讲义四织架构与公司战略定位(长江商学院陶志刚)

管理经济学陶志刚1StrategiesandOrganizations组织架构与公司战略定位管理经济学陶志刚2Thefieldofbusinessstrategyistoexplainsustaineddifferencesintheperformanceoffirmsthatcompetewithoneanotherindeliveringproductsandindevelopingtheabilitytodosomoreeffectivelyovertime.在激烈竞争的市场中，企业如何获得并保持高于竞争对手的盈利管理经济学陶志刚3ROE-KeSpread(15%)(10%)(5%)0%5%10%15%20%01002003004005006007008009001,0001,1001,2001,300AverageInvestedEquity($B)Toiletries/CosmeticsSteelPharmaceuticalsSoftDrinkTobaccoFoodProcessingHouseholdProductsElectricalEquipmentFinancialServicesSpecialtyChemicalsNewspaperBankIntegratedPetroleumTelecomRetailStoreTire&RubberElectricUtility-CentralElectricUtility-EastMedicalServicesMachineryAuto&TruckComputer&PeripheralPaper&ForestAirTransportSource:Compustat,ValueLine,MarakonAssociatesAnalysisAverageEconomicProfitsofU.S.IndustryGroups,1978-19961978至1996年美国各行业平均经济利润率ValueLineIndustryGroups管理经济学陶志刚4The“FiveForces”FrameworkforIndustryAnalysis“五种竞争力量”的行业分析框架潜在竞争对手供应商行业现有竞争者替代品竞争者购买者管理经济学陶志刚5Source:Compustat,ValueLine,MarakonAssociatesAnalysisROE-KeSpread(30%)(20%)(10%)0%10%20%30%40%$0$1$2$3$4$5$6$7$8$9$10$11$12$13$14$15GreatNorthernIronWorthingtonIndsNucorSteelTechnologiesOregonMillsCommercialMetalsCarpenterBirminghamBritishSteelPLCCleveland-CliffsQuanexLukensACMEMetalsAmpcoUSX-USSteelInlandSteelArmcoWHXBethlehemAverageInvestedEquity($B)AverageEconomicProfitsofIndividualFirmsintheSteelIndustry,1978–19961978至1996年美国钢铁行业中各企业的平均利润率管理经济学陶志刚6Source:Compustat,ValueLine,MarakonAssociatesAnalysisROE-KeSpread(80%)(60%)(40%)(20%)0%20%40%60%$0$5$10$15$20$25$30SmithKlineGlaxoAmericanHomeProductsAmgenMerckScheringPloughWatsonBristolMyersRhone-PoulencMylanLabsWarnerLambertEliLillyPfizerPerrigoPharmacia&UpjohnForestLabsAlzaICNSchererIvaxGenetechBiogenRobertsGenzymeDuraChironCephalonGensiaCygnusImmunexAverageInvestedEquity($B)AverageEconomicProfitsofIndividualFirmsintheDrugIndustry,1978-19961978至1996年美国制药行业中各企业的平均利润率管理经济学陶志刚7CompetitiveAdvantages竞争优势CompetitiveAdvantage竞争优势LowerCost低成本Differentiation差异化管理经济学陶志刚8Howtoachievecompetitiveadvantages?如何获得竞争优势Afirmobtainscostadvantage(orachievesproductdifferentiation)throughefficientorganizationofactivitiesinvolvingunitswithinthefirm,suppliers,customers,andevencompetitors.有效地组织生产，包括与公司内各部门、供应商、客户及竞争对手的关系，是竞争优势的来源管理经济学陶志刚9Threeexamples三个例子Airbusv.Boeing空中客车对波音Toyotav.GM丰田对通用汽车McDonald’s麦当劳管理经济学陶志刚10Twoapproachesfororganizingproductionactivities两种组织生产的方式theorganizationalapproachandthecontractualapproach自造及外包Whatarethetradeoffsbetweentheorganizationalapproachcomparedwiththecontractualapproach?两种方法的比较管理经济学陶志刚11Holdup套牢verticalIntegration纵向整合externalContractor外部合同加工者moralhazardinternalmonopolylackofscaleeconomies激励问题内部垄断缺乏规模经济Makeorbuy?自造还是外包?管理经济学陶志刚12Organizationsandbusinessstrategies组织形式和竞争优势的关系Make–productiondifferentiation自造–差异化道路Buy–costadvantage外包–低成本优势管理经济学陶志刚13Holdup套牢Conflictofinterest利益冲突Contractualincompleteness不完全合同Relationship-specificinvestment专用投资Renegotiation重新谈判管理经济学陶志刚14ResolvingHoldup如何避免被套牢avoidspecificinvestments避免专用投资writemoredetailedcontracts合同要具体详细管理经济学陶志刚15MoralHazard激励问题conflictofinterest利益冲突asymmetricinformationabouteffort不了解具体努力程度管理经济学陶志刚16ResolvingMoralHazard如何解决激励问题incentivescheme激励机制•conditionalpayment有条件的付款•Quota指标monitoringsystem监督系统管理经济学陶志刚17IncentivevsRisk激励对风险Efficientschemebalances有效的激励计划会平衡:benefitsofmoreeffort积极性的提高costsofriskbearing承担风险的成本管理经济学陶志刚18MotivatingDennisRodman如何使美国职业篮球界的坏孩子变好1996:underguaranteedcontract,heplayedonly55of82regularseasoncontests,andgotpaid$2.96mforgameshedidn’tplayin.1997:anewcontractof$10.5m,butonly$4.5mguaranteed/$0.5mforwinningNBAreboundingtitle/$185,000pergameafterthe59thgame/Intheend,heplayed80ofthe1997’s82games,andgot$10.1m.管理经济学陶志刚19AT&TIncentiveSchemeAT&T的总裁激励计划1995:AT&TawardedCEORobertE.Allenoptionsfor108,000sharesat$43.94exerciseprice1995年:AT&T(美国电报及电话公司)奖励总裁RobertE.Allen108000股的期权050100150200250300'95'96'97'98AT&TS&PTelIndex管理经济学陶志刚20RelativePerformance相对绩效employment--promotethebestworker雇用—提拔最佳雇员sports--gold,silver,bronze体育—金银铜牌管理经济学陶志刚21IncentivePayforPortfolioManagersatHarvardManagementCompany哈佛大学资产管理公司采用相对绩效激励计划CaseStudy案例管理经济学陶志刚22Introduction回报远远高过基准回报Foundedin1974tomanagetheendowmentofHarvardUniversityAsoftheendof2000,thisendowmenttotaledabout$19billion.JackMeyer,thepresident,oversaw185employees,ofwhich45wereportfoliomanagersInthefive(ten)yearperiodendingin2001,theannualreturnonHarvard’sendowmentwas16.9%(16.5%)whiletheannualmedianperformanceoflargeinstitutionalfundswas11.0%(11.9%).管理经济学陶志刚23HMCcompensationplan薪酬计划三部分：基本工资、中性奖金、浮动奖金ThecompensationstructureforinternalmanagersofpublicsecuritiesatHMCconsistedofthreecomponents:•Basicsalary($200K,not-a-risk)•Neutralbonus($100K,at-risk)•Incentivebonus(at-risk,basedonperformance,relativetothebenchmark.Couldbepositiveornegative)管理经济学陶志刚24Neutralbonus($100,000)管理不善，中性奖金可扣除Theneutralbonuswasnettedagainsttheincentivebonusforannualpayment.Iftheincentivebonuswaszeroorpositive,theFULLneutralbonuswouldbepaid.Iftheincentivebonuswasnegative,theneutralbonuswouldbereducedaccordingly,downto