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【正文】 iness units ? Incentive system that rewards more than just business unit performance Assumptions 21 Related Diversification Strategies – sharing activities – transferring core petencies Alternative Diversification Strategies 22 Transferring Core Competencies: ? Exploits interrelationships among divisions ? Start with value chain analysis – identify ability to transfer skills or expertise among similar value chains – exploit ability to transfer activities Key Characteristics 23 Transferring Core Competencies: ? Transferring core petencies leads to petitive advantage only if the similarities among business units meet the following conditions: – activities involved in the businesses 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 aniza
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