麦肯锡：战略=结构（麦肯锡季刊文）

McKinseyQuarterlyTHEStrategy=structureMAY2002:38AMPage1Introduction3ThealchemyofLBOs4PaulA.ButlerTheMcKinseyQuarterly,2001Number2Howcaninvestmentbankersachievebetterresultsatchemicalscompaniesthanengineersandchemistsdo?No,itisn’tblackmagic.Theinnovativeorganization:Whynewventuresneedmorethanaroomoftheirown16JonathanD.Day,PaulY.Mang,AnsgarRichter,andJohnRobertsTheMcKinseyQuarterly,2001Number2Companiescangrowquicklywithoutsacrificingperformancedisci-pline.Thetrickistobalancepartitioningandintegration.Teamworkatthetop28ErikaHerb,KeithLeslie,andColinPriceTheMcKinseyQuarterly,2001Number2Whenthetopteamisn’tworkingwell,thewholecompanysuffers.Howcantopteamsfixthemselves?FurtherReading40TABLEOFCONTENTSMcKinseyisaregisteredtrademarkandTheMcKinseyQuarterlyisatrademarkofMcKinsey&Company.Copyright©2002McKinsey&Company.Allrightsreserved.TheMcKinseyQuarterlyhasbeenpublishedsince1964byMcKinsey&Company,55East52ndStreet,NewYork,NewYork10022.Structure_Readerv25/9/0211:39AMPage2IntroductionBigcompaniesusedtofollowasimpleruleoforganizationaldesign:“structurefollowsstrategy.”Withthisapproach,executiveswouldfirstsettheirstrategyandthendefinetheorganizationalmodelthatbestsupportedit.Thesedays,however,bigcompaniesrarelyhavetheluxuryoffollowingstable,long-livedstrategies—andthosecompanies’organizationalstructuresmustnowbeassuppleandadaptableasthestrategiestheyreflect.AsSirJohnBrowne,ofBritishPetroleum,putsit,“Ourstrategyisourorga-nization.”Inthismodel,organizationaldesign,thequalityofinteractionswithinteams,andthedistributionofenergyinacompanymaybefarmoreimportantdeterminantsofsuccessthanthesoundnessofagivenstrategy.Thenewbeliefintheimportanceoforganizationiscloselylinkedtochang-ingattitudestowardmarkets.As“ThealchemyofLBOs,”oneofthearticlesinthisReader,remindsus,substantialvaluecanbeunlockedwhenbusi-nessesaretakenoutoflargecompaniesandgivenmarket-orientedperfor-manceincentives.Butabalanceisnecessary.Oursecondpiece,“Theinnovativeorganization,”arguesthatwinningcompaniesincorporatefeaturesofbothlargeandsmallones:theygiveentrepreneurialactivitiesplentyofspaceaswellasaccesstotheparentcompanies’resourcesandknowledge.Yetanotherpieceofthepuzzleissustainingchangeandinnovationwithoutlosingperformancediscipline.“Teamworkatthetop”offerspracticaladviceonhowmanagerscanworktogethermosteffectively—aconsiderablechal-lengeasthescopeofbusinesschanges.Managerswillalwaysneedgreatstrategies.Butstrategicthoughtincreas-inglysharesprideofplacewithorganizationaldesignandwiththequalityofleadershipateverylevelofthecorporation.3INTRODUCTIONStructure_Readerv25/9/0211:39AMPage34STRATEGY=STRUCTURE:AMCKINSEYQUARTERLYREADERThealchemyofLBOs1Forexample,twoprivate-equityfirms,CinvenandInvestcorp,paidatotalof$2.1billionforZeneca’sspecialty-chemicalsbusinessin1999,whiletheinvestmentbankMorganGrenfellPrivateEquityspent$1.1billiononCiba’sepoxyresinsbusinessinthesameyear.Also,in2000,theUSLBOfirmApolloManagementpaidasimilarsumforShell’sepoxyresinsoperations.verthepasttwoyears,bigchemicalscorporationsseekingtoimproveshareholderreturnsbyrunningmorefocusedbusinesseshavesoldassetsworthalmost$20billiontoleveraged-buyout(LBO)firmsandsimilarprivatecompanies.1Indeed,in1999and2000thevalueofpublic-to-privatechemicalsdealsranatabouttwicethetotalfortheprevioustenyears.Manypeopleintheindustryarebemusedbythistrend.How,theywonder,caninvestmentbankerswithnoknowledgeofengineeringorchemicals,andPaulA.ButlerHowcaninvestmentbankersachievebetterresultsatchemicalscompaniesthanengineersandchemistsdo?No,itisn’tblackmagic.OStructure_Readerv25/9/0211:39AMPage4ADAMNIKLEWICZStructure_Readerv25/9/0211:39AMPage56STRATEGY=STRUCTURE:AMCKINSEYQUARTERLYREADERwithplansthatseemtoignoreindustriallogicandstrategicsynergies,succeedasownersoftheseoperations?Butsucceedtheydo.For20years,thetotalshareholderreturnsofpubliclytradedUSchemicalscompanieshavebeenlowerthanthoseoftheS&P500(Exhibit1).Mean-while,chemicalscompaniesownedbyLBOfirmsdeliveredsubstantiallyhigherreturnsthandidtheirtraditionalcounterparts—evenwhenthosereturnsarecorrectedfortheLBOfirms’higherleverage.Thisfactposesrealthreatstochemicalscorporations.First,institutionalinvestorsarequestioningtheabilityoftraditionalmanagers—theengineersandchemistswhobuiltthosehugetanglesofpipesandvesselsinthe1960sand1970s—torunamaturingindustry.Thecollapseofsharepricesoverthepasttwoyearssignalsthislossoffaith,whichhascreatedanotherprob-lem:depressedpricesmakechemicalscompaniesvulnerabletohostilebidsfromLBOfirmsorstrongercompetitors.Inaddition,theabilityofchemicalscompaniestogrowthroughstrategicacquisitionshasbeenhamperedbytheabilityofLBOplayerstopayhigherpricesforthem.Andchemicalscompaniesarelosingthewarfortalent:thebestmanagerswouldratherworkhardtoturnaroundunderperformingbusinessesinreturnforthepotentiallyhighrewardsthatLBOfirmsofferthancruisealonginsluggishtraditionalchemicalscompanies.Howshouldthosecompaniesrespondtothethreat?TheymuststartbyunderstandingwhatanLBOfirmdoeswithabusinessitbuys.ThetruthaboutLB