chapter1企業(yè)組織形式

Chapter1FormsofBusinessOwnershipIntroductiontoBusinessEnglish1Thischapteriseasytoread.Pleasefollowtheinstructionstoreadthetext.本章重點(diǎn)：各種企業(yè)產(chǎn)權(quán)形式的定義各種產(chǎn)權(quán)形式的優(yōu)劣勢(shì)股份公司與有限公司的區(qū)別2Pleasefindthedefinitionsofthefollowingtermsinyourtextbook.SoleProprietorshipsPartnershipsCorporationsLimitedLiabilitycompaniesJointVentureMergers&AcquisitionsFranchises3SoleProprietorship個(gè)人企業(yè)Anorganizationthatisowned,andusuallymanaged,byonepersoniscalledaSoleProprietorship.個(gè)人企業(yè)即獨(dú)資經(jīng)營(yíng)企業(yè)，是由一名出資者單獨(dú)出資并從事經(jīng)營(yíng)管理的企業(yè)。Owner=Business4Storeorsupermarket?OnecanofCocaColaissoldat￥3.00intheconvenientstoreoncampus,whilethesameproductissoldat￥2.50inthesupermarketinthedowntown3kilometersaway.Whydosomepeoplepreferpatronizingthestoreratherthanthesupermarket?5SoleProprietorshipAdvantages:CanmakedecisionsquicklyKeepsalltherewardsEasytosetupPrivacyofbusinessaffairsDisadvantages:Limitedsourcesoffinance(e.g.ownfunds)Unlimitedliability,i.e.canlosepersonalassetsOftenhaslimitedmanagerialskillsNoonetoshareworkloadandideaswith6PartnershipsApartnershipisalegalrelationshipbetweenatleast

twopersonscarryingonaprofit-motivatedbusiness.合伙企業(yè)是由兩人以上組成，在合伙人之間訂立合伙協(xié)議，共同出資、合伙經(jīng)營(yíng)、共享收益、共擔(dān)風(fēng)險(xiǎn)，并對(duì)合伙企業(yè)債務(wù)承擔(dān)無限連帶責(zé)任的營(yíng)利性組織。7TypesofpartnershipsGeneralpartnership（普通合伙） Abusinesswithatleastonegeneralpartnerwhohasunlimitedliabilityforthedebtsofthebusiness.Limitedpartnership（有限合伙）Anarrangementwhereapersoncancontributetoabusinesswithoutbeinginvolvedintheaffairsofthepartnership.What’sthedifferencebetweenthegeneralpartnersandthelimitedpartners?(P4)8Whatarethethreekeyelementsofpartnership?CommonownershipSharedprofitsandlossesTherighttoparticipateinmanagingtheoperationsofthebusiness9ReadthesampleofpartnershipagreementandfinishthetaskonP16.10partnershipAdvantagesShareresources/ideasCancoverforeachother.e.g.duringholidaysMoresourcesoffinancethansoletraderPartnerscanspecialize,e.g.onemayspecializeincompanylaw,anothermayfocusoncriminallawDisadvantagesUsuallyunlimitedliabilityLimitedsourcesoffinanceProfitsmustbesharedbetweenpartnersSlowerdecisionmakingthansoletrader11Corporations公司Thecorporationisalegalentity（法人實(shí)體）,allowedbylegislation,whichpermitsagroupofpeople,asshareholders(for-profitcompanies)ormembers(non-profitcompanies),tocreateanorganization,whichcanthenfocusonpursuingsetobjectives,andempowered（授權(quán)與）withlegalrightswhichareusuallyonlyreservedforindividuals,suchastosueandbesued,ownproperty,hireemployeesorloanandborrowmoney.公司是依公司法的規(guī)定設(shè)立的法人組織，具有獨(dú)立的法人資格，有權(quán)以自己的名義擁有財(cái)產(chǎn)、享有權(quán)利和承擔(dān)義務(wù)。12For-profitandnon-profitcorporationCorporationsFor-profitCorporations（營(yíng)利性公司）Non-profitCorporations（非營(yíng)利性公司）Shareholders（股東）Members（會(huì)員）13FortuneGlobal5002013:Reference:14CorporationsAdvantages:LimitedliabilitySkilledmanagementteamTransferofownershipGreatercapitalbaseStabilityDisadvantages:MultipletaxationDifficultyandexpenseofstartingGovernmentinvolvementLackofsecrecyLackofpersonalinterestCreditlimitations15Discussion:whattypesofcorporationsarethefollowingcompanies?BeijingMunicipalEngineeringCompany:MicrosoftCorporationinChina：

Vanke（萬科）：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,open16LimitedLiabilityCompanies(LLC)

有限責(zé)任公司ALimitedliabilityCompanyisatypeofbusinessownershipcombiningseveralfeaturesofcorporationandpartnershipstructures.有限責(zé)任公司是新型的企業(yè)組織，它集合了公司的一些特征和合伙企業(yè)的組織結(jié)構(gòu)，股東以其出資額為限對(duì)公司承擔(dān)責(zé)任，公司以其全部資產(chǎn)對(duì)公司的債務(wù)承擔(dān)責(zé)任。17LLCvs.Co.Ltd：有限責(zé)任公司由兩個(gè)以上五十個(gè)以下股東共同出資設(shè)立；股份有限公司由五人以上為發(fā)起人，股東無人數(shù)限制，全部資本分為等額股份。關(guān)鍵詞對(duì)比：兩個(gè)以上五十個(gè)以下/五人以上無人數(shù)限制。發(fā)生債務(wù)清償問題時(shí)，有限責(zé)任公司每個(gè)股東以其所認(rèn)繳的出資額對(duì)公司承擔(dān)有限責(zé)任；股份有限公司每個(gè)股東以其認(rèn)購的股份為限對(duì)公司承擔(dān)責(zé)任。18Moredetails:在成為上市公司問題上，有限公司不能直接成為上市公司，必須先改制成為股份公司后，方能申請(qǐng)上市。而股份公司無須改制，即可依法申請(qǐng)上市。所以，在證券交易所掛牌交易的上市公司，都是股份有限公司。在出資或股份的轉(zhuǎn)讓上，有限公司股東轉(zhuǎn)讓其出資需要獲得全體股東過半數(shù)的同意，而股份公司股東可以依法轉(zhuǎn)讓其股份，但必須在依法設(shè)立的證券交易場(chǎng)所進(jìn)行交易。1920Revision：

個(gè)人獨(dú)資企業(yè)、合伙企業(yè)、公司制企業(yè)對(duì)比Numberofowners&easeofstartup

企業(yè)所有者數(shù)量，組建難易度Investorliability

投資者的償債責(zé)任Equitycapitalsources

股權(quán)資本來源Firmlifeandliquidityofownership

企業(yè)的生命周期與所有權(quán)的流動(dòng)性Taxation

企業(yè)所得稅21RevisionandComparison:22Ajointventureisthepoolingofresourcesandexpertisebytwoormorebusinesses,typicallyfromdifferentareasorcountriestoachieveaparticulargoal.Therisksandrewardsoftheenterprisearealsoshared.合資企業(yè)是只有兩個(gè)或兩個(gè)以上屬于不同國家（或地區(qū)）的公司、企業(yè)或其他經(jīng)濟(jì)組織以合資方式組成的經(jīng)濟(jì)實(shí)體。JointVenture合資企業(yè)eg:GuangzhouHonda,GuangzhouProcterandGamble,ChanganFordMazdaAutomobileCo.,Ltd,etc.23AdvantagesAccesstonewmarketsanddistributionnetworksIncreasedcapacityThesharingofriskswithapartnerAccesstospecializedstaffandtechnology24DisadvantagesUnclearobjectivesandnotenoughcommunicationAnimbalanceinlevelsofexpertise,investmentorassetsbythedifferentpartnersDifferentculturesandmanagementstylesresultinpoorintegrationandco-operationbetweenthepartnersNotsufficientleadershipandsupportintheearlystages.25請(qǐng)判斷以下企業(yè)是什么產(chǎn)權(quán)形式：TCLLenovoHuaweiDachengLawOfficesShanghaiGeneralMotorsCo.,Ltd.GuangzhouHondaAStoreinfrontoftheschoolgateLolitasanitarytowelstoreinGuangwai26Merger&Acquisitions27Termsanddefinitions:Merger：兼并

Amergeristheresultofthecombinationoftwoormorecompaniestoformanewcompany.Acquisition：收購

Anacquisitionisonecompanybuyingthepropertyandobligationsofanothercompany.28DistinctionMergerthesamesize

“mergerofequals”Friendlyconsolidation,2in1

Distinction

Acquisitionthelargertakeoverthesmaller

Unfriendlytakeover,1left2930Whattypesofmergersarethey?Ifaconesuppliermergeswithanicecreammaker,wecallit__________merger.Ifafashiondesigncompanymergedwithatravelcompany,wecallit___________merger.Iftwoormorecompaniesmergewithsimilarproductline,thenitis__________merger.Thememberofapharmaceuticalmanufacturerproducinganti-ulcer（抗?jié)兊模ヾrugswithanotherproducinganti-cancerdrugsisanexampleofa____________merger.InFebruary,2013,MasterKongTaiwanannouncedconsolidationwithPepsiCola,America,whichisanexampleof______________merger.horizontalverticalcongenericcongenericconglomerate31What’sthedifferencebetweenmerger,acquisition,jointventureandalliance?32Waysofmergers:Transferofassets（資產(chǎn)轉(zhuǎn)讓）：XandYmergetoformZ–ZacquirestradeandassetsfrombothXandYinreturnforsharesinZ.XandYareliquidatedandthesharesinZaredistributedtoshareholdersofXandY.Transferofshares（股份轉(zhuǎn)讓）：ZacquiressharesinXandYinreturnforitsownshares.XandY,assubsidiaries（子公司）ofZ,maysubsequentlytransfertheirtradeandassetstotheirnewparentcompanyZ.33Waysofacquisitions:Transferofassets:(BtakesoverA)BacquirestradeandassetsfromAforcash.Aisthenliquidated,andtheproceeds（所得款項(xiàng)）receivedbytheoldshareholdersofA(transferofassets).Transferofshares:BacquiressharesinAfromA’sshareholdersinexchangeforcash.A,asasubsidiaryofB,maysubsequentlytransferitstradeandassetstoitsnewparentcompany,B.34ReasonsGrowth

DecreaseCostEliminateCompetition

Whydocompaniesmergewithoracquireothercompanies?

Synergy

35BenefitsImproveprofitabilityandEPS

Enteranewmarketandintroducenewproducts

Increasemarketshare

Gainhighercompetitiveness

36CASESTUDY137HP-CompaqMerger38Event：HPmergedwithCompaqWhen：September2001Howmuch：25billiondollarsType：HorizontalMerger39Compaq1982,HoustonU.S.A.Employees:63,7002001Revenues:$33.5bnHewlett-Packard1938,CaliforniaU.S.A.Employees:86,2002001Revenues:$45.2bnMichaelCapellas40CouldnotmeetthetargetsImprovementintheinternalstrategieswasnotgoingtobesufficientTofightthegrowingcompetitionWhydidHPmergeCompaq？41123lenovoIBM42mergedFiorina

BoardchairmanCEOCapellasPresident43Has145,000employeesSellsproductsin160countries1.EnlargescompanyscaleChangesaftermerger442.IncreaseMarketShare&Income45462006-2008473.StrengthenCompetitiveness2010年第四季美國PC廠商出貨量(單位：臺(tái))48LagerCompanyScaleHigherMarketShare&IncomeStrongerCompetitivenessBetterOpportunitiesCONCLUSION—Advantages49CaseStudy2: China'scomputergiantLenovoandIBMannouncedinBeijingthatLenovohascompletedtheacquisitionofthePCunitofIBM,markingthebirthofthethirdlargestPCenterpriseintheworld.50Lenovohaspaid12.5billionUSdollarsforallthePCbusinessofIBM,including650millionUSdollarsincashandLenovo'ssharesvaluedat600millionUSdollars.Lenovowillassumeabout500millionUSdollarsnetdebtofIBM.51TheseniormanagementteamfornewLenovocomesfrombothsides.FromLenovo：楊元（ChairmanoftheBoard（新）聯(lián)想董事會(huì)主席)FromLenovo:柳傳志(Non-executiveDirector)(董事會(huì)非執(zhí)行董事，舊聯(lián)想創(chuàng)始人）FromIBM:StephenWard(ChiefExecutiveOfficer)

(聯(lián)想CEO及董事會(huì)董事)

52Lenovogains:Itsrevenueof$3.5bnwentupby38percentfromthesameperiodin2005.Ithasbranchofficesin66countriesaroundtheglobe.Itconductsbusinessin166countriesandemploysover25,000peopleworldwide.SalesoutsideofGreaterChina(大中華地區(qū)）compromised59percentofthecompany’stotalturnoverinthesecondquarterof2007.（海外銷售占總銷售量59%）53Franchising

特許經(jīng)營(yíng)54FranchisesAfranchiseistherighttouseabusinessnameandsellproductsorservices,usuallyinaspecificgeographicalterritory.特許經(jīng)營(yíng)是指特許者將自己所擁有的商標(biāo)、商號(hào)、產(chǎn)品、專利和專有技術(shù)、經(jīng)營(yíng)模式等以特許經(jīng)營(yíng)合同的形式授予被特許者使用；被特許者按合同規(guī)定在特許者同意的業(yè)務(wù)模式下從事經(jīng)營(yíng)活動(dòng)，并向特許者支付相應(yīng)費(fèi)用。由于特許企業(yè)的存在形式具有連鎖經(jīng)營(yíng)、統(tǒng)一形象、統(tǒng)一管理等基本特征，因此也稱之為特許連鎖。55Terms:Franchising：特許經(jīng)營(yíng)Franchise：特許權(quán)Franchiser：特許者Franchisee：被特許者Trademark：商標(biāo)Chain-storeoperations：連鎖經(jīng)營(yíng)56Advantages:Buyingafranchise:thefranchiseeMayreceivehelpandtrainingfromfranchiserthefranchisercansharemarketingcosts,researchfindings,newproductdevelopmentcostsThefranchiseeislesslikelytofailsincethereissetcustomerbase.Sellingafranchise:Thefranchisergrowquickly,coveringageographicareamorequickly;Thefranchisergainmorefunds;Thefranchiseeworkswithmoremotivation