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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,*,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,(c)光华管理学院 崔浩,*,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,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 for every employee,How to manage such employees?,In managing change, structure and process which one is more important?,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 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 company, achieved by the proximity of actors within and among them,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 entrepreneurism 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-based organizations find hard to copy,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 priorities,Finance-based budgeting and cost control,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,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,Spaghetti Organization,What management practices or actions will be required to sustain this revolutionary 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,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,Strategic Alliances Defined,Strategic Alliance:,Any cooperative effort between two or more,independent organizations to develop,manufacture, or sell products or services,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 advantage,Implication:Choose partners that are better at,something than you are (complementary resources),Three Types,Of,Alliances,Nonequity,Alliance,Contracts, licensing,supply &,distribution,agreements,Joint,Venture,Equity,Alliance,Cross Equity,Holdings,partners own,stakes in,eachother,Joint Equity,Holdings,independent,firm is,created,How Strategic Alliances Create Value,Improve Current Operations,Shaping the Competitive Environment,Facilitating Entry and Exit,Value,Creation,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 knowledge,Risk and cost sharing,a partner bears a portion of the risk and/or,cost of the alliance,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 standard,partners may communicate within an alliance,in subtle, legal ways whereas the same,communication between competitors outside,an alliance would be illegal,How Strategic Alliances Create Value,Facilitating Entry and Exit,Low-cost entry into new industries,Low-cost exit from industries,Managing 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,Challenges to Value Creation and 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,Challenges to Value Creation and Allocation,Three Forms,of,Misappropriating,Value,Adverse,Selection,Moral,Hazard,Holdup,misrepresenting,the value of inputs,providing inputs,of lesser value,than promised,exploiting the transaction-,specific investment of partners,Sustained Competitive Advantage,Are strategic alliances rare?,As a form of organizing economic exchange, NO!,The sources 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,Sustained Competitive Advantage,Are strategic 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 complexity (trust), causal ambiguity,and/or historical uniqueness,Sustained Competitive Advantage,Are strategic alliances substitutable?,Substitutes for,Strategic Alliances,Internal,Development,Mergers &,Acquisitions,If:,no partner,is available,transaction-specific,investment is high,low uncertainty about,the investment,If:,there are no,anti-trust issues,low uncertainty about,the investment,firms can be,integrated easily,value of combined firms is,not tied to independence,Organizing Strategic Alliances,Governance Responses to the Challenges of,Value Creation and Allocation,Explicit Contracts,& Legal Sanctions,Equity Investments,Joint Ventures,Formal/Codified,imposes costs,for cheating,creates mutual,understanding,conflict resolution,aligns interests of,partners through,ownership of,independent firm,aligns interests of,partners through,ownership in,each other,direct effect,indirect effect,Trust,Firm Reputations,Informal,Organizing Strategic Alliances,Governance Responses to the Challenges of,Value Creation and Allocation,the shadow of the,future constrains,cheating,may allow partners,to exploit opportunities,that would be infeasible,with other mechanisms,Organizing Strategic Alliances,Governance Responses to the Challenges of,Value Creation and Allocation,These responses are not mutually exclusive:,contracts may be used with 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,International Expansion,Alliances may be attractive because:,local 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,Summary,create alliances that will produce gains,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:,Summary,Alliances may generate competitive advantage if:,combinations of complementary resources,meet the VRIO criteria,governance responses meet the VRIO criteria,The Big Challenge of Strategic Alliances:,Maximizing gains from trade while,minimizing the threat of cheating,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 relationship. 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,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,企业集团,企业集团和战略联盟,这两个概念有重合的部分,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？,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,企业集团,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，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,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,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 & 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,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,Firm E,Family A,Firm B,Firm C,40%,30%,Firm D,Firm F,20%,50%,60%,40%,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 & Shleifer, 1999,分散的股权结构在英、美之外很少见,Barca ,欧洲企业大多股权结构集中 企业集团很常见,Claessens, Djankov Claessens, Djankov & Lang, 2002,亚洲企业股权结构集中，存在金字塔控股现象,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 & Caprio, 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,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 & Mullainathan, 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,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,Buysschaert, 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,企业集团,掏空 相反的证据,Morck & Nakamura, 2005,日本战前的企业集团反应了控制权的重要性,Franks, Mayer & Miyajima, 2006,日本战前，小股东更乐意投资于金字塔控股的企业集团中,Nenova, 2003; 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,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 & 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,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,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,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,企业集团,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,企业集团,黑社会？,罗宾汉？,Paragons？,Parasites？,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, 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,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.,GoodFellas,Also, Paulie could do anything.,Especially run up bills on the joints credit. And why not? Nobodys gonna pay for it anyway.,And as soon as the deliveries are made in the front door, you move the stuff out the back and sell it at a discount. You take a two hundred dollar case of booze and you sell it for a hundred. It doesnt matter. Its all profit.,GoodFellas,And then finally, when theres nothing left, when you cant borrow another buck from the bank or buy another case of booze, you bust the joint out. You light a match.,企业集团,黑社会？,罗宾汉？,Paragons？,Parasites？,Henry VIII & Robin Hood,英国的封建制度,贵族占据城堡，农民属于土地,贵族要求农民出兵役和徭役,社会刚性很大,贵族世袭,长子继承,没有上升通道,矛盾很尖锐,贵族需要香料和丝绸，但是没有钱,小手工艺匠人希望创业，但是不允许离开土地,结果是很多手工艺匠人在城堡间聚居,Henry VIII & Robin Hood,Henry VIII,从罗马天主教中分离出来，建立英国清教,Protestant 第一位主教,为了娶六个老婆,建立所得税制度,为了筹集花费买香料和丝绸,影响：,Max Weber, 1921, “Protestant ethics and capitalism”,Morck & Yeung, 2005, “Dividend Taxation and Corporate Governance”, Journal of Economic Perspectives, 19(3): 163,交所得税的人，因为利润中有国王一份，所以该人所从事的经营活动是以国王为合作伙伴的,Henry VIII & Robin Hood,Robin Hood,贵族出身，沦为小工匠人,对抗贵族，反对贵族对聚居的小工匠的抢夺,传说他和小约翰劫富济贫,传说他和Henry VIII的第五个老婆有暧昧关系,围攻白金汉宫,围困温莎堡,Henry VIII被迫租借伦敦城“City of London”,制度缺失,Institutional Voids,新制度经济学，Douglass North,给定制度的情况下，企业的形式是根据交易成本最低的原则组建起来的，最适合生产发展的形式,制度缺失的情况下，企业联合起来填补这个缺失,企业集团,战略联盟,黑社会,黑手党 西西里,梁山好汉 八百里水泊梁山,这是一把双刃剑,
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