第十一讲 纵向一体化的战略分析.pptVIP

September 2002 NJU 贾良定 第十一讲 纵向一体化的战略分析 1.Strategic Benefits of Vertical Integration 2.Strategic Costs of Vertical Integration 3.Particular Strategic Issues in Forward Integration 4.Particular Strategic Issues in Backward Integration 5.Contracts, Tapered Integration and Quasi-Integration 6.Some Illusions in Vertical Integration Decisions Vertical integration is the combination of technologically distinct production, distribution, selling, and/or other economic processes within the confines of a single firm. As such, it represents a decision by the firm to utilize internal or administrative transactions rather than market transactions to accomplish its economic purposes. In theory, all the functions we now expect a corporation to perform could be performed by a consortium of independent economic entities, each contracting with a central coordinator, which itself need be little more than a desk and a single manager. 1.Strategic Benefits of Vertical Integration ⑴ECONOMIES OF INTEGRATION ①Economies of Combined Operations. ②Economies of Internal Control and Coordination ③Economies of Information. ④Economies of Avoiding the market. ⑤Economies of Stable Relationships. ⑵TAP INTO TECHNOLOGY ⑶ASSURE SUPPLY AND /OR DEMAND ⑷OFFSET BARGAINING POWER AND INPUT COST DISTORTIONS ⑸ENHANCED ABILITY TO DIFFERENTIATE ⑹ELEVATE ENTRY AND MOBILITY BARRIERS ⑺ENTER A HIGHER RETURN BUSINESS ⑻DEFEND AGAINST FORECLOSURE 2.Strategic Costs of Vertical Integration ⑴COST OF OVERCOMING MOBILITY BARRIERS ⑵INCREASED OPERATING LEVERAGE ⑶REDUCED FLEXIBILITY TO CHANGE PARTNERS ⑷HIGHER OVERALL EXIT BARRIERS ⑸CAPITAL INVESTMENT REQUIREMENTS ⑹FORECLOSURE OF ACCESS TO SUPPLIER OR CONSUMER RESEACH AND /OR KNOW-HOW ⑺MAITAINING BALANCE ⑻DULLED INCENTIVES ⑼DIFFERING MANAGERIAL REQUIREMENTS 3.Particular Strategic Issues in Forward Integration ⑴IMPROVED ABILITY TO DIFFERENTIATE ⑵ACCESS TO DISTRIBUTION CHANNELS ⑶BETTER ACCESS TO MARKET INFORMATION ⑷HIGHER PRICE REALIZATION 4.Particular Strategic Issues in Back