整理自Porter 的文章.pptVIP

Corporate Strategy: Darling or Stepchild? Three Premises of Corporate Strategy Three Essential Tests Porter’s Five Forces Model Passing The Essential Tests Four Concepts of Corporate Strategy Current Trend of Restructuring From Venture Capital to Private Equity 1997-2001, VC’s golden ages Economist, Nov 25 2004, The New Kings of Capitalism From commercial banking to VCPE From investment banking to VCPE Venture Capital Private Equity的三大業務 30%：Traditional VC early stage, high-tech oriented 50%：Buyout, including: MA, MBO, turn around, restructuring, etc. Mid-to-later stage, traditional-industry oriented 20%：Special situation investment (Alternative investment) distress assets, real estate, privatization, etc. An Action Program An Action Program * Michael E. Porter Harvard Business Review, 1987 From Competitive Advantage To Corporate Strategy 授課教師： 朱文儀 Study on the diversification strategy of 33 leading U.S. firms, 1950-1986. Each firm on average entered 80 new industries: 70% are by acquisitions, 22% start-up, 8% joint ventures. Corporate Strategy: Darling or Stepchild? Are they successful? - divestment rate: divest more than 60% (unrelated 74%!) - 6 firms been taken over before study completed Benefit Who? Only the lawyers, investment banks, and original sellers, not the shareholders. Any successful corporate strategy builds on a number of premises. These are facts of life about diversification: Competition occurs at the business unit level. Diversification inevitably adds costs and constrains to business units. Shareholders can readily diversify themselves. The Attractiveness Test The Cost-Of-Entry Test The Better-Off Tests SUPPLIERS POTENTIAL ENTRANTS SUBSTITUTES BUYERS INDUSTRY COMPETITORS Rivalry among existing firms Bargaining power of suppliers Bargaining power of buyers Threat of new entrants Threat of substitutes The attractiveness test Industry which has attractive structure is profitable. Company must