| dc.contributor.advisor | 劉助 | zh_TW |
| dc.contributor.advisor | Liu, James | en_US |
| dc.contributor.author (Authors) | 梁偉祺 | zh_TW |
| dc.contributor.author (Authors) | Liang, Charles | en_US |
| dc.creator (作者) | 梁偉祺 | zh_TW |
| dc.creator (作者) | Liang, Charles | en_US |
| dc.date (日期) | 2010 | en_US |
| dc.date.accessioned | 5-Oct-2011 14:34:31 (UTC+8) | - |
| dc.date.available | 5-Oct-2011 14:34:31 (UTC+8) | - |
| dc.date.issued (上傳時間) | 5-Oct-2011 14:34:31 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0097933023 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/51242 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 國際經營管理英語碩士學位學程(IMBA) | zh_TW |
| dc.description (描述) | 97933023 | zh_TW |
| dc.description (描述) | 99 | zh_TW |
| dc.description.abstract (摘要) | 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. | en_US |
| dc.description.tableofcontents | Chapter 1 Introduction -The Cash Flow Management.........………….11.1 The meaning and importance of Free Cash flow (FCF) to Corporate Expansion …………………………………....................................21.2 The approaches of generating the positive and free cash flow....................................................................................................31.3 Incorporating cash flow management in the corporate expansion strategy …….……………………………………………………….41.3.1 Diversify its operation by having business with different Pay-Off(Payback)periods ……………………………………….41.3.2 Spreading the business in different geography……………….....51.3.3 Setting up the Holding Company ………………………………5Chapter2 The Analysis Target- Hutchison-Whampoa Limited……......62.1 The introduction of the Hutchison-Whampoa Limited ……………..62.2 The Performance in the Past Decade……………………………....92.2.1 The Stock Price Performance…………………………………..92.2.2 Major financial index………………………………………….12Chapter 3 The Expansion Strategies of the HWL……………………193.1 Investig on Multiple business with different pay-Off Period…..19 3.1.1 The core business distribution………………………………...193.1.2 The fluctuation……………………………………………...…213.1.3 The Cash Flow Generating and the business Complementary...233.1.4 Reference: The rising star -Retailed business…………………243.1.5 Successful Business diversification …………………………..263.2 Globalization……………………………………………………..293.2.1 The global diversification…………………………………..293.2.2 The reference of its effectiveness…………………………...323.3 Capital management and financial operation…………………….36 3.3.1 Holding Company…………………………………………..36 3.3.2 The capital mobilization and financial operation…………..36Chapter 4 Conclusions ……………………………………………..41 4.1 Reserved the Cash before Crisis coming…………………………414.2 Expansion on new business model through financial-operation ....434.3 Reference for Taiwan IndustriesReference | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0097933023 | en_US |
| dc.subject (關鍵詞) | 現金流 | zh_TW |
| dc.subject (關鍵詞) | 企業擴張 | zh_TW |
| dc.subject (關鍵詞) | cash flow | en_US |
| dc.subject (關鍵詞) | corporate expansion | en_US |
| dc.title (題名) | 運用現金流管理的企業擴張策略- 以港商和記黃埔為例 | zh_TW |
| dc.title (題名) | Incorporating cash flow management in the corporate expansion strategy -a case study on a Hutchison-whampoa limited | en_US |
| dc.type (資料類型) | thesis | en |
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