企业多元化经营：通用电气与海尔比较.pdf

企业多元化经营：通用电气与海尔比较 多元化理论 股权结构简要说明 案例背景 GE的财务数据分析和多元化经营 海尔的财务数据分析和多元化经营 案例分析与比较 我国企业多元化经营的误区2问题 什么是多元化理论？为什么以GE和海尔这两个案例作比较？企业要不要多元化？什么时候进行多元化？相关多元化还是非相关多元化？什么时候应该通过业务剥离退出某一产业领域?3一、多元化理论1.国内外研究现状20世纪50年代J 1958年安索夫多元化战略美国19091948年间最大的100家企业的发展和变化观点：多元化是公司发展到一定阶段，为寻求长远发展 而采取的一种成长或扩张行为。J安德鲁坎贝尔多元化战略的业务选择核心业务是适合多元化的业务，异簇业务应避开。J 1959年彭罗斯企业成长理论企业成长的外部诱因和内部诱因4一、多元化理论1.国内外研究现状20世纪70年代J 1970年 赖利 分部制与多元化多元化程度的测量方法及类型划分一一专业化率J 1973年钱农英国企业的战略与结构技术多元化、兼并多元化J 1974年 鲁梅尔特战略、结构和经济绩效在赖利的专业化率的基础上，又提出了相关率的概念5一、多元化理论1.国内外研究现状20世纪80年代J 1982年皮特斯和沃特曼寻求卓越 对混合的、无关的多元化进行了强烈的批评J 1982年 鲁梅尔特 多元化战略与绩效 无关多元化和垂直一体化型的绩效最差J 1987年波特 企业战略的竞争优势通过混合兼并进行的无关多元化的失败率是最高的J 1995年 马凯兹 多元化、归核化与经济绩效 归核化，及其对组织结构及绩效的影响6一、多元化理论1.国内外研究现状国内研究J尹义省适度多元化：企业应首先追求同一业务的 规模增长，在培育起核心竞争力的基础上再实现相关的低 度多元化。J杨杜：多元化经营并不能分散经营风险，多元化经营 与风险降低没有直接的关系。多元化经营既可能是“馅 饼”，也可能是“陷阱”。J樊纲：市场经济的基本规律是专业化竞争，越是国际 竞争，专业化就越重要。企业要突出主业，清理行业，认 真专业化，再也不能被多元化。7一、多元化理论2.多元化的概念和类型概念：企业同时生产和提供两种以上基本经济用途不同的 产品和服务的经营战略。静态：一个企业分布在多产业的状态，即经营方式。动态：一种进入新的行业的行为，即成长行为。分类：鲁梅尔特的分类方法安索夫的分类方法国内比较流行的分类方法8安索夫的多元化战略分类1 关术 技1 关 二二 LJI 崔口 箱辅北林关9 横向多元化：也称水平多元化，即企业利用现有 市场，向水平方向扩展生产经营领域，进行产品、市场的复合开发。纵向多元化：即企业进入生产经营活动或产品的 上游或下游产业。这实际上就是纵向一体化。同心多元化：亦称同轴多元化，指企业利用现有 技术、特长经验及资源等，以同一圆心扩展业务。同心多元化又分为：市场相关型、技术相关型、市场与技术相关型。混合多元化：又称非相关多元化，即企业进入与 现有经营领域不相关的新领域，在与现有技术、市场、产品无关的领域中寻找成长机会。1O国内比较流行的多元化战略分类11多元化战略的类型划分并不是一成不变的。其 分类的意义在于了解不同类型多元化战略的不 同特点，在进行战略决策时选择适合本企业的 类型，以提高多元化经营的效率和业绩。12m 七 anBreakdown%of Shares Held by All Insider and 5%Owners:0%of Shares Held by Institutional&Mutual Fund Owners:52%of Float Held by Institutional&Mutual Fund Owners:52%Number of Institutions Holding Shares:6159HolderShares%OutValue*ReportedVANGUARD GROUP,INC.(THE)380,136,4513.56$5,481,567,623Jun 30,2010STATE STREET CORPORATION364,133,1723.41$5,250,800,340Jun 30,2010BlackRock Institutional Trust Company,N.A.282,951,8312.65$4,080,165,403Jun 30,2010FMR LLC176,942,2751.66$2,551,507,605Jun 30,2010NORTHERN TRUST CORPORATION158,524,8721.48$2,285,928,654Jun 30,2010DODGE&COX INC136,863,1281.28$1,973,566,305Jun 30,2010Bank of New York Mellon Corporation131,899,0741.23$1,901,984,647Jun 30,2010WELLINGTON MANAGEMENT COMPANY,LLP130,342,1731.22$1,879,534,134Jun 30,2010PRICE(T.ROWE)ASSOCIATES INC102,712,9300.96$1,481,120,450Jun 30,2010GENERAL ELECTRIC COMPANY94,041,7670.88$1,356,082,280Jun 30,201013PiE唯一一直在的道琼斯工业指.数公司其他十一家公司：美国棉花油制造公司：Bestfoods的前身，属于联合利华 美国糖类公司：现为Amstar Holdings,于1955年 美国烟草公司：1911年违法托拉斯法 芝加哥燃气公司，在1897年被Peoples Gas Light&Coke Co.（现为人民能源公司）Distilling&Cattle Feeding Company,现为Millennium Chemicals Laclede Gas Light Company,以The Laclede Group之名运作 National Lead Company,现为NL Industries 北美公司，在1940年代 田纳西煤、铁与铁路公司，在1907年被美国钢铁 美国皮草公司，1952年 美国橡胶公司，1967年改名为Uniroyal,1990年被14理（摘自GE 2004年报）：高级材料、基础设施、水处理与安全技术、到医疗器械、商业和 消费金融、媒体、保险和工业能源，大型设备，运输：机构分布24个国家，客户遍及全球一百多个国家。15的股东结构Pi数据来自雅虎财经Top Institutional Holders奠定长期发展丽熹 Concentration of Current%Heki19%25%35%49%Low Avg.Tumover RatingTop 10 Institutions:_Top 20 Institutions:_Top 50 Institutions:_All:1Percentaqe of%OwnedTotal Holdinqsof ShNe5TurnoverNEeShares Held 人Position Valuesince 12/11/11OutstandinqRNtinQVanguard Group,Inc.412.3M56,275,742,992+7%3.9%LOWState Street.375.5M$5,714,896,7837%3.6%LowBlackRock.343.5M$5,228,129,069*6%3.3%LowFidelity.179.1 M-$2,725,756,862.3%1.7%LowCapital Work1.151.9M-S2t311,254,408+3%1.4%LowDodge&Cox116.9M o51,778,503,1622%1.1%LowWellington.113.9M 51,7X099,345+2%1.1%LowT.Rowe Price.111.7M,$1,700,191,9402%1.1%LowGE Asset.94.4M$1,437,038,672+2%0.9%LowBank of America.79.1 M S1,204,482f780+1%0.8%Low1693幽M制牒融司一解蜻豳I蝴看做司|20M 21洲耨海轴份勰公司海尔电器集团有限公司（股份代号：1169）为香港主板上市公司青岛海尔股份有限公司：为上交所上市公 司海尔中建向海尔投资支付少员对价,人部分对价山海尔BVI控股向海尔集团、海尔投 责支付,导致海尔柒用、海尔投资特TT海尔BV1的份额由50%：50%变成91.4%：8.6171984年成立的青岛电冰箱总厂A1989定向募集资金1.5亿元，设立股份有限公司1993 11月在上交所上市经营范围：电冰箱、电冰柜、船用电冰箱、微波炉、真空包装机、空调器、电磁管、洗衣机、热水器、电风扇、吸尘器及配件、通讯设备制造。海尔电冰箱先后通过了美国UL、德国VDE、欧洲CB认证。（摘自青岛海尔2004年报）18海尔电器集团有限公司（股份代号:1169）:海尔集团的借壳上市之作（摘自海尔电器。5,。7年报）1920净资产收益率=净利润/年度末股东权益X100%ROE=净利润/净资产=销售利润率X资产周转率X权益乘数（财务杠杆）。销售利润率=利润总额/销售收入（盈利能力）判定企业经营能力的重要指标资产周转率=销售收入/总资产（营运能力）权益乘数=总资产/净资产（偿债能力）20042010年平均数ROE销售利润率总资产周转率杠杆比率GE14.47%11.00%21.31%617.22%青岛海尔11.32%2.86%235.51%168.16%海尔电器9.74%1.08%248.72%360.97%21海尔销售净利率多在2%3%GE的销售利润率则高达7%13%。铮利润率:一定时期的净利润（税后利涧）与傩净额的比率。它施单位销售收入衣得税后利润的能力 反映销售收入与 净利润的关系。单位：人民币（元）青岛海尔2010200920082007200620052004营业收入60,588,248/29.7544,692,003,512.2930,408,039,342.3829,468,645,507.9820,120,779,087.4216,778,085,442.7915,519,910,103.90净利润2,824,284,191.261,878,732,600.20978,698,583.16754,286,030.45313,913,735.16239,126,624.02369,435,583.36净利润率4.66%4.20%3.22%2.56%1.56%1.43%2.38%数据来源：单位:海尔电器2010200920082007200620052004营业收入35,806.6712,877.9911,409.488,549.246,901.714,940.475,893.84净利润1,007.49499.30174.98225.70183.79-417.84148.63净利润率2.81%3.88%1.53%2.64%2.66%-8.46%2.52%数据来源:单位：CurrentY in USD,All numbers in thousandsGE2010200920082007200620052004营业收入150,211,000155,278,000182,515,000172738,000151,843,000136,580,000124,176,000净利润11,644,00011,025,00017,410,00022,208,00020,742,00016,720,00017,222,000净利涧率7.75%7.10%9.54%12.86%13.66%12.24%13.87%数据来源：http：/finance.yahoo,com/q/is?s=GE&annual22报醐2000200120022003200420052006200720082009越电器销售净利塾3.442.51.421.221.791.792.533.442.264格力电器捎售斛珞2.64.144.223.363.042.782.633.344.68美菱电器傩净利率%0.320.450.920.71.170.330.30.440.574.76青岛航销售净利塾8.785.853.733.192.411.452.42.182.533.49雕电器销售净利率%3.052.320.790.520.781.010.951.371.682.71海尔：在相关性较高的多元化阶段，有较同行业较高的利润率。在进行 相关性较低的多元化阶段，低于行业利润率。GE：虽然行业跨度很大，但一直有着较高的行业利润率GE所处多数为知识、资本密集型行业，进入门槛比较高而有较高的利润率。且GE提 供一揽子解决方案利润很大程度上来源于专业化的服务（1/3营业收入，3/4的工 业利润）。Services represent one-third of our revenue and nearly three-quarters of our industrial earnings.High-margin services will continue to grow naturally because of our expanding backlog and installed base.”（摘自GE 2009年报）23海尔：在国内同行属较好水平GE:涉及基础设施、服务、医疗、传媒等多个行业，大型建设工程，整体解决方案 资产周转率低且稳定。总资产周转率GE青岛海尔海尔电器201019.84%207.02%368.35%200919.92%196.86%207.19%200822.68%248.62%261.64%200721.34%263.37%233.19%200623.07%273.86%204.60%200522.06%243.59%197.72%200420.23%215.27%268.38%24优秀的GE倍数于良好的海尔杠杆比率GE青岛海尔海尔电器2010604.85%308.44%238.80%2009624.77%162.65%383.93%2008702.19%158.82%37564%2007643.67%158.57%432.64%2006581.56%161.66%422.42%2005573.50%111.94%354.88%2004590.00%115.06%318.48%杠杆比率体现了公司利用自有资本撬动更多负债的能力差距的原因：不同地域融资难易度不同（美国融资更便利）所处行业对资金的吸引力不同（行业门槛，利润回报预期等）25案例背景1.通用电气多元化经营基本情况前韦尔奇时代：20世纪20年代后期，通用电气拓宽了其家电产品生产线。30年代，通用电气增加了钟表、洗衣机、洗碗机、空调机、收音机，以及废物食品机等产品。1960年，通用电气组建新的化工发展事业部。1970年，80%的通用电气收入人来源于传统的电气和电子制 造业。1971年，通用电气的净利润达471800万美元，销售额达94亿。1979年，通用电气成为世界上最大的电气设备制造商，以及 电子、核能源、家用电器和航天设备的重要生产商。26案例背景1.通用电气多元化经营基本情况后韦尔奇时代：1981年，业务重组、全球化、服务、质量、电子商务以及业务再重组4业务重组:三个圈 数一数二27案例背景1.通用电气多元化经营基本情况业务重组:第一，在行业内数一数二;第二，具有远高于一般水准的投资报酬率;第三，具有明显的竞争优势；第四，能充分利用GE特定的杠杆优势。具体事例：1983年，韦尔奇放弃通用电气的家电业务。1985年12月，通用电气以62.8亿美元购买了传媒界巨人RCA。20世纪80年代，韦尔奇 卖出了价值100亿美元，购买了 190亿美元的业务。1993年.市值大约 800亿美元的通用电气有13个事业部，其中有12个在其各自的市场上位 居第一或第二。28案例背景1.通用电气多元化经营基本情况全球化：数一数二战略的再延伸4服务：全套的产品服务销售，从巧到7。的转变4质量：六西格玛、无边界、群策群力4电子商务：互联网数据交换、企业应用整合软件、采购软件和服务、贸易伙伴交易公司。4再重组：Imagination at Work29我们选取了2004年-2005年GE的数据。正好是最近一次GE大规 模多元化经营的时期。在这段时间内：剥离了保险业务 收购维旺迪 NBC业务和维旺迪合并，成立NBC Universal30Summary ot Operating SegmentsGeneral Electric Company and 8rHplidated attiliatesFa CcrtMr 31 ilnmllllomi2004(Restated)2003(Restated)2002(Restated)2001(Restated)2000REVENUESAdvanced Materials$8,290$7078$6,963$7j069(8020Ccmmerclal Finance23侧20,81319,59217,72317 549Consumer Finance15,734128451076695089J20Consumer&Industrial13,76712 84312,88713,06313 406Energy17,34819,08223,63321,030I，Equipment&Other Services8,9864 8815,5617,69215,074Healthcare13r45610J988,95584097275I nfrastructur?3d4730781 9013Q2486抽：1942a2?,MO24洞_NBC Universal_12fMs6,8717J495,7696,797Transportation15M213,51513,68513,88513,285Ccrpccate Items and eliminations(3,169)(2,757)(1662)(2.057)(1.296)CONSOLIDATED REVENUES$15246$134,641$132226$126.373$130 385SEGMENT PROFITAckanced Materials$710$616$1000$1,433(1864Cccnrrerdal Finance4,4653610X3102,8792528Consumer Finance2520216117991,6021295Ccnsumer&Industrial7165775678941270Energy2M5110942944 8972598Equipment&Other Services833(185)(339)(272)(212)Healthcare2,286170115461 4981,321Infrastructure56346229745Insurance5692102(95)1,879Z201NBC Universal2,558199816581 4081609TransportationM13266125102.5772511Tr.tai 9cman，nriflt”97ft119717nm左表：2004年保险业务 利润剧烈下滑 销售额-12%利润额-73%31Cl：对2004年保险业务的评估“Our Insurance businesses are subject to intense competition.The 2003 dispositions($0.5 billion)and the 2004 U.S.hurricane related losses($0.3 billion)at GE Insurance Solutions.In May 2004,we completed the initial public offering of Genworth Financial,Inc.(Genworth),our formerly wholly-owned subsidiary that conducts most of our consumer insurance business,including life and mortgage insurance operations.We sold approximately 30%of the common shares of Genworth to the public,and we expect(subject to market conditions)to reduce our ownership over the next two years as Genworth transitions to full independence.Revenues in 2003 increased$2.9 billion(12%)on increased premium revenues($2.2 billion),a gain of$0.6 billion on the sale of Edison Life,higher investment income($0.4 billion)and the effects of the weaker U.S.dollar0.7 billion)This adverse loss development has been most pronounced for certain liability-related risk policies underwritten from 1997 through 2001?principally hospital and professional liability,workers compensation,product liability and asbestos and environmental exposures.Adverse development on prior-years claims and expenses for the three years ended December 31,2004,amounted to$5.5 billion.Business that we subsequently exited accounted for 84%of the most recent adverse development.Although we do not anticipate further provisions related to this risk,we observe that the associated losses have not yet fully matured.During 2003,we announced our intent to scale back our life reinsurance operations to improve overall returns.Consequently,we ceased writing new life reinsurance business in the United States and sold one of our United States life reinsurance businesses-ERC Life Reinsurance Corporation.In 2004,GE Insurance Solutions property and casualty combined ratio was 120%,that is,$1.20 of costs and losses for each$1.00 of earned premium.However,as an early indication of the effectiveness of our revised underwriting standards,the combined ratio for the 2004 underwriting year was 100%,even with extensive 2004 natural catastrophe losses-breakeven underwriting even before the contribution of investment income.”(摘自GE 2004年报)32GE的风险管错瞪醯符事件掩在阳光卜接受检验 分析支出和收入 分析整个行业形势风险管理-销售收入的下滑-利润下滑-财产保险综合赔付率100%-保险行业补偿风险在增加 一医疗事故，产品责任，工人 补偿，石棉等环境风险在增 力口，并且风险未见顶行-1997-2001:保险业风险监控 动-预测2002年风险大增加-2002年开始持续增加保险准备 金（25-34-45亿美-2003年卖出 ERC life-2004年IPO Genworth,持续减持30%的股份33“Claims and expenses incurred-prior years represents additional losses(adverse development)recognized in any year for loss events that occurred before the beginning of that year.Adverse development,which amounted to 5%,4%and 18%of beginning of year loss reserves in 2004,2003 and 2002,respectively,was primarily encountered at GE Insurance Solutions.Reported claims activity at GE Insurance Solutions related to prior-year loss events,particularly for liability-related exposures underwritten in 1997 through 2001,has continued to develop adversely to previous expectations.More specifically,reported claims activity for these underwriting years accelerated dramatically in 2002,affecting much of our liability-related product exposures,including hospital medical malpractice,product liability,professional liability,umbrella liability,workers compensation,individual liability and asbestos.In response to these data,we adjusted our best estimate of ultimate losses to be higher in the range of what were viewed as reasonably possible loss scenarios at that time,increasing recorded reserves by$2.5 billion in the fourth quarter of 2002,for a total of$3.5 billion adverse development at GE Insurance Solutions for the year.For a majority of our lines of business,reported claims activity in 2003 was reasonably close to expected amounts.However,for certain lines-principally medical malpractice,product liability and certain director and officer related coverage-the reported claims volumes exceeded our revised loss expectations.Accordingly,we increased our loss reserves to the newly-indicated ultimate levels,recording adverse development of$0.9 billion in 2003.In 2004,as part of our comprehensive annual assessment of recorded claim-related liabilities,we observed that reported claims activity in certain product lines,substantially related to the 1997 through 2001 underwriting years,continued to exceed previously established loss expectations.The more significant lines of business affected were workers compensation,hospital and professional liability,and asbestos and environmental exposures.Incorporating this updated information into our reserving process led to an increase in ultimate loss projections and corresponding reserve levels by$1.1 billion for the year.We will continue to monitor reported claims activity for all lines of business in the future and take necessary reserve actions-either to increase or decrease reserves-as our estimates continue to mature.(摘自 GE 2004 年才艮)34Throughout 2005,we continued to reduce our ownership in Genworth,currently at 18%.We intend tocontinue to dispose of our remaining shares in 2006,subject to market conditions.W e reported both the portions of GE Insurance Solutions described above and Genworth as discontinued operations for all periodspresented.Unless otherwise indicated,we refer to captions such as revenues and earnings from continuing operations simply as,revenues and earnings”throughout this ManagementJ s Discussion and Analysis.Similarly,discussion of other matters in our consolidated financial statements relates to continuing operations unless otherwise indicated.”“We have reduced our exposure to Insurance in a disciplined fashion and our exit is now in sight.In November,we announced the sale of our reinsurance business to Swiss Re for$8.5 billion including the assumption of debt.While another insurance loss 一$2.9 billion in 2005 一 was hard to accept,this action provides a path to final resolution for our investors.All insurance claims will become the responsibility of the acquirer.Certainty was critical for us,so that our investors could view GE s future without Insurance.As a part of this transaction,GE will obtain an approximate 12%ownership of Swiss Re.We believe that Swiss Re,as a dedicated leader in this industry,is well positioned to perform.Exiting Insurance is important for GE.Our poor performance in insurance has dampened a strong performance by the rest of the Company.I am confident you will now benefit by having a fas ter-growth,less volatile Company.”On November 18,2005,Swiss Reinsurance Company(Swiss Re)agreed to buy the property and casualty insurance and reinsurance businesses and the European life and health operations of GE Insurance Solutions for$8.5 billion,including the assumption of$1.7 billion of debt.以上摘自GE 2005年报2005年，GE预计的持续的市场风险问题，保险业务盈利能力下降，于是继续减持 Genworth的股份至也8%,决断出售保险业务，。5年Q4就做了决定，执行迅速，勇于承认