财务战略与盈利模式.pptVIP

第三章 财务战略与盈利模式 目录 一、财务战略 二、盈利模式 三、股权模式与融资模式 一、财务战略 什么是财务战略？ 英国学者 Keith Ward 的《公司财务战略》： “为适应公司总体的竞争战略而筹集必要的资本，并在组织内有效地管理与运用这些资本的方略”。 简言之也就是投融资战略。 财务战略的分类 按风险偏好分类： 1、快速扩张型战略 2、稳健型战略 3、防御收缩型战略 按内容分类 1、投资战略：产业选择战略（核心类、增长型产业、种子型产业等）产业经营战略、资本运营战略、现金战略 2、筹资战略：外部融资战略、内部融资战略、利润分配战略 按企业生命周期分类 1、企业初创期战略 2、企业扩展期战略 3、企业稳定期战略 4、企业衰退期战略 经济周期各阶段的经营策略 二、盈利模式 什么是盈利模式？ 公司金融理论基本上不讲盈利模式。 Slywotzky等（1998）在《 The Profit Zone 》中，论及盈利模式与企业的市场竞争和行业选择密切相关。成功的盈利模式是引导和保障企业能够持续赚取超额利润并及时更新的机制。涉及四纬度：客户选择、价值获取、战略控制、业务范围。 The Profit Zone: How Strategic Business Design Will Lead You to Tomorrows Profits Where Will I Make a Profit Tomorrow?Why do some companies create sustained, superior profits year after year? Why are they always far ahead of their competitors in discovering the ever-changing profit zones of their industry? Why do others languish as their traditional way of doing business turns into a no-profit zone? For years, the prevailing wisdom in business was that profitability was a byproduct of market share; get the biggest piece of the market and profit will surely follow. But in the last 10 years, this formula has time and again proved itself wrong. Companies such as DEC, GM, Ford, United Airlines, Kodak, and Sears have all demonstrated that market share does not necessarily lead to profitability. The Profit Zone looks at how profit happens in todays customer-driven economy. The authors demonstrate why market share often leads to a no-profit zone and identify 22 profit models that have helped dozens of companies consistently make money. Included are in-depth looks at companies--Disney, GE, Microsoft, Intel, Charles Schwab--that have successfully redesigned their businesses and dramatically increased the value of their companies. Instead of focusing on market share, these innovators first looked at their customers needs and how they could profit from fulfilling them. The book considers examples of how the profit zone works, from Disneys theme parks to Schwabs marketing and sell