Management Between Strategy and Finance
出版社 Springer Berlin Heidelberg
DOI 10.1007/978-3-540-85275-9
版权 2009
ISBN 978-3-540-85274-2 (Print) 978-3-540-85275-9 (Online)
学科分类 商业和经济
学科 Economics/Management Science, Management/Business for Professionals, Finance /Banking and Entrepreneurship
SpringerLink Date 2008年11月21日

Contents
PART 1: INTRODUCTION .................................................................... 1
PART 2: BASIC PRINCIPLES ............................................................ 13
1 Market or Firm? ................................................................................ 15
1.1 Prudence and Cooperation ......................................................... 15
1.2 Hierarchy and the Firm .............................................................. 20
1.3 The Market and the Firm – A Comparison ................................ 23
1.4 Inner and Outer Layers .............................................................. 28
1.5 Summary .................................................................................... 31
1.6 Recommended Reading ............................................................. 31
2 Resources ............................................................................................ 33
2.1 A Typology of Resources .......................................................... 33
2.1.1 Two Features of Resources ........................................ 33
2.1.2 Private Goods with Externalities ................................ 34
2.1.3 Public Goods .............................................................. 36
2.1.4 Eight Different Types of Resources ........................... 37
2.1.5 Summary .................................................................... 39
2.1.6 Decisions Based on Strategy or Finance? .................. 40
2.2 Lack of Marketability ................................................................ 43
2.2.1 Introduction ................................................................ 43
2.2.2 Transaction Costs ....................................................... 43
2.2.3 Technical Transaction Costs ....................................... 46
2.2.4 Specificity ................................................................... 48
2.2.5 Synergies .................................................................... 49
2.2.6 The Problem of Hold-up ............................................. 51
VIII
2.3 Public Goods .............................................................................. 53
2.3.1 Knowledge – Definition ............................................. 53
2.3.2 Knowledge – Use ...................................................... 54
2.3.3 Knowledge and Investments ....................................... 55
2.3.4 Types of Knowledge .................................................. 58
2.4 Summary .................................................................................... 61
2.5 Recommended Reading ............................................................. 62
3 Transfer pricing ................................................................................. 63
3.1 Internal Services ........................................................................ 63
3.1.1 The Story so Far ......................................................... 63
3.1.2 Decentralized Decision-Making ................................. 64
3.1.3 A Simplified Example ................................................ 66
3.1.4 Interpretations ............................................................. 68
3.1.5 Transfer Prices Equal to Marginal Costs .................... 70
3.1.6 How it Works in Practice ........................................... 71
3.2 Chronological and Logical Connections .................................... 73
3.2.1 Phases of the Business Process ................................... 73
3.2.2 Building a Decision-Tree ........................................... 74
3.2.3 The Nature of Inputs ................................................... 78
3.2.4 Backward Recursion ................................................... 79
3.2.5 Theory into Practice ................................................... 82
3.2.6 Four Phases ................................................................. 84
3.3 Summary .................................................................................... 86
3.4 Recommended Reading ............................................................. 86
4 Think Strategically ............................................................................. 87
4.1 History and Tools of Strategic Management ............................. 87
4.1.1 What Is Strategy? ....................................................... 87
4.1.2 The Beginnings of Strategic Management ................. 88
4.1.3 Later Developments: The Market-Based View .......... 92
IX
4.1.4 The Resource-Based View (RBV) ............................. 94
4.1.5 Networks .................................................................... 99
4.2 Challenges for Strategic Management ..................................... 103
4.2.1 Change Drivers ......................................................... 103
4.2.2 Limitations of Traditional Strategic Tools ............... 109
4.3 Summary .................................................................................. 111
4.4 Recommended Reading ........................................................... 112
5 Think Financially ............................................................................. 115
5.1 Some Basic Finance ................................................................. 115
5.2 Focus on Cashflows ................................................................. 117
5.3 Choosing the Best Total Cashflow .......................................... 119
5.4 Fisher Separation and Net Present Value ................................. 121
5.5 Summary .................................................................................. 122
5.6 Free Cashflows ........................................................................ 124
5.7 The Capital Asset Pricing Model ............................................. 127
5.8 Company Valuation ................................................................. 132
5.8.1 The formulas for DCF .............................................. 132
5.8.2 EBIT, "Equity Value" vs. "Entity Value" ................. 134
5.8.3 Development of Capital Markets .............................. 136
5.9 Summary .................................................................................. 139
5.9.1 Principles of Financial Thinking .............................. 139
5.9.2 Finance-based Management ..................................... 140
5.10 Recommended Reading ........................................................... 142
PART 3: THE FOUR SEASONS OF BUSINESS ............................. 143
1 Establish the Basics and Choose a Position ................................... 145
1.1 Selecting a Location ................................................................. 145
X
1.1.1 The Basics ................................................................ 145
1.1.2 Von Thünen .............................................................. 146
1.1.3 Hotelling ................................................................... 147
1.1.4 Location Theory Today ............................................ 149
1.1.5 To Choose the Center or not? ................................... 151
1.2 Shifting position ....................................................................... 155
1.2.1 Kondratiev Waves .................................................... 155
1.2.2 Organic Growth ........................................................ 158
1.2.3 Corporate Transformation ........................................ 161
1.2.4 Using Depreciation ................................................... 164
1.3 The First Season – Conclusions ............................................... 166
1.3.1 Identifying Phases .................................................... 166
1.3.2 Summary .................................................................. 168
1.4 Recommended Reading ........................................................... 169
2 Develop and Build ............................................................................ 171
2.1 Innovation ................................................................................ 171
2.1.1 What is Innovation? .................................................. 171
2.1.2 The Role of the Entrepreneur ................................... 173
2.1.3 Development and Scalability .................................... 174
2.1.4 Development and Variants ....................................... 176
2.1.5 Innovation – A Growth Engine ................................ 178
2.2 Context and Influence – Inspiration and Environment ............ 179
2.2.1 Five Factors .............................................................. 181
2.2.2 Macroclimate ............................................................ 184
2.2.3 Schumpeter vs. Kirzner ............................................ 185
2.3 Entrepreneurship as a Process .................................................. 189
2.3.1 Seven Steps ............................................................... 189
2.3.2 Internal Capital Markets ........................................... 191
2.3.3 Target Costing .......................................................... 194
XI
2.4 The Second Season – Conclusions .......................................... 196
2.4.1 Identifying Phases .................................................... 196
2.4.2 Summary .................................................................. 198
2.5 Recommended Reading ........................................................... 200
3 Grow................ .................................................................................. 201
3.1 From Prototype to Market Success .......................................... 201
3.1.1 Managing Resources and Risks ................................ 201
3.1.2 From Capital to Talent – Required Resources ......... 205
3.2 Individualized Mass-Market Products ..................................... 208
3.2.1 Four Stages of Development .................................... 208
3.2.2 Attributes and Add-on Services ................................ 210
3.2.3 Technological Leap .................................................. 213
3.3 The Sales Process ..................................................................... 214
3.3.1 Market Introduction .................................................. 214
3.3.2 Branding ................................................................... 215
3.3.3 Market Penetration ................................................... 219
3.3.4 Employees and Incentives ........................................ 221
3.4 Different Paths to Growth ....................................................... 225
3.4.1 Organic Growth ........................................................ 226
3.4.2 External Growth ....................................................... 226
3.5 The Third Season – Conclusions ............................................. 231
3.5.1 Identifying Phases .................................................... 231
3.5.2 Summary ................................................................... 233
3.6 Recommended Reading ........................................................... 234
4 Earn ................................................................................................... 235
4.1 Present vs. Future ..................................................................... 235
4.1.1 Balance ..................................................................... 235
XII
4.1.2 Market Demands ....................................................... 237
4.1.3 Crises ........................................................................ 239
4.1.4 A Healthy Company ................................................. 243
4.1.5 Indicators .................................................................. 246
4.2 Value Orientation ..................................................................... 248
4.2.1 Judging the Future .................................................... 248
4.2.2 Profit or Cashflows? ................................................. 249
4.2.3 Sales, Goods and Services, Finances ........................ 252
4.2.4 Ratios and Programs ................................................. 254
4.2.5 Economic Value Added ............................................ 256
4.3 Continue or to Liquidate? ........................................................ 259
4.4 The Fourth Season – Conclusions ........................................... 266
4.4.1 Identifying Phases .................................................... 266
4.4.2 Summary ................................................................... 268
4.5 Recommended Reading ........................................................... 269
5 The Four Seasons of Business – An Afterword ............................ 271
5.1 The Question: Strategic or Financial Thinking? ...................... 271
5.2 Lifecycle – The Key to the Question ....................................... 272
5.3 Other Lifecycle Models ........................................................... 273
PART 4: The Art of Balance – A Closing Remark ............................ 279
1 The Tug of War ............................................................................... 281
1.1 Between Two Extremes ........................................................... 281
1.2 The Devil is in the Details ....................................................... 284
1.3 Shades of Gray ......................................................................... 285
1.4 Integrated Approaches, Hidden Antagonism ........................... 286
1.5 The Phase-Based Approach ..................................................... 288
XIII
2 Management Between Strategy and Finance ................................ 291
PART 5: Test Your Understanding ..................................................... 295
APPENDIX ........................................................................................... 313
1 Index of Persons ............................................................................... 315
2 Glossary of Terms ............................................................................ 319
About the Authors ................................................................................. 325