Archive for the ‘accounting-finance’ 类别

谷歌 Android 采集中长大

August 22nd, 2011

One of Wall Street’s most consistent tendencies through the years has been for companies that have reached a certain size to buy other companies in an attempt to goose their growth. The old saying goes that when you can’t get better, you get bigger. It makes sense. Rapidly-growing companies can book impressive year-over-year numbers while they are still small, but it becomes increasingly difficult to post double-digit gains in sales and earnings once you’ve become a billion-dollar enterprise. Looking outside your own business to major competitors (i.e. buying growth through increased market share) or to companies that are related but tangential to one’s own (i.e. buying vendors, partners, customers, etc.) are the two most common ways in which this is done.

然而, history tells us that such steps are fraught with peril. Major acquisitions by mega-cap option bit stocks are usually overpriced and rarely go well for the acquiring company. Companies that have become very large have entrenched systems, personnel and mentalities that can be extremely difficult to modify, and it is common to see the merged entity rapidly lose highly experienced managers a year or two after the deal. There are numerous examples of this, but we’ll cite AOL’s merger with Time and Alcatel’s merger with Lucent as a two very good ones.

Google’s $12.5 billion decision to acquire Motorola’s mobility division, with which it works very closely on the Android mobile-phone operating system, is very telling in this regard. Having grown by leaps and bounds over the past five years primarily through search and advertising, Google’s management is under severe pressure to keep the elliottwave music playing. Frankly, the deal has one of the hallmarks of a potential disasterGoogle is paying a massive, 63%, premium to gain control over Motorola’s jewel in the crown, even though the deal is the result of an exclusive process in which Google was the only buyer.

而且, the deal puts Google squarely into a low-margin, high volume business that effectively puts it into competition with the 38+ other handset makers using Android, which is considered by many to be the best mobile OS. It has quietly amassed a dominant 43% of the mobile phone market, ahead of both Nokia and Apple, but it is generally considered poor form to directly compete with your customers. No amount of reassurance that Android licensing will still be managed by aseparatedivision is going to placate rival firms who now see Google as a direct competitor.

Google has defended the acquisition in general and the price in particular by citing Motorola’s deep patent portfolio. There is some credibility to the claim, since owning the patents will provide a degree of legal protection from infringement lawsuits (as well as the legal standing to go after others), and there sure to be more than a few gee-whiz things in there that can be significantly monetized.

But the bottom line is that Google has grown up. It’s not the disruptive game-changing firm of 2005, but rather a very large, mature business with tons of cash that is buying innovation (this will be its 102nd acquisition). Steps like the Motorola acquisition and its recently launched Google+ social networking application suggest a me-too type of strategy, not the sort of thing that spawns sector-killer things like YouTube and Adsense.

事实上, Google now reminds us very much of Microsoft a few years ago. With lots of cash flow being generated from stable but slow-growing products like MS Office, Microsoft was long criticized for not acquiring growth through mergers, so it went out and snagged Skype in May in an ill-advised, non-core and overpriced acquisition that we feel will ultimately be seen as a major mistake.

Interestingly, Microsoft was quickly seen on Wall Street as a benefactor of the Google-Motorola deal. Not only does the acquisition instantly place other mobile OS makers, like Nokia and Research in Motion, on the block, but it may benefit the mobile Windows OS if, as mentioned, current Android partners defect. All told, Google’s move may look good on paper, but experience tells us that hindsight might deliver a different opinion.

会计师直接- 保证贵公司发展缓慢的财务稳定

3月11日, 2011

给很多人, 面对你的税收的概念是相当的等于一个充满债务的生活 (注意, 这个词听起来像 "死亡"). 但, 有些人花时间做这个, 带着极度的喜悦. 他们感到满意的是, 试图计算出工资表和数字, 并提出了一些税务决定, 可能有助于使个人的回报最多. 当你在经营一个企业, 这是非常重要的, 寻找一个会计谁可以照顾你的财务和完美的会计师来了几件事情来考虑.

每个企业所有者, 或日常的公民为此事, 应确保他们得到最好的服务可能从他们的 会计, 只是这样就没有了沟通的高墙, 有效率和快速的回拨电话, 以及使自己可以为他们的客户. 答案是肯定的, 如果你碰巧知道一些人在同一行的业务, 你是负责, 然后你可以总是问一些建议. 你的同胞企业拥有相同的财务需求, 你, 他们可以很容易地为您提供一些值得信赖的专家的建议, 他们可以为您提供特殊的长期服务.

答案是肯定的, 当你遇到你的会计, 不管他是否属于一组 悉尼会计师 或澳大利亚的任何地区, 你应该经常询问他们提供的服务. 如果他们集中在一般会计和提供协助您的簿记需要, 从不犹豫, 询问. 这是唯一重要的, 你看到它, 他们可以满足您的工资需求. 答案是肯定的, 在你自己的银行账户里有很多的钱要考虑, 以确保你的税款得到解决。, 他们能为他们工作多少. 有一定要在税法上的一些调整, 每一个现在, 所以总是要看到它, 你发现你的会计是多么灵活, 以保持与时俱进.

让自己参与未来的计划是非常必要的, 能够知道你有多少储蓄在准备最终使用. 然而, 有一个真正可靠的会计师谁的技术天才和高信誉总能提供您的投资回报估计, 业务计划, 退休帐户和保险. 他们为你准备的预算是均匀分布的, 这样一切都能发挥你的优势. 你可以找一个 会计师悉尼 和租用他们的服务, 特别是与会计师事务所, 如会计指导处理一切为您. 他们的冗长的会计师名单提供可信, 特殊和常数的服务, 可以满足您的每一个财务需要.