企業(yè)組織形式概述

企業(yè)組織形式概述Thischapteriseasytoread.Pleasefollowtheinstructionstoreadthetext.本章重點：各種企業(yè)產權形式的定義各種產權形式的優(yōu)劣勢2Pleasefindthedefinitionsofthefollowingtermsinyourtextbook.SoleProprietorshipsPartnershipsCorporationsLimitedLiabilitycompaniesJointVentureMergers&AcquisitionsFranchises3SoleProprietorship個人企業(yè)Anorganizationthatisowned,andusuallymanaged,byonepersoniscalledaSoleProprietorship.個人企業(yè)即獨資經營企業(yè)，是由一名出資者單獨出資并從事經營管理的企業(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、合伙經營、共享收益、共擔風險，并對合伙企業(yè)債務承擔無限連帶責任的營利性組織。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（法人實體）,allowedbylegislation,whichpermitsagroupofpeople,asshareholders(for-profitcompanies)ormembers(non-profitcompanies),tocreateanorganization,whichcanthenfocusonpursuingsetobjectives,andempowered（授權與）withlegalrightswhichareusuallyonlyreservedforindividuals,suchastosueandbesued,ownproperty,hireemployeesorloanandborrowmoney.公司是依公司法的規(guī)定設立的法人組織，具有獨立的法人資格，有權以自己的名義擁有財產、享有權利和承擔義務。12For-profitandnon-profitcorporationCorporationsFor-profitCorporations（營利性公司）Non-profitCorporations（非營利性公司）Shareholders（股東）Members（會員）13FortuneGlobal5002013:14CorporationsAdvantages: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)

有限責任公司ALimitedliabilityCompanyisatypeofbusinessownershipcombiningseveralfeaturesofcorporationandpartnershipstructures.有限責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)的組織結構，股東以其出資額為限對公司承擔責任，公司以其全部資產對公司的債務承擔責任。17LLCvs.Co.Ltd：有限責任公司由兩個以上五十個以下股東共同出資設立；股份有限公司由五人以上為發(fā)起人，股東無人數限制，全部資本分為等額股份。關鍵詞對比：兩個以上五十個以下/五人以上無人數限制。發(fā)生債務清償問題時，有限責任公司每個股東以其所認繳的出資額對公司承擔有限責任；股份有限公司每個股東以其認購的股份為限對公司承擔責任。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，方能申請上市。而股份公司無須改制，即可依法申請上市。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。在出資或股份的轉讓上，有限公司股東轉讓其出資需要獲得全體股東過半數的同意，而股份公司股東可以依法轉讓其股份，但必須在依法設立的證券交易場所進行交易。1920Revision：

個人獨資企業(yè)、合伙企業(yè)、公司制企業(yè)對比Numberofowners&easeofstartup

企業(yè)所有者數量，組建難易度Investorliability

投資者的償債責任Equitycapitalsources

股權資本來源Firmlifeandliquidityofownership

企業(yè)的生命周期與所有權的流動性Taxation

企業(yè)所得稅21RevisionandComparison:22Ajointventureisthepoolingofresourcesandexpertisebytwoormorebusinesses,typicallyfromdifferentareasorcountriestoachieveaparticulargoal.Therisksandrewardsoftheenterprisearealsoshared.合資企業(yè)是只有兩個或兩個以上屬于不同國家（或地區(qū)）的公司、企業(yè)或其他經濟組織以合資方式組成的經濟實體。JointVenture合資企業(yè)eg:GuangzhouHonda,GuangzhouProcterandGamble,ChanganFordMazdaAutomobileCo.,Ltd,etc.23AdvantagesAccesstonewmarketsanddistributionnetworksIncreasedcapacityThesharingofriskswithapartnerAccesstospecializedstaffandtechnology24DisadvantagesUnclearobjectivesandnotenoughcommunicationAnimbalanceinlevelsofexpertise,investmentorassetsbythedifferentpartnersDifferentculturesandmanagementstylesresultinpoorintegrationandco-operationbetweenthepartnersNotsufficientleadershipandsupportintheearlystages.25請判斷以下企業(yè)是什么產權形式：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（資產轉讓）：XandYmergetoformZ–ZacquirestradeandassetsfrombothXandYinreturnforsharesinZ.XandYareliquidatedandthesharesinZaredistributedtoshareholdersofXandY.Transferofshares（股份轉讓）：ZacquiressharesinXandYinreturnforitsownshares.XandY,assubsidiaries（子公司）ofZ,maysubsequentlytransfertheirtradeandassetstotheirnewparentcompanyZ.33Waysofacquisitions:Transferofassets:(BtakesoverA)BacquirestradeandassetsfromAforcash.Aisthenliquidated,andtheproceeds（所得款項）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年第四季美國PC廠商出貨量(單位：臺)48LagerCompanyScaleHigherMarketShare&IncomeStrongerCompetitivenessBetterOpportunitiesCONCLUSION—Advantages49CaseStudy2: China'scomputergiantLenovoandIBMannouncedinBeijingthatLenovohascompletedtheacquisitionofthePCunitofIBM,markingthebirthofthethirdlargestPCenterpriseintheworld.50Lenovohaspaid12.5billionUSdollarsforallthePCbusinessofIBM,including650millionUSdollarsincashandLenovo'ssharesvaluedat600millionUSdollars.Lenovowillassumeabout500millionUSdollarsnetdebtofIBM.51TheseniormanagementteamfornewLenovocomesfrombothsides.FromLenovo：楊元（ChairmanoftheBoard（新）聯(lián)想董事會主席)FromLenovo:柳傳志(Non-executiveDirector)(董事會非執(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

特許經營54FranchisesAfranchiseistherighttouseabusinessnameandsellproductsorservices,usuallyinaspecificgeographicalterritory.特許經營是指特許者將自己所擁有的商標、商號、產品、專利和專有技術、經營模式等以特許經營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)務模式下從事經營活動，并向特許者支付相應費用。由于特許企業(yè)的存在形式具有連鎖經營、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：特許經營Franchise：特許權Franchiser：特許者Franchisee：被特許者Trademark：商標Chain-storeoperations：連鎖經營56Advantages:Buyingafranchise:thefranchiseeMayreceivehelpandtrainingfromfranchiserthefranchisercansharemarketingcosts,researchfindings,newproductdevelopmentcostsThefranchiseeislesslikelytofailsincethereisset