企业组织形式概述

1、This chapter is easy to read. Please follow the instructions to read the text.本章重点：1.各种企业产权形式的定义2.各种产权形式的优劣势1Please find the definitions of the following terms in your textbook.nSole ProprietorshipsnPartnershipsnCorporations nLimited Liability companiesnJoint VenturenMergers & AcquisitionsnFranchise

2、s2Sole Proprietorship 个人企业 nAn organization that is owned, and usually managed, by one person is called a Sole Proprietorship.n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=Business3Store or supermarket? nOne can of Coca Cola is sold at ￥3.00 in the convenient store on campus, while the same product is so

3、ld at ￥2.50 in the supermarket in the downtown 3 kilometers away. Why do some people prefer patronizing the store rather than the supermarket? 4Sole ProprietorshipAdvantages:nCan make decisions quicklynKeeps all the rewardsnEasy to set upnPrivacy of business affairsDisadvantages:nLimited sources of

4、finance (e. g. own funds)nUnlimited liability, i.e. can lose personal assetsnOften has limited managerial skillsnNo one to share workload and ideas with5Partnerships nA partnership is a legal relationship between at least two persons carrying on a profit-motivated business.n合伙企业是由两人以上组成，在合伙人之间订立合伙协议

5、，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。6Types of partnershipsnGeneral partnership（普通合伙）A business with at least one general partner who has unlimited liability for the debts of the business.nLimited partnership（有限合伙）nAn arrangement where a person can contribute to a business without being invol

6、ved in the affairs of the partnership.Whats the difference between the general partners and the limited partners? (P4)7What are the three key elements of partnership?nCommon ownershipnShared profits and lossesnThe right to participate in managing the operations of the business8Read the sample of par

7、tnership agreement and finish the task on P16.9partnershipAdvantagesnShare resources / ideasnCan cover for each other. e.g. during holidaysnMore sources of finance than sole tradernPartners can specialize, e.g. one may specialize in company law, another may focus on criminal lawDisadvantagesnUsually

8、 unlimited liabilitynLimited sources of financenProfits must be shared between partnersnSlower decision making than sole trader10Corporations 公司 The corporation is a legal entity（法人实体）, allowed by legislation, which permits a group of people, as shareholders (for-profit companies) or members (non-pr

9、ofit companies), to create an organization, which can then focus on pursuing set objectives, and empowered（授权与） with legal rights which are usually only reserved for individuals, such as to sue and be sued, own property, hire employees or loan and borrow money. 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

10、财产、享有权利和承担义务。11For-profit and non-profit corporationCorporationsFor-profit Corporations（营利性公司）Non-profit Corporations（非营利性公司）Shareholders（股东）Members（会员）12Fortune Global 500 2013:13Corporations Advantages:nLimited liabilitynSkilled management teamnTransfer of ownershipnGreater capital basenStabilityD

11、isadvantages:nMultiple taxationnDifficulty and expense of startingnGovernment involvementnLack of secrecynLack of personal interestnCredit limitations14Discussion: what types of corporations are the following companies?nBeijing Municipal Engineering Company:nMicrosoft Corporation in China： nVanke（万科

12、）：nHuawei:nSina in the U.S.A:nOne Foundation:nSinopec Group:nParkson Retail Group Limited in Hong Kong:nGree:nState-owned，municipal，domestic nOpen, foreign nPrivate，open，domesticnPrivate, closed, domesticnPrivate, open, aliennPrivate, domestic, non-profitnState-owned, open, domesticnOpen, Foreign,nS

13、tate-owned, domestic, open15Limited Liability Companies (LLC)有限责任公司nA Limited liability Company is a type of business ownership combining several features of corporation and partnership structures.n 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。16LLC vs. Co. Ltd：n有限责任公司由两个

14、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。n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。17More details:n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。 n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

15、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。1819Revision：个人独资企业、合伙企业、公司制企业对比nNumber of owners & ease of startup企业所有者数量，组建难易度nInvestor liability投资者的偿债责任nEquity capital sources股权资本来源nFirm life and liquidity of ownership企业的生命周期与所有权的流动性nTaxation企业所得税20Revision and Comparison:21nA joint venture is the pooling of resour

16、ces and expertise by two or more businesses, typically from different areas or countries to achieve a particular goal. The risks and rewards of the enterprise are also shared.n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。Joint Venture 合资企业eg: Guangzhou Honda, Guangzhou Procter and Gamble, Chan

17、gan Ford Mazda Automobile Co., Ltd, etc.22AdvantagesnAccess to new markets and distribution networksnIncreased capacitynThe sharing of risks with a partnernAccess to specialized staff and technology23DisadvantagesnUnclear objectives and not enough communicationnAn imbalance in levels of expertise, i

18、nvestment or assets by the different partnersnDifferent cultures and management styles result in poor integration and co-operation between the partnersnNot sufficient leadership and support in the early stages.24请判断以下企业是什么产权形式：nTCLnLenovonHuaweinDacheng Law OfficesnShanghai General Motors Co., Ltd.n

19、Guangzhou HondanA Store in front of the school gatenLolita sanitary towel store in Guangwai25Merger & Acquisitions26Terms and definitions:nMerger：兼并A merger is the result of the combination of two or more companies to form a new company.nAcquisition：收购An acquisition is one company buying the propert

20、y and obligations of another company.27DistinctionMergerthe same size “merger of equals”Friendly consolidation, 2 in 1 Distinction Acquisitionthe larger take over the smaller Unfriendly takeover, 1 left 2829What types of mergers are they?nIf a cone supplier merges with an ice cream maker, we call it

21、 _ merger. nIf a fashion design company merged with a travel company, we call it _ merger.nIf two or more companies merge with similar product line, then it is _ merger.nThe member of a pharmaceutical manufacturer producing anti-ulcer（抗溃疡的） drugs with another producing anti-cancer drugs is an exampl

22、e of a _ merger. nIn February, 2013, Master Kong Taiwan announced consolidation with Pepsi Cola, America, which is an example of _ merger. horizontalverticalcongenericcongenericconglomerate30Whats the difference between merger, acquisition, joint venture and alliance?31Ways of mergers:nTransfer of a

23、ssets（资产转让）：X and Y merge to form Z Z acquires trade and assets from both X and Y in return for shares in Z. X and Y are liquidated and the shares in Z are distributed to shareholders of X and Y.nTransfer of shares（股份转让）：Z acquires shares in X and Y in return for its own shares. X and Y, as subsidia

24、ries （子公司）of Z, may subsequently transfer their trade and assets to their new parent company Z.32Ways of acquisitions:nTransfer of assets: (B takes over A) B acquires trade and assets from A for cash. A is then liquidated, and the proceeds（所得款项）received by the old shareholders of A (transfer of asse

25、ts).nTransfer of shares: B acquires shares in A from As shareholders in exchange for cash. A, as a subsidiary of B, may subsequently transfer its trade and assets to its new parent company, B. 33ReasonsGrowth Decrease Cost Eliminate Competition Synergy 34BenefitslImprove profitability and EPSl Enter

26、 a new market and introduce new productsl Increase market share l Gain higher competitiveness 353637Event：HP merged with Compaq When：September 2001 How much：25 billion dollars Type： Horizontal Merger381982, Houston U.S.A. Employees: 63,700 2001 Revenues: $33.5bn1938, California U.S.A. Employees: 86,

27、200 2001 Revenues: $45.2bn 391. Could not meet the targets 2. Improvement in the internal strategies was not going to be sufficient3. To fight the growing competition4041Fiorina Board chairmanCEOCapellasPresident42 Has 145,000 employees Sells products in 160 countrieshpcompaqAfter mergedNet Assets$3

28、24bn$239bn$564bn1. Enlarges company scaleChanges after merger432.Increase Market Share & Income44452006-20082006-2008463.Strengthen Competitiveness2010年第四季美国年第四季美国PC厂商出货量厂商出货量 (单位：台单位：台)47nLager Company ScalenHigher Market Share & IncomenStronger Competitiveness nBetter OpportunitiesAdvantages48Case

29、 Study 2:nChinas computer giant Lenovo and IBM announced in Beijing that Lenovo has completed the acquisition of the PC unit of IBM, marking the birth of the third largest PC enterprise in the world.49nLenovo has paid 12.5 billion US dollars for all the PC business of IBM, including 650 million US d

30、ollars in cash and Lenovos shares valued at 600 million US dollars.nLenovo will assume about 500 million US dollars net debt of IBM. 50The senior management team for new Lenovo comes from both sides. From Lenovo：杨元（Chairman of the Board （新）联想董事会主席)From Lenovo:柳传志(Non-executive Director)(董事会非执行董事，旧联想

31、创始人）From IBM: Stephen Ward(Chief Executive Officer)(联想CEO及董事会董事) 51Lenovo gains:nIts revenue of $3.5bn went up by 38 per cent from the same period in 2005.nIt has branch offices in 66 countries around the globe.nIt conducts business in 166 countries and employs over 25,000 people worldwide.nSales ou

32、tside of Greater China (大中华地区）compromised 59 percent of the companys total turnover in the second quarter of 2007.（海外销售占总销售量59%）52Franchising特许经营53Franchises nA franchise is the right to use a business name and sell products or services, usually in a specific geographical territory.n特许经营是指特许者将自己所拥有的

33、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。54Terms:nFranchising：特许经营nFranchise：特许权nFranchiser：特许者nFranchisee：被特许者nTrade mark：商标nChain-store operations：连锁经营55Advantages:Buying a franchise:nthe franchisee May receive help and training from franchisernthe franchiser can share marketing costs, research findings, new product development costsnThe franchisee is less likely to fail since there is set