讲义四织架构与公司战略定位ppt课件

1、Strategies and Organizations组织架构与公司战略定位The field of business strategy is to explain sustained differences in the performance of firms that compete with one another in delivering products and in developing the ability to do so more effectively over time.在猛烈竞争的市场中，企业如何获得并坚持高于竞争对手的盈利Source: Compustat,

2、Value Line, Marakon Associates AnalysisAverage Economic Profits of U.S. Industry Groups, 1978-19961978至1996年美国各行业平均经济利润率Value Line Industry GroupsThe “Five Forces Framework for Industry Analysis “五种竞争力量的行业分析框架潜在竞争对手供应商行业现有竞争者替代品竞争者购买者Source: Compustat, Value Line, Marakon Associates AnalysisROE-Ke S

3、pread(30%)(20%)(10%)0%10%20%30%40%$0$1$2$3$4$5$6$7$8$9$10$11$12$13$14$15Great Northern IronWorthington IndsNucorSteel TechnologiesOregon MillsCommercial MetalsCarpenterBirminghamBritish Steel PLCCleveland-CliffsQuanexLukensACME MetalsAmpcoUSX-US SteelInland SteelArmcoWHXBethlehemAverage Invested Equ

4、ity ($B)Average Economic Profits of Individual Firms in the Steel Industry, 1978 1996 1978至1996年美国钢铁行业中各企业的平均利润率Source: Compustat, Value Line, Marakon Associates AnalysisROE-Ke Spread(80%)(60%)(40%)(20%)0%20%40%60%$0$5$10$15$20$25$30SmithKlineGlaxoAmericanHomeProductsAmgenMerckSchering PloughWatsonB

5、ristolMyersRhone-PoulencMylan LabsWarner LambertEli LillyPfizerPerrigoPharmacia & UpjohnForest LabsAlzaICNSchererIvaxGenetechBiogenRobertsGenzymeDuraChironCephalonGensiaCygnusImmunexAverage Invested Equity ($B)Average Economic Profits of Individual Firms in the Drug Industry, 1978 -19961978至1996年美国制

6、药行业中各企业的平均利润率Competitive Advantages竞争优势Competitive Advantage竞争优势Lower Cost低本钱Differentiation差别化How to achieve competitive advantages?如何获得竞争优势A firm obtains cost advantage (or achieves product differentiation) through efficient organization of activities involving units within the firm, suppliers, cu

7、stomers, and even competitors. 有效地组织消费，包括与公司内各部门、供应商、客户及竞争对手的关系，是竞争优势的来源Three examples三个例子Airbus v. Boeing 空中客车 对 波音Toyota v. GM 丰田 对 通用汽车McDonalds 麦当劳Two approaches for organizing production activities两种组织消费的方式the organizational approach and the contractual approach 自造及外包What are the tradeoffs betw

8、een the organizational approach compared with the contractual approach? 两种方法的比较Holdup套牢verticalIntegration纵向整合externalContractor外部合同加工者moral hazardinternal monopolylack of scale economies鼓励问题内部垄断缺乏规模经济Make or buy?自造还是外包?Organizations and business strategies组织方式和竞争优势的关系Make production differentiation

9、自造 差别化道路Buy cost advantage外包 低本钱优势Holdup套牢 Conflict of interest 利益冲突 Contractual incompleteness 不完全合同 Relationship-specific investment 公用投资 Renegotiation 重新谈判Resolving Holdup如何防止被套牢avoid specific investments 防止公用投资write more detailed contracts 合同要详细详细Moral Hazard鼓励问题conflict of interest 利益冲突asymmetr

10、ic information about effort 不了解详细努力程度Resolving Moral Hazard如何处理鼓励问题incentive scheme 鼓励机制conditional payment 有条件的付款Quota 目的monitoring system 监视系统Incentive vs Risk鼓励对风险Efficient scheme balances 有效的鼓励方案会平衡:benefits of more effort 积极性的提高 costs of risk bearing 承当风险的本钱Motivating Dennis Rodman如何使美国职业篮球界的坏孩

11、子变好1996: under guaranteed contract, he played only 55 of 82 regular season contests, and got paid $2.96m for games he didnt play in.1997: a new contract of $10.5m, but only $4.5m guaranteed / $0.5m for winning NBA rebounding title / $185,000 per game after the 59th game / In the end, he played 80 of

12、 the 1997s 82 games, and got $10.1m.AT&T Incentive SchemeAT&T的总裁鼓励方案1995: AT&T awarded CEO Robert E. Allen options for 108,000 shares at $43.94 exercise price 1995年: AT&T(美国电报及公司)奖励总裁Robert E. Allen 108000股的期权Relative Performance相对绩效employment - promote the best worker 雇用提拔最正确雇员sports - gold, silver

13、, bronze 体育金银铜牌Incentive Pay for Portfolio Managers at Harvard Management Company哈佛大学资产管理公司采用相对绩效鼓励方案Case Study 案例Introduction报答远远高过基准报答Founded in 1974 to manage the endowment of Harvard UniversityAs of the end of 2000, this endowment totaled about $19 billion. Jack Meyer, the president, oversaw 185

14、 employees, of which 45 were portfolio managersIn the five (ten) year period ending in 2001, the annual return on Harvards endowment was 16.9% (16.5%) while the annual median performance of large institutional funds was 11.0% (11.9%).HMC compensation plan薪酬方案三部分：根本工资、中性奖金、浮动奖金The compensation struct

15、ure for internal managers of public securities at HMC consisted of three components:Basic salary ($200K, not-a-risk)Neutral bonus ($100K, at-risk)Incentive bonus (at-risk,based on performance, relative to the benchmark. Could be positive or negative)Neutral bonus ($100,000)管理不善，中性奖金可扣除The neutral bo

16、nus was netted against the incentive bonus for annual payment. If the incentive bonus was zero or positive, the FULL neutral bonus would be paid. If the incentive bonus was negative, the neutral bonus would be reduced accordingly, down to a minimum of zero. Incentive bonus超越基准报答一个百分点可获50万美金浮动奖金The p

17、arameters for the incentive bonus included a pre-set, upside limit (a cap of $2,000,000) and an incentive bonus rate of $500,000 (or charged to the manager) for each 1% of performance above (or below) the specified benchmark. Carryforward of incentive bonus超越上限的浮动奖金暂放在蓄水池里If the incentive pay earned

18、 in a particular year exceeded the cap, the excess was carried forward, i.e., invested in the endowment and payable at the end of the next fiscal year. The carryforward bonus and the endowment return on the carryforward were subject to a clawback for underperformance and were also subject (along wit

19、h the currently payable portion of the current years incentive) to the maximum incentive cap. Withholding on incentive bonus低于上限的浮动奖金,其中30%也放在蓄水池里Thirty percentage of any positive incentive bonus (post-carryforward) was withheld, invested in the endowment, and payable at the end of the next fiscal y

20、ear. The withheld bonus and the endowment return on the withheld bonus were subject to a clawback for underperformance but were not subject to the maximum cap. Negative incentive bonus假设报答低于基准报答，需从蓄水池及本年度中性奖金中扣除Negative incentive bonuses were netted against carryforward bonuses, endowment returns on

21、 carryforward bonuses, withheld incentive bonuses, endowment returns on withheld bonuses, and the neutral bonus in the order listed. Negative incentive bonuses in excess of these bonuses and endowment returns were not carried forward.Multiple Responsibilities I多重责任 IExamples: high-school teachers, u

22、niversity professors, Hong Kong mini bus drivers例如: 中学教师, 大学教授, 香港小巴驾驶员Multiple Responsibilities II多重责任IIstrong incentive induces more effort on that dimension but less effort on other dimensions 假设有剧烈的鼓励机制引导某一个方面责任, 那么其他责任会被忽视equal incentive principle 对等鼓励的原那么low-powered contracts 采用较弱的绩效目的OWNERSHI

23、P 一切权变化Big Macs Pay Plans麦当劳自营店经理的薪酬方案Case Study 案例1963 Plan 1963年的薪酬方案Bonus based on sales increase奖金基于销售额的添加independent of managers control不可控制的要素lack of concern for cost control对本钱控制的忽略1964-67 Plan 1964至1967年的薪酬方案Bonus based on subjective evaluations奖金基于客观评价1967 Plan1967年的薪酬方案Basic salaries tied

24、to the satisfaction of QSC standards满足QSC(产质量量,优质效力,店堂清洁)是获得根本工资的必要条件Quarterly bonus for profit contribution, which depends more on increased revenue (volume) than on cost control. 季度奖金取决于利润的添加1972 plan 1972年的薪酬方案Three ranges of fixed salary depending on the cost of living根本工资与生活本钱指数挂钩Quarterly bonu

25、ses forlabor costs (5% of base salary)food and paper costs (5% of base salary)QSC objectives (up to 10% of base salary)2.5% of sales increase (up to 10% of base salary)季度奖金基于劳工本钱、食物及纸张本钱、QSC目的及销售额的添加Questions 思索问题Whats McDonalds business strategy? 麦当劳的运营战略对自营店经理薪酬方案的影响compensation based on QSC and c

26、osts alone (“cost centers)? 自营店可否成为专注于QSC的本钱中心？compensation for training of new managers 如何提高自营店经理培训新经理或特许运营者的积极性?compensation based on sales or sales increase? 奖金是基于销售额还是销售额的添加objective performance valuations only? 难道奖金只能基于客观评价？ The Goldman Sachs IPO高盛集团初次公开募股Case Study 案例A Family Business家族业务1869:

27、 M. Goldman/commercial paper 1869年：M.Goldman/债券1880: $100K capital/$30 million turnover 1880年：10万美圆资本/3000万美圆营业额1882: teamed up with Sachs (son-in-law) 1882年：与女婿Sachs合伙1896: joined NYSE 1896年：参与纽约股票买卖所1900: $2.5 million capital 1900年：250万资本1906: handled first IPO 1906年：第一次接手公司初次公开募股业务One Bad Year &

28、30 Good Years1年差光景与30年好光阴1929: a mutual fund established in 28 fell from a height of $326 in Oct, 29 to $ 1.75 in Nov, 29. 1928年创建的互惠基金从1929年10月326美圆下跌到1929年11月的1.75美圆Sidney Weinberg Era: 1930-1969 Sidney Weinberg 时代：1930年-1969年sit on more than 30 boards, and attended 250 board meetings per year for

29、 more than 20 years 坐镇30多个董事会，延续20多年每年参与250个董事会议cultivated a first-rate client list, and landed the Ford IPO deal ($650m) in 1956 博得了一流客户，1956年协助福特胜利初次公开募股6.5亿美圆Gus Levy Era: 1969-1976 Gus Levy 时代：1969年-1976年Risk taker 爱冒风险one-hour management committee meetings reduced to 15 minutes 管理委员会会议从一小时缩短到15

30、分钟Penn Central Railways default on $87 million commercial paper/45 law suits for not disclosing the clients financial information/unlimited liability for 45 partners/settlements Penn Central Railway8700万美圆债券拖欠/高盛因不披露客户财务信息而收到45项起诉/45个合伙人负担无限责任/庭外处理John Weinberg/John Whitehead: 1976-1990management co

31、mmittee 恢复管理委员会short-term profit/long-term relations 不是思索短期利润而是长期关系reckless risk-taking (making bridge loans, buying junk bonds, and putting capital in takeovers)/cautious business development 莽担风险过桥贷款，购买渣滓债券，公司资金直接参与兼并业务/谨慎地开展业务white-knight strategy in M&A 在企业并购中扮演救难英雄的角色Partnership合伙人制度Hiring qual

32、ity people/internal promotion not lateral hires/low turnovers/first 10 years of 14-18 hours with salaries lower than rival public firms for the elusive prize of a partnership (8-figure compensation)/partner selection every two years/partner compensation based on seniority not performance/teamwork an

33、d loyalty 聘用高素质的员工/高管人员主要来自公司员工的内部提拔/低人员流动率/开场10年每天任务14-18小时而工资却低于同行程度，为的是成为合伙人后难以置信的薪酬/每两年挑选一次合伙人/合伙人的薪金基于资历而非业绩/强调团队精神和对公司的忠实度Friedman and Rubin Era: 1990-1994Not competitive compensation/exodus of talented people/lateral hiring/grading partners/emotional toll/performance pay 93/360 degree review/

34、no risk no return and hence principal transaction (Rubins idea)/$886 m profit in 90, $1b in 91, and $1.46b by 11/92 薪水不具有竞争力/高素质员工大量流失/开场从外部招募高管人员/对合伙人进展评价/士气低弱/1993年全面运用绩效工资/360度的评价/没有风险没有报答，公司进展直接投资/1990年8.86亿美圆利润，1991年10亿美圆，1992年前11个月14.6亿美圆Substantial losses in 19941994年巨额亏损departure of 30% of t

35、he partnership by 11/94/Goldmans assets dropped from $115b end of 93 to $95b end of 94 截止1994年11月，30%的合伙人分开公司，带走了大量资金/ 高盛集团资产从1993年底的1150亿美圆跌至1994年底的950亿美圆“You cant run a multinational global business on partnership capital. “不能仅依托合伙人资金来运营一个全球化的业务Corzine on Partnership Corzine对合伙人制的看法An economic sys

36、tem in which 1.5-1.75% of the people capture a high percentage of the upside in good times and adjust the other 98.5% of the participants compensation and jobs on the downside is selfish. 1.5-1.75% 的人在年景好时占有大部分盈利，效益差时那么对其他98.5%的员工减薪或解雇，这种制度太无私The number of partners increased from 120 in 90 to 180 in

37、 95/the average share per partner decreased significantly. 合伙人数目从1990年的120人增长到1995年的180人/ 每个合伙人的平均股权份额大幅下跌Mary Kay Cosmetics:Sales Force Incentives美琳凯传销团队的鼓励机制Case Study 案例An Overviewset up in 1963 with a unique concept /listed, and then management buyout ($315m) by Mary Kay and her son in 12/85 /he

38、adquartered and manufactured in Dallas, plus 5 regional distribution centers (1,436 employees) /175,000 independent salespersons in U.S. in 88 /$406m sales in 881988年公司员工仅1,436人，而独立销售人员传销人员高达175,000人；销售额为4.06亿美圆Sales Force Incentives独立销售人员的鼓励机制Entry-level: difference between retail and wholesale pri

39、ces /a 4-12% commission on the sales of personal recruits/sales director: 9-13% on the entire unit, extra bonuses for total sales and recruits/senior directors: 4% on offsprings and 5% for more than 8 offsprings/national directors: 5-8% and 2% on first-line and second-line offsprings, respectively 层

40、层剥削Car Programs 汽车奖励方案Pink Cadillac (69) and Pink Buick (lower standards) for directors/VIP for non-directors/1,000 Cadillacs, 1,000 Buicks, and 3,000 leased cars for VIP program (89)Questions 思索问题Multiple responsibilities (sales and recruiting) 多重责任销售及招募独立销售人员difference between Mary Kays incentive

41、system from Goldman Sachs partnership 美琳凯鼓励机制与高盛合伙人制度的差别why car programs 为何引入汽车鼓励方案The debate Over Unbundling General Motors:关于分拆通用汽车的讨论The Delphi Divesture and Other Possible Transactions剥离Dephi及其他运作Case Study 案例Undervalued GMGM股票被低估90 years of vertical integration: GM (70%), Ford (50%), and Chrysl

42、er (30%) 长达90年的垂直一体化：GM(70%), Ford (50%), Chrysler (30%) The difference between benchmark investment strategy and actual value created is equal to $89 billion between 12/31/89 and 12/31/98 1989年12月31日到1998年12月31日之间，实践发明的价值比投资基准少890亿美圆。A Breakup of GMGM的分拆1996: GM decided to spin off its shares in Electronic Data Systems (a computer business