To most companies, making profits is the ultimate goal for its management. It`s inevitable for any corporations to pursue next expansion when the current business is matured or looking for another opportunity, which may bring in more profits or revenue growth. However, in the case of BenQ merging Siemens, it showed us how hard for a smaller enterprise trying to purchase a big business, which might burn thousands of its capitals, without sufficient cash flow support. Likewise, the prestigious Hutchison Whampoa Limited (HWL) Group owned by the most fortuned person in Asia, Li Ka-shing, started form a small company running for Ports and related Service, but now has become the conglomerate with multiple core business ,comprising Ports, Retails, Hotels, Infrastructure, Energy and Telecommunication within only 33years since 1977.This achievement came from a company , which being considered as very conservative on its financial strategy by having low debt ratio and leverage and keep high cash reserved. Especially, the HWL kept loss money in the past eight years since it decided to jump into the 3G telecommunication, which required a lot of initial capital expenditure before profits in the year 2002. On the surface, the market downgraded its performance and none were optimistic to its dared investment. However, the HWL not only just survive, meanwhile its global business on Retails and telecommunication has drastic growth and expansion in these years. In other words, this heavy burden didn`t embroil HWL like what Siemens cell phone business to BenQ. On the contrary, after this test, the HWL became the global 3G leader and build up a barrier that other competitor hard to cross. In this paper, I am going to analysis and elaborate the cash flow management strategy of the HWL by dissecting its financial statements through the profit model method. To realize its unique philosophy by using the strategy of multiple business diversification, globalization, flexibility of financial action to boost the liquidity of cash flow and generate more free cash flow (FCF) afterwards. Now, this past conservative corporate has turned out to be the furious merger expertise and being considered as the icon of the business expansion by setting up a new model, which can be referenced. Recently, the famous Taiwan finance corporate –Fubon group has taken the similar strategy as HWL and gains a bright result. Hence, it proves that its business model on incorporating cash flow on expansion is worthy to have more attentions and could be a good path for more Taiwan industries to follow.

Made available in DSpace on 2016-04-27T16:33:02Z (GMT). No. of bitstreams: 1 Jonathan Xavier Borges.pdf: 877097 bytes, checksum: 240e2eb8d5f58e047ea469c36387ceea (MD5) Previous issue date: 2015-06-24 / This study aims to investigate the changes occurred at Faculdade de Itapecerica da Serra (FIT), private higher education and non-philanthropic institution based in Itapecerica da Serra, at Grande São Paulo. The period analyzed is between the years 2006 and 2014, i.e., from its establishment in the year after it was acquired by União das Instituições Educacionais do Estado de São Paulo (UNIESP), one of the major corporations active in this sector in Brazil. We verified that large conglomerates are absorbing small educational institutions of higher education, increasing its range nationally and on a number of alumni. We start from the assumption that acquisitions like occurred to UNIESP / FIT are configured as a case of corporate expansion, generating institutional changes covering the entire teaching and administrative structure and consequently a conflict between organizational culture (CAVEDON, 2000; DIAS, 2013) of the former and current maintainer. We found that this process ended up generating a continuous loss of teaching quality and decrement of the teaching profession. The sources used were, in addition to the bibliography on the subject (Guimarães, 2008; OLIVEIRA, 2013), documents illustrating the history of the institutions in question and interviews with teachers, collected using the methodology of Oral History (Alberti, 2004; POLLACK 1992) / O presente estudo tem por objetivo investigar as mudanças ocorridas na Faculdade de Itapecerica da Serra (FIT), instituição de ensino superior de caráter particular e não filantrópica localizada na cidade de Itapecerica da Serra, região da grande São Paulo. O recorte temporal compreende o período de 2006 a 2014, desde sua fundação até o ano posterior ao que foi adquirida pela União das Instituições Educacionais do Estado de São Paulo (UNIESP), uma das grandes corporações atuantes nesse setor no Brasil. Verifica-se que grandes conglomerados educacionais estão absorvendo pequenas instituições de ensino superior, aumentando sua abrangência em nível nacional e número de alunos. Partimos da hipótese que aquisições como da UNIESP/FIT se configuram como um caso de expansão corporativa, gerando mudanças institucionais que contemplam toda estrutura pedagógica e administrativa e, consequentemente, um conflito entre a cultura organizacional (CAVEDON, 2000; DIAS, 2013) da antiga e da atual mantenedora. Foi constatado que esse processo acabou por gerar uma contínua perda da qualidade de ensino e precarização do trabalho docente. As fontes utilizadas foram, além da bibliografia de referência sobre o tema (GUIMARÃES, 2008; OLIVEIRA, 2013), documentos que ilustram a trajetória das instituições em questão e entrevistas com professores, coletadas utilizando a metodologia da História Oral (ALBERTI, 2004 ; POLLACK 1992)