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1、Chapter 7Corporate-Level StrategyDiversified Development of Industry On October 23,2007,Beijing Xiangeqing Co.,Ltd.was established,specializing in Chinese catering,including Guangdong,Hunan,Hubei and other local specialties.Its predecessor is Beijing Xiangeqing Restaurant Co.,Ltd.,which was establis
2、hed in September 1999.On November 11,2009,the enterprise was officially listed on Shenzhen Stock Exchange,becoming the first private catering enterprise listed on A shares in China.At the end of 2012,there were more than 30 Xiangeqing brand stores in more than 10 cities across the country.In April 2
3、012,Xiangeqing bought a 90%stake in Shanghai Qi Ding for 135 million yuan and entered the fast food industry.In May,It tried to enter the field of student meals.In July,it invested 80 million yuan and 100%to acquire Beijing Longdehua Catering Management Company to enter the group meal service field.
4、Under the background of the“Eight Regulations”of the central government,advocating“strict thrift,opposing extravagance and waste”and restricting“Three Public Consumption”,in February 2013,Xiangeqing launched the strategy of“to-high-end”and diversified transformation of industries(environmental prote
5、ction industry and film and television industry);In 2013,Xiangeqing suffered a huge loss of 564 million yuan,which not only seriously affected the restaurants own business,but also brought many difficulties to the development of its mass catering industry.Starting in the second half of 2013,the cate
6、ring business was continuously divested and new fields such as environmental protection,film and television,new network media,cloud services and big data were tried.In August 2014,Xiangeqing announced that it would change its name to Zhongke Yun Wang Technology Group Co.,Ltd.Zhongke Yun Wang became
7、an enterprise spanning catering(restaurants,fast food,group meals,food industry),environmental protection,film and television,big data and new media.On April 6,2015,Zhongke Yun Wang defaulted on its debt and its main catering industry continued to suffer losses.Due to shortage of funds,the transform
8、ed big data and new media industry could not operate normally.Import Case:The Industry Diversification Strategy Transformation of Xiangeqing Co.,Ltd.From the industrial diversification strategy transformation process of Xiangeqing,it can be seen that:The further development of enterprises in a singl
9、e industry often leads to the diversification of cross-industry or cross-market development in a specific environment or for special reasons.Xiangeqing experienced two major strategic transformation:(1)the single restaurant model(high-end catering)evolved into restaurants,fast food,group meals and f
10、ood industry(mass catering),and began to expand overseas;(2)after being blocked from transforming to medium and low-end catering,it began to implement cross-industry diversification,stripped off the catering industry and entered the fields of environmental protection,film and television,new media an
11、d big data on a large scale.In order to effectively implement the above strategies,the organizational structure of Xiangeqing has also undergone a transformation from functional structure to business unit.At the same time,the main body of enterprise strategy development is divided into two levels,na
12、mely,the headquarters and the subordinate business units of each industry.Compared with the business-level strategy developed and managed by each industry operating unit,the corporate-level strategy developed and managed by the corporate headquarters is quite different from the business-level strate
13、gy.Contents1.The process of diversification and the emergence of corporate headquarters2.The nature and main content of corporate-level strategy3.Related diversification strategy4.Unrelated diversification strategy5.hybrid diversification strategy6.The promotion strategy of diversification strategyS
14、ection I The Process of Diversification and the Emergence of Corporate Headquarters 1.Diversification and Emergence of Corporate Headquarters The Process of Diversified Development of Enterprises in Developed Countries Diversification leads to the split between headquarters and divisionsThe climax o
15、f business unit structure and diversificationDiversification failure and portfolio management Failure of portfolio management and“refocusing”reorganization The Process of Diversified Development of Enterprises in ChinaThe process is short,like a condensed version of the diversification process in de
16、veloped countriesThe difference lies in the different means of correcting the high degree of diversification.Enterprises in developed countries rely mainly on efficient external capital markets for restructuringUnder the condition that the external capital market is not mature enough,most Chinese en
17、terprises can only rely on inefficient internal restructuring.Compared with enterprises in developed countries,Chinese enterprises prefer diversified development to meet the demand of faster expansion Divisionalisation 2.Why do Chinese enterprises prefer high diversification Figure 7Figure 7-2 Relat
18、ionship between 2 Relationship between Diversification Motivation and Diversification Motivation and Diversification Strategic Behavior Diversification Strategic Behavior Main Driving Factors Market Opportunities:Investment opportunities brought by Investment opportunities brought by emerging indust
19、ries;Entry opportunities brought about by the emerging industries;Entry opportunities brought about by the gradual opening of the industry;Diversified development gradual opening of the industry;Diversified development opportunities brought about by local protection and market opportunities brought
20、about by local protection and market segmentation.segmentation.Imperfect Financial Market and Excess Resources.Managers motivation:During the transition period,the During the transition period,the special property rights(unclear property rights)and special property rights(unclear property rights)and
21、 governance structure(absence of owners)of enterprise groups governance structure(absence of owners)of enterprise groups form insider control.form insider control.Main Limiting Factors Internal governance mechanism:Ownership:Ownership c centralization,entralization,board of directors,incentive remun
22、eration and appointment board of directors,incentive remuneration and appointment and dismissal of senior executives still need to be improved.and dismissal of senior executives still need to be improved.Corporate Governance Market(External Governance Mechanism):Chinese Chinese capital markets effic
23、iency is still not high,the efficiency is still not high,the asset pricing cannot reflect the real situation of the asset pricing cannot reflect the real situation of the enterpriseenterprise,and the merger and acquisition process is still,and the merger and acquisition process is still subject to a
24、 lot of interference.subject to a lot of interference.Manager market s still being till being established or formed.established or formed.Resources Managerial Motives Incitant Diversification Strategy Capital Markets and Manager Markets Internal Governances Enterprise Performance 3.The characteristi
25、cs of the corporate-level strategy bodyThe main body of corporateThe main body of corporate-level strategy:headquarters/group level strategy:headquarters/group enterprises/head office/parent enterprise/holding enterprise,etc.Their main enterprises/head office/parent enterprise/holding enterprise,etc
26、.Their main characteristics are:characteristics are:Industry/market diversification;The organization of property rights connection;Generally have the structure of parent-subsidiary enterprise;Group identity and overall consciousness;Mainly engaged in industrial or industrial operations;Having dual p
27、rincipal-agent relationship:shareholder-headquarters;Headquarters subsidiaries;Section The Nature and Main Content of Corporate-level Strategy1.Related Concepts of Corporate-level Strategy1234Corporate-level strategy is a strategy formulated by the headquarters of enterprises with diversified indust
28、ries and markets.Its main purpose is to maximize the rate of return on investment.Industry diversification strategy(abbreviated as diversification strategy),refers to a development strategy in which an enterprise engages in production and business activities in multiple industries and provides a var
29、iety of different products and services to different markets.It is the core content of the corporate-level strategy.The nature of the corporate-level strategy is:The headquarters of diversified enterprises take a series of decisions and actions to establish and exploit the advantages of multi-indust
30、ry combination.The main purpose of these decisions and actions is to maximize the benefits of industry combination,that is,the economic benefits of combination management of multiple industrial operating units are greater than the sum of the economic benefits of their independent operation(1+1 2).Re
31、levance refers to the extent to which different industry activities of diversified enterprises support and complement each other.For example,the sharing of resources/activities(raw materials,production equipment,products,process technology,human resources,brand,marketing channels,etc.)between indust
32、ry units,the transfer of core competencies between similar industries,or the control of upstream and downstream industrial chains through strong planning,coordination,and internal transactions.Correlative industry diversification strategy refers to the strategy of achieving growth by entering the ma
33、terially relevant industry.There are two types:(1)vertical integration strategy;(2)shared-related diversification strategy.5Unrelated diversification strategy refers to the strategy of achieving growth by entering industries that are not materially relevant.6The hybrid industry diversification strat
34、egy refers to that there is no relationship that can be shared by all the industries that are entered,among which there may be vertical relevance between some industries,while there may be Shared relationship between other industries,and there may be an unrelated relationship between the two groups
35、of related portfolios.2.Types and Degree of Diversification The division of diversification strategy types mainly depends on the correlation between various businesses,which can be judged by subjective judgment method and objective judgment method.The former refers to distinguishing the correlation
36、of industry portfolio mainly according to the personal judgment of researchers and the perception of managers.The latter refers mainly to the standard industrial classification code(SIC)classify industry diversification.Richald Rumelt,a professor at the Anderson school of management at the universit
37、y of California,Los Angeles,classifies the degree of industry diversification as low diversification,according to the proportion of main businesses and the correlation of industry combinations,divided the degree of industry diversification into low industry diversification(including single business
38、and dominant business),moderate industry diversification(including restrictive related industry diversification and non-restrictive related industry diversification)and high industry diversification(unrelated industry diversification).低度多元化低度多元化中度多元化中度多元化高度多元化高度多元化单一业务型主导业务型超过95%的收入来自于某一项业务70%95%的收入
39、来自于某一项业务不到70%的收入来自主导业务，所有业务共享产品、技术、分销渠道限制性相关多元化非限制性相关多元化不到70%的收入来自主导业务，事业部之间的关联是有限的不相关多元化不到70%的收入来自主导业务，事业部之间通常无关联AABABCABCABC低度多元化低度多元化中度多元化中度多元化高度多元化高度多元化单一业务型主导业务型超过95%的收入来自于某一项业务70%95%的收入来自于某一项业务不到70%的收入来自主导业务，所有业务共享产品、技术、分销渠道限制性相关多元化非限制性相关多元化不到70%的收入来自主导业务，事业部之间的关联是有限的不相关多元化不到70%的收入来自主导业务，事业部之间
40、通常无关联AABABCABCABCABCABCLow diversificationSingle businessMore than 95%of revenue comes from one businessDominant business70%to 95%of revenue comes from one businessModerate diversificationRestrictive related diversificationLess than 70%of revenues come from the dominant business,where all businesses
41、 share products,technology and distribution channelsNon-restrictive related diversificationLess than 70%of revenue comes from the dominant business,and the connections between divisions are limitedHigh diversificationUnrelated diversificationLess than 70%of revenue comes from the dominant business,a
42、nd divisions are often unrelated单线联系单线联系链状联系链状联系职能与后勤服务职能与后勤服务共享资源和能力共享资源和能力集团发展集团发展资产管理中心组合管理中心投资管理中心3.The Way the Headquarters Create ValueInfluence the strategy and performance of subsidiaries(profit centers)based on property rights.Value is created by strengthening the connection of subordinate
43、enterprises,which mainly comes from the reduction of internal transaction costs.To provide some functional or logistic services to its business units based on economies of scale and scope.Based on economies of scale and scope,the head office grasps and develops some shareable resources and capabilit
44、ies,which are transferred among subsidiaries.Through the entry and exit of the industry to achieve the adjustment of the portfolio,such as low-cost acquisition;venture capital;redefine your industry.single line connection Chain connectionAsset management centerPortfolio management centerInvestment m
45、anagement centerFunctions and logistics services Sharing resources and capabilities Group developmentThe Premise for The Headquarters to Create Net ValueMaximize overall or portfolio benefitsThe effect of 1+1+13Reduce part of the losses after entering the portfolio and the cost of running the headqu
46、artersIncrease the portfolio benefits created by headquartersSelect the combination type with the greatest benefitSelect the matching portfolio management modeNet value maximizationTake producing the greatest net value as the cause of existence4.Decision-making Framework of Corporate-level Strategy
47、Corporate-level strategy is essentially a strategy of diversified portfolio investment and portfolio management in the industry.Its core is to maximize portfolio advantages and investment benefits through dynamic adjustment of industry portfolio and portfolio management modes.Dont match Match Portfo
48、lio management mode Composition of top management team The structure of the organization Centralization and decentralization The control mode Match or not The realization of combination advantage Internal and external environment analysis trend comparison MBVs view:stabilize the industry portfolio a
49、nd adjust the portfolio management mode Section III Related Diversification Strategy1.Vertical Integration Vertical integration strategy-the behavior of enterprises to bring value creation activities related to business owners into the enterprise boundary through their own establishment or merger.Th
50、e more the enterprises complete the activities on the industrial chain within their own boundaries,the higher the degree of vertical integration.1Advantages2 Overcome the imperfection of the external market,reduce transaction costs;Through internal integration,prevent important information technolog