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研究生:葉國隆
研究生(外文):Kuo Long Yeh
論文名稱:高科技公司的成長策略和財務策略─思科公司的個案研究
論文名稱(外文):Growth Strategies and Financial Strategies in High Tech Company — A Case Study of Cisco
指導教授:林基煌老師
指導教授(外文):Chihuang Lin Ph. D.
學位類別:碩士
校院名稱:國立政治大學
系所名稱:經營管理碩士學程
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2002
畢業學年度:90
語文別:英文
論文頁數:72
中文關鍵詞:思科公司成長策略財務策略
外文關鍵詞:CiscoGrowth StrategiesFinancial Strategies
相關次數:
  • 被引用被引用:4
  • 點閱點閱:738
  • 評分評分:
  • 下載下載:188
  • 收藏至我的研究室書目清單書目收藏:0
摘要
本論文主要是探討思科公司如何成功的利用其成長策略─併購,來達成公司的成長目標。首先,簡要介紹思科公司創辦以來輝煌的經營績效。接著,我們探討其所處的產業環境以及公司發展目標的沿革、變遷。再來,我們嘗試瞭解其成長策略的運用和搭配的財務策略,諸如:資本形成、付款工具、企業風險等。借著分析其長期的財務統計資料,讓我們得以驗證思科策略的成功。我們也試圖分析決定其策略的箇中原委,進而深究移植思科成功經驗的可行性。
Abstract
This is the case study to investigate how Cisco has being successful to utilize strategies of mergers and acquisition for his corporate growth. It has structure breakdown to kernel to catch the truth. Starting from briefing about his amazing operation records during recent years, then we try to figure out what kinds of growth strategies which Cisco have applied in products planning and resources allocation to overcome undetermined business environments. It is mergers and acquisition strategies to fulfill his dream. We are interested in his motivations to choose such an external growth way and investigate how does Cisco make deals in mergers and acquisition. Then we get into how his financial strategies to support mergers and acquisition from the aspect of capital formation. We applied Pecking Order Theory to overview Cisco’s financial strategies. We are also interested in the reason why stock swap is so popular in mergers and acquisition in high technical industry. We evaluated mergers and acquisition performance with financial indexes from company-wise point of view. Finally we concluded his successful formula and constraints applied in business in Taiwan.
Table of Contents
List of Figures ·····5
1.INTRODUCTION6
1.1Motivation6
1.2Objective6
1.3Methodology7
2.INTRODUCTION TO CISCO12
2.1History about Cisco[9]13
2.2Operation records14
2.3Achievements and award[33]15
3.CISCO’S GROWTH STRATEGIES17
3.1Business environment17
3.2Cisco’s vision evolution in communication industry20
3.3Cisco’s way of growth strategies21
3.4Why is external growth, M&A?23
4.CISCO’S WAY TO M&A28
4.1M&A process in Cisco28
4.2Overview of transaction architecture30
4.3Why merge adopted by Cisco34
5.CISCO’S FINANCIAL STRATEGIES IN M&A37
5.1Capital formation review[10][11][13]37
5.2Capital formation in Cisco39
5.3Deal structure review[1][2]40
5.4Deal structure in Cisco43
5.5Total risk: operating leverage and financial leverage44
6.FINANCIAL ANALYSIS FOR CISCO48
6.1Financial statement48
6.2Profitability48
6.3Long term solvency50
6.4Return on investments50
6.5Market measurement52
7.CONCLUSION AND SUGGESTION53
7.1Conclusion53
7.2Suggestion58
References
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[34] Website: Quicken.com
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