41某企業有甲、乙兩個業務單位，分別從事TM產品和TN產品的生產經營。這兩個業務單位2010年的有關資料如下：

　　要求：

　　(1)根據以上資料，說明甲乙兩個業務單位價值創造與現金余缺情況;

　　(2)指出甲乙兩個業務單位處于財務戰略矩陣的哪個象限，以及有關的財務戰略選擇。

　　參考解析:

　　(1)甲業務單位：

　　投資資本回報率15%>資本成本10%，創造價值;

　　銷售增長率15%<可持續增長率20%，現金剩余。

　　乙業務單位：

　　投資資本回報率10%>資本成本8%，創造價值;

　　銷售增長率20%>可持續增長率10%，現金短缺。

　　(2)甲業務單位：

　　處于財務戰矩陣的第二象限，屬于增值型現金剩余業務單位。有關的財務戰選擇如下：由于企業可以創造價值，加速增長可以增加股東財富，因此首選的戰是利用剩余的現金加速增長。加速增長的途徑包括：①內部投資;②收購相關業務。如果加速增長后仍有剩余現金，找不到進一步投資的機會，則應把多余的錢還給股東。分配剩余現金的途徑包括：①增加股利支付，陸續把現金還給股東;②回購股份，快速把現金還給股東。

　　乙業務單位：

　　處于財務戰矩陣的第一象限，屬于增值型現金短缺業務單位，有關的財務戰選擇如下：如果高速增長是暫時的，企業應通過借款來籌集所需資金，等到銷售增長率下降后企業會有多余現金歸還借款。如果預計這種情況會持續較長時間，不能用短期周轉借款來解決，則企業必須采取戰性措施解決資金短缺問題。長期性高速增長的資金問題有兩種解決途徑：一是提高可持續增長率，使之向銷售增長率靠攏;二是增加權益資本，提供增長所需的資金。

　　English answers：

　　(1)A Business Unit：

　　Investment rate of return 15%>cost of capital 10%，value creation

　　Sales growth rate 1 5%

　　B Business Unit

　　Investment rate of return 1 0%>cost of capita1 8%，value creation

　　Sales growth rate 20%>sustainable growth rate 10%，cash shortage

　　(2)It locates in the second quadrant of the financial matrix，and is a value—added cash surplus business unit.The choices of financial strategy are as follows：as the company can create value and accelerating growth can increase shareholder wealth，SO the preferred strategy is to use the remaining cash to speed up growth.Methods of accelerating growth include：①internal investment;②acquisition of related business.If there is still cash surplus after accelerated growth，and opportunities for further investment are not found，company should give surplus cash back to shareholders.Methods Include：①Increase dividend，give back cash to shareholders;②Share repurchase，quickly give cash back to shareholders.

　　B Business Umt：

　　It locates in the first quadrant of the financial matrix and is a value—added cash

　　shortage business unit.Relevant choices of financial strategy are as follows：if the rapid growth is temporary，the company should raise required money by borrowing.The company would have cash surplus after the sales growth rate declines.If the rapid growth is estimated to last for a long time，the short—term loans cannot solve the problem，and then company should adopt strategic measures to solve the cash shortage problems.Two methods that can solve the long-term cash shortage as resuIt of growth：①lmproving sustainable growth rate to make it move closer to the sales growth rateff;②Increase in equity capital to provide funds needed for growth.

　　相關推薦：

　　2014注會《公司戰略與風險管理》最新講義匯總