Fabulous(陈思阳 王奕 崔晓璐)-airline mergers

1、 airline mergersC CONTENTONTENTS目录目录Background1 1MotivationsDisadvantagesGood Outcomes2 23 34 4C CONTENTONTENTS目录目录Background1 1What is a merger ?A merger is a combination of two business entities to form an enlarged group Distinctions of M&A is not considered hereMergers and acquisitions (M&

2、;A) are both aspects of strategic management, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or new location, without cr

3、eating a subsidiary, other child entity or using a joint ventureToday, we do not pay attention to the difference of the two items. Because we focus on the outcomes instead of the process.What is now on the airline market?lOligopoly lOne type of imperfectly competitive market, which is a market only

4、a few sellers, each offering a product similar or identical like airline services to others. k世界航空市场通过三代重组升级，已经形成寡头垄断市场：自从1978年美国卡特政府实施“天空开发”政策以来，航空运输业已成为全球最开发、自由化程度最高、竞争最激烈的市场。空运企业面临生存危机时，只有两条路可以选择：要么破产，要么被收购兼并。仅1980年至1996年，全球空运业就发生了200多起航空公司并购案。30年来联合重组一浪高过一浪，并且步步升级The cases of airline mergers1 美国

5、航空与全美航空合并2 法国航空公司收购荷兰皇家航空公司3 美国达美航空与西北航空合并4 美国联合航空与大陆航空合并5 日本航空公司并购日本佳速航空C CONTENTONTENTS目录目录Background1 1Motivations2 2Why airline companies choose to merge ?Why airline companies choose to merge ?lThe reason can be concluded as improving financial performance or reducing risklEconomy of scale: Thi

6、s refers to the fact that the combined company can often reduce its fixed costs by removing duplicate departments or operations, lowering the costs of the company relative to the same revenue stream, thus increasing profit margins.lEconomy of scope: This refers to the efficiencies primarily associat

7、ed with demand-side changes, such as increasing or decreasing the scope of marketing and distribution, of different types of products.lIncreased revenue or market share: This assumes that the buyer will be absorbing a major competitor and thus increase its market power (by capturing increased market

8、 share) to set prices.lCross-selling: For example, a bank buying a stock broker could then sell its banking products to the stock brokers customers, while the broker can sign up the banks customers for brokerage accounts. Or, a manufacturer can acquire and sell complementary products.lSynergy: For e

9、xample, managerial economies such as the increased opportunity of managerial specialization. Another example is purchasing economies due to increased order size and associated bulk-buying discounts.Would travelers be better off today if mergers had been banned?(Are mergers good for the economy?)民众持有

10、的态度民众持有的态度Support from economists and the populace经济学家的看法经济学家的看法C CONTENTONTENTS目录目录Background1 1MotivationsDisadvantages2 23 3 What are the disadvantages？产量效应 价格效应航空公司和并后 寡头数量少 价格效应明显 无效率（价格效应大于产量效应 价格高于边际成本）卖者数量越多，每个卖者越不关心自己对市场价格的影响。随着寡头数量增加，价格效应在减少。当寡头数量增加到极大时，价格效应就完全消失了，只剩下了产量效应。随着寡头市场上麦者数量增加，寡头

11、市场就越来越像竞争市场。其价格接近于边际成本，生产量接近于对社会只有效率的水平。Whats more？从上个世纪从上个世纪8080年代起，国有航空企业经历了多次合并重年代起，国有航空企业经历了多次合并重组，多次并购行为组建成立了企业集团，这使得行业内企组，多次并购行为组建成立了企业集团，这使得行业内企业数目大幅度减少，目的之一是形成规模与国外大公司竞业数目大幅度减少，目的之一是形成规模与国外大公司竞争，不顾效率、不顾利益、单纯用大的合并小的、让飞机争，不顾效率、不顾利益、单纯用大的合并小的、让飞机多的合并飞机少的、让人多的合并人少的，而那些规模偏多的合并飞机少的、让人多的合并人少的，而那些规模

12、偏小、却在市场中表现出极强竞争力的地方航空公司都根本小、却在市场中表现出极强竞争力的地方航空公司都根本没有机会去收购那些直属航空公司。这种没有机会去收购那些直属航空公司。这种“人海战术人海战术”的的重组其结局更加可怕：市场不但没有完成优胜劣汰的使命，重组其结局更加可怕：市场不但没有完成优胜劣汰的使命，反而让亏损巨大，效率低下的去也做大蛋糕，占有市场。反而让亏损巨大，效率低下的去也做大蛋糕，占有市场。Whats more？目前金融界对整合能包治百病的说法持有怀疑态度。目前金融界对整合能包治百病的说法持有怀疑态度。AvitasAvitas公司资深副总裁比尔拉斯基博士认为：大多数公司公司资深副总裁比尔拉斯基博士认为：大多数公司不能应对合并带来的复杂性，兼并历史也不是一帆风顺的；不能应对合并带来的复杂性，兼并历史也不是一帆风顺的；兼并只是一种急促式简单反应。兼并只是一种急促式简单反应。C CONTENTONTENTS目录目录Background1 1MotivationsDisadvantagesGood Outcomes2 23 34 4 What are good