※ [本文转录自 NTUBA95 看板] 作者: xpw (step by step) 看板: NTUBA95 标题: [公告] 企业诊断与分析 时间: Thu Feb 23 14:30:51 2006 各位有修黄崇兴教授与洪明洲教授和开企诊的同学： 以下为下周黄老师上哈佛个案， 各组讨论方向的参考： (一)Dell working capital： 1. How has Dell's working capital policy been a competitive advantage ? 2.How did Dell fund its 52% growth in 1996? 3.Assuming Dell sales will grow 50% in 1997, how might the company fund this growth internally? How much would working capital need to be reduced and/or profit margin increased? What steps do you recommend the company take? 4.How would your answers to question3 change if Dell also repurchased $500 million of common stock in 1997 and repaid its long-term debt? (二)Butler Lumber 1.How will is Butler Lumber doing ? Why? 2.What has been the company's financial strategy? why does Mr. Butler have to borrow so much money to support this seemingly profitable business? Has he been managing his company's cash flow wisely? 3.Do you agree with Mr. Butler estimate that he will need up to $465,000 in 1991? How much will he need to borrow to finance his expected expansion in sales in 1991(assume sales volume hits $3.6 million)? To answer these questions, construct pro forma income statements and balance sheets for 1991 and make the following assumptions: A. Mr. Butler reduces yhe payables period to 10 days. B. Purchase discounts are reduced as a seperate line item on income statements(not in cost of goods sold) C. The taxs rate is a flat 34%. D. Interset expanse in 1991 is based on bank debt of $465,000. 4.How much will Mr. Butler need over the next few years if sales grow at 25% per year? 5.Would you recommend that Mr. Butler proceed with his expansion plans? 切记，以上只是讨论方向建议，非回答以上问题即可 未领CASE者，尽速至教学馆212领取。 --

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