企业战略管理英文PPT第二章.ppt

2006byNelson,adivisionofThomsonCanadaLimited.,2-1,StrategicManagementandFirmPerformanceChapterTwo,2006byNelson,adivisionofThomsonCanadaLimited.,2006byNelson,adivisionofThomsonCanadaLimited.,2-2,TheStrategicManagementProcess,StrategicActions,Ch.1:Strat.Mgmt.&Com-petitiveness,Chapter3:TheExternalEnvironment,Chapter4:TheInternalEnvironment,StrategicCompetitiveness,StrategicMission&StrategicIntent,StrategicObjectives&Inputs,Chapter1:StrategicManagement,Ch.2:Strat.Mgmt.&Performance,Ch.2:Strat.Mgmt.&Performance,2006byNelson,adivisionofThomsonCanadaLimited.,2-3,Strat.Management&FirmPerformance,KnowledgeObjectives:1.Understandtheultimategoalofstrategicmgmt.toimpactorganizationalperformance.Definingperformance,particularlythedifferencesamongabove-averagereturns,averagereturnsandbelow-averagereturns.Discussthedifferentwaysinwhichorganizationalperformanceismeasured.Knowthestrengthsandweaknessesofdifferentmeasuresoforganizationalperformance.Definecorporatesocialresponsibility,sustainability,andthetriplebottomline.,2006byNelson,adivisionofThomsonCanadaLimited.,2-4,DefiningPerformance,Anorganizationisanassociationofproductiveassetswhohavevoluntarilycometogethertoaccomplishasetofgoals.Thegoalistogainaneconomicadvantage.,2006byNelson,adivisionofThomsonCanadaLimited.,2-5,WhatIsPerformance?,Thepersonwhoruns100metersthefastestThepersonwhojumpsthehighestTheteamwhowinstheStanleyCupintheNHL,an,*,2006byNelson,adivisionofThomsonCanadaLimited.,2-6,LevelsofPerformance,2006byNelson,adivisionofThomsonCanadaLimited.,2-7,DefiningOrganizationalPerformance,Whatisreceivedforwhatisgiven.,Forcustomers:DidIreceivemorethanIgave?Iftheanswerisyes,valuewascreated.Iftheanswerisno,valuewasdestroyed.,?,TheConceptofValue,Forshareholders:Valuecreationmeansgettingmorefromaninvestmentthancouldhavebeenreceivedfromanotherinvestmentwithsimilarrisk.,2006byNelson,adivisionofThomsonCanadaLimited.,2-8,FirmPerformance,Aboveaveragereturns:Returnsinexcessofwhataninvestorexpectstoearnfromotherinvestmentswithsimilarrisk.Averagereturns:Returnsequaltoaninvestorexpectsfromotherinvestmentswithsimilaramountofrisk.Belowaveragereturns:Thosethatarelessthanexpectedgivenasimilarlevelofrisk.,2006byNelson,adivisionofThomsonCanadaLimited.,2-9,ApproachestoFirmPerformance,1.FirmSurvival,3.MultipleStakeholderApproach,4.PresentValue,5.Market-basedMeasures,6.MarketValueAdded/EconomicValueAdded,7.TheBalancedScorecard,8.Corporatesocialresponsibility,2.AccountingMeasures,2006byNelson,adivisionofThomsonCanadaLimited.,2-10,FirmSurvival&FirmPerformance,AltmansZ=,TotalAssets,WorkingCapital,*,0,2006byNelson,adivisionofThomsonCanadaLimited.,2-11,FirmSurvival&FirmPerformance,AltmansZ,*,LikelytoSurvive,GreyArea,Likelytofail,0,2006byNelson,adivisionofThomsonCanadaLimited.,2-12,FirmSurvival&FirmPerformance,+Itsasimpleandrelativelyobviousmeasure.-Itissometimesdifficulttoknowwhenafirmnolongerexists.-Deathofafirmcansometimesoccuroverarelativelylongperiodoftime.-Itdoesnotprovideanyinformationconcerningaboveaveragereturns.,0,2006byNelson,adivisionofThomsonCanadaLimited.,2-13,ProfitabilityRatios1/2,AccountingMeasures&FirmPerformance,Measurestherevenuelefttocoveroperatingexpensesaftertakingoutthecostofprocurement,Assessesfirmprofitabilitywithoutregardtointerestchargesasaresultofthecapitalstructure,Aftertaxprofitsperdollarofsales,0,2006byNelson,adivisionofThomsonCanadaLimited.,2-14,ProfitabilityRatios2/2,Measuresthereturnonthetotalinvestmentinthefirm,Returnoninvestmentcommonshareholdershavemadeinthefirm,Profitaftertaxes(PAT)Totalshareholdersequity,Rateofreturntoshare-holdersgiventheirinvestmentinthefirm,Earningsavailabletocommonshareholders,AccountingMeasures&FirmPerformance,0,2006byNelson,adivisionofThomsonCanadaLimited.,2-15,LiquidityRatios,AbilitytocoverSTdebtwithassetsconvertibletocashintheperiodSTdebtmatures,CurrentratioQuickratio(Acid-TestRatio)Inventorytonetworkingcapital,Abilitytopayoffshort-termdebtwithoutrelyingoninventory,Measuretowhichfirmsworkingcapitalistiedupininventory,AccountingMeasures&FirmPerformance,*,2006byNelson,adivisionofThomsonCanadaLimited.,2-16,LeverageRatios1/2,Measuresuseofdebttofinanceoperations,Debt-to-assetsratioDebt-to-equityratioLong-termdebttoequityratio,Balancebetweendebt&equityinlong-termcapitalstructureoffirm,Useofdebtrelativetoshareholdersinvestmentinfirm,AccountingMeasures&FirmPerformance,2006byNelson,adivisionofThomsonCanadaLimited.,2-17,LeverageRatios2/2,Measureshowmuchprofitscandeclinebeforefirmisunabletomeetitsinterestobligations,TimesinterestearnedFixed-chargecoverage,Moreinclusivemeasureofabilityoffirmtohandlealloffixed-chargeobligations,AccountingMeasures&FirmPerformance,2006byNelson,adivisionofThomsonCanadaLimited.,2-18,Misc.Ratios-ShareholderReturns,Measuresreturntocommonshareholders,DividendyieldoncommonstockPrice/EarningratioDividendpayoutratio,MarketperceptionoffirmFaster-growing/lessriskyfirmstendtohavehigherP/Eratios,AccountingMeasures&FirmPerformance,Indicatesdividendspaidoutasa%ofprofits,2006byNelson,adivisionofThomsonCanadaLimited.,2-19,MiscellaneousRatios,Measurestotalcashpershareavailabletofirm,CashFlowperShareBreak-evenanalysis,Measuresthenumberofunitsthatneedtobesoldtobegintomakeaprofitonthatproductorservice,AccountingMeasures&FirmPerformance,Contributionmargin=(Sellingprice/unit)(variableprice/unit),2006byNelson,adivisionofThomsonCanadaLimited.,2-20,AccountingMeasures&FirmPerformance,+Easilyavailableforpubliclytradedfirms+Stockexchangesstressqualityaccountingdata.asatoolforinvestordecisions+Broadsupportforuseasaperformancemeasure+MayprovideinsightstoeconomicratesofreturnHowever,they-Mayhaveabuiltinshorttermbias-Aresubjecttomanipulationbymanagers-Undervalueintangibleassets,$,AccountingMeasuresarePopularinAnalysis,2006byNelson,adivisionofThomsonCanadaLimited.,2-21,MultipleStakeholderApproach&FirmPerformance,(Thefirmmustmaintainperformanceatanadequatelevelinordertomaintaintheparticipationofkeygroupsaffectedbythefirm.),2006byNelson,adivisionofThomsonCanadaLimited.,2-22,PresentValue&FirmPerformance,Avoidshort-termbiasbymeasuringcashflowsovertime.,Valueallresourcesmadeavailabletoafirmbyusingthediscountrateconcept.(Estimatenetcashflowsandexpecteddiscountratesforseveralyearsintothefuture.),Allowassessmentoffirmand/orprojectsperformanceonaforward-lookingbasis.,NetPresentValue0Aboveaveragereturns,2006byNelson,adivisionofThomsonCanadaLimited.,2-23,+Closelinkbetweenpresentvalue&theconceptualdefinitionofperformance.,PresentValue&FirmPerformance,Strengths,+Positivenetpresent-valuestrategiesshouldmaximizethewealthofshareholders,Indoingsotheywilllikelygenerateenoughcashtosatisfyotherstakeholders,+s,2006byNelson,adivisionofThomsonCanadaLimited.,2-24,-Misjudgingpredictionofcashflowpatternsseveralyearsintothefuture.,PresentValue&FirmPerformance,Weaknesses,-Cashflowsonprojectsworthbillions&lastingdecadesmaybeaproblem.,-Hardtoassessthefirmssystematicrisk.-(Beta)&suchriskmaychangeovertime.,But,researchersquestiontheadequacyoftheeconomicmodelonwhichthebetaestimationisbased.(CapitalAssetPricingModel:CAPM),-s,-Measuringthediscountrateisaproblem.,2006byNelson,adivisionofThomsonCanadaLimited.,2-25,Theuseofnetpresent-value(NPV)mustbedonewithitslimitationsinmind.,PresentValue&FirmPerformance,ButusingPresentValuemayallowforadeeperunderstandingoffirmperformance.,2006byNelson,adivisionofThomsonCanadaLimited.,2-26,StockMarketmeasures,Market-BasedMeasures&FirmPerformance,inessence:,S*-RFR*,a+b(MRFR*)+e,%changeinstockprice*Riskfreerateofreturn*,=,=,*For250tradingdays,2006byNelson,adivisionofThomsonCanadaLimited.,2-27,Market-BasedMeasures&FirmPerformance,Wecanthusderivesomeessentialformulas:,*For250tradingdays,2006byNelson,adivisionofThomsonCanadaLimited.,2-28,Market-BasedMeasures&FirmPerformance,JensensAlphaisusedtoassessreturn.relativetoriskfreereturn.JensensAlpha=Risk-freerateofreturnforfirmsstock*,*For250tradingdays,2006byNelson,adivisionofThomsonCanadaLimited.,2-29,Market-BasedMeasures&FirmPerformance,+Thesemeasuresmaymoreaccuratelyreflectecon.performancethanaccountingbasedmeasures.Usefulforassessingecon.valueofagivenstrategyor.choosingbetweenstrategiesthatcouldbeimplemented.,+s,+Market-basedmeasuresfocusonthepresentvalueoffuturestreamsofincome,(e.g.,expectedvalueoffuturecashflows)notpastperformance.,0,2006byNelson,adivisionofThomsonCanadaLimited.,2-30,Market-BasedMeasures&FirmPerformance,-s,0,2006byNelson,adivisionofThomsonCanadaLimited.,2-31,Market-BasedMeasures&FirmPerformance,Thissuggeststhatmarketmeasurestellussomethingdifferentaboutperformancethanaccountingmeasures.,0,2006byNelson,adivisionofThomsonCanadaLimited.,2-32,MarketValueAdded(MVA)is:,Thedifferencebetweenthecashinvestorsexpecttoreceivegiventhefirmscurrentmarketvalueandtheamountofcashthatdebt&equityholdershaveinvestedinthefirmsinceinception.,$75billionCurrenttotalmarketvalueofthefirm,-$20billionGivenbyfirmdebtholders-$15billionGivenbyfirmequityholders-$30billionRetainedfromoperations,MarketValueAdded/EconomicValueAdded&FirmPerformance,$10billionMVA,2006byNelson,adivisionofThomsonCanadaLimited.,2-33,EconomicValueAdded(EVA)is:,AninternalmeasureofafirmsabilitytogenerateMVAinthefuture.,MarketValueAdded/EconomicValueAdded&FirmPerformance,Theamountofoperatingcapitalatthebeginningofeachyeartimesthedifferencebetweentherateofreturnoncapital&theweightedaveragecostofthedebt&equitycapitalemployed.,ThepresentvalueofallprojectedEVAs=MVA,2006byNelson,adivisionofThomsonCanadaLimited.,2-34,EconomicValueAdded(EVA),Tocreateshareholdervalue,anyorallofthesewillincreaseEVA:,MarketValueAdded/EconomicValueAdded&FirmPerformance,2006byNelson,adivisionofThomsonCanadaLimited.,2-35,The2003SternStewart1000MVARating,2003SternStewart,2006byNelson,adivisionofThomsonCanadaLimited.,2-36,MarketValueAdded/EconomicValueAdded&FirmPerformance,MVAisconsideredanestimateoftheNPVofallthefirmscapitalprojects,bothongoing&anticipatedbyinvestors.,+s,2006byNelson,adivisionofThomsonCanadaLimited.,2-37,MarketValueAdded/EconomicValueAdded&FirmPerformance,-s,2006byNelson,adivisionofThomsonCanadaLimited.,2-38,MarketValueAdded/EconomicValueAdded&FirmPerformance,MVA/EVAiseasyformanagerstomanipulateanditmaycreateundesirableimpacts:,-s,2006byNelson,adivisionofThomsonCanadaLimited.,2-39,MarketValueAdded/EconomicValueAdded&FirmPerformance,Lessthan20adjustmentsmaybeneededbutwhich20willvarybetweeneachfirmandbebasedontheindustryinwhichitoperates.,Aneducatedapproachtotherequired160adjustmentsisneeded.,2006byNelson,adivisionofThomsonCanadaLimited.,2-40,MarketValueAdded/EconomicValueAdded&FirmPerformance,AssessingfuturedirectionofafirmsEVA&knowingitsvalue-creating/destroyingcapabilitiesallowsonetoderivelikelyscenariosforfuturestockprices.,EVAmethodology,appliedappropriately,maybeveryvaluableinunveilinghiddeninvestmentopportunities&over-valuedprojectsandstrategies.,2006byNelson,adivisionofThomsonCanadaLimited.,2-41,TheBalancedScorecard,Bringsfinancialmeasuresofpreviousperformancetogetherwithmeasuresofthedriversoffutureperformance.TheBalancedScorecardtranslatesabusinessunitsmissionintotangibleobjectivesandmeasures.,2006byNelson,adivisionofThomsonCanadaLimited.,2-42,TheBalancedScorecard,Toachieveourvision,howwillwesustainourabilitytochange&improve?,Wcessesmustweexcelattosatisfyshareholders&customers?,Howdoweappearto