厦门大学博硕士论文摘要库 - core · strategy of dell and hp ... business model analysis,...
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学校编码：10384 分类号 密级
学号：17920111150614 UDC
硕 士 学 位 论 文
戴尔与惠普公司
财务报表和发展战略的比较研究
A Study on the Financial Statement and Development
Strategy of Dell and HP
柴文军
指导教师姓名：吴世农教授
专 业 名 称：工商管理（IMBA）
论文提交日期：2013 年 2 月
论文答辩时间：2013 年 3 月
学位授予日期：
答辩委员会主席：
评阅人：
2013 年 2 月
戴
尔
与
惠
普
公
司
财
务
报
表
和
发
展
战
略
的
比
较
研
究 柴文军 指导教师 吴世农教授 厦门大学
厦门大学博硕士论文摘要库
厦门大学博硕士论文摘要库
戴尔与惠普公司财务报表和发展战略的比较研究
I
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厦门大学博硕士论文摘要库
戴尔与惠普公司财务报表和发展战略的比较研究
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厦门大学博硕士论文摘要库
戴尔与惠普公司财务报表和发展战略的比较研究
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摘 要
戴尔和惠普是科技公司中的两个典型，前者是 PC 行业直销模式的开拓者，
后者是硅谷的象征。随着 PC 行业逐渐走向停滞和衰退，两家公司先后走上转型
之路，主攻企业服务和解决方案市场。本文是关于两家公司财务报表和发展战略
的比较研究。资料与数据主要来源于 2006-2011 年两家公司和行业其它公司的财
务报表，以及 IT 研究与顾问咨询公司的历年行业报告。内外部环境的研究方法
为 PEST 分析、波特五力分析、战略群组分析和竞争优势分析；财务分析和商业
模式的研究方法为财务指标体系的比率分析，财务报表的三维分析，商务模式的
五大因素分析，以及财务战略矩阵分析；发展战略的研究方法为 SWOT 分析和
价值链分析。本文认为，两家公司的财务指标体系、财务报表结构有明显的区别，
商务模式也不尽相同。通过比较分析，我们能更有效地区分两家公司各自的竞争
优势所在。而通过最近六年的财务表现和发展战略分析，也有助于我们了解 IT
产业的发展和演变，尤其是相关子行业的不同变化趋势。随着传统 PC 和打印机
市场的衰退，两家公司的财务报表也都出现了危险迹象，这充分说明了转型的必
要性和紧迫性。另外，财务报表还揭示了并购并未带来预期中的有效增长，说明
转型之路困难重重，绝非一蹴而就。
本文的篇章结构分为四大部分，主要框架是从内外部环境、公司财务到发展
战略的层层递进，重点在戴尔与惠普的财务与战略比较上。第一章为研究概述，
包括研究背景；研究主题和意义；研究思路与分析框架。第二章为行业内外部环
境分析，分别从总体环境、行业环境和竞争环境三个层面进行定性与定量分析，
并讨论了两家公司的竞争优势。在第三章，本文对比分析了两家公司的财务指标
体系、财务报表结构和商务模式，并对财务政策提出建议。财务指标体系的对比
分析包括盈利能力、资产使用效率、资产流动性、债务管理能力、现金创造能力
和资本市场表现；财务报表结构的三维分析主要为两家公司六年来的利润表、资
产负债表和现金流量表的对比分析；通过对 ROE、获现率、风险、EVA、自我
可持续增长率的分解分析，本文还从盈利性、获现性、风险性、创值性、成长性
这五大因素对比分析了两家公司的商业模式。基于上述的财务研究，本文总结了
两家公司的财务战略矩阵和财务政策，并给出相应建议。第四章为两家公司发展
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战略的对比分析。首先分析了两家公司面临的一系列问题；其次为战略定位分析，
从资源和能力角度认为两家公司依旧需要、也有能力完成转型；最后本文选择了
两家公司的战略目标，并试图给出具体的战略实施方案。
通过对两家公司的财务报表和发展战略的比较研究，本文认为它们总体都比
较健康，但近年来趋势隐约不妙。总结而言，戴尔在资本和资产盈利能力上优于
惠普，但在销售盈利能力上不如后者，不过近年来戴尔转型带来的毛利率提升缩
小了两者之间的差距；从现金创造能力看，虽然惠普的销售创现能力高于戴尔，
但其资产和资本的创现能力明显低于后者，而在获现能力上，两家公司差距不大；
从风险控制能力看，戴尔的经营风险和总风险均高于惠普；从价值创造能力看，
戴尔的创值能力高于惠普，优势尤其体现在资产和资本的创值能力上；从成长能
力看，两家公司都属于“资金过剩”，但戴尔的自我可持续增长率高于惠普。总
之，从盈利、创现、创值、风险和成长五方面看，本文认为戴尔的整体财务状况
略优于惠普。不过两者在发展战略层面都面临着严峻的转型考验，尤其是在 PC
行业日益衰退的今天，戴尔和惠普如何完成华丽转身，进入到容量更大的企业解
决方案市场，将是事关两家公司未来命运的关键抉择。
关键词：财务指标；商业模式；发展战略
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Abstract
Dell and HP are two typical technology companies. The former is the PC
industry pioneer in the direct model, and the latter is the symbol of the Silicon Valley.
With the PC industry is gradually moving towards stagnation and recession, the two
companies have to transform to enterprise services and solutions market. This paper is
a comparative study on the financial statements and development strategy of the two
companies. Data is mainly from the 2006-2011 financial statements of the two
companies and other companies in the industry, as well as the quarterly and annual
industry reports of IT research and consulting companies. Research methods in the
external and internal environment analysis are PEST analysis, Porter's five forces
analysis, strategic group analysis, and competitive advantage analysis. The analysis
methods of financial performance and policy are financial index analysis, structural
analysis of financial statements, business model analysis, and financial strategy matrix
analysis. Research method in the development strategy, are mainly SWOT and value
chain analysis. The two companies have obvious difference in financial indicators
system, structure of financial statements, and business model. Through the
comparative analysis of financial performance and the development strategy of the
last six years, we can more effectively distinguish the respective competitive
advantage of the two companies, and understand the development and evolution of IT
industry, especially the different trends of related sub-industries. With the decline of
traditional PC and printer market, these signs of danger are also reflected in the
financial statements of the two companies, from which we can understand the
necessity and urgency of the two companies in transition. But the financial statements
reveal that acquisitions did not bring effective growth, which means the
transformation is full with difficulties, not accomplish at one stroke.
The structure of this paper is mainly divided into four parts. The main frame is
the analysis about general enviroment, industry level, corporate finance and strategy,
focus on financial and strategic comparison of Dell and HP. Chapter 1 is research
厦门大学博硕士论文摘要库
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overview, including research background; research themes and significance; research
methodology and framework. Chapter 2 is the analysis of the external and internal
environment of the industry, respectively based on the qualitative and quantitative
analysis from three aspects of general environment, industry and competitor
environment, as well as the competitive advantage. Chapter 3 is the comparative
analysis on financial indicators system, structure of financial statements, and business
model of Dell and HP. Through the financial indicators system analysis, the author
contrasts the profitability, efficiency of utilizing assets, liquidity, debt management,
cash creation ability, the performance of capital markets of the two companies. The
paper also covers three-dimensional analysis of the structure of financial statements,
including the last 6 years income statements, balance sheets and cash flow statements.
According to the analysis of ROE, cash creation, risk, EVA and self-sustainable
growth rate, the author contrasts the business model of Dell and HP, from profitability,
cash creation, value creation, risk control and growth. On this basis, the paper makes a
comprehensive analysis of financial strategy matrix, and put forward the
corresponding financial policy recommendations. Based on the financial performance
and policy above, the paper comparative analyzes the development strategy of the two
companies in Chapter 4, including the main problems faced by the two companies;
strategic positioning analysis; selection and implementation of the strategy.
Through the comparative study on financial statements and development strategy,
the paper considers that both are good companies but with bad trend in recent years.
Dell is always better than HP in the profitability of ssets, and capital, but less in the
profitability of sales. The gap between the two is being reduced, with gross profit
margins enhanced by Dell transformation. In the cash creation ability, HP is higher in
sales, but significantly lower in assets, equity and investment capital. In the risk
control ability, Dell's operating risk and total risk are higher than that of HP. In the
value creation ability, key indicators of Dell are better than that of HP, especially in
assets and capital. In the growth ability, the sustainable growth rate of Dell is higher
than that of HP, and both are "capital surplus". In short, from five aspects of
profitability, cash creation, value creation, risk control and growth, the paper
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concludes that the overall financial position of Dell is slightly better than HP. But the
two companies are facing a severe ordeal of the transformation in the development
strategic level. With the PC market recession nowadays, how to transfer to the
enterprise solutions market will be the key choice to the fate of the two companies.
Key words: Financial Index; Business Model; Development Strategy
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目录
第一章 研究概述 ............................................................................................................. 1
第一节 研究背景 .............................................................................................................. 1
一 公司与行业简介 ...................................................................................................... 1
二 已有的研究和存在的问题 ..................................................................................... 5
三 研究的必要性和重要性 ......................................................................................... 6
第二节 本文研究的主要问题和意义 ........................................................................... 7
一 本文研究的主题表述 ............................................................................................. 7
二 具体研究问题的表述 ............................................................................................. 7
三 研究主题对董事会、管理层和投资者的意义 .................................................. 8
第三节 研究思路与分析框架 ........................................................................................ 8
第二章 行业内外部环境分析 ................................................................................. 11
第一节 总体环境 ............................................................................................................ 11
一 经济因素 ................................................................................................................. 11
二 全球化因素 ............................................................................................................. 13
三 技术因素 ................................................................................................................. 16
第二节 行业环境与竞争者环境 .................................................................................. 21
一 行业变化特点和发展趋势 ................................................................................... 21
二 行业环境分析 ........................................................................................................ 23
三 战略群组和竞争对手分析 ................................................................................... 28
第三节 内部资源和组织 ............................................................................................... 31
第三章 戴尔与惠普的财务分析与商业模式 ................................................... 34
第一节 戴尔与惠普简介 ............................................................................................... 34
一 公司股权结构比较分析 ....................................................................................... 34
二 董事会、管理层以及公司治理比较分析......................................................... 35
三 公司基本财务数据 ................................................................................................ 40
第二节 财务指标体系分析 ........................................................................................... 42
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一 财务指标体系构建 ................................................................................................ 42
二 盈利能力比较分析 ................................................................................................ 45
三 资产使用效率比较分析 ....................................................................................... 50
四 资产流动性比较分析 ........................................................................................... 55
五 债务管理能力比较分析 ....................................................................................... 58
六 现金创造能力分析 ................................................................................................ 61
七 资本市场表现比较分析 ....................................................................................... 66
第三节 财务报表结构分析 ........................................................................................... 69
一 利润表的三维分析 ................................................................................................ 69
二 资产负债表的三维分析 ....................................................................................... 75
三 现金流量表的三维分析 ....................................................................................... 81
第四节 商业模式分析 ................................................................................................... 85
一 ROE 的分解分析 ................................................................................................... 85
二 获现率的分解分析 ................................................................................................ 93
三 风险的分解分析 .................................................................................................... 93
四 EVA 的分解分析 ................................................................................................... 96
五 自我可持续增长率的分解分析 ........................................................................ 103
第五节 财务政策评价和财务战略矩阵分析 .......................................................... 104
一 财务政策评价 ...................................................................................................... 104
二 财务战略矩阵分析 .............................................................................................. 111
第六节 主要结论和建议 ............................................................................................. 111
一 主要结论 ............................................................................................................... 111
二 主要建议 ............................................................................................................... 112
第四章 戴尔与惠普的发展战略分析 ................................................................ 114
第一节 公司面临的主要问题 .................................................................................... 114
一 所在行业的衰退 .................................................................................................. 114
二 PC 市场份额的下降 ............................................................................................ 119
三 强大的转型对手 .................................................................................................. 121
四 战略摇摆和转型困局 ......................................................................................... 125
第二节 战略定位分析 ................................................................................................. 128
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一 SWOT 分析 .......................................................................................................... 128
二 价值链分析 ........................................................................................................... 136
第三节 对策选择与战略实施 .................................................................................... 139
一 PC 业务上的防御 ................................................................................................ 139
二 IT 服务业务上的进攻 ........................................................................................ 140
第四节 战略研究的主要结论和启示 ....................................................................... 142
一 主要结论 ............................................................................................................... 142
二 主要启示 ............................................................................................................... 143
参考文献........................................................................................................................... 146
后记与致谢 ..................................................................................................................... 148
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Contents
1 Research Overview ..................................................................................................... 1
1.1 Research Background ............................................................................................... 1
1.1.1 Brief Introduction and Industry Attributes ........................................................ 1
1.1.2 Existing Research and Problems ......................................................................... 5
1.1.3 Necessity and Importance of the Theme ............................................................ 6
1.2 Research Theme and Significance .......................................................................... 7
1.2.1 The Expression of the Theme .............................................................................. 7
1.2.2 The Expression of the Specific Research Topics .............................................. 7
1.2.3 Significance of the Theme ................................................................................... 8
1.3 Research Methodology and Framework ............................................................... 8
2 Exploring the External and Internal Enviroment .................................... 11
2.1 General Enviroment ................................................................................................ 11
2.1.1 Economic Segment ............................................................................................. 11
2.1.2 Global Segment ................................................................................................... 13
2.1.3 Technological Segment ...................................................................................... 16
2.2 Industry Enviroment and Competitor Environment ...................................... 21
2.2.1 Industry Characteristics and Trends ................................................................. 21
2.2.2 Industry Enviroment ........................................................................................... 23
2.2.3 Strategic Group and Competitor Analysis ....................................................... 28
2.3 Internal Resources and Organization ................................................................. 31
3 Financial Analyses and Comparison of Business Model ...................... 34
3.1 Introduction of Dell and HP .................................................................................. 34
3.1.1 Comparative Analysis of Equity Ownership Structure .................................. 34
3.1.2 Comparative Analysis of Board of Directors and Corporate Governance .. 35
3.1.3 Financial Data ...................................................................................................... 40
3.2 Analysis of Financial Indicators System ............................................................. 42
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3.2.1 Construction of Financial Indicators System .................................................. 42
3.2.2 Comparative Analysis of Profitability .............................................................. 45
3.2.3 Comparative Analysis of Efficiency of Utilising Assets ............................... 50
3.2.4 Comparative Analysis of Liquidity .................................................................. 55
3.2.5 Comparative Analysis of Debt Management .................................................. 58
3.2.6 Comparative Analysis of Cash Creation Ability ............................................ 61
3.2.7 Comparative Analysis of Capital Market Performance ................................. 66
3.3 Analysis of Financial Statements Structure ....................................................... 69
3.3.1 Three-Dimensional Analysis of Income Statement ........................................ 69
3.3.2 Three-Dimensional Analysis of Balance Sheet............................................... 75
3.3.3 Three-Dimensional Analysis of Cash Flow Statement .................................. 81
3.4 Analysis of Business Model .................................................................................... 85
3.4.1 Decomposition Analysis of ROE ...................................................................... 85
3.4.2 Decomposition Analysis of Cash Creation ...................................................... 93
3.4.3 Decomposition Analysis of Risk....................................................................... 93
3.4.4 Decomposition Analysis of EVA ...................................................................... 96
3.4.5 Decomposition Analysis of Self Sustainable Growth Rate ......................... 103
3.5 Financial Policy Valuation and Financial Strategy Matrix Analysis ......... 104
3.5.1 Financial Policy Valuation ............................................................................... 104
3.5.2 Financial Strategy Matrix Analysis ................................................................ 111
3.6 Conclusions and Recommendations .................................................................. 111
3.6.1 Conclusions ........................................................................................................ 111
3.6.2 Recommendations ............................................................................................. 112
4 Development Strategy Analysis of Dell and HP ...................................... 114
4.1 The Main Problems ............................................................................................... 114
4.1.1 Recession of PC and Printer Market .............................................................. 114
4.1.2 Decline in PC Market Share ............................................................................ 119
4.1.3 Powerful Transformation Opponents ............................................................. 121
4.1.4 Strategic Swing and Transformation Dilemma ............................................. 125
4.2 Strategic Positioning Analysis ............................................................................. 128
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4.2.1 SWOT Analysis ................................................................................................. 128
4.2.2 Value Chain Analysis ....................................................................................... 136
4.3 Selection and Implementation of the Strategy ................................................ 139
4.3.1 Defense in PC Market ...................................................................................... 139
4.3.2 Attack in IT Services Market .......................................................................... 140
4.4 Conclusions and Enlightenment ......................................................................... 142
4.4.1 Conclusions ........................................................................................................ 142
4.4.2 Enlightenment .................................................................................................... 143
References ....................................................................................................................... 146
Postscript ......................................................................................................................... 148
厦门大学博硕士论文摘要库
厦门大学博硕士论文摘要库
Degree papers are in the “Xiamen University Electronic Theses and Dissertations Database”. Fulltexts are available in the following ways: 1. If your library is a CALIS member libraries, please log on http://etd.calis.edu.cn/ and submitrequests online, or consult the interlibrary loan department in your library. 2. For users of non-CALIS member libraries, please mail to [email protected] for delivery details.
厦门大学博硕士论文摘要库