企业组织形式 课件

Chapter1FormsofBusinessOwnership

IntroductiontoBusinessEnglish

1Chapter1FormsofBusinessOwnThischapteriseasytoread.Pleasefollowtheinstructionstoreadthetext.本章重点：各种企业产权形式的定义各种产权形式的优劣势股份公司与有限公司的区别2Thischapteriseasytoread.Pleasefindthedefinitionsofthefollowingtermsinyourtextbook.SoleProprietorshipsPartnershipsCorporationsLimitedLiabilitycompaniesJointVentureMergers&AcquisitionsFranchises3PleasefindthedefinitionsofSoleProprietorship个人企业Anorganizationthatisowned,andusuallymanaged,byonepersoniscalledaSoleProprietorship.个人企业即独资经营企业，是由一名出资者单独出资并从事经营管理的企业。Owner=Business4SoleProprietorship个人企业AnorStoreorsupermarket?OnecanofCocaColaissoldat￥3.00intheconvenientstoreoncampus,whilethesameproductissoldat￥2.50inthesupermarketinthedowntown3kilometersaway.Whydosomepeoplepreferpatronizingthestoreratherthanthesupermarket?5Storeorsupermarket?OnecanSoleProprietorshipAdvantages:CanmakedecisionsquicklyKeepsalltherewardsEasytosetupPrivacyofbusinessaffairsDisadvantages:Limitedsourcesoffinance(e.g.ownfunds)Unlimitedliability,i.e.canlosepersonalassetsOftenhaslimitedmanagerialskillsNoonetoshareworkloadandideaswith6SoleProprietorshipAdvantages:PartnershipsApartnershipisalegalrelationshipbetweenatleast

twopersonscarryingonaprofit-motivatedbusiness.合伙企业是由两人以上组成，在合伙人之间订立合伙协议，共同出资、合伙经营、共享收益、共担风险，并对合伙企业债务承担无限连带责任的营利性组织。7PartnershipsApartnershipisTypesofpartnershipsGeneralpartnership（普通合伙） Abusinesswithatleastonegeneralpartnerwhohasunlimitedliabilityforthedebtsofthebusiness.Limitedpartnership（有限合伙）Anarrangementwhereapersoncancontributetoabusinesswithoutbeinginvolvedintheaffairsofthepartnership.What’sthedifferencebetweenthegeneralpartnersandthelimitedpartners?(P4)8TypesofpartnershipsGeneralpWhatarethethreekeyelementsofpartnership?CommonownershipSharedprofitsandlossesTherighttoparticipateinmanagingtheoperationsofthebusiness9WhatarethethreekeyelementReadthesampleofpartnershipagreementandfinishthetaskonP16.10ReadthesampleofpartnershippartnershipAdvantagesShareresources/ideasCancoverforeachother.e.g.duringholidaysMoresourcesoffinancethansoletraderPartnerscanspecialize,e.g.onemayspecializeincompanylaw,anothermayfocusoncriminallawDisadvantagesUsuallyunlimitedliabilityLimitedsourcesoffinanceProfitsmustbesharedbetweenpartnersSlowerdecisionmakingthansoletrader11partnershipAdvantagesDisadvantCorporations公司Thecorporationisalegalentity（法人实体）,allowedbylegislation,whichpermitsagroupofpeople,asshareholders(for-profitcompanies)ormembers(non-profitcompanies),tocreateanorganization,whichcanthenfocusonpursuingsetobjectives,andempowered（授权与）withlegalrightswhichareusuallyonlyreservedforindividuals,suchastosueandbesued,ownproperty,hireemployeesorloanandborrowmoney.公司是依公司法的规定设立的法人组织，具有独立的法人资格，有权以自己的名义拥有财产、享有权利和承担义务。12Corporations公司ThecFor-profitandnon-profitcorporationCorporationsFor-profitCorporations（营利性公司）Non-profitCorporations（非营利性公司）Shareholders（股东）Members（会员）13For-profitandnon-profitcorpFortuneGlobal5002013:14FortuneGlobal5002013:14CorporationsAdvantages:LimitedliabilitySkilledmanagementteamTransferofownershipGreatercapitalbaseStabilityDisadvantages:MultipletaxationDifficultyandexpenseofstartingGovernmentinvolvementLackofsecrecyLackofpersonalinterestCreditlimitations15CorporationsAdvantages:DisadvDiscussion:whattypesofcorporationsarethefollowingcompanies?BeijingMunicipalEngineeringCompany:MicrosoftCorporationinChina：

Vanke（万科）：Huawei:SinaintheU.S.A:OneFoundation:SinopecGroup:ParksonRetailGroupLimitedinHongKong:Gree:State-owned，municipal，domesticOpen,foreignPrivate，open，domesticPrivate,closed,domesticPrivate,open,alienPrivate,domestic,non-profitState-owned,open,domesticOpen,Foreign,State-owned,domestic,open16Discussion:whattypesofcorpLimitedLiabilityCompanies(LLC)

有限责任公司ALimitedliabilityCompanyisatypeofbusinessownershipcombiningseveralfeaturesofcorporationandpartnershipstructures.有限责任公司是新型的企业组织，它集合了公司的一些特征和合伙企业的组织结构，股东以其出资额为限对公司承担责任，公司以其全部资产对公司的债务承担责任。17LimitedLiabilityCompanies(LLLCvs.Co.Ltd：有限责任公司由两个以上五十个以下股东共同出资设立；股份有限公司由五人以上为发起人，股东无人数限制，全部资本分为等额股份。关键词对比：两个以上五十个以下/五人以上无人数限制。发生债务清偿问题时，有限责任公司每个股东以其所认缴的出资额对公司承担有限责任；股份有限公司每个股东以其认购的股份为限对公司承担责任。18LLCvs.Co.Ltd：有限责任公司由两个以上五十个Moredetails:在成为上市公司问题上，有限公司不能直接成为上市公司，必须先改制成为股份公司后，方能申请上市。而股份公司无须改制，即可依法申请上市。所以，在证券交易所挂牌交易的上市公司，都是股份有限公司。在出资或股份的转让上，有限公司股东转让其出资需要获得全体股东过半数的同意，而股份公司股东可以依法转让其股份，但必须在依法设立的证券交易场所进行交易。19Moredetails:在成为上市公司问题上，有限公司不能2020Revision：

个人独资企业、合伙企业、公司制企业对比Numberofowners&easeofstartup

企业所有者数量，组建难易度Investorliability

投资者的偿债责任Equitycapitalsources

股权资本来源Firmlifeandliquidityofownership

企业的生命周期与所有权的流动性Taxation

企业所得税21Revision：

个人独资企业、合伙企业、公司制企业对比NRevisionandComparison:22RevisionandComparison:22Ajointventureisthepoolingofresourcesandexpertisebytwoormorebusinesses,typicallyfromdifferentareasorcountriestoachieveaparticulargoal.Therisksandrewardsoftheenterprisearealsoshared.合资企业是只有两个或两个以上属于不同国家（或地区）的公司、企业或其他经济组织以合资方式组成的经济实体。JointVenture合资企业eg:GuangzhouHonda,GuangzhouProcterandGamble,ChanganFordMazdaAutomobileCo.,Ltd,etc.23AjointventureisthepoolingAdvantagesAccesstonewmarketsanddistributionnetworksIncreasedcapacityThesharingofriskswithapartnerAccesstospecializedstaffandtechnology24AdvantagesAccesstonewmarketDisadvantagesUnclearobjectivesandnotenoughcommunicationAnimbalanceinlevelsofexpertise,investmentorassetsbythedifferentpartnersDifferentculturesandmanagementstylesresultinpoorintegrationandco-operationbetweenthepartnersNotsufficientleadershipandsupportintheearlystages.25DisadvantagesUnclearobjective请判断以下企业是什么产权形式：TCLLenovoHuaweiDachengLawOfficesShanghaiGeneralMotorsCo.,Ltd.GuangzhouHondaAStoreinfrontoftheschoolgateLolitasanitarytowelstoreinGuangwai26请判断以下企业是什么产权形式：TCL26Merger&Acquisitions27Merger&Acquisitions27Termsanddefinitions:Merger：兼并

Amergeristheresultofthecombinationoftwoormorecompaniestoformanewcompany.Acquisition：收购

Anacquisitionisonecompanybuyingthepropertyandobligationsofanothercompany.28Termsanddefinitions:Merger：兼DistinctionMergerthesamesize

“mergerofequals”Friendlyconsolidation,2in1

Distinction

Acquisitionthelargertakeoverthesmaller

Unfriendlytakeover,1left29DistinctionMergerDistinctionA3030Whattypesofmergersarethey?Ifaconesuppliermergeswithanicecreammaker,wecallit__________merger.Ifafashiondesigncompanymergedwithatravelcompany,wecallit___________merger.Iftwoormorecompaniesmergewithsimilarproductline,thenitis__________merger.Thememberofapharmaceuticalmanufacturerproducinganti-ulcer（抗溃疡的）drugswithanotherproducinganti-cancerdrugsisanexampleofa____________merger.InFebruary,2013,MasterKongTaiwanannouncedconsolidationwithPepsiCola,America,whichisanexampleof______________merger.horizontalverticalcongenericcongenericconglomerate31WhattypesofmergersaretheyWhat’sthedifferencebetweenmerger,acquisition,jointventureandalliance?32What’sthedifferencebetweenWaysofmergers:Transferofassets（资产转让）：XandYmergetoformZ–ZacquirestradeandassetsfrombothXandYinreturnforsharesinZ.XandYareliquidatedandthesharesinZaredistributedtoshareholdersofXandY.Transferofshares（股份转让）：ZacquiressharesinXandYinreturnforitsownshares.XandY,assubsidiaries（子公司）ofZ,maysubsequentlytransfertheirtradeandassetstotheirnewparentcompanyZ.33Waysofmergers:TransferofasWaysofacquisitions:Transferofassets:(BtakesoverA)BacquirestradeandassetsfromAforcash.Aisthenliquidated,andtheproceeds（所得款项）receivedbytheoldshareholdersofA(transferofassets).Transferofshares:BacquiressharesinAfromA’sshareholdersinexchangeforcash.A,asasubsidiaryofB,maysubsequentlytransferitstradeandassetstoitsnewparentcompany,B.34Waysofacquisitions:TransferReasonsGrowth

DecreaseCostEliminateCompetition

Whydocompaniesmergewithoracquireothercompanies?

Synergy

35ReasonsGrowthDecreaseCostElBenefitsImproveprofitabilityandEPS

Enteranewmarketandintroducenewproducts

Increasemarketshare

Gainhighercompetitiveness

36BenefitsImproveprofitabilityCASESTUDY13737HP-CompaqMerger38HP-CompaqMerger38Event：HPmergedwithCompaqWhen：September2001Howmuch：25billiondollarsType：HorizontalMerger39Event：HPmergedwithCompaq39Compaq1982,HoustonU.S.A.Employees:63,7002001Revenues:$33.5bnHewlett-Packard1938,CaliforniaU.S.A.Employees:86,2002001Revenues:$45.2bnMichaelCapellas40CompaqHewlett-PackardMichaelCouldnotmeetthetargetsImprovementintheinternalstrategieswasnotgoingtobesufficientTofightthegrowingcompetitionWhydidHPmergeCompaq？41CouldnotmeetthetargetsWhy123lenovoIBM42123lenovoIBM42mergedFiorina

BoardchairmanCEOCapellasPresident43mergedFiorinaCapellas43Has145,000employeesSellsproductsin160countrieshpcompaqAftermergedNetAssets$324bn$239bn$564bn1.EnlargescompanyscaleChangesaftermerger44Has145,000employeeshpcompa2.IncreaseMarketShare&Income452.IncreaseMarketShare&Inco46462006-2008472006-2008473.StrengthenCompetitiveness2010年第四季美国PC厂商出货量(单位：台)483.StrengthenCompetitiveness20LagerCompanyScaleHigherMarketShare&IncomeStrongerCompetitivenessBetterOpportunitiesCONCLUSION—Advantages49LagerCompanyScaleCONCLUSION—CaseStudy2: China'scomputergiantLenovoandIBMannouncedinBeijingthatLenovohascompletedtheacquisitionofthePCunitofIBM,markingthebirthofthethirdlargestPCenterpriseintheworld.50CaseStudy2: China'scomputerLenovohaspaid12.5billionUSdollarsforallthePCbusinessofIBM,including650millionUSdollarsincashandLenovo'ssharesvaluedat600millionUSdollars.Lenovowillassumeabout500millionUSdollarsnetdebtofIBM.51Lenovohaspaid12.5billionUTheseniormanagementteamfornewLenovocomesfrombothsides.FromLenovo：杨元（ChairmanoftheBoard（新）联想董事会主席)FromLenovo:柳传志(Non-executiveDirector)(董事会非执行董事，旧联想创始人）FromIBM:StephenWard(ChiefExecutiveOfficer)

(联想CEO及董事会董事)

52TheseniormanagementteamforLenovogains:Itsrevenueof$3.5bnwentupby38percentfromthesameperiodin2005.Ithasbranchofficesin66countriesaroundtheglobe.Itconductsbusinessin166countriesandemploysover25,000peopleworldwide.SalesoutsideofGreaterChina(大中华地区）compromised59percentofthecompany’stotalturnoverinthesecondquarterof2007.（海外销售占总销售量59%）53Lenovogains:Itsrevenueof$3Franchising

特许经营54Franchising

特许经营54FranchisesAfranchiseistherighttouseabusinessnameandsellproductsorservices,usuallyinaspecificgeographicalterritory.特许经营是指特许者将自己所拥有的商标、商号、产品、专利和专有技术、经营模式等以特许经营合同的形式授予被特许者使用；被特许者按合同规定在特许者同意的业务模式下从事经营活动，并向特许者支付相应费用。由于特许企业的存在形式具有连锁经营、统一形象、统一管理等基本特征，因此也称之为特许连锁。55FranchisesAfranchiseistheTerms:Franchising：特许经营Franchise：特许权Franchiser：特许者Franchisee：被特许者Trademark：商标Chain-storeoperations：连锁经营56Terms:Franchising：特许经营56Advantages:Buyingafranchise:thefranchiseeMayreceivehelpandtrainingfromfranchiserthefranchisercansharemarketingcosts,researchfindings,newproductdevelopmentcostsThefranchiseeislesslikelytofailsincethereissetcustomerbase.Sellingafranchise:Thefranchisergrowquickly,coveringageographicareamorequickly;Thefranchisergainmorefunds;Thefranchiseeworkswithmoremotivation.57Advantages:Buyingafranchise:DisadvantageLessfreedomProductsandservicescannotbechangedExpensiveinitialfranchisesAlargeshareofprofits,referredtoasRoyaltypayments,isrequiredbyfranchiser.58DisadvantageLessfreedom58FranchisingfraudCaseStudy： 张三丰（化名）从部队复员后有创业的雄心，但缺乏社会经验和法律知识。张三丰以复员费为基础又拿上东挪西凑的资金共５万元，准备自己创业。在网络上看到近视治疗仪广告宣称的神奇疗效，考虑到其亲人中青少年近视人数之多以及对于治疗近视的强烈愿望，决定前往北京考察。在“富视国际连锁”总部人员自称“投资少、利润高、见效快”、“公司近20年的经营”及“中华慈善总会”颁发的各种荣誉证书宣传下，作出了加盟投资的决定。但公司要求，必须先付款，后签订合同。59FranchisingfraudCaseStudy：59 2008年5月21日，张三丰按照烟台富视医疗器械有限公司的要求缴纳货款及合同保证金共计47000元。加盟费到账后，张三丰与烟台富视医疗器械有限公司签订《火暴9眼科近视弱视仿灸理疗仪意向经销合同》。合同约定，许可张三丰在安徽省萧县经销火暴9近视治疗仪。 合同签订后，张三丰在安徽萧县办理工商登记时方被告知，火暴9近视治疗仪作为国家二类医疗器械，属于国家严格限制经营的产品，个人无资格经营。经营二类医疗器械的企业必须具备相当严格的资质后并获得经省药监局颁发的《医疗器械企业经营许可证》方可经营。60 2008年5月21日，张三丰按照烟台富视医疗器械有限特许经营欺诈的特点： 1.广告宣传夸大其词。主要存在夸大公司实力，如国际连锁、国际集团、总部在北京等；夸大产品性能，如自称其为国际知名品牌、获得各种荣誉证书、获得专利证书等唬人。现在确实存在一些行业组织不负责任滥发各类荣誉证书（很多是出钱就可以颁发）的现象。另外关于实用新型专利和外观设计专利，须知该类专利不需经过实质审查即能获得。 2.要求加盟商先付款再签订合同。欺诈者多虚构各种繁荣的场面，制造出加盟商络绎不绝等种种假象；虚构利润率高、投资回报率高等诱人加盟条件，又以公司出于保密需要骗得加盟商先付款，款到之后方才同意签订合同。61特许经营欺诈的特点： 1.广告宣传夸大其词。主要存在夸大公司 3.合同金额一般不超过５万元。因为5万元为合同诈骗罪的立案标准，万一加盟商要求退出加盟引发纠纷时不致被追究刑事责任，另外合同金额不大，致使很多加盟商考虑维权成本而放弃维权。 4.精心设置合同陷阱。合同陷阱主要在主体写上某某大公司，在不显眼处写上某某代表处；双方权利义务方面明显不对等，特许人的义务多为软性义务；加盟费以及退出加盟的限制条件苛刻；格式合同约定管辖方面不利于加盟商等等。62 3.合同金额一般不超过５万元。因为5万元为合同诈骗罪的立案Chapter1FormsofBusinessOwnership

IntroductiontoBusinessEnglish

63Chapter1FormsofBusinessOwnThischapteriseasytoread.Pleasefollowtheinstructionstoreadthetext.本章重点：各种企业产权形式的定义各种产权形式的优劣势股份公司与有限公司的区别64Thischapteriseasytoread.Pleasefindthedefinitionsofthefollowingtermsinyourtextbook.SoleProprietorshipsPartnershipsCorporationsLimitedLiabilitycompaniesJointVentureMergers&AcquisitionsFranchises65PleasefindthedefinitionsofSoleProprietorship个人企业Anorganizationthatisowned,andusuallymanaged,byonepersoniscalledaSoleProprietorship.个人企业即独资经营企业，是由一名出资者单独出资并从事经营管理的企业。Owner=Business66SoleProprietorship个人企业AnorStoreorsupermarket?OnecanofCocaColaissoldat￥3.00intheconvenientstoreoncampus,whilethesameproductissoldat￥2.50inthesupermarketinthedowntown3kilometersaway.Whydosomepeoplepreferpatronizingthestoreratherthanthesupermarket?67Storeorsupermarket?OnecanSoleProprietorshipAdvantages:CanmakedecisionsquicklyKeepsalltherewardsEasytosetupPrivacyofbusinessaffairsDisadvantages:Limitedsourcesoffinance(e.g.ownfunds)Unlimitedliability,i.e.canlosepersonalassetsOftenhaslimitedmanagerialskillsNoonetoshareworkloadandideaswith68SoleProprietorshipAdvantages:PartnershipsApartnershipisalegalrelationshipbetweenatleast

twopersonscarryingonaprofit-motivatedbusiness.合伙企业是由两人以上组成，在合伙人之间订立合伙协议，共同出资、合伙经营、共享收益、共担风险，并对合伙企业债务承担无限连带责任的营利性组织。69PartnershipsApartnershipisTypesofpartnershipsGeneralpartnership（普通合伙） Abusinesswithatleastonegeneralpartnerwhohasunlimitedliabilityforthedebtsofthebusiness.Limitedpartnership（有限合伙）Anarrangementwhereapersoncancontributetoabusinesswithoutbeinginvolvedintheaffairsofthepartnership.What’sthedifferencebetweenthegeneralpartnersandthelimitedpartners?(P4)70TypesofpartnershipsGeneralpWhatarethethreekeyelementsofpartnership?CommonownershipSharedprofitsandlossesTherighttoparticipateinmanagingtheoperationsofthebusiness71WhatarethethreekeyelementReadthesampleofpartnershipagreementandfinishthetaskonP16.72ReadthesampleofpartnershippartnershipAdvantagesShareresources/ideasCancoverforeachother.e.g.duringholidaysMoresourcesoffinancethansoletraderPartnerscanspecialize,e.g.onemayspecializeincompanylaw,anothermayfocusoncriminallawDisadvantagesUsuallyunlimitedliabilityLimitedsourcesoffinanceProfitsmustbesharedbetweenpartnersSlowerdecisionmakingthansoletrader73partnershipAdvantagesDisadvantCorporations公司Thecorporationisalegalentity（法人实体）,allowedbylegislation,whichpermitsagroupofpeople,asshareholders(for-profitcompanies)ormembers(non-profitcompanies),tocreateanorganization,whichcanthenfocusonpursuingsetobjectives,andempowered（授权与）withlegalrightswhichareusuallyonlyreservedforindividuals,suchastosueandbesued,ownproperty,hireemployeesorloanandborrowmoney.公司是依公司法的规定设立的法人组织，具有独立的法人资格，有权以自己的名义拥有财产、享有权利和承担义务。74Corporations公司ThecFor-profitandnon-profitcorporationCorporationsFor-profitCorporations（营利性公司）Non-profitCorporations（非营利性公司）Shareholders（股东）Members（会员）75For-profitandnon-profitcorpFortuneGlobal5002013:76FortuneGlobal5002013:14CorporationsAdvantages:LimitedliabilitySkilledmanagementteamTransferofownershipGreatercapitalbaseStabilityDisadvantages:MultipletaxationDifficultyandexpenseofstartingGovernmentinvolvementLackofsecrecyLackofpersonalinterestCreditlimitations77CorporationsAdvantages:DisadvDiscussion:whattypesofcorporationsarethefollowingcompanies?BeijingMunicipalEngineeringCompany:MicrosoftCorporationinChina：

Vanke（万科）：Huawei:SinaintheU.S.A:OneFoundation:SinopecGroup:ParksonRetailGroupLimitedinHongKong:Gree:State-owned，municipal，domesticOpen,foreignPrivate，open，domesticPrivate,closed,domesticPrivate,open,alienPrivate,domestic,non-profitState-owned,open,domesticOpen,Foreign,State-owned,domestic,open78Discussion:whattypesofcorpLimitedLiabilityCompanies(LLC)

有限责任公司ALimitedliabilityCompanyisatypeofbusinessownershipcombiningseveralfeaturesofcorporationandpartnershipstructures.有限责任公司是新型的企业组织，它集合了公司的一些特征和合伙企业的组织结构，股东以其出资额为限对公司承担责任，公司以其全部资产对公司的债务承担责任。79LimitedLiabilityCompanies(LLLCvs.Co.Ltd：有限责任公司由两个以上五十个以下股东共同出资设立；股份有限公司由五人以上为发起人，股东无人数限制，全部资本分为等额股份。关键词对比：两个以上五十个以下/五人以上无人数限制。发生债务清偿问题时，有限责任公司每个股东以其所认缴的出资额对公司承担有限责任；股份有限公司每个股东以其认购的股份为限对公司承担责任。80LLCvs.Co.Ltd：有限责任公司由两个以上五十个Moredetails:在成为上市公司问题上，有限公司不能直接成为上市公司，必须先改制成为股份公司后，方能申请上市。而股份公司无须改制，即可依法申请上市。所以，在证券交易所挂牌交易的上市公司，都是股份有限公司。在出资或股份的转让上，有限公司股东转让其出资需要获得全体股东过半数的同意，而股份公司股东可以依法转让其股份，但必须在依法设立的证券交易场所进行交易。81Moredetails:在成为上市公司问题上，有限公司不能8220Revision：

个人独资企业、合伙企业、公司制企业对比Numberofowners&easeofstartup

企业所有者数量，组建难易度Investorliability

投资者的偿债责任Equitycapitalsources

股权资本来源Firmlifeandliquidityofownership

企业的生命周期与所有权的流动性Taxation

企业所得税83Revision：

个人独资企业、合伙企业、公司制企业对比NRevisionandComparison:84RevisionandComparison:22Ajointventureisthepoolingofresourcesandexpertisebytwoormorebusinesses,typicallyfromdifferentareasorcountriestoachieveaparticulargoal.Therisksandrewardsoftheenterprisearealsoshared.合资企业是只有两个或两个以上属于不同国家（或地区）的公司、企业或其他经济组织以合资方式组成的经济实体。JointVenture合资企业eg:GuangzhouHonda,GuangzhouProcterandGamble,ChanganFordMazdaAutomobileCo.,Ltd,etc.85AjointventureisthepoolingAdvantagesAccesstonewmarketsanddistributionnetworksIncreasedcapacityThesharingofriskswithapartnerAccesstospecializedstaffandtechnology86AdvantagesAccesstonewmarketDisadvantagesUnclearobjectivesandnotenoughcommunicationAnimbalanceinlevelsofexpertise,investmentorassetsbythedifferentpartnersDifferentculturesandmanagementstylesresultinpoorintegrationandco-operationbetweenthepartnersNotsufficientleadershipandsupportintheearlystages.87DisadvantagesUnclearobjective请判断以下企业是什么产权形式：TCLLenovoHuaweiDachengLawOfficesShanghaiGeneralMotorsCo.,Ltd.GuangzhouHondaAStoreinfrontoftheschoolgateLolitasanitarytowelstoreinGuangwai88请判断以下企业是什么产权形式：TCL26Merger&Acquisitions89Merger&Acquisitions27Termsanddefinitions:Merger：兼并

Amergeristheresultofthecombinationoftwoormorecompaniestoformanewcompany.Acquisition：收购

Anacquisitionisonecompanybuyingthepropertyandobligationsofanothercompany.90Termsanddefinitions:Merger：兼DistinctionMergerthesamesize

“mergerofequals”Friendlyconsolidation,2in1

Distinction

Acquisitionthelargertakeoverthesmaller

Unfriendlytakeover,1left91DistinctionMergerDistinctionA9230Whattypesofmergersarethey?Ifaconesuppliermergeswithanicecreammaker,wecallit__________merger.Ifafashiondesigncompanymergedwithatravelcompany,wecallit___________merger.Iftwoormorecompaniesmergewithsimilarproductline,thenitis__________merger.Thememberofapharmaceuticalmanufacturerproducinganti-ulcer（抗溃疡的）drugswithanotherproducinganti-cancerdrugsisanexampleofa____________merger.InFebruary,2013,MasterKongTaiwanannouncedconsolidationwithPepsiCola,America,whichisanexampleof______________merger.horizontalverticalcongenericcongenericconglomerate93WhattypesofmergersaretheyWhat’sthedifferencebetweenmerger,acquisition,jointventureandalliance?94What’sthedifferencebetweenWaysofmergers:Transferofassets（资产转让）：XandYmergetoformZ–ZacquirestradeandassetsfrombothXandYinreturnforsharesinZ.XandYareliquidatedandthesharesinZaredistributedtoshareholdersofXandY.Transferofshares（股份转让）：ZacquiressharesinXandYinreturnforitsownshares.XandY,assubsidiaries（子公司）ofZ,maysubsequentlytransfertheirtradeandassetstotheirnewparentcompanyZ.95Waysofmergers:TransferofasWaysofacquisitions:Transferofassets:(BtakesoverA)BacquirestradeandassetsfromAforcash.Aisthenliquidated,andtheproceeds（所得款项）receivedbytheoldshareholdersofA(transferofassets).Transferofshares:BacquiressharesinAfromA’sshareholdersinexchangeforcash.A,asasubsidiaryofB,maysubsequentlytransferitstradeandassetstoitsnewparentcompany,B.96Waysofacquisitions:TransferReasonsGrowth

DecreaseCostEliminateCompetition

Whydocompaniesmergewithoracquireothercompanies?

Synergy

97ReasonsGrowthDecreaseCostElBenefitsImproveprofitabilityandEPS

Enteranewmarketandintroducenewproducts

Increasemarketshare

Gainhighercompetitiveness

98BenefitsImproveprofitabilityCASESTUDY19937HP-CompaqMerger100HP-CompaqMerger38Event：HPmergedwithCompaqWhen：September2001Howmuch：25billiondollarsType：HorizontalMerger101Event：HPmergedwithCompaq39Compaq1982,HoustonU.S.A.Employees:63,7002001Revenues:$33.5bnHewlett-Packard1938,CaliforniaU.S.A.Employees:86,2002001Revenues:$45.2bnMichaelCapellas102CompaqHewlett-PackardMichaelCouldnotmeetthetargetsImprovementintheinternalstrategieswasnotgoingtobesufficientTofightthegrowingcompetitionWhydidHPmergeCompaq？103CouldnotmeetthetargetsWhy123lenovoIBM104123lenovoIBM42mergedFiorina

BoardchairmanCEOCapellasPresident105mergedFiorinaCapellas43Has145,000employeesSellsproductsin160countrieshpcompaqAftermergedNetAssets$324bn$239bn$564bn1.EnlargescompanyscaleChangesaftermerger106Has145,000employeeshpcompa2.IncreaseMarketShare&Income1072.IncreaseMarketShare&Inco108462006-20081092006-2008473.StrengthenCompetitiveness2010年第四季美国PC厂商出货量(单位：台)1103.StrengthenCompetitiveness20LagerCompanyScaleHigherMarketShare&IncomeStrongerCompetitivenessBetterOpportunitiesCONCLUSION—Advantages111LagerCompanyScaleCONCLUSION—CaseStudy2: China'scomputergiantLenovoandIBMannouncedinBeijingthatLenovohascompletedtheacquisitionofthePCunitofIBM,markingthebirthofthethirdlargestPCenterpriseintheworld.112CaseStudy2: China'scomputerLenovohaspaid12.5billionUSdollarsforallthePCbusinessofIBM,including650millionUSdollarsincashandLenovo'ssharesvaluedat600millionUSdollars.Lenovowillassumeabout500millionUSdollarsnetdebtofIBM.113Lenovohaspaid12.5billionUTheseniormanagementteamfornewLenovocomesfrombothsides.FromLenovo：杨元（ChairmanoftheBoard（新）联想董事会主席)FromLenovo:柳传志(Non-executiveDirector)(董事会非执行董事，旧联想创始人）FromIBM:StephenWard(ChiefExecutiveOfficer)

(联