41某企業(yè)有甲、乙兩個業(yè)務(wù)單位，分別從事TM產(chǎn)品和TN產(chǎn)品的生產(chǎn)經(jīng)營。這兩個業(yè)務(wù)單位2010年的有關(guān)資料如下：

　　要求：

　　(1)根據(jù)以上資料，說明甲乙兩個業(yè)務(wù)單位價值創(chuàng)造與現(xiàn)金余缺情況;

　　(2)指出甲乙兩個業(yè)務(wù)單位處于財務(wù)戰(zhàn)略矩陣的哪個象限，以及有關(guān)的財務(wù)戰(zhàn)略選擇。

　　參考解析:

　　(1)甲業(yè)務(wù)單位：

　　投資資本回報率15%>資本成本10%，創(chuàng)造價值;

　　銷售增長率15%<可持續(xù)增長率20%，現(xiàn)金剩余。

　　乙業(yè)務(wù)單位：

　　投資資本回報率10%>資本成本8%，創(chuàng)造價值;

　　銷售增長率20%>可持續(xù)增長率10%，現(xiàn)金短缺。

　　(2)甲業(yè)務(wù)單位：

　　處于財務(wù)戰(zhàn)矩陣的第二象限，屬于增值型現(xiàn)金剩余業(yè)務(wù)單位。有關(guān)的財務(wù)戰(zhàn)選擇如下：由于企業(yè)可以創(chuàng)造價值，加速增長可以增加股東財富，因此首選的戰(zhàn)是利用剩余的現(xiàn)金加速增長。加速增長的途徑包括：①內(nèi)部投資;②收購相關(guān)業(yè)務(wù)。如果加速增長后仍有剩余現(xiàn)金，找不到進一步投資的機會，則應(yīng)把多余的錢還給股東。分配剩余現(xiàn)金的途徑包括：①增加股利支付，陸續(xù)把現(xiàn)金還給股東;②回購股份，快速把現(xiàn)金還給股東。

　　乙業(yè)務(wù)單位：

　　處于財務(wù)戰(zhàn)矩陣的第一象限，屬于增值型現(xiàn)金短缺業(yè)務(wù)單位，有關(guān)的財務(wù)戰(zhàn)選擇如下：如果高速增長是暫時的，企業(yè)應(yīng)通過借款來籌集所需資金，等到銷售增長率下降后企業(yè)會有多余現(xiàn)金歸還借款。如果預(yù)計這種情況會持續(xù)較長時間，不能用短期周轉(zhuǎn)借款來解決，則企業(yè)必須采取戰(zhàn)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(xù)增長率，使之向銷售增長率靠攏;二是增加權(quán)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.

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