论纵向一体化的战略分析(英文版)

1、第十一讲第十一讲 纵向一体化的战略分析纵向一体化的战略分析1.Strategic Benefits of Vertical Integration2.Strategic Costs of Vertical Integration3.Particular Strategic Issues in Forward Integration4.Particular Strategic Issues in Backward Integration5.Contracts, Tapered Integration and Quasi-Integration6.Some Illusions in Vertica

2、l Integration DecisionsSeptember 20021 Vertical integration is the combination of technologically distinct production, distribution, selling, and/or other economic processes within the confines of a single firm. As such, it represents a decision by the firm to utilize internal or administrative tran

3、sactions rather than market transactions to accomplish its economic purposes. In theory, all the functions we now expect a corporation to perform could be performed by a consortium of independent economic entities, each contracting with a central coordinator, which itself need be little more than a

4、desk and a single manager.September 200221.Strategic Benefits of Vertical IntegrationECONOMIES OF INTEGRATION Economies of Combined Operations. Economies of Internal Control and Coordination Economies of Information. Economies of Avoiding the market. Economies of Stable Relationships. TAP INTO TECHN

5、OLOGYASSURE SUPPLY AND /OR DEMANDSeptember 20023OFFSET BARGAINING POWER AND INPUT COST DISTORTIONSENHANCED ABILITY TO DIFFERENTIATEELEVATE ENTRY AND MOBILITY BARRIERSENTER A HIGHER RETURN BUSINESSDEFEND AGAINST FORECLOSURESeptember 200242.Strategic Costs of Vertical IntegrationCOST OF OVERCOMING MOB

6、ILITY BARRIERSINCREASED OPERATING LEVERAGEREDUCED FLEXIBILITY TO CHANGE PARTNERSHIGHER OVERALL EXIT BARRIERSSeptember 20025CAPITAL INVESTMENT REQUIREMENTSFORECLOSURE OF ACCESS TO SUPPLIER OR CONSUMER RESEACH AND /OR KNOW-HOWMAITAINING BALANCEDULLED INCENTIVESDIFFERING MANAGERIAL REQUIREMENTSSeptembe

7、r 200263.Particular Strategic Issues in Forward IntegrationIMPROVED ABILITY TO DIFFERENTIATEACCESS TO DISTRIBUTION CHANNELSBETTER ACCESS TO MARKET INFORMATIONHIGHER PRICE REALIZATIONSeptember 200274.Particular Strategic Issues in Backward IntegrationPROPRIETARY KNOWLEDGEDIFFERENTIATIONSeptember 2002

8、85.Contracts, Tapered Integration and Quasi-IntegrationCONTRACTS AND THE ECONOMIES OF INTEGRATION It is essential to recognize the possibility that some economies of integration could be gained by the right type of long-term or even short-term contract between independent firms.TAPERED INTEGRATION T

9、apered integration is partial integration backward or forward, the firm purchasing the rest of its needs on the open market.September 20029Advantages: Tapered integration results in less elevation in fixed costs than full integration.The degree of taper(the proportion of product or service purchased

10、 outside) can be adjusted to reflect the degree of risk in the market.Taper can also be used to guard against imbalance between stages.Tapered integration reduces the risk of locked-in relationships to the extent of the degree of taper.It also gives the firm some access to outside R&D activities

11、 and can provide a partial solution to the problem of internal incentives.Tapered integration allows the firm to prove that a threat of full integration is credible, which provides a strong discipline on suppliers or customers and may avoid the necessity of full integration to offset bargaining powe

12、r.September 200210QUASI-INTEGRATION Quasi-integration is the establishment of a relationship between vertically related businesses that is somewhere in between long-term contracts and full ownership. minority equity investment; loans or loan guarantees; prepurchase credits; exclusive dealing agreeme

13、nts; specialized logistical facilities; cooperative R&D.September 2002116.Some Illusions in Vertical Integration DecisionsA strong market position in one stage can automatically be extended to the other Only if the integration per se produced some tangible benefits would integration allow the ex

14、tension of market power, because under these circumstances it would improve the competitiveness of the combined entity.It is always cheaper to do things internally.September 200212It often makes sense to integrate into a competitive business Firms in such an industry are earning low returns and are

15、competing vigorously to improve quality and serve customers. There are many firms to choose from in buying and selling. Vertical integration can dull incentives and blunt initiative.September 200213Vertical integration can serve a strategically sick business Each stage of a vertical chain must be strategically sound to insure the health of the enterprise as a whole. If on