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1、Chapter 1Forms of Business Ownership Introduction to Business English 1This chapter is easy to read. Please follow the instructions to read the text.本章重点：1.各种企业产权形式的定义2.各种产权形式的优劣势3.股份公司与有限公司的区别2Please find the definitions of the following terms in your textbook.nSole ProprietorshipsnPartnershipsnCor
2、porations nLimited Liability companiesnJoint VenturenMergers & AcquisitionsnFranchises3Sole Proprietorship 个人企业 nAn organization that is owned, and usually managed, by one person is called a Sole Proprietorship.n个人企业即独资经营企业，是由一名出资者单独出资并从事经营管理的企业。Owner=Business4Store or supermarket? nOne can of Coca
3、Cola is sold at ￥3.00 in the convenient store on campus, while the same product is sold at ￥2.50 in the supermarket in the downtown 3 kilometers away. Why do some people prefer patronizing the store rather than the supermarket? 5Sole ProprietorshipAdvantages:nCan make decisions quicklynKeeps all the
4、 rewardsnEasy to set upnPrivacy of business affairsDisadvantages:nLimited sources of finance (e. g. own funds)nUnlimited liability, i.e. can lose personal assetsnOften has limited managerial skillsnNo one to share workload and ideas with6Partnerships nA partnership is a legal relationship between at
5、 least two persons carrying on a profit-motivated business.n合伙企业是由两人以上组成，在合伙人之间订立合伙协议，共同出资、合伙经营、共享收益、共担风险，并对合伙企业债务承担无限连带责任的营利性组织。7Types of partnershipsnGeneral partnership（普通合伙）A business with at least one general partner who has unlimited liability for the debts of the business.nLimited partnership
6、（有限合伙）nAn arrangement where a person can contribute to a business without being involved in the affairs of the partnership.Whats the difference between the general partners and the limited partners? (P4)8What are the three key elements of partnership?nCommon ownershipnShared profits and lossesnThe r
7、ight to participate in managing the operations of the business9Read the sample of partnership agreement and finish the task on P16.10partnershipAdvantagesnShare resources / ideasnCan cover for each other. e.g. during holidaysnMore sources of finance than sole tradernPartners can specialize, e.g. one
8、 may specialize in company law, another may focus on criminal lawDisadvantagesnUsually unlimited liabilitynLimited sources of financenProfits must be shared between partnersnSlower decision making than sole trader11Corporations 公司 The corporation is a legal entity（法人实体）, allowed by legislation, whic
9、h permits a group of people, as shareholders (for-profit companies) or members (non-profit companies), to create an organization, which can then focus on pursuing set objectives, and empowered（授权与） with legal rights which are usually only reserved for individuals, such as to sue and be sued, own pro
10、perty, hire employees or loan and borrow money. 公司是依公司法的规定设立的法人组织，具有独立的法人资格，有权以自己的名义拥有财产、享有权利和承担义务。12For-profit and non-profit corporationCorporationsFor-profit Corporations（营利性公司）Non-profit Corporations（非营利性公司）Shareholders（股东）Members（会员）13Fortune Global 500 2013:Reference: 14Corporations Advantages
11、:nLimited liabilitynSkilled management teamnTransfer of ownershipnGreater capital basenStabilityDisadvantages:nMultiple taxationnDifficulty and expense of startingnGovernment involvementnLack of secrecynLack of personal interestnCredit limitations15Discussion: what types of corporations are the foll
12、owing companies?nBeijing Municipal Engineering Company:nMicrosoft Corporation in China： nVanke（万科）：nHuawei:nSina in the U.S.A:nOne Foundation:nSinopec Group:nParkson Retail Group Limited in Hong Kong:nGree:nState-owned，municipal，domestic nOpen, foreign nPrivate，open，domesticnPrivate, closed, domesti
13、cnPrivate, open, aliennPrivate, domestic, non-profitnState-owned, open, domesticnOpen, Foreign,nState-owned, domestic, open16Limited Liability Companies (LLC)有限责任公司nA Limited liability Company is a type of business ownership combining several features of corporation and partnership structures.n 有限责任
14、公司是新型的企业组织，它集合了公司的一些特征和合伙企业的组织结构，股东以其出资额为限对公司承担责任，公司以其全部资产对公司的债务承担责任。17LLC vs. Co. Ltd：n有限责任公司由两个以上五十个以下股东共同出资设立；股份有限公司由五人以上为发起人，股东无人数限制，全部资本分为等额股份。关键词对比：两个以上五十个以下/五人以上无人数限制。n发生债务清偿问题时，有限责任公司每个股东以其所认缴的出资额对公司承担有限责任；股份有限公司每个股东以其认购的股份为限对公司承担责任。18More details:n在成为上市公司问题上，有限公司不能直接成为上市公司，必须先改制成为股份公司后，方能申请
15、上市。而股份公司无须改制，即可依法申请上市。所以，在证券交易所挂牌交易的上市公司，都是股份有限公司。 n在出资或股份的转让上，有限公司股东转让其出资需要获得全体股东过半数的同意，而股份公司股东可以依法转让其股份，但必须在依法设立的证券交易场所进行交易。1920Revision：个人独资企业、合伙企业、公司制企业对比nNumber of owners & ease of startup企业所有者数量，组建难易度nInvestor liability投资者的偿债责任nEquity capital sources股权资本来源nFirm life and liquidity of ownership企
16、业的生命周期与所有权的流动性nTaxation企业所得税21Revision and Comparison:22nA joint venture is the pooling of resources and expertise by two or more businesses, typically from different areas or countries to achieve a particular goal. The risks and rewards of the enterprise are also shared.n合资企业是只有两个或两个以上属于不同国家（或地区）的公
17、司、企业或其他经济组织以合资方式组成的经济实体。Joint Venture 合资企业eg: Guangzhou Honda, Guangzhou Procter and Gamble, Changan Ford Mazda Automobile Co., Ltd, etc.23AdvantagesnAccess to new markets and distribution networksnIncreased capacitynThe sharing of risks with a partnernAccess to specialized staff and technology24Dis
18、advantagesnUnclear objectives and not enough communicationnAn imbalance in levels of expertise, investment or assets by the different partnersnDifferent cultures and management styles result in poor integration and co-operation between the partnersnNot sufficient leadership and support in the early
19、stages.25请判断以下企业是什么产权形式：nTCLnLenovonHuaweinDacheng Law OfficesnShanghai General Motors Co., Ltd.nGuangzhou HondanA Store in front of the school gatenLolita sanitary towel store in Guangwai26Merger & Acquisitions27Terms and definitions:nMerger：兼并A merger is the result of the combination of two or mor
20、e companies to form a new company.nAcquisition：收购An acquisition is one company buying the property and obligations of another company.28DistinctionMergerthe same size “merger of equals”Friendly consolidation, 2 in 1 Distinction Acquisitionthe larger take over the smaller Unfriendly takeover, 1 left
21、2930What types of mergers are they?nIf a cone supplier merges with an ice cream maker, we call it _ merger. nIf a fashion design company merged with a travel company, we call it _ merger.nIf two or more companies merge with similar product line, then it is _ merger.nThe member of a pharmaceutical ma
22、nufacturer producing anti-ulcer（抗溃疡的） drugs with another producing anti-cancer drugs is an example of a _ merger. nIn February, 2013, Master Kong Taiwan announced consolidation with Pepsi Cola, America, which is an example of _ merger. horizontalverticalcongenericcongenericconglomerate31Whats the di
23、fference between merger, acquisition, joint venture and alliance?32Ways of mergers:nTransfer of assets（资产转让）：X and Y merge to form Z Z acquires trade and assets from both X and Y in return for shares in Z. X and Y are liquidated and the shares in Z are distributed to shareholders of X and Y.nTransfe
24、r of shares（股份转让）：Z acquires shares in X and Y in return for its own shares. X and Y, as subsidiaries （子公司）of Z, may subsequently transfer their trade and assets to their new parent company Z.33Ways of acquisitions:nTransfer of assets: (B takes over A) B acquires trade and assets from A for cash. A
25、is then liquidated, and the proceeds（所得款项）received by the old shareholders of A (transfer of assets).nTransfer of shares: B acquires shares in A from As shareholders in exchange for cash. A, as a subsidiary of B, may subsequently transfer its trade and assets to its new parent company, B. 34ReasonsG
26、rowth Decrease Cost Eliminate Competition Why do companies merge with or acquire other companies? Synergy 35BenefitslImprove profitability and EPSl Enter a new market and introduce new productsl Increase market share l Gain higher competitiveness 36CASE STUDY 137HP-Compaq Merger38Event：HP merged wit
27、h Compaq When：September 2001 How much：25 billion dollars Type： Horizontal Merger39CompaqCompaq1982, Houston U.S.A. Employees: 63,700 2001 Revenues: $33.5bnHewlett-Packard Hewlett-Packard n1938, California U.S.A. nEmployees: 86,200 n2001 Revenues: $45.2bn Michael Capellas401.Could not meet the target
28、s 2.Improvement in the internal strategies was not going to be sufficient3.To fight the growing competitionWhy did HP merge Compaq？41lenovoIBM42mergedFiorina Board chairmanCEOCapellasPresident43 Has 145,000 employees Sells products in 160 countrieshpcompaqAfter mergedNet Assets$324bn$239bn$564bn1. E
29、nlarges company scaleChanges after merger442.Increase Market Share & Income45462006-20082006-2008473.Strengthen Competitiveness2010年第四季美国年第四季美国PC厂商出货量厂商出货量 (单位：台单位：台)48nLager Company ScalenHigher Market Share & IncomenStronger Competitiveness nBetter OpportunitiesCONCLUSIONAdvantages49Case Study 2:n
30、Chinas computer giant Lenovo and IBM announced in Beijing that Lenovo has completed the acquisition of the PC unit of IBM, marking the birth of the third largest PC enterprise in the world.50nLenovo has paid 12.5 billion US dollars for all the PC business of IBM, including 650 million US dollars in
31、cash and Lenovos shares valued at 600 million US dollars.nLenovo will assume about 500 million US dollars net debt of IBM. 51The senior management team for new Lenovo comes from both sides. From Lenovo：杨元（Chairman of the Board （新）联想董事会主席)From Lenovo:柳传志(Non-executive Director)(董事会非执行董事，旧联想创始人）From I
32、BM: Stephen Ward(Chief Executive Officer)(联想CEO及董事会董事) 52Lenovo gains:nIts revenue of $3.5bn went up by 38 per cent from the same period in 2005.nIt has branch offices in 66 countries around the globe.nIt conducts business in 166 countries and employs over 25,000 people worldwide.nSales outside of G
33、reater China (大中华地区）compromised 59 percent of the companys total turnover in the second quarter of 2007.（海外销售占总销售量59%）53Franchising特许经营54Franchises nA franchise is the right to use a business name and sell products or services, usually in a specific geographical territory.n特许经营是指特许者将自己所拥有的商标、商号、产品、专
34、利和专有技术、经营模式等以特许经营合同的形式授予被特许者使用；被特许者按合同规定在特许者同意的业务模式下从事经营活动，并向特许者支付相应费用。由于特许企业的存在形式具有连锁经营、统一形象、统一管理等基本特征，因此也称之为特许连锁。55Terms:nFranchising：特许经营nFranchise：特许权nFranchiser：特许者nFranchisee：被特许者nTrade mark：商标nChain-store operations：连锁经营56Advantages:Buying a franchise:nthe franchisee May receive help and trai
35、ning from franchisernthe franchiser can share marketing costs, research findings, new product development costsnThe franchisee is less likely to fail since there is set customer base.Selling a franchise:nThe franchiser grow quickly, covering a geographic area more quickly;nThe franchiser gain more f
36、unds;nThe franchisee works with more motivation.57Disadvantage nLess freedomnProducts and services cannot be changednExpensive initial franchisesnA large share of profits, referred to as Royalty payments, is required by franchiser.58Franchising fraudCase Study：张三丰（化名）从部队复员后有创业的雄心，但缺乏社会经验和法律知识。张三丰以复员
37、费为基础又拿上东挪西凑的资金共万元，准备自己创业。在网络上看到近视治疗仪广告宣称的神奇疗效，考虑到其亲人中青少年近视人数之多以及对于治疗近视的强烈愿望，决定前往北京考察。在“富视国际连锁”总部人员自称“投资少、利润高、见效快”、“公司近20年的经营”及“中华慈善总会”颁发的各种荣誉证书宣传下，作出了加盟投资的决定。但公司要求，必须先付款，后签订合同。59 2008年5月21日，张三丰按照烟台富视医疗器械有限公司的要求缴纳货款及合同保证金共计47000元。加盟费到账后，张三丰与烟台富视医疗器械有限公司签订火暴9眼科近视弱视仿灸理疗仪意向经销合同。合同约定，许可张三丰在安徽省萧县经销火暴9近视治疗
38、仪。 合同签订后，张三丰在安徽萧县办理工商登记时方被告知，火暴9近视治疗仪作为国家二类医疗器械，属于国家严格限制经营的产品，个人无资格经营。经营二类医疗器械的企业必须具备相当严格的资质后并获得经省药监局颁发的医疗器械企业经营许可证方可经营。60特许经营欺诈的特点：1.广告宣传夸大其词。主要存在夸大公司实力，如国际连锁、国际集团、总部在北京等；夸大产品性能，如自称其为国际知名品牌、获得各种荣誉证书、获得专利证书等唬人。现在确实存在一些行业组织不负责任滥发各类荣誉证书（很多是出钱就可以颁发）的现象。另外关于实用新型专利和外观设计专利，须知该类专利不需经过实质审查即能获得。2.要求加盟商先付款再签订合同。欺诈者多虚构各种繁荣的场面，制造出加盟商络绎不绝等种种假象；虚构利润率高、投资回报率高等诱人加盟条件，又以公司出于保密需要骗得加盟商先付款，款到之后方才同意签订合同。613.合同金额一般不超过万元。因为5万元为合同诈骗罪的立案标准，万一加盟商要求退出加盟引发纠纷时不致被追究刑事责任，另外合同金额不大，致使很多加盟商考虑维权成本而放弃维权。4.精心设置合同陷阱。合同陷阱主要在主体写上某某大公司，在不显眼处写上某某代表处；双方权利义务方面明显不对等，特许人的义务多为软性义务；加盟费以及退出加盟的限制条件苛刻；格式合同约定管辖方面不利于加盟商等等。62
