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題名 高科技公司的成長策略和財務策略--思科公司的個案研究
Growth strategies and financial strategies in high tech company – a case study of cisco
作者 葉國隆
Yeh, Kuo-Long
貢獻者 林基煌
Lin, Chi-Huang
葉國隆
Yeh, Kuo-Long
關鍵詞 思科公司
成長策略
財務策略
Cisco
Growth Strategies
Financial Strategies
日期 2002
上傳時間 20-Apr-2016 11:11:08 (UTC+8)
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一併購，未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
"Table of Contents
     List of Figures-----5
     1. INTRODUCTION-----6
     1.1 Motivation-----6
     1.2 Objective-----6
     1.3 Methodology-----7
     
     2. INTRODUCTION TO CISCO-----12
     2.1 History about Cisco-----13
     2.2 Operation records-----14
     2.3 Achievements and award-----15
     
     3. CISCO`S GROWTH STRATEGIES-----17
     3.1 Business environment17
     3.2 Cisco`s vision evolution in communication industry-----20
     3.3 Cisco`s way of growth strategies-----21
     3.4 Why is external growth, M&A?-----23
     
     4. CISCO`S WAY TO M&A-----28
     4.1 M&A process in Cisco-----28
     4.2 Overview of transaction architecture-----30
     4.3 Why merge adopted by Cisco-----34
     
     5. CISCO`S FINANCIAL STRATEGIES IN M&A-----37
     5.1 Capital formation review-----37
     5.2 Capital formation in Cisco-----39
     5.3 Deal structure review-----40
     5.4 Deal structure in Cisco-----43
     5.5 Total risk: operating leverage and financial leverage-----45
     
     6. FINANCIAL ANALYSIS FOR CISCO-----48
     6.1 Financial statement-----48
     6.2 Profitability-----48
     6.3 Long term solvency-----50
     6.4 Return on investments-----50
     6.5 Market measurement-----52
     
     7. CONCLUSION AND SUGGESTION-----83
     7.1 Conclusion-----53
     7.2 Suggestion-----58
     
     List of Figures
     2.1 Net sales and growth rate-----15
     2.2 Gross profit and growth rate-----15
     3.1 Cisco`s external growth with mergers and acquisition-----60
     6.1 Income Statements of Cisco-----62
     6.2 Balance Sheets of Cisco-----63
     6.3 Statements of Cash Flows of Cisco-----64
     6.4 Common-Size Income Statements-----""66
     6.5 Common-Size Balance Sheets-----67
     6.6 Common-Size Statements of Cash Flows-----68
     6.7 Growth trend-----49
     6.8 Financial health-----50
     6.9 Management performance-----51
     6.10 Market multiples-----52
     7.1 Successful formula of Cisco-----54
參考文獻 References
     [1] 王泰允，企業購併實用，遠流出版事業股份有限公司，初版，2000年3月。
     [2] 伍忠賢，企業購併─理論與實務，全球投資觀點，新陸書局股份有限公司，89年3月。
     [3] 林進富，公司併購教戰守則，聯經出版事業公司，初版，1999年5月。
     [4] 吳榮祥，台灣地區企業籌資方式與融資順位理論之實證研究 ─ 自資金成本與財務結構之觀點探討，中國文化大學會計研究所，1996年6月。
     [5] 陳琇玲譯，賓士狂潮：席捲全球汽車工業的德國新勢力，美商麥格羅希爾國際股份有限公司，初版，2000年3月。
     [6] 陳澄和譯，思科成功的十大祕訣，聯經出版事業公司，初版，2000年11月。
     [7] 馮拙人，財務報表分析，四版，86年5月。
     [8] 遠見雜誌，2000年1月。
     [9] 劉世平譯，雄霸天下：思科成功的奧秘，城邦文化事業股份有限公司，初版，2000年3月。
     [10] 劉維琪、劉玉珍，融資順位理論發展與實證，管理評論，1989年7月。
     [11] 劉維琪、李怡宗，融資順位理論之調查研究，管理評論 第12卷，1993年7月。
     [12] 數位時代，第4號
     [13] 謝劍平，經理人財務錦囊，禾豐企業發展文教基金會，初版，87年8月。
     [14] Asmann, David., Fordyce, James., Marek, Andrew., “What It Takes To Manage A Leveraged Firm”, Mergers & Acquisitions, Nov./Dec. 1995, pp31~33.
     [15] Barton, S. L., Gordon, P. J., “Corporate Strategy: Useful Perspective for the Study of Capital Structure ?” Academy of Management Review, 1998, 12, 1, pp67~75.
     [16] Bernstein, Leopold A., Wild, John J., Analysis of Financial Statements, 5th Edition, McGraw-Hill Companies Inc., 2000.
     [17] Chung, Kwang S., Siu, Juan A.,Weston, J., Takeovers, Restructuring and Corporate Governance, 2nd Edition, Prentice-Hall Inc., 1998.
     [18] Donaldson, Gordon., “Financial Goals and Strategic Consequences”, Harvard Business Review, May/June 1985, pp57~66
     [19] Garrison, Ray H., Noreen, Eric W., Managerial Accounting, 8th Edition, McGraw-Hill Companies Inc., 1997.
     [20] Jensen, Michael C., Meckling, William H., “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, Oct. 1976, pp305~360.
     [21] Kester, W. Carl., Luehrman, Timothy A., “Rehabilitating the Leveraged Buyout”, Harvard Business Review, May/June 1995, pp119~130
     [22] Miller, M. H., “Debt and Taxes” Journal of Finance, May 1977, pp264~276
     [23] Modigliani, France., Miller, Merton H., “The Cost of Capital, Corporation Finance and the Theory of Investment”, American Economic Review, 1958, 48, pp261~297.
     [24] Modigliani, F., Miller, M., “Corporate Income Taxes and the Cost of Capital: A Correction”, American Economic Review, June 1963, pp433~443.
     [25] Myers, S. C.,”The Capital Structure Puzzle”, Journal of Finance, July 1984, pp577~587.
     [26] Myers, S. C., Majluf, N. S., “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have”, Journal of Financial Economics, June 1984, pp187~221
     [27] Richard Trottier., “Leveraged Build-Ups: More Muscle For the Entrepreneur”, Mergers & Acquisitions, Nov./Dec. 1995, pp35~39.
     [28] Cisco Systems 2000 Annual Report
     [29] Cisco Systems 1999 Annual Report
     [30] Cisco Systems 1998 Annual Report
     [31] Cisco Systems 1997 Annual Report
     [32] Cisco Systems 1996 Annual Report
     [33] Website: Cisco.com
     [34] Website: Quicken.com
描述 碩士
國立政治大學
經營管理碩士學程(EMBA)
87360021
資料來源 http://thesis.lib.nccu.edu.tw/record/#B2002000077
資料類型 thesis
dc.contributor.advisor 林基煌zh_TW
dc.contributor.advisor Lin, Chi-Huangen_US
dc.contributor.author (Authors) 葉國隆zh_TW
dc.contributor.author (Authors) Yeh, Kuo-Longen_US
dc.creator (作者) 葉國隆zh_TW
dc.creator (作者) Yeh, Kuo-Longen_US
dc.date (日期) 2002en_US
dc.date.accessioned 20-Apr-2016 11:11:08 (UTC+8)-
dc.date.available 20-Apr-2016 11:11:08 (UTC+8)-
dc.date.issued (上傳時間) 20-Apr-2016 11:11:08 (UTC+8)-
dc.identifier (Other Identifiers) B2002000077en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/85594-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經營管理碩士學程(EMBA)zh_TW
dc.description (描述) 87360021zh_TW
dc.description.abstract (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一併購，未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。zh_TW
dc.description.abstract (摘要) Abstracten_US
dc.description.abstract (摘要) "Table of Contents
     List of Figures-----5
     1. INTRODUCTION-----6
     1.1 Motivation-----6
     1.2 Objective-----6
     1.3 Methodology-----7
     
     2. INTRODUCTION TO CISCO-----12
     2.1 History about Cisco-----13
     2.2 Operation records-----14
     2.3 Achievements and award-----15
     
     3. CISCO`S GROWTH STRATEGIES-----17
     3.1 Business environment17
     3.2 Cisco`s vision evolution in communication industry-----20
     3.3 Cisco`s way of growth strategies-----21
     3.4 Why is external growth, M&A?-----23
     
     4. CISCO`S WAY TO M&A-----28
     4.1 M&A process in Cisco-----28
     4.2 Overview of transaction architecture-----30
     4.3 Why merge adopted by Cisco-----34
     
     5. CISCO`S FINANCIAL STRATEGIES IN M&A-----37
     5.1 Capital formation review-----37
     5.2 Capital formation in Cisco-----39
     5.3 Deal structure review-----40
     5.4 Deal structure in Cisco-----43
     5.5 Total risk: operating leverage and financial leverage-----45
     
     6. FINANCIAL ANALYSIS FOR CISCO-----48
     6.1 Financial statement-----48
     6.2 Profitability-----48
     6.3 Long term solvency-----50
     6.4 Return on investments-----50
     6.5 Market measurement-----52
     
     7. CONCLUSION AND SUGGESTION-----83
     7.1 Conclusion-----53
     7.2 Suggestion-----58
     
     List of Figures
     2.1 Net sales and growth rate-----15
     2.2 Gross profit and growth rate-----15
     3.1 Cisco`s external growth with mergers and acquisition-----60
     6.1 Income Statements of Cisco-----62
     6.2 Balance Sheets of Cisco-----63
     6.3 Statements of Cash Flows of Cisco-----64
     6.4 Common-Size Income Statements-----""66
     6.5 Common-Size Balance Sheets-----67
     6.6 Common-Size Statements of Cash Flows-----68
     6.7 Growth trend-----49
     6.8 Financial health-----50
     6.9 Management performance-----51
     6.10 Market multiples-----52
     7.1 Successful formula of Cisco-----54		-
dc.description.tableofcontents Table of Contents
     List of Figures-----5
     1. INTRODUCTION-----6
      1.1 Motivation-----6
      1.2 Objective-----6
      1.3 Methodology-----7
     
     2. INTRODUCTION TO CISCO-----12
      2.1 History about Cisco-----13
      2.2 Operation records-----14
      2.3 Achievements and award-----15
     
     3. CISCO`S GROWTH STRATEGIES-----17
      3.1 Business environment17
      3.2 Cisco`s vision evolution in communication industry-----20
      3.3 Cisco`s way of growth strategies-----21
      3.4 Why is external growth, M&A?-----23
     
     4. CISCO`S WAY TO M&A-----28
      4.1 M&A process in Cisco-----28
      4.2 Overview of transaction architecture-----30
      4.3 Why merge adopted by Cisco-----34
     
     5. CISCO`S FINANCIAL STRATEGIES IN M&A-----37
      5.1 Capital formation review-----37
      5.2 Capital formation in Cisco-----39
      5.3 Deal structure review-----40
      5.4 Deal structure in Cisco-----43
      5.5 Total risk: operating leverage and financial leverage-----45
     
     6. FINANCIAL ANALYSIS FOR CISCO-----48
      6.1 Financial statement-----48
      6.2 Profitability-----48
      6.3 Long term solvency-----50
      6.4 Return on investments-----50
      6.5 Market measurement-----52
     
     7. CONCLUSION AND SUGGESTION-----83
      7.1 Conclusion-----53
      7.2 Suggestion-----58
     
     List of Figures
     2.1 Net sales and growth rate-----15
     2.2 Gross profit and growth rate-----15
     3.1 Cisco`s external growth with mergers and acquisition-----60
     6.1 Income Statements of Cisco-----62
     6.2 Balance Sheets of Cisco-----63
     6.3 Statements of Cash Flows of Cisco-----64
     6.4 Common-Size Income Statements-----"66
     6.5 Common-Size Balance Sheets-----67
     6.6 Common-Size Statements of Cash Flows-----68
     6.7 Growth trend-----49
     6.8 Financial health-----50
     6.9 Management performance-----51
     6.10 Market multiples-----52
     7.1 Successful formula of Cisco-----54		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002000077en_US
dc.subject (關鍵詞) 思科公司zh_TW
dc.subject (關鍵詞) 成長策略zh_TW
dc.subject (關鍵詞) 財務策略zh_TW
dc.subject (關鍵詞) Ciscoen_US
dc.subject (關鍵詞) Growth Strategiesen_US
dc.subject (關鍵詞) Financial Strategiesen_US
dc.title (題名) 高科技公司的成長策略和財務策略--思科公司的個案研究zh_TW
dc.title (題名) Growth strategies and financial strategies in high tech company – a case study of ciscoen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) References
     [1] 王泰允，企業購併實用，遠流出版事業股份有限公司，初版，2000年3月。
     [2] 伍忠賢，企業購併─理論與實務，全球投資觀點，新陸書局股份有限公司，89年3月。
     [3] 林進富，公司併購教戰守則，聯經出版事業公司，初版，1999年5月。
     [4] 吳榮祥，台灣地區企業籌資方式與融資順位理論之實證研究 ─ 自資金成本與財務結構之觀點探討，中國文化大學會計研究所，1996年6月。
     [5] 陳琇玲譯，賓士狂潮：席捲全球汽車工業的德國新勢力，美商麥格羅希爾國際股份有限公司，初版，2000年3月。
     [6] 陳澄和譯，思科成功的十大祕訣，聯經出版事業公司，初版，2000年11月。
     [7] 馮拙人，財務報表分析，四版，86年5月。
     [8] 遠見雜誌，2000年1月。
     [9] 劉世平譯，雄霸天下：思科成功的奧秘，城邦文化事業股份有限公司，初版，2000年3月。
     [10] 劉維琪、劉玉珍，融資順位理論發展與實證，管理評論，1989年7月。
     [11] 劉維琪、李怡宗，融資順位理論之調查研究，管理評論 第12卷，1993年7月。
     [12] 數位時代，第4號
     [13] 謝劍平，經理人財務錦囊，禾豐企業發展文教基金會，初版，87年8月。
     [14] Asmann, David., Fordyce, James., Marek, Andrew., “What It Takes To Manage A Leveraged Firm”, Mergers & Acquisitions, Nov./Dec. 1995, pp31~33.
     [15] Barton, S. L., Gordon, P. J., “Corporate Strategy: Useful Perspective for the Study of Capital Structure ?” Academy of Management Review, 1998, 12, 1, pp67~75.
     [16] Bernstein, Leopold A., Wild, John J., Analysis of Financial Statements, 5th Edition, McGraw-Hill Companies Inc., 2000.
     [17] Chung, Kwang S., Siu, Juan A.,Weston, J., Takeovers, Restructuring and Corporate Governance, 2nd Edition, Prentice-Hall Inc., 1998.
     [18] Donaldson, Gordon., “Financial Goals and Strategic Consequences”, Harvard Business Review, May/June 1985, pp57~66
     [19] Garrison, Ray H., Noreen, Eric W., Managerial Accounting, 8th Edition, McGraw-Hill Companies Inc., 1997.
     [20] Jensen, Michael C., Meckling, William H., “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, Oct. 1976, pp305~360.
     [21] Kester, W. Carl., Luehrman, Timothy A., “Rehabilitating the Leveraged Buyout”, Harvard Business Review, May/June 1995, pp119~130
     [22] Miller, M. H., “Debt and Taxes” Journal of Finance, May 1977, pp264~276
     [23] Modigliani, France., Miller, Merton H., “The Cost of Capital, Corporation Finance and the Theory of Investment”, American Economic Review, 1958, 48, pp261~297.
     [24] Modigliani, F., Miller, M., “Corporate Income Taxes and the Cost of Capital: A Correction”, American Economic Review, June 1963, pp433~443.
     [25] Myers, S. C.,”The Capital Structure Puzzle”, Journal of Finance, July 1984, pp577~587.
     [26] Myers, S. C., Majluf, N. S., “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have”, Journal of Financial Economics, June 1984, pp187~221
     [27] Richard Trottier., “Leveraged Build-Ups: More Muscle For the Entrepreneur”, Mergers & Acquisitions, Nov./Dec. 1995, pp35~39.
     [28] Cisco Systems 2000 Annual Report
     [29] Cisco Systems 1999 Annual Report
     [30] Cisco Systems 1998 Annual Report
     [31] Cisco Systems 1997 Annual Report
     [32] Cisco Systems 1996 Annual Report
     [33] Website: Cisco.com
     [34] Website: Quicken.com		zh_TW