第0201讲　总体战略、发展战略的主要途径_create.pdf

注册会计师-公司战略与风险管理注册会计师-公司战略与风险管理 第 1页 第 01 讲 总体战略、发展战略的主要途径第 01 讲 总体战略、发展战略的主要途径 单词与习惯表达 释义及用法 Integrated strategy 一体化战略 Potential Growth 潜在增长率，增长潜力 Intensive Growth Strategy 密集型战略 Market Penetration 市场渗透 Diversification Strategy 多元化战略 【考点 1】发展战略【考点 1】发展战略 一、一体化战略 Integrated strategy一、一体化战略 Integrated strategy 1.纵向一体化战略-前向一体化战略：Vertical Integrated Strategy-Forward Integrated Strategy:获得分销商或零售商的所有权或加强对他们的控制权的战略。ObtainObtain or strengthenstrengthen the control over the distributor or retailer 主要适用于以下几种情况 Mainly applicable to the following conditions 企业现有销售商的销售成本较高或者可靠性较差而难以满足企业的销售需要 High marketing cost or unreliability of the existing sellers is difficult to satisfydifficult to satisfy the needs of the enterprise 企业所在产业的增长潜力较大 High growth potential withinwithin the industry 企业具备前向一体化所需要的资金、人力资源等 The company has the funds and human resources available for forward integration strategy;销售环节的利润率较高 Profit margin is high 2.纵向一体化战略-后向一体化：Vertical Integrated Strategy-Backward Integrated Strategy:获得供应商的所有权或加强对其控制权。Obtain the ownership or strength the control of the supplier 主要适用于以下几种情况 Mainly applicable to the following conditions 企业现有的供应商供应成本较高或者可靠性较差可靠性较差而难以满足企业对原材料、零件等的需求 Demand for the raw materials or parts is difficult is difficult to be metto be met arising from the high cost and unreliabilityunreliability of the existing suppliers 供应商数量较少而需求方竞争者众多 The number of suppliers is small,while the number of consumers is large 企业所在产业的增长潜力较大 The companys industry has large growth potentialgrowth potential 企业具备具备后向一体化所需所需的资金、人力资源等 The company hashas funds and human resources available for vertical integration 供应环节的利润率较高 High profit margin in the supply link 企业产品价格的稳定对企业十分关键，后向一体化有利于控制原材料成本，从而确保产品价格的稳定确保产品价格的稳定 Stable price of the products is critical to the enterprises,the backward integrated strategy help to control over the costs of the raw materials,which 旭晟出品 必属精品关注公众号：旭晟科技 下载各类免费资料考前精准押题微信：2753127721注册会计师-公司战略与风险管理注册会计师-公司战略与风险管理 第 2页 makes the price stablemakes the price stable 3.横向一体化战略是指企业收购、兼并或联合竞争企业的战略。horizontal integration strategy refers to the strategy of acquisition,merger or joint ventureacquisition,merger or joint venture.主要适用情况 Mainly applicable conditions 企业所在产业竞争较为激烈 The competition in enterprises industry is intense 企业所在产业的规模经济较为显著 Economies of scale of the enterprises industry is obvious 企业的横向一体化符合反垄断法律法规，能够在局部地区获得一定的垄断地位 The horizontal integration conforms toconforms to the anti-monopoly law which enables the enterprise to obtain monopoly positionmonopoly position in segmented areasegmented area 企业所在产业的增长潜力较大 Enterprise industry growth potential is bigger 企业具备横向一体化所需的资金、人力资源等 The company has funds and human resources available for horizontal integration 二、密集型战略二、密集型战略 密集型战略分为市场渗透战略、产品开发战略和市场开发战略。Intensive strategy can be divided into market penetration strategy,product development strategy and market developmentmarket development strategy.1.市场渗透战略 Market penetration 市场渗透战略（现有产品与市场）Market penetration（Existing products and existing markets）整个市场正在增长，或可能受某些因素影响而产生增长 The whole market is growing,or the growth is is influencedinfluenced by some factors 企业决定将利益局限在现有产品或市场领域 Enterprise decides to limit the benefit in existing products or markets 其他企业由于各种原因由于各种原因离开了市场 Other enterprises leave the market due to various due to various reasonsreasons 企业拥有强大的市场地位，并且能够利用经验和能力来获得强有力的独特竞争优势 The enterprise has a strong market position,and can use the experience and the ability to obtain strong unique competitive advantageunique competitive advantage 对应的风险较低、高级管理者参与度较高，且需要的投资相对较低 The risk is low,senior management has high degree high degree of participationof participation,and relatively small amount of investment is required 2.市场开发战略 Market development 市场开发战略（现有产品，新市场）Market development（New market and existing products）存在未开发或未饱和的市场 There exists undeveloped or unsaturatedunsaturated market 可得到新的、可靠的、经济的和高质量的销售渠道 The enterprises can obtain new,reliable,economical and high quality distribution channels 旭晟出品 必属精品关注公众号：旭晟科技 下载各类免费资料考前精准押题微信：2753127721注册会计师-公司战略与风险管理注册会计师-公司战略与风险管理 第 3页 企业在现有经营领域十分成功 The enterprises operate successfully in the existing field 企业拥有拥有扩大经营所需的资金和人力资源 The enterprises havehave funds and human resources available for expansion 企业存在过剩的过剩的生产能力 The enterprises have surplussurplus capacity 企业的主业属于正在迅速迅速全球化全球化的产业 Enterprises industry is in a process of rapid rapid globalizationglobalization.3.产品开发战略 products development 产品开发战略（新产品，现有市场）products development（New products and existing market）企业产品具有较高的市场信誉度和顾客满意度 High market credibilitymarket credibility and customers customers satisfactionsatisfaction of the products 企业所在产业属于适宜创新的高速发展的高新技术产业 The industry in which the company lies is suitable for innovation and a rapid developing&high tech industry 企业所在产业正处于高速增长高速增长阶段 The industry is in a rapid growthrapid growth stage 企业具有较强的研究和开发能力 The company has strong abilitystrong ability of research and development 主要竞争对手以类似价格以类似价格提供更高质量的产品 Main competitors provide high quality products at at similar pricesimilar price 三、多元化战略 Diversification strategy三、多元化战略 Diversification strategy 采用多元化战略原因（新产品，现有市场）Reasons of adopting diversification strategydiversification strategy（New products and existing market）在现有产品或市场中持续经营并不能达到目标 Continued operating with existing products or in the existing market cannot achieve the objectivesachieve the objectives 企业以前由于在现有产品或市场中成功经营而保留下来的资金保留下来的资金超过了其在现有产品或市场中的财务扩张所需所需要的资金要的资金 The amount of capital retainedcapital retained from previous success in the existing products or market exceeds exceeds the capital requiredthe capital required in financial expansion in the existing product or market.与在现有产品或市场中的扩张相比，多元化战略意味着更高的利润 Compared withCompared with expansion in the existing product or market,diversification strategy means higher higher profitprofit 多元化战略的优点 Advantages of Diversification strategy 分散风险 Diversification of risk 能更容易地从资本市场中获得融资 More easily obtain financingobtain financing from the capital market 在企业无法增长的情况下找到新的增长点 Find new point of growthpoint of growth in the enterprise when it is unable to grow 利用未被充分利用的资源 Use the resources not fully utilizedfully utilized 旭晟出品 必属精品关注公众号：旭晟科技 下载各类免费资料考前精准押题微信：2753127721注册会计师-公司战略与风险管理注册会计师-公司战略与风险管理 第 4页 运用盈余资金 Use of surplus funds 获得资金或其他财务利益 Access to funds or other financial interests 运用企业在某个产业或某个市场某个市场中的形象和声誉来进入另一个产业或市场 Enter into another market using the enterprises image and reputation gainedgained in a certain marketcertain market 多元化产品开发战略的风险 Advantages of products development 来自原有经营产业的风险 Risks from existing industry 市场整体风险 Market overall risk 产业进入风险 Risk of entering into the industry 产业退出风险 Exit industry risk 内部经营整合风险 Integrated risk of internal operation 【考点 2】稳定战略（了解）【考点 2】稳定战略（了解）名称 定义 稳定战略（维持战略）是指限于经营环境和内部条件限于经营环境和内部条件，企业在战略期所期望达到的经营状况基本保持在战略起点的范围和水平上的战略 Stability strategy（Maintaining strategy）It refers（to）the strategy which enables the companys expected status of operation basically to remain at the starting point as limitation of operating environment and limitation of operating environment and internal conditionsinternal conditions 适用条件 内容 稳定战略（维持战略）稳定战略适用于适用于对战略期环境的预测变化不大变化不大，而企业在前期经营相当成功的企业 Stability strategy（Maintaining strategy）Stability strategy applies toapplies to companies which are very successful in the early stage of business and have little little changechange in terms of strategic environment forecast 优点 Advantages 企业可以充分利用原有生原有生产经营领域产经营领域中的各种资源 Enterprises can make full usemake full use of all kinds of resources existing in the original production fieldoriginal production field.减少开发新产品和新市场所必需的所必需的巨大资金投入和开发风险 Reduce the requiredrequired capital investment and development risk of new products and markets development 避免资源重新配置和组合的成本 Avoid the reallocationreallocation of resources and the cost of combination 防止由于发展过快、过急造成的失衡状态 Prevent the imbalanceimbalance caused by excessive and drastic excessive and drastic development 风险 risk 一旦外部环境发生较大变Once the large changelarge change occurs in the external environment,旭晟出品 必属精品关注公众号：旭晟科技 下载各类免费资料考前精准押题微信：2753127721注册会计师-公司战略与风险管理注册会计师-公司战略与风险管理 第 5页 动，企业战略目标、外部环境、企业实力企业实力三者之间就会失去平衡，将会使企业陷入使企业陷入困境困境 strategic objectives,the external environment of enterprises,and business capacitybusiness capacity would lose balancelose balance among each other,which would make enterprises into troublemake enterprises into trouble 容易容易使企业减弱风险意识风险意识，甚至会形成惧怕风险、回避风险的企业文化，降低企业对风险的敏感性和适应性敏感性和适应性 Tend toTend to enable enterprises to reduce risk awarenessrisk awareness,or even risk averse,risk-averse corporate culture can be formed,reducing the sensitivity and adaptabilitysensitivity and adaptability to risk 【考点 3】紧缩与集中战略（掌握）【考点 3】紧缩与集中战略（掌握）紧缩与集中战略往往集中往往集中于短期效益，主要涉及采取补救措施制止利润下滑，以期立即产生效果。具体做法有：（1）机制变革；（2）财政和财务战略；（3）削减成本战略（1）机制变革；（2）财政和财务战略；（3）削减成本战略 Tight and focused strategies tend to focustend to focus on short-term gains,mainly related to take remedial steps to prevent profit decrease,with a view to immediate effect.Specific practices are:（1）Mechanism transformation；（2）Fiscal and financial strategies；（3）（1）Mechanism transformation；（2）Fiscal and financial strategies；（3）Cost reduction Cost reduction strategiesstrategies 【考点 4】转向战略【考点 4】转向战略 转向战略更多地涉及企业的整个经营努力地改变。具体做法有：（1）重新定位或调整现有的产品和服务（1）重新定位或调整现有的产品和服务 （2）调整营销策略（2）调整营销策略 Turnaround strategy relates more to the change of overall operation.Specific practices are:（1）Reposition or adjustment of the existing products and services（1）Reposition or adjustment of the existing products and services （2）Adjustment of marketing strategy（2）Adjustment of marketing strategy 【考点 5】放弃战略（掌握）【考点 5】放弃战略（掌握）单词与习惯表达 释义及用法 Turnaround strategy 撤退战略，转向战略 The strategic reorganization 战略重组 Competitive edge/advantage 竞争优势 Take remedial steps to 采取补救措施做 Giving up strategy 放弃战略 Exit barrier 退出壁垒，退出障碍 放弃战略的类型 Types of giving up strategies 1.特许经营。企业卖给被特许经营企业以有限权利，而收取一次性付清的费用 Franchise.Enterprises sellsell franchise businesses with with limited rightslimited rights,but charge a oneone-offoff fee.2.分包。公司采用招标招标的方式让其他公司生产本公司的某种产品或者经营本公司的某种业务 Subcontract.Companies use tender offerstender offers to allow other company to produce companys type of product or provide service.旭晟出品 必属精品关注公众号：旭晟科技 下载各类免费资料考前精准押题微信：2753127721注册会计师-公司战略与风险管理注册会计师-公司战略与风险管理 第 6页 3.卖断。指母公司将其中的业务单位卖给另外一家企业，从而断断绝一切关系绝一切关系 Sell.It refers to the parent company would sell one of the business units to another enterprise and cut all tiescut all ties 4.管理层与杠杆收购。一家公司把大部分业务卖给它的管理层或是另外一家财团，母公司可以在短期或者中期保留股权 Management and leveraged buyoutsbuyouts.A company sells most of the business to its management or another company,but the parent company can be in the short or medium term to retain equity.5.拆产为股/分拆。母公司的一部分变成了战略性的法人实体，以多元持股的形式形成子公司的所有权 Removal unit/split.Part of the parent company becomes a strategic corporate entity,obtaining the ownership of subsidiaries in the form of multiple ownershipmultiple ownership 【考点 6】发展战略的主要途径（精准掌握）【考点 6】发展战略的主要途径（精准掌握）（一）发展战略可选择的途径 发展战略一般可以采用三种途径，即外部发展（并购）、内部发展（新建）与战略联盟。Development strategy usually adoptsadopts three ways,i.e.,external development（M&A）,internal development（newly establishment）and strategic alliances.外部发展 external development（M&A）外部发展是指企业通过取得外部经营资源谋求发展的战略。外部发展的狭义内涵是购并，购并包括收购与合并。External development refers to the strategy of using external operation resources to develop.Narrow Narrow meaningmeaning of External development is M&A,including merger and acquisition.并购的动机 Motives of M&A（1）避开进入壁垒，迅速进入，争取市场机会，规避各种风险。（1）AvoidAvoid barriers to entry,enterenter quickly,strive forstrive for market opportunity and avoid all kinds of risk.（2）获得协同效应。协同效应产生于互补资源，协同效应通常通过技术转移或经营活动共享来得以实现。（2）Obtain synergy effectsynergy effect.Synergy effect comes from complementary.Synergy effect is realized by transferring technology or sharing operation.（3）克服企业负外部性，减少竞争，增强对市场的控制力。（3）OvercomeOvercome negative externality,reduce competition and strengthen the control of market.并购失败的原因 Reasons for failure of M&A（1）决策不当；（1）M&A decision is not appropriateM&A decision is not appropriate.（2）并购后不能很好地进行企业整合；（2）Integration after M&A is not carried out well.（3）支付过高的并购费用；（3）M&A cost is too high.（4）跨国并购面临政治风险。（4）Cross-border merger faces political risks.内部发展 The concept of internal development 内部发展，也称内生增长，是企业在不收购其他企业的情况下利用利用自Internal development strategy Internal development is that the enterprise expands by usingby using its own scale,旭晟出品 必属精品关注公众号：旭晟科技 下载各类免费资料考前精准押题微信：2753127721注册会计师-公司战略与风险管理注册会计师-公司战略与风险管理 第 7页 身的规模、利润、活动等内部资源来实现扩张。profit,activity and other internal resources without M&A.内部发展的动因 The motivation of internal development（1）开发新产品的过程使企业能最最深刻地深刻地了解市场及产品；（1）The process of developing a new product gives the firm the bestthe best understanding of the market and the product.（2）不存在合适的收购对象；（2）There is no suitable acquisition target.（3）保持同样的管理风格和企业文化（3）The same style of management and corporate culture can be maintained（4）为管理者提供职业发展机会（4）Provide the opportunity of career developmentcareer development for the management（5）代价较低,因为获得资产时无须为商誉支付额外的金额；（5）Cost may be lower,because no need to pay additional cost for the goodwill when obtaining assets.（6）并购通常会产生隐藏的或无法预测的损失,而内部发展不太可能产生这种情况；（6）Acquisition generally could bring hidden or bring hidden or unpredictable lossesunpredictable losses,but internal development unlikely results in this situation.（7）这可能是唯一合理的、实现真正技术创新的方法；（7）It may be the uniqueunique reasonablereasonable method of actually realizing technology innovation.（8）可以有计划地进行，容易从企业资源获得财务支持，并且成本可以按时间分摊；（8）It can be carried outbe carried out systematically and can get financial support from the corporate resources easily and the cost can be shared by timecost can be shared by time.（9）风险较低。（9）The risk is lower.（10）内部发展的成本增速缓慢。（10）The cost of internal development is slow.内部发展缺点 Weakness of Internal development（1）与购买市场中现有的企业相比,在市场上增加了竞争者,这可能会激化激化某一市场内的竞争；（1）existing enterprises in the market,competitors in the market will increase,which may intensifyintensify the competition in the market.（2）企业并不能接触到接触到另一知名企业的知识及系统,这可能更具风险；（2）The enterprise cannot getget the knowledge and system of another well-known enterprise,which may bring more risks.（3）从一开始就缺乏规模经济或经经验曲线验曲线效应；（3）Lack of economies of scale and experienceexperience-curvecurve effect from the beginning.（4）当市场发展发展得非常快时,内部发展会显得显得过于缓慢；（4）When the market grows upgrows up so quickly,internal development seemsseems too slow.（5）进入新市场可能可能要面对非常高的障碍。（5）It is likely tolikely to form very high barrier for entering new market.旭晟出品 必属精品关注公众号：旭晟科技 下载各类免费资料考前精准押题微信：2753127721