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研究生:梁偉祺
研究生(外文):Liang, Charles
論文名稱:運用現金流管理的企業擴張策略- 以港商和記黃埔為例
論文名稱(外文):Incorporating cash flow management in the corporate expansion strategy -a case study on a Hutchison-whampoa limited
指導教授:劉助劉助引用關係
指導教授(外文):Liu, James
學位類別:碩士
校院名稱:國立政治大學
系所名稱:國際經營管理英語碩士學位學程(IMBA)
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:2011
畢業學年度:99
語文別:英文
論文頁數:45
中文關鍵詞:現金流企業擴張
外文關鍵詞:cash flowcorporate expansion
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To most companies, making profits is the ultimate goal for its management. It`s inevitable for any corporations to pursue next expansion when the current business is matured or looking for another opportunity, which may bring in more profits or revenue growth. However, in the case of BenQ merging Siemens, it showed us how hard for a smaller enterprise trying to purchase a big business, which might burn thousands of its capitals, without sufficient cash flow support.
Likewise, the prestigious Hutchison Whampoa Limited (HWL) Group owned by the most fortuned person in Asia, Li Ka-shing, started form a small company running for Ports and related Service, but now has become the conglomerate with multiple core business ,comprising Ports, Retails, Hotels, Infrastructure, Energy and Telecommunication within only 33years since 1977.This achievement came from a company , which being considered as very conservative on its financial strategy by having low debt ratio and leverage and keep high cash reserved. Especially, the HWL kept loss money in the past eight years since it decided to jump into the 3G telecommunication, which required a lot of initial capital expenditure before profits in the year 2002. On the surface, the market downgraded its performance and none were optimistic to its dared investment. However, the HWL not only just survive, meanwhile its global business on Retails and telecommunication has drastic growth and expansion in these years. In other words, this heavy burden didn`t embroil HWL like what Siemens cell phone business to BenQ. On the contrary, after this test, the HWL became the global 3G leader and build up a barrier that other competitor hard to cross.
In this paper, I am going to analysis and elaborate the cash flow management strategy of the HWL by dissecting its financial statements through the profit model method. To realize its unique philosophy by using the strategy of multiple business diversification, globalization, flexibility of financial action to boost the liquidity of cash flow and generate more free cash flow (FCF) afterwards. Now, this past conservative corporate has turned out to be the furious merger expertise and being considered as the icon of the business expansion by setting up a new model, which can be referenced. Recently, the famous Taiwan finance corporate –Fubon group has taken the similar strategy as HWL and gains a bright result. Hence, it proves that its business model on incorporating cash flow on expansion is worthy to have more attentions and could be a good path for more Taiwan industries to follow.

Chapter 1 Introduction -The Cash Flow Management.........………….1
1.1 The meaning and importance of Free Cash flow (FCF) to Corporate Expansion …………………………………....................................2
1.2 The approaches of generating the positive and free cash flow....................................................................................................3
1.3 Incorporating cash flow management in the corporate expansion strategy …….……………………………………………………….4
1.3.1 Diversify its operation by having business with different Pay-Off(Payback)periods ……………………………………….4
1.3.2 Spreading the business in different geography……………….....5
1.3.3 Setting up the Holding Company ………………………………5

Chapter2 The Analysis Target- Hutchison-Whampoa Limited……......6
2.1 The introduction of the Hutchison-Whampoa Limited ……………..6
2.2 The Performance in the Past Decade……………………………....9
2.2.1 The Stock Price Performance…………………………………..9
2.2.2 Major financial index………………………………………….12
Chapter 3 The Expansion Strategies of the HWL……………………19
3.1 Investig on Multiple business with different pay-Off Period…..19
3.1.1 The core business distribution………………………………...19
3.1.2 The fluctuation……………………………………………...…21
3.1.3 The Cash Flow Generating and the business Complementary...23
3.1.4 Reference: The rising star -Retailed business…………………24
3.1.5 Successful Business diversification …………………………..26
3.2 Globalization……………………………………………………..29
3.2.1 The global diversification…………………………………..29
3.2.2 The reference of its effectiveness…………………………...32
3.3 Capital management and financial operation…………………….36
3.3.1 Holding Company…………………………………………..36
3.3.2 The capital mobilization and financial operation…………..36

Chapter 4 Conclusions ……………………………………………..41
4.1 Reserved the Cash before Crisis coming…………………………41
4.2 Expansion on new business model through financial-operation ....43
4.3 Reference for Taiwan Industries

Reference

Reference
1. 屈臣氏凶猛扩网 和记黄埔现金流探秘【21世纪网】http://www.21cbh.com/HTML/2010-3-19/169317.html
2. 南仁投資札記
http://amafile.blogspot.com/2010/01/0013.html3.
3. 雅仕网 2010年08月10日 来源:华尔街日报
http://www.my6699.com/GlobalFinance/TabId/17914/%E5%92%8C%E8%AE%B0%E9%BB%84%E5%9F%94%E8%8B%A6%E5%B0%BD%E7%94%98%E6%9D%A5.aspx
4. 李嘉誠管理日誌 一窺華人首富李嘉誠的商業視界http://big5.ifeng.com/gate/big5/book.ifeng.com/lianzai/detail_2010_09/21/2601484_0.shtml
5. 如何才能有效掌控企业的现金流 希通
http://fm.manaren.com/zjgl/show-4830-1/
6. 自由現金流MBA Lib
http://wiki.mbalib.com/wiki/%E8%87%AA%E7%94%B1%E7%8E%B0%E9%87%91%E6%B5%81
7. 和黃磨劍十年 今浪乘勢出 http://finance.hkbloggers.net/%E6%88%91%E6%98%AF%E5%B7%A8%E9%9D%88%E7%A5%9E/2010/09/14/%E5%92%8C%E9%BB%83%E7%A3%A8%E5%8A%8D%E5%8D%81%E5%B9%B4_%E4%BB%8A%E6%B5%AA%E4%B9%98%E5%8B%A2%E5%87%BA%E9%9E%98
8. 李嘉誠和楊國強的謀略PK ,國際日報 http://www.chinesetoday.com/news/show/id/328908
9. 中国总经理网 - CEO人物 http://www.chinaceo.com:17280/webcontent/cnceo/person/fangtan/20070105/751220070105115425.shtml
10. 和記香港與電信盈科合組公司推4G業務
http://big5.xinhuanet.com/gate/big5/www.cs.com.cn/gg/03/201003/t20100309_2360101.htm
11. 屈臣氏每日开一家新店 和记黄埔零售现金流充裕
http://business.sohu.com/20100319/n270938723.shtml
12. 中國產業金融研究 劉小兵
http://big5.ce.cn/gate/big5/industryfinance.blog.ce.cn/
13. 李嘉誠的過冬策略 百度文庫
http://wenku.baidu.com/view/bfc461d5360cba1aa811dab0.html
14. 和記黃埔 有限公司官方網站
http://www.hutchison-whampoa.com/chi/
15.WiKi 維基百科
http://zh.wikipedia.org/zh/%E5%92%8C%E8%A8%98%E9%BB%83%E5%9F%94

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