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 September 20021 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. September 20022 1.Strategic Benefits of Vertical Integration ECONOMIES OF INTEGRATION Economies of Combined Operations. Economies of Internal Control and Coordination Economies of Information. Economies of Avoiding the market. Economies of Stable Relationships. TAP INTO TECHNOLOGY ASSURE SUPPLY AND /OR DEMAND September 20023 OFFSET BARGAINING POWER AND INPUT COST DISTORTIONS ENHANCED ABILITY TO DIFFERENTIATE ELEVATE ENTRY AND MOBILITY BARRIERS ENTER A HIGHER RETURN BUSINESS DEFEND AGAINST FORECLOSURE September 20024 2.Strategic Costs of Vertical Integration COST OF OVERCOMING MOBILITY BARRIERS INCREASED OPERATING LEVERAGE REDUCED FLEXIBILITY TO CHANGE PARTNERS HIGHER OVERALL EXIT BARRIERS September 20025 CAPITAL INVESTMENT REQUIREMENTS FORECLOSURE OF ACCESS TO SUPPLIER OR CONSUMER RESEACH AND /OR KNOW-HOW MAITAINING BALANCE DULLED INCENTIVES DIFFERING MANAGERIAL REQUIREMENTS September 20026 3.Particular Strategic Issues in Forward Integration IMPROVED ABILITY TO DIFFERENTIATE ACCESS TO DISTRIBUTION CHANNELS BETTER ACCESS TO MARKET INFORMATION HIGHER PRICE REALIZATION September 20027 4.Particular Strategic Issues in Backward Integration PROPRIETARY KNOWLEDGE DIFFERENTIATION September 20028 5.Contracts, Tapered Integration and Quasi-Integration CONTRACTS AND THE ECONOMIES OF INTEGRATION It is essential to recognize the possibility that some economies of integration could be gained by the right type of long-term or even short-term contract between independent firms. TAPERED INTEGRATION Tapered integration is partial integration backward or forward, the firm purchasing the rest of its needs on the open market. September 20029 Advantages: Tapered integration results in less elevation in fixed costs than full integration. The degree of taper(the proportion of product or service purchased outside) can be adjusted to reflect the degree of risk in the market. Taper can also be used to guard against imbalance between stages. Tapered integration reduces the risk of locked-in relationships to the extent of the degree of taper. It also gives the firm some access to outside R loans or loan guarantees; prepurchase credits; exclusive dealing agreements; specialized logistical facilities; cooperative R&D. September 200211 6.Some Illusions in Vertical Integration Decisions A strong market position in one stage can automatically be extended to the other Only if the integration per se produced some tangible benefits would integration allow the extension of market power, because under these circumstances it would improve the competitiveness of the combined entity. It is always cheaper to do things internally. September 200212 It often makes sense to integrate into a competitive business Firms in such an industry are earning low returns and are competing vigorously to improve quality and serve customers. There are many firms to choose from in buying and selling. Vertical integration can dull incentives and blunt initiative. September 200213 Vertical integration can serve a strategically sick business Each stage of a vertical chain must be strategically sound to insure the health of the enterprise as a whole. If one link is sick, the sickness is more likely to spread to the other healthy units. Experience in one part of the vertical chain automatically qualifies management to direct upstream or downstream units. September 200214