企业集团HKUST(PPT 40页).ppt

Businessgroups acommonfeatureinmanycountriesaroundtheworld HongsinHongkongHutchisonWhampoa CITICPacific SwirePacific NewWorldDevelopmentChaebolinSouthKoreaSamsung DaewooFamily centeredindustrialgroupsinIndiaTataGroup EscortsGroupKeiretsuinJapanToyota Nissan NTT BusinessGroups BusinessGroups Commoncharacteristicsofbusinessgroups HavemanyindividualbusinessesBusinessescompeteinmultipleindustries automotiveselectronicsservicesSomeformofcommonadministrationandcontrolacrossbusinessesinabusinessgroupweakerincaseofkeiretsuinJapanstrongerincaseoffamily centeredindustrialgroupsinIndia BusinessGroups BusinessgroupssimilarinformtoconglomeratesConglomeratesoutoffavorinmanycountries Businessgroupsinmanyothercountriesfoundtobeassociatedwithhigherperformance Majorquestion Whatisrationaleforabusinessgroup Whatvaluedoesabusinessgroupprovide 日本Keiretsu e g 1 FinancingIntra grouplowcostfinancingbyNucleusBank especiallyforcapitalintensiveindustriesProtectionfromtakeoverthreatsbycross holdingofshares AdvantagesofKeiretsu BankofTokyo Mitsubishi MitsubishiConstructionNipponMitsubishiOiMitsubishiHeavyIndustry Safetynetforsalesfigures e g MitsubishiSteelforMitsubishiConstructionTokioMarine FireInsurance MitsubishiResearchforwholegroupAvoidbeingundercutbycompetitorsCross sellingbusinessopportunityfromgroupmembers clientbase staffDifferentservicesunderoneroof LargerbusinessopportunitiesAccesstoforeignmarketsviageneraltradingcompaniesJointdevelopmentefforts innovation 2 Business Industry wideexpertisee g industrialknowledgehelpmerchantbankinassessingnewinvestmentsopportunityEfficientflowofmarketinformation customerpreferenceforproduct servicedesign12 000professionals 42officesinJapan 118officesandsubsidiariesin73locationsoverseasLeverageonthegroup sreputation reduceimagebuildingcostDifferentservicesunderoneroof Largerbusinessopportunities L TgrowthratherthanS TprofitSharingofmanagementexpertiseExchangedirectorsPresident sClub FridayClub 3 Management DisadvantagesofKeiretsu BaddebtInsufficientcreditreviewHindrancetoopenmarketTransferpricingratherthancompetitivemarketpriceFailtoexplorenewopportunitiesoutsideFatherdead sondeadsyndromeBankofTokyo MitsubishiBankastherisktakerInflexibilityFacesavingslowdowndecisionmaking OutlookforKeiretsu ReducedependenceongroupcompaniesMisubishiMotorjointventurewithDialmer ChyrslerSourcingdecisionbasedoncostthanrelationshipMoreopentoglobaleconomyConcentrateoncorebusinessBigbandfinancialreformmakingiteasierforfirmstoraisemoneywithoutgoingtokeiretsubanks BusinessGroupinHongKong Hongs HongsinHongKong HongKongbusinessenvironment moreconcentratedDominatedbyfivelargeHongsHutchisonWhampoa CITICPacificSwirePacificNewWorldDevelopmentJardineMathesonHongsareaformofbusinessgroupCompeteinmultiplebusinesses typicallylandandpropertymanagementconstructionretailandotherservices HutchisonWhampoa HutchisonWhampoa Hongs Competition HongsoccupypreferredpositionsinmanyindustriesinHongKong IndustriestendtoinvolvehighcapitalinvestmentIndustriesinvolvepossessionofscarceresourcesHongsoperateinmostlyoligopolisticormonopolisticindustries fewcompetitorscoordinatedactionamongcompetitors Hongs CompetitionandPerformance HongshavedifficultymovingintointernationalmarketsStrongpositionwithinHongKongMajormovesbeingmadeintoChinaHongsamongbestperformersinHongKong leadingconstituentsofHangSengIndex HongKongstockexchange FirstPacificalsopartofHangSengIndexamongleadingperformersin1990s NetworkinginJapan Keiretsu JapaneseGroupsofCompanies DomesticBusinessKeiretsu IndustrialgroupsofcompaniesTwoforms VerticalkeiretsuHorizontalkeiretsu6majorgroups2minorgroupsInternationalBusinessIntegrationamongcompaniesWithingroupintegrationCross industryintegration HorizontalKeiretsu HorizontalKeiretsuAuniquelyJapaneseformofcorporateorganizationDefinitionofHorizontalKeiretsu groupoffirmsoperatingindifferentindustriesCharacteristicscross holdingofsharescross personnelappointmentsintra groupfinancingbycorebankformationofPresident scouncilsgeneraltradingcompaniesintra groupcompanyjointventures Unit ofpaid upcapitalAsofMarch1996 1 4 4 5 4 1 3 0 6 1 3 1 3 6 1 6 2 3 1 8 2 0 4 6 CrossholdingofShares MitsubishiGroup e g FourMajorMitsubishiGroupFirms 8HorizontalKeiretsu 三菱三井住友三洋三和 第一劝业 KeiretsushowingInterlockingandInterloans MitsubishiCorporation Foundedin1870Classifiedastradingfirm leaderininternationaltradePioneerinthefieldof Sogo Shosha merchantbanking27membercompaniesemploying230 000people Year1999 Sixmajorbusinessareas InformationSystems ServicesFuelsMetalsMachineryChemicalsLivingEssentials MitsubishiTrust Banking MeijiMutualLifeInsurance TokioMarine FireInsurance MitsubishiWarehouse Transp MitsubishiMotors NipponYusen MitsubishiKakoki MitsubishiRayon MitsubishiConst MitsubishiEstate AsahiGlass MitsubishiResearchInstitute MitsubishiElectric Nikon MitsubishiSteel MitsubishiMaterials MitsubishiAluminum MitsubishiCable MitsubishiShindoh MitsubishiPlasticInds MitsubishiGasChemical MitsubishiKasei MitsubishiPetrochemical MitsubishiPaperMills KirinBresery MitsubishiOil MembersoftheMitsubishi IndustrialStructureofMatsushitaGroup MatsushitaElectricIndustrial ELECTRICAL20companies HOUSING1company BICYCLES2companies CDs TAPES1company MACHINERY1company REALESTATE1company FINANCE3companies LIGHTING1company InnerGroupofCompaniesinMitsubishi MitsubishiCorp MitsubishiBank MitsubishiHeavyIndustries Metals Chemicals RealEstate Glass Textiles Paper VerticalKeiretsu DefinitionofVerticalKeiretsusimilarsetofconnectionssupplieranddistributornetworksinsameindustryAveragesizeof35VerticalgroupsAssets 3 3trillionyenParentfirmaccountedforhalfthesizeSales 4trillionyen20 ofgroupshadsales 10trillionyen22 ofsalesfromsubsidiaries affiliateswenttoparent13 ofparentsaleswenttosubsidiaries affiliates KeytypesofVerticalKeiretsuProductionKeiretsuCenteredaroundmajorautomotivemanufacturersToyotaHondaSales DistributionKeiretsuVerticalintegrationofproductdistributionfromfactorytoretailoutletsMatsushitaHitachiSonyAeon CharacteristicsofVerticalKeiretsuHighequityshareholdinginsubsidiary affiliates91 onsubsidiary 35 inaffiliatesIntra groupcommercialtransactions includingfinancing supplychainCrossmovementofpersonnelStrategicco ordination JapaneseJointVentures JointVentures IntegrateactionsofJapanesesubsidiariesacrossregionslinkfirmswithinagrouplinkfirmsacrossgroupsJointventureshelpreplicatedomesticpatternsfromJapantointernationalmarketsJVs acriticalpartofinvestmentstrategyinAsiaWithinAsia significantinvestmentbyJapan Japanleadingcompetitors JapaneseForeignDirectInvestment ForeignSubsidiaryExit JapaneseInvestmentbyRegion JapaneseInvestmentbyMode JapaneseInvestmentbyModeandRegion EntryModeandPerformance Numberinfinancialperformancecolumnrepresentspercentageofsubsidiariesreportingprofitableoperationsintheyear TypesofJointVentures InternationalJointVentureBetweenJapanesecompanyandlocalpartnersIntra firmJointVenture