公司層策略(文件)
【正文】 sses are similar enough that sharing expertise is meaningful – transfer of skills involves activities which are important to petitive advantage – the skills transferred represent significant sources of petitive advantage for the receiving unit Assumptions 24 Related Diversification Strategies – sharing activities – transferring core petencies Alternative Diversification Strategies Unrelated Diversification Strategies – efficient internal capital market allocation 25 Efficient Internal Capital Market Allocation: ? Firms pursuing this strategy frequently diversify by acquisition: – acquire sound, attractive panies – acquired units are autonomous – acquiring corporation supplies needed capital – portfolio managers transfer resources from units that generate cash to those with high growth potential and substantial cash needs – add professional management control to subunits – subunit managers pensation based on unit results Key Characteristics 26 Efficient Internal Capital Market Allocation: ? Managers have more detailed knowledge of firm relative to outside investors ? Firm need not risk petitive edge by disclosing sensitive petitive information to investors ? Firm can reduce risk by allocating resources among diversified businesses, although shareholders can generally diversify more economically on their own Assumptions 27 Related Diversification Strategies – sharing activities – transferring core petencies Unrelated Diversification Strategies – efficient internal capital market allocation Alternative Diversification Strategies – restructuring 28 Restructuring: ? Seek out undeveloped, sick or threatened anizations or industries ? Parent pany (acquirer) intervenes and frequently: – changes subunit management team – shifts strategy – infuses firm with new technology – enhances discipline by changing control systems – divests part of firm – makes additional acquisitions to achieve critical mass Key Characteristics 29 Restructuring: ? Frequently sell unit after making onetime changes since parent no longer adds value to ongoing operations Key Characteristics 30 Restructuring: ? Requires keen management insight in selecting firms with depressed values or unforeseen potential ? Must do more than restructure panies ? Need to initiate restructuring of industries to create a more attractive envir
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