ezkyungli
2005-09-06
12705
ȭ ó
鿡Լ Ÿ ڿ Դ. , ֱ ų,
찡 Ӽ ϰ ִ. η ϴ 5
پ ʸ ¤ 츮 鿡 û ã Ҵ.
,
鿡 Ÿ Դ. ȭ ó Ǹ鼭, ۿ
ڿ ̶ ǹ̴. , ֱ ų ⸦ ¾ 찡 Ӽ ϰ
ִ.
û ӵ Ը Ű Enron WorldCom Ȯ ȸ ǿ ָ鼭 Ļ
û ´. 2002 Kmart, United Airlines, ȸ Conseco, Ÿ ü Global Crossing
߳ ä ͼ ȭ Ļ ȣ û ִ. ֽ ְڷ Ī AT&T,
Time Warner, Daimler Chrysler, Vivendi Universal 췮 2000 û ְ
ս ϴ ⸦ ¾Ҵ.
, ûŸ
ó 21 ߳ ° ִ ϰ ü ͼ ҳ ֽ
̶ ǰߵ ǰ ִ. ⸦ ¾ ִ ݸ, ½屸ϴ ϴ
ü ƴ ϴ. ȭ ġ ̵ AT&T ð Ѿ 2000
1/10 153 ( Verizon 1/9 ) ް, SBC Communication̳ Swisscom
ȸ ÿ ִ. ΰ?
Ư¡
ֱ ⸦ ´ Ư¡
ũ 5 ִ.
Ư¡ 1 :
˱
Ȯ ް ߱ϴ
⸦ ִ. GE Immelt ȸ 80뿡 ڿ ־, ô뿡 ū
μ, GE 50% Ѵ١ ϸ鼭 ߿伺 ϰ ִ.
ؼ 嵵 и ߿ϴ. Ը ڻ پ Ѵ ⸦ ʷ ִٴ ̴.
Probst Raisch (2005) ϸ, 2000 ̱ Ļ û ֱ 5Ⱓ
(CAGR) 30% ̻̾, ܺ 忡 ߰ ڱ ִ ִ ǹϴ
(SGR) 7.5% Ұ Ÿٰ Ѵ. , ߰ ں ʰ ִ
߱ϴ ܺ ڱ ϰ Ͽ ۿ µ, ̷ ĩ ߸ϸ 繫 Ѽս ⸦
ûϰ ִ (<ǥ 1> ).
̷ 鿡Լ ִ Ư¡
ϳ M&A Ȯ̴. 2000 ⸦ , M&A Ǽ Ÿ
ִ. ABB 60(2Ⱓ), Tyco 200(1Ⱓ), WorldCom 75(3Ⱓ) M&A Ͽ.
M&A ʿ ϱ ä ް ʷϴµ, ̴ Ȳ ͼ ȭ ʷϴ ۿ
ִ.
ū M&A ȸ翡 ̳ 濵 ɷ , ַθ
ִٴ ִ. M&A ް þ Ӹ ƴ϶, ȭ ϴµ
赵 . 1990 AT&T NCR(National Cash Register) μ, NCR
/ ߽ ȭ AT&T ȭ 浹 ѵ ٰ Ѵ.
Ư¡ 2 : ü ȭ
Ⱓ ȸ縦 ̲ ٽ ų,
ٰȭϴ ͵ ⸦ ´ Ư¡̴. Ϲ ߱ϴ ؼ Ը Ű ű Ϸ
Ư ִµ, 쿡 ɰ ȸ ü ʷ ִ. 忡 縦 500 ϳ Ƿ ȸ Liz
Claiborne Inc Ƿ ٽ̾, Ƿ ٰȭϸ鼭 Ÿ Ƿ ȸ ȭ ̹ ϴµ
.
Joseph Schlitz 1947 ְ ̱ ȸμ ֡
̹ Anheuser Busch ʹ ȵ ־. CEO
ڽŰ 1960 Ͽ̷ Ͽ. Ͽ ߴٰ Ǵ CEO ĥ
ij , Űź Ͽ. , ̷ ü ٰȭ
ǰ ȸ ̹ ߽װ, ᱹ Һڵ ܸϴ Ҵ.
ü
Marconi Ű ̵ ȸ ϱ Űϰ ٸ μϴ ȭ ִ.
Marconi ȭ ϴ Ⱓ , ο 츮 ȸ簡 ϴ ȸΰ, ΰ ƴ
ƹ ١ ü ־ٰ Ѵ.
Ư¡ 3 :
CEO
CEO
, 긮(Hubris) ǰ θ ִ. û ӵ ϴ ̸鿡 ߸
CEO ڸ ִ 찡 ִ. ̵ CEO 1ο Ƿ ߵǾ ְ, ̻ȸ CEO ϰ
ϴ ϴ 찡 ٴ ̴.
߽ CEO Ȯ ڽ
濵 ɷ ܺηκ ް ϴ ִ. , ̵ â а ڵκ 縦 ް Ǵµ, ٷ
̰ CEO 긮 äϴ ҷ ۿ ִ. WorldCom Bernie Ebbers , Tyco
Kozowski θ Ȳ, ״ Ҹžü Ahold Cees Van der Hoeven ״ ˡ̶ Ī
ƿ鼭, θ ϰ Ǿٰ Ѵ.
2 ٱ ̵ Vivendi
Universal CEO Jean-Marie Messier ߽ ̷ ̵ , ͳ, θƮ
̵ ȸ縦 μϸ鼭 ȮϿ. ġ ʰ 2000 ü Seagram, 2001 USA
Network μϿ, 60% ְ ä Ȱ Ǿ, ᱹ 2003 ä ȯ
ŰϿ.
Ư¡ 4 : Ǵ ߽
ȭ
ؼ, ̿ ϴ ȭ
Ǿ ־ Ѵ. , ʹ ϰ 常 ϰų, ġ ̰ ȭ ⸦ θ ִ.
켱, ϰ ߱ϴ 쿡, ο 鰣 ̹ ǽİ ε尡 ع ְ, ̳ ε尡
Ͽ Ŀ´̼̳ ִ. ̷ Ȳ лǰ ó ȭǾ, ϱ
ۿ . ߴ Enron Tyco , ڻ ȭ (Shark-like),
̱(Egoistic), ο(Gun-Slinging) ܾ ǥ ȭ
ߴ ְ ִ.
, Ǹ ߽ϰ Ƿ° ٴ ̳ 迡 ̴
/ ȭ ִ. ̷ Ⱓ Ա ,
λ簡 Ǿ ִ 찡 . , ̰ ϱ ٴ Ŀ Ͽ
ο ̳ ʿ伺 ϴ ϰ Ѵ. ū ̷ ȭ ӿ ȸ簡 ϴ ο ȭ
ݹ ϰ Ÿ ɼ ٴ ִ. Ⱓ ȸ簡 ȣϰ Ա ,
η ̳ ȭ ¿ źΰ ۿ . Kodak , 1990 Ĺ 3
ڸ , ο ̻ Kodak 鿡 漺 ƾ Ѵ١ ̾߱Ⱑ Դٰ Ѵ.
Ư¡ 5 : ߽ 濵
Ϳ Ͽ, ̻ ο ̳߱ ű 忡 Ȧ ߽ 濵 Ʈ
̴. ؼ 濵 ȯ濡 ִ ȭ ʼ̳, ڻ ڽŰ ܺ ȭ 帧
찡 شȴ. ̵ ǿ Ͽ ȣ ޱ ϰų, ȭ ´
ǰ ϴµ Ȧ ִ. 2001 ִ ʸ Ǹŷ Ͽ, ī Ȯ꿡 ݰ
ᱹ 140 ݰ ʸ ü Agfa 䰡 ̷ ̴. ܿ ռ Probst
Raisch(2005) , Kodak, Xerox ħü ɰ 濵 ִ
Ÿ(<ǥ 2> ). <ǥ 2> ٿ ܺο ߰ ڱ ʰ ִ SGR
ұϰ ο ʰų ű ó ã ν ȭ ⸦ ְ
ִ.
Kodak , ɼ ȭ ־ ű ⺸ٴ ڻ ٽ
ʸ ȣϴ ƴ. , Kodak ũž Ʈ 丮
ǰ 鼭 Sony ü ﵵ ġ ִ. Kodak ϴ ƴ϶
ʸ ü 80% ִ.
Һ Ʈ带 Ͽ ⸦ ִ. Ҹ üμ
100 Ⱓ 忡 1 ڸ ϸ, 1998 20 Ҹ ü
Marks & Spencer Ұ 3 2000 û ġ ִ. Marks &
Spencer 90 ߹ ȭ Ǹ鼭 ġϰ Ǿ ұϰ,
ǰ ϰ Ͽ. ο ҷ ΰ ȣϴ Һڵ ߱ , м ߽ϴ
귣 ϴ ̻ 忡 ȣ ʰ Ǿ. ᱹ м ߽ Һ ȣ ٲµ
μ μ , 40 ֺο 뵿ڸ ߽ ǻ Ʈ带 ϰ, 뷮̶ /Ǹ
ν ⸦ ̴.
츮 κ
Ѱ
츮 츦 , ̷ κ ݵ Ӵٰ .
̳ ģ · ߽ 濵 ߱Ͽ ɼ ִ Ϻ Ÿ ֱ ̴. ð Ѿ 50
ȸ縦 ֱ 3Ⱓ (CAGR) (SGR) м ,
ȸ簡 21, ݴ ȸ簡 16 Ÿ. 쿡
ϰ ִ ڱ Ͽ ܺ ڱ ڷ ߱ϰ ִ ȸ̴. Ư, CAGR SGR
̰ 300%̻ ſ ̴ Ÿ ִ. ̷ , ܺ Ȱ ͼ
ų Ⱑ 쿡 ɼ ִ. 쿡 ο , ȸ
ã ϴ ڿ ұ ټ ȭ ̴. ̷ , ȸ ϴ
ܺ ȯ ȭ 帧 纸 迡 ɼ ִ. ̷ 2004 10 ȸ
607%(2003 106% ) ְ ߴٴ Ǽŷ ǥ͵ ִٰ
ִ.
溸 ý ۵
ݱ
캸Ҵ. ̸ , ̶ ؼ ݵ Ѱ ƴ ϴ. ڻ
캸 ʰ 常 ߱ϴ , ܺ ȯ ȭ ѽ ä
Ϸ ο .
ÿ ϱ ؼ ߱ ʴ, Ǵ ǿ Ͽ ȭ 帧 ġ ʴ ִ
溸 ý ؾ Ѵ. ̸ ġġ ʴ ؾ Ѵ. , ̳ ͼ
ǥ ؼ ϴ. Ȱ ǥ ¡İ Ÿٸ ̹ ʾ ִ. ٴ 濵
Ȱ ̳ ǥ鿡 ڸ ãƳ ̴.
<ڷ : LG ֺ>