Susan三叶草 2022年2月6日下午5:12

2022-02-06 17:57:2403:08 16

声音简介

Wall Street analysts hawkishly monitor financial metrics and ratios that track the efficiency of capital used in a business. One particularly common one is RONA, or Return on Net Assets. In manufacturing businesses, this is calculated by dividing a company's income by its net assets. Hence, a company can be Judged as being more profitable either by adding income to the numerator, or by reducing the assets in the denominator. Driving the numerator up is harder, be cause it entails selling more products. Driving the denominator down is often easier--because you can just opt to outsource. The higher the ratio, the more efficient a business is Judged to be in using its capital. Asus’s proposal made sense.If Dell could outsource some of its assets but still be able to sell its customers the same products. then it would improve its RONA, making Wall Street happy. Gosh, that would be a great idea, "Dell said to Asus. You can produce our mother
boards.Funny enough, the agreement made Asus look better to investors, too; it was increasing its sales with the use of its existing assets. Both companies seemed better off.
After it had reorganized to accommodate this arrangement,Asus came to Dell and said, "We've done a good job fabricating these mother
boards for you. Why don't you let us assemble the whole computer for you, too? Assembling those products is not what's made you successful. We can take all the remaining manufacturing assets off your balance sheet and we can do it all for 20 percent less.”
The Dell analysts realized that this, too, was a win-win. As Asus took on the additional activity, Asus's RONA increased as the numerator of the ratio--profits--got bigger.Shedding manufacturing processes also increased Dell’s RONA-- it didn’t change the revenue line, but driving out those assets from its balance sheet improved the denominator of the ratio.
华尔街分析师鹰式地监控跟踪企业资本使用效率的财务指标和比率。特别常见的就是净资产收益率。在制造业中，这是通过公司收入除以净资产来计算的。因此，一家公司可以通过分子增加收入或分母减少资产来增长利润，提高分子较难，因为这需要销售更多的产品。降低分母通常比较容易，因为你可以选择外包。通常认为比率越高，企业越能有效使用资本。华硕的提议不无道理。如果戴尔可以部分外包，但仍能销售相同的产品，就能提高它的净资产收益率，这会令华尔街很高兴。“天哪，这个想法太棒了！”戴尔对华硕说。你们可以生产我们的母板。有趣的是，该协议也让华硕的投资者很高兴；公司利用现有资产增加了销售额。两家公司似乎都发展得更好了。
在重组生产线，适应了这变动后，华硕对戴尔说:“我们为您们制造的主板很好。为什么不让我们也为你组装整台电脑呢？组装产品并不是你们成功的原因。我们可以将所有剩余的制造业资产从你的资产负债表上拿走，而且我们还可以减少20%。”
戴尔分析师意识到这也是一个双赢的局面。随着华硕承担额外的活动，华硕的净资产收益率随着分子变大而增加。摆脱制造流程也增加了戴尔的净资产收益率——它没有改变收入线，而是将这些资产从资产负债表中剔除，从而改善了（也就是降低了）比率的分母。

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Susan三叶草 2022年2月7日下午4:34
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Susan三叶草 2022年2月6日下午5:12
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