15.【答案】 Memo T0：Management of LEKA Limited Company From：A Analyst Date：X，X，2014 Subject：Balanced Scorecard Analysis and Improvement Suggestions This memo relates to analyze company performance using balanced scorecard and make corresponding improvement suggestions for reference. The balanced scorecard approach emphasis the need to provide management with a set of information which covers relevant areas of performance in an objective and unbiased fashion. The information provided may be both fmancial and non-financial and cover perspectives of fmance。customer,intemal business，innovation&learnin9. 1.Financial perspective： Balanced scorecard mainly focuses on financial indicators and shareholder wealth in financial perspective.Financial indicators usually include sales growth rate，profit and indicators which relate to measure shareholder wealth. (1)Sales growth rate. From Material(II).the main business revenue of2012 is 180 million yuan，the main business revenue of 201 1 is 204 million yuan.The main business revenue of 2012 declines by 11.8% compared with that of 201 1.111e main reason of revenue decline is fierce competence in fruit drink industry,which has effect on company’s sales volume. (2)Total profit. The total profit of2012 is 46 million yuan.the total profit of2011 is 51 million yuan.The total revenue of 20 1 1 declines bv 9.8%compared with that of 20 1 1.The total profit decline is less than the main business revenue decline，which is mainly because that the company has sufficient raw materials，the advantages of low cost of raw materials and labor force. (3)Net income per share. Net per share is a key indicator to measure the interest that the company brings to the shareholders.The disappointing net income per share will result in that the shareholders will undersell their shares.so the share price will decrease and the shareholder wealth wiU be damaged. 111e net income per share of2012 is 0.21 yuan，the net income per share of2011 is 0.23 yuan.The net income per share of 2012 declines bv 8.7%compared with that of 201 1.The net income per share decline indicates that the interest brought to shareholders decline，which has adverse effect on shareholder wealth. The main reason of net income per share decline is sale decline.The company should adjust the strategy in time，expand sales and market share，increase profit in order to preserve or increase the shareholders value. 2.Customer perspective： When using balanced scorecard to analyze the strategy goal and performance of the company,customer is a key factor.When we make analysis from customer perspective，market share，new product&target market and customer satisfaction may be considered.

　　(1)Market share. From material(III)we can see that the market share of LEKA Company declines from 70%to30%in 2006.The main reason of market share decline is fierce competition in fruit drink industry.A lot of well—known enterprises enter into the industry,product categories are diversified which could be provided to customers for more selection.So the market share of the company declines constantly,which has effect on the company performance.

　　(2)New product and target market. The company develops green pure juice drink series，which meets customer demand.The saleis strong which will be a new growth point of profit.But the capacity of this product only amounts t0 1 0%of overall capacity,the company should adjust manufacture structure as to this product and expand the capacity of the target market of the green pure juice drink in order to Increase sales volume and profit which will result in sales revenue increase.

　　(3)Customer satisfaction. The driving indicators of customer satisfaction include quality,price and business reputation. As the fierce competition in juice drink industry,the product categories update quickly,the selection range for customer also increases.How to produce natural，healthy and green juice drink to meet the quality requirements of customers is a key for the company to expand the market.The strong research and development capacity of the company is an advantage to produce high quality products which the customers are satisfied with. As the company locates in an advantageous geographical position，has sufficient raw materials，has the advantage of low cost of raw materials and labor force，it will make the enterprise to produce the products with reasonable price that the consumers will accept and make the cost performance of the products improved. With the juice drink industry developin9.some well—known and strong enterprises such as Coco Cola，Pepsi Co and Tingyi Holding Corporation enter into the market.

　　The brand building and good image of the company are key factors for development.The company may use advertising and marketing channels to popularize green product concept in order to expand the influence on the target market and increase sales and profit. 3.Internal business perspective： Internal business analysis is a key part of balanced scorecard.The driving objectives included will make the enterprise to focus on customer satisfaction.When analyzing intemal business.the technology capacity and new production introduction time could be considered. The company has a strong scientific research team and the capacity of research and development is strong which brings advantage to develop new product and high quality product，so it will meet the customers’requirements. Technology advantage not only develops high quality product，but also speeds up the product research and development.As the speed of new product research and development and launching to the market is accelerates，the enterprise could obtain extra value from new product，which will increase business revenue and profit in order to achieve the goal of maintenance and appreciation of shareholders values.

　　4.Innovation and learning perspective： Innovation and learning perspective plays an important role of enterprise achieving the strategy.The key to use the balanced scorecard successfully is whether the company strategy and innovation&learning can be connected or not.When analyzing innovation and learnin9.the driving factors such as the percentage of new products sales amounting to whole sale and technology leadership could be considered. The enterprise develops greed drink in 2012.which meets the demand oflots ofcustomers and it will be a new profit growth point.But the capacity of the green drink only amounts t0 1 0% of the whole capacity,the percentage of new product manufacture is relative low.The enterprise should positively adjust the structure，increase new product manufacture in order toexpand sales and market shares. The enterprise has strong research and development capacity and it may consider reducing the time of new product research and development and speeding up the new product introduction to the market.As well as the analysis in internal business perspective，the interest of the company could be improved and the profit of the enterprise will increase. In conclusion，using balanced scorecard may distribute innovation and establish appropriate strategy advantage and efficiency,which will make the enterprise to bring special value to the market in order to increase shareholders value finally.

　　【附中文翻译】 备忘录 致：乐咖范儿公司管理层 来自：某财务分析师 日期：2014年×月×日 主题：平衡计分卡分析以及改善建议 这份备忘录涉及使用平衡计分卡对公司业绩进行分析并提出了相应的改善建议。 平衡计分卡重在为管理层以客观、无偏见的方式提供所在领域的一系列信息。这些信息 囊括了财务与非财务所有方面的领域，例如，财务、顾客、内部流程以及创新与学习。 1.财务角度： 平衡计分卡在财务的角度中主要关注财务指标以及股东价值。其中财务指标通常包括销 售增长率、利润以及与衡量股东价值相关的指标。

　　(1)销售增长率。 从资料二中我们可以看到，2012年公司的主营业务收入是18000万元，2011年公司 主营业务收入是20400万元，与2011年相比，2012年主营业务收入下降11.8%。销 售收入下降，很大一部分原因是由于果汁饮料市场竞争日益激烈，从而影响了公司的 销售额。

　　(2)利润总额。 2012年公司利润总额是4600万元，2011年公司利润总额是5100万元，与2011年相比， 2012年公司利润总额下降9.8%，利润总额下降幅度小于主营业务收入下降幅度，很大 程度上是由于公司具有原材料充裕，原材料和劳动力成本低的优势。

　　(3)每股净收益。 每股净收益是确认企业为股东带来收益的主要指标之一，没有令人满意的每股净收益将 导致股东抛售他们的股票，进而会导致股价下跌，股东价值受损。 2012年公司每股净收益是0.21元，2011年每股净收益是0.23元，与2011年相比，2012 年每股净收益下降8.7%。每股净收益下降，意味着给股东带来的收益下降，会对股东价 值产生负面影响。 每股收益下降，其主要原因是由于销售下降而引起的。公司应该及时调整战略，扩大销 售以及市场份额，增加利润，进而实现股东价值的保值增值。

　　2.顾客角度： 运用平衡计分卡分析企业的战略目标和绩效时，顾客是一个关键因素。我们从顾客角度 进行分析的时候，可以考虑市场份额、新产品及目标市场、客户满意度等方面。

　　(1)市场份额。 从资料三中我们可以看到，2006年乐咖范儿公司的市场份额从最初的70%跌至30%，市 场份额的下降，很大程度上是因为饮料行业的市场竞争日趋激烈，知名企业不断涌入市 场，产品多样化，可供顾客选择的产品品种日益增多，因此公司的市场份额不断下降， 进而影响到了企业的业绩。

　　(2)新产品及目标市场。 2012年公司开发了绿色纯果汁饮品系列，这种产品比较符合消费者的需求，销售势头强 劲，会成为新的利润增长点。但是该产品目前的产能只占全部产能的10%，公司应该针 对该系列产品调整生产机构，扩大绿色果汁饮品这一目标市场的生产量，进而推动销量， 增加产品利润，刺激销售收入的增加。

　　(3)客户满意度。 客户满意度的驱动指标有质量、价格、企业形象等。 随着果汁行业竞争愈加激烈，产品品种推陈出新，客户的选择范围也日趋增多。如何 生产出天然、健康、绿色的果汁饮料，满足客户的质量要求，成为了公司能够扩大市 场的关键。公司强势的科研开发能力对于生产出让消费者满意的高质量的产品是一个 优势。 由于公司的地理位置优越，原材料充裕，原材料和劳动力成本低，低成本的优势有利 于企业生产出为消费者所接受的价位的产品，进而提升企业产品的性价比。 随着果汁饮料行业的发展，一些大品牌、强势企业如可口可乐、百事可乐、康师傅等不 断涌入市场。公司如何做好自身的品牌建设，树立企业的良好形象，同样成为了发展的 关键。公司可以利用多种广告、营销渠道推广绿色产品理念，扩大对目标市场的影响， 进而扩大销售，增加利润。

　　3.内部流程角度： 内部流程分析是平衡计分卡的一项重要内容，其包括的一些驱动目标，能够使企业更 加专注于客户的满意度。在分析内部流程的时候，可以考虑技术能力、新产品引入时 间等。 公司有一支实力强劲的科研队伍，科研开发能力强，在开发新产品、高质量产品上具有 很大的优势，因此可以不断满足顾客的要求。 技术优势，不仅可以研发出高质量的产品，也可以加快产品研发速度，随着新产品研发 速度的加快、投入市场速度的提高，企业能够获得新产品带来的额外价值，提高企业的 营业收入，进而增加企业利润，实现股东财富的保值增值。 4.创新与学习角度： 创新与学习角度对实现企业战略起到重要作用，能够成功运用平衡计分卡的关键在于是 否能够把企业战略和创新与学习角度衔接起来。在分析创新与学习的时候，可以从新产 品占销售的比例、技术领先等驱动因素进行考虑。

　　2012年企业研发的绿色饮品，满足了广泛客户需求，预计将成为公司新的利润增长 点，但是其生产能力只有全部生产能力的10%，新产品占生产销售的比例较低。企 业应该积极调整结构，扩大新产品的生产，进而扩大销售，提升市场份额。 企业具有强势研发能力，可以考虑缩短新产品研发时间，加快新产品投放市场的速度， 如在内部流程角度分析的一样，可以扩大企业的收益，进而提高企业利润。 综上所述，运用平衡计分卡，可以分配创新和建立适当的战略优势与效率，使企业能够 把特定的价值带给市场，从而最终实现更高的股东价值。

　　【附题干翻译】假设你是乐咖儿股份有限公司的财务分析师，根据资料(一)至资料(三)所提供的内容，请写一份备忘录(memo) 给公司管理层，利用平衡计分卡对公司业绩进行分析。

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