基于产业生命周期的企业纵向整合策略研究

【作者】 蔡峰；

【导师】 郁义鸿；

【作者基本信息】 复旦大学 ， 产业经济， 2005， 博士

【摘要】 整合是产业发展中企业常用的策略行为,整合包括收购兼并以增加自身的经营业务和实力,也包括分拆和出让自身的某些非核心业务。整合种类包括纵向整合和横向整合。本文主要探讨企业纵向整合策略问题。 纵向整合涉及的主要理论基础,从宏观上看是劳动分工的结果;从微观上看是现代企业理论阐释的内容。通过对实践的总结,学者们提出了非常多的纵向整合的理由。在本文中,我认为从外部因素看,主要是产业生命周期的影响;从内部特征看,企业的产能约束特征是最重要的原因。 企业的产能约束分为强产能约束和弹性产能约束。强产能约束的企业扩张产能的障碍非常大,在不同的生命周期,下游的需求变化时,盈利水平会有大幅变动。因此,该类产业始终倾向于回避生命周期波动的影响,在产业发展中,始终采用上下游一体化的整合策略。这一类产业包括石化、钢铁、有色金属等,通过研究这些产业发展的全部历史,我们发现实际上就是一个纵向整合深化的历史。 弹性产能约束的企业在不同的产业生命周期采用不同的纵向整合策略。根据本文的模型分析,在产业发展的初期,企业采用纵向一体化的结构;随着产业的快速增长,企业纵向分离的趋势增加;在产业减速增长到接近最繁荣的时期,由于竞争的激烈,企业将再次倾向采用纵向一体化的结构。在产业衰退开始,企业倾向于纵向分离;在衰退接近结束的时期,企业又倾向于采用纵向一体化的策略。 换句话说,在产业稳定发展阶段,企业倾向于纵向一体化;在产业发展波动较大的阶段,倾向纵向分离的形式。与此相对应的是,在产业快速发展的阶段,企业倾向于采用横向扩展,在产业发展衰退阶段,企业倾向于横向分离。 从美国著名学者钱德勒等所总结的十九世纪末至二十世纪初美国产业的发展历史,以及现代国内外的并购历史看,都体现了上述结论。 本文最后,在微观上,进一步深化了现代企业理论,在以交易—治理结构来分析企业组织结构因素上做了尝试。在宏观上,将产业生命周期作为内生因素,以系统研究的方法对企业横向和纵向分工的基本模型也做了一定程度的讨论。 本文的主要创新在于: (1)本文首先提出了纵向整合关系的研究框架:内部特征是产能约束,外部因素是产业生命周期。强产能约束产业的纵向一体化动机始终非常强。具有弹性产能约束的产业,在产业生命周期的不同阶段,纵向整合的意愿将不同。 (2)本文讨论了在不同产业生命周期纵向整合的策略选择问题,并试图给出一个较为完整的不同阶段的整合策略框架,已有的文献没有完整论述过。本文的结论是实用的,对于企业扩张、并购决策具有重要的指导意义。 (3)本文应用一般的博弈论和寡头垄断理论,构造产业生命周期作为外生因素更多还原

【Abstract】 Integration is a strategy being the most widely used in companies, including M&A or reconstruct business around the SBU for more competition. Integration consists of vertical integration and horizontal integration .This paper focus on vertical integration.The theoretical base involved in vertical integration includes the theory of labor division and the modern firm theory. From the practice, researchers give a lot of reasons for vertical integration. In this paper, I think the life cycle of industry is the most important one from outside, and the capacity constraint is the most important reason from inside.According the capacity constraint, all company can be divided into two parts: rigid capacity constraint and flexible capacity constraint. The companies with rigid capacity constraint expand producing capacity difficultly. In the life cycle, with the changing of demand, profit will go up or down more than the afford level. So the companies should avoid the position and seek for vertical integration strategies. The sectors include the petrol-chemical sector, the iron making sector, and so on. The development history of these sectors is the history seeking for the vertical integration.The flexible capacity constraint industry will select different strategies in the life cycle of the industry development. In this paper, I will prove the conclusion with theory model: from the beginning of industry development, the companies all will be the vertical integration companies; with the developing of the industry, the company will disintegrate the product process; as the booming of the industry, the company will seek for vertical integration. When the industry comes into recession, the company will go in for disintegration, and with the recession go to the end, the company then pursue vertical integration.In a word, when the development of industry is more stable, the tendency to vertical integration is more obvious; inversely when the development of industry of industry is more unstable, the tendency to vertical disintegration is more marked. At the same time, when the expansion of industry is faster, the horizontal integration is more prevalent; when the recession of industry is faster, the horizontal disintegration is more popular.From the industrial history in 1870-1930 by the famous economist -A.D.Chandler, and from the history of the M&A in the modern times, we can prove the conclusion.The most important innovation of the paper:1) The paper gives an important analysis frame: capacity congstrains inside and industry life cycle outside, and divides the capacity constraints into the rigid capacity constraint and the flexible capacity constraint. The companies with rigid capacity constraint have a strong motivation of vertical integration to avoid the demand fluctuation. On the other hand, the flexible capacity constraint company will select different integration strategies when demand fluctuates.2) The paper gives an intact strategy frame. This is a complete new strategy view, being unseen in the early publication. The conclusion is very useful in the M&A and the development for company.3) The paper using game theory and the oligopoly theory, makes a model that the industry life cycle is exogenous, which promotes the vertical integration and foreclosure theory.4) The topic discussed in the paper can be extending in the demand/supply fluctuation in the procession of an industry, so the conclusion is in common use.5) Base on the modern firm theory, the paper gives a more micro general更多还原