讲义四织架构与公司战略定位课件

单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,讲义四织架构与公司战略定位,*,讲义四织架构与公司战略定位,2024/8/10,讲义四织架构与公司战略定位,讲义四织架构与公司战略定位2023/8/3讲义四织架构与公司,1,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.,在激烈竞争的市场中，企业如何获得并保持高于竞争对手的盈利,管理经济学,讲义四织架构与公司战略定位,2,The field of business strategy,Source:Compustat,Value Line,Marakon Associates Analysis,Average Economic Profits of U.S.Industry Groups,1978-1996,1978至1996年美国各行业平均经济利润率,Value Line Industry Groups,管理经济学,讲义四织架构与公司战略定位,3,Source:Compustat,Value Line,The“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,管理经济学,讲义四织架构与公司战略定位,4,The“Five Forces”Framework fo,Source:Compustat,Value Line,Marakon Associates Analysis,ROE-Ke Spread,(30%),(20%),(10%),0%,10%,20%,30%,40%,$0,$1,$2,$3,$4,$5,$6,$7,$8,$9,$10,$11,$12,$13,$14,$15,Great Northern Iron,Worthington Inds,Nucor,Steel Technologies,Oregon Mills,Commercial Metals,Carpenter,Birmingham,British Steel PLC,Cleveland-Cliffs,Quanex,Lukens,ACME Metals,Ampco,USX-US Steel,Inland Steel,Armco,WHX,Bethlehem,Average Invested Equity($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,管理经济学,讲义四织架构与公司战略定位,5,Source:Compustat,Value Line,Source:Compustat,Value Line,Marakon Associates Analysis,ROE-Ke Spread,(80%),(60%),(40%),(20%),0%,20%,40%,60%,$0,$5,$10,$15,$20,$25,$30,SmithKline,Glaxo,American,Home,Products,Amgen,Merck,Schering Plough,Watson,Bristol,Myers,Rhone-Poulenc,Mylan Labs,Warner Lambert,Eli Lilly,Pfizer,Perrigo,Pharmacia&Upjohn,Forest Labs,Alza,ICN,Scherer,Ivax,Genetech,Biogen,Roberts,Genzyme,Dura,Chiron,Cephalon,Gensia,Cygnus,Immunex,Average Invested Equity($B),Average Economic Profits of Individual Firms in the Drug Industry,1978-1996,1978至1996年美国制药行业中各企业的平均利润率,管理经济学,讲义四织架构与公司战略定位,6,Source:Compustat,Value Line,Competitive Advantages竞争优势,Competitive Advantage,竞争优势,Lower Cost,低成本,Differentiation,差异化,管理经济学,讲义四织架构与公司战略定位,7,Competitive Advantages竞争优势Com,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,customers,and even competitors.,有效地组织生产，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,管理经济学,讲义四织架构与公司战略定位,8,How to achieve competitive adv,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,管理经济学,讲义四织架构与公司战略定位,9,Three examples三个例子Airbus v.B,Two approaches for organizing production activities两种组织生产的方式,the organizational approach and the contractual approach,自造及外包,What are the tradeoffs between the organizational approach compared with the contractual approach?,两种方法的比较,管理经济学,讲义四织架构与公司战略定位,10,Two approaches for organizing,Holdup,套牢,vertical,Integration,纵向整合,external,Contractor,外部合同加工者,moral hazard,internal monopoly,lack of scale economies,激励问题,内部垄断,缺乏规模经济,Make or buy?自造还是外包?,管理经济学,讲义四织架构与公司战略定位,11,Holdupverticalexternalmoral ha,Organizations and business strategies,组织形式和竞争优势的关系,Make production differentiation,自造 差异化道路,Buy cost advantage,外包 低成本优势,管理经济学,讲义四织架构与公司战略定位,12,Organizations and business str,Holdup套牢,Conflict of interest,利益冲突,Contractual incompleteness,不完全合同,Relationship-specific investment,专用投资,Renegotiation,重新谈判,管理经济学,讲义四织架构与公司战略定位,13,Holdup套牢管理经济学讲义四织架构与公司战略定位13,Resolving Holdup如何避免被套牢,avoid specific investments,避免专用投资,write more detailed contracts,合同要具体详细,管理经济学,讲义四织架构与公司战略定位,14,Resolving Holdup如何避免被套牢avoid,Moral Hazard激励问题,conflict of interest,利益冲突,asymmetric information about effort,不了解具体努力程度,管理经济学,讲义四织架构与公司战略定位,15,Moral Hazard激励问题conflict of i,Resolving Moral Hazard如何解决激励问题,incentive scheme,激励机制,conditional payment,有条件的付款,Quota,指标,monitoring system,监督系统,管理经济学,讲义四织架构与公司战略定位,16,Resolving Moral Hazard如何解决激励问,Incentive vs Risk激励对风险,Efficient scheme balances,有效的激励计划会平衡:,benefits of more effort,积极性的提高,costs of risk bearing,承担风险的成本,管理经济学,讲义四织架构与公司战略定位,17,Incentive vs Risk激励对风险Efficie,Motivating Dennis Rodman如何使美国职业篮球界的坏孩子变好,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 59,th,game/In the end,he played 80 of the 1997s 82 games,and got$10.1m.,管理经济学,讲义四织架构与公司战略定位,18,Motivating Dennis Rodman如何使美国,AT&T Incentive SchemeAT&T的总裁激励计划,1995:AT&T awarded CEO Robert E.Allen options for 108,000 shares at$43.94 exercise price,1995年:AT&T(美国电报及电话公司)奖励总裁Robert E.Allen 108000股的期权,管理经济学,讲义四织架构与公司战略定位,19,AT&T Incentive SchemeAT&T的总裁激,Relative Performance相对绩效,employment-promote the best worker,雇用提拔最佳雇员,sports-gold,silver,bronze,体育金银铜牌,管理经济学,讲义四织架构与公司战略定位,20,Relative Performance相对绩效emplo,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激励计划,Case Study 案例,管理经济学,讲义四织架构与公司战略定位,21,Incentive Pay for Portfolio Ma,Introduction回报远远高过基准回报,Founded in 1974 to manage the endowment of Harvard University,As of the end of 2000,this endowment totaled about$19 billion.Jack Meyer,the president,oversaw 185 employees,of which 45 were portfolio managers,In 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%).,管理经济学,讲义四织架构与公司战略定位,22,Introduction回报远远高过基准回报Founded,HMC compensation plan,薪酬计划三部分：基本工资、中性奖金、浮动奖金,The compensation structure 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),管理经济学,讲义四织架构与公司战略定位,23,HMC compensation plan薪酬计划三部分：,Neutral bonus($100,000)管理不善，中性奖金可扣除,The neutral bonus 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.,管理经济学,讲义四织架构与公司战略定位,24,Neutral bonus($100,000)管理不善，,Incentive bonus超过基准回报一个百分点可获50万美金浮动奖金,The parameters 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.,管理经济学,讲义四织架构与公司战略定位,25,Incentive bonus超过基准回报一个百分点可获5,Carryforward of incentive bonus超过上限的浮动奖金暂放在蓄水池里,If the incentive pay earned 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 with the currently payable portion of the current years incentive)to the maximum incentive cap.,管理经济学,讲义四织架构与公司战略定位,26,Carryforward of incentive bonu,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 year.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.,管理经济学,讲义四织架构与公司战略定位,27,Withholding on incentive bonus,Negative incentive bonus若回报低于基准回报，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 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.,管理经济学,讲义四织架构与公司战略定位,28,Negative incentive bonus若回报低于,Multiple Responsibilities I多重责任 I,Examples:,high-school teachers,university professors,Hong Kong mini bus drivers,例如:,中学老师,大学教授,香港小巴驾驶员,管理经济学,讲义四织架构与公司战略定位,29,Multiple Responsibilities I多重,Multiple Responsibilities II多重责任II,strong incentive induces more effort on that dimension but less effort on other dimensions,若有强烈的激励机制引导某一个方面责任,则其他责任会被忽视,equal incentive principle,对等激励的原则,low-powered contracts,采用较弱的绩效指标,OWNERSHIP,所有权变化,管理经济学,讲义四织架构与公司战略定位,30,Multiple Responsibilities II多,Big Macs Pay Plans,麦当劳自营店经理的薪酬计划,Case Study 案例,管理经济学,讲义四织架构与公司战略定位,31,Big Macs Pay Plans麦当劳自营店经理的薪,1963 Plan 1963,年的薪酬计划,Bonus based on,sales increase,奖金基于销售额的增加,independent of managers control,不可控制的因素,lack of concern for cost control,对成本控制的忽略,管理经济学,讲义四织架构与公司战略定位,32,1963 Plan 1963年的薪酬计划Bonus ba,1964-67 Plan,1964至1967年的薪酬计划,Bonus based on,subjective evaluations,奖金基于主观评估,管理经济学,讲义四织架构与公司战略定位,33,1964-67 Plan 1964至1967年的薪酬计划B,1967 Plan,1967年的薪酬计划,Basic salaries tied to the satisfaction of,QSC,standards,满足QSC(产品质量,优质服务,店堂清洁)是获得基本工资的必要条件,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增加,管理经济学,讲义四织架构与公司战略定位,34,1967 Plan1967年的薪酬计划Basic sala,1972 plan 1972,年的薪酬计划,Three ranges of fixed salary depending on the cost of living,基本工资与生活成本指数挂钩,Quarterly bonuses for,labor 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),季度奖金基于劳工成本、食物及纸张成本、,QSC指标及销售额的增加,管理经济学,讲义四织架构与公司战略定位,35,1972 plan 1972年的薪酬计划Three,Questions,思考问题,Whats McDonalds business strategy?,麦当劳的经营策略对自营店经理薪酬计划的影响,compensation based on QSC and costs alone(“cost centers”)?,自营店可否成为专注于QSC的成本中心？,compensation for training of new managers,如何提高自营店经理培训新经理或特许经营者的积极性?,compensation based on sales or sales increase?,奖金是基于销售额还是销售额的增加,objective performance valuations only?,难道奖金只能基于客观评估？,管理经济学,讲义四织架构与公司战略定位,36,Questions 思考问题Whats McDonald,The Goldman Sachs IPO,高盛集团首次公开募股,Case Study 案例,管理经济学,讲义四织架构与公司战略定位,37,The Goldman Sachs IPO高盛集团首次公开募,A Family Business家族业务,1869:M.Goldman/commercial paper 1869年：M.Goldman/债券,1880:$100K capital/$30 million turnover 1880年：10万美元资本/3000万美元营业额,1882:teamed up with Sachs(son-in-law)1882年：与女婿Sachs合伙,1896:joined NYSE 1896年：加入纽约股票交易所,1900:$2.5 million capital 1900年：250万资本,1906:handled first IPO 1906年：第一次接手公司首次公开募股业务,管理经济学,讲义四织架构与公司战略定位,38,A Family Business家族业务1869:M.,One Bad Year&30 Good Years1年差光景与30年好时光,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美元下跌到1929年11月的1.75美元,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 more than 20 years 坐镇30多个董事会，连续20多年每年参加250个董事会议,cultivated a first-rate client list,and landed the Ford IPO deal($650m)in 1956 赢得了一流客户，1956年帮助福特成功首次公开募股（6.5亿美元）,管理经济学,讲义四织架构与公司战略定位,39,One Bad Year&30 Good Years1,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 Railway8700万美元债券拖欠/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/庭外解决,管理经济学,讲义四织架构与公司战略定位,40,Gus Levy Era:1969-1976 Gus L,John Weinberg/John Whitehead:1976-1990,management committee 恢复管理委员会,short-term profit/long-term relations 不是考虑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，购买垃圾债券，公司资金直接参与兼并业务）/谨慎地发展业务,white-knight strategy in M&A,在企业并购中扮演救难英雄的角色,管理经济学,讲义四织架构与公司战略定位,41,John Weinberg/John Whitehead:,Partnership合伙人制度,Hiring quality 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 and 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/开始10年每天工作14-18小时而工资却低于同行水平，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诚度,管理经济学,讲义四织架构与公司战略定位,42,Partnership合伙人制度Hiring qualit,Friedman and Rubin Era:1990-1994,Not competitive compensation/exodus of talented people/lateral hiring/grading partners/emotional toll/performance pay 93/360 degree review/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/开始从外部招募高管人员/对合伙人进行评估/士气低弱/1993年全面使用绩效工资/360度的评估/没有风险没有回报，公司进行直接投资/1990年8.86亿美元利润，1991年10亿美元，1992年前11个月14.6亿美元,管理经济学,讲义四织架构与公司战略定位,43,Friedman and Rubin Era:1990-,Substantial losses in 19941994年巨额亏损,departure of 30%of the partnership by 11/94/Goldmans assets dropped from$115b end of 93 to$95b end of 94 截止1994年11月，30%的合伙人离开公司，带走了大量资金/高盛集团资产从1993年底的1150亿美元跌至1994年底的950亿美元,“You cant run a multinational global business on partnership capital.”“不能仅依靠合伙人资金来经营一个全球化的业务”,管理经济学,讲义四织架构与公司战略定位,44,Substantial losses in 1994199,Corzine on Partnership Corzine对合伙人制的看法,An economic system 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，效益差时则对其他98.5%的员工减薪或解雇，这种制度太自私,The number of partners increased from 120 in 90 to 180 in 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,管理经济学,讲义四织架构与公司战略定位,45,Corzine on Partnership Corzin,Mary Kay Cosmetics:Sales Force Incentives,美琳凯传销团队的激励机制,Case Study 案例,管理经济学,讲义四织架构与公司战略定位,46,Mary Kay Cosmetics:Sales Forc,An Overview,set up in 1963 with a unique concept/listed,and then management buyout($315m)by Mary Kay and her son in 12/85/headquartered and manufactured in Dallas,plus 5 regional distribution centers(1,436 employees)/175,000 independent salespersons in U.S.in 88/$406m sales in 88,1988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4.06亿美元,管理经济学,讲义四织架构与公司战略定位,47,An Overviewset up in 1963 with,Sales Force Incentives,独立销售人员的激励机制,Entry-level:difference between retail and wholesale prices/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,层层剥削,管理经济学,讲义四织架构与公司战略定位,48,Sales Force Incentives独立销售人员的,Car Programs,汽车奖励计划,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),管理经济学,讲义四织架构与公司战略定位,49,Car Programs 汽车奖励计划Pink Cadill,Questions,思考问题,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 system from Goldman Sachs partnership,美琳凯激励机制与高盛合伙人制度的差异,why car programs,为何引入汽车激励计划,管理经济学,讲义四织架构与公司战略定位,50,Questions 思考问题Multiple respons,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,管理经济学,讲义四织架构与公司战略定位,51,The debate Over Unbundling Gen,Undervalued GM,GM股票被低估,90 years of vertical integration:GM(70%),Ford(50%),and Chrysler(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，实际创造的价值比投资基准少890亿美元。,管理经济学,讲义四织架构与公司战略定位,52,Undervalued GMGM股票被低估90 years,A Breakup of GM,GM的分拆,1996:GM decided to spin off its shares in Electronic Data Systems(a computer business acquired in 1984 for$2.5 billion)to independent GM pension fund.1996年：GM决定把它在电子数据系统公司的股份半卖半送给GM养老基金,The gift was worth$8.5 billion to the fund.The value of the transaction for GM shareholders was a$500 million sum that EDS paid GM for its freedom.EDS为取得卖身契，付给GM的股东5亿美元,GM sold the aerospace and defense electronics unit of its Hughes Electronics subsidiary to the Raytheon Company in 1997,1997年，GM将其下属Hughes Electronics公司的航空及国防电子业务出售给Raytheon Company,管理经济学,讲义四织架构与公司战略定位,53,A Breakup of GMGM的分拆1996:GM,Delphi in 1998,Sales just under US$32 billion/Over 200 lines of business/200,000 employees located in 36 countries,销售额:略低于320亿美元/200多种经营项目,20万名员工分布于36个国家,August 3,98:GMs board decided to completely divest itself of Delphi Automotive Systems,98年8月3日,GM董事局决定完全剥离Delphi,管理经济学,讲义四织架构与公司战略定位,54,Delphi in 1998Sales just under,Expected Gain for GM,预计GM的收益,P/e ratio of 16.6 for auto parts suppliers for 1988-95,p/e ratio of 9 in 1997 for automobiles/$7b difference 1988-95年汽车零部件供应商市盈率为16.6/1997年汽车整车市盈率为9/GM分拆Delphi:即刻创造70亿美元,管理经济学,讲义四织架构与公司战略定位,55,Expected Gain for GM预计GM的收益P/,Questions 问题,What explains the huge value created from the breakup?,什么因素导致GM分拆Delphi所带来的巨额价值？,What players and whose interests are involved in unbundling decisions at GM?,在GM分拆决策制定中，涉及到的人与利益有哪些？,管理经济学,讲义四织架构与公司战略定位,56,Questions 问题What explains,Airbus:owned by its suppliers,空中客车：外包但供应商持股,Airbus,Spanish Supplier,French Supplier,British Supplier,German Supplier,管理经济学,讲义四织架构与公司战略定位,57,Airbus:owned by its suppliers,Toyota:owning its suppliers,丰田：外包并持有供应商的股份,Toyota,Supplier 1,Supplier 2,Supplier 4,Supplier 3,管理经济学,讲义四织架构与公司战略定位,58,Toyota:owning its suppliers丰,演讲完毕，谢谢听讲,!,再见，see you again,3rew,2024/8/10,讲义四织架构与公司战略定位,演讲完毕，谢谢听讲!再见，see you again3rew,59,