新经济下的价值管理

Value(s)-BasedManagementintheNewEconomyPerformanceManagement2000April25,2000JohnSimke(416)[e-mail]2PricewaterhouseCoopersAgenda•Value-basedmanagementHowtheneweconomyhastransformedvaluecreationTheimplicationsforestablishedbusinessesThevaluecreationmodelforthefuturee-worldvaluesforsuperiorperformanceImplementingthenewvaluesystem3PricewaterhouseCoopersValue-BasedManagementDriversofshareholdervalue–Salesgrowth–EBITDAMargin–Cashtaxrate–Workingcapital–Capitalexpenditure–Weightedaveragecostofcapital–CompetitiveadvantageperiodFreecashflowFreecashflow4PricewaterhouseCoopersThesevariablesdriveeconomicprofitie.profitaftercapitalreplacement,oressentially“freecashflow”Discountedtopresentvaluedeterminesshareholdervalue:FuturefreecashflowsCorporatevalue=DiscountedatWACCThesevenvaluedriversaredrilleddowntospecificperformancemetricsthataremanagedonanongoingbasisValue-BasedManagement5PricewaterhouseCoopersPrice/EarningsS&PIndustries(1993)15Yearrange=0.00to0.04R=0.002EPSGrowthrate503020105(60)(40)(20)02040605030201051053210.50.30.2(20)(10)010201053210.50.30.2R=0.7115Yearrange=0.48to0.712S&PIndustries(1993)Cashflowreturnsabove/belowcostofcapitalMarketCapitalisationCashFlowisMoreReliablethanEarningsCashFlowisamorereliableindicatorEPSdoesnotcorrelatewellwithvalue6PricewaterhouseCoopersValue-BasedManagementKeyweaknessofthismodelislackofadequaterecognitionofinnovationAlso,doesnotfocusadequatelyonpeopleissuesFurtherweaknessofVBMisimplementation:–requiressignificantcommitmenttochange–toooftenbecomesatechnical,theoreticalexercise7PricewaterhouseCoopersTheNewEconomyEnvironmentNewbusinessmodelsaredisruptingexistingplayersNewB2Bexchangesarereshapingindustries-whoknowswhat’snext?CustomerscalltheshotsTalentrulesDistanceandtimeareeliminated-youcompetewithanyoneanywhere8PricewaterhouseCoopersNewEconomyValueDriversCustomerfocusisparamountBrandingisakeyvehicletoachievecustomerownershipShort-termmarginsarelesssignificantNewbusinessmodelsandinnovationarecriticalSpeedandagility-firstmoveradvantagePeoplemotivatedtobeinnovativeOldvsNewEconomyValueDriversOldEconomyValueDriversCashFlowdrivesvalueValuedriversareheavilyweightedtowardsmarginmanagementRevenuesandoperatingcostsareprimedriversPeoplearemotivatedtogenerateshort-termfreecashflow9PricewaterhouseCoopers7dynamicsexertthegreatestinfluenceonthevaluedriversintheneweconomy7dynamicsexertthegreatestinfluenceonthevaluedriversintheneweconomy10PricewaterhouseCoopersCustomerFocusBrandEquityManagement&PlanningBusinessDesignTimingAgilityContentCustomerFocusBrandEquityManagement&PlanningBusinessDesignTimingAgilityContentThesevendynamicsare...11PricewaterhouseCoopers“TheCustomerexperienceisthekeydriverofsuccessonline”(ZDNetOnline)“…TheintelligencetheygatherabouttheirusersisthemostvaluablecurrencyintheInternetworld.”(Redherring.com)Howeverthesechangesplayoutinindividualindustries,theywillunquestionablyaffecteverycompany’srelationshipwithit’scustomersandthevaluepropositionsformanycompaniesintheforeseeablefuture.(HBR,Mar-Apr1998)E-Businessiscausingashiftincustomerpower...E-Businessiscausingashiftincustomerpower...ImprovedtransparencyofinformationIncreasedchoiceEasieraccessAbilitytoidentifybestpricedSwitchingCostsDecreasingCustomerPowerIncreasingNewEconomyDynamic#1-CustomerFocusNewEconomyDynamic#1-CustomerFocusWhatcustomerscareaboutismoreimportantthaneverbefore...Whatcustomerscareaboutismoreimportantthaneverbefore...12PricewaterhouseCoopers“ThecurrentanswertothequestionaboutsustainableCAP[competitiveadvantageperiod]isthebrandedsitemodel,thenotionthatsites,likeTVprograms,willbeabletoattractaudiencesharesthatstabilise.ThiswillpermitpopularsitestochargeCPMrateswellabovethebanneradrevenuesofgenericsites.”(GorillaGame,GeoffreyA.Moore,1998)“BKS’strongbrandequitywillbeanimportantassetontheinternet…WebelievethatthisstrongbrandequitywilldrawInternetshopperstoitssite,butwillalsomakeiteasierforBKStofindstrategicpartners.”(MorganStanley,InternetRetailingReport)“TheInternetenablescustomerstobypassdistributorsandcommunicatewithproducers.Retailersarelikelytolosemuchoftheirpower.Asintheglorydaysofbrandmanagement,manufacturerswillbeabletodevotenearlyalloftheirmarketingbudgetstoimprovingandpromotingtheirproducts”(HBR,July/Aug1999)NewEconomyDynamic#2-BrandEquity13PricewaterhouseCoopers“Formymoney,it’sthecompanieswiththebestcombinationoftalent,thatwillposethegreatestthreat-thosethathavefreshideas,butarealsoguidedbyexperiencedhands.Therealchemistryforchangehappenswhenyoucombinethediversetalentsofyouthandexperience.Thisissimilartothebeliefthatthemostsuccessfule-businesseswillbethosethatcombine-bricksand-mortarandWebbasedstrategies.Youneedbothtosucceed.”(NickEvans,InternetWeek,16Aug1999)“Forlarge,establishedcompanies,thesinglebiggestimpedimenttoe-businessblueprintplanningislackofconsistentattentionfromtopmanagement.WithoutdeepinvestmentsoftimeandenergyfromCEOsandseniorexecutive,companiessimplycannotachievethecultural,strategicandtechnicalchangesrequiredtonav