某企业有甲、乙两个业务单位,分别从事TM产品和TN产品的生产经营。这两个业务单位2010年的有关资料如下: 要求: 指出甲乙两个业务单位处于财务战略矩阵的哪个象限,以及有关的财务战略选择。

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问题 某企业有甲、乙两个业务单位,分别从事TM产品和TN产品的生产经营。这两个业务单位2010年的有关资料如下:

要求:
指出甲乙两个业务单位处于财务战略矩阵的哪个象限,以及有关的财务战略选择。

选项

答案甲业务单位: 处于财务战略矩阵的第二象限,属于增值型现金剩余业务单位。有关的财务战略选择如下:由于企业可以创造价值,加速增长可以增加股东财富,因此首选的战略是利用剩余的现金加速增长。加速增长的途径包括:①内部投资;②收购相关业务。如果加速增长后仍有剩余现金,找不到进一步投资的机会,则应把多余的钱还给股东。分配剩余现金的途径包括:①增加股利支付,陆续把现金还给股东;②回购股份,快速把现金还给股东。 乙业务单位: 处于财务战略矩阵的第一象限,属于增值型现金短缺业务单位,有关的财务战略选择如下:如果高速增长是暂时的,企业应通过借款来筹集所需资金,等到销售增长率下降后企业会有多余现金归还借款。如果预计这种情况会持续较长时间,不能用短期周转借款来解决,则企业必须采取战略性措施解决资金短缺问题。长期性高速增长的资金问题有两种解决途径:一是提高可持续增长率,使之向销售增长率靠拢;二是增加权益资本,提供增长所需的资金。

解析   (1)A Business Unit:
  Investment rate of return 15%>cost of capital 1 0%,value creation
  Sales growth rate 15%  B Business Unit
  Investment rate of return 1 0%>cost of capital 8%,value creation Sales growth rate 20%>sustainable growth rate 1 0%,cash shortage
(2)It locates in the second quadrant of the financial matrix.and is a value-added cash sur  plus business unit.The choices of financial stral egy are as follows:as the company can cre  ate 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 Unit:
  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 coupany 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 f6r a long time,  the shott—term loans cannot solve the prodem,  and then cornpany shotlld adopt strategic measures to solve the cash shortage problems.  Two methods that   can solve the long—term cash shortage as rest of growth:①Improving sustainable growth  rate to make jt move closet to the sales growth rates;  ②Increase in equity capital to pro  vide furlds needed for growth.
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