企业组织形式概述

企业组织形式概述Thischapteriseasytoread.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2Pleasefindthedefinitionsofthefollowingtermsinyourtextbook.SoleProprietorshipsPartnershipsCorporationsLimitedLiabilitycompaniesJointVentureMergers&AcquisitionsFranchises3SoleProprietorship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=Business4Storeorsupermarket?OnecanofCocaColaissoldat￥3.00intheconvenientstoreoncampus,whilethesameproductissoldat￥2.50inthesupermarketinthedowntown3kilometersaway.Whydosomepeoplepreferpatronizingthestoreratherthanthesupermarket?5SoleProprietorshipAdvantages:CanmakedecisionsquicklyKeepsalltherewardsEasytosetupPrivacyofbusinessaffairsDisadvantages:Limitedsourcesoffinance(e.g.ownfunds)Unlimitedliability,i.e.canlosepersonalassetsOftenhaslimitedmanagerialskillsNoonetoshareworkloadandideaswith6PartnershipsApartnershipisalegalrelationshipbetweenatleast

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。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。12For-profitandnon-profitcorporationCorporationsFor-profitCorporations（营利性公司）Non-profitCorporations（非营利性公司）Shareholders（股东）Members（会员）13FortuneGlobal5002013:14CorporationsAdvantages:LimitedliabilitySkilledmanagementteamTransferofownershipGreatercapitalbaseStabilityDisadvantages:MultipletaxationDifficultyandexpenseofstartingGovernmentinvolvementLackofsecrecyLackofpersonalinterestCreditlimitations15Discussion: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,open16LimitedLiabilityCompanies(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。17LLCvs.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。18Moredetails: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。1920Revision：

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21RevisionandComparison: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.23AdvantagesAccesstonewmarketsanddistributionnetworksIncreasedcapacityThesharingofriskswithapartnerAccesstospecializedstaffandtechnology24DisadvantagesUnclearobjectivesandnotenoughcommunicationAnimbalanceinlevelsofexpertise,investmentorassetsbythedifferentpartnersDifferentculturesandmanagementstylesresultinpoorintegrationandco-operationbetweenthepartnersNotsufficientleadershipandsupportintheearlystages.25请判断以下企业是什么产权形式：TCLLenovoHuaweiDachengLawOfficesShanghaiGeneralMotorsCo.,Ltd.GuangzhouHondaAStoreinfrontoftheschoolgateLolitasanitarytowelstoreinGuangwai26Merger&Acquisitions27Termsanddefinitions:Merger：兼并

Amergeristheresultofthecombinationoftwoormorecompaniestoformanewcompany.Acquisition：收购

Anacquisitionisonecompanybuyingthepropertyandobligationsofanothercompany.28DistinctionMergerthesamesize

“mergerofequals”Friendlyconsolidation,2in1

Distinction

Acquisitionthelargertakeoverthesmaller

Unfriendlytakeover,1left2930Whattypesofmergersarethey?Ifaconesuppliermergeswithanicecreammaker,wecallit__________merger.Ifafashiondesigncompanymergedwithatravelcompany,wecallit___________merger.Iftwoormorecompaniesmergewithsimilarproductline,thenitis__________merger.Thememberofapharmaceuticalmanufacturerproducinganti-ulcer（抗溃疡的）drugswithanotherproducinganti-cancerdrugsisanexampleofa____________merger.InFebruary,2013,MasterKongTaiwanannouncedconsolidationwithPepsiCola,America,whichisanexampleof______________merger.horizontalverticalcongenericcongenericconglomerate31What’sthedifferencebetweenmerger,acquisition,jointventureandalliance?32Waysofmergers:Transferofassets（资产转让）：XandYmergetoformZ–ZacquirestradeandassetsfrombothXandYinreturnforsharesinZ.XandYareliquidatedandthesharesinZaredistributedtoshareholdersofXandY.Transferofshares（股份转让）：ZacquiressharesinXandYinreturnforitsownshares.XandY,assubsidiaries（子公司）ofZ,maysubsequentlytransfertheirtradeandassetstotheirnewparentcompanyZ.33Waysofacquisitions:Transferofassets:(BtakesoverA)BacquirestradeandassetsfromAforcash.Aisthenliquidated,andtheproceeds（所得款项）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

BoardchairmanCEOCapellasPresident43Has145,000employeesSellsproductsin160countrieshpcompaqAftermergedNetAssets$324bn$239bn$564bn1.EnlargescompanyscaleChangesaftermerger442.IncreaseMarketShare&Income45462006-2008473.StrengthenCompetitiveness2010年第四季美国PC厂商出货量(单位：台)48LagerCompanyScaleHigherMarketShare&IncomeStrongerCompetitivenessBetterOpportunitiesCONCLUSION—Advantages49CaseStudy2: China'scomputergiantLenovoandIBMannouncedinBeijingthatLenovohascompletedtheacquisitionofthePCunitofIBM,markingthebirthofthethirdlargestPCenterpriseintheworld.50Lenovohaspaid12.5billionUSdollarsforallthePCbusinessofIBM,including650millionUSdollarsincashandLenovo'ssharesvaluedat600millionUSdollars.Lenovowillassumeabout500millionUSdollarsnetdebtofIBM.51TheseniormanagementteamfornewLenovocomesfrombothsides.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)

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

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。55Terms: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56Advantages:Buyingafranchise:thefranchiseeMayreceivehelpandtrainingfromfranchiserthefranchisercansharemarketingcosts,researchfindings,newproductdevelopmentcostsThefranchiseeislesslikelytofailsincethereisset