美国各行业平均经济利润率

1、Understanding and Improving Firm Performance了解并改进公司的盈利状况 Average industry performance 行业平均盈利状况 Strategic positioning by individual firms 单个企业的战略定位 Economy of scope and firms diversification 范围经济和企业多元化8/18/20211ROE-Ke Spread(15%)(10%)(5%)0%5%10%15%20%01002003004005006007008009001,0001,1001,2001,300Av

2、erage Invested Equity ($B)Toiletries/CosmeticsSteelPharmaceuticalsSoft DrinkTobaccoFood ProcessingHousehold ProductsElectrical EquipmentFinancial ServicesSpecialty ChemicalsNewspaperBankIntegrated PetroleumTelecomRetail StoreTire & RubberElectric Utility - CentralElectric Utility - EastMedical Servi

3、cesMachineryAuto & TruckComputer & PeripheralPaper & ForestAir TransportSource: Compustat, Value Line, Marakon Associates AnalysisAverage Economic Profits of U.S. Industry Groups, 1978-19961978至1996年美国各行业平均经济利润率Value Line Industry Groups8/18/20212NumberofIndustries行业数量行业数量First QuartileAverage22.2%前

4、前25%的平均回报率的平均回报率22.2%Fourth QuartileAverage9.3%后后25%的平均回报率的平均回报率9.3%Note:Return on Equity = Net Income / Year End Shareholders Equity; Analysis based on sample of 593 industriesAverage(平均平均) = 14.7%Median(中位数中位数) = 13.8%11.7%13.8%16.5%Return on Equity (Percent)Average Return on Equity in US Industri

5、es, 1982-19931982-1993年年,美国各行业的平均资本回报率美国各行业的平均资本回报率Distribution of Industry Returns行业利润分布Source: Jan W. Rivkins Analysis Based on Dun and Bradstreet Data8/18/20213Source: Jan W. Rivkin based on CompustatOperating Income / Assets, 1988-95 (%)运营收入运营收入/总资产总资产,1988-95(%)0510152025Motor vehicles机动车辆运输Sem

6、iconductors半导体Profitability Differences Across Selected Industries不同行业利润率的差异Engineering services工程服务Scheduled airlines航空业Cable TV service有线电视服务Trucking except local长途货运业Race track operation跑马Petroleum / natural gas石油/天然气行业Drug stores药店Eating places餐饮行业Dental equipment牙医设备Womens clothing stores女性服装店P

7、repackaged software预装软件Pharmaceuticals医药Computer system design 电脑系统设计8/18/20214Source: Compustat, Value Line, Marakon Associates AnalysisROE-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$15Great Northern IronWorthington IndsNucorSteel TechnologiesOregon MillsCommercial Me

8、talsCarpenterBirminghamBritish Steel PLCCleveland-CliffsQuanexLukensACME MetalsAmpcoUSX-US SteelInland SteelArmcoWHX BethlehemAverage 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8/18/20215Source: Compustat, Value Line, M

9、arakon Associates AnalysisROE-Ke Spread(80%)(60%)(40%)(20%)0%20%40%60%$0$5$10$15$20$25$30SmithKlineGlaxoAmericanHomeProductsAmgenMerckSchering PloughWatsonBristolMyersRhone-PoulencMylan LabsWarner LambertEli LillyPfizerPerrigoPharmacia & UpjohnForest LabsAlzaICNSchererIvaxGenetechBiogenRobertsGenzym

10、eDuraChironCephalonGensiaCygnusImmunexAverage Invested Equity ($B)Average Economic Profits of Individual Firms in the Drug Industry, 1978 -19961978至1996年美国制药行业中各企业的平均利润率8/18/20216Industry行业因素Positioning企业定位Residual其他（暂无法解释）Corporate企业特征（如规模）Calibrating Profit Drivers企业利润率不同的原因Source: Richard P. Rume

11、lt, “How Much Does Industry Matter?,” Strategic Management Journal, 1991; 12:167-185The “Five Forces” Framework for Industry Analysis “五种竞争力量”的行业分析框架新进入者新进入者潜在竞争者的进入障碍潜在竞争者的进入障碍:规模经济规模经济品牌认同度品牌认同度资本要求资本要求所有权产品差异转换成本配送系统的准入学习曲线必要要素的获得低成本产品的设计政府政策预期回报供应商供应商侃价能力来源侃价能力来源转移成本 要素的差异性供应商的集中度 要素替代品的出现供应商的数量

12、 要素成本或差异化的影响前向一体化/后向一体化的威胁 该成本相对于总成本比例购买成本占总购买量的比例行业现有竞争者行业现有竞争者影响竞争的因素影响竞争的因素:行业成长性行业成长性 行业集中度和均衡行业集中度和均衡固定成本/附加价值 产能的非持续性 产品差异性品牌认同度 转移成本信息复杂度 竞争者的多样性企业利益 退出障碍替代品竞争者替代品竞争者威胁决定于威胁决定于:替代品相对的性价比转换成本购买者对于替代品的倾向购买者购买者购买者的侃价能力购买者的侃价能力:购买者集中度购买者集中度购买者数量 转移成本购买者信息 购买者利润替代产品 克服困难的能力价格敏感度 价格/总计购买产品差异 品牌认同度后

13、向一体化的能力 质量/表现的影响对于决策者的激励注:该图很全面,但具体用时,有选择性,请注意加粗的条款;比较供应商与购买者的侃价能力得到理想的利润状况,但实际利润状况还要考虑竞争与替代情况8/18/202181997 HK Property Industry 1997年香港房地产业年香港房地产业Fuelled by growing demand, limited supply, and negative interest rate, land value had appreciated rapidly in the years running up to 1997. 需求膨胀，供应有限，实际利

14、率为负，导致地产在97之前的几年中，疯狂涨价Residential (private and public): In 1997, 39% of the HK population lived in public rental estates and 12% in home ownership scheme flats 民居分为公共楼宇和私人楼宇;1997年，39%的香港人居住在政府建造并廉价出租的公屋里，另有12%生活在政府建造并低价出售的居屋里HK property industry was dominated by a few firms: Cheung Kong, Hutchison,

15、Henderson, SHK, SWIRE, and HongKong Land 香港房地产业受控于少数几家公司： 长江实业集团，香港和记，恒基兆业，新鸿基， 太古集团和香港置地8/18/202191997 HK property industry extremely attractive1997年的香港房地产业赢利极高年的香港房地产业赢利极高 Henderson and SHK announced annual results for the year ending 30 June, 1997, in which their turnover totaled HK$18.9 billion

16、and HK$28.9 billion respectively, and their operating profit amounted to HK$11.1 billion (59%) and HK$15.7 billion (54%). 在1996年7月1日至1997年6月30日这一会计年度,恒基兆业和新鸿基的营业额分别达189亿港元和289亿港元，营运利润分别为111亿港元（利润率59%）和157亿港元（54%）。8/18/202110Why is the industry so profitable?房地产业高利润的原因房地产业高利润的原因Bargaining power of bu

17、yers 购买者侃价能力 Consumers and speculators; price sensitivity; expectation of future prices and incomes 消费者与投机商；价格敏感度；对未来价格与收入的预期Bargaining power of suppliers 供应商侃价能力 A dominant supplier - HK government, but it can be dramatically influenced by the developers; other suppliers (building materials supplie

18、rs, contractors, architects, engineers) have little bargaining power 香港政府占支配地位，但很大程度受开发商影响；其他供应商（建筑材料供应商，建筑商，建筑师，工程师）几乎没有侃价能力8/18/202111Intensity of rivalry: 竞争程度 the top four developers accounted for 55% of the market in 1991-1994; highly differentiated by location, size, type of premises and marke

19、t; growing industry; exit barriers low 1991到1994年，前四位的开发商共占55%的市场份额；通过选址、规模、房型和市场种类形成高度差异化；产业成长性高；退出壁垒低Threat of entry: 进入威胁 large economies of scale in large-scale development projects; large capital requirements in most Government auctions and tenders; cyclical nature of the business; relationship

20、s with financial institutions 大规模的开发项目对规模经济要求较高；政府拍卖和招标中资本准入要求较高； 楼价地价具有周期性特点；和金融机构的紧密关系Pressure from substitutes 替代品压力 Governments rental estates and home ownership estates; renting a flat; moving to another location (mainland China) 政府提供可供租用与个人购买的房产；租用公寓；移居他乡(中国大陆)Why is the industry so profitable

21、?房地产业高利润的原因房地产业高利润的原因8/18/202112 On July 1, 1997, Tung Chee-hwa pledged that the government was to tackle the problem of inflating property prices. 1997年7月1日，董建华保证：政府将解决房地产价格飞涨的问题。 Commitment to a supply of at least 85,000 new flats per year 承诺每年提供至少八万五千套新公寓 While the increased supply of public hous

22、ing can be guaranteed, that of private housing is not. 政府能保障公屋供应的增长,但不能控制私人楼宇的供应Tung Chee-hwas Policy董建华的政策董建华的政策8/18/202113Dramatic Changes in the Industry香港房地产业的巨变香港房地产业的巨变The increase in supply should result in a decrease in price, which however may dampen the demand for housing and make the 70%

23、home ownership difficult to achieve 供给增长使价格下降,会进一步削弱对于住房的需求,预定70家庭自置居所的目标难以实现 。But the economic environment changed drastically shortly thereafter. In 1998, HKs economy was hit by the Asian financial crisis, and the HK dollar came under speculative attacks. The interest rate and unemployment rates w

24、ent up dramatically, and inflation had turned to deflation. 但之后不久，经济环境发生剧烈变化。1998年，香港经济因亚洲金融危机受严重打击，国际投机商冲击港币。利率和失业率大幅上升，通货膨胀变成了通货紧缩。Property prices plummeted by as much as 50% from their peak in 1997. 与1997年巅峰时期相比，房地产价格直线下跌了多达50%。8/18/202114How to explain the declining Property Industry in 1999?如何解

25、释如何解释1999年房地产业滑坡？年房地产业滑坡？Buyers 购买者 expectation on future prices and income; a wait-and-see approach 对于未来价格与收入的预期使很多人采用了等待、观望的态度Suppliers 供应商 Moratorium on land sales in June 98; intervention in the stock market in August 98 98年6月，政府决定暂停拍卖土地；98年8月政府大举进入股票市场Rivalry 竞争程度 More price competition更多采用价格竞争

26、Barriers to entry 进入壁垒Substitutions 替代品8/18/202115Institutions and policies 机构与政策 50 hectares per year by the Sino-British joint Declaration before 1 July 1997; underestimate of the population growth; heavy reliance on property-related proceeds (30% of the total revenue) 中英联合声明规定香港每年卖地不得超过50公顷;政府低估了

27、人口增长;财政收入过多依赖房地产相关产业（占总收入的30%） Change of policy after the handover (85,000 new flats per year); subsequent reversal in June 1998; uncertainty in government policy and consumer confidence 回归之后政策改变（每年85000套新公寓）；1998年6月政策又一次大扭转；政府政策的不确定性导致消费者信心减弱What happened after 1997?1997年后发生了什么？年后发生了什么？8/18/202116

28、Foreign governments and multilateral organizations 外国政府与跨国公司组织 Foreign economic conditions can have an important influence on aggregate demand, the financial sector, and the property market. 国际经济环境对总需求、金融业和房地产市场都有重要影响 Asian financial crisis (Thailand, South Korea, Indonesia, Malaysia, Philippines),

29、and intervention by the International Monetary Fund 亚洲金融危机（泰国，韩国，印尼，马来西亚，菲律宾），及国际货币基金组织干预What happened after 1997?1997年后发生了什么？年后发生了什么？8/18/202117What happened after 1997?1997年后发生了什么？年后发生了什么？ Macroeconomic conditions宏观经济条件 The “double-play”, i.e., short-selling the HK dollar and taking a short positi

30、on on Hang Seng Index Futures, had successfully forced up the interest rate, caused property-related stocks and hence the Hang Seng Index to fall 国际投机商的“双重计”策略（即：卖空港币并卖空港股）成功迫使利率上升,导致与房地产相关的股票下跌并进而导致恒生指数下跌 Changing expectation about future prices and income led to a wait-and-see attitude and a vicio

31、us cycle of the property prices. 对未来价格与收入预期的改变造成等待观望现象，这种现象迫使房地产商以进一步降价来吸引人，可面对持续下跌的价格，人们更愿意持币待购如此产生恶性循环8/18/202118Value Creation 创造价值 customers willingness to pay for the good or service 消费者的购买意愿 suppliers cost of providing the good or service 供应商的生产成本 degree of competition 竞争程度8/18/202119Types of

32、Competitive Advantage竞争优势的来源Competitive Advantage竞争优势竞争优势Lower Cost低成本低成本Differentiation差异化差异化8/18/202120FOCUS专业化专业化OVERALLCOST LEADERSHIP全方位的成本领先优势全方位的成本领先优势DIFFERENTIATION差异化差异化Low Cost Position低成本的定位低成本的定位Uniqueness Perceivedby the Customer顾客眼中的唯一性顾客眼中的唯一性Industry wide在全行业适用在全行业适用Particular Segme

33、nt only只针对某一个细分顾客群只针对某一个细分顾客群STRATEGIC ADVANTAGE竞争优势竞争优势STRATEGIC TARGET战略目标战略目标Generic Strategies普适的竞争战略Source: Michael Porter, Competitive Strategy, 1980Forever: De Beers and U.S. Antitrust Law钻石恒久远，一颗永流传：钻石恒久远，一颗永流传： De Beers 与美国反托拉斯法与美国反托拉斯法8/18/202122Diamonds钻石钻石 treasured because of rarity 物以稀

34、为贵 why is diamond more expensive than water? 为什么钻石比水贵？ 8/18/202123In the Jungle在在（钻石开发的）处女地（钻石开发的）处女地accidental discovery of diamonds in South Africa in 1866, and diamond fever by 1869 1866年在南非偶然发现的钻石带来了1869年的钻石热1874: Cecil Rhodes sold steam-powered pump (competing against hand-held pump), and captu

35、red the market in Cape Province within one year 1874年：Cecil Rhodes 出售蒸汽动力泵（与手摇泵竞争）一年内在Cape Province占领市场bought claims in diamond mines in the area, and completed consolidation by 1887 在该地区购买下钻石矿，并于1887年完成兼并整合8/18/202124Two Problems两个问题两个问题 If all South African gems were to sweep into Europe, the mark

36、et would be flooded and prices would plummet. 如果所有的南非珠宝都涌向欧洲，市场泛滥，价格将直线下降 The sellers have little control over the types and qualities of stones they produce; thus they need to secure an indiscriminate buyer. 销售商对于出产的矿石种类和质量几乎没有控制力；因此他们需要好坏都要的购买者 Ideally: a monopoly of distribution as well as of sup

37、ply 理想状况：供应与分销都实现垄断8/18/202125Evolution of Cartel卡特尔的演化1890 Diamond Syndicate: All its members pledged to buy diamonds from Rhodess mines and sell them in specific quantities and at set prices. 1890年钻石辛迪加：所有成员保证将从Rhodes属下的矿中购买钻石并以特定的质量和既定的价格销售1925: Ernst Oppenheimer bought out the old syndicate and

38、replaced it with a new one (Central Selling Organization) joined by corporate links to his own company, Anglo American (a dominant diamond producer). 1925年： Ernst Oppenheimer 购买了原有的辛迪加联盟并代以新组织（“中心销售组织”）。与Ernst原下属公司Anglo American（占据统治地位的钻石生产商）建立企业关系8/18/202126Diamond Sales 钻石销售钻石销售 10 times per year

39、每年10次 Preference indicated by 150 sight-holders 5 weeks before the sale 销售5周前,150位钻胚加工商表明购买意愿 Take it or leave it (no more invitation in the future) 要么全部接收要么全部退回（若退回,未来不会再得到钻石购买邀请）8/18/202127U.S. Antitrust Law美国反托拉斯法美国反托拉斯法 1890 Sherman Act 修曼法案 “every contract or conspiracy, in restraint of trade o

40、r commerce.” “任何抑制贸易的合同或预谋” 1914 Clayton Act 克雷顿法案 “substantially lessen competition or tend to create a monopoly in any line of commerce.” “造成竞争大幅度减少、试图在商业行为中创造垄断” Extraterritoriality 治外法权8/18/202128How and Why Might De Beers Violate U.S. Antitrust Law?De Beers可能触犯反托拉斯法的原因和形式是什么？可能触犯反托拉斯法的原因和形式是什么？

41、 De Beers restricts production, restricts competition, fixes prices, and denies competitors access to markets De Beers限制产量，竞争，限定价格，阻止竞争者进入市场 13% margin, rare in a commodity-based industry 13%的利润率，在差异化小的产品行业很少见 Does success in the market mean that a company has necessarily acted uncompetitively? 市场成功

42、是否一定意味着公司采用了限制竞争性行为？ 8/18/202129Does De Beers Hurt Consumer Welfare?De Beers是否损害了消费者权益？是否损害了消费者权益？ Usually, cartels are presumed to damage consumer welfare by maintaining artificially high prices. But, in the diamond industry, are high and stable prices bad? Or, who would benefit from lower diamond

43、prices? Benign monopoly? Are consumers abused by having to pay high prices for diamonds? 人们通常认为卡特尔人为地维持高价，损害消费者权益。但在钻石行业，高而平稳的价格是否是坏事？谁会从钻石低价中获益？好心的垄断者？钻石高价真的侵害了消费者权益吗?8/18/202130Challenges挑战挑战Declining production in De Beers mines, defections of other major producers, and increasing stockpiling ($4

44、.8 b, end 98) De Beer自产矿石量下降,其他主要粗矿生产商背叛联盟,储备日益增加(1998年年底高达48亿美元)Asian financial crises, and importance of the U.S. market - But De beers is under indictment in the United States just as it wants to expand its direct presence in the U.S. market 亚洲金融危机，美国市场重要性增强但正当De Beers想要直接扩张美国市场时,却在美国遭到指控falling

45、stock price, and control of 21% shares by U.S. investors 股价下跌，美国投资者控制21%的股份8/18/202131De Beers StrategyDe Beer的战略的战略Leave 放弃美国市场 It is simply not realistic for De Beers to leave its largest market. De Beers放弃其最大的市场是不现实的选择Evade 逃避 Avoid prosecution simply by continuing its arms length relationship wi

46、th the U.S. market 不直接进入美国市场, 从而避免被起诉Change business practice 改变商业行为 From selling off CSO, to rewriting restrictive contracts, to letting market share dip below the percentage considered “monopolistic” 可以解散中央统售机构,或减少带限制性条款的合同，或让市场份额低于被认为“形成垄断”的水平Change law 改变法律 Lobby the U.S. government to change it

47、s policy 说服美国政府改变政策8/18/202132Where is the money?哪里更赚钱？哪里更赚钱？ Diamond jewelry 钻石珠宝 by value: womens (73%), bridal (20%) 就价值而言：女性（73%），新娘（20%） by average price: engagement ring ($2K, 98) 就平均价格而言：订婚戒指（98年2000美金） Bulk of profits in the diamond industry is captured at retail level. 钻石行业的利润多半是在零售层面获取的8/1

48、8/202133Way Out解决办法解决办法 The power of the brand 品牌力量 15% retail premium, 15%的零售溢价 $175m-1.25b for brand name 1.75亿-12.5亿美元品牌价值 Brand the stones, exploit the name, forge retail alliances, and push stock price to a more satisfactory level 开发钻石品牌，打造零售联盟，将股价推向一个更让人满意的水平8/18/202134From Forever to LV Conne

49、ction从钻石恒久远转向与路易威登联盟从钻石恒久远转向与路易威登联盟8/18/202135From Forever to LV Connection从钻石恒久远转向与路易威登联盟从钻石恒久远转向与路易威登联盟De Beers and LVMH announced a plan to invest up to $200 million each in a retail venture, under which they will open diamond stores in the worlds fashion capitals. DeBeers与路易威登宣布将各自投资2亿美元在全球的时尚中心

50、开设钻石店To avoid possible conflicts with De Beers existing “sight-holders”, wholesalers who buy rough diamonds through De Beers Diamond Trading Co., the new company will buy rough or polish diamonds from these wholesalers, not directly from the De Beers group. 为避免与De Beer现有的“钻胚加工商”发生冲突，新公司将从这些批发商处购买未加工

51、的或打磨过的钻石，而非直接通过De Beers集团8/18/202136Expense Statement报社每日支出表D D a ai il ly y P Pr ro od du uc ct ti io on n ( (t th ho ou us sa an nd ds s) ) 产产量量 L La ab bo or r 员员工工 P Pr ri in nt ti in ng g P Pr re es ss s 机机器器费费用用 I In nk k a an nd d P Pa ap pe er r 油油墨墨纸纸张张 E El le ec ct tr ri ic c p po ow w e

52、er r 电电费费 T To ot ta al l 总总成成本本 0 $5000 $1000 $0 $200 $6200 10 $5000 $1500 $1200 $300 $8000 20 $5000 $2000 $2400 $400 $9800 30 $5000 $2500 $3600 $500 $11600 40 $5000 $3000 $4800 $600 $13400 50 $5000 $3500 $6000 $700 $15200 60 $5000 $4000 $7200 $800 $17000 70 $5000 $4500 $8400 $900 $18800 80 $5000 $

53、5000 $9600 $1000 $20600 90 $5000 $5500 $10800 $1100 $22400 8/18/202137D Da ai i l l y y P Pr ro od du uc ct t i i o on n ( ( t t h ho ou us sa an nd ds s) ) 产产量量 F Fi i x xe ed d C Co os st t 固固定定成成本本 V Va ar ri i a ab bl l e e C Co os st t 变变动动成成本本 T To ot t a al l C Co os st t 总总成成本本 M M a ar rg g

54、i i n na al l C Co os st t 边边际际成成本本 A Av ve er ra ag ge e F Fi i x xe ed d C Co os st t 平平均均固固定定成成本本 A Av ve er ra ag ge e V Va ar ri i a ab bl l e e C Co os st t 平平均均变变动动成成本本 A Av ve er ra ag ge e C Co os st t 平平均均成成本本 0 $6200 $0 $6200 10 $6200 $1800 $8000 $0. 18 $0. 62 $0. 18 $0. 80 20 $6200 $3600

55、 $9800 $0. 18 $0. 31 $0. 18 $0. 49 30 $6200 $5400 $11600 $0. 18 $0. 21 $0. 18 $0. 39 40 $6200 $7200 $13400 $0. 18 $0. 16 $0. 18 $0. 34 50 $6200 $9000 $15200 $0. 18 $0. 12 $0. 18 $0. 30 60 $6200 $10800 $17000 $0. 18 $0. 10 $0. 18 $0. 28 70 $6200 $12600 $18800 $0. 18 $0. 09 $0. 18 $0. 27 80 $6200 $144

56、00 $20600 $0. 18 $0. 08 $0. 18 $0. 26 90 $6200 $16200 $22400 $0. 18 $0. 07 $0. 18 $0. 25 Fixed/Variable Costs固定/变动 成本8/18/20213801102030405060708090average cost 平均成本marginal, averagevariable cost 边际, 平均变动成本Production rate (Thousands a day)产量(千每天)Marginal/average cost ($ pe

57、r unit) 边际/平均成本(美元/单位)Economies of Scale规模经济8/18/202139Scale Economies: Sources规模经济: 来源 large fixed costs 庞大的固定成本 research, development, and design 研发和设计 information technology 信息科技 falling average variable costs 平均变动成本随产量增加而减少 container ships 集装箱货轮8/18/202140Strategic Implications规模经济: 战略影响 large-s

58、cale production 大规模生产 seller side: monopoly/oligopoly 卖方: 垄断/寡头垄断 buyer side: monopsony/oligopsony 买方: 垄断/寡头垄断8/18/202141ExpediaCreated by Microsoft 由微软公司创立Nov. 1999: executives of four big airlines (American, United, Northwest, and Continental) offered to give Expedia access to their discounted tic

59、kets, and, in return, get half of Expedia. Microsoft refused the deal; and the four airlines set up a competing business, Orbitz, on the day that Expedia went public. 1999年11月, 四大航空公司(美洲航空,联合航空,西北航空和大陆航空) 主动提议向Expedia提供折扣机票, 条件是要换取Expedia一半的股票. 微软公司拒绝了此项交易. 于是, 在Expedia上市的当天,四大航空公司联合创立了Orbitz, 与Expe

60、dia抗衡. 8/18/202142Using Hotels to Trump Airlines借助酒店业来与航空公司较量Expedia pays wholesale prices for 80% of the rooms it handles, getting 26% return as opposed to the usual 10% commission on hotel reservations. Expedia为顾客预定酒店时,有80%都是以较低的批发价格拿到,这样它就可以获得26%的佣金, 而不是通常的10%Getting into hotels helped Expedia to