講義四織架構(gòu)與公司戰(zhàn)略定位課件

講義四織架構(gòu)與公司戰(zhàn)略定位2023/8/6講義四織架構(gòu)與公司戰(zhàn)略定位講義四織架構(gòu)與公司戰(zhàn)略定位2023/8/3講義四織架構(gòu)與公司1Thefieldofbusinessstrategyistoexplainsustaineddifferencesintheperformanceoffirmsthatcompetewithoneanotherindeliveringproductsandindevelopingtheabilitytodosomoreeffectivelyovertime.

在激烈競(jìng)爭(zhēng)的市場(chǎng)中，企業(yè)如何獲得并保持高于競(jìng)爭(zhēng)對(duì)手的盈利

管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位2ThefieldofbusinessstrategySource:Compustat,ValueLine,MarakonAssociatesAnalysisAverageEconomicProfitsofU.S.IndustryGroups,1978-1996

1978至1996年美國各行業(yè)平均經(jīng)濟(jì)利潤(rùn)率ValueLineIndustryGroups管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位3Source:Compustat,ValueLine,The“FiveForces”FrameworkforIndustryAnalysis

“五種競(jìng)爭(zhēng)力量”的行業(yè)分析框架潛在競(jìng)爭(zhēng)對(duì)手供應(yīng)商行業(yè)現(xiàn)有競(jìng)爭(zhēng)者替代品競(jìng)爭(zhēng)者購買者管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位4The“FiveForces”FrameworkfoSource:Compustat,ValueLine,MarakonAssociatesAnalysisROE-KeSpread(30%)(20%)(10%)0%10%20%30%40%$0$1$2$3$4$5$6$7$8$9$10$11$12$13$14$15GreatNorthernIronWorthingtonIndsNucorSteelTechnologiesOregonMillsCommercialMetalsCarpenterBirminghamBritishSteelPLCCleveland-CliffsQuanexLukensACMEMetalsAmpcoUSX-USSteelInlandSteelArmcoWHXBethlehemAverageInvestedEquity($B)AverageEconomicProfitsofIndividualFirmsintheSteelIndustry,1978–1996

1978至1996年美國鋼鐵行業(yè)中各企業(yè)的平均利潤(rùn)率管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位5Source:Compustat,ValueLine,Source:Compustat,ValueLine,MarakonAssociatesAnalysisROE-KeSpread(80%)(60%)(40%)(20%)0%20%40%60%$0$5$10$15$20$25$30SmithKlineGlaxoAmericanHomeProductsAmgenMerckScheringPloughWatsonBristolMyersRhone-PoulencMylanLabsWarnerLambertEliLillyPfizerPerrigoPharmacia&UpjohnForestLabsAlzaICNSchererIvaxGenetechBiogenRobertsGenzymeDuraChironCephalonGensiaCygnusImmunexAverageInvestedEquity($B)AverageEconomicProfitsofIndividualFirmsintheDrugIndustry,1978-1996

1978至1996年美國制藥行業(yè)中各企業(yè)的平均利潤(rùn)率管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位6Source:Compustat,ValueLine,CompetitiveAdvantages

競(jìng)爭(zhēng)優(yōu)勢(shì)CompetitiveAdvantage競(jìng)爭(zhēng)優(yōu)勢(shì)LowerCost低成本Differentiation差異化管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位7CompetitiveAdvantages

競(jìng)爭(zhēng)優(yōu)勢(shì)ComHowtoachievecompetitiveadvantages?

如何獲得競(jìng)爭(zhēng)優(yōu)勢(shì)Afirmobtainscostadvantage(orachievesproductdifferentiation)throughefficientorganizationofactivitiesinvolvingunitswithinthefirm,suppliers,customers,andevencompetitors.有效地組織生產(chǎn)，包括與公司內(nèi)各部門、供應(yīng)商、客戶及競(jìng)爭(zhēng)對(duì)手的關(guān)系，是競(jìng)爭(zhēng)優(yōu)勢(shì)的來源管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位8HowtoachievecompetitiveadvThreeexamples

三個(gè)例子Airbusv.Boeing空中客車對(duì)波音Toyotav.GM豐田對(duì)

通用汽車McDonald’s麥當(dāng)勞管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位9Threeexamples

三個(gè)例子Airbusv.BTwoapproachesfororganizingproductionactivities

兩種組織生產(chǎn)的方式theorganizationalapproachandthecontractualapproach

自造及外包Whatarethetradeoffsbetweentheorganizationalapproachcomparedwiththecontractualapproach?

兩種方法的比較管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位10TwoapproachesfororganizingHoldup套牢verticalIntegration縱向整合externalContractor外部合同加工者moralhazardinternalmonopolylackofscaleeconomies激勵(lì)問題內(nèi)部壟斷缺乏規(guī)模經(jīng)濟(jì)Makeorbuy?

自造還是外包?管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位11HoldupverticalexternalmoralhaOrganizationsandbusinessstrategies

組織形式和競(jìng)爭(zhēng)優(yōu)勢(shì)的關(guān)系Make–productiondifferentiation

自造–差異化道路Buy–costadvantage

外包–低成本優(yōu)勢(shì)管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位12OrganizationsandbusinessstrHoldup

套牢

Conflictofinterest利益沖突Contractualincompleteness不完全合同Relationship-specificinvestment專用投資Renegotiation重新談判管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位13Holdup

套牢管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位13ResolvingHoldup

如何避免被套牢avoidspecificinvestments避免專用投資writemoredetailedcontracts合同要具體詳細(xì)管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位14ResolvingHoldup

如何避免被套牢avoidMoralHazard

激勵(lì)問題conflictofinterest利益沖突asymmetricinformationabouteffort

不了解具體努力程度管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位15MoralHazard

激勵(lì)問題conflictofiResolvingMoralHazard

如何解決激勵(lì)問題incentivescheme激勵(lì)機(jī)制conditionalpayment有條件的付款Quota指標(biāo)monitoringsystem監(jiān)督系統(tǒng)管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位16ResolvingMoralHazard

如何解決激勵(lì)問IncentivevsRisk

激勵(lì)對(duì)風(fēng)險(xiǎn)Efficientschemebalances有效的激勵(lì)計(jì)劃會(huì)平衡:benefitsofmoreeffort積極性的提高costsofriskbearing承擔(dān)風(fēng)險(xiǎn)的成本管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位17IncentivevsRisk

激勵(lì)對(duì)風(fēng)險(xiǎn)EfficieMotivatingDennisRodman

如何使美國職業(yè)籃球界的壞孩子變好1996:underguaranteedcontract,heplayedonly55of82regularseasoncontests,andgotpaid$2.96mforgameshedidn’tplayin.1997:anewcontractof$10.5m,butonly$4.5mguaranteed/$0.5mforwinningNBAreboundingtitle/$185,000pergameafterthe59thgame/Intheend,heplayed80ofthe1997’s82games,andgot$10.1m.管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位18MotivatingDennisRodman

如何使美國AT&TIncentiveScheme

AT&T的總裁激勵(lì)計(jì)劃1995:AT&TawardedCEORobertE.Allenoptionsfor108,000sharesat$43.94exerciseprice1995年:AT&T(美國電報(bào)及電話公司)獎(jiǎng)勵(lì)總裁RobertE.Allen108000股的期權(quán)管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位19AT&TIncentiveScheme

AT&T的總裁激RelativePerformance

相對(duì)績(jī)效employment--promotethebestworker雇用—提拔最佳雇員sports--gold,silver,bronze體育—金銀銅牌管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位20RelativePerformance

相對(duì)績(jī)效emploIncentivePayforPortfolioManagersatHarvardManagementCompany

哈佛大學(xué)資產(chǎn)管理公司

采用相對(duì)績(jī)效激勵(lì)計(jì)劃CaseStudy案例管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位21IncentivePayforPortfolioMaIntroduction

回報(bào)遠(yuǎn)遠(yuǎn)高過基準(zhǔn)回報(bào)Foundedin1974tomanagetheendowmentofHarvardUniversityAsoftheendof2000,thisendowmenttotaledabout$19billion.JackMeyer,thepresident,oversaw185employees,ofwhich45wereportfoliomanagersInthefive(ten)yearperiodendingin2001,theannualreturnonHarvard’sendowmentwas16.9%(16.5%)whiletheannualmedianperformanceoflargeinstitutionalfundswas11.0%(11.9%).管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位22Introduction

回報(bào)遠(yuǎn)遠(yuǎn)高過基準(zhǔn)回報(bào)FoundedHMCcompensationplan

薪酬計(jì)劃三部分：

基本工資、中性獎(jiǎng)金、浮動(dòng)獎(jiǎng)金ThecompensationstructureforinternalmanagersofpublicsecuritiesatHMCconsistedofthreecomponents:Basicsalary($200K,not-a-risk)Neutralbonus($100K,at-risk)Incentivebonus(at-risk,basedonperformance,relativetothebenchmark.Couldbepositiveornegative)管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位23HMCcompensationplan

薪酬計(jì)劃三部分：Neutralbonus($100,000)

管理不善，中性獎(jiǎng)金可扣除Theneutralbonuswasnettedagainsttheincentivebonusforannualpayment.Iftheincentivebonuswaszeroorpositive,theFULLneutralbonuswouldbepaid.Iftheincentivebonuswasnegative,theneutralbonuswouldbereducedaccordingly,downtoaminimumofzero.管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位24Neutralbonus($100,000)

管理不善，Incentivebonus

超過基準(zhǔn)回報(bào)一個(gè)百分點(diǎn)可獲50萬美金浮動(dòng)獎(jiǎng)金Theparametersfortheincentivebonusincludedapre-set,upsidelimit(acapof$2,000,000)andanincentivebonusrateof$500,000(orchargedtothemanager)foreach1%ofperformanceabove(orbelow)thespecifiedbenchmark.管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位25Incentivebonus

超過基準(zhǔn)回報(bào)一個(gè)百分點(diǎn)可獲5Carryforwardofincentivebonus

超過上限的浮動(dòng)獎(jiǎng)金暫放在蓄水池里Iftheincentivepayearnedinaparticularyearexceededthecap,theexcesswascarriedforward,i.e.,investedintheendowmentandpayableattheendofthenextfiscalyear.Thecarryforwardbonusandtheendowmentreturnonthecarryforwardweresubjecttoaclawbackforunderperformanceandwerealsosubject(alongwiththecurrentlypayableportionofthecurrentyear’sincentive)tothemaximumincentivecap.管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位26CarryforwardofincentivebonuWithholdingonincentivebonus

低于上限的浮動(dòng)獎(jiǎng)金,其中30%也放在蓄水池里Thirtypercentageofanypositiveincentivebonus(post-carryforward)waswithheld,investedintheendowment,andpayableattheendofthenextfiscalyear.Thewithheldbonusandtheendowmentreturnonthewithheldbonusweresubjecttoaclawbackforunderperformancebutwerenotsubjecttothemaximumcap.管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位27WithholdingonincentivebonusNegativeincentivebonus

若回報(bào)低于基準(zhǔn)回報(bào)，需從蓄水池及本年度中性獎(jiǎng)金中扣除Negativeincentivebonuseswerenettedagainstcarryforwardbonuses,endowmentreturnsoncarryforwardbonuses,withheldincentivebonuses,endowmentreturnsonwithheldbonuses,andtheneutralbonusintheorderlisted.Negativeincentivebonusesinexcessofthesebonusesandendowmentreturnswerenotcarriedforward.管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位28Negativeincentivebonus

若回報(bào)低于MultipleResponsibilitiesI

多重責(zé)任IExamples: high-schoolteachers,universityprofessors,HongKongminibusdrivers例如:中學(xué)老師,大學(xué)教授,香港小巴駕駛員管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位29MultipleResponsibilitiesI

多重MultipleResponsibilitiesII

多重責(zé)任IIstrongincentiveinducesmoreeffortonthatdimensionbutlesseffortonotherdimensions若有強(qiáng)烈的激勵(lì)機(jī)制引導(dǎo)某一個(gè)方面責(zé)任,則其他責(zé)任會(huì)被忽視equalincentiveprinciple對(duì)等激勵(lì)的原則low-poweredcontracts采用較弱的績(jī)效指標(biāo)OWNERSHIP所有權(quán)變化管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位30MultipleResponsibilitiesII

多BigMac’sPayPlans

麥當(dāng)勞自營(yíng)店經(jīng)理的薪酬計(jì)劃CaseStudy案例管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位31BigMac’sPayPlans

麥當(dāng)勞自營(yíng)店經(jīng)理的薪1963Plan

1963年的薪酬計(jì)劃Bonusbasedonsalesincrease

獎(jiǎng)金基于銷售額的增加independentofmanagers’control

不可控制的因素lackofconcernforcostcontrol 對(duì)成本控制的忽略管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位321963Plan

1963年的薪酬計(jì)劃Bonusba1964-67Plan

1964至1967年的薪酬計(jì)劃Bonusbasedonsubjectiveevaluations

獎(jiǎng)金基于主觀評(píng)估管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位331964-67Plan

1964至1967年的薪酬計(jì)劃B1967Plan

1967年的薪酬計(jì)劃BasicsalariestiedtothesatisfactionofQSCstandards

滿足QSC(產(chǎn)品質(zhì)量,優(yōu)質(zhì)服務(wù),店堂清潔)是獲得基本工資的必要條件Quarterlybonusforprofitcontribution,whichdependsmoreonincreasedrevenue(volume)thanoncostcontrol.

季度獎(jiǎng)金取決于利潤(rùn)的增加管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位341967Plan

1967年的薪酬計(jì)劃Basicsala1972plan

1972年的薪酬計(jì)劃Threerangesoffixedsalarydependingonthecostofliving

基本工資與生活成本指數(shù)掛鉤Quarterlybonusesforlaborcosts(5%ofbasesalary)foodandpapercosts(5%ofbasesalary)QSCobjectives(upto10%ofbasesalary)2.5%ofsalesincrease(upto10%ofbasesalary)季度獎(jiǎng)金基于勞工成本、食物及紙張成本、QSC指標(biāo)及銷售額的增加管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位351972plan

1972年的薪酬計(jì)劃ThreeQuestions

思考問題What’sMcDonald’sbusinessstrategy?麥當(dāng)勞的經(jīng)營(yíng)策略對(duì)自營(yíng)店經(jīng)理薪酬計(jì)劃的影響compensationbasedonQSCandcostsalone(“costcenters”)?自營(yíng)店可否成為專注于QSC的成本中心？compensationfortrainingofnewmanagers如何提高自營(yíng)店經(jīng)理培訓(xùn)新經(jīng)理或特許經(jīng)營(yíng)者的積極性?compensationbasedonsalesorsalesincrease?獎(jiǎng)金是基于銷售額還是銷售額的增加objectiveperformancevaluationsonly?難道獎(jiǎng)金只能基于客觀評(píng)估？管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位36Questions

思考問題What’sMcDonaldTheGoldmanSachsIPO高盛集團(tuán)首次公開募股CaseStudy案例管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位37TheGoldmanSachsIPO高盛集團(tuán)首次公開募AFamilyBusiness

家族業(yè)務(wù)1869:M.Goldman/commercialpaper1869年：M.Goldman/債券1880:$100Kcapital/$30millionturnover1880年：10萬美元資本/3000萬美元營(yíng)業(yè)額1882:teamedupwithSachs(son-in-law)1882年：與女婿Sachs合伙1896:joinedNYSE1896年：加入紐約股票交易所1900:$2.5millioncapital1900年：250萬資本1906:handledfirstIPO1906年：第一次接手公司首次公開募股業(yè)務(wù)管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位38AFamilyBusiness

家族業(yè)務(wù)1869:M.OneBadYear&30GoodYears

1年差光景與30年好時(shí)光1929:amutualfundestablishedin28’fellfromaheightof$326inOct,29’to$1.75inNov,29’.1928年創(chuàng)建的互惠基金從1929年10月326美元下跌到1929年11月的1.75美元SidneyWeinbergEra:1930-1969SidneyWeinberg時(shí)代：1930年-1969年sitonmorethan30boards,andattended250boardmeetingsperyearformorethan20years坐鎮(zhèn)30多個(gè)董事會(huì)，連續(xù)20多年每年參加250個(gè)董事會(huì)議cultivatedafirst-rateclientlist,andlandedtheFordIPOdeal($650m)in1956贏得了一流客戶，1956年幫助福特成功首次公開募股（6.5億美元）管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位39OneBadYear&30GoodYears

1GusLevyEra:1969-1976

GusLevy時(shí)代：1969年-1976年Risktaker愛冒風(fēng)險(xiǎn)one-hourmanagementcommitteemeetingsreducedto15minutes管理委員會(huì)會(huì)議從一小時(shí)縮短到15分鐘PennCentralRailway’sdefaulton$87millioncommercialpaper/45lawsuitsfornotdisclosingtheclient’sfinancialinformation/unlimitedliabilityfor45partners/settlementsPennCentralRailway8700萬美元債券拖欠/高盛因不披露客戶財(cái)務(wù)信息而收到45項(xiàng)起訴/45個(gè)合伙人負(fù)擔(dān)無限責(zé)任/庭外解決管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位40GusLevyEra:1969-1976

GusLJohnWeinberg/JohnWhitehead:1976-1990managementcommittee恢復(fù)管理委員會(huì)short-termprofit/long-termrelations不是考慮短期利潤(rùn)而是長(zhǎng)期關(guān)系recklessrisk-taking(makingbridgeloans,buyingjunkbonds,andputtingcapitalintakeovers)/cautiousbusinessdevelopment莽擔(dān)風(fēng)險(xiǎn)（過橋貸款，購買垃圾債券，公司資金直接參與兼并業(yè)務(wù)）/謹(jǐn)慎地發(fā)展業(yè)務(wù)white-knightstrategyinM&A在企業(yè)并購中扮演救難英雄的角色管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位41JohnWeinberg/JohnWhitehead:Partnership

合伙人制度Hiringqualitypeople/internalpromotionnotlateralhires/lowturnovers/first10yearsof14-18hourswithsalarieslowerthanrivalpublicfirmsfortheelusiveprizeofapartnership(8-figurecompensation)/partnerselectioneverytwoyears/partnercompensationbasedonsenioritynotperformance/teamworkandloyalty聘用高素質(zhì)的員工/高管人員主要來自公司員工的內(nèi)部提拔/低人員流動(dòng)率/開始10年每天工作14-18小時(shí)而工資卻低于同行水平，為的是成為合伙人后難以置信的薪酬/每?jī)赡晏暨x一次合伙人/合伙人的薪金基于資歷而非業(yè)績(jī)/強(qiáng)調(diào)團(tuán)隊(duì)精神和對(duì)公司的忠誠度管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位42Partnership

合伙人制度HiringqualitFriedmanandRubinEra:

1990-1994Notcompetitivecompensation/exodusoftalentedpeople/lateralhiring/gradingpartners/emotionaltoll/performancepay93’/360degreereview/norisknoreturnandhenceprincipaltransaction(Rubin’sidea)/$886mprofitin90’,$1bin91’,and$1.46bby11/92’薪水不具有競(jìng)爭(zhēng)力/高素質(zhì)員工大量流失/開始從外部招募高管人員/對(duì)合伙人進(jìn)行評(píng)估/士氣低弱/1993年全面使用績(jī)效工資/360度的評(píng)估/沒有風(fēng)險(xiǎn)沒有回報(bào)，公司進(jìn)行直接投資/1990年8.86億美元利潤(rùn)，1991年10億美元，1992年前11個(gè)月14.6億美元管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位43FriedmanandRubinEra:

1990-Substantiallossesin1994

1994年巨額虧損departureof30%ofthepartnershipby11/94’/Goldman’sassetsdroppedfrom$115bendof93’to$95bendof94’截止1994年11月，30%的合伙人離開公司，帶走了大量資金/高盛集團(tuán)資產(chǎn)從1993年底的1150億美元跌至1994年底的950億美元“Youcan’trunamultinationalglobalbusinessonpartnershipcapital.”“不能僅依靠合伙人資金來經(jīng)營(yíng)一個(gè)全球化的業(yè)務(wù)”管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位44Substantiallossesin1994

199CorzineonPartnership

Corzine對(duì)合伙人制的看法Aneconomicsysteminwhich1.5-1.75%ofthepeoplecaptureahighpercentageoftheupsideingoodtimesandadjusttheother98.5%oftheparticipants’compensationandjobsonthedownsideisselfish.1.5-1.75%的人在年景好時(shí)占有大部分盈利，效益差時(shí)則對(duì)其他98.5%的員工減薪或解雇，這種制度太自私Thenumberofpartnersincreasedfrom120in90’to180in95’/theaverageshareperpartnerdecreasedsignificantly.合伙人數(shù)目從1990年的120人增長(zhǎng)到1995年的180人/每個(gè)合伙人的平均股權(quán)份額大幅下跌管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位45CorzineonPartnership

CorzinMaryKayCosmetics:

SalesForceIncentives美琳凱傳銷團(tuán)隊(duì)的激勵(lì)機(jī)制CaseStudy案例管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位46MaryKayCosmetics:

SalesForcAnOverviewsetupin1963withauniqueconcept/listed,andthenmanagementbuyout($315m)byMaryKayandhersonin12/85’/headquarteredandmanufacturedinDallas,plus5regionaldistributioncenters(1,436employees)/175,000independentsalespersonsinU.S.in88’/$406msalesin88’

1988年公司員工僅1,436人，而獨(dú)立銷售人員（傳銷人員）高達(dá)175,000人；銷售額為4.06億美元管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位47AnOverviewsetupin1963withSalesForceIncentives

獨(dú)立銷售人員的激勵(lì)機(jī)制Entry-level:differencebetweenretailandwholesaleprices/a4-12%commissiononthesalesofpersonalrecruits/salesdirector:9-13%ontheentireunit,extrabonusesfortotalsalesandrecruits/seniordirectors:4%onoffspring'sand5%formorethan8offspring’s/nationaldirectors:5-8%and2%onfirst-lineandsecond-lineoffspring’s,respectively

層層剝削管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位48SalesForceIncentives

獨(dú)立銷售人員的CarPrograms汽車獎(jiǎng)勵(lì)計(jì)劃PinkCadillac(69’)andPinkBuick(lowerstandards)fordirectors/VIPfornon-directors/1,000Cadillac's,1,000Buick's,and3,000leasedcarsforVIPprogram(89’)管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位49CarPrograms汽車獎(jiǎng)勵(lì)計(jì)劃PinkCadillQuestions思考問題Multipleresponsibilities(salesandrecruiting)多重責(zé)任（銷售及招募獨(dú)立銷售人員）differencebetweenMaryKay’sincentivesystemfromGoldmanSachs’partnership美琳凱激勵(lì)機(jī)制與高盛合伙人制度的差異whycarprograms為何引入汽車激勵(lì)計(jì)劃管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位50Questions思考問題MultipleresponsThedebateOverUnbundlingGeneralMotors:

關(guān)于分拆通用汽車的討論TheDelphiDivestureandOtherPossibleTransactions剝離Dephi及其他運(yùn)作CaseStudy案例管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位51ThedebateOverUnbundlingGenUndervaluedGM

GM股票被低估90yearsofverticalintegration:GM(70%),Ford(50%),andChrysler(30%)長(zhǎng)達(dá)90年的垂直一體化：GM(70%),Ford(50%),Chrysler(30%)Thedifferencebetweenbenchmarkinvestmentstrategyandactualvaluecreatedisequalto$89billionbetween12/31/89’and12/31/98’1989年12月31日到1998年12月31日之間，實(shí)際創(chuàng)造的價(jià)值比投資基準(zhǔn)少890億美元。管理經(jīng)濟(jì)學(xué)講義四織架構(gòu)與公司戰(zhàn)略定位52UndervaluedGM

GM股票被低估90yearsABreakupofGM

GM的分拆1996:GMdecidedtospinoffitssharesinElectronicDataSystems(acomputerbusinessacquiredin1984for$2.5billion)toindependentGMpensionfund.1996年：GM決定把它在電子數(shù)據(jù)系統(tǒng)公司的股份半賣半送給GM養(yǎng)老基金Thegiftwasworth$8.5billiontothefund.ThevalueofthetransactionforGMshareholderswasa$500m