ch06corporate-levelstrategy(戰(zhàn)略管理,英文版)-全文預(yù)覽
【正文】 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 Ch621 Alternative Diversification Strategies Related Diversification Strategies Unrelated Diversification Strategies Sharing Activities Transferring Core Competencies Efficient Internal Capital Market Allocation Restructuring Ch622 Key Characteristics: Restructuring Changes subunit management team Shifts strategy Infuses firm with new technology Divests part of firm Makes additional acquisitions to achieve critical mass Enhances discipline by changing control systems Alternative Diversification Strategies Seek out undeveloped, sick or threatened anizations or industries Parent pany (acquirer) intervenes and frequently: Frequently sell unit after making onetime changes since parent no longer adds value to ongoing operations Ch623 Assumptions: Restructuring Alternative Diversification Strategies 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 environment Ch624 Internal Incentives: Incentives to Diversify Relaxation of AntiTrust regulation allows more related acquisitions than in the past Before 1986, higher taxes on dividends favored spending retained earnings on acquisitions After 1986, firms made fewer acquisitions with retained earnings, shifting to the use of debt to take advantage of tax deductible interest payments External Incentives: Poor performance may lead some firms to diversify to attempt to achieve better returns Ch625 Valuecreating Strategies of Diversification Operational and Corporate Relatedness Sharing: Operational Relatedness Between Business Corporate Relatedness: Transferring Skills Into Business Through Corporate Headquarters Low High High Low Related Linked Diversification (Economies of Scope) Unrelated Diversification (Financial Economies) Both Operational and Corporate Relatedness (Rare Capability and Can Create Diseconomies of Scope) Related Constrained Diversif
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