Diversification and Corporate Strategy
战略管理英文版最新版教学课件第8章
LO 8-4 Identify and evaluate benefits and risks of vertical integration. LO 8-5 Describe and examine alternatives to vertical integration. LO 8-6 Describe and evaluate different types of corporate diversification. LO 8-7 Apply the core competence – market matrix to derive different
• Economies of scope
➢ Savings that come from producing more outputs or providing different services at less cost
❖ Ex: Amazon range of products & services
➢ Explains and predicts the scope of the firm ➢ "Market vs. firms" have differential costs
• Transaction costs
➢ Costs associated with economic exchanges
➢ Competitive bidding process ➢ Less than one-year term ➢ Lower prices cost advantages
第2章汽车企业的战略规划和营销管理
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产品导向型业务界定与市场导向型业务界定的比较
企业 密苏里 • 太平洋铁路公司 施乐公司 标准石油公司 哥伦比亚电影公司 不列颠百科全书 开利公司
产品导向型 我们经营铁路 我们生产复印设备 我们出售汽油 我们制作电影 我们出售百科全书 我们生产空调和暖炉
市场导向型 我们运送人和货物 我们帮助改进办公效率 我们提供能源 我们经营娱乐 我们从事信息生产和传播事业 我们为家庭提供舒适的气候
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3. 集团多元化 (conglomerate diversification) ：收购、兼并 其他行业的企业，或者把业务扩展到其他行业。 集团多元化的特点是企业既不以原有技术也不以原有 市场为依托，向技术和市场完全不同的产品或服务上发展。
企业实施多元化战略必须具备的基本条件： 企业实施多元化战略必须具备的基本条件： 1. 具有充足的资源条件（如资金、人才、技术、信息等）； 2. 具有较高的知名度； 3. 具有较强的营销能力； 4. 具有较强的综合管理能力。
• D类战略经营单位是低市场增长率和 低相对市场占有率的单位，盈利少或 者亏损
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通用电器公司法
“行业吸引力 企业竞争力”矩阵 行业吸引力—企业竞争力 行业吸引力 企业竞争力”
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行业吸引力评价指标 市场总规模 市场增长率
企业竞争力评价指标
市场占有率 市场占有率增长情况 产品质量
历史利润率
品牌声誉
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四、制定企业增长战略 （一）密集增长 (intensive growth) 战略
现有市场
新市场
市场渗透 现有产品
市场开发
产品开发 新产品
(多元化增长)
产品—市场开发矩阵 产品 市场开发矩阵
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Strategic Management(战略管理-中英文)
Form a vision – view of how the current firm will look in the future 形成愿景—当前企业如何展望未来
Analyze their external environment and their internal environment 分析企业的内外部环境
Strategic Management 战略管理
Leadership in Enterprise for Asian Development 亚洲发展中的企业领导
Leonard D. Van Drunen June 2008
a
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What Is Strategic Management? 什么是战略管理
Core Competencies 核心竞争力
Capabilities the firm is especially good at 企业强项
Competitive advantages 竞争优势
Core competencies that are: 核心竞争力
1) Valuable 有价值
2) Rare 稀有
Competing via 竞争方
式…
Rivalry: 竞争
•Business level strategies 经营层次战
略
•Multiproduct strategies 产品多元化
战略
a
•Mergers & acquisitions 并购
Market entry: 市场进入 •Across borders 跨国 •Alliances 联盟
管理课05-4企业战略
管理课-05四、企业战略（corporate strategy）1. 成长战略（growth strategy）指的是组织通过现有业务或新业务来扩大它所服务的市场数量或提供的产品数量。
由于自己的成长战略，一个组织可能会提高收入、员工数量或市场份额。
组织可以采用集中化、多元化、纵向一体化或横向一体化的方式获得成长。
⏹集中化（concentration）：聚焦于自己的主营业务，并在这些领域中增加所提供的产品数量或所服务的市场数量。
⏹纵向一体化（vertical integration）包括后向一体化和前向一体化。
后向一体化（backward integration）。
公司成为自己的供应商，从而能够控制自己的输入。
前向一体化（forward integration）。
公司成为自己的经销商，从而能够控制自己的输出。
⏹横向一体化（horizontal integration）公司通过与其竞争者联合起来实现增长。
⏹多元化（diversification）相关行业多元化（related diversification）。
公司与不同但相关行业中的其它公司联合。
可产生“战略协调性”。
非相行业关多元化（unrelated diversification）。
公司与不同且不相关的行业中的其它公司联合。
无“战略协调性”。
2. 稳定战略（stability strategy）这是使组织继续从事当前各种业务的企业战略。
这种战略的例子包括：通过提供相同的产品或服务继续服务于相同的顾客；维持市场份额；维持组织现有的业务经营。
在这种战略之下，组织并不会成长，但也不会退步。
3. 更新战略（renewal strategy）当一个组织陷入麻烦时，管理者需要采用更新战略来解决绩效下降的问题。
有两种类型的更新战略。
⏹紧缩战略（retrenchment strategy）是用来解决轻微绩效问题的短期更新战略。
这种战略帮助组织稳定业务经营、更好地激活组织的资源和能力，以及使组织重新恢复竞争能力。
战略管理(英文版)
名词解释：1、Strategy: An integrated and coordinated set of commitments & actions designed to exploit core competencies and gain a competitive advantage.2、Strategic Management: Strategic Management is the process through which organizations analyze and learn from their internal and external environments, establish strategic direction, create strategies that are intended to help achieve established goals, and execute those strategies, all in an effort to satisfy key organizational stakeholders.3、Strategic Management consists of the analysis, decisions and actions an organization undertakes in order to create and sustain competitive advantages.4、The strategic management process includes the activities of internal and external analysis, establishment of strategic direction, development of strategies for the corporate and business levels of the organization, development and execution of an implementation plan, and the establishment of strategic controls.5、Vertical integration: The term is used to describe the extent to which a firm is involved in several stages of the industry supply chain.6、Horizontal integration: The process of acquiring or merging with industry competitors to achieve the competitive advantages that arise from a large size and scope of operations.7、Diversification strategy describes the scope of the firm in terms of the industries and markets in which it competes.8、Related diversification implies organizational involvement in activities that are somehow related to the dominant or “core” business of the organization, often through common markets or similar technologies.9、Unrelated diversification does not depend on any pattern of relatedness. Unrelated diversification has lower profitability and higher risks than those pursuing other corporate-level strategies such as concentration or related diversification.10、Organizational fit: When two organizations or business units are merged or acquisition happened, and the organizational management processes, cultures, system, and structures are matching(similar), this is organizational fit.11、Marketing strategy: Marketing strategy is the plan for investing marketing efforts and resources (advertising, branding, distribution, etc.)to achieve business goals.To support growth strategiesTo support a stability or retrenchment strategy12、Economies of scale: Economies of scale refers to the cost advantages that an enterprise obtains due to expansion. There are factors that cause a producer’s average cost per unit to fall as the scale of output is increased. "Economies of scale" is a long run concept and refers to reductions in unit cost as the size of a facility and the usage levels of other inputs increase.（1）Economies of scale. Unit cost reductions associated with a large scale of output •Larger production runs•Larger facilities•Allocating fixed costs（2）Diseconomies of scale. Unit cost increases associated with a large scale of output•Increased bureaucracy associated with large-scale enterprises•Resulting managerial inefficiencies13、True economies of scale are cost advantages associated with large-sized facilities rather than with increased volume through an existing facility.14、Life cycle of an industry: Refers to the stages of Introduction, Growth, Maturity and Decline, portrays how salesvolume for a product or an entire industry changes over its lifetime and helps to understand the dynamic nature of strategy.15、So-called product life cycle: Refers to the product from entering the market ,the market cycle, until final out of the market experience.简答论述：一、潜在竞争者出现面临的障碍都有哪些障碍并举例(Potential competitors∕Entry Barriers P31)Potential competitors∕Entry Barriers: Forces that keep new entrants out, providing a level of protection for existing competitors, are called entry barriers.Examples of entry barriers commonly found in many industries include the following:1、Economies of scale, which occur when it is more efficient to produce a product in a large facility at higher volume.2、Large capital requirements,also known as start-up costs ,can prevent a small competitor from entering an industry.3、High levels of products differentiation ,which means that some firms enjoy a loyal customer base, making it harder for a new firm to draw away customers.4、High switching costs ,applying not only to suppliers, can be used to preserve established firms in an industry.5、Limited access to distribution channels,which may prevent new companies from getting their products to market.6、Government policies and regulations that limit entry into industry,effectively preventing new competition.7、Existing firm procession of resources that are difficult to duplicate in the short term. Such as patents, favorable locations, proprietary product technology, government subsidies, or access to scarce raw materials.(Cost disadvantages independent of scale)8、A past history of aggressive retaliation by industry competitors toward new entrants.（Threat of new entries）二、什么样资源、能力能使企业形成持续核心竞争力？（Sustainable competitive advantage P46 ）Internal resources and capabilities fall into five: human, physical, financial, knowledge, and organizational.In general, capabilities and resource become strengths with the potential to create a competitive advantage if two conditions are met.1.The resource or capabilities are value.2.The resource or capabilities are unique.In addition, a unique and valuable resources or capability actually becomes a competitive advantage if the following additional conditions are met:1.The organization is suited to exploitation of the resourceor capability.2.T he firm’s managers are aware of the potential of theresource or capability to lead to a competitive advantageand have taken steps to realize the advantage.Finally, a resource or capability can be a source of sustainable competitive advantage if two additional conditions are met:1.The resource or capabilities are difficult or expensive to imitate.2.No readily available substitutes exist.三、企业的社会责任感的概念以及包含哪些重点内容？(Social responsibility P15上课补充的)Social responsibility:the expectation that businesses or individuals will strive to improve the overall welfare of society.1、Economic responsibility. Such as the obligation to beproductive and profitable and meet the consumer needs of society.2、Legal responsibility.To achieve economic goals withinthe confines of established laws.3、Moral obligations. To abide by unwritten codes, norms,and values implicitly derived from society.4、Discretionary responsibility. Volitional or philanthropicin nature.四、怎么实现低成本战略?How to Realize the Low-costStrategy （Cost leadership P95）Low-cost leadership allows a firm to compete by lowering prices when needed without becoming unprofitable.Firms pursuing a low-cost strategy will typically employ one or more of the following factors to create their low-cost position:1.High capacity utilization.When customer demand is highand the firm’s capacity is full utilized, fixed costs are spread over more units, lowering unit cost.2.Economic of scale. True economies of scale are costadvantages associated with large-sized facilities rather than with increased volume through an existing facility.3.Technological panies making investments incost-saving technologies are often trading an increase in fixed costs for a reduction in variable costs.4.Learning/experience effects.The learning curve effect saysthat the time required to complete a task will decrease as a predictable function of the number of times the task is repeated.Experience effects are the same thing as learning effects but relate to indirect labor as well as direct production labor.五、功能性（职能）战略的概念，发展比较好应具备什么特点？(Functional strategies P137)Functional strategies: Functional strategies are the plans for matching those skills, resources, and capabilities to the business and corporate strategies of the organization.The well-developed Functional strategies should have the following Characters:1.Decisions made within each function will be consistent with each other.2.Decisions made within one function will be consistent with those in other functions.3.Decisions made within functions will be consistent with the strategies of the business.六、改善组织学习质量、提高组织学习数量，控制系统应该具备什么特征?（To enhance the quality of organizational learning ,these control systems should have the following characters ）a) Information generated by the control system should be an important and recurring item to be addressed by the highest levels of management.b) The control process should also be given frequent and regular attention from operating managers at all levels of the organization.c) Data from the system should be interpreted and discussed inface-to-face meeting among superiors and subordinates.d) The success of the control process relies on the continual challenge and debate of underlying data, assumptions, and strategies.小论文：多元化战略，结合实际认识，优缺点，对企业发展的影响。
管理学专业术语(中英文对照)
1.管理与组织导论管理者:(manager)基层管理者:(first-line managers)中层管理者:(middle managers)高层管理者:(top managers)管理:(management)效率:(efficiency)效果:(effectiveness)计划:(planning)组织:(organizing)领导:(leading)控制:(controlling)管理角色:(management roles)人际关系角色:(interpersonal roles)信息传递角色:(informational roles)决策制定角色:(descisional roles)技术技能:(technical skills)人际技能:(human skills)概念技能:(conceptual skills)管理的普遍性:(universality of management)2.管理的历史劳动分工:(division of labor)工作专业化:(job specialization)工业革命:(industrific revolution)科学管理:(scientific management)一般行政管理理论:(general administrative theory) 管理原则:(principles of management)官僚行政组织:(bureaucracy)定量方法:(quantitative approach)组织行为:(organizational behavior)霍桑研究系统:(Hawthorne studies systems)封闭系统:(closed systems)开放系统:(open systems)权变理论:(contingency approach)劳动力多元化:(workforce diversity)电子企业:(e-business)电子商务:(e-commerce)内部网:(intranet)学习型组织:(learning organization)知识管理:(knowledge management)质量管理:(quality management)3.组织文化与环境管理万能论:(omnipotent view of management) 管理象征论:(symbolil view of management) 组织文化:(organization culture)强文化:(strong cultures)社会化:(socialization)工作场所精神境界:(workplace spirituality)外部环境:(external environment)具体环境:(specific environment)一般环境:(general environment)环境的不确定性:(environment uncertainty)环境的复杂性:(environment complexity)利益相关群体:(stakholders)4.全球环境中的管理狭隘主义:(parochialism)民族中心论:(ethnocentric attitude)多国中心论:(polycentric attitude)全球中心论:(geocentric attitude)跨国公司:(multinational corporation)多国公司:(multidomestic corporation)全球公司:(global company)跨国或无边界组织:(transnational or boredrless organization) 初始全球化组织:(born globals)全球外购:(global sourcing)出口:(exporting)进口:(importing)许可证经营:(licensing)许可经营:(franchising)战略同盟:(strategic alliance)合资企业:(joint venture)外国子公司:(foreign subsidiary)市场经济:(market economy)计划经济:(command economy)民族文化:(national culture)5.社会责任与管理道德古典观点:(classical view)社会经济学观点:(socioeconomic view)社会义务:(social obligation)社会响应:(social responsiveness)社会责任:(social responsinility)社会屏障筛选:(social screening)管理的绿色化:(gerrning of management)以价值观为基础的管理:(values-based management) 道德:(ethics)自我强度控制点:(ego strength locus of control)道德准则:(code of ethics)社会企业家:(social entrepreneur)社会影响管理:(social impact management)6.制定决策决策:(decisions)决策制定过程:(decision-making process)决策标准问题:(decision criteria problem)理性的:(rational)有限理性:(bounded rationality)满意的承诺升级:(satisfied escalation of commitment) 直觉决策:(intuitive decision making)结构良好问题:(structured problems)程序化决策:(programmed decision)程序:(procedure)规则:(rule)政策:(policy)结构不良问题:(unstructured problems)非程序化决策:(nonprogrammed decisions) 确定性:(certainty)风险性:(risk)命令型风格:(directive style)分析型风格:(analytic style)概念型风格:(conceptual style)行为型风格:(behavioral style)启发法:(heuristics)7.计划的基础陈述目标:(stated goals)真实目标:(real goals)战略计划:(strategic plans)运营计划:(operational plans)长期计划:(long-term plans)短期计划:(short-term plans)具体计划:(specific plans)方向性计划:(directional plans)一次性计划:(single-used plans)持续性计划:(standing plans)传统目标:(traditional goal setting)手段-目标链:(means-ends chain)目标管理:(management by objectives)使命:(mission)承诺概念:(commitment concept)正式计划部门:(formal planning department) 8.战略管理战略管理:(strategic management)组织战略商业模式:(strategies business model ) 战略管理过程:(strategic management process) 机会:(opportunities)威胁:(threats)资源:(resources)能力:(capabilities)核心竞争力:(core competencies)SWOT分析法:(SWOT analysis)公司层战略:(corporate strategy)增长战略:(growth strategy)相关多元化:(related diversification)非相关多元化:(unrelated diversification)稳定性战略:(stability strategy)更新战略:(renewal strategies)紧缩战略:(retrenchment strategy)扭转战略:(turnaround strategy)BCG矩阵:(BCG matrix)业务层战略:(business strategy)战略业务单元:(strategic business units) 竞争优势:(competitive advantage)成本领先战略:(cost leadership strategy) 遵循差异化战略:(differentiation strategy) 聚焦战略:(focus strategy)徘徊其间:(stuck in the middle)战略灵活性:(strategic flexibility)市场先入者:(first mover)9.计划的工具技术环境扫描:(environment scanning)竞争对手情报:(competitor intelligence) 预测:(forecasts)定量预测:(quantitative forecasting)定性预测:(qualitative forecasting)标杆比较:(benchmarking)资源:(resources)预算:(budget)甘特图:(Gantt chart)负荷图:(load chart)事件:(events)计划评审技术:(the program evaluation and review technique) 活动:(activities)松弛时间:(slack time)关键路径:(critical path)盈亏平衡分析:(breakeven analysis)线性规划:(linear programming)项目管理:(project management)脚本:(scenario)10.组织结构与设计组织结构设计:(organazational structure design)工作专门化:(work specialization)职能部门化:(functional departmentalization)产品部门化:(product departmentalization)地区部门化:(geographical departmentalization)过程部门化:(process departmentalization)顾客部门化:(customer departmentalization)跨职能团队:(cross-functional teams)指挥链:(chain of command)职权:(authority)职责:(responsibility)统一指挥:(unity of command)管理跨度:(span of control)集权化:(centralization)分权化:(decentralization)员工授权:(employee empowerment)正规化:(formalization)机械式组织:(mechanistic organization) 有机式组织:(organic organization)单件生产:(unit production)大批量生产:(mass production)连续生产:(process production)简单结构:(simple structure)职能型结构:(flanctional structure)事业部型结构:(divisional structure)团队结构:(team structure)矩阵型结构:(matrix structure)项目型结构:(project structure)无边界组织:(boundaryless organization) 虚拟组织:(virtual organization)学习型组织:(learning organization)组织结构图:(organizational charts)11.沟通与信息技术沟通:(communication)人际沟通:(interpersonal communication) 组织沟通:(organizational communication) 信息:(message)编码:(encoding)解码:(decoding)沟通过程:(communication process)噪声:(noise)非语言沟通:(nonverbal communication) 体态语言:(body language)语调:(verbal intonation)过滤:(filtering)信息超载:(information overload)积极倾听:(active listening)正式沟通:(formal communication)非正式沟通:(informal communication) 下行沟通:(upward communication)横向沟通:(lateral communication)斜向沟通:(diagonal communication)沟通网络:( communication networks)小道消息:(grape-vine)电子邮件:()即时消息:(instant messaging)音频邮件:(voic)电子数据交换:(electrinic data interchange)电话会议:(teleconferencing)可视会议:(videoconferencing)网络会议:(webconferencing)内部互联网:(intranet)外部互联网:(Extranet)实践社区:(communities practive)12.人力资源管理高绩效工作实务:(high-performance work practices)人力资源管理过程:(human resource management process) 工会(labor union)反优先雇佣行动计划:(affirmative action)人力资源规划:(human resource planning)职务分析:(job analysis)职务说明书:(job description)职务规范:(job specification)招聘:(recruitment)解聘:(decriuitment)甄选:(selection)效度:(validity)信度:(reliability)工作抽样:(work samping)评估中心:(assessment centers)真实工作预览:(relistic job preview)上岗培训:(orientation)绩效管理系统:(performance management system)书面描述法:(written essay)关键事件法:(critical incidents)评分表法:(graphic rating scales)行为定位评分法:(behaviorally anchored rating scales) 多人比较法:(multiperson comparisons)360度反馈法:(360-degree feedback)基于技能薪酬:(skill-based pay)浮动工资:(variable pay)精简机构:(downsizing)性骚扰:(sexual harassment)基于家庭的福利:(family-friendly benefits)13.变革与创新管理组织变革:(organizational change)变革推动者:(change agent)组织发展:(organizational development)压力:(stress)14.行为的基础行为:(behavior)组织行为学:(organizational behavior)员工生产率:(employee productivity)离职率:(turnover)组织公民行为:(organizational citizen behavior)工作满意度:(job satisfaction)工作场所不当行为态度:(workplace misbehavior attitudes) 认知行为:(cognitive component)情感成分:(affective component)行为成分:(behavior component)组织承诺:(organizational commitment)组织支持感:(perceived organizational support)认知失调:(cognitive dissonance)态度调查:(attitude surveys)人格:(personality)马基雅维里主义:(machiavellianism)自尊:(self-esteem)自我控制:(self-monitoring)印象管理:(impression management)情绪:(emotion)情绪智力:(emotional Intelligence)知觉:(perception)归因理论:(attribution theory)基本归因错误:(fundamental attribution error) 自我服务偏见:(self-serving bias)假设相似性:(assumed similarity)刻板印象:(stereotyping)晕轮效应:(halo effect)操作性条件反射:(operant conditioning)社会学习理论:(social learning theory)行为塑造:(shaping behavior)15.理解群体与团队群体:(group)形成阶段:(forming)震荡阶段:(storming)规范阶段:(norming)执行阶段:(performing)解体阶段:(adjourning)群体思维:(groupthink)地位:(status)社会惰化:(social loafing)群体内聚力:(group cohesiveness)冲突:(conflict)冲突的传统观点:(traditional view of conflict)冲突的人际关系观点:(human relations view of conflict) 冲突的交互作用观点:(interactionist view of conflict) 积极冲突:(functional conflict)消极冲突:(disfunctional conflict)任务冲突:(task conflict)关系冲突:(relationship conflict)过程冲突:(process conflict)工作团队:(workteams)自我管理团队:(self-managed work teams)跨职能团队:(cross-functional team)虚拟团队:(virtual team)社会网络构造:(social network structure)16.激励员工动机:(motivation)需要层次理论:(hierarchy of needs theory) 双因素理论:(two-factor theory)保健因素:(hygiene factors)激励因素:(motivators)三种需要理论:(three-needs theory)成就需要:(need for achievement)权力需要:(need for power)归属需要:(need for affiliation)目标设置理论:(goal-setting theory)自我效能感:(self-efficacy)强化理论:(reinforcement theory)强化物:(reinforcer)工作设计:(job design)工作扩大化:(job enlargement)工作丰富化:(job enrichment)工作深度:(job depth)工作特征模型:(job characteristics model) 公平理论:(equity theory)参照对象:(referents)分配公平:(distributive justice)程序公平:(procedural justice)期望理论:(expectancy theory)压缩工作周:(compressed workweek)弹性工作制:(flexible work hours)弹性时间制:(flextime)工作分担:(job sharing)远程办公:(telecommuting)账目公开管理:(open-book management)员工认可方案:(employee recognition programs) 绩效工资方案:(pay-for-performance program) 股票期权:(stock options)17.领导领导者:(leader)领导:(leadership)行为理论:(behavioral theories)独裁型风格:(authoeratic style)民主型风格:(democratic style)放任型风格:(laissez-faire style)定规维度:(initiating strueture)关怀维度:(consideration)高-高型领导者:(high-high leader)管理方格:(managerial grid)权变模型:(contingency model)最难共事着问卷:(least-preferred co-worker questionnaire) 情境领导理论:(situational leadership theory)成熟度:(readiness)领导者参与模型:(leader participation model)路径-目标理论:(path-goal theory)交易型领导者:(transactional leaders)变革型领导者:(transformational leaders)领袖魅力型领导者:(charismatic leader)愿景规划型领导:(visionary leadership)法定权利:(legitimate power)强制权利:(coercive power)奖赏权力:(reward power)专家权利:(expert power)参照权利:(referent power)信誉:(credibility)信任:(trust)授权:(empowerment)18.控制的基础控制:(controlling)市场控制:(market control)官僚控制:(bureaucratic control)小集团控制:(clan control)控制过程:(control process)偏差范围:(range of variation)直接纠正行动:(immediate corrective)彻底纠正行动:(basic correvtive action)绩效:(performance)组织绩效:(organizational performance)生产率:(productivity)组织有效性:(organizational effectiveness)前馈控制:(feedforward control)同期控制:(concurrent control)走动管理:(management by walking around)反馈控制:(feedback control)经济附加值:(economic value added)市场附加值:(market valueadded)平衡计分卡:(balanced scorecard)管理信息系统:(management information system)- - -标杆比较:(benchmarking)员工偷窃:(employee theft)服务利润链:(service profit chain)公司治理:(corporate governance)19.运营与价值链管理运营管理:(operations management)制造型组织:(manufacturing organizations)服务型组织:(service organizations)价值链:(value chain)价值链管理:(value chain management)组织过程:(organizational processes)知识产权:(intellectual processes)质量:(quality)批量定制:(mass customization)- - 总结资料。
金融行业的100种效应(金融小白必备)
1. 利率效应(Interest Rate Effect): 利率的变化对借贷成本、投资回报和资产价格产生的影响。
例如，升息可能导致借款成本上升，对股票和债券市场产生不同的影响。
2. 汇率效应(Exchange Rate Effect): 汇率的波动对国际贸易和跨国投资的影响。
货币升值可能影响出口竞争力，而货币贬值可能提升出口。
3. 通货膨胀效应(Inflation Effect): 通货膨胀水平对货币的购买力、资产价格和投资决策产生影响。
通常，适度的通货膨胀被认为对经济有益。
4. 流动性效应(Liquidity Effect): 金融市场的流动性状况对资产价格和市场波动产生影响。
缺乏流动性可能导致价格波动剧烈。
5. 信心效应(Confidence Effect): 投资者和消费者信心水平对金融市场和经济活动产生影响。
高信心通常推动投资和支出，低信心可能导致谨慎行为。
6. 流动性溢价效应(Liquidity Premium Effect): 投资者对于更具流动性的资产愿意支付溢价，这一溢价可能受市场情绪和风险偏好的影响。
7. 市场效应(Market Effect): 市场整体的表现对单个资产和投资组合产生影响。
市场趋势、牛市或熊市等都会对投资者行为产生影响。
8. 政策效应(Policy Effect): 货币政策和财政政策对经济和金融市场的影响。
例如，央行降息可能刺激投资，而财政刺激政策可能提振消费。
9. 市场心理效应(Market Psychology Effect): 投资者情绪和市场心理对价格走势的影响。
市场可能因恐慌、贪婪或情绪波动而产生不理性的行为。
10. 业绩效应(Performance Effect): 公司或基金的业绩对其股价或净值产生影响。
强劲的业绩可能推动股价上涨，而差劲的业绩可能导致下跌。
11. 供需效应(Supply and Demand Effect): 资产价格受到供求关系的影响。
财务风险管理外文文献翻译译文
Although financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk,understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsFinancial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent withinternal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce risk within the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and theinteractions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio to which it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks.Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existingexposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater theuncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in other financial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve provides useful information about the market’s expectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interest rate beginning in one year’s time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economyvulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。
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Major Corporate Level Strategies
Single Business Dominant Business Related Diversification Unrelated Diversification
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What is Related Diversification?
Diversification and Corporate Strategy
Corporate Level Strategy – the strategy for a company and all of its business units as a whole Diversification – the primary approach to corporate level strategy Diversified firms vary according to Level of diversification Degree of relatedness
Pharmaceutical segment
Products for anti-infective, antipsychotic, cardiovascular, contraceptive, dermatology, gastrointestinal, hematology, immunology, neurology, oncology, pain management, urology, and virology
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What is Unrelated Diversification?
Involves diversifying into businesses with No strategic fit No meaningful value chain relationships No unifying strategic theme Approach is to venture into “any business in which we think we can make a profit” Firms pursuing unrelated diversification are often referred to as conglomerates
Laser Company (technology)
Defense, Health Care, Manufacturing
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Strategic Appeal of Related Diversification
Capture Strategic Fits/Synergies/Scope Economies Strategic fits along value chain Cost reductions Spread investor risks over a broader base Preserves strategic unity in its business activities Achieve consolidated performance greater than the sum of what individual businesses can earn operating independently
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Four Main Tasks in Crafting Corporate Strategy
Pick new industries to enter and decide on means of entry Initiate actions to boost combined performance of businesses Pursue opportunities to leverage crossbusiness value chain relationships and strategic fits into competitive advantage Establish investment priorities, steering resources into most attractive business units
Medical Devices and Diagnostics segment
Products for circulatory disease management, orthopaedic joint reconstruction and spinal care, wound care and women’s health, minimally invasive surgical, blood glucose monitoring and insulin delivery, and diagnostic products, as well as disposable contact lenses
Grooming segment Health and Well-Being GBU Health Care segment Snacks, Coffee, and Pet Care segment Household Care GBU Fabric Care and Home Care segment Baby Care and Family Care segment
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Example of Unrelated Diversification?
W. R. Grace
Chemicals Coal Mining Oil and Gas Extraction Food Manufacturing Paper Products Health Services
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Example of Unrelated Diversification?
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Examples of Related Diversification?
Johnson and Johnson
Engages in the research and development, manufacture, and sale of various products in the health care field worldwide 3 segments Consumer segment
United Technologies Corporation Provides technology products and services to the building systems and aerospace industries worldwide Otis segment – elevators and escalators Carrier segment – air conditioning and refrigeration UTC Fire and Security segment. Pratt and Whitney segment - aircraft engines; parts and services Hamilton Sundstrand segment - aerospace products and aftermarket services Sikorsky segment – helicopters UTC also engages in the development and marketing of distributed generation power systems and fuel cell power plants for stationary, transportation, space, and defense applications
பைடு நூலகம்14
Example of Unrelated Diversification?
Textron, Inc. Operates in the aircraft, industrial, and finance industries worldwide. 4 segments Bell – helicopters plus parts and service Cessna – general aviation aircraft Industrial – auto parts, food containers, hydrolics, golf carts Finance – aircraft finance, asset-based lending, distribution finance, golf finance, resort finance
Involves diversifying into businesses whose value chains possess competitively valuable “strategic fits” with the value chain(s) of the present business(es) Capturing the “strategic fits” makes related diversification a 1 + 1 = 3 phenomenon
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Examples of Related Diversification?
Proctor and Gamble (distribution/marketing)
Provides branded consumer goods products worldwide 3 GBUs
Beauty GBU Beauty segment
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Building Shareholder Value Ultimate justification for diversifying A diversification move must pass three tests The industry attractiveness test The cost-of-entry test The better-off test