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1、产业组织理论Theory of Industrial Organization Lecture 3 The Firm and its Costs OutlineDefinition of a firmObjectives (goal) of a firmStructures of a firmTheory of a firmCosts of a firmDefinition of a firmThe firm is an organization that produce goods by utilizing input factors in order to gain profits.The
2、 firm is a collection of contractual relation, in which the interests of different stakeholders have to be coordinatedThe firm is a kind of commodity that could be capitalized in a capital marketDefinition of a firmThe firm is any unit where people produce a good or service. The enterprise may consi
3、st of one local plant (a factory, office, or even a restaurant) or more, or of many hundreds of such plants located in different places. The firm has its own independent life, form, and powers of decisionDefinition of a firm A firm is embedded in a system of market processes, supply and customer rel
4、ationships, and financial supervision.The firm extends its boundaries to include activities that it can do more efficiently by internal controls than by external market transactionsIf internal controls were always superior, each firm would try to expand to replace all market activitiesDefinition of
5、firmThe firm can be regarded as a series of contracts between a number of parties including the workers, the managers, and the suppliers of capitalSome of these contracts are explicit, an example is the contract between firm and workers. Other contracts are implicit, reflecting managers and workers
6、understandings about the conditions of workContracts vary widely across different types of firms. The theory of the firm examines the reasons for different types of contracts and impacts of contracts on operation of the firmThe basic economic elements of a firmDefinition of a firmThe two activities
7、are controlled mainly by the firms top managers. decide policy, and they not order lower-level employees to carry out their decisionssupervise the employees work. If the firm is a corporation, its board of directors is legally responsible for its activities. The board may have a broad influence, but
8、 the top managers usually dominateDefinition of a firmProduction is a flow concept, a process through time. Its outcome is summarized in the firms yearly income statement of revenues, costs, and profitsThere are many inputs at certain prices and outputs at certain prices. The income statement embodi
9、es the following basic equation for profit (or net income):Profit = total revenue - total costDefinition of a firmOwnership is a stock concept involving control of the firm at each point. The financial values appear in the firms balance sheet of assets and liabilitiesThe firms capital assets embody
10、its tangible production core: physical capital(land, buildings, equipment), inventories, and working capitalThe firm also exists in the human capital of its workers and in the ongoing organization of the whole businessDefinition of a firmCapital is the tangible form in which, by legal tradition, pri
11、vate ownership of the firm exists, bears risk, and draws profit.Profits are earned for, and transferred to, the owners, from the income statement to the balance sheet.The owners of a firm are the stockholders; the board of directors supervises the firm solely in their interests.Definition of a firmP
12、rofitability is a rate of return on the owners capital, as follows:For any given level of capital, stockholders want the rate of return to be maximized. In the long run, the level and pattern of investment are to be optimized, which will maximize the present value of the firmDefinition of a firmProf
13、its and stock price are the two main success indicators of the corporate firmThe firm is a complex and changing set of activities going on within a corporate shell which itself can be changed by the companys officialsThe managers evolve certain forms,techniques, and rules for their firm from among t
14、he many possible onesDefinition of a firmThe basic functions in all firms are similar, but in larger firms, they are more specialized and complex. This is the basic dilemma: Specializing permits a gain in the efficiency of doing the specific task, but that requires a separation of activities among p
15、eople. That separation makes it more difficult for upper managers to coordinate production and to get accurate information about what is happening. High pecialization breeds bureaucracy.企业的概念企业是从事生产、流通、服务等经济活动,以生产或服务满足社会需要,实行自主经营、独立核算、依法设立、具有经济法人资格的一种营利性的经济组织国有企业、民营企业、外资企业中小企业、高科技企业、家族企业生产制造型企业、服务型企
16、业企业的概念这种企业组织中,投资者为了共同的目的,将各自的财产结合在一起。所以,企业是资本的联合而形成的经济组织,具有广泛的筹集资金的能力,这种功能是适合社会生产力发展需要的企业形态脱离了个人色彩,是永续存在的组织形式。企业是资本的永久性联合,企业投资者的股权可以转让,投资者可以流动,但企业仍然可以作为一个独立的实体而存在,正常地从事经营活动。企业的存在并不取决于其投资者是谁,只要不破产,就永续存在企业的概念国有企业是指资本全部或主要由国家投入并为国有企业所有,依法设立从事生产经营活动的组织。广义上,包括国家投资兴建的股份制企业、国有独资企业以及一些适用企业法)并由国家投资的企业形式民营企业是
17、指建立在法人基础上以民营法人投资为主体的企业。一种观点认为民营企业就是私人企业,民营化就是私有化。事实上,民营企业只是与国有独资企业相对,应包含公有性质和社会所有性质的各种类型企业,私营企业只是民营企业的一种形态企业的概念在传统的微观经济学理论中,把企业的生产过程看成一个“黑匣子”,即企业被抽象成一个由投入到产出的追求利润最大化的“黑匣子”根据这种理论,企业是生产函数的实现者和载体,企业代表为了实现利润最大化所采用的投入与产出之间的技术关系生产函数的观点是将企业看作“黑箱”,关注企业与外部市场的关系企业的概念美国经济学家科斯从“企业为什么会存在”这一问题入手,探讨企业的本质企业作为生产的一种组
18、织形式,在一定程度上是对市场的一种替代。可以设想两种极端的情况。每一种生产都由一个单独的个人来完成,在这种情况下,所有的交易都通过市场在很多的个人之间进行经济中所有的生产都在一个庞大的企业内部进行,在这种情况下,不需要通过市场进行任何的中间产品的交易企业的概念同一笔交易,既可以通过市场的组织形式来进行,也可以通过企业的组织形式来进行企业之所以存在,或者说,企业和市场之所以同时并存,是因为有的交易在企业内部进行成本更小,而有的交易在市场进行成本更小。稀缺资源配置的二种方式市场企业企业的概念市场配置资源的优势:有利于实现规模经济并降低成本市场竞争,价格机制促进资源配置效率的提高为企业提供了多种选择
19、市场配置资源的代价:产生较高的交易成本交易成本包括企业建立合适的市场关系、签订合同及监督合同执行等方面的费用。企业的概念企业配置资源的优势可以消除或降低交易成本,还可以更好地保证产品的质量有利于解决专门化设备的问题有利于保护知识产权,维持垄断优势企业配置资源的代价随着规模的扩大,内部管理复杂性增强,管理成本不断提高职能化的等级组织结构导致决策滞后于环境变化企业的概念成本市场企业内部管理成本曲线市场交易成本曲线资源的配置方式企业的概念市场交易成本的决定因素市场体系的发育程度:信息的不完全性、市场不确定性、市场竞争的规范化程度、市场的流动性市场垄断程度:自然垄断、行政性垄断、纵向市场结构交易对象的
20、行业特点、交易的地域范围政府对市场交易的干预方式和程度技术进步对市场交易的影响企业的概念企业内部管理成本的决定因素企业的规模、经营地域范围与多元化经营程度企业的组织结构与管理文化企业管理人员的素质企业的战略目标、战略地位与所处竞争环境企业的自主创新能力企业的概念企业是契约关系的集合,是契约关系的联结点企业内部存在着各种契约关系企业与劳动者的契约关系企业与管理者的契约关系企业与股东的契约关系企业外部也存在这各种契约关系供货商、各种类型的中间商、客户政府、债权人,等等企业的概念企业是一种有价值的商品对企业这种商品进行交易的市场是资本市场经营企业就是经营企业的价值企业的所有者唯一关心的是企业的价值企
21、业最高管理层最关心的是企业的价值企业管理的最终目的是不断创造价值和实现价值企业的分类中国现行的企业法(2005),企业的主要形式为有限责任企业和股份有限企业从西方企业理论看,根据不同条件和标准,企业可以有多种分类,其主要形式为有:限责任企业(limited company)个人无限责任企业合伙无限责任企业(proprietary company)公开上市的股份有限企业等 (public company)企业价值的概念企业价值是其在未来各个时期所创造和实现的现金净流量的折现值之和用公式表示:V = 企业价值Ct = 现金流量N = 企业的预期寿命WACC = 加权平均的资本成本企业价值的概念现金
22、流量指企业在一定时期,通过经济活动(包括经营活动、投资活动、筹资活动和非经常性项目)而产生的现金流入、现金流出及其总量情况的总称。即:企业一定时期的现金和现金等价物的流入和流出的数量现金流量管理是现代企业理财活动的一项重要职能,建立完善的现金流量管理体系,是确保企业的生存与发展、提高企业市场竞争力的重要保障企业价值的概念现金流量企业现金流量管理中的现金,不是通常所理解的手持现金,而是指企业的库存现金和银行存款,还包括现金等价物,即企业持有部分投资等,可以随时用于支付的银行存款和其他货币资金一项投资被确认为现金等价物必须同时具备四个条件:期限短、流动性强、易于转换为已知金额现金、价值改动风险小企
23、业的现金流动通常被比喻为人体的血液流动,现金在企业的“动脉”中不断循环,输送各种经营活动所需营养,如果流量中断或严重减少,后果将不堪设想应付账款应收账款成品在制品原材料现金人工费用短期贷款工具利润折旧企业价值的概念现金流量在现金流量表中,将现金流量分为三大类:经营活动现金流量、投资活动现金流量和筹资活动现金流量。 经营活动是指直接进行产品生产、商品销售或劳务提供的活动,它们是企业取得净收益的主要交易和事项投资活动,是指长期资产的购建和不包括现金等价物范围内的投资及其处置活动筹资活动,是指导致企业资本及债务规模和构成发生变化的活动企业价值的概念企业的预期寿命企业的预期寿命越长,企业的价值通常越大
24、企业预期寿命的长短取决于多种因素:技术进步和产品更新换代的速度企业的核心竞争力、管理水平和治理机制经营环境因素:政府政策、宏观经济企业生命曲线1:标准企业的生命曲线123456规模时间初创期生存期盈利期成长期成熟期衰退期企业生命曲线2:循环发展生命曲线规模时间企业生命曲线3:小步调整生命曲线规模时间企业价值的概念加权平均的资本成本WACC(Weighted Average Cost of Capital)企业的资金通常有多种来源:银行贷款、债券融资、股市融资、自有资金,等等不同资金来源,或融资渠道,具有不同的融资成本加权平均的资本成本是企业各种类型融资成本的综合反映2,287227202216
25、2322493,729净现值20082009201020112012以10%折现第1年用加权平均资本成本将未来各期的现金流量折算为净现值以10%折现第2年以10%折现第3年以10%折现第4年以10%折现第5年以10%折现第6年计算后续价值绩效预测历史绩效分析根据加权平均资本成本折现企业价值评估(折现现金流量):Objectives of a firmThe private firms main purpose is to create profit. It does this by feeding inputs into a production process and then sellin
26、g the outputsIf the sales revenues exceed what the firm pays for inputs, there is profit.Profit is a key measure of success. Profit is a vector of the firms two main activities:(1) producing outputs from inputs and then selling them, and (2) owning and managing the assets of the firm企业经营的目标企业作为一个经营主
27、体,必须确定一个明确的管理目标,依此来制定金融决策和判断金融决策是否有效。企业管理的一个核心问题,就是最终为谁获取收益,以及获得怎样的收益企业经营的主要目标有:利润最大化目标股东财富最大化目标企业价值最大化目标利润最大化目标利润最大化是指企业在预定的时间内实现最大的利润,即企业按其边际收益与边际成本相等时的产品产量开展生产经营活动所实现的利润要求企业通过合理配置资源,增加产量、降低成本,最大限度地提高效率利润最大化目标的缺陷:利润最大化的概念模糊不清;利润最大化的目标没有考虑时间因素,容易导致企业行为的短期化;忽视了对风险因素的分析;偏重反映企业管理者的目标股东财富最大化目标在股份经济条件下,
28、股东财富包括股利收入和资本利得,由其所拥有的股票数量和股票市场价格两方面来决定股东财富最大化表述为股东价值最大化,也称股东权益价值最大化股东财富最大化目标的缺陷主要体现在:未考虑其他利益相关主体的利益;只适用于上市企业,对非上市企业很难适用;股票价格受多种因素的影响,并不能准确反映企业的经营业绩企业价值最大化目标企业价值最大化目标把企业长期稳定发展放在首位,强调在企业价值增长中应满足各相关利益集团的要求,最大限度地兼顾这些利益集团的利益合理性主要表现在:考虑了货币时间的价值;有利于克服企业管理人员的短期行为;充分考虑了风险与报酬之间的联系主要缺陷:对企业股东的利益重视不够;不能处理好积累与分配
29、的关系;企业管理层的服务对象不明确;增加了管理难度企业价值与企业管理企业在未来各时期创造的现金流量的折现值之和V:企业价值Ct:时期 t 的净现金流入量N:企业的预期寿命长度WACC:加权平均资本成本资产负债表与企业价值短期资产长期资产短期负债长期负债股本收益资产负债投资融资分配资产负债表与企业价值短期资产长期资产短期负债长期负债股本收益资产负债投资融资分配投资 C融资 WACC分配N损益表与企业价值销售收入 顾客销售成本工资 工人原材料 供应商广告、促销费 中间商管理费用管理人员利息 债权人税 政府利润 股东公司的利益集团企业经营中的委托代理问题在现代企业制度下,企业实行所有权与经营权分离。
30、在通常情况下,特别是在有相当规模的企业中,投资者入股仅仅是为了投资的收益,而不是为了自己去经营。为了企业的发展,他们委托专业的经营者负责经营企业中的基本关系是投资者出资,通常自己不直接参与经营,但是对企业的重大事项采用会议形式行使决定权;经营者受投资者的委托,对投资者负责,独立地管理运用由投资者集合起来的财产,得到的利益在投资者之间按出资比例分配企业经营中的委托代理问题企业投资者承担有限责任,即仅以其出资额为限,承担间接、有限的责任企业一旦出现了债务或亏损,由企业对债权人负责,投资者不直接对债权人负责,所受到的损失仅限于作为投资的部分,最多是丧失全部投资这就为投资者分散了投资风险,使投资者在投
31、资中不致影响投资外的个人财产,所以这种责任形式具有吸引力,增加其投资的积极性中国国有企业改革中的委托代理问题党委领导下的厂长负责制厂长负责制、承包制、资产负责责任制两权分离的改革建立现代企业制度,股份制改革委托代理问题与期权中小型企业的改革、民营企业的股份化发展企业治理及其相关理论企业治理(Corporate Governance),又称法人治理结构,是指以企业的不同利益相关者之间的关系为基础而进行的管理和控制过程经济合作与发展组织(Organisation for Economic Co-operation and Development)在企业治理结构原则中给出了一个有代表性的定义:“企业
32、治理结构是一种据以对工商企业进行管理和控制的体系”。企业治理及其相关理论企业治理结构明确规定了股东、董事会、经理层等企业的利益相关者的责任和权利企业治理研究的基本问题,是如何使管理者在利用股东提供的资本开展经营管理活动的同时,承担起对股东的责任利用企业治理的结构和机制,明确不同企业利益相关者的权力、责任和影响,建立委托代理人之间激励兼容的制度安排,最大限度地为股东创造价值。企业治理及其相关理论企业治理的概念有狭义和广义之分狭义上,企业治理主要是指企业的股东,董事及经理层之间的关系,即股东对经营管理者的一种监督与制衡机制,主要涉及企业董事会的功能与结构、股东的权力等方面的制度安排广义上,企业治理
33、还包括企业与员工、客户、供应商、债权人、社会公众等其他利益相关者之间的关系,以及企业控制权和剩余索取权分配的一整套法律、文化和制度性安排企业治理及其相关理论股东利益至上的单边治理理论认为企业是股东的企业,股东拥有企业的全部所有权,企业的目的是股东利益最大化基本内容包括:股东所有权论,即作为企业所有者的股东才享有企业权力,股东大会是最高权力机关;信托关系论,即董事会与股东大会之间被认为是一种信托关系,董事会负责托管股东的财产并对企业高级管理人员的行为进行监督,以维护股东的利益;委托代理关系论,即董事会与高层管理层之间被认为是一种委托代理关系,董事会负责聘任或者解聘高级管理人员,高级管理人员作为董
34、事会的代理人从事经营活动并受董事会的监督企业治理及其相关理论利益相关者理论利益相关者广义上指与企业产生利益关系的自然人或者法人机构,包括股东、债权人、员工、顾客、供应商、零售商、社区及政府等个人和团体该理论认为,企业各种利益相关者利益的共同最大化才应当是现代企业的经营目标,才能充分体现企业作为一个经济组织存在的价值企业是一个责任主体,还必须承担社会的责任企业治理及其相关理论委托代理理论该理论倡导所有权和经营权分离,企业所有者保留剩余索取权,而将经营权利让渡委托代理关系起源于“专业化”的存在,代理人由于相对优势而代表委托人行动,行使某些决策权,代理关系随之产生由于委托人与代理人的效用函数不一样,
35、必然导致两者的利益冲突。在没有有效的制度安排下,代理人的行为很可能最终损害委托人的利益Structure of a firmAny sizable firm has to divide the activities among tens, hundreds, or thousands of employees. There are two basic ways to delegate the authority over these activities:Functional structureDivisional lines structureIn a functional division
36、. Each subunit is specialized to its task and is the only part of the firm that does it.In a divisional form, each division combines many functions and operates in parallel with the othersA functional structure of a firmA three branch decentralized divisonal firmOther types of firmPublic enterprises
37、 are found in all sizes at the national, state, and local levels. They provide schools and libraries, parks, electricity, ports, courts, health care, cemetaries, and much else.Not-for-profit enterprises also include a great variety of firms owned by charitable groups that often have some special soc
38、ial purpose. Examples are many charitable hospitals, private schools, and private colleges (Harvard, Yale, and hundreds of others), the Red Cross system, city cultural centers, and thousands of day-care centers. Other types of firmCooperatives are enterprises owned by their customers or suppliersFar
39、mers sell their rops, livestock, and milk through farm cooperatives, and they buy much of their supplies from them too. In the retail sector, cooperative stores are common near or on many campuses In all cases,the cooperative enterprise tries to cover its costs with sales revenue, and it channels it
40、s profits back to its owners (customers or suppliers)The Theory of the FirmThe firm, unlike the consumer, is not an individual decision maker. The theory of the firm tries to answer the following questions:What factors determine whether production takes place within or outside of a firm?Why are some
41、 activities coordinated by the price signals of the market and others by the managers of firms? A Firms BoundariesAs early as 1937, Ronald Coase recognized that the firm and the market were alternative ways of organizing productionOne possible way to produce a computer is to have a firm perform only
42、 one stage of production, such as assembly. Such a firm would buy all the necessary parts from independent suppliers, assemble the computer, and then turn the completed product over to another firm for marketing.At the other extreme, production of all parts, assembly, and marketing could be done wit
43、hin one large firm. How does the firm decide when it will produce a necessary input internally and when it will rely on the marketplace?A Firms BoundariesCoase argued that a firm would expand until the costs of undertaking a transaction internally were just equal to the costs of using the market to
44、handle that transactionThe costs of using the market to conduct business are called transaction costs Williamson has built upon Coases point, writing extensively on the importance of transaction costs and the types of organizational structures that have been developed to minimize transaction costsAd
45、vantages of the MarketWilliamson points out three production cost advantages of using the marketBy aggregating the demands of many small firms for a input, a single producer of that input can realize economies of scale and produce at a lower average costMarkets may aggregate related demands, allowin
46、g realization of economies of scope not available to a single firmA third production cost advantage associated with the market is reduction of risk. If there are uncertainties in demand for a single firms product, a market can reduce risk by pooling demands over many firmsAdvantages of the MarketUsi
47、ng the market also enables a firm to take advantage of competitive pressures to control its costsA competitive market allocates resources efficiently and results in production at the lowest possible costAssuming there are a number of potential suppliers, a firm can search for the lowest-cost produce
48、r by purchasing rather than making an inputAdvantages of the FirmThere are also costs of using the market, and that in certain circumstances, these costs are high enough to outweigh the production cost advantages of marketsIf transaction costs are high, firms are likely to turn to internal productio
49、nTransaction costs arise from activities such as searching for a supplier, negotiating with the supplier about contract terms, arranging for delivery, and monitoring the quality of the inputAdvantages of the FirmTwo assumptions are important in transaction cost economicsThe first is bounded rational
50、ity , which recognizes that limits on knowledge, foresight, skill, and time constrain individuals ability to solve complex problemsBecause of bounded rationality, a firm cannot write a contract ahead of time that covers all contingencies. That is, in the terminology of the theory of the firm, bounde
51、d rationality implies that contracts are of necessity incompleteAdvantages of the FirmThe second assumption of transaction cost economics: the presence of opportunismOpportunism builds upon the usual behavioral assumption that individuals act to maximize their utility. Opportunism postulates in addi
52、tion that economic agents will try to mislead, disguise, and confuse others if it is to their advantage to do so and if they think such activities cannot be detected easilyBecause of opportunism, economic agents are not completely trustworthyOther considerationsFREQUENCY: The more frequent a firms n
53、eed for an input, the more the firm can save on transaction costs by internal productionUNCERTAINTY: The higher the degree of uncertainty, the higher are the transaction costs. A firm can adapt to changing circumstances at lower cost than can the marketASSET SPECIFICITY. Asset specificity refers to
54、the degree to which some assets are of value primarily to one firm. Assets can be specific as a result of geographic location, physical characteristics, or specialized human capital. the higher the degree of asset specificity, the more likely it is that an activity will be performed internallyMotiva
55、tion: Ownnership and controlIn the millions of small businesses, ownership and control are combined in one person who makes the decisions and also benefits from whatever financial success the firm achievesAs size increases, ownership tends to become divorced from control. The stocks are bought and s
56、old among many investors, while the managers become a more specialized group who draw salaries and may own little of their companys stock.Motivation: Ownnership and controlThe board of directors still supervises the executives and has to approve all major decisions, but the board and the executives
57、are often largely independent of stock-holder control and can select their own members and set their own guidelines.Top executives have dominated many boards of directors, holding the key positions, selecting the other members, and controlling the discussions. Single owners or large financial instit
58、utions (banks,insurance firms) may hold even 10 percent of the stock in some of these companies, but control is still firmly in the hands of the managersMotivation: Managers goalsManagers are not ciphers who make mechanical decisions that maximize profits. Their own personal motivations may influenc
59、e corporate outcomes, and so these motives need to be examinedMost managers are rewarded for good performance by extra pay, bonuses, and promotions. Their performance is rated by various criteria, such as personal efficiency, growth, or profits of their unit or specific actions.The criteria are usua
60、lly designed to fitthe policy goals laid down by the top managersMotivation: Managers goalsAgency Theory. The practical difficulties of judging top managements performance have given rise in recent years to theories about the principal-agent problemThe basis of agency theory is the fact that manager
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