武商集团规模不经济现象探讨

华中科技大学硕士学位论文武商集团规模不经济现象探讨姓名：王婵申请学位级别：硕士专业：工商管理指导教师：张子刚20050420IIIAbstractWuhanretailingmarketalwaysattractstheeyesoffamousretailingcorporationsbothinChinaandinforeigncountries.Wal-Mart,CarrefourandMertohavealreadyopenedtheirshopsinWuhan.AlotofChineseretailingcorporationsarealsoenteringthemarketofWuhanoneafteranother.Facingseverechallenges,WushangGroupCo.,Ltd.adoptsthestrategyofchain-operationtogrowrapidly.Inthispaper,onthebasisofsystematicanalysisofthegroup’sfinancialstatementsfrom1992to2003,theauthorthinksthatthereasonsthatcausediseconomyofscaleinthegrouparebothfromexteriorandinterior.Buttheprincipalreasonsthatcausediseconomyofscalearelowermanagerialcapacityofthemanagementofthegroup.Thosereasonsinclude:overdebtfinancingresultinginalargeamountofinterestexpense,managementexpenseincreasingrapidlywiththeexpansion,theslowerpaceofadjustmentofretailingformat,thedragofdiversificationonretailingbusiness,lagconstructionofmodernMISandlogisticsdistributionsystem,theignoretodevelophumanresources,etc.Onthebasisofanalysisofthoseabovereasonsthatcausediseconomyofscale,theauthorgivessomeadviceforthedevelopmentoftheGroup.Exceptforexpansionthroughdebtfinancing,M&Aandfranchisingmaybethebetterwaystoexpand.Scaleisnottheonlykeyfactorofsuccess.Thegroupshouldstudythecorecompetencethatthoseinternationalretailinggiantsownandownitselfcorecompetenceassoonaspossible.Retailingcorporationsshouldbecarefultoadoptthestrategyofunrelateddiversification.Infact,thereismuchtoaboutdiversificationofmeansofoperationandinnovationofretailingformat.Keywords:WuhanRetailingCoreCompetenceDiseconomyofScale2005413_____20054132005413111.12002122K-Mart2000Mycal2001Daiei2001500[1]WTO1.2199821.31.41.4.1McNair1958WheelofRetailing[2]Brown1987EnvironmentTheoryCyclicalTheoryConflictTheory12331.4.2[3]WTO[4]WTO4[5][6]1.519985622.1A000501195910196719861992103014004.035862.9243180.303818.0812111372.219922.2.119921997199319971996767152.2.219982001199919981999200042003100280020012.2.3200220022.38[7]2.3.11996[8]2.3.23020014931682019971132.412302.492.3.3[9]2.3.4ShoppingMall[10]80%200411102.3.58000100002.3.6300[11]5-780%10024113199319971996719983.11062003354.620033632003103.1.1[12]104.63620.57%3-1()0500001000001500002000002500003000003500004000001991199219931994199519961997199819992000200120022003()164764564810791912776215487521117124051328808729800332487232789735240135969891-1292-1293-1294-1295-1296-1297-1298-1299-1200-1201-1202-1203-123-11991-2003123.1.2500[13]106.233.916.7%3-2()0500001000001500002000002500003000003500004000001991199219931994199519961997199819992000200120022003()471206228913070613354115728015588516871417488816615720115322253627391533924391-1292-1293-1294-1295-1296-1297-1298-1299-1200-1201-1202-1203-123-21991-20032003113.1.3103-13-14135133-13.2[14]3-3-20,000-10,000010,00020,00030,00040,00050,00060,0001991199219931994199519961997199819992000200120022003()1,2512,55312,07213,6528,10111,76113,4524,1993,1182,815-9,831308195()2,3503,00321,81323,34013,70113,72419,67011,7958,0537,838-4,2455,9834,832()2,6893,45321,75323,87911,7286,44818,6149,6836,4979,072-7256,1456,591()2,6383,41021,62923,15911,0055,60513,61623,76627,40632,86931,94742,45254,48491-1292-1293-1294-1295-1296-1297-1298-1299-1200-1201-1202-1203-123-31991-20033.213-3199519961996200356005.438.23%199519961419973.2.23-31998200120013.2.33-31998200195%2001214249%7478636050%198850045073.2.4199815200120023.3[15][16]3.1.1100%[17](%)-10.000-5.0000.0005.00010.00015.0001991199219931994199519961997199819992000200120022003(%)2.6554.0999.23610.2235.1517.5457.9732.4011.8771.399-4.4180.1120.05791-1292-1293-1294-1295-1296-1297-1298-1299-1200-1201-1202-1203-123-41991-20033-4199820030.057%1.6%163.3.2100%[18](%)0.005.0010.0015.0020.001991199219931994199519961997199819992000200120022003(%)5.605.4816.5517.347.003.608.0713.5916.4916.3414.3615.5016.0691-1292-1293-1294-1295-1296-1297-1298-1299-1200-1201-1202-1203-123-51991-20033-519963.6%199916%3.4[19]173.4.1100%2[20](%)-5.000.005.0010.0015.0020.00199219931994199519961997199819992000200120022003(%)8.2215.7211.595.736.435.961.591.060.90-3.010.090.0592-1293-1294-1295-1296-1297-1298-1299-1200-1201-1202-1203-123-61992-20033-619953.4.2100%218(%)-15-10-505101520199219931994199519961997199819992000200120022003(%)7.40993.69815.0449.13411.80810.023.1692.722.41-10.070.310.2192-1293-1294-1295-1296-1297-1298-1299-1200-1201-1202-1203-123-71992-20032002200220030.31%0.21%3.4.3()-0.4-0.200.20.40.6199219931994199519961997199819992000200120022003()0.18230.1460.5420.3270.4060.4190.0830.060.0555-0.190.010.00492-1293-1294-1295-1296-1297-1298-1299-1200-1201-1202-1203-123-81992-200319971920030.0040.1272044.14.1.11419212529VCD4.1.221SOGO4.1.34.1.4224.24.2.14-1(%)0.0020.0040.0060.0080.00199219931994199519961997199819992000200120022003(%)23.9714.1018.0534.9645.9138.5847.1455.3457.6964.4166.7368.5392-1293-1294-1295-1296-1297-1298-1299-1200-1201-1202-1203-124-11992-20034-11998200368.53%50%60%[21][22]2001200334-14-1200157.13%4.26%38.61%100%200258.94%0.43%40.63%100%200356.17%1.16%42.67%100%234-1199820034-2()0