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1、天津外国语大学国际商学院本科生课程论文（设计）课程名称：会计英语论文题目：Tencents analysis姓 名：学 号：专 业：会计学年 级：班 级：任课教师：2014年4月ABSTRACTThis paper is selected for this group of Tencent project, conducted an analysis of Tencents financial statement for the years 2010-2013.This paper focus on the balance sheet, income statement, cash flow
2、statement, and sum up the companys strategy and SWOT.Key words: Tencent;financial analysis;SWOTTencents analysis1. About Tencent Founded in November, 1998, Tencent has grown into one of Chinas largest and most used Internet service portal. Since its establishment over the last decade, Tencent has ma
3、intained steady growth under its user-oriented operating strategies. On June 16, 2004, Tencent Holdings Limited went public on the main board of the Hong Kong Stock Exchange.It is Tencents mission to enhance the quality of human life through Internet services. Presently, Tencent is providing value-a
4、dded Internet, mobile and telecom services and online advertising under the strategic goal of providing users with one-stop online lifestyle services. Tencents leading Internet platforms in China QQ (QQ Instant Messenger), WeChat, QQ.com, QQ Games, Qzone, 3g.QQ.com, SoSo, PaiPai and Tenpay have brou
5、ght together Chinas largest Internet community, to meet the various needs of Internet users including communication, information, entertainment, e-commerce and others. As of Dec 31, 2012, the active QQ users accounts for QQ IM amounted to 798.2 million while its peak concurrent users reached 176.4 m
6、illion. The development of Tencent has profoundly influenced the ways hundreds of millions of Internet users communicate with one another as well as their lifestyles. It also brings possibilities of a wider range of applications to the Chinas Internet industry.Looking forward, Tencent remains commit
7、ted to enhancing its development and innovation capabilities while strengthening its nationwide branding for its long term development. More than 50% of Tencent employees are R&D staff. Tencent has obtained patents relating to the technologies in various areas: instant messaging, e-commerce, online
8、payment services, search engine, information security, gaming, and many more. In 2007, Tencent invested more than RMB100 million in setting up the Tencent Research Institute, Chinas first Internet research institute, with campuses in Beijing, Shanghai, and Shenzhen. The institute focuses on the self
9、-development of core Internet technologies, in pursuing its development and innovation for the industry.Tencents long term vision is to become the most respected Internet enterprise. In order to fulfill corporate social responsibilities and to promote civil Internet communities, Tencent has been act
10、ively participating in public charity programs. In 2006, Tencent inaugurated the Tencent Charity Fund, the first charity foundation set up by a Chinese Internet enterprise, and the public charity website . The website focuses on youth education, assisting impoverished communities, care for the disad
11、vantaged, and disaster relief. Tencent has currently begun a number of public charity projects across China. It strives to help build a harmonious society and to become a good corporate citizen.2. Balance sheet2013201220112010TOTAL ASSETS75255.8156804.3735830.1117505.77year-on-year32.48%58.54%104.68
12、%77.62%Although rate of growth of total asset is rapid,the growth rate was 32.48% from 2012 to 2013 ,and it only increased about 50% from 2010 to 2011.This showed that Tencent reduced the companys growth in 2012.It was probably intended to control scale and prepared for the corporate strategy.201320
13、1220112010BANK LOAN(current assets)1077.1087369.355298.947202.322year-on-year-85.38%39.07%2519.07% Tencents bank loan growth rate was decreased,and Banks lending quotas were reduced at the same time.Bank loans were 7,369,350,000 in 2012,but in 2013 only 1,077,880,000.Tencent may be had a sufficient
14、cash flow,This indicated that its solvency was enhanced.2013201220112010TOTAL EQUITY41297.51 28463.83 21756.95 12178.51 year-on-year45.09% 30.83% 78.65% 73.46% Tencent had a steady growth trend in shareholders equity,This explained a good condition in business,and its investment had a high reliabili
15、ty and return,these was the reason of Tencent had more than 50 percent earnings ratio.3. Income statement2013201220112010TOTAL Operating Revenue43893.7112849.07219646.03112439.96year-on-year54.03%45.05%57.93%73.87%Tencents Application of quota basic keeped rising to more than 40% growth rate.In 2013
16、,growth rate was 54.3%.Tencent had achieved astonishing turnover under the condition of invariable in the asset scale which shows that Tencents business volume was increased.Tencents income growth mainly due to the games.2013201220112010Selling Expenses18207.369928.308 6320.23889.468 year-on-year83.
17、39%57.09%62.50%79.20%Cost of sales is obviously bigger than the growth rate of the turnover and profit,this showed that with the expansion of Tencent,the companys cost was increasing.From 2012 to 2013 it had reached 83.39%,Tencent had to find a way to reduce costs,such as redundancy in the number of
18、 employees and save on administrative costs,etc.2013201220112010Net Profit25686.35118567.76413325.8318550.492 year-on-year38.34%39.34%55.85%71.55%Companys gross profit and operating profit growth rates were declining,it also meaned that the companys growth was limited.4. Cash flow statement201320122
19、0112010Net cashflowsfrominvestingactivities-16270.208-15354.76-12014.997-5024.795year-on-year5.96%27.80%139.11%99.83%Overall,cash flow from investing activities was showed a declining trend,this indicated corporate investment activity remained at the same level, and did not bring too much cash incre
20、ases.2013201220112010Netcashflowsfromfinancingactivities-2385.9784373.0244112.146-397.11year-on-year-154.56%6.34%-1135.52%-54.35%In 2013s cash flows from financing activities, we can find that financing activities cash flow was decreased,it indicated businesses minimized the fund-raising activities.
21、It also reflected that Tencent was no longer excessively pursuing scale expanding, but to adjusted operation and strategic.5. Strategic layout analysis5.1 The evolution of strategy5.1.1 Joint StrategicBy the end of 2000, Tencent caught operators launch SMS mobile value-added business opportunities b
22、ased on the huge user group, with the advantages of rapid follow-up, first, and mobile and Unicom cooperation, cooperation, finally and Telecommunications based on cooperation, launched mobile phone and PHS wireless value-added services, one fell swoop into. QQ users and mobile phone users binding,
23、has brought the huge cash flow for Tencent.5.1.2 Innovation StrategyInnovation is mainly reflected in the Internet value-added business, launched QQ and QQ show new business. Innovation in the business of the instant communication platform, Tencent has played a leading role. Tencent online launched
24、a new long promotion reward strategy to attract a large number of users hanging net. The implementation of innovative strategies that make the Internet value-added business revenue accounts for the proportion to increase rapidly.5.1.3 Following StrategyObtained by free registration giant user group,
25、 Tencent has to follow the implementation of the strategy of capital. For example, to Sina science portal Netease science to push, push dating service to push the browser and Microsoft Learning Oriented office TM etc.For example, the number of online QQ games from 300000 to 1000000 in just 7 months,
26、 a sharp rise in Internet value-added service income. Income from the Internet games work cannot be done not have.5.1.4 Brand StrategyA wearing a red scarf cute little penguin image already win support among the people, this is a very valuable brand resources Tencent. For QQ users, QQ is not only th
27、e Internet communication tool for interactive entertainment experience, but also become a human Q,Q life fashion pronoun. Tencent started the implementation of brand strategy, the brand authorization, profit.5.2 Strategic AnalysisTencent has a “Scale + Innovation + Brand” constitute.Tencent profit s
28、ources, which scale is the prerequisite. Tencent has a user resource, there is a basis for profit.After comprehensive analysis, we can see that the Tencents strategic evolution is combined with the intention of strategy and emergent strategy. It is emergent strategy because the QQ is only a by-produ
29、ct of Tencent, the original development of the QQ software, Tencent did not think QQ will develop over the next couple of years so quickly. When QQ users have increased exponentially, Tencent and developed on the basis of QQ have a strategic intent. Tencent QQ using the giant user group to promote t
30、he development of other software and business.6. SWOT6.1 Strength1. Excellent R&D facility, more than 50% employees focus on it.2. It has well diversified business portfolio, which provide various service on internet to attract customer base.3. It has strong position in instant marketing domain, it
31、has got a lot of patents under its name.4. Leaders in internet services in China.5. It has a huge number of registered users and large amounts of users data.6. Abundantand stablecash flowandexcellentearningsyear after year, the investor confidence.6.2 Weakness1. It has sole presence in China which m
32、akes it vulnerable to risk, if any associated with the country.2. Unable to reach globally, and use huge global internet service Market.3. Tencent has too many products without competitiveness.4. Tencentblindlyfollowing the marketfollow-upstrategy,ignored the users needs.5. Tencents productsgraduall
33、y enterinto thebottleneck.6.3 Opportunity1. There growing internet usage in the country in various fields.2. The company is coming with strategic business expansion by coming up with new services and patents.3. The value added service market growth is very high.4. Chinas rapid economic development .
34、5. The development ofChinas Internetindustry is sustained and stable .6. The increase of political support.7. ChineseInternet users will graduallymature.6.4 Threaten1. Increasing competition due to global player2. Strict govenment laws and policies3. The InternetCompetitive is upgrading, thecompetit
35、ion leads to a enormousconsumption. 4. Internet usersarefickle,they always choose the one has better services.5. There are morecompetitors, making thecompetitionbecome more and more difficult.References:1 腾讯控股公司. 腾讯20102013年报M, 2014.2 曹文锐. 基于SWOT分析看腾讯公司的发展前景J. 魅力中国, 2010.3 王双、李晓亮、段琦.关于腾讯公司SWOT分析J. 商业文化，2011.8