Fabulous(陳思陽(yáng) 王奕 崔曉璐)-airline mergers

1、 airline mergersC CONTENTONTENTS目錄目錄Background1 1MotivationsDisadvantagesGood Outcomes2 23 34 4C CONTENTONTENTS目錄目錄Background1 1What is a merger ?A merger is a combination of two business entities to form an enlarged group Distinctions of M&A is not considered hereMergers and acquisitions (M&

2、;A) are both aspects of strategic management, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or new location, without cr

3、eating a subsidiary, other child entity or using a joint ventureToday, we do not pay attention to the difference of the two items. Because we focus on the outcomes instead of the process.What is now on the airline market?lOligopoly lOne type of imperfectly competitive market, which is a market only

4、a few sellers, each offering a product similar or identical like airline services to others. k世界航空市場(chǎng)通過(guò)三代重組升級(jí)，已經(jīng)形成寡頭壟斷市場(chǎng)：自從1978年美國(guó)卡特政府實(shí)施“天空開(kāi)發(fā)”政策以來(lái)，航空運(yùn)輸業(yè)已成為全球最開(kāi)發(fā)、自由化程度最高、競(jìng)爭(zhēng)最激烈的市場(chǎng)?？者\(yùn)企業(yè)面臨生存危機(jī)時(shí)，只有兩條路可以選擇：要么破產(chǎn)，要么被收購(gòu)兼并。僅1980年至1996年，全球空運(yùn)業(yè)就發(fā)生了200多起航空公司并購(gòu)案。30年來(lái)聯(lián)合重組一浪高過(guò)一浪，并且步步升級(jí)The cases of airline mergers1 美國(guó)

5、航空與全美航空合并2 法國(guó)航空公司收購(gòu)荷蘭皇家航空公司3 美國(guó)達(dá)美航空與西北航空合并4 美國(guó)聯(lián)合航空與大陸航空合并5 日本航空公司并購(gòu)日本佳速航空C CONTENTONTENTS目錄目錄Background1 1Motivations2 2Why airline companies choose to merge ?Why airline companies choose to merge ?lThe reason can be concluded as improving financial performance or reducing risklEconomy of scale: Thi

6、s refers to the fact that the combined company can often reduce its fixed costs by removing duplicate departments or operations, lowering the costs of the company relative to the same revenue stream, thus increasing profit margins.lEconomy of scope: This refers to the efficiencies primarily associat

7、ed with demand-side changes, such as increasing or decreasing the scope of marketing and distribution, of different types of products.lIncreased revenue or market share: This assumes that the buyer will be absorbing a major competitor and thus increase its market power (by capturing increased market

8、 share) to set prices.lCross-selling: For example, a bank buying a stock broker could then sell its banking products to the stock brokers customers, while the broker can sign up the banks customers for brokerage accounts. Or, a manufacturer can acquire and sell complementary products.lSynergy: For e

9、xample, managerial economies such as the increased opportunity of managerial specialization. Another example is purchasing economies due to increased order size and associated bulk-buying discounts.Would travelers be better off today if mergers had been banned?(Are mergers good for the economy?)民眾持有

10、的態(tài)度民眾持有的態(tài)度Support from economists and the populace經(jīng)濟(jì)學(xué)家的看法經(jīng)濟(jì)學(xué)家的看法C CONTENTONTENTS目錄目錄Background1 1MotivationsDisadvantages2 23 3 What are the disadvantages？產(chǎn)量效應(yīng) 價(jià)格效應(yīng)航空公司和并后 寡頭數(shù)量少 價(jià)格效應(yīng)明顯 無(wú)效率（價(jià)格效應(yīng)大于產(chǎn)量效應(yīng) 價(jià)格高于邊際成本）賣(mài)者數(shù)量越多，每個(gè)賣(mài)者越不關(guān)心自己對(duì)市場(chǎng)價(jià)格的影響。隨著寡頭數(shù)量增加，價(jià)格效應(yīng)在減少。當(dāng)寡頭數(shù)量增加到極大時(shí)，價(jià)格效應(yīng)就完全消失了，只剩下了產(chǎn)量效應(yīng)。隨著寡頭市場(chǎng)上麥者數(shù)量增加，寡頭

11、市場(chǎng)就越來(lái)越像競(jìng)爭(zhēng)市場(chǎng)。其價(jià)格接近于邊際成本，生產(chǎn)量接近于對(duì)社會(huì)只有效率的水平。Whats more？從上個(gè)世紀(jì)從上個(gè)世紀(jì)8080年代起，國(guó)有航空企業(yè)經(jīng)歷了多次合并重年代起，國(guó)有航空企業(yè)經(jīng)歷了多次合并重組，多次并購(gòu)行為組建成立了企業(yè)集團(tuán)，這使得行業(yè)內(nèi)企組，多次并購(gòu)行為組建成立了企業(yè)集團(tuán)，這使得行業(yè)內(nèi)企業(yè)數(shù)目大幅度減少，目的之一是形成規(guī)模與國(guó)外大公司競(jìng)業(yè)數(shù)目大幅度減少，目的之一是形成規(guī)模與國(guó)外大公司競(jìng)爭(zhēng)，不顧效率、不顧利益、單純用大的合并小的、讓飛機(jī)爭(zhēng)，不顧效率、不顧利益、單純用大的合并小的、讓飛機(jī)多的合并飛機(jī)少的、讓人多的合并人少的，而那些規(guī)模偏多的合并飛機(jī)少的、讓人多的合并人少的，而那些規(guī)模

12、偏小、卻在市場(chǎng)中表現(xiàn)出極強(qiáng)競(jìng)爭(zhēng)力的地方航空公司都根本小、卻在市場(chǎng)中表現(xiàn)出極強(qiáng)競(jìng)爭(zhēng)力的地方航空公司都根本沒(méi)有機(jī)會(huì)去收購(gòu)那些直屬航空公司。這種沒(méi)有機(jī)會(huì)去收購(gòu)那些直屬航空公司。這種“人海戰(zhàn)術(shù)人海戰(zhàn)術(shù)”的的重組其結(jié)局更加可怕：市場(chǎng)不但沒(méi)有完成優(yōu)勝劣汰的使命，重組其結(jié)局更加可怕：市場(chǎng)不但沒(méi)有完成優(yōu)勝劣汰的使命，反而讓虧損巨大，效率低下的去也做大蛋糕，占有市場(chǎng)。反而讓虧損巨大，效率低下的去也做大蛋糕，占有市場(chǎng)。Whats more？目前金融界對(duì)整合能包治百病的說(shuō)法持有懷疑態(tài)度。目前金融界對(duì)整合能包治百病的說(shuō)法持有懷疑態(tài)度。AvitasAvitas公司資深副總裁比爾拉斯基博士認(rèn)為：大多數(shù)公司公司資深副總裁比爾拉斯基博士認(rèn)為：大多數(shù)公司不能應(yīng)對(duì)合并帶來(lái)的復(fù)雜性，兼并歷史也不是一帆風(fēng)順的；不能應(yīng)對(duì)合并帶來(lái)的復(fù)雜性，兼并歷史也不是一帆風(fēng)順的；兼并只是一種急促式簡(jiǎn)單反應(yīng)。兼并只是一種急促式簡(jiǎn)單反應(yīng)。C CONTENTONTENTS目錄目錄Background1 1MotivationsDisadvantagesGood Outcomes2 23 34 4 What are good