摘要
在美国化学学会旗下C&EN杂志依据全球化工公司2012年财务年报评出的
全球化工前15强中,我们发现所有的跨国化工公司采用的都是多元化公司战略。
我们挑选了排名第一的德国巴斯夫公司和排名第十一德国拜耳公司作为研究对
象。而巴斯夫公司正好是釆用典型相关多元化战略,拜耳公司采用的是非相关多
元化战略。
在多元化战略与财务的结合点上,理论研究本来就不多,实际案例分析也很
少。因此,文章侧重于研宄薄弱的实践环节,为进一步的理论研宄提供实证案例
基础。
本文主要运用实证研究的方法,以巴斯夫和拜耳的可持续发展战略为起点,
结合多元化公司战略、业务层竞争战略与财务绩效间的关系,对公司的会计政策、
财务战略进行全面分析,并构建数学模型对公司前景#财务困境进行预测。
本文得到的研宄结论主要如下:
1.巴斯夫是一家以创造化学新作用”为宗旨的化学公司,采用的是相关多元化公
司战略;而拜耳是一家以“科技创造美好生活为宗旨的科技公司,采用的是非相
关多元化公司战略。巴斯夫和拜耳的内部销售收入财务数据也进一步佐证了两个
公司釆用的公司战略。
2.巴斯夫在其大部分的业务层战略中釆用成本领先竞争战略,并期望其上游的业
务产品能成为下游业务产品的原料,使得公司整体化工产品在成本上具有领先优
势;而拜耳其主要的业务医疗保健和作物科技采用的都是差异化战略,因此拜耳
对于科技创新异常重视,虽然其营业收入,总资产都低于巴斯夫,但研发投入却
是巴斯夫的1.7倍左右;
3.由于巴斯夫主营产品是化工原料,因此营业成本较高,约占营业收入的70%;
巴斯夫的主营业务采用成本领先竞争战略为主,因此其财务特征就是资产使用效
率高,销售费用,管理费用、研发费用投入较低;拜耳主营产品是医疗产品和农
业产品,科技含量高,因此其营业成本较低,约占营业收入的50%;拜耳的主营
业务采用差异化竞争战略,因此其财务特征就是资产使用效率较低,销售费用,
管理费用、研发费用投入较高;综合的结果是巴斯夫在销售、资产、资本方面的
盈利能力都优于拜耳;
除了用内部销售收入佐证公司多元化战略的程度,本文的创新点还有:实证
性的对公司业务层竞争战略采用的成本领先战略与差异化战略的所导致的不同
财务特征进行了分析。同时在财务分析过程中,也验证了公司采用的不同竞争战
略对财务绩效的影响。另外,本文还采用线性趋势外推法和TREND数学函数来
预测销售收入,其线性拟合度非常高,判定系数R2约0.96,实际预测误差也非
常小;本文还利用回归分析来分析销售收入和销售成本间的变动关系,预测销售
成本,其得到的模型,实际预测误差小于1%,说明创建的数学模型较好。
关键词:化工集团,多元化战略,财务分析
Abstract
During global top 15 ranking of the world's largest chemical companies evaluated
by C&EN journal of ACS(American Chemical Society),it is found that all these
chemical companies are diversity company. We select BASF which is No.l and use
Related Diversification Strategy and BAYER which is No. 11 and use Unrelated
Diversification Strategy as object of study.
Actually, there are few theoretical study and actual case study for connection
between diversification strategy and financial performance. Therefore, to complement
study of connection between diversification strategy and financial performance, this
paper is focus on actual case study.
This paper uses empirical study method. Beginning from sustainable strategy
analysis, combining study among diversification strategy, the business layer
competitive strategy and financial performance, we assess accounting policy, financial
strategy of BASF and BAYER, structure mathematical model to forecast company
prospect and fmaxicial distress.
Main conclusions of this paper are as below:
1. BASF is chemical base related diversity company, its mission is We Create
Chemistry; BAYER is science base unrelated diversity company, its mission
is Science for a bettle life. Analysis of internal sales revenue among business
units further proves BASF and BAYER,s company strategy.
2. Most of BASF's business units use Cost Leadership Strategy. BASF hopes its
upstream product can be raw materials of downstream product,creates group
chemical product cost advantage. BAYER'S main business-Healthcare and
CropScience use Differentiation Strategy, so BAYER pay attention to
innovation. Though BAYER'S sales revenue and total assests are lower than
BASF, its research & development expense is 1.7 times than BASF.
3. Main BASF's product are chemical product, therefore its sales cost are high
and occupy 70% s^les revenue. Because most of BASF's business units use
Cost Leadership Strategy, its financial features are higher asset turnover ratio,
lower sales expense, administration expense, research and development
expense. Main business of BAYER uses Differentiation Strategy, therefore its