整理自Porter 的文章.ppt

1、,Michael E. Porter Harvard Business Review, 1987,From Competitive Advantage To Corporate Strategy,授課教師： 朱文儀,Corporate Strategy: Darling or Stepchild?,Study on the diversification strategy of 33 leading U.S. firms, 1950-1986. Each firm on average entered 80 new industries: 70% are by acquisitions, 22

2、% start-up, 8% joint ventures.,Corporate Strategy: Darling or Stepchild?,Are they successful? - divestment rate: divest more than 60% (unrelated 74%!) - 6 firms been taken over before study completed Benefit Who? Only the lawyers, investment banks, and original sellers, not the shareholders.,Three P

3、remises of Corporate Strategy,Any successful corporate strategy builds on a number of premises. These are facts of life about diversification:,Competition occurs at the business unit level. Diversification inevitably adds costs and constrains to business units. Shareholders can readily diversify the

4、mselves.,Three Essential Tests,The Attractiveness Test,The Cost-Of-Entry Test,The Better-Off Tests,Porters Five Forces Model,SUPPLIERS,POTENTIAL ENTRANTS,SUBSTITUTES,BUYERS,INDUSTRY COMPETITORS,Rivalry among existing firms,Bargaining power of suppliers,Bargaining power of buyers,Threat of new entran

5、ts,Threat of substitutes,Passing The Essential Tests,The attractiveness test Industry which has attractive structure is profitable. Company must be able to restructure the industry, make it more attractive. The cost-of-entry test More attractive, more expensive it is to get into. Company must be sur

6、e the cost of entry not to capitalize all the future profits. The better-off test The corporation and new business gain mutually. Company should be let either the new unit gain CA from its links with the corporation or vice versa.,Four Concepts of Corporate Strategy,1. Portfolio Management,2. Restru

7、cturing,3. Transferring Skills,4. Sharing Activities,HIGH,Portfolio Planning Models: BCG Growth-Share Matrix,LOW,LOW,Annual real rate of market growth (%),Relative market share,Earnings: high stable Cash flow: high stable Strategy: milk,Earnings: low, unstable Cash flow: neutral or negative Strategy

8、: divest,Earnings: high stable, growing Cash flow: neutral Strategy: invest for growth,Earnings: low, unstable, growing Cash flow: negative Strategy: analyze to determine whether business can be grown into a star, or will degenerate into a dog,HIGH,？,Portfolio Planning Models: The GE/ McKinsey Matri

9、x,Business unit position Industry Attractiveness Criteria Business Unit Position - Market size - Market share (domestic, - Market growth global, and relative) - Industry profitability - Competitive position - Inflation recovery - Relative profitability - Overseas sales ratio,HARVEST,HOLD,BUILD,Low,M

10、edium,High,Low,Medium,High,Industry Attractiveness,Four Concepts of Corporate Strategy,Portfolio Management,Restructuring,Transferring Skills,Sharing Activities,Corporate Restructuring to Create Value: The McKinsey Pentagon,Current market value,Maximum raider opportunity,Current perceptions gap,Comp

11、any value as is,Optimal restructured value,Strategic & operating opportunities,Potential value with internal improvements,Disposal/ acquisition opportunities,Total company opportunities,1,2,5,RESTRUCTURING FRAMEWORK,3,4,Potential value with external improvements,Current Trend of Restructuring,From V

12、enture Capital to Private Equity 1997-2001, VCs golden ages Economist, Nov 25 2004, The New Kings of Capitalism From commercial banking to VC&PE From investment banking to VC&PE,Venture Capital & Private Equity的三大業務,30%：Traditional VC early stage, high-tech oriented 50%：Buyout, including: M&A, MBO,

13、turn around, restructuring, etc. Mid-to-later stage, traditional-industry oriented 20%：Special situation investment (Alternative investment) distress assets, real estate, privatization, etc.,Four Concepts of Corporate Strategy,Portfolio Management,Restructuring,Transferring Skills,Sharing Activities

14、,Transfer Skills & Sharing Activities,Skills of SBU 1,Skills of SBU 2,transfer,Activities of SBU 1,Activities of SBU 2,An Action Program,1. Identifying the interrelationships among already existing business units. 2. Selecting the core businesses that will be the foundation of the corporate strategy

15、. 3. Creating horizontal organizational mechanism to facilitate interrelationships among the core businesses and lay the groundwork for future related diversification. 4. Pursuing diversification opportunities that allow shared activities.,An Action Program,5. Pursuing diversification through the transfer of skills if opportunities for sharing activities are limited o