企业管理dissertation：企业策略研究中出现的问题探讨

How well do I think that I have answered my research questions我觉得我已经回答了我的研究问题

Based on my professional background, working experience, collected documents and the communication with the project mentor, I think the following research questions are the keys for us to understand the financial performance and business performance of an enterprise in latest 3 years. My appraisal on my answers to them are also show in the following.
根据我的专业背景，工作经验，收集的文件信息和项目指导老师的交流的信息，我觉得我研究问题的关键是在于我们要了解企业在最近3年的财务表现和经营业绩。我对这些问题给出的答案也显示在下面。

2.1 How is Vanke’s profit liability management of risks and other financial indicators? What do these financial indicators show?万科的利润负债管理风险及其他财务指标是什么样子的呢？这些财务指标显示的问题是什么？

I researched and answered the questions in this part mainly through financial analysis. Indicators like Profitability，Term liquidity analysis，Long-term debt paying ability，Asset management Effectiveness are much more useful for analyzing Vanke’s financial operation and business operation. At the same time, through comparing with related indicators of Hutchison Whampoa and of related industries, Vanke’s real situation can be precisely reflected. Therefore, a large part of my paper is written about the horizontal comparisons of these indicators with data of Hutchison Whampoa and about the vertical comparisons among each year’s trend as well as the reasons for the trend. Although the financial indicators have their inherent limitations, I think they have reasonably reflected many important parts of Vanke, That is, Although Vanke’s profitability is much stronger, it still faces inevitable risks in the unstable real estate market because it has “three highs” (high liability ratio, high share of lands as well as “high pressure for solvency”).http://ukthesis.org/ibm/

 In my opinion, the research and answers for this part is deep and profound.

2.2 What are Vankes’ opportunities, risks and challenges in its financial structure strategy and land management strategy?万科公司在他金融结构策略以及土地经营策略方面存在的计划风险和挑战是什么呢？

Questions in this part are the development of the above financial analysis and they are closely related to Vanke’s business strategy as well as the points to illustrate the previous financial indicators. As a result, I put it into the first part and the second part of business operation analysis. 

a. Financial structure strategy金融结构策略

I firstly concentrate on the three accounts of inventory, accounts prepaid (mainly for lands) and advance receipts in terms of financial structure strategy.#p#分页标题#e#

Vanke’s advance receipts are the first point. Vanke states that“advance receipts do not actually constitute pressure on debt repayment ability? Instead, they will be recognized as the Company’s revenue upon booking of projects (China Vanke Co., Ltd.，2011). Through checking the trends of Vanke’s advance receipts from year 2008 to 2010 and its proportion in flow debt, total debts and total assets, I worked out the proportion of Vanke’s advance receipts in its assets liability. Furthermore, I confirmed that advance receipts really belong to debts according to the “income recognition principles” written in the accounting standards adopted in China’s mainland. After further comparing the amount of advance receipts with that of inventory, I analyzed that advance receipts probably have been seriously appropriated to purchase lands for other projects so that Vanke’s financial structure becomes so fragile and vulnerable( the three highs). When the conditions of real estate market change, there will be risks in its solvency. 

b. Land management strategy土地管理战略

This question is the development of Vanke’s financial structure strategy. Through analyzing the reasons and consequences of Vanke’s high share of land, I made a much reasonable assessment on Vanke’s overall business strategy and the risk strategy. 

 

2.3 Is Vanke’s internal control system perfect? What’s the relationship between its internal control system and the above strategies?万科的内部控制制度是完善的吗？其内部控制系统和上述策略之间存在的是什么关系？

This question is the further discussion about why Vanke adopts the strategy referred in 2.22 from the aspect of company management and internal control to find out Vanke’s advantages and defects in its mangement. Are there any defects in internal control with regard to the conditions similar to “three highs”? When writing the paper, I mainly concentrated my attention on the information about Vanke’s company management and internal control displayed public. I especially analyzed Vanke’s investment decision making process and risk management procedures and found out the “three highs” and Vanke’s advantages and defects in risks control. 

2.4 What are the suggestions to solve the problems?解决问题的方法是什么？

This part is mainly written about the suggestions put forward for the serious defects unveiled in the previous study. I think all these suggestions are useful and reasonable.

这部分主要是写在以前的研究中出现的严重缺陷，以及对此提出的建议。我认为这些建议是有用的，合理的。