| 摘要: | 本研究藉由探討中國大陸A股市場上的兩大烘焙企業 - 桃李麵包與元祖夢果子的三個方面，即 公司董事與管理層、財務面與商業模式，以瞭解這兩家公司的異同之處。經過一系列的分析可看出，兩家雖然都是烘焙業的上市公司，但其上述三個方面完全不同。首先，從公司治理的角度來看兩家公司的董事與管理層，桃李麵包遠比不上元祖夢果子。元祖夢果子的管理層在學經歷方面堪稱完美，但桃李麵包管理層的學經歷跟烘焙關聯不大。其次，在杜邦分析上可以看到兩家公司因為商業模式的不同，所造成財務數字上的差異，但是最後的純利率則差別不大。最後，則是在商業模式的差異。本研究使用商業模式畫布來做對比發現，桃李麵包專注於生產與運送產品，它自己不做任何的銷售活動；反之，元祖夢果子則是所有產品銷售活動都只在自己的渠道，完全不假手他人。雖兩家都是上市公司，股權大量集中在創始人及其家族手中，無人可以撼動。無論商業模式如何，公司的控制權牢牢掌握在手上。;This study investigates three aspects - corporate governance, financial performance and business models - of the two largest bakery companies in the Shanghai A-share market in mainland China - Toly Bread Co.,Ltd and Ganso Food Co.,Ltd. The findings, after using DuPont analysis and Business Cavas method, show very different aspects between the two companies. First, the management of Ganso Food Co.,Ltd. is perfect in terms of expertise in bakery industry, but that of Toly Bread Co.,Ltd.is not. Second, DuPont′s analysis indicates, that the two companies have different financial figures due to the different business models, but the net profit margin is not much different. Finally, using the Business Canvas method, we find that Toly Bread Co.,Ltd focuses on production and delivery of products, and it does not do any sales activities on its own. On the other hand, Ganso Food Co.,Ltd. handles all sales activities in their own distribution channels only. Although both are listed companies, a large proportion of equity is concentrated in the hands of the founders and their family members. Regardless of the business model, both companies are firmly controlled by the founding families. |
