中大mba戰(zhàn)略管理第八講戰(zhàn)略聯(lián)盟與企業(yè)集團-全文預(yù)覽
【正文】 家 ?血緣的信任 ?家族企業(yè)在世界各地不斷的減少 ?可能是由于企業(yè)集團的規(guī)模不斷擴大 ?家族企業(yè)對經(jīng)濟的影響 ?目前沒有完整的結(jié)論 ?家族企業(yè)肯定擁有特權(quán) – Manila 大學(xué)教授的笑話 企業(yè)集團 ?金字塔控股 – 對經(jīng)濟的影響 ?Morck, Wolfenzon amp。 Zingales, 2022 ?小股東保護措施比較薄弱的國家中，控制權(quán)收益較高 ?但是印度尼西亞的控制權(quán)收益較低 ?有些歐洲國家，如奧地利和捷克，控制權(quán)收益很高 ?Holmen amp。 Jegers, 2022 ?比利時金字塔控股集團內(nèi)部并購提高股票價格 ?金字塔控股并總是不利于少數(shù)股股東 企業(yè)集團 ?掏空 – 相反的證據(jù) ?Morck amp。 Mullainathan, 2022 ?金字塔底層企業(yè)應(yīng)對環(huán)境突變的能力較強 ?金字塔上層可以保護下層 企業(yè)集團 ?掏空 – 相反的證據(jù)： ?Bertrand, Mehta amp。 Wiwattanakantang, 2022 ?泰國企業(yè)集團中一半左右是金字塔控股 ? Yurtoglu, 2022 ?土耳其企業(yè)集團中，金字塔控股是主要組織方式 ? Kang, 1997 ?許多國家中，同時存在縱向控股和橫向交叉持股的現(xiàn)象 企業(yè)集團 ?金字塔控股 – 掏空 (tunneling) ?歐洲： Johnson, La Porta, LopezdeSilanes amp。 Claessens, Djankov amp。 Faccio amp。 ?美國才是特殊情況 ?交易成本： Market Vs. Hierarchy ?企業(yè)集團： Market amp。 Legal Sanctions Equity Investments Joint Ventures Formal/Codified ? imposes costs for cheating ? creates mutual understanding ? conflict resolution ? aligns interests of partners through ownership of independent firm ? aligns interests of partners through ownership in each other ? direct effect ? indirect effect Trust Firm Reputations Informal Organizing Strategic Alliances Governance Responses to the Challenges of Value Creation and Allocation ? the shadow of the future constrains cheating ? may allow partners to exploit opportunities that would be infeasible with other mechanisms Organizing Strategic Alliances Governance Responses to the Challenges of Value Creation and Allocation These responses are not mutually exclusive: ? contracts may be used with equity investments and joint ventures along with firm reputation and trust ? reputation and trust e into play in every type of alliance Reputation and trust may be sources of petitive advantage because they are costly to imitate International Expansion Alliances may be attractive because: ? local market knowledge is usually critical ? governments may require a local partner ? international expansion may be: ? fraught with uncertainty ? high risk ? expensive ? alliance investment may be more easily reversed than internal development or acquisition Summary ? create alliances that will produce gains from trade—plementary resources ? identify the sources of value creation ? assess the likelihood of challenges to value creation and allocation ? adopt appropriate governance responses to the challenges to value creation and allocation Successful alliance managers will: Summary Alliances may generate petitive advantage if: ? binations of plementary resources meet the VRIO criteria ? governance responses meet the VRIO criteria The Big Challenge of Strategic Alliances: Maximizing gains from trade while minimizing the threat of cheating 企業(yè)集團 ?定義： ?A business group is a hybrid anizational form between a firm and market. This is typically a cluster of legally distinct firms with a managerial relationship. The relationship between the firms in a group may be formal or informal ?集團公司不一定是企業(yè)集團 企業(yè)集團 ?三種形式： ?日本式 Keiretsu: 沒有控股關(guān)系，互相持股，互派董事 ?韓國式 Chaeb
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