中大MBA战略管理第八讲战略联盟与企业集团PPT幻灯片

1、1,战略管理,崔 浩 中山大学管理学院 工商管理系 二一一年十一月,2,Spaghetti Organization,What is a “Spaghetti Organization”? Designed to achieve flexibility, creativity and productivity The designer of the change is the target of the change What is the managerial implication of “Spaghetti Organization”? New skills and competence

2、 for every employee How to manage such employees? In managing change, structure and process which one is more important?,3,Spaghetti Organization,What are the important features of reengineering or transformation undertaken by Lars Kolind? Why? Dialogue and action Strategy to encourage the need for

3、coordinating mechanisms within the company Challenges executives assumption about management Assumptions about management Traditional: management provide coordination between strategic vision or intent and operation Spaghetti: coordination occurs through the daily informal discourse within the compa

4、ny, achieved by the proximity of actors within and among them,4,Spaghetti Organization,What the assumed benefits of Spaghetti Organization? Interacting atoms under increasing amount of energy: speed up, collide more often Higher frequency of interaction + increased number of combinations Increased e

5、ntrepreneurism leading to creative breakthroughs Adopting multiple roles builds a depth of competence that are expensive to replicate “chaos” organization, essential for both capturing market awareness and fulfilling customer needs Process-based skills are acquired across functions that functional-b

6、ased organizations find hard to copy,5,Spaghetti Organization,What are the attended risks of Spaghetti Organization? Loss control Failure to prioritize development projects Time require to “negotiate” rather than “tell” Do the risks outweigh the benefits? Strategic management committee to set-up pri

7、orities Finance-based budgeting and cost control,6,Spaghetti Organization,What are the key features of the change process employed? Are they fundamental to undertaking enterprise transformation? Managers must understand the value of reversing their position when encounter resistance that makes sense

8、 The ability to influence the course of event Allowed for large margins of error, in initiative and time The past is “gone” The distance between the sponsor of change and the target of change vanished,7,Spaghetti Organization,What management practices or actions will be required to sustain this revo

9、lutionary new culture? Increase of organization politics Competence-based internal change People and financial resources are attracted by people whole reputation is based on competence and capabilities Strategic ambiguity Control the balance between costs and control Respect individual difference,8,

10、Mission,Objectives,External Analysis,Internal Analysis,Strategic Choice,Strategy Implementation,Competitive Advantage,The Strategic Management Process,Corporate Level Strategy,Which Businesses to Enter?,Vertical Integration,Diversification,Strategic Alliances,mode of entry,9,Strategic Alliances Defi

11、ned,Strategic Alliance:,10,Motivation for Alliances,Create economic value by:,accessing complementary resources and capabilities,leveraging existing resources and capabilities,An alliance is an organizational form of exchange that:,should produce a gain from trade due to some comparative or absolute

12、 advantage,Implication:Choose partners that are better at something than you are (complementary resources),11,Nonequity Alliance,Contracts, licensing,supply & distribution agreements,Joint Venture,Equity Alliance,Cross Equity Holdings,partners own stakes in eachother,Joint Equity Holdings,independen

13、t firm is created,12,How Strategic Alliances Create Value,13,How Strategic Alliances Create Value,Improving Current Operations,Exploiting economies of scale,a partner brings increased market share and/or manufacturing capacity,Learning from partners,a partner brings technology and/or market knowledg

14、e,Risk and cost sharing,a partner bears a portion of the risk and/or cost of the alliance,14,How Strategic Alliances Create Value,Shaping the Competitive Environment,Facilitating technology standards,Facilitating tacit collusion,partners may agree on a standard and avoid a market battle for the stan

15、dard,partners may communicate within an alliance in subtle, legal ways whereas the same communication between competitors outside an alliance would be illegal,15,How Strategic Alliances Create Value,Facilitating Entry and Exit,Low-cost entry into new industries,Low-cost exit from industries,Managing

16、 uncertainty,Low-cost entry into new geographic markets,a partner provides instant access and legitimacy,a partner is an informed buyer,alliances may serve as real options,partners provide local market knowledge, access, and legitimacy with governments and customers,16,Challenges to Value Creation a

17、nd Allocation,Incentives to Misappropriate Value (Cheat),An alliance is an exchange context in which:,partner inputs may be difficult to monitor,actual value creation may be difficult to monitor,value appropriation (allocating the value) may be:,difficult to monitor,subject to power dynamics,17,Chal

18、lenges to Value Creation and Allocation,misrepresenting the value of inputs,providing inputs of lesser value than promised,exploiting the transaction- specific investment of partners,18,Sustained Competitive Advantage,Are strategic alliances rare?,As a form of organizing economic exchange, NO!,The s

19、ources of value creation within alliances may be rare.,However,firms may form a combination of complementary resources within an alliance that is rare,the stock of such complementary resources may be limited so that first movers have a rare combination,19,Sustained Competitive Advantage,Are strategi

20、c alliances costly to imitate?,As a form of organizing economic exchange, NO!,However,The resource combinations that create value in alliances may be very costly, if not impossible, to imitate if:,the organizational form per se is easily duplicated,the value creating combination depends on social co

21、mplexity (trust), causal ambiguity, and/or historical uniqueness,20,Sustained Competitive Advantage,Are strategic alliances substitutable?,Internal Development,Mergers & Acquisitions,If:,no partner is available,transaction-specific investment is high,low uncertainty about the investment,If:,there ar

22、e no anti-trust issues,low uncertainty about the investment,firms can be integrated easily,value of combined firms is not tied to independence,21,Organizing Strategic Alliances,Governance Responses to the Challenges of Value Creation and Allocation,imposes costs for cheating,creates mutual understan

23、ding,conflict resolution,aligns interests of partners through ownership of independent firm,aligns interests of partners through ownership in each other,direct effect,indirect effect,22,Organizing Strategic Alliances,Governance Responses to the Challenges of Value Creation and Allocation,the shadow

24、of the future constrains cheating,may allow partners to exploit opportunities that would be infeasible with other mechanisms,23,Organizing Strategic Alliances,Governance Responses to the Challenges of Value Creation and Allocation,These responses are not mutually exclusive:,contracts may be used wit

25、h equity investments and joint ventures along with firm reputation and trust,reputation and trust come into play in every type of alliance,Reputation and trust may be sources of competitive advantage because they are costly to imitate,24,International Expansion,Alliances may be attractive because:,l

26、ocal market knowledge is usually critical,governments may require a local partner,international expansion may be:,fraught with uncertainty,high risk,expensive,alliance investment may be more easily reversed than internal development or acquisition,25,Summary,create alliances that will produce gains

27、from tradecomplementary resources,identify the sources of value creation,assess the likelihood of challenges to value creation and allocation,adopt appropriate governance responses to the challenges to value creation and allocation,Successful alliance managers will:,26,Summary,Alliances may generate

28、 competitive advantage if:,combinations of complementary resources meet the VRIO criteria,governance responses meet the VRIO criteria,27,企业集团,定义： A business group is a hybrid organizational form between a firm and market. This is typically a cluster of legally distinct firms with a managerial relati

29、onship. The relationship between the firms in a group may be formal or informal 集团公司不一定是企业集团,28,企业集团,三种形式： 日本式 Keiretsu: 没有控股关系，互相持股，互派董事 韩国式 Chaebol: 典型的金字塔控股 家族企业: 可能有股权关系，也可能没有，典型的特征是家族成员担任董事长，甚至兼任总经理，代表有意大利和瑞典的企业集团 东亚家族企业经常是金字塔控股而且由家族成员担任董事长，甚至兼任总经理；代表有印尼，菲律宾等国家的企业集团,29,企业集团,企业集团和战略联盟 这两个概念有重合的部

30、分 企业集团有相对统一的行动标准和战略选择 战略联盟各方在联盟之外有各自独立的战略选择 企业集团的概念强调整体，战略联盟的概念强调个体 或者相反？,30,企业集团,企业集团在英美之外，是世界上随处可见的组织形式 企业集团的成员企业一般来说规模比较大，而且对国家经济比较重要 国家和地区间的企业集团差别比较大 有些国家的企业集团比较多元化，有些国家的企业集团非常专注于某一行业 有些国家的企业集团纵向一体化程度很高而且内部交易很多 有些国家的企业集团对金融领域涉足很深,31,企业集团,32,Saatchi & Saatchi,英国广告公司 1979年帮助保守党上台，开始名声大振，高速增长 1987年

31、，Paul Arden出任CEO，通过并购进入管理咨询行业 为了寻求杠杆效用(synergy)，流程再造，设立Account Manager,33,Saatchi & Saatchi,大幅亏损，最终重组 1995年，Saatchi兄弟离开，企业被破产出卖 最终关闭全球383家咨询业务分公司，卖掉咨询业务，重新回归广告业 启示： 规模经济、范围经济是有范围的 企业集团可能更适合当年的Saatchi & Saatchi,34,企业集团,虽然目前没有证据，但是企业集团很可能是一种具有一般意义的组织形式。 美国才是特殊情况 交易成本：Market Vs. Hierarchy 企业集团：Market &

32、 Hierarchy 企业的边界到底在哪里？ 是否需要交易成本理论基础上的新的理论框架？ 新制度经济学的解释,35,企业集团,所有权和控制权 金字塔控股 现金流权和控制权不对等,36,企业集团,多少企业集团是通过金字塔控股结构组成的？ 令人惊讶：居然没有直接的证据 La Porta, Lopez-de-Silanes Claessens, Djankov & Lang, 2002 亚洲企业股权结构集中，存在金字塔控股现象,37,企业集团,多少企业集团是通过金字塔控股结构组成的？ Khanna & Thomas, 2004 智利实行金字塔控股的企业集团不到一半 Barontini & Capri

33、o, 2005 欧洲家族企业中双重股权的现象远远比金字塔控股严重 Chang, 2003 韩国企业中金字塔控股非常普遍 Polsiri & Wiwattanakantang, 2006 泰国企业集团中一半左右是金字塔控股 Yurtoglu, 2000 土耳其企业集团中，金字塔控股是主要组织方式 Kang, 1997 许多国家中，同时存在纵向控股和横向交叉持股的现象,38,企业集团,金字塔控股 掏空 (tunneling) 欧洲：Johnson, La Porta, Lopez-de-Silanes & Shleifer, 2000 印度：Bertrand, Mehta & Mullainath

34、an, 2002 韩国：Bae, Kang & Kim, 2002 等 掏空 相反的证据： Bertrand, Mehta & Mullainathan, 2002 金字塔底层企业应对环境突变的能力较强 金字塔上层可以保护下层,39,企业集团,掏空 相反的证据： Bertrand, Mehta & Mullainathan, 2002 金字塔底层企业应对环境突变的能力较强 金字塔上层可以保护下层 Bae, Kang & Kim, 2002 企业集团内的并购，很少提高买方价值，但是普遍提高集团内其他企业的价值 Khanna & Yafeh, 2005 韩国企业集团内部并购反应了风险分担 Buys

35、schaert, Deloof & Jegers, 2004 比利时金字塔控股集团内部并购提高股票价格 金字塔控股并总是不利于少数股股东,40,企业集团,掏空 相反的证据 Morck Dyck & Zingales, 2004 小股东保护措施比较薄弱的国家中，控制权收益较高 但是印度尼西亚的控制权收益较低 有些欧洲国家，如奥地利和捷克，控制权收益很高 Holmen & Hogfeldt, 2005 瑞典没有发现金字塔控股和掏空之间的关系,41,企业集团,掏空 相反的证据 Cheung, Rau & Stouraitis, 2006 香港金字塔控股企业中，掏空现象并不常见 Bennedsen &

36、 Nielsen, 2006 欧洲企业中，影响股价的因素中双重股权比金字塔更加破坏少数股东价值,42,企业集团,金字塔控股 为什么少数股股东继续投资 信息不充分 + 天真投资者 不大可能 缺少投资机会 有可能 企业集团公正对待小股东的声誉 Gomes, 2000 企业集团固定发放高额的红利 Faccio, Lang & Young, 2001 美的集团股权分置改革之后每年固定发放净利润40%的现金红利 掏空代表了上层集团核心企业的核心能力或资源投入，属于大股东应得部分 Faccio, 2006 争取政府支持的能力,43,企业集团,家族企业 多数在合同签订非常艰难的国家 血缘的信任 家族企业在世

37、界各地不断的减少 可能是由于企业集团的规模不断扩大 家族企业对经济的影响 目前没有完整的结论 家族企业肯定拥有特权 Manila 大学教授的笑话,44,企业集团,金字塔控股 对经济的影响 Morck, Wolfenzon & Yeung, 2005 壕沟效应 Entrenchment Problem 断绝了社会的上升通道 从而减少了人们努力的激励 没有足够能力的人在重要的位子上 阻碍了正确的生产和再投资 投资政策会过于保守 影响了社会资金的再投资,45,企业集团,46,企业集团,启示： 法律制度强的国家 做弱者，享受法律保护 经济制度较强的国家 弱者联合起来保护自己 强者招兵买马让自己更强 中

38、国情况： 家族企业 联合起来做一些本来不可能的事情 大型国企 疯狂上市 这个情况和日本，韩国，台湾特定历史时期都很相似,47,企业集团,黑社会？ 罗宾汉？ Paragons？ Parasites？,48,GoodFellas,A scared Sonny - with a bandage on his forehead from the injury, complains to Paulie about how Tommys behavior is dangerous, disruptive and volatile to the self-regulating criminal world,

39、 but Paulie responds helplessly. Although unaware of how to run a restaurant, Paulie promises to offer protection by becoming a partner. Sonny is now committed and beholden to Paulie,49,GoodFellas,Now the guys got Paulie as a partner. Any problems, he goes to Paulie. Trouble with a bill, he can go to Paulie. Trouble with the cops, deliveries, Tommy, he can call Paulie. But now the guys got to come up with Paulies money every week. No matter what. Business bad? F-k you, pay me. Oh, you had a fire? F-k you, pay me. The place got hit by lightning, huh? F-k you, pay me.,50,GoodFellas,Also, Paul