论纵向一体化的战略分析(英文版)课件

第十一讲纵向一体化的战略分析1.StrategicBenefitsofVerticalIntegration2.StrategicCostsofVerticalIntegration3.ParticularStrategicIssuesinForwardIntegration4.ParticularStrategicIssuesinBackwardIntegration5.Contracts,TaperedIntegrationandQuasi-Integration6.SomeIllusionsinVerticalIntegrationDecisionsSeptember20021NJU贾良定第十一讲纵向一体化的战略分析1.StrategicBeVerticalintegrationisthecombinationoftechnologicallydistinctproduction,distribution,selling,and/orothereconomicprocesseswithintheconfinesofasinglefirm.Assuch,itrepresentsadecisionbythefirmtoutilizeinternaloradministrativetransactionsratherthanmarkettransactionstoaccomplishitseconomicpurposes.Intheory,allthefunctionswenowexpectacorporationtoperformcouldbeperformedbyaconsortiumofindependenteconomicentities,eachcontractingwithacentralcoordinator,whichitselfneedbelittlemorethanadeskandasinglemanager.September20022NJU贾良定Verticalintegrationistheco1.StrategicBenefitsofVerticalIntegration⑴ECONOMIESOFINTEGRATION①EconomiesofCombinedOperations.②EconomiesofInternalControlandCoordination③EconomiesofInformation.④EconomiesofAvoidingthemarket.⑤EconomiesofStableRelationships.⑵TAPINTOTECHNOLOGY⑶ASSURESUPPLYAND/ORDEMANDSeptember20023NJU贾良定1.StrategicBenefitsofVertic⑷OFFSETBARGAININGPOWERANDINPUTCOSTDISTORTIONS⑸ENHANCEDABILITYTODIFFERENTIATE⑹ELEVATEENTRYANDMOBILITYBARRIERS⑺ENTERAHIGHERRETURNBUSINESS⑻DEFENDAGAINSTFORECLOSURESeptember20024NJU贾良定⑷OFFSETBARGAININGPOWERANDI2.StrategicCostsofVerticalIntegration⑴COSTOFOVERCOMINGMOBILITYBARRIERS⑵INCREASEDOPERATINGLEVERAGE⑶REDUCEDFLEXIBILITYTOCHANGEPARTNERS⑷HIGHEROVERALLEXITBARRIERSSeptember20025NJU贾良定2.StrategicCostsofVertical⑸CAPITALINVESTMENTREQUIREMENTS⑹FORECLOSUREOFACCESSTOSUPPLIERORCONSUMERRESEACHAND/ORKNOW-HOW⑺MAITAININGBALANCE⑻DULLEDINCENTIVES⑼DIFFERINGMANAGERIALREQUIREMENTSSeptember20026NJU贾良定⑸CAPITALINVESTMENTREQUIREMEN3.ParticularStrategicIssuesinForwardIntegration⑴IMPROVEDABILITYTODIFFERENTIATE⑵ACCESSTODISTRIBUTIONCHANNELS⑶BETTERACCESSTOMARKETINFORMATION⑷HIGHERPRICEREALIZATIONSeptember20027NJU贾良定3.ParticularStrategicIssues4.ParticularStrategicIssuesinBackwardIntegration⑴PROPRIETARYKNOWLEDGE⑵DIFFERENTIATIONSeptember20028NJU贾良定4.ParticularStrategicIssues5.Contracts,TaperedIntegrationandQuasi-Integration⑴CONTRACTSANDTHEECONOMIESOFINTEGRATIONItisessentialtorecognizethepossibilitythatsomeeconomiesofintegrationcouldbegainedbytherighttypeoflong-termorevenshort-termcontractbetweenindependentfirms.⑵TAPEREDINTEGRATIONTaperedintegrationispartialintegrationbackwardorforward,thefirmpurchasingtherestofitsneedsontheopenmarket.September20029NJU贾良定5.Contracts,TaperedIntegratiAdvantages:①Taperedintegrationresultsinlesselevationinfixedcoststhanfullintegration.②Thedegreeoftaper(theproportionofproductorservicepurchasedoutside)canbeadjustedtoreflectthedegreeofriskinthemarket.③Tapercanalsobeusedtoguardagainstimbalancebetweenstages.④Taperedintegrationreducestheriskoflocked-inrelationshipstotheextentofthedegreeoftaper.⑤ItalsogivesthefirmsomeaccesstooutsideR&Dactivitiesandcanprovideapartialsolutiontotheproblemofinternalincentives.⑥Taperedintegrationallowsthefirmtoprovethatathreatoffullintegrationiscredible,whichprovidesastrongdisciplineonsuppliersorcustomersandmayavoidthenecessityoffullintegrationtooffsetbargainingpower.September200210NJU贾良定Advantages:September200210NJ⑶QUASI-INTEGRATIONQuasi-integrationistheestablishmentofarelationshipbetweenverticallyrelatedbusinessesthatissomewhereinbetweenlong-termcontractsandfullownership.minorityequityinvestment;loansorloanguarantees;prepurchasecredits;exclusivedealingagreements;specializedlogisticalfacilities;cooperativeR&D.September200211NJU贾良定⑶QUASI-INTEGRATIONSeptember206.SomeIllusionsinVerticalIntegrationDecisions⑴AstrongmarketpositioninonestagecanautomaticallybeextendedtotheotherOnlyiftheintegrationperseproducedsometangiblebenefitswouldintegrationallowtheextensionofmarketpower,becauseunderthesecircumstancesitwouldimprovethecompetitivenessofthecombinedentity.⑵Itisalwayscheapertodothingsinternally.September200212NJU贾良定6.SomeIllusionsinVerticalI⑶ItoftenmakessensetointegrateintoacompetitivebusinessFirmsinsuchanindustryareearninglowreturnsandarecompetingvigorouslytoimprovequalityandservecustomers.Therearemanyfirmstochoosefrominbuyingandselling.Verticalintegrationcandullincentivesandbluntinitiative.September200213NJU贾良定⑶Itoftenmakessensetointeg⑷VerticalintegrationcanserveastrategicallysickbusinessEachstageofaverticalchainmustbestrategicallysoundtoinsurethehealthoftheenterpriseasawhole.Ifonelinkissick,thesicknessismorelikelytospreadtotheotherhealthyunits.⑸Experienceinonepartoftheverticalchainautomaticallyqualifiesmanagementtodirectupstreamordownstreamunits.September200214NJU贾良定⑷VerticalintegrationcanservThanks!September200215NJU贾良定Thanks!September200215NJU贾良定第十一讲纵向一体化的战略分析1.StrategicBenefitsofVerticalIntegration2.StrategicCostsofVerticalIntegration3.ParticularStrategicIssuesinForwardIntegration4.ParticularStrategicIssuesinBackwardIntegration5.Contracts,TaperedIntegrationandQuasi-Integration6.SomeIllusionsinVerticalIntegrationDecisionsSeptember200216NJU贾良定第十一讲纵向一体化的战略分析1.StrategicBeVerticalintegrationisthecombinationoftechnologicallydistinctproduction,distribution,selling,and/orothereconomicprocesseswithintheconfinesofasinglefirm.Assuch,itrepresentsadecisionbythefirmtoutilizeinternaloradministrativetransactionsratherthanmarkettransactionstoaccomplishitseconomicpurposes.Intheory,allthefunctionswenowexpectacorporationtoperformcouldbeperformedbyaconsortiumofindependenteconomicentities,eachcontractingwithacentralcoordinator,whichitselfneedbelittlemorethanadeskandasinglemanager.September200217NJU贾良定Verticalintegrationistheco1.StrategicBenefitsofVerticalIntegration⑴ECONOMIESOFINTEGRATION①EconomiesofCombinedOperations.②EconomiesofInternalControlandCoordination③EconomiesofInformation.④EconomiesofAvoidingthemarket.⑤EconomiesofStableRelationships.⑵TAPINTOTECHNOLOGY⑶ASSURESUPPLYAND/ORDEMANDSeptember200218NJU贾良定1.StrategicBenefitsofVertic⑷OFFSETBARGAININGPOWERANDINPUTCOSTDISTORTIONS⑸ENHANCEDABILITYTODIFFERENTIATE⑹ELEVATEENTRYANDMOBILITYBARRIERS⑺ENTERAHIGHERRETURNBUSINESS⑻DEFENDAGAINSTFORECLOSURESeptember200219NJU贾良定⑷OFFSETBARGAININGPOWERANDI2.StrategicCostsofVerticalIntegration⑴COSTOFOVERCOMINGMOBILITYBARRIERS⑵INCREASEDOPERATINGLEVERAGE⑶REDUCEDFLEXIBILITYTOCHANGEPARTNERS⑷HIGHEROVERALLEXITBARRIERSSeptember200220NJU贾良定2.StrategicCostsofVertical⑸CAPITALINVESTMENTREQUIREMENTS⑹FORECLOSUREOFACCESSTOSUPPLIERORCONSUMERRESEACHAND/ORKNOW-HOW⑺MAITAININGBALANCE⑻DULLEDINCENTIVES⑼DIFFERINGMANAGERIALREQUIREMENTSSeptember200221NJU贾良定⑸CAPITALINVESTMENTREQUIREMEN3.ParticularStrategicIssuesinForwardIntegration⑴IMPROVEDABILITYTODIFFERENTIATE⑵ACCESSTODISTRIBUTIONCHANNELS⑶BETTERACCESSTOMARKETINFORMATION⑷HIGHERPRICEREALIZATIONSeptember200222NJU贾良定3.ParticularStrategicIssues4.ParticularStrategicIssuesinBackwardIntegration⑴PROPRIETARYKNOWLEDGE⑵DIFFERENTIATIONSeptember200223NJU贾良定4.ParticularStrategicIssues5.Contracts,TaperedIntegrationandQuasi-Integration⑴CONTRACTSANDTHEECONOMIESOFINTEGRATIONItisessentialtorecognizethepossibilitythatsomeeconomiesofintegrationcouldbegainedbytherighttypeoflong-termorevenshort-termcontractbetweenindependentfirms.⑵TAPEREDINTEGRATIONTaperedintegrationispartialintegrationbackwardorforward,thefirmpurchasingtherestofitsneedsontheopenmarket.September200224NJU贾良定5.Contracts,TaperedIntegratiAdvantages:①Taperedintegrationresultsinlesselevationinfixedcoststhanfullintegration.②Thedegreeoftaper(theproportionofproductorservicepurchasedoutside)canbeadjustedtoreflectthedegreeofriskinthemarket.③Tapercanalsobeusedtoguardagainstimbalancebetweenstages.④Taperedintegrationreducestheriskoflocked-inrelationshipstotheextentofthedegreeoftaper.⑤ItalsogivesthefirmsomeaccesstooutsideR&Dactivitiesandcanprovideapartialsolutiontotheproblemofinternalincentives.⑥Taperedintegrationallowsthefirmtoprovethatathreatoffullintegrationiscredible,whichprovidesastrongdisciplineonsuppliersorcustomersandmayavoidthenecessityoffullintegrationtooffsetbargainingpower.September200225NJU贾良定Advantages:September200210NJ⑶QUASI-INTEGRATIONQuasi-integrationistheestablishmentofarelationshipbetweenverticallyrelatedbusinessesthatissomewhereinbetweenlong-termcontractsandfullownership.minorityequityinvestment;loansorloanguarantees;prepurchasecredits;exclusivedealingagreements;specializedlogisticalfacilities;cooperativeR&D.September200226NJU贾良定⑶QUASI-INTEGRATIONSeptember206.SomeIllusionsinVerticalIntegrationDecisions⑴AstrongmarketpositioninonestagecanautomaticallybeextendedtotheotherOnlyiftheintegrationperseproducedsometangiblebenefitswouldintegration