tailieunhanh - competitive strategy techniques for analyzing industries and competitors phần 10

Điện khí đơn giản của nó - giống như tất cả các đột phá lớn của Porter phân tích của ngành công nghiệp nắm bắt sự phức tạp của cạnh tranh ngành công nghiệp trong năm lực lượng cơ bản. Porter giới thiệu một trong những công cụ cạnh tranh mạnh nhất chưa phát triển: | Entry into New Businesses 353 IMPERFECTIONS IN THE MARKET FOR COMPANIES Despite its high level of organization the market for companies is subject to a variety of imperfections that is situations in which the bidding process will not completely eliminate the profits from an acquisition. These imperfections stem from the fact that the market for companies is trading products each of which is unique that information is highly incomplete and that buyers and sellers often have complex motives. Imperfections in the market leading to successful acquisitions will occur in the following situations among others 1. The buyer has superior information. A buyer may be in a better position to forecast favorable future performance from an acquisition than other buyers. It may know the industry or the trends in technology or have insights that other potential bidders do not. In this case the bidding will stop short of eliminating all above-average returns. 2. The number of bidders is low. The probability that the bidding process will not eliminate all the returns from the acquisition is increased if the number of bidders is small. The number may be low if the candidate is an unusual business that would not fit with or be understood by many potential acquirors or if the candidate is very large and not many buyers can afford it . The way in which the buyer conducts negotiations can discourage the seller from seeking other bidders we will not participate in a bidding war . 3. The condition of the economy is bad. It appears that the state of the economy affects not only the number of buyers but also what they are willing to pay. Thus a company may reap potentially above-average returns by being willing to deal during economic downturns if it is suffering less than other bidders. 4. The selling company is sick. There is some evidence that sick companies are more heavily discounted than a true expected-value analysis would suggest perhaps because acquirors all seem to be looking for .