Business Environment

商业（企业）环境

Tutor: XIONG Jiayi

熊嘉逸

1
 Legal structure: some implications

 From the forms of business we have

studied, the choice of legal structure has
important implications.

 学习企业类型给我们什么启示？

2
 If you are going to run a business:

 What factors （因素） do you have to

consider when you decide what form of
business enterprise （企业） to
establish ?

3
 Open the material:

Please see the book P 217

4
 Factors you have to consider:

 The degree of personal liability 个人责任

 The willingness to share decision-making powers
and risks 决策自主权
 The costs of establishing the business 成本
 The legal requirements concerning the provision
of public information 法定要求
 The taxation position 税收
 Commercial needs, including access to capital;
and 商业需求 , 包括融资渠道
5  Business continuity. 企业持续性
 Questions:

 Which is your main requirement?

 Forexample, if you are eager to control

the business by yourself, what are your
risks?

6
 For some:

 For some, retaining personal control will

be the main requirement, even at the risk
of facing unlimited personal liability and
reducing the opportunities for expansion.

 保持个人对企业的控制
 风险：无限个人责任 & 减少企业扩大机会
7
 For some:

 The desire to limit personal liability and to

provided increased capital for growth will dictate(
决定 ) that the owner seeks corporate （合作）
status, even if this necessitates sharing decision-
making powers and may ultimately （最终）
result in a loss of ownership and/or control of the
enterprise.
 有限责任 & 增资
 风险：自主权的减少
8
 Main task in this lesson:

The link between an organisation’s legal

structure and its subsequent
operations.

组织法律结构和其后企业运行之间的关系

9
 Three important facets:

 organisation’s objectives 组织目标

 sources of finance 资金来源

 Stakeholders 利益关系人

10
 organisation’s objectives (1)

 Allbusiness organisations purpose a range of

objectives and these may vary to some degree
over time.
 For example:

New businesses
vs
Well-estabilshed businesses

11
 Example:

 New businesses (survival, the position in

the market)

 Well-establishedbusinesses (profits and

growth, market domination, maximising
sales revenue and/or minimising
operating costs)
12
 organisation’s objectives (2)

 Organisation objectives are also conditioned

by the firm’s legal structure.
组织目标受法律结构的限制
 For example:

public corporations
vs
sole trader, partnership, private company

13
 Example:

 public corporations :
- state owns assets in various forms
- to provide a range of goods and services
which are benefit to its citizens

 sole trader, partnership, private company

- owned by private individuals and groups
- personal gain
14
 organisation’s objectives (3)

 The possibility of goal conflict 目标冲突

 For example:
Parent company 母公司
vs
Subsidiary company 子公司

15
 知识补充：母公司与子公司

 母公司是指控制着子公司的公司；子公司则
是受母公司控制的公司；子公司一般是指母公司出
资设立的被母公司控股的具有独立法人资格的公司
。
 一般来说母公司在子公司都拥有相当一部分
股权，有很强的控制力，但是子公司本身具有独立
的企业法人资格，依法独立承担民事责任。
 一般来说，如果母公司控股比例达到 50 ％
以上，称为 " 绝对控股 " ；如果子公司的股东较多其
中母公司控股比例在所有股东中最高但又不超过
16 50 ％，称为 " 相对控股 " 。
 Example

 The conflict of goal may occur in where an

individual company becomes a subsidiary of
another organisation. (agreement or takeover
battle)
 The parent-subsidiary relationship may take the
form of a holding company （控股公司） which
is specially created to purchase a majority of the
shares in other companies, some of which may
operate as holding companies themselves.
17
 Example

 Thus, while the individual subsidiaries may

retain （保持） their legal and commercial
identities and may operate as individual units,
they will tend to be controlled by a central
organisation which may exercise a
considerable degree of influence over the
objectives to be pursued by each of its
subsidiaries.
 A loss on paper & tax advantage for the whole
18
 organisation’s objectives (4)

 Therelationship between an organisation’s

legal status and its primary objectives.

 Example ：
nonprofit organisations & profit organisations
公益性 & 营利性

19
 Example ：

 A non-profit organization (“NPO”, or “non-profit” or

“not-for-profit”) 公益性组织
- primary objective is to support an issue or matter of
private interest or public concern for non-commercial
purposes, without concern for monetary profit.

- NPOs are active in a wide range of areas, including the

environment, the arts, social issues, charities, early
childhood education, healthcare, politics, religion,
research, sports.
20
 Example

Charity/Kindheart Supermarket in China

慈善 / 爱心超市

Objectives

21
 sources of finance (1)

 Thereare a variety of ways and a

range of sources to financing 筹集资金
.

 Way 方法

 Source 渠道－－ where is the money

22 come from?
 sources of finance (1)

 The ways include:

- reinvesting profit 再投资
- borrowing 借贷
- trade credit 商业信用
- issuing shares 发行股票
- debentures 债券

23
 sources of finance (1)

 The source include:

- The banks and other financial institutions
- Individual investors
- Governments
- The original owners

24
 sources of finance (2)

 Allorganisations tend to fund their

activities from both internal and external
sources.

 Internal: owner’s capital, reinvested profit

….
 External: bank borrowing, sale of share ….

25
 sources of finance (2)

 Funds raised from external sources

inevitably involve the organisation in
certain obligations. (constraint at some
future date)

 E.g.
repayment of loans with interest,
personal guarantees, paying dividends(
26
股息红利 )
 sources of finance (3)

 Gearing 资本结构（组合）
the proportional relationship between a firm’s
debt capital （债务资本） and its equity
capital （净资产资本） .

debt capital – capital raised from creditors

equity capital - capital raised from owners

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 Example:

 Gearingcan influence a firm’s activities

and prospects in a variety of ways.

 Forexample, high-geared firms with a

large element of borrowed funds will be
adversely affected if interest rates are
high.
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 sources of finance (4)

 Asorganisations become larger many more

external sources and methods of funding
become available and utilizing.

 Example:

sole traders and partnership

vs
company
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 Example:

 Sole trader/partnership:
Their access to large amounts of external
capital is restricted by law.
no issuing （发行） stock (or debentures 债权
)
 Company

less restrict
they can raise larger amounts by inviting
individuals (and organisation) to subscribe （认
30 购） for shares.
 Stakeholders (1)

 Allorganisations have stakeholders; these

are individuals and/or groups who are
affected by or affect the performance of the
organisation in which they have an interest.

Can you give me any examples?

31
  Please see Table 8.1 in Page221.

32
 Organisational stakeholders
and their interests:

 Employees: wage level, working conditions, job

security （就业保障） , personal development;
 Managers: job security, status, personal power,
organisational profitability, growth of the
organisation
 Shareholder: market value of the investment,
dividends （股利） , security of investment （投
资安全性） , liquidity of investment （投资流动性
）
33
 Organisational stakeholders
and their interests:

 Creditors: security of loan （贷款的安全性） ,

interest on loan, liquidity of investment （资金
流动性）
 Suppliers: security of contract, regular
payment （定期付款） , growth of
organisation, market development
 Society: safe products, environmental
sensitivity （环境敏感度） , equal
opportunities, avoidance of discrimination
34
 Stakeholders (2)

 Theinterests between different

stakeholders will clash ( 对立，冲突 ).
Example?

 Theinterests between different

stakeholders may coincide （统一，一致）
.
35 Example?
 Example:

 Clash( 对立，冲突 ): manager seeks to

improve the organisation’s cash flow by
refusing to pay suppliers’ bills on time.

 Coincide （统一，一致） : managers plan for

growth in the organisation and in doing so
provide greater job security for employees and
enhanced dividends for investors
36
 Stakeholders (3)

 Stakeholders analysis help the organisation to

establish the strategy.
 Since the stakeholders can affect organisation,
their opinions are important factors to consider
when some decisions are made. However, the
opinions of all stakeholders can not always keep
coincident. The force of some stakeholders are
stronger that that of other stakeholders.
 Thus it is significant to balance the interests of
different stakeholder
37
38
 Stakeholders (4)

 Legalstructure has an impact not only on the

type of stakeholders involved but also to a
large degree on how the stakeholders’
interests are represented.

组织的法律结构不仅影响利益关系人的种类
，还很大程度影响利益的代表方式。

39
 Example
 sole trade, partnerships and smaller companies
- the coincidence of ownership and control limits the
number of potential clashes of interest, given that
objectives are set by and decisions taken by the firm’s
owner-manager(s). 所有权经营权一致
 larger companies

- the division between ownership and control means that

the controllers have the responsibility of representing the
interests of the organisation’s shareholders and creditors,
their priorities and goals may not always correspond 。
40 所有权经营权分离
 Chapter 2

 Threedeveloping ways to carry out a

business venture.
三种联合经营企业的方法途径

Advantage ： reduce some risks

normally faced by the enterepreneur(
企业家 )

41
 Three ways:

Franchising 特许权经营

Licensing 许可证经营

Joint ventures 合资经营

42
 知识补充 : 特许经营

 特许经营是指特许者将自己所拥有的商标、商号
、产品、专利和专有技术、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，在特许者统一的业务模式
下从事经营活动，并向特许者支付相应的费用。
 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
。
43
 Franchising 特许权 经营
 Grow significantly in recent years

 An agreement where one party (the

franchiser 经销商，特许权者 ) sells the right
to another party (the franchisee) to market its
product or service.
它是指一种协议，通过这个协议，一方向另
一方出让销售产品或服务的权利。
44
 Franchising － two parties

 In terms of the legal status the parties

involved could be any of the forms described
above.
 But in practice, it is usually the case that the
franchiser is a company while the franchisee
tends to be a sole trader or partnership.
 Two parties have a separate legal status, but
they have interdependent( 互相依靠 )
relationship because of the contract.
45
 Franchising － the best known form(1)

 Franchise agreements come in a variety of

forms.
 The best known is “business format franchise
” 企业格式特许经营 (or “trade name
franchise ” 商号特许经营 ).

(trade name 商号 & trade mark 商标 )

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 Franchising － the best known form(2)

 Under “business format franchise ” 企业格式

特许经营 (or “trade name franchise ” 商号
特许经营 ), the franchiser( 特许权人 ) agrees
to allow the franchisee （特许经营商） to
sell the product or service with the help of a
franchise package which contains all the
elements needed to set up and run a
business at a profit.

47
 the franchise package 一揽子特许经营 合
同

 These would typically include the brand

name （商标的名称） , any associated
supplies （相应的供应） , promotional
material （促销的材料） and other forms of
support and assistance （其他形式的支持和帮
助） .

 合同包括设立企业和成功经营企业所需要的全
部要素。
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 Example

KFC (Kentucky Fried Chicken)

加盟条件

49
 The franchisee 特许经营商

 pays an initial sum or fee for the use of the

service and its various elements （起始资金）
 remits royalties based on sales and/or profits （以
销售额 / 利润为基础的特许权使用费）
 agrees to make a contribution for consultancy
（咨询） , training （培训） and promotion （促
销）
 and undertakes to maintain standards.

50
 Franchising － other forms

1, Manufacturer/retailer franchises (e.g. car

dealers)
制造商 / 零售商特许经营
 汽车行业首先采用特许方式建立了特许经
销网。在石油公司和加油站之间有同样的
特许关系。它的许多特征同经营模式特许
有相似之处，并且越来越接近这种方式，
汽车制造商指定“分销商”的式方已经成
为经营模式特许。
51
 Franchising － other forms

2, Manufacturer/wholesaler franchises (e.g. Coca-

Cola, Pepsi) 制造商 / 批发商特许经营
 软饮料制造商建立的装瓶厂特许体系属于这种类
型。具体方式是，制造商授权被特许者在指定地
区使用特许者所提供的糖浆并装瓶出售，装瓶厂
的工作就是使用制造商的糖浆生产饮料并装瓶，
再按照制造商的要求分销产品。

52
 Franchising － other forms

3, Wholesaler/ retailer 批发商 / 零售商特许经营

 这种类型的业务主要包括计算机商店、药店、
超级市场和汽车维修业务。 ( 例如电脑制造商
与维修商 )
4, Retailer/retailer 零售商之间的特许，
 如连锁集团利用这一形式招募特许店，扩大经
营规模。

53
 案例与启示

 　　早期的特许经营是商品商标型特许经营，
在这一阶段，特许商向加盟商提供的仅仅是商
品和商标的使用权，作为回报，加盟商需定期
向加盟商支付费用。例如，通用汽车公司、
福特公司、埃克森石油公司、壳牌公司、
可口可乐公司、麦当劳公司等都采取这种方式
从事经营的，这也被称之 " 第一代特许经
营"。

54
 案例与启示

 　但是， " 第一代特许经营 " 在实践中遇到 -- 系列问题

，麦当劳公司也一样。麦当劳兄弟 1937 年创办汽车餐厅
起家，通过改进厨房设备与生产程序，使汉堡生产制作
速度大大提高，吸引了大量顾客。 20 世纪 20 年代初，
麦当劳利用特许经营形式建立自己的经营体系。一开始
，他们采取的是 " 第一代特许经营 " 方式，即只在开业之
初指导店铺外观和外送服务的细节，以后就两不相干了。
这 " 大撤把 " 式的方式造成了危机，许多加盟商按照自己
的理解改变了汉堡口味，有的甚至增加了许多复杂的品
种，这是对麦当劳经营方式的 " 腐蚀 " 。

55
 案例与启示

 麦当劳看到这一点。 1955 年麦当劳在芝加哥

东北部开设了第一家 " 样板店 " ，并建立了一
套严格的运营制度 --QSCV 运营系统，即优质
服务、质佳味美、清洁卫生、提供价值。麦当
劳借助这样的经营模式推行了第二代特许经营
，全世界所有麦当劳使用的调味品、肉和蔬菜
的品质均由公司统一规定标准，制作工艺也完
全 -- 样，每推出一个新品种，都有一套规定。
麦当劳正是依靠这样的经营使其获得迅速发展。
56
 Typical Example

BTEC

57
 Example 奥运会 特许 经营
 “ 奥运会特许经营”是指奥组委 (the franchiser) 授权合
格企业生产或销售带有奥组委标志、吉祥物等奥林匹克知
识产权的产品。
 为享有这一权利，特许企业 (the franchisee) 将向奥组委
交纳一定的特许权费，以此对奥运会作出贡献。

58
 Franchising － advantages

 Mutual benefits

 An attractive vehicle （工具） for some

companies seeking rapid overseas
expansion, without undertaking substantial
（潜在的） direct （直接的） investments.

 Better survival rates

59
 思考：

 有人讲，有人的地方就有可口可乐，有色彩的地
方就有柯达。为什么这些品牌能够无处不在 ? 原
因就在于它们利用了特许经营方式进行了大规模
的低成本扩张。
 请问你是如何理解这句话的？
 加盟商又具有什么优势？

60
 特许商的优势：利用特许经营实行大规模
的低成本扩张

　　对于特许商来说，借助特许经营的形式，可以获
得如下优势：
　　 (1) 特许商能够在实行集中控制的同时保持较小
的规模，既可赚取合理利润，又不涉及高资本风险
，更不必兼顾加盟商的日常琐事。
　　 (2) 由于加盟店对所属地区有较深入的了解，往
往更容易发掘出企业尚没有涉及的业务范围。
　　 (3) 由于特许商不需要参与加盟者的员工管理工
作，因而本身所必需处理的员工问题相对较少。
61　　
 特许商的优势：利用特许经营实行大规模
的低成本扩张

(4) 特许商不拥有加盟商的资产，保障资产安
全的责任完全落在资产所有人的身上，特许商不
必承担相关责任。
　　 (5) 从事制造业或批发业的特许商可以借助特
许经营建立分销网络，确保产品的市场开拓。

62
 加盟商的优势：借助特许经营 " 扩印底版 "

有人形象地把加盟特许经营比喻成 " 扩印底

盘 " ，即借助特许商的商标、特殊技能、经营模式来反
复利用，并借此扩大规模。
　　 (1) 可以享受现成的商誉和品牌。加盟商由于承袭了特
许商的商誉，在开业、创业阶段就拥有了良好的形象，
使许多工作得以顺利开展。否则，借助于强大广告攻势
来树立形象是一大笔开支。
　　 (2) 避免市场风险。对于缺乏市场经营的投资者来说，
面对激烈的市场竞争环境，往往处于劣势。投资一家业
绩良好且有实力的特许商，借助其品牌形象、管理模式
63 以及其他支持系统，其风险大大降低。
 加盟商的优势：借助特许经营 " 扩印底版 "

(3) 分享规模效益。这些规模效益包括：采
购规模效益、广告规模效益、经营规模效益、
技术开发规模效益等。
　　 (4) 获取多方面支持。加盟商可从特许商处
获得多方面的支持，如培训、选择地址、
资金融通、市场分析、统一广告、技术转让等。

64
 Franchising － future development

 Popularity continue into the foreseeable future.

 As the franchise industry becomes more mature and
attempts to gain an increased degree of public
respectability( 公众赞同 ), franchisees are likely to become
more particular about the businesses they agree to deal
with, as they endeavour （尽力） to join the enterprise
culture.
 The franchisee who have bear the financial risk of the
business in return for a share in the profit; the franchiser
has a reputation （声誉） to think about.
65
 Licensing 许可证经营

 Another form of non-equity agreement( 非股权

协议 ) under which a firm in one country (the
licensor 许可人 ) authorises a firm in another
country (the licensee 被许可人 ) to use its
intellectual property （ IP ） (e.g. patents 专利
, copyrights 版权 , trade names 商标 , know-
how 实用技术 ) in return for certain
considerations （报酬） , usually royalty
payments （许可证使用费） .
66
 Licensing-licensee 被许可人

 Licences may be granted to individuals,

independent companies, subsidiaries of
a multinational company ( 跨国公司的
子公司 ) or to government agencies.

67
 Licensing- exclusive or not

 Exclusive 排他的
 The rights granted may be exclusive or non-
exclusive.
 排他性许可 & 非排他性许可

68
 Licensing- advantages

 Reducing competition by sharing technology

 Seeking overseas profits without direct foreign
investment
 Protecting an asset from potential “pirates” （侵权）
 Avoiding restrictions on foreign investment or imports
imposed by other countries 规避他国对外国投资或进
口的限制
 Recouping （补偿） some research and development
costs
 Gaining a share of an overseas market
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 Licensing-disadvantages

 The owner loses degree of control over the

asset, including the quality of production, and
this may affect the product’s image and sales
elsewhere.
 Possibility of the licensee dominating( 占领 ) the
market after the agreement ends, even to the
extent of excluding the licensor form the
marketplace by aggressive( 侵犯性的 )
competition or the development of an
alternative product.
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 Joint ventures

A jointly owned and independently

incorporated business venture involving more
than one organisation.
 多个组织共同拥有一个有独立法人地位的企业

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 Example

Chinese-Foreign Equity Joint Ventures

中外合资经营企业
 Foreign companies, enterprises, other economic organisations
or individuals to equity joint ventures together with Chinese
companies enterprises or other economic organisation within
the territory of the PRC, on the principle of equality and mutual
benefit, and subject to approval by the Chinese Government.

Chinese-Foreign Contractual Joint Ventures

中外合作经营企业
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 Joint ventures- advantages

 Jointventures are popular with international

companies and have been one of the ways in
which international companies have sought
to develop an overseas, particularly in the
face of important restrictions, or heavy
research and development costs.

 跨国公司开拓海外市场的方式之一。

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 Summary of key points(1)

 Business organisations have a legal structure

 The three commonest forms of business in the
private sector are sole traders, partnership and
limited companies
 Whereas the owners of the first two types of
business organisation face unlimited personal
liability, in companies the legal separation of
the firm from its owners affords the latter
limited personal liability
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 Summary of key points(2)

 Companies are normally run by directors who

are appointed to represent the interest of the
owners (shareholders). In public companies
this separation of ownership and control is a
key distinguishing feature

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 Summary of key points(3)

 The legal status of the organisation have

implications for the objectives of the
enterprise, how it is financed and for its
stakeholder relationships

 Franchising,licensing and joint ventures are

important development in running business
ventures.
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