)和威胁(Threats)。 SWOT分析实际上是将对企业内外部条件各方面内容进行综合和概括，进而分析组织的优劣势、面临的机会和 威胁的一种方法。 二. Strategic choices Ansoff‘s matrix安索夫矩阵(企业成长矩阵) Existing products现有产品 New products新产品 Product development 产品开发Basic idea is to get more money from existing Market penetration市场渗透 customers. Existing Build market share扩大市场份额 Can be particularly good if using existing resources, distribution markets Develop niches开发小众市场 channels, etc如果能使用现存的资源和销售渠道，这一战略会更现有市场 Hold market share 保持市场份额 有效。New products could arise from R&D, joint ventures or buying in other people‘s products 新产品可以是研发的，合资生 产的或购入的。 Market development市场开发 This involves finding new markets for existing Diversification多元化 New markets products Related diversification 相关多元化Nonrelated diversification非新市场 .These could be new segments in current markets 相关多元化 (e.g. new age group) or overseas markets. 36 1.Related diversification相关多元化(Corporate Strategy) There are two types of related diversification: Vertical integration纵向一体化 Horizontal diversification 横向多元化 2. Vertical integration Taking over supplier (backwards vertical integration)(后向一体化) or customer (forwards vertical integration)(前向一体化) 3. Horizontal diversification Horizontal diversification refers to development into activities that are competitive with, or directly complementary to, a company‘s present activities. 横向多元化指的是进入与企业目前业务相竞争或直接互补的业务。 4.Unrelated/conglomerate diversification非相关/企业集团多元化 Diversifying into completely unrelated business Not clear where added value comes from Often leads to loss of shareholder value Advantages Disadvantages increased flexibility No synergies(不会产生协同效应) increased profitability No additional benefit for shareholders Ability to grow quickly Lack of management focus管理层缺少工作的中心 Better access to capital markets Diversification of risk 分散风险 37 5.Porter‘s generic strategies(基本竞争战略) Cost leadership Differentiation Focus 成本领先 差异化 集中化 To cut costs of To offer a product that can‘t be Position the business in one Aim production/purchasing/service matched by rivals and charge particular niche (小众市场)in and in turn cut selling prices a premium for this ―difference‖ the market Economies of scale Find a segment (细分市场)Branding Quality &design Use of learning effects where the cost leader or Innovation Knowledge Using cheaper labor and differentiators have little or no How management Control over materials presence and build business suppliers/ support from Moving to cheaper premises(经here suppliers 营场所，处所) Reduction in product range High volumes Builds brand loyalty and Develops brand loyalty Creates a barrier to entry repeat purchases Little competition Benefits Win price wars Higher margins Often a first step towards the Reduced power of substitutes Reduction in power of other generic strategies customers No fallback position (没有退路)Perform badly in a recessionLow volumes if leadership is lost (萧条) If successful, it attracts cost Large rivals may enter the Often easily copied in the long leaders and differentiators market run Few barriers to entry Threats Strong currency(强通货) Need to constantly innovate makes imports cheaper Needs much higher marketing than cost leadership Fewer barriers to entry Innovative companies with Small business with large marketing budgets entrepreneurial flair(具有创业者Large organizations with suitability 的洞察力), strong market economies of scale knowledge and a risk taking attitude (often new starts) 三. Strategy implementation 38 1.Organization structure Functional structure 职能结构 Divisional structure (product division， geographical division)事业部结构(产品事业部、地区事业部) SBU (strategic business unit)战略业务单元 Matrix organization 矩阵组织 Type advantages disadvantages Entrepreneurial Quick flexible decisions Too slow for large companies 创业型 Goal congruence Too many decisions for one person 快速弹性决策 Lack of specialism/expertise in some 目标一致 areas 缺少专业分工 Specialization is efficient专Empire building 建造帝国 业性强 Conflict between functions各职能之间的 Good career opportunities 冲突 and extra responsibilities好people are too specialized Functional 的职业机会和更多的责任 Bureaucratic/inflexible/slow to adapt适应职能型 (bureaucratic) Can cope with more 性差 products than Lack of communication between entrepreneurial structure可functions 以应对更多的产品 Type advantages disadvantages • Increased staff • Conflict between divisions e.g. motivation 增加员工的transfer prices转移价格 动力 • Extra costs through repetition of • Senior management functions e.g. marketing职能部门重 concentrate on overall 复增加了成本 Divisional strategy • Conflict over shared costs e.g. 事业部制组织结构 • Flexible灵活 personnel • Can cope better with • Lack of goal congruence缺乏目标一 diversification(多元化)致 than a functional structure • Inter-functional • Functional managers‘ expertise is communication ―diluted‖-spread over many projects enhanced职能部门之• Staff are serving two masters, 间的沟通提高 conflict, role ambiguity, role overload Matrix • Staff motivation can be 下属有两个上司，易产生冲突，角色 矩阵制组织结构 improved through 不清，角色工作过多 variety of work and • Time-consuming meetings and challenges higher administrative costs管理成本 • Very flexible ( can 高 easily react to changes 39 in both the internal and external environments) 2.Centralization vs. decentralization 集权型对分权型 Advantages and disadvantages of centralization Advantages: 优点 Coordinated decisions and better management control, therefore less sub-optimizing (协调决策和管理控 制，减少次优决策) Conformity with overall objectives – goal congruence is more likely to be achieved(有助于整体目标的一 致性) Standardization (标准化) Balance between functions, divisions, etc(在职能、事业部之间取得平衡) Economy of scale (规模经济) Top managers become better decision makers (高级管理层成为更好的决策者)Speedier central decisions may be made in a crisis – delegation can be time-consuming. (遭遇危机可以制定更快的决策，代表团往往费 时) Disadvantages: 缺点 Those of lower rank experience reduce job satisfaction. (底层员工缺乏工作满意度) Senior management do not possess sufficient knowledge of all organizational activities. (高级管理层没有 掌握组织内所有业务的足够知识) Centralization places stress and responsibility onto senior management.(集权制使高层领导承担较大压力 和责任) Subordinates experience restricted opportunity for career development toward senior management positions. (下属员工向上发展的职业机会有限) Decisions often take considerable time. (决策往往花费较多时间) 3.Mint berg‘s structural configurations明茨伯格组织构型理论 Building blocks and coordinating mechanisms构建模块和协调机制 Mint berg argues that the organization structure exists to co-ordinate the activities of different individuals and work processes and that the nature of co-ordination changes with the increasing size of an organization. He suggests that there are six main types of structure with configurations based on the following building blocks. Strategic apex 战略顶点-higher levels of management Techno structure 技术结构-provides technical input that is not part of the core activities Operating core 作业核心-members involved in producing goods and services Middle line 中间层-middle and lower-level management Support staff 支持性人员-support that is not part of the operating core Ideology 思想体系、意识形态-beliefs and values Coordinating mechanism, that together with the building blocks make up the detailed configuration of the organization.构建模块和协调机制构成了具体的结构构型。 Mint berg discusses six possible configurations: Simple structure 简单型结构 Machine bureaucracy 机械型企业 Professional bureaucracy 专业型企业 Divisional zed structure 部门型结构 Adhocracy bureaucracy 灵活型企业 40 Missionary bureaucracy 使命型企业 四. Strategy control 1.Balanced score card平衡计分卡 The Balanced Scorecard (BSC) provides a system for measuring and managing all aspects of a company‘s performance. The scorecard balances traditional financial measures of success, such as profits and return on capital, with non-financial measures of the drivers of future financial performance. The Balanced Scorecard measures organizational performance across four different but linked perspectives: Financial. How is success measured by our shareholders? Customer. How do we create value for our customers? Internal process. At which processes must we excel to satisfy our customers and shareholders? Learning & Growth. What employee capabilities, information systems, and organizational capabilities do we need to continually improve our processes and customer relationships? 卡普兰和诺顿 (Kaplan & Norton) 提出了名为平衡计分卡的方法，它是一种计量和管理企业全面绩效的一种 方法。它平衡了传统财务计量，如利润和资本回报率，与未来财务绩效动因的非财务计量。平衡积分卡从四个不 同又相互联系的方面来计量企业的绩效: 财务角度:股东如何计量企业的成功, 客户角度:我们如何为客户创造价值, 内部流程角度:为了使客户和股东满意，我们必须擅长什么样的企业内部流程, 创新与学习角度:为了持续改进流程和客户关系，我们需要什么样的雇员能力，信息系统和组织能力, 2..The change process The process of change includes unfreezing habits or standard operating procedures(解体旧的行为或标准 的营运程序), changing to new patterns (变革为新的模式)and refreezing to ensure lasting effects(重新巩 固以强化持久效果). Unfreezing-create the initial motivation to change by convincing staff of the undesirability of the present situation. The change process itself-mainly concerned with identifying what the new behavior or norm should be. This stage will often involve new information being communicated and new attitudes, culture and concepts being adopted. Refreezing or stabilizing the change-implying reinforcement of the new pattern of work or behavior by rewards. 变革的三个阶段:解体、变革、重新巩固 41 五. Risk management 增量预算(Incremental budgeting) 零基预算(Zero-based budgeting) Political risk 政治风险 Country risk 国家风险 Project risk 项目风险 Legal/compliance risk 法律/合规风险 Operational risk 操作风险 Commodity risk 产品风险 Foreign exchange risk汇率风险 Floating rate 浮动利率 Fixed rate 固定利率 Liquidity risk 流动性风险 Credit risk 信用风险 Strategic risk 战略风险 Reputation risk 声誉风险 Risk appetite 风险偏好 Risk acceptance 风险接受 Risk avoidance 风险规避 Risk mitigation 风险缓释 Risk transfer 风险转移 Risk attitude 风险态度 Financial instrument 金融工具 Derivatives 衍生品 Hedging 对冲/套期 Forward contract 远期合约 Swap 掉期/互换 Options 期权 Call options 看涨期权 Put options 看跌期权 Futures 期货 Exercise price 行权价格 Elapse 失效、逾期 Spot rate 即期汇率 Forward rate 远期汇率 Premium/discount 升水/贴水 42