摘要
本文首先明确了企业现金流结构是连接企业价值与盈利模式的关键变量,架构了"企业价值→财务战略(现金流结构主导)→盈利模式(轻资产模式)→商业活动与资本行为→财务业绩"的财务战略驱动盈利模式的理论框架。文章以美国苹果公司为分析对象,选取该公司自2001年至2011年间的主要业务经营资料与关键财务数据,从财务战略驱动视角,透视苹果公司持续轻资产模式运营的基本要点,包括实施简化生产和标准化零配件、快速供应链、极短的存货周转期、高额现金储备和营运资本、小额固定资产投资、巨额研发与销售终端投资、并购技术性优势企业、内源融资主导等等,这些轻资产战略的基本特征的概括既丰富了财务战略的理论主张,也给企业战略管理实践提供了许多实操性的启示。
This paper elaborates that cash flows is a key variable which enables the generation of firm value from its profit model.It proposes a theoretical framework to shed light on how the financial strategy drives the profit model's success,i.e. 'firm value → financial strategy (cash flow oriented) → profit model (Asset-Light) → operational and capital market activities → financial performance'.This paper draws on operational and financial data of Apple from 2001 to 2011 to illustrate key characteristics of the Asset-Light business model of Apple,which include streamlined production with standardized components,short supply-chain,fast inventory turnovers,high cash reserve and operating assets,small fixed assets investment,extensive investments in R&D and retail stores,acquisitions of firms with relevant technologies,and internal financing strategy.The demonstration of these characteristics of the Asset-Light business model contributes to the literature of financial strategy and provides insights on firms' strategic management practices.
出处
《会计研究》
CSSCI
北大核心
2012年第11期23-32,94,共10页
Accounting Research
基金
教育部人文社会科学研究两个项目(批准号11YJA630111和批准号12YJC630030)
国家自然科学基金(批准号:71272042)的立项资助