美国各行业平均经济利润率.pptxVIP

Understanding and Improving Firm Performance了解并改进公司的盈利状况;;Number of Industries 行业数量;Source: Jan W. Rivkin based on Compustat;Source: Compustat, Value Line, Marakon Associates Analysis;Source: Compustat, Value Line, Marakon Associates Analysis;;The “Five Forces” Framework for Industry Analysis “五种竞争力量”的行业分析框架;1997 HK Property Industry 1997年香港房地产业;1997 HK property industry extremely attractive1997年的香港房地产业赢利极高;Why is the industry so profitable?房地产业高利润的原因; Intensity of rivalry: 竞争程度 the top four developers accounted for 55% of the market in 1991-1994; highly differentiated by location, size, type of premises and market; growing industry; exit barriers low 1991到1994年，前四位的开发商共占55%的市场份额；通过选址、规模、房型和市场种类形成高度差异化；产业成长性高；退出壁垒低 Threat of entry: 进入威胁 large economies of scale in large-scale development projects; large capital requirements in most Government auctions and tenders; cyclical nature of the business; relationships with financial institutions 大规模的开发项目对规模经济要求较高；政府拍卖和招标中资本准入要求较高； 楼价地价具有周期性特点；和金融机构的紧密关系 Pressure from substitutes 替代品压力 Government‘s rental estates and home ownership estates; renting a flat; moving to another location (mainland China) 政府提供可供租用与个人购买的房产；租用公寓；移居他乡(中国大陆) ;On July 1, 1997, Tung Chee-hwa pledged that the government was to tackle the problem of inflating property prices. 1997年7月1日，董建华保证：政府将解决房地产价格飞涨的问题。 Commitment to a supply of at least 85,000 new flats per year 承诺每年提供至少八万五千套新公寓 While the increased supply of public housing can be guaranteed, that of private housing is not. 政府能保障公屋供应的增长,但不