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1、 Business groups a common feature in many countries around the world.Hongs in Hongkongw Hutchison Whampoa,CITIC Pacific,Swire Pacific,New World DevelopmentChaebol in South Koreaw Samsung,DaewooFamily-centered industrial groups in Indiaw Tata Group,Escorts GroupKeiretsu in Japanw Toyota,Nissan,NTTBus
2、iness GroupsBusiness GroupsBusiness GroupsBusiness Groups Common characteristics of business groups:Have many individual businessesBusinesses compete in multiple industries:w automotivesw electronicsw servicesSome form of common administration and control across businesses in a business group weaker
3、 in case of keiretsu in Japan stronger in case of family-centered industrial groups in IndiaBusiness GroupsBusiness Groups Business groups similar in form to conglomeratesConglomerates out of favor in many countries?Business groups in many other countries found to be associated with higher performan
4、ce.Major question:What is rationale for a business group?What value does a business group provide?日本Keiretsue.g.1.Financing Intra-group low cost financing by Nucleus Bank,especially for capital intensive industries Protection from takeover threats by cross-holding of sharesAdvantages of KeiretsuAdva
5、ntages of KeiretsuBank of Tokyo,MitsubishiMitsubishi ConstructionNippon Mitsubishi OiMitsubishi Heavy Industry Safety net for sales figures,e.g.Mitsubishi Steel for Mitsubishi Construction Tokio Marine&Fire Insurance,Mitsubishi Research for whole group Avoid being undercut by competitors Cross-selli
6、ng business opportunity from group membersclient base/staff Different services under one roof=Larger business opportunities Access to foreign markets via general trading companies Joint development efforts=innovation2.2.BusinessBusiness Industry-wide expertise e.g.industrial knowledge help merchant
7、bank in assessing new investments opportunity Efficient flow of market information/customer preference for product/service design-12,000 professionals,42 offices in Japan,118 offices and subsidiaries in 73 locations overseas Leverage on the groups reputation=reduce image building cost Different serv
8、ices under one roof=Larger business opportunities L-T growth rather than S-T profit Sharing of management expertise Exchange directors Presidents Club,Friday Club3.3.ManagementManagementDisadvantages of KeiretsuDisadvantages of Keiretsu Bad debtInsufficient credit review Hindrance to open marketTran
9、sfer pricing rather than competitive market priceFail to explore new opportunities outside Father dead,son dead syndromeBank of Tokyo,Mitsubishi Bank as the risk taker InflexibilityFace saving slow down decision makingOutlook for KeiretsuOutlook for Keiretsu Reduce dependence on group companies Misu
10、bishi Motor joint venture with Dialmer-ChyrslerSourcing decision based on cost than relationship More open to global economy Concentrate on core business Big band financial reform making it easier for firms to raise money without going to keiretsu banksBusiness Group in Hong Kong:Business Group in Hong Kong:HongsHongs