Research On The Transformation Of Chinese Tobacco Enterprises-based On Value Assessment Of Philip Morris Corporation

After more than thirty years of rapid growth,Chinese tobacco industry began to face a series of development problems,while the external environment has undergone profound changes.Influenced by the increasingly severe situation of tobacco control and the downward pressure of macroeconomy,Chinese tobacco industry appeared a series of development problems,such as the slowdown in sales growth,high inventory of cigarettes,downturn of average price,saturated market capacity.Under the pressure of the external environment and the bottleneck of industry development,as the enterprises in Chinese tobacco industry,it is urgent and necessary to change the current development model and implement the strategic transformation.It is not only the inherent requirements of enterprises themselves to achieve sustainable development,but also the objective needs to ensure the value of state-owned assets.Based on the theory of enterprise strategic transformation,this article makes an indepth research on the strategic transformation of Chinese tobacco enterprises by using PEST,Potter's Five Forces,SWOT analysis model.This article launches elaboration mainly according to the question proposed,the related literature review,strategic environment analysis,the goal and direction of strategic transformation,path choice,the policy suggestion.By way of case study on the transformation practice of Philip Morris Corporation and using DCF model to assess the value of PM,this thesis provides a useful reference for the transformation of Chinese tobacco enterprises.The research of this article is helpful to enrich the connotation of the strategic transformation theory system,and to provide useful guidance and path suggestion for the transformation of Chinese tobacco enterprises.In addition,this article also puts forward the specific transformation strategy innovatively,such as collectivization and securitization.This thesis argues that Chinese tobacco enterprises cannot copy the past experience of Philip Morris,and should explore a road of transformation according to national conditions and enterprise's actual situation on the basis of critical reference.The important conclusions are as follows:The goal of strategic transformation should be set up as a multinational diversified holding group.The direction of strategic transformation should be towards the expansion of overseas markets and the development of non-tobacco business.The path selection of strategic transformation can pe aiviaea into two aspects:tobacco ousiness ana non-tobacco business.The pain of the transformation of tobacco business includes the formation of interprovincial industrial group,the combination of foreign direct investment and acquisitions,the cooperation with multinational tobacco giants.The path of the transformation of non-tobacco business includes concentrating resources to a high degree connected industries,constructing several interprovincial diversified investment groups with core competitiveness,promoting the combination between industry and finance,making high quality non-tobacco assets listed.