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T TT N V AI
JIM COLLINS
Trn Th Ngn Tuyn dch
Bien tap:
Thanh Nam
Ba:
Thuy Trinh
Sa ban in:
Thanh Bnh
Ky thuat vi tnh:
Thanh Ha
MUC LUC
Quyn sach nay danh tng cho gia nh nha Chimps.
Ti yu tt ca moi ngi, tng ngi.
LI CAM N .................................................................................................. 7
LI NOI U ............................................................................................... 13
CHNG MT
KHAI NIM CON NHM (s n gian trong ba vong tron) .............. 157
CHNG SAU
T TT N V AI
TAI SAO MT S CNG TY AT BC NHAY VOT,
CON NHNG CNG TY KHAC TH KHNG?
LI CAM N
T TT N V AI
PHU LUC
Brian J. Bagley
Lane Hornung
Scott Cederberg
Christine Jones
Alyson Sinclair
Anthony J. Chirikos
Scott Jones
Jenni Cooper
Stefanie A. Judd
Paul Weissman
Duane C. Duffy
Brian C. Larsen
Leigh Wilbanks
Eric Hagen
Weijia (Eve) Li
Amber L. Young
Morten T. Hansen
Nicholas M. Osgood
Anthony R. Yue.
Whelan.
vong rng quyn sach nay a ghi nhn hoan chnh nht
T TT N V AI
PHU LUC
rd
T TT N V AI
PHU LUC
10
11
LI NOI U
T TT N V AI
PHU LUC
12
13
TT LA KE THU CUA V AI
JIM COLLINS
jimcollins@aol.com
www.jimcollins.com
Boulder, Colorado
27-3-2001
T TT N V AI
PHU LUC
14
15
Th hin t l trung bnh, mi cng ty c xac nh bng 1.0 tai thi im chuyn i
nm tnh t thi
im chuyn i
Thi im chuyn i
CUC NGHIN CU T TT N V AI
CNG TY I TRONG
PHU LUC
16
17
Cng ty
nhay vot:
$471
so vi 56 la t th trng chung.
T TT N V AI
PHU LUC
18
19
S TO MO KIN TR
khi quay v.
T TT N V AI
PHU LUC
20
21
T TT N V AI
PHU LUC
22
23
T TT N V AI
PHU LUC
24
25
KT QUA V AI
KT QUA TT
IU G DIN RA
BN TRONG
CHIC HP EN?
ra 384 triu byte d liu vi tnh. (Xem phu luc 1.D v chi
tit nhng phn tch va hoat ng cua chung ti).
Chung ti so sanh n lc nghin cu cua mnh cung
T TT N V AI
PHU LUC
26
27
khac bit.
Chung ti cung nhn manh n nhng con cho khng
sua. Nu ban a oc qua truyn v Sherlock Holmes Cuc
quen.
Tng t, trong cuc nghin cu cua chung ti, nhng g
Vic sat nhp hay mua lai cng ty cung khng co vai tro
T TT N V AI
PHU LUC
28
29
thoa cac tiu chun kht khe. Mi khai nim c ban trong
chnh.
Sau y la tng quan v b khung cac khai nim cung
T TT N V AI
PHU LUC
30
31
UA
TR
PH
con ngi phu hp, loai bo nhng con ngi khng phu
hp, t ung ngi vao ung vic, sau o ho mi cung
ngh ra ho mun i v u. Cu cach ngn thng dung
T TNG KY LUT
Vn hoa
ky lut
Ban ap
cng ngh
HANH NG KY LUT
Con ngi la tai san quy gia nht cua ban co ve khng
con ung na. Khng phai con ngi (people), ma phai la
ngi phu hp (right people) mi la tai san quy gia nht!
i mt s tht phu phang (nhng ng mt nim tin)
Chung ti hoc c rng mt cu tu binh chin tranh co
th day ta nhiu bai hoc tm ng i n vinh quang
nhiu hn hu ht nhng quyn sach v chin lc cng ty
(corporate strategy). Moi cng ty nhay vot u trai qua iu
T TT N V AI
PHU LUC
32
33
Vn hoa ky lut
lut, ban khng cn phai giam sat cht che. Khi ban kt
hp c vn hoa ky lut vi tinh thn dam ngh dam lam,
ban a co trong tay cng thc at hiu sut v ai.
T Tt n V ai n Xy dng Trng tn
Ti nhn thy ang le ra quyn sach nay phai c xut
ban trc quyn Xy dng Trng tn (Built to Last).
T TT N V AI
PHU LUC
34
35
Khai
nim Tt
n V
ai
Kt qua
kinh doanh
v ai bn
vng
Khai nim
Xy dng
Trng
tn
Cng ty
v ai
trng
tn
se vn khng thay i.
C CH V T TH I GIAN CU A VI C
CHUY N I T T T LN V A I
trai qua qua trnh thay i chong mt, khng thua kem g
T TT N V AI
PHU LUC
36
37
T TT N V AI
PHU LUC
38
39
CHNG HAI
UA
TR
PH
sut 20 nm sau o.
i mt s tht
phu phang
T TNG KY LUT
Vn hoa
ky lut
Ban ap
cng ngh
HANH NG KY LUT
- HARRY S. TRUMAN
T TT N V AI
PHU LUC
40
41
ht sc li mt nh mt cu be nha qu ln u mua c
b canh siu th, khng noi g ma ch nhn chm chp
Th trng chung:
8,30
Kimberly-Clark
5,30
Th trng chung:
T TT N V AI
PHU LUC
42
43
NHA IU HANH CP 5
GIAM C CO NNG LC
T chc con ngi va ngun tai nguyn hng n
vic theo ui mt cach hiu qua va hp ly cac
muc tiu a nh trc.
CA NHN CO NNG LC
ong gop tch cc thng qua tai nng, kin thc,
ky nng, va thoi quen lam vic tt.
BC THANG 5 CP
KHNG NH MONG I
Scott, qua mt Procter & Gamble trong sau trn tng s tam
T TT N V AI
PHU LUC
44
45
ao kiu nay ng mui chu sao tai moi cng ty nhay vot
T TT N V AI
PHU LUC
46
47
tip din.
thy ho thiu kha nng nay mt cach nht quan. Kha nng
KHIM NH N G + Y CH = C P 5
Nhng nha lanh ao cp 5 lun th hin hai mt song
song, khim nhng va y ch, khim tn va ngoan cng.
cho d hiu, hay ngh v tng thng My Abraham Lincoln
(mt trong s t v tng thng My co kha nng lanh ao cp
T TT N V AI
PHU LUC
48
49
Gillette:
$95,68
Gia tr
nu ban i:
$30,40
T TT N V AI
PHU LUC
50
51
dai han.
cach lam nao khac hn. Trong h gia tr cua Colman Mockler
hi xy dng mt t nc v ai va bn vng.
hi thanh cng
T TT N V AI
PHU LUC
52
53
cng cua cng ty. Trong s 312 bai bao chung ti thu thp
trnh bay va giai thch cac muc tiu v.v... va v.v...), trong
khi ch chung ti ch xut hin 16 ln.29 Gault hoan toan
T TT N V AI
PHU LUC
54
55
th lam tt hn ti ma.
nh sau:
Ken la mt ngi rt khim tn va nhun nhng. Ti
chu noi v ho. Trong nhng cuc phong vn cac nha lanh
T TT N V AI
PHU LUC
56
57
khoang 100 triu la trong 603 ngay lam vic tai cng ty
Khi chung ti h thng hoa 5.979 bai bao cho cuc nghin cu,
chung ti nhn thy s bai bao vit v thi im chuyn i cua
cac cng ty nhay vot t hn phn na so vi s bai vit v cng
ty i trong.33 Ngoai ra, chung ti t khi tm c bai bao nao
tp trung vao nhng v Tng giam c cng ty nhay vot.
T TT N V AI
PHU LUC
58
59
36
T TT N V AI
PHU LUC
60
61
lng na.43
T TT N V AI
PHU LUC
62
63
T TT N V AI
PHU LUC
64
65
tr thanh gioi nht trn th gii (la nha thuc ty tin dung),
b, mt cach n gian.48
T TT N V AI
PHU LUC
66
67
Khng phai la
50
lng.
thay th.51
T TT N V AI
PHU LUC
68
69
T TT N V AI
PHU LUC
70
71
lanh ao Cp 5
Y ch chuyn nghip
Tao ra kt qua v ai, tao ng lc
cho qua trnh chuyn i t tt n
v ai.
PHU LUC
72
73
th phat trin.
bnh ung th. Joe Cullman chu anh hng nng cua Th
giup nui dng phat trin nhng tnh cach cua ngi Cp
Thin Chua Phuc m khi ang hoc MBA tai Harvard, va sau
58
T TT N V AI
PHU LUC
74
75
To m t t chng
NHNG IM CHNH
T TT N V AI
PHU LUC
76
77
lai ho nhn vao gng ghi nhn cng lao cua mnh
ong gop vao s thanh cng, nhng lai nhn ra ca s
nng.
T TT N V AI
PHU LUC
78
79
CHNG BA
QU
T
A
N
R
H
TP
Khai nim
con nhm
T TNG KY LUT
Vn hoa
ky lut
Ban ap
cng ngh
HANH NG KY LUT
- KEN KESEY
Trong tac phm The Electric Kool-Aid Acid Test
cua Tom Wolfe
60
T TT N V AI
PHU LUC
80
81
th trng gp 3 ln.63
trong huyt mach cua cng ty. Ho thu nhng ngi xut
ngi gioi nht, ban hun luyn ho thanh nhng nha lanh
61
mt ngn hang nao giai quyt hay bng Wells Fargo. Vao
khi Dick Cooley lin tuc tuyn nhng ngi gioi nht ma
T TT N V AI
PHU LUC
82
83
v tng kem tai Bank of America lai ngi i lnh trn. Sam
Armacost, ngi c tha hng i ngu kem nay, a
Wells Fargo:
$74,47
Th
trng
chung:
$19,86
Bank of America:
$15,60
trng chung.
manh.
67
T TT N V AI
PHU LUC
84
85
nng nht trong toan gii tai chnh.74 Cung mt tiu chun
T TT N V AI
PHU LUC
86
87
lai vi cng ty. Nhng thin tai nay t khi tao dng mt
THIN TAI
VA VAN NGI GIUP VIC
(Cng ty i trong)
Nha lanh ao Cp 5
Nha lanh ao Cp 4
CP 5 + CNG S
PHU LUC
88
89
TELEDYNE CORPORATION
Trng hp kinh in Thin tai vi van ngi giup vic
Gia tr tch luy so vi th trng chung
1-1-1967 1-1-1996
Kt thuc giai oan
Singleton
Sut giam
sau khi
thin tai
ra i
T TT N V AI
PHU LUC
90
91
tuc ngh n vic nhng lai cho ngi k nhim. Tai sao
ty t tt n v ai.
thanh thng l, chc chn s tin hay cach thc tra lng
T TT N V AI
PHU LUC
92
93
T TT N V AI
PHU LUC
94
95
quan trong. Trong vic anh gia con ngi phu hp cac
87
nng suy lun, quyt tm hoan thanh muc tiu, va cac gia
T TT N V AI
PHU LUC
96
97
thch hp trn chuyn xe. Nhng ngi lam vic cho Crocker
t lu a ngm nhng truyn thng va c quyn cua vn
vn hoa khc nghit, nhng khng tan nhn giup cho nhng
ngi gioi nht khng phai lo lng v cng n vic lam cua
ho va co th tp trung hoan toan cho cng vic.
T TT N V AI
PHU LUC
98
99
lam vic.97
98
moi ngi mon moi trong s hoai nghi keo dai hang
nm, hang thang, ly i thi gian quy bau cua moi ngi,
PHU LUC
100
101
101
T TT N V AI
PHU LUC
102
103
Theo li phat biu cua Dan Rexinger tai Circuit City: Chung
T TT N V AI
PHU LUC
104
105
55% thi gian cua mnh trong vong hai nm u tin nhm
T TT N V AI
PHU LUC
106
107
quc t.
hi th hin.
Nhng lam sao ban bit khi nao ban bit? Hai cu hoi
cho bit: Khi Joe chuyn George sang phu trach th trng
T TT N V AI
PHU LUC
108
109
112
va hao hng; lam sao ho dam ban t cac nha may giy;
cua cng ty. Chung ti a ban i cac nha may giy vao luc
T TT N V AI
PHU LUC
110
111
M T CNG TY TUY T V I ,
M T I S N G TUY T V I
T TT N V AI
PHU LUC
112
113
theo kiu nay. Ba v cua v nay con noi thm: Khi Colman
tn trong ln nhau.119
bt c ni u.
T TT N V AI
PHU LUC
114
115
vi nhau.
To m t t chng
NHNG IM CHNH
tr).
k n li ch ca nhn.
T TT N V AI
PHU LUC
116
117
CHNG B N
NH
PH
Khai nim
con nhm
T TNG KY LUT
Vn hoa
ky lut
Ban ap
cng ngh
HANH NG KY LUT
T TT N V AI
PHU LUC
118
119
Th trng chung:
$3,42
Kroger:
$1,26
trng chung.
Th ri vao thp nin 1960, A&P bt u sa sut trong khi
A&P: $0,64
Ghi chu:
1. Thi im chuyn i cua Kroger xay ra trong nm 1973.
2. S th hin gia tr 1 USD u t vao 1-1-1959.
3. Li nhun tch luy, c tc tai u t, tnh n 1-1-1973.
Kroger:
$198,47
n th?
A&P co mt m hnh hoat ng hoan hao trong na u
th ky 20, khi ma hai cuc chin tranh th gii va cuc
khung hoang kinh t a tao ra mt nc My tit kim: cac
ca hang dung ban y nhng mon hang tap hoa re
tin. Nhng trong na sau th ky 20, ngi My tr nn giau
co va thay i. Ho mun nhng ca hang ep hn, ln hn,
Th trng
chung:
$19,86
A&P: $2,47
Ghi chu:
1. Thi im chuyn i cua Kroger xay ra trong nm 1973.
2. S th hin gia tr 1 USD u t vao 1-1-1973.
3. Li nhun tch luy, c tc tai u t, tnh n 1-1-1998.
T TT N V AI
PHU LUC
120
121
trong luc i mua sm. Noi tom lai, ho khng mun n cac
xe, gia re, li i sach se, va tht nhiu quy tnh tin.
thch cua ngi tiu dung.126 Ca hang nay khng ban cac
san phm mang nhan hiu A&P, no cho phep ngi quan
cao tinh thn, tung ra cac chng trnh, chay theo cac mt
T TT N V AI
PHU LUC
122
123
thi.131
khac.
128
ln.
130
T TT N V AI
PHU LUC
124
125
S TH T T T HN GI C M
bng cach thc hin nhiu vu sat nhp, nhng thi gian
T TT N V AI
PHU LUC
126
127
Addressograph
th gii.
T TT N V AI
PHU LUC
128
129
T TT N V AI
PHU LUC
130
131
s tht. Khi i qun thit giap cua phat xt quet qua chu
hn gic m.152
MI TR N G L N G NGHE S TH T
150
T TT N V AI
PHU LUC
132
133
cho sn, khng bao gi bung tha khi cha hiu ro. Tai
nm 1982 n 1-1-2000.
hiu.
Cac nha lanh ao cng ty nhay vot con bit tn dung cac
hop bng nhng cu hoi nh: Luc nay cac anh ang ngh
hop. Cac cuc hop khng bao gi nham chan, ban khng
ch n nghe ri i n tra.
153
T TT N V AI
PHU LUC
134
135
c trnh bay.
cung phai co cu tra li, ri lai khuyn khch nhn vin i theo
tm nhn cu th cua ban. Lanh ao co ngha la ban phai khim
tn tha nhn rng ban cha hiu u ro co cu tra li va sau
o bit t cu hoi a n nhng thng tin quy gia.
ong vai tro ngi iu tit kiu Socrate trong mt loat cac
cuc tranh lun nay la. Iverson bnh lun: Chung ti xac
ung nh hng cua ho vao cac san phm nng lng hat
nganh nh cung cp cht ban dn, khai thac kim loai, san
tranh cai, ho ban i b phn kinh doanh hat nhn; sau khi
155
T TT N V AI
PHU LUC
136
137
cach chi tit sai lm nay, cac anh hng cua no, va bai hoc
rut ra t y.
160
Khi ban quay lai phn tch vn ma khng li, ban a tin
xa trong vic tao dng mt mi trng s tht c chu y.
Nu ban co nhng ngi thch hp trn chuyn xe, ban gn nh
khng bao gi phai li ma ch cn tm kim s thu hiu va
hoc tp kinh nghim.
T TT N V AI
PHU LUC
138
139
4. Thit lp ch c o
Chung ta ang sng trong thi ai thng tin, ngi nao
co nhiu thng tin chnh xac se co c li th hn. Nu
chung ta nhn lai qua trnh phat trin va suy tan cua cac
t chc, chung ta t khi gp trng hp cng ty nao vp
nga v thiu thng tin.
Cac nha lanh ao Bethlehem Steel cung a bit t lu
mi e doa t cac nha may thep c nho nh Nucor. Ho a
khng chu y cho n mt ngay thc dy va nhn ra rng
mt th phn ln a b chim mt.162
Upjohn co rt nhiu thng tin cho thy mt s san phm
sp ra mt cua ho se khng th em lai kt qua nh mong
mun, hay t hn, se gy ra nhng phan ng phu. Nhng
tng nay. Khi ti tham gia giang day bng phng phap
yu cua no.163
T TT N V AI
PHU LUC
140
141
nhng luc nao cung co cach bao cha cho cac d liu
trong o. Vi hnh thc tra thiu, anh buc long phai chu
na. Tra thiu ong vai tro mt h thng canh bao buc
c.
tra bao nhiu trn hoa n tuy thuc vao s anh gia cua
* hiu ro hn v c ch hoat ng, hay xem thm bai bao Turning Goals
into Results: The Power of Catalytic Mechanisms ng trn tap ch Harvard
Business Review, 1999.
T TT N V AI
PHU LUC
142
143
nhng muc con lai. Khi ti hoi Woolpert tai sao ng lai a
NI M TIN S T A
GI A NH N G S TH T PHU PHA N G
giy tiu dung trong cui thp nin 1960, Scott Paper (luc
kin s kin nay cho bit: ng lam cho moi ngi chia se
ang chin u chng lai ngi khng l.169 Sau nay, Wayne
v nhng g ho co. Sau khi giao cho Procter & Gamble phn
a b la.
166
T TT N V AI
PHU LUC
144
145
doanh tai san th chp. Moi ngi u cho rng Fannie Mae
thng cac bnh nhn ung th, tu binh chin tranh, nan
[luc o ang xin bao lanh cua lin bang tranh pha san]
T TT N V AI
PHU LUC
146
147
NGHCH LY STOCKDALE
D nhin, khng phai cng ty nhay vot nao cung phai i
mt vi mt cuc khung hoang su sc nh Fannie Mae.
Trn thc t, ch co t hn phn na s cng ty ri vao tnh
canh khung hoang nh vy. Nhng hu nh moi cng ty
nhay vot u phai i mt vi nhng nghch canh ang ghi
nhn trong qua trnh tin n v ai, khng kiu nay th
cung kiu kia Gillette phai chng lai cac li ngh mua lai
cng ty, Nucor phai i mt vi hang nhp khu, Wells
Fargo va s xoa bo bao h, Pitney Bowes mt c hi c
quyn, Abbott Labs phai thu lai mt s ln san phm, Kroger
va yu cu phai thay i 100% s ca hang cua mnh, v.v...
Trong moi trng hp, i ngu lanh ao u phan ng lai
bng mt trang thai tm ly hai mt manh me. Mt mt, ho
manh dan i mt vi thc t phu phang. Mt khac, ho gi
vng nim tin vao kt qua cui cung, va quyt tm se chin
thng nh mt cng ty v ai bt k s tht hin tai. Chung
ti t tn cho s hai mt nay la nghch ly Stockdale.
Stockdale y chnh la tng Jim Stockdale178. Tai trai
tu nhn chin tranh, mc du b cm tu sut 8 nm, Stockdale
vn sng sot khng cn n quyn tu binh, khng bit
trc ngay c tra t do, khng bit chc mnh co con
sng gp lai gia nh hay khng. ng nhn trach nhim
ch huy, lam moi vic co th tao ra nhng iu kin giup
thm nhiu tu binh khac cung c sng sot.
T TT N V AI
PHU LUC
148
149
phin nhau vit cac chng, ghi lai theo th t nhng kinh
trc o 100 m.
***
Cuc noi chuyn vi Stockdale co mt anh hng rt ln
anh i.
***
Chung ti khng noi g na, ch tip tuc i b n cu lac
b cua khoa, Stockdale phai i khp khing v mt chn
cua ng a cng lai sau nhiu nm trong tu. Sau cung, i
khoang 100m trong im lng, ti lai hoi: Vy nhng ngi
nao a khng thoat c?
T TT N V AI
PHU LUC
150
151
Nghch ly Stockdale
Gi v n g ni m tin
r n g ba n se chi n
thng, du kho khn
n my.
Va ng thi
T TT N V AI
PHU LUC
152
153
To m t t chng
NHNG IM CHNH
T TT N V AI
PHU LUC
154
155
TR
PH
UA
i mt s tht
phu phang
Khai nim
con nhm
T TNG KY LUT
Vn hoa
ky lut
Ban ap
cng ngh
HANH NG KY LUT
- SCRIBES OF DELPHI,
Plato179
T TT N V AI
PHU LUC
156
157
hoc c bai hoc g sao? Nhm cun tron mnh lai, trng
ngan ung h pha sau lng lun nhc nh: Y tng hay
Rut lui v ch cu trong khu rng, cao lai ngh cach tn cng
thng cuc.
nha may pin cua Adam Smith va ban tay v hnh? Khng,
tap. Berlin vit: Suy ngh cua ho tan man, trn nhiu cp
T TT N V AI
PHU LUC
158
159
182
T TT N V AI
PHU LUC
160
161
Walgreens:
$562
Intel: $309
GE: $119
Coca-Cola: $73
Merck: $64
Th trng chung:
$37
trc khi Eckerd phai ban lai cho Tandy, cng ty nay a
ty tin li, Eckerd lai nhay vao kinh doanh dch vu cho
72 triu la.187
T TT N V AI
PHU LUC
162
163
BA VO N G TRO N
Khai nim con nhm xut phat t nhng cuc hop nhom
nghin cu khi chung ti c gng ly giai li nhun tuyt vi
cua Walgreens.
Ti hoi: Chng phai chung ta ang noi n chin lc
sao? Tim thuc ty tin li, li nhun trn mi ln khach
hang ghe qua chng phai y la nhng iu c ban thuc
v chin lc sao? Vy co g la u?
Jenni Copper, ngi chu trach nhim phn tch s i
lp gia hai cng ty tra li: Nhng Eckerd cung co chin
lc. Chung ta khng th noi o la nh chin lc. Ca hai
u co chin lc. Jenni a ung trong nhn xet nay.
trong. Sau nhiu thang chon loc va phn tch, xem xet cac
liu cho thy cac cng ty nhay vot u t nhiu thi gian
cung phat hin ra rng Khai nim con nhm trong cac cng
trin lu dai.
T TT N V AI
PHU LUC
164
165
IU BAN
AM M
NHT
IU BAN
CO TH
LAM GIOI NHT
TH GII
IU CHI PHI
C MAY
KINH T
CUA BAN
T TT N V AI
PHU LUC
166
167
vic kinh doanh ngn hang toan cu.191 Wells Fargo sau o
HI U RO NH N G G BA N CO TH
(VA KHNG TH ) LA M GIO I NH T
phc tap va thc hin cac bui thao lun nhom rt tn kem
T TT N V AI
PHU LUC
168
169
hang nh sau
189
194
cng ty i trong.
195
Wells Fargo tp trung vao Khai nim con nhm cng thng
thn chu. Trong sut cuc phong vn, cac nhn vin cua
gia nh. Ca hai u ang b tut lai pha sau trong nganh
ngi khac.
T TT N V AI
PHU LUC
170
171
nh cht deo va cht hoa hoc. Khi Upjohn cang ngay cang
T TT N V AI
PHU LUC
172
173
toan hoc cua ky thi SAT (ky thi vao ai hoc), cho thy anh
gi tr nn v ai.
T TT N V AI
PHU LUC
174
175
CA C CNG TY NHA Y VO T
VA VO N G TRO N GIO I NH T TRN TH GI I
TRONG KHA I NI M CON NHM
Bang tom tt sau y cho thy tm hiu bit ma cac cng ty nhay vot a at
c lam nn cho s chuyn i t tt n v ai. Lu y: Danh sach nay
khng cho thy nhng lnh vc ma cac cng ty nay a ng u trn th
gii khi ho bt u qua trnh chuyn i (hu ht cac cng ty u cha gioi
nht trn th gii trong bt c lnh vc nao); thay vao o, danh sach nay ch
ra nhng g cac cng ty hiu la ho co tim nng tr nn gioi nht trn th
gii.
T TT N V AI
PHU LUC
176
177
TH U HI U C MA Y KINH T CU A BA N
M U S CU A BA N LA G?
Cac cng ty nhay vot thng xuyn mang lai li nhun
tuyt vi t nhng nganh cng nghip khng co g c bit.
Nganh ngn hang ng trong nhom cui (v mt t sut li
nhun) trong cung giai oan Wells Fargo qua mt th trng
chung gp 4 ln. Cang n tng hn na la Pitney Bowes
va Nucor, ca hai u hoat ng trong nganh thuc v nhom
5% thp nht, vy ma ca hai u vt qua th trng chung
gp nm ln. Ch duy nht mt cng ty nhay vot co may
mn hoat ng trong mt nganh cng nghip v ai (c
nh ngha la ng nhom 10% hang u); nm cng ty hoat
ng trong cac nganh cng nghip tt, nm cng ty con lai
hoat ng trong cac nganh cng nghip t hai. (Xem phu
luc 5.A tom tt cac phn tch nganh).
Cuc nghin cu cua chung ti cho thy mt cng ty khng nht
thit phai hoat ng trong mt nganh cng nghip v ai th mi
co th tr thanh mt cng ty v ai. Mi cng ty nhay vot xy
dng mt c may kinh t v ai, c lp vi nganh. Ho lam c
vic nay la nh ho thu hiu su sc cu truc kinh t cua ho.
T TT N V AI
PHU LUC
178
179
T TT N V AI
PHU LUC
180
181
M U S KINH T CHUNG
Bang tom tt sau y cho thy nhng hiu bit v mu s kinh t ma cng
ty nhay vot a at c trong nhng nm chuyn i then cht.
Abbott: trn mi
nhn vin
Gillette: trn mi
khach hang
Kimberly-Clark:
trn mi nhan
hang
T TT N V AI
182
Nucor: trn mi
tn thep thanh
phm
Philip
Morris:
trn mi nganh
hang
Pitney
Bowes:
trn mi khach
hang
Walgreens: trn
mi ln khach
hang ghe qua
tron cua Khai nim con nhm. Ho a la ngi gioi nht trn
th gii trong vic mua lai ban quyn va lam mi cac loai
chi quen thuc, tai gii thiu va tai s dung chung
ung luc tng li nhun trn mi nhan hang chi c
doanh nay. Xy dng mt cach co h thng t 3 vong tron,
Hasbro a tr thanh cng ty i trong co hiu sut tt nht
trong cuc nghin cu nay, va cang cung c thm Khai
nim con nhm.
Hasbro tuy nhin khng th gi c kt qua nay bn
vng mt phn la v ho khng gi c ky lut ch tp
trung trong ba vong tron nay, sau cai cht bt ng cua
Tng giam c Stephen Hassenfeld. Trng hp Hasbro
cung c mt bai hoc ang nh. Nu ban ap dung thanh
cng nhng y tng nay, nhng sau o lai thi khng ap
dung na, ban se thut lui, t v ai xung tt, thm ch
xung n ti t. Cach duy nht gi c v tr v ai la
phai tip tuc ap dung cac nguyn tc cn ban a a ban
n v ai.
HI U NI M AM M CU A BA N
Trn thc t,
T TT N V AI
PHU LUC
184
185
201
ty.204
202
mt phn cua Khai nim con nhm. Ban khng th san xut
203
Cac cng ty nhay vot khng noi: c ri cac ban, chung ta hay
am m cng vic mnh lam. Mt cach hp ly hn, ho chon
cach hoan toan ngc lai: Chung ta ch nn lam nhng vic ta
cam thy am m. Cac nha lanh ao Kimberly-Clark chuyn sang
cac san phm giy tiu dung phn ln cung v ho thy am m
v chung. Mt nha lanh ao a noi, cac san phm giy truyn
thng th cung tt, nhng chung khng co c sc thu hut cua
mt chic ta.205
T TT N V AI
PHU LUC
186
187
thy hao hng vi cac san phm dao cao dung mt ln gia
Linda Knight, ngi gia nhp Fannie Mae vao 1983, ngay
bin gic m mua nha thanh hin thc cho hang ngan
206
207
th am m cac tim thuc ty, cac tim tap hoa, thuc la,
y hng phn.
S TH U HI U CHI N TH N G
S CAN A M GIA TA O
Trong nhom nghin cu, chung ti thng thao lun vi
nhau v s khac bit gia tnh trang tin con nhm va
hu con nhm. Trong tnh trang tin con nhm, moi vic
Ban ang tin i rt xa, nhng ban khng th nhn ro. Tai
T TT N V AI
PHU LUC
188
189
cng nhan nhan trong cac tai liu cua cng ty i trong.
cua ho.
la chng trnh thay i, hoa tay mua chn loan xa, hay
cho thu, bao him, nha tin ch, va lin tuc mua lai nhng
T TT N V AI
PHU LUC
190
191
Th trng chung:
$3,56
Great Western:
$2,35
Fannie Mae:
$1,77
Ghi chu:
1. Th hin gia tr tch luy cua mt ng u t t 31-12-1970 1-1-1984
2. C tc c tai u t.
Great Western
b mua lai
30-6-1997
Th trng
chung:
$11,53
Ghi chu:
1. Thi im nhay vot cua Fannie Mae vao 1984
2. Th hin gia tr tch luy cua mt ng u t t 31-12-1984 1-1-2000
3. C tc c tai u t.
T TT N V AI
PHU LUC
192
193
T CU HOI,
DA TRN BA VONG TRON
PHN TCH
VA XEM
XET, DA
TRN BA
VONG TRON
HI NG
I THOAI
VA THAO
LUN, DA
TRN BA
VONG TRON
T TT N V AI
PHU LUC
194
195
ng bt ky c thanh lp v mt d an cu th nao o.
khng xay ra trong chp mt, nhng chc chn se xay ra.
c i m cu a H i n g
1. Hi ng tn tai nh mt cng cu at c s thu
hiu v cac vn quan trong ma t chc ang phai
i mt.
T TT N V AI
PHU LUC
196
197
T TT N V AI
PHU LUC
198
199
To m t t chng
NHNG IM CHNH
IU BAN
CO TH
LAM GIOI NHT
TH GII
IU CHI PHI
C MAY
KINH T
CUA BAN
T TT N V AI
PHU LUC
200
201
ging nh nhng con cao loai vt lanh li, kheo leo bit
thanh gioi nht trn th gii, nhng hin tai ban khng
co th manh.
cng ty i trong.
hiu.
hng ln nht.
T TT N V AI
PHU LUC
202
203
VN HOA KY LUT
QU
TR
NH
P
T
HA
i mt s tht
phu phang
Khai nim
con nhm
T TNG KY LUT
Vn hoa
ky lu t
Ban ap
cng ngh
HANH NG KY LUT
chnh s thanh cng cua mnh qua nhiu ngi mi, qua
nhiu san phm mi. Nhng g ngay xa mang lai nim vui
- VIKTOR E. FRANKL,
Mans Search for Meaning214
T TT N V AI
PHU LUC
204
205
Cao
T chc cp bc
T chc v ai
Vn hoa ky lut
T chc mi thanh lp
Thp
Thp
Cao
thn dam ngh dam lam nay. ng hiu rng quan liu la
thanh lp Amgen:
T TT N V AI
PHU LUC
206
207
toan truyn thng, khng con chuyn chuyn cac quy qua
li cho nhau.218
tao iu kin cho sang tao va dam ngh dam lam. George
iu chnh cac muc tiu lai ban cam thy tt hn. Ban
216
cua Abbott va phai chu trach nhim v muc tiu cua mnh.
T TT N V AI
PHU LUC
208
209
nhn nha kinh doanh lun mong mun c linh hoat tuy
vong tron. Cung khng kem phn quan trong, hay tao ra
221
Nhng
Khi hanh khach c gng nhi nhet hanh ly vao cac khoang
chng nay, tht ra, ch tom lai trong mt y kin trung tm:
cn thit.
T TT N V AI
PHU LUC
210
211
sang trai, khi nghing sang phai. Hanh khach nhn ra ngoai
C tip vin hang khng thng bao: Knh tha quy hanh
quan trong khi nao ct canh, khi nao ha canh, khi nao
con lai cua chuyn bay. Hay dng thng lng gh, gai dy
ta sp sa ha canh.
tia chp loe ln. Nhng nhng hanh khach giau kinh nghim
canh nu an toan.
chay trong ng thep meo mo. Dch vu khach hang tai cac
cam thy b nem manh v pha sau. Chic may bay lai tng
nay. (Chc ban se khng thch nghe cac phi cng noi:
T TT N V AI
PHU LUC
212
213
mt chng mc nao o,
trai nghim thng nht. H thng ngay cang hoan thin khi
222
AY
NH
T
VO
XY DNG NN TANG
CON NGI
KY LUT
T TNG
KY LUT
nm tip theo.
mt mc nao o, phn ln quyn sach nay cp
T TT N V AI
PHU LUC
214
215
HANH NG
KY LUT
A CHU N M C LN T M CAO M I
nghim khc, kin tr, quyt tm, cn mn, chnh xac, kho
xut hin trn cac bai bao, cac cuc phong vn, va cac t
hp a bc gn n mc cung tn.
thi.
T TT N V AI
PHU LUC
216
217
khng cn s li lac.
quc cao sang danh cho lanh ao trong toa thap s tai
224
vic chu vt va ngay tai y trong phong hop cua ban lanh
may danh ring cho lanh ao, ban i cac may bay ring
ng cung
226
227
T TT N V AI
PHU LUC
218
219
232
nin 1980, Bank of America buc long phai thc hin nhng
Fargo).
233
M T N N VN HO A ,
KHNG PHA I M T NHA C TA I
Chung ti a nh khng a chng nay vao trong quyn
sach. Mt mt, cac cng ty nhay vot u co ky lut hn cac
cng ty so sanh trc tip, v du nh Wells Fargo i ngc
vi Bank of America. Mt khac, cac cng ty ngn ngay cung
th hin ho co ky lut tt nh cng ty nhay vot.
Eric Hagen, sau khi hoan thanh mt chu phn tch
c bit v vn hoa lanh ao trong cac cng ty, a phat
biu: Theo nh phn tch cua ti, ti khng ngh chung ta
co th a ky lut vao nh la mt kham pha. Kt qua cho
236
lut tip tuc phat trin khi khng con ng. Khi ng v
T TT N V AI
PHU LUC
220
221
239
Sau thi
Ray MacDonald
y co th ni in.240
T TT N V AI
PHU LUC
222
223
ti, ti se lam cho cac ban cht ht. Ngay sang mai ti se
tuyn b pha san, va tt ca cac ban se mt vic.245 Iacocca
a mang lai kt qua phi thng va Chrysler tr thanh mt
trong nhng trng hp xoay chuyn tnh th ni ting
nht trong lch s nganh cng nghip.
Trong nm u tin, ng a ai tu c cu
lanh ao, ra cac tiu chun kim soat tai chnh cht che,
cai thin cac bin phap quan ly cht lng, hp ly hoa lch
bac s qun y... Chung ti phai thc hin nhng cuc giai
Khi lam
T TT N V AI
PHU LUC
224
225
nhanh chong.
242
243
244
tri sp sp, vung tin vao cac vu mua lai hay lin doanh
T TT N V AI
PHU LUC
226
227
cho mnh la cng ty ban may in gia tem, Pitney Bowes nhn
cua cac doanh nghip. Ho cung nhn thy cac san phm
T TT N V AI
PHU LUC
228
229
trong tui.263
PHU LUC
230
231
am m
loai bo phn bit
giai cp va tao ra s bnh ng
giup hoa hp li ch iu hanh,
lao ng va tai chnh
Mu s kinh t la li nhun
trn mi tn thep
thanh phm
tin c bay ngoai hanh lang, ban thn hanh lang cung
T TT N V AI
PHU LUC
232
233
trong bao cao hang nm.271 Moi ngi, ngoai tr giam sat
266
lanh ao, khng phai do chc vu. Nu ban cam thy khng
ba n .272
268
1982, lng cng nhn giam 25%, lng quan ly giam 60%,
T TT N V AI
PHU LUC
234
235
274
cng oan khoi nhng ngi cng nhn ang la het va nem
ngoai.
B T U M T DANH SA C H
NH N G VI C C N NG N G NGAY
275
Mt iu ang khm
lam vic, lam vic va lam vic nhiu hn. Nhng tht s
T TT N V AI
PHU LUC
236
237
T TT N V AI
PHU LUC
238
239
trong vic chn oan va dinh dng trong bnh vin, trong
T TT N V AI
PHU LUC
240
241
To m t t chng
VN HOA KY LUT
NHNG IM CHNH
vong tron.
tron.
mt.
T TT N V AI
PHU LUC
242
243
QU
TR
NH
PH
i mt s tht
phu phang
Khai nim
con nhm
T TNG KY LUT
Vn hoa
ky lut
Ban ap
cng ngh
HANH NG KY LUT
triu la?
T TT N V AI
PHU LUC
244
245
hng cua no, xet trong mi tng quan Khai nim con
th th n g l n ngay t u nh n g cng ty nh
trng a bc hi.285
doanh thu.
284
na y ?
Dan Jorndt a tra li tap ch Forbes khi miu ta cach tip
cn co phng phap, co chu ch i vi Internet: Chung
ti la mt cng ty i ln t bo, n i b, ri mi chay.
T TT N V AI
PHU LUC
246
247
cho ro: Chu cua chng nay khng noi n chi tit
cua qua bong bong Internet. Bong bong hnh thanh va
bong bong tan. Chuyn nay cung tng xay ra vi nganh
ng st. Chuyn nay tng xay ra vi nganh in. Chuyn
nay tng xay ra vi nganh truyn thng radio. Chuyn nay
cung tng xay ra vi nganh san xut may tnh ca nhn.
Chuyn nay tng xay ra vi Internet. Va no se con xay ra
vi nhng cng ngh mi cha c bit n.
T TT N V AI
PHU LUC
248
249
vi thay i.
T TT N V AI
PHU LUC
250
251
Kroger vn tip tuc cng cuc cai tao rt tn kem nay trong
rt khac nhau.
khach hang, m rng danh muc hang hoa cung cp, va tra
dt hang trm triu la tin n. Vic Kroger s dung cng
ngh quet ma vach a hang trm triu nhng t la
mi tinh ra khoi nha kho va a vao s dung co hiu qua
c xem la mt yu t chnh nm trong kha nng ao thut
cua ho bin ra khng ch mt, khng ch hai, ma la ba
chu tho t chic mu.
hang hang lp lp cac thung banh keo hay hoa qua, ban
cng ngh. Nhng vic ap dung cng ngh cua Gillette chu
nhng li dao cao gia re ma lai bn. Khi ban hay ti mua
T TT N V AI
PHU LUC
252
253
294
Cng ty
Abbott
Nha tin phong trong vic ap dung cng ngh may tnh
tng mc li nhun trn mi nhn vin. Khng phai la
ngi dn u trong nghin cu va phat trin (R&D)
nhng lai cho Merck, Pfizer, va nhng cng ty khac vi
mt Khai nim con nhm khac.
Circuit City
Nha tin phong trong vic ap dung cng ngh phc tap
theo doi hang hoa tai im ban va trong kho gn lin vi
khai nim McDonalds cua h thng ban le hang gia tr
cao, co kha nng iu hanh mt h thng nht quan cac
ca hang phn tan v mt a ly.
Fannie Mae
Nha tin phong trong vic ap dung cac thut toan phc tap
va phn tch bng may tnh anh gia rui ro th chp
chnh xac hn, t o lam tng li nhun trn mi mc rui
ro. H thng phn tch rui ro thng minh hn gia tng
kha nng th chp cua nhom ngi co thu nhp thp, gn
lin vi am m dn chu hoa vic s hu nha.
Gillette
Nha tin phong trong vic ap dung cng ngh san xut
phc tap san xut vi gia re va ng nht hang t san
phm co bn cao. Bao v b mt cng ngh san xut
tng t nh Coca-Cola bao v cng thc cua ho.
Kimberly Clark
Nha tin phong trong vic ap dung cng ngh v quy trnh
san xut, c bit i vi nguyn liu khng cn an si,
phuc vu cho vic theo ui muc ch a ra nhng san
phm cao cp. Co nhng phong th nghim nghin cu
phc tap; em be bo quanh vi h thng cam ng m va
nhit .
T TT N V AI
PHU LUC
254
255
Kroger
Nucor
Philip
Morris
Pitney
Bowes
Walgreens
Wells Fargo
Nha tin phong trong vic ap dung cng ngh thng tin
lin tuc hin ai hoa cac ca hang. La ngi u tin
nghim tuc th nghim may quet ma vach; ho lin kt cng
ngh nay vi ca chu ky dong tin t, t o cung cp ngun
vn cho qua trnh cai tao ca hang vi quy m ln.
Nha tin phong trong vic ap dung cng ngh san xut
thep tin tin nht danh cho nha may c nho. i ch th
gii tm cng ngh tin tin nht. Sn sang anh cc
rt ln (n 50% gia tr rong cua cng ty) vao cng ngh
mi ma nhng cng ty khac cho la qua rui ro, v du nh
cng ngh khun tm mong lin tuc.
Nha tin phong trong vic ap dung cng ngh san xut va
ong goi. t cc vao cng ngh san xut hp thuc m
np pha trn sang kin bao b u tin trong nganh
thuc la trong sut 20 nm. La ngi u tin s dung h
thng san xut da trn may tnh. u t khng l vao
trung tm san xut th nghim, th nghim, hoan thin
cng ngh san xut va cht lng tin tin.
Nha tin phong trong vic ap dung cng ngh vao th tn.
u tin, cng ngh c th hin qua may in gia tin bu
tn t ng. Sau o, Pitney u t rt ln vao cng ngh
in t, phn mm, thng tin lin lac, va Internet dung
trong cac may x ly phc tap. u t rt ln vao nghin
cu va phat trin (R&D) tai phat minh cng ngh in gia
tem trong thp nin 1980.
Nha tin phong trong vic ap dung cng ngh mang may
tnh va thng tin lin lac qua v tinh, gn lin vi khai nim
tim thuc ty tin li, c iu chnh cho phu hp nhu
cu c trng cua tng a im va dn c. u t rt ln
nghen mt cuc vao h thng v tinh lin kt cac ca
tim vi nhau, nh mt mang li rng ln cua mt tim
thuc ty quen thuc duy nht. Nh mt chuyn tham
quan vao trung tm vu tru NASA. i trc cac cng ty
khac trong nganh t nht la mt thp nin.
Nha tin phong trong vic ap dung cng ngh lam tng
li nhun trn mi nhn vin. Nha lanh ao trong vic giao
dch ngn hang 24 gi qua in thoai, sm s dung may
ATM, ngi u tin cho phep mua ban c phiu trn ATM,
nha tin phong trong vic giao dch in t va qua Internet.
Nha tin phong trong vic ap dung cac thut toan phc tap
anh gia rui ro chnh xac hn khi cho vay.
T TT N V AI
PHU LUC
256
257
quan tm n no.
thit k trn may tin tin cung cac cng ngh lin quan
dung cng ngh nay. Nu khng, ban lai hoi, liu ban co
T TT N V AI
PHU LUC
258
259
n v ai c.
B Y CNG NGH
Noi tom lai, tap ch Time khng chu trong vic chon nhn
mi nm.
300
T TT N V AI
PHU LUC
260
261
T TT N V AI
PHU LUC
262
263
T TT N V AI
PHU LUC
264
265
Trong sut lch s qua trnh kinh doanh, nhng nha tin
phong trong cng ngh t khi thng li v sau. V du nh,
VisiCalc la chng trnh tnh toan chu yu u tin trn
may tnh ca nhn.306 Ngay nay VisiCalc ang u? Ban
co bit ai ang s dung chng trnh nay khng? Con cng
ty a i u sang tao ra no th sao? Tiu ri; ho chng con
tn tai na. VisiCalc a chu thua Lotus 1-2-3, va n lt
Tng t nh
khng phai la nha tin phong trong nganh san xut may
hay Sony.
308
T TT N V AI
PHU LUC
266
267
sach.
CNG NGH VA N I LO TU T H U
Nhom nghin cu chung ti a tranh cai rt nhiu liu
chu nay nn c thao lun trong mt chng ring hay
khng.
Scott Jones noi: Phai co mt chng v cng ngh. Chung
T TT N V AI
PHU LUC
268
269
quyn sach.
T TT N V AI
PHU LUC
270
271
loc.
bc chuyn i.
To m t t chng
BAN AP CNG NGH
NHNG IM CHNH
Cac cng ty nhay vot nhn nhn cng ngh va cac thay
tm thng.
T TT N V AI
PHU LUC
272
273
QU
TR
NH
PH
i mt s tht
phu phang
Khai nim
con nhm
T TNG KY LUT
Vn hoa
ky lut
Ban ap
cng ngh
HANH NG KY LUT
- IGOR STRAVINSKY317
T TT N V AI
PHU LUC
274
275
va sau hai hay ba gi lin tuc gng sc, ban buc chic
Tuy nhin nu ban oc cac bai bao vit v cac cng ty,
T TT N V AI
PHU LUC
276
277
City bnh din quc gia. Bai bao cung khng dai, ch hai
Hewlett-Packard, va Coca-Cola.
318
nhay vot t hn thp nin sau nhay vot, trung bnh theo t
l 1:3.320
hay cac cng ty thep khac cung khng. Nu ban hoi cac
T TT N V AI
PHU LUC
278
279
CIRCUIT CITY
Gia tr tch luy cua 1 USD u t, s lng bai bao thu thp c
31-12-1972 31-12-1992
Circuit City: $311,64
Zero
T TT N V AI
PHU LUC
280
281
Sau khi ban cac nha may, vic chuyn i hoan toan thanh
y kin ngu ngc. Nhng cui cung ho cho thy, y tng nay
minh.324 Khoang thi gian gia hai bai bao cua Forbes la
lin kt ln nhau.
goi no la g ca.
T TT N V AI
PHU LUC
282
283
KHNG CO TH I KH C DI U KY
TRONG HANH TRNH T TT N V AI
(Trch dn t cac cuc phong vn)
Abbott
Circuit City
Fannie Mae
Gillette
Kimberly Clark
Kroger
T TT N V AI
PHU LUC
284
285
Nucor
Philip
Morris
Pitney
Bowes
Walgreens
Wells Fargo
KHNG CH LA C H I THU N L I
Mt iu quan trong cn hiu la tun theo m hnh banh
a t nn tang n nhay vot khng phai la v co c hi
thun li. Nhiu ngi hay noi: Nhng chung ti gp nhng
gii han khng cho phep i theo phng phap dai han
337
T TT N V AI
PHU LUC
286
287
T TT N V AI
PHU LUC
288
289
muc tiu hin tai.340 Upjohn tip tuc nem tin vao cac d
HI U N G BA N H A
ABBOTT VA UPJOHN
Gia tr tch luy cua 1USD u t
1959 1995
Khi ban lam cho moi ngi nhn thy va cam nhn c
Abbott: $271
Upjohn: $40
T TT N V AI
PHU LUC
290
291
hoi. Chung ta phai nht quan trong cac cuc phong vn.
Ngoai ra, cac ban phai thy cang hp dn khi ho khng
hiu cu hoi. V vy, c tip tuc hoi cho ra. Chung ta phai
hiu c nh u ho vt qua c nhng can tr thay
i va li keo c nhiu ngi tham gia.
Ti hoan toan tin tng rng vic li keo moi ngi tham
gia, tao c s hoa hp, nh cach dung thut ng, la
mt trong nhng thach thc hang u i vi nha iu
BANH A
TAO SC A
HIU NG BANH A
ha n h.
quan tr thay i.
Ti tra li: o khng phai la mt cu ngu ngc. o la
mt trong nhng cu quan trong nht.
Mt thanh vin tra li: Th a, rt nhiu nha iu hanh
tham gia vao qua trnh chuyn i, chnh ho cho rng y
la mt cu ngu ngc. Nhiu ngi con khng hiu cu hoi
mun noi g.
T TT N V AI
PHU LUC
292
293
hn, vong nay qua vong khac, thang nay qua thang khac,
341
va cui cung mang lai li nhun cao nht trong s cac cng
ty thep co mt trong danh sach Fortune 1000.343
T TT N V AI
PHU LUC
294
295
VO N G L N QU N
Chung ti nhn thy mt m hnh rt khac cac cng ty
i trong. Thay v la mt qua trnh lng le nhng y quyt
tm i tm nhng g cn lam va thc hin no, cac cng ty
i trong thng xuyn a ra cac chng trnh mi
chin thng. Ho mun ong gop vao vic mang lai nhng
tham gia vao mt cng vic thc s la cng vic. Khi nhng
lai dng lai, chuyn sang hng khac na. Sau nhiu nm
ln qun.
T TT N V AI
PHU LUC
296
297
PHAN NG,
MA KHNG
HIU RO
HNG I,
CHNG TRNH,
LANH AO, S KIN,
THI THNG,
HAY SAT NHP MI
VONG LN QUN
dung.346
theo Merck. (ng thi, vao thi im nay, ngn sach cng
347
T TT N V AI
PHU LUC
298
299
cuc sat nhp hay mua lai cng ty thng khng phai la do
hiu c vai tro cua vic mua ban cng ty trong qua
trnh t tt n v ai, chung ti a thc hin mt cuc
phn tch nh tnh va nh lng mt cach h thng tt ca
cac cuc mua ban din ra trong cac cng ty co tn trong
cuc nghin cu, trong khoang thi gian t 10 nm trc
T TT N V AI
PHU LUC
300
301
nhay vot ngay lp tc, Harris danh 1/3 toan b gia tr rong
T TT N V AI
PHU LUC
302
303
T TT N V AI
PHU LUC
304
305
Tip theo, khi ban a hiu ro ba vong tron cua Khai nim
con nhm va a bt u y theo hng nht quan vi s
hiu bit cua mnh, ban at sc a u nhay vot va tng
tc vi nhng ban ap chnh, quan trong nht trong s nay
la i tin phong trong vic ap dung cng ngh co lin quan
trc tip n ba vong tron. Cui cung, at bc nhay
vot ngha la ban phai co ky lut a ra hang loat nhng
quyt nh nht quan vi Khai nim con nhm hanh ng
ky lut, theo sau con ngi ky lut co t tng ky lut. Th
thi. o la tm im cua qua trnh nhay vot.
T TT N V AI
PHU LUC
306
307
To m t t chng
CHIC BANH A VA VONG LN QUN
NHNG IM CHNH
S chuyn i t tt n v ai thng co ve nh la
quay nhanh.
qua cui cung (kt qua phi thng) vi qua trnh (tch
luy t nhin) thng lam lch nhn thc cua chung ta v
nhng g tht s co hiu qua v lu dai.
T TT N V AI
PHU LUC
308
309
CHNG CHN
T TT N V AI
N XY DNG TRNG TN
A
QU
NH
PH
T TNG KY LUT
Vn hoa
ky lu t
Ban ap
cng ngh
HANH NG KY LUT
hi chung ti bt u d an nghin cu T Tt n V
T TT N V AI
PHU LUC
310
311
Cuc tranh cai din ra qua lai trong nhiu tun l. Cui
cung Stefanie Judd a ra li nhn xet lam ti lay chuyn:
Ti rt thch y tng Xy dng trng tn, nhng o
chnh la iu lam ti lo lng. Ti e rng nu chung ta bt
u trn cai nn cua Xy dng trng tn, chung ti se
ch i long vong chng minh cho chnh nhng thanh
kin cua mnh. Nh th a ro rng chung ti nn bt u
t con s 0, khi u kham pha nhng g co th, bt k kt
qua nay co b sung cho kt qua trc hay khng.
T TT N V AI
PHU LUC
312
313
Cng ty
mi thanh
lp hay
lu i
Khai
nim
Tt n
V ai
Kt qua
kinh
doanh v
ai bn
vng
Cng ty v
Khai nim
Xy dng ai trng
tn
Trng
tn
chic banh a, cho n khi Khai nim con nhm v cac siu
T T T N V A I XU T HI N TRONG GIAI
OA N U CU A XY D N G TR N G T N
T TT N V AI
PHU LUC
314
315
mc. Bin ban cuc hop thanh lp u tin cua ho vao 23-
360
3.000
1.000
1945: 1 ca hang
1970: 38 ca hang
Xy dng nn tang
Nhay vot!
T TT N V AI
PHU LUC
316
317
cho nhng ngi nay lam vic g. Hay nh lai lut Packard
nm, cho bit: Khai nim thi gian vui ve cua ng la goi
vai ngi ban n va cung nhau cng hang rao kem gai.364
H T T N G C T LO I : M T KHA CA N H
B SUNG CHO S V A I TR N G T N
Sau mt phut im lng, trong khi moi ngi con ang suy
mnh. ng tra li: Khi ti nhn lai cng vic cua i mnh,
hoan toan.363
T TT N V AI
PHU LUC
318
319
tin va cai t toan din trong thp nin 1950. David Packard
trong.
heo lanh va phat khng cho hang triu ngi trn th gii.368
367
lam ra tin. Nm 1950, George Merck II, con trai nha sang
T TT N V AI
PHU LUC
320
321
BAO TN
Gia tr ct loi
Muc ch ct loi
THAY I
Vn hoa va nguyn tc hoat ng
Muc tiu va chin lc cu th
s tin trin.
T TT N V AI
PHU LUC
322
323
BAO TN
am m s tng tng
phong phu
Chu tm n tng chi tit
Khinh ghet tnh ym th
Phep mu Disney
Mang lai hanh phuc cho
hang triu ngi
Bao v gia tr ct loi/ Thuc y tin trin tai cng ty Walt Disney
Thp nin 1920 - 1990
Mouse Club. Cung trong thp nin 50, Walt Disney thc
trng tn.
T TT N V AI
PHU LUC
324
325
T TT N V AI
PHU LUC
326
327
M I LIN H KHA I NI M GI A T T T
N V A I VA XY D N G TR N G T N
Khai nim
trong
T Tt n
V ai
Kha nng
lanh ao
Cp 5
Con ngi
i trc,
cng vic
theo sau
i din
s tht
phu phang
(Nghch ly
Stockdale)
Khai nim
con nhm
(Ba vong
tron)
Vn hoa
Ky lut
Ban ap
cng ngh
T TT N V AI
PHU LUC
328
329
Banh a,
khng
phai vong
ln qun
(*)
Xem thm Xy dng Trng tn: Nhng thoi quen thanh cng cua
ca c cng ty co t m nhn chi n l c , Collins va Porras, NXB
HarperBusiness, 1994.
T TT N V AI
PHU LUC
330
331
372
nng lc vt tri trong vic san xut cac chic may bay
cng ty co kha nng gioi nht th gii trong vic san xut
mai.
373
T TT N V AI
PHU LUC
332
333
IU BAN
AM M
NHT
TA I SAO PHA I V A I ?
Trong mt bui giai lao tai mt cuc thao lun vi mt
BHAG
IU BAN
CO TH
LAM GIOI NHT
TH GII
ngi thu v nht tai Boulder, ra tiu chun buc cac toa
nha khac trong khu vc phai noi theo, va thu lai li nhun
trn mi met vung cao nht doanh nghip nho cua Sina
ca.
T TT N V AI
PHU LUC
334
335
Tht vy, quan im cua quyn sach nay khng phai la chung ta
phai cng thm nhng kt qua nay vao nhng g chung ta ang
lam va tao thm nhiu ap lc na. Khng phai th. iu chnh
yu la phat hin ra rng nhng g chung ta ang lam tht s ch
la phung ph nng lng ma thi. Nu chung ta thit k phn ln
khi lng cng vic cua chung ta theo nhng nguyn ly nay, bo
qua hoc thi khng lam nhng g khac, cuc sng chung ta se
n gian hn va kt qua se c tng ln ang k.
T TT N V AI
PHU LUC
336
337
nay, va i ngu hun luyn vin bit cach thc hin chin
nhn thy kha nng cua chnh mnh qua tng cuc ua,
hn nhiu.
phai chu trach nhim thc hin nhng chng trnh vui
chung i mua sm tai cac ca hiu Nike, hay cac bai giang
ngay hm sau. (Cac hun luyn vin khng con phai ong
vai tro ngi thit lp ky lut). Khi nn got giay trong nhng
T TT N V AI
PHU LUC
338
339
nht vao phut cui!), moi thanh vin u mt, nhng chung
trung vao lam ung vic, bo qua nhng vic khac khng
ra trong quyn sach nay, trong tnh hnh thc t cua ho, va
vui.
nao, chung u giup cho cuc sng va cac trai nghim cua
qua trnh lam vic hng thu hn vy, tai sao ban khng
c gng at mc v ai?
banh a.
rng qua trnh phn u cung khng h qua gian nan hay
T TT N V AI
PHU LUC
340
341
cua no, luc o ban se thy mnh tht kho ma tng tng
kim y ngha, hay noi ung hn, qua trnh tm kim nhng
nhin.
Ti a th c gng tng tng cac nha lanh ao Cp
hoi hay. Ngng lai lu hn. Nhng tht kho tra li. Lai
nht.
T TT N V AI
PHU LUC
342
343
ban hay thc hanh nhng kham pha gii thiu trong quyn
tm n no.
ma la nh th nao.
thn.
Khi tt ca nhng manh ghep nay kht lai vi nhau, khng
Tht vy, cu hoi tht s khng phai la Tai sao phai v ai? ma
la Cng vic nao se giup ban cam thy thi thuc phai tao ra
T TT N V AI
PHU LUC
344
345
NH N G CU HO I TH N G G P
kin. Sau khi hoan thanh cuc nghin cu, ti tin rng se
ung hng.
trong)?
T TT N V AI
PHU LUC
346
347
noi: Nghe nay, cac anh khng chon mu cac cng ty. Cac
` Hoi: Tai sao ng ch gii han trong cac cng ty cua My?
Chung ti kt lun rng vic la chon cht che se tt hn
la theo ui mt danh sach cng ty toan cu. Vic thiu
vng thng tin v li nhun c phiu tng ng i vi
nhng cng ty bn ngoai nc My se gy kho khn cho qua
trnh chon la mt cach nht quan. Phng phap nghin
cu so sanh giup loai bo nhng yu t gy nhiu t mi
trng (tng t v mt cng ty, nganh ngh, kch c,
tui,...) va giup chung ti tin tng vao ban cht cn ban
cua nhng kt lun cua mnh hn la co trong tay mt danh
sach nghin cu qua rng. Tuy vy, ti tin la kt qua nghin
cu cua chung ti cung se hu dung nhng ni khac. Mt
s ln cac cng ty c nghin cu la cng ty toan cu va
ho cung ap dung chung mt khai nim bt c ni nao ho
hoat ng. Ngoai ra, ti tin rng hu ht nhng g chung
` Hoi: Tai sao khng co cng ty cng ngh cao nao trong
PHU LUC
348
349
ty vn a v ai?
1999. Chung ti tin rng nguyn nhn chnh cua giai oan
T TT N V AI
PHU LUC
350
351
Thi im chuyn i
chu trong vao ban thn. ng cho bit: Trong thi hoang
hin tai mun Nucor a dang hoa khoi Khai nim con nhm.
T TT N V AI
PHU LUC
352
353
chng trnh truyn hnh. Khai nim con nhm cua GE,
vong tron.
trng tn).
chuyn i t tt n v ai?
Th nht, Hi ng quan tr ong vai tro quan trong
cng ty hay tp oan kinh doanh qua a dang him khi tao
T TT N V AI
PHU LUC
354
355
na y .
T TT N V AI
PHU LUC
356
357
` Hoi: Ti nn bt u t u va nh th nao?
Trc ht, hay lam quen vi nhng kt lun. Hay nh la
khng co mt kt lun c lp nao tao nn c mt t
chc v ai; ban cn phai ap dung tt ca cac kt lun mt
cach nht quan. Sau o ban bt u theo th t trong m
hnh, t con ngi i trc va phat trin dn qua cac
phn chnh khac. ng thi, hay lin tuc t phat trin mnh
at kha nng lanh ao Cp 5. Trong quyn sach nay
ti a trnh bay theo th t ung vi nhng g chung ti
quan sat c cac cng ty; cu truc quyn sach chnh la
th hin cac bc i. Ti chuc ban may mn trn chuyn
hanh trnh t tt n v ai.
T TT N V AI
PHU LUC
358
359
ong vai tro rt quan trong trong vic ra cac tiu chun
ap dung cac tiu chun va chon loc cac cng ty nhay vot.
im chuyn i.
4. Thi im chuyn i phai din ra trc 1985 chung
vi th trng chung.
T TT N V AI
PHU LUC
360
361
chun ngay cang kht khe hn tuyn chon cac cng ty.
Cp 1
1.435 cng ty
Chon loc t danh sach Fortune 500
1965-1995
Cp 2
126 cng ty
Chon loc vao danh sach phn tch thng tin
CRSP
Cp 3
19 cng ty
Chon loc vao danh sach
phn tch nganh
Cp 4
11 cng ty
Chon loc vao
danh sach
cng ty
nhay vot
T TT N V AI
PHU LUC
362
363
mang lai.
trung bnh cua cac cng ty trong danh sach Cng nghip
va Dch vu Fortune trong cung thi gian la 30% (ngha la,
tng li nhun vt vt qua li nhun trung bnh 1,3 ln),
va cng ty th hin mc hiu sut bng hoc di trung
bnh trong mt thp nin trc o (1965-1975).
Bai kim tra 3: Li nhun hang nm tch luy trong khoang
thi gian 1965-1995 vt qua li nhun gp hang nm
trung bnh cua cac cng ty trong danh sach Cng nghip
va Dch vu Fortune trong cung thi gian la 30% (ngha la,
tng li nhun vt vt qua li nhun trung bnh 1,3 ln).
Danh sach cua Fortune khng th hin li nhun trong
vong 10 nm trc 1965, do o chung ti quyt nh gi
lai toan b nhng cng ty co hiu sut hoat ng cao trong
sut ba thp nin danh sach ban u nay.
T TT N V AI
PHU LUC
364
365
nin sau nhng khng xut hin trong cac danh sach trc
o cua Fortune. Gii han 1970 cung cho phep chung ti
xac nh va loai bo bt c cng ty nao co lch s qua ngn
khng th la mt cng ty chuyn i hp ly.
Cp 3: T 126 cng ty con 19 cng ty
Da vao d liu cua Trung tm Trung tm Nghin cu
T TT N V AI
PHU LUC
366
367
Kt qua sau cp 3
1. AFLAC, Inc.
Loai, tiu ch 3
2. AMP, Inc.
Loai, tiu ch 6
3. Abbott Lab
4. Albertsons, Inc.
Loai, tiu ch 1
Loai, tiu ch 3
Loai, tiu ch 6
7. ALLTEL Corp.
Loai, tiu ch 2
Loai, tiu ch 6, 7
Loai, tiu ch 6
Loai, tiu ch 2
Loai, tiu ch 5
Loai, tiu ch 6
Loai, tiu ch 1
Loai, tiu ch 6
Loai, tiu ch 2
Loai, tiu ch 1
Loai, tiu ch 1
Loai, tiu ch 3
Loai, tiu ch 2
Loai, tiu ch 8
22. Chrysler
Loai, tiu ch 6
Loai, tiu ch 11
Loai, tiu ch 3
T TT N V AI
PHU LUC
368
369
Loai, tiu ch 6, 7
Loai, tiu ch 3
Loai, tiu ch 3, 6
30. Conseco
Loai, tiu ch 8
Loai, tiu ch 2
Loai, tiu ch 1
Loai, tiu ch 8
Loai, tiu ch 6, 7
32. CSX
Loai, tiu ch 8
Loai, tiu ch 6
Loai, tiu ch 7
34. Dillards
Loai, tiu ch 6
Loai, tiu ch 3, 6
Loai, tiu ch 3, 6
66. KeyCorp
Loai, tiu ch 3
36. DuPont
Loai, tiu ch 11
Loai, tiu ch 2
Loai, tiu ch 7
Loai, tiu ch 2
Loai, tiu ch 3, 6
Loai, tiu ch 2
Loai, tiu ch 7
Loai, tiu ch 3, 6
Loai, tiu ch 2
Loai, tiu ch 6
Loai, tiu ch 7
Loai, tiu ch 7
Loai, tiu ch 3, 6
Loai, tiu ch 6
Loai, tiu ch 3, 6
Loai, tiu ch 2
76. Mattel
Loai, tiu ch 3, 6
Loai, tiu ch 8
Loai, tiu ch 7
47. GEICO
Loai, tiu ch 10
78. Melville
Loai, tiu ch 10
Loai, tiu ch 7
Loai, tiu ch 1
Loai, tiu ch 5, 11
Loai, tiu ch 2
Loai, tiu ch 4, 5
Loai, tiu ch 2
Loai, tiu ch 1
Loai, tiu ch 6
Loai, tiu ch 3, 6
Loai, tiu ch 5
Loai, tiu ch 6
Loai, tiu ch 1, 7
T TT N V AI
PHU LUC
370
371
88. Owens-Corning
Loai, tiu ch 2
Loai, tiu ch 6
Loai, tiu ch 2
Loai, tiu ch 2
Loai, tiu ch 8
120. VF Corp.
Loai, tiu ch 6
Loai, tiu ch 1
Loai, tiu ch 1
Loai, tiu ch 2
Loai, tiu ch 9
Loai, tiu ch 6, 7
Loai, tiu ch 2, 5
Loai, tiu ch 7
Loai, tiu ch 1, 3
Loai, tiu ch 6
99. Reebok
Loai, tiu ch 8
Loai, tiu ch 3, 6
Loai, tiu ch 3, 6
Loai, tiu ch 7
Loai, tiu ch 2
Loai, tiu ch 7
Loai, tiu ch 7
Loai, tiu ch 3, 6
Loai, tiu ch 3, 6
Loai, tiu ch 1
Loai, tiu ch 3
Loai, tiu ch 8
Loai, tiu ch 3, 6
cui cung.
Loai, tiu ch 3
Loai, tiu ch 3, 6
Loai, tiu ch 8
Loai, tiu ch 2, 6
Loai, tiu ch 1, 3
PHU LUC
372
373
PHU LU C 1.B
khac nhau, chung ti se xem xet ring bit hai nganh chnh.
Sau o chung ti tnh ra c ch s li nhun c phiu tch
luy cho nganh va t cng ty chuyn i vao trong th
nay. iu nay cho phep chung ti xac nh va loai bo khoi
TUYN CHON
CNG TY SO SANH TRC TIP
Muc ch cua vic phn tch cac cng ty so sanh trc tip
T TT N V AI
PHU LUC
374
375
Upjohn
4,00
Richardson-Merrill
3,25
3,00
Sterling Drugs
2,83
Schering-Plough
2,70
Bristol-Meyers
2,67
T TT N V AI
PHU LUC
376
377
Norwich
2,67
Bic
1,50
Parke-Davis
2,40
Alberto-Culver
1,50
SmithKlineBeecham
2,33
1,50
Pfizer
2,33
Purex Corporation
1,00
Warner-Lambert
2,17
Faberge
1,00
Circuit City
Kimberly-Clark
Scott Paper Company*
3,50
Silo
3,40
3,50
Tandy
3,25
Crown Zellerback
3,25
Best Buy
1,83
3,13
International Paper
2,92
2,67
Fannie Mae
Great Western Financial Corp.
2,83
Georgia-Pacific
2,50
Sallie Mae
2,67
2,50
Freddie Mac
2,50
2,33
Household International
2,33
Kroger
Continental Bancorp
2,20
A&P
First Charter
1,60
Safeway
2,58
Winn-Dixie
2,50
American Stores
2,42
Gillette
3,17
Warner-Lambert
2,67
2,33
Avon
2,50
Jewel
2,25
2,33
Albertsons
2,08
Unilever
2,33
Food Fair
1,50
2,33
Grand Union
1,00
Revlon
2,33
2,33
Colgate-Palmolive
2,25
3,00
2,00
3,00
Cheeseborough-Ponds
Nucor
T TT N V AI
PHU LUC
378
379
Walgreens
USX
2,92
2,60
Florida Steel
2,50
2,40
2,00
Allegheny Teledyne
1,83
Bank of America
3,33
1,75
First Chicago
3,17
Lykes Corporation
1,60
NationsBank
3,17
Wheeling
1,50
Mellon
3,00
Continental Illinois
3,00
Bank of Boston
2,83
First Interstate
2,25
Norwest
2,17
First Pennsylvania
2,00
Interfirst
1,75
Philip Morris
R. J. Reynolds Tobacco
3,50
American Tobacco
3,40
3,25
Lorillard Industries
3,20
Eckerd
3,42
2,67
2,17
Wells Fargo
Pitney Bowes
Addressograph-Multigraph
3,42
2,83
Smith-Corona
2,58
Xerox
2,33
NCR
2,25
IBM
2,00
Control Data
1,33
T TT N V AI
PHU LUC
380
381
PHU LU C 1.C
Cng ty
S nm at
ngn ngay
kt qua cao*
T l li nhun c
phiu tch luy so
vi th trng trong
nhng nm co kt
qua cao
T l li nhun c
phiu tch luy so
vi th trng trong
10 nm tip theo**
Burroughs
10,08
13,76
0,21
Chrysler
5,67
10,54
0,69
Harris
6,42
6,63
0,16
Hasbro
6,33
35,00
0,63
Rubbermaid
10,83
6,97
0,31(i)
Teledyne
9,42
17,95
0,22
S trung v***
7,92
12,15
0,26
Trung bnh
8,125
15,14
0,37
4,91 (ii)
2,02 (iii)
TB cac Cty
nhay vot trong
cung giai oan
Cng ty
nhay vot
Thi im chuyn i
Harris
Corporation
T TT N V AI
PHU LUC
382
383
TNG QUAN
V CAC BC NGHIN CU
MA HO A CA C TA I LI U V CNG TY
i vi mi cng ty, mt thanh vin trong nhom se i tm
va thu thp tt ca cac bai bao hay tai liu a c xut ban
v cng ty nay, bao gm:
1. Tt ca cac bai bao ln vit v cng ty trong sut qua
trnh hoat ng cua no, t cac ngun a dang nh
Forbes, Fortune, Business Week, Wall Street Journal,
Nations Business, New York Times, U.S. News, New
Republic, Harvard Business Review, Economist va mt s
bai bao chon loc t cac ngun khac trong nganh kinh
cac chnh sach v con ngi, cac quy tc, l nghi, huyn
thoai hay nhng cu chuyn truyn ming, s tng tac
gia cac nhom, phong cach quan ly, va nhng muc lin
quan.
T TT N V AI
PHU LUC
384
385
nghip ng dung cng ngh: cng ngh thng tin, cac quy
muc tng t.
Street.
ao, v.v...
Danh muc ma hoa 6 San phm va dch vu: Cac san
phm va dch vu quan trong trong qua trnh hoat ng cua
doanh nghip.
Danh muc ma hoa 7 C s vt cht va a im: Cac
yu t quan trong trong cach cng ty quan ly c s vt cht
sp xp cac nha may hay vn phong, cac tin nghi mi,
v.v... Bao gm nhng quyt nh quan trong v a im
t tru s cac b phn chnh trong cng ty.
T TT N V AI
PHU LUC
386
387
s sau trong ca hai thp nin trc va sau giai oan chuyn
i:
CA C BU I PHO N G V N NHA I U HA N H
Chung ti thc hin cac bui phong vn i vi lanh ao
cp cao va thanh vin Hi ng quan tr, tp trung vao
T sut li nhun
T s hoan vn trn doanh thu
Doanh thu trn mi nhn vin tnh trn ng
danh ngha va thc t
Li nhun trn mi nhn vin tnh trn ng
danh ngha va thc t
Tai san, nha may va thit b
T s chi tra c tc
Chi ph ban hang, quan ly chung tnh theo phn trm
doanh thu
Chi ph nghin cu va phat trin tnh theo phn trm
doanh thu
8
8
10
6
7
6
7
T TT N V AI
PHU LUC
388
389
Philip Morris
Pitney Bowes
Walgreens
Wells Fargo
6
9
8
9
Tng cng
84
cua 5 yu t la 100).
PHU LUC
390
391
na y ?
trai nghim hay quan sat cua mnh ma theo ng, minh
hoa ro net iu ct loi trong qua trnh chuyn i t tt
trong bn ngoai.
N V PHN TCH C BI T
th) lng hoa cac bin s chnh gia cng ty nhay vot va
cng ty i trong.
Mua lai doanh nghip va a dang hoa nganh kinh doanh
n v phn tch nay nhm tm hiu vai tro cua vic mua
T TT N V AI
PHU LUC
392
393
Muc tiu:
1. u la s khac bit v lng trong vic mua lai doanh
nghip va a dang hoa nganh kinh doanh, nu co, gia
giai oan trc va sau thi im chuyn i i vi cac
cng ty nhay vot?
ngn ngay.
Ngoai ra, cuc phn tch nay con xem xet v cht cac vu
mua lai doanh nghip va ban i cng ty, thng qua cac cu
nm.
4. Danh sach cac vu a ban i cng ty trong nm va gia
hoi nh:
1. Chin lc tng quat v mua lai doanh nghip.
nm.
T TT N V AI
PHU LUC
394
395
i.
na y .
PHU LUC
396
397
v cht da trn:
Ch lng thng cho cp iu hanh
Tng giam c.
Cung cho mi nhom cng ty, chung ti xem xet ly lch va
i.
giam c.
3. S tui vao thi im lam Tng giam c.
4. Nm bt u va nm kt thuc vai tro Tng giam c.
T TT N V AI
PHU LUC
398
399
nm chuyn i.
6. Tng s lng thng cua cac giam c va lanh ao vao
i.
17. Trung bnh tng lng thng cua cac giam c va
nm chuyn i.
7. Tng s lng thng cua cac giam c va lanh ao tnh
theo phn trm doanh s vao nm chuyn i.
cao nht tnh theo phn trm gia tr rong cua cng ty
vao nm chuyn i.
chuyn i.
chuyn i.
chuyn i.
T TT N V AI
PHU LUC
400
401
chuyn i.
25. S lng thng cua bn v lanh ao cp cao nht tnh
theo phn trm doanh s cua cng ty vao thi im 10
nm sau chuyn i.
Muc tiu:
3. Mc s hu cua cp iu hanh.
T TT N V AI
PHU LUC
402
403
vit:
1. S tin phong trong vic ap dung cng ngh.
2. Thi im thc hin cng ngh.
3. Tiu chun chon la cng ngh va vai tro cua nhng
cng ngh cu th
4. Vai tro cua cng ngh trong s suy tan cua cac cng ty
con nhm
Phn tch s k nhim va t l thanh cng cua ngi
k nhim
Vai tro cua lanh ao trong s sut giam cua nhng
cng ty mt thi v ai
i trong.
T TT N V AI
PHU LUC
404
405
Cng ty
so sanh trc tip
PHU LU C 2.A
PHN TCH
NGUN GC TNG GIAM C
Bang tom tt sau cho thy tng s Tng giam c c
bat t bn trong hay mi t bn ngoai vao. i vi mi
cng ty nhay vot, chung ti xem xet toan b Tng giam c
trong giai oan 10 nm trc thi im nhay vot n 1998.
S Tng
giam c
S ngi t
bn ngoai
Upjohn
33
Silo
67
Great Western
Warner-Lambert
20
Scott Paper
20
A&P
29
Bethlehem Steel
R.J.Reynolds
33
Addressograph
10
70
Eckerd
Bank of America
Tng cng
65
20
30.77
S
Tng giam
c
S ngi
t bn
ngoai
Phn trm
ngi t
bn ngoai
S Tng
giam c
S ngi t
bn ngoai
Burroughs
33
Chrysler
75
Harris
50
Hasbro
Rubbermaid
25
Gillette
Kimberly - Clark
Kroger
Nucor
Philip Morris
Pitney Bowes
Walgreens
Wells Fargo
4.76
Tng cng
42
T
TT N V AI
406
Teledyne
Tng cng
25
24
90
26
28.89
PHU LUC
407
PHU LU C 5.A
S cng ty
Phn trm
s cng ty
thu Tng
giam c
bn ngoai
T l cng ty
i trong
va cng ty
nhay vot
Cng ty
nhay vot
11
9.09
Cng ty
so sanh
trc tip
11
63.64
Cng ty
ngn ngay
50
5.5
Tng cng
nhom cng
ty i trong
17
10
58.82
6.47
7.0
T TT N V AI
PHU LUC
408
409
HI U SU T NGA N H T TH I I M CHUY N
I N 1995 TNG N G V I M I CNG TY
Cng ty
S nm
S
nganh
c
xp
hang
Xp
hang
nganh
Xp
hang
trong
nganh
Abbott
1974 1995
70
San phm y t
28
40%
Circuit City
1982 1995
80
Ban le
chuyn dung
17
21%
Fannie Mae
1984 1995
90
69
77%
Gillette
1980 1995
76
My phm
19
25%
Kimberly Clark
1972 1995
64
18
28%
Kroger
1973 1995
66
Chui ca hang
thc phm
12
19%
Nucor
1975 1995
71
Thep
70
99%
Philip Morris
1972 1995*
57
Thuc la
4%
Pitney Bowes
1974 1995
70
H thng
may tnh
68
97%
Walgreens
1975 1995
71
Tim thuc ty
13
18%
Wells Fargo
1983 1995
84
64
76%
PHU LU C 8.A
HANH VI LN QUN
CUA CAC CNG TY SO SANH
CNG TY SO SA N H TR C TI P
A&P
A&P dao ng, chuyn i t chin lc nay sang chin
lc khac, lun c tm kim mt hanh ng n gian
nhanh chong giai quyt vn . T chc cac bui ln tinh
thn, gii thiu cac chng trnh, tom ly cac mt thi
thng, ui vic Tng giam c, lai thu mi Tng giam
c, va lai ui vic ho. Cac ta bai bao vit v A&P trong
nhng nm suy thoai: Ken trng bao trc thay i, Ngi
(*) Philip Morris c tnh t 1972 v d liu S&P trc o khng co.
T TT N V AI
PHU LUC
410
411
ln nht khi mua lai dch vu cho thu video American Home
tao ra bng cach thu cac chuyn gia v cai cach t chc
chu l nhiu t .
Bethlehem Steel
T TT N V AI
PHU LUC
412
413
R. J. Reynolds
Silo
kiu trng bay nht quan. Silo cui cung b Cyclops mua
ty.
Scott Paper
Upjohn
T TT N V AI
PHU LUC
414
415
Warner-Lambert
Chrysler
nhng vu mua lai cng ty tao bao, nhng tht bai va phai
CNG TY NG N NGA Y
Burroughs
T TT N V AI
PHU LUC
416
417
Hasbro
Hasbo la mt cng ty so sanh gn nh a co th tr
thanh cng ty nhay vot. Ho mang lai kt qua phi thng
Teledyne
nao cua Henry. Singleton thc hin hang trm vu mua lai
giup tao sc a.
Rubbermaid
Nu co cng ty bo qua bc xy dng nn tang, o chnh
la Rubbermaid. V Tng giam c trong giai oan chuyn
i a xut tai cu truc cng ty hoan toan, mt vic gy
nhiu xn xao. Tng trng tr thanh cu thn chu, tng
trng bt chp anh hng n sc a v lu v dai. Khi
T TT N V AI
PHU LUC
418
419
PHU LU C 8.B
Tn cng ty
Tng s vu
mua lai cng
ty trong qua
trnh c
nghin cu
Tng s vu
ban lai
cng ty
trong qua
trnh c
nghin cu
T l thanh cng
chung cua
chin lc
mua lai cng ty
Abbott
21
+2
Upjohn
25
NA
Circuit City
+3
Silo
-1
Fannie Mae
+3
Great Western
21
-1
Gillette
39
20
+3
Warner-Lambert
32
14
-1
Kimberly - Clark
22
18
+2
Scott Paper
18
24
-2
Kroger
11
+2
A&P
14
-3
Nucor
+3
Bethlehem Steel
10
23
-3
Philip Morris
55
19
+1
R.J.Reynolds
36
29
-3
Pitney Bowes
17
+1
Addressograph
19
-3
Walgreens
11
+3
Eckerd
22
-1
Wells Fargo
17
+3
Bank of America
22
13
+1
Burroughs
22
-2
Chrysler
14
15
-1
Harris
42
-1
Hasbro
14
+1
Rubbermaid
20
+3
Teledyne
85
-2
T TT N V AI
PHU LUC
420
421
CHU THCH
1.
Beryl Markham, West with the Night (NXB North Point, 1983)
Cac tnh toan li nhun c phiu trong quyn sach nay c da vao
d liu t Trung tm Nghin cu Gia c phiu cua ai hoc Chicago
(CRSP)
16
17
18
19
20
Tai liu anh may cua Gillette, 1995; Gordon McKibben, Cutting Edge:
Gillettes Journey to Global Leadership (NXB Harvard, 1998); Rita
Ricardo-Campell, Resisting Hostile Takeovers: The Case of Gillette (NXB
Praeger, 1997)
21
22
David McCullough, Truman (Nha xut ban Simon & Schuster, 1992)
Darwin Smith May Have Done Too Good a Job, Business Week, 1988;
Rae Takes On the Paper Indsutrys Tough Lone Wolf, Globe and Mail,
1991; Former CEO of K-C Dies, Dallas Morning News, 1995
10
Darwin Smith May Have Done Too Good a Job, Business Week, 1988
23
11
Darwin Smith May Have Done Too Good a Job, Business Week, 1988;
Kimberly-Clark Bets, Wins on Innovation, Wall Street Journal, 1991;
Darwin E. Smith, 69, Executive Who Remade a Paper Company, New
York Times, 1995; Robert Spector, da trn nghin cu va ban thao
cua William W. Wicks, Shared Values, A History of Kimberly-Clark (NXB
Greenwich, 1997)
24
25
26
27
28
12
13
14
29
30
T TT N V AI
PHU LUC
422
423
31
32
33
Chris Jones and Duane Duffy, Media Hype Analysis, nghin cu thc
hin cho quyn sach T Tt n V ai, 1998, 1999
46
47
34
Did CEO Dunlap Save Scott Paper or Just Pretty It Up? The Shredder,
Business Week, 1996
48
35
Did CEO Dunlap Save Scott Paper or Just Pretty It Up? The Shredder,
Business Week, 1996; Chain Saw Al to the Rescue?, Forbes, 1996; After
the Fall, Across the Board, 1996; Only the Paranoid Survive, Worth
Online, 1996; Mean Business: How I Save Bad Companies and Make
Good Companies Great (NXB Fireside, 1997)
49
50
51
52
53
54
55
56
57
58
59
36
Mean Business: How I Save Bad Companies and Make Good Companies
Great (NXB Fireside, 1997)
37
38
39
40
How Chrysler Filled Detroits Biggest Shoes, Wall Street Journal, 1994
41
Why Certain Stocks, Wall Street Journal, 1995; Chryslers New Plan:
Sell Cars, Fortune, 1995
42
43
44
45
60
Tom Wolfe, The Electric Kool-Aid Acid Test (NXB Bantam, 1999)
61
62
63
64
Ban ghi chep phong vn; A Banker Even Keynes Might Love, Forbes,
1984
65
66
67
T TT N V AI
PHU LUC
424
425
68
69
88
89
90
91
70
92
71
93
72
94
73
74
95
75
76
96
77
Ban ghi chep phong vn; Bold Banker: Wells Fargo Takeover of
Crocker Is Yielding Profit but Some Pain, Wall Street Journal, 1986
97
98
99
78
79
Tuning In, Forbes, 1981; Video Follies, Forbes, 1984; Ban ghi chep
phong vn
80
81
82
83
84
85
86
87
Nucor Gets Loan, Wall Street Journal, 1972; Nucors Big Buck
Incentives, Business Week, 1981
100 Wells Buy Crockers in Biggest U.S. Bank Merger, American Banker,
1986; Wells Fargo Takeover of Crocker Is Yielding Profit but Some
Pain, Wall Street Journal, 1986; A California Bank That Is Anything
but Laid Back, Business Week, 1990
T TT N V AI
PHU LUC
426
427
A&Ps Price War Bites Broadly and Deeply, Business Week, 1972;
Banking Against A&P, Time 1973; A&P Counts the Cost of Its Pyrrhic
Victory, Business Week, 1973
129 Stumbling Giant, Wall Street Journal, 1978
130 Shifting Gear: A&P Price-Cutting Didnt Create Krogers Problems...,
Forbes, 1972; Superstores May Suit Customers to a T-shirt or a Tbone, Wall Street Journal, 1973; Plain and Fancy: Supermarket
Boutiques Spur Krogers Gains, Barrons, 1981; 250,000 Unpaid
Consultants, Forbes, 1981
131 Ban ghi chep phong vn
132 Kroger and Fred Meyer Merge to Create No.1 U.S. Grocery Biz,
Discount Store News, 1999
115 How Do Tobacco Executives Live with Themselves? New York Times
Magazine, 1994
128 A&Ps Ploy: Cutting Prices to Turn a Profit, Business Week, 1972;
T TT N V AI
PHU LUC
428
429
157 Ban ghi chep phong vn; Jeffrey L. Rodengen, The Legend of Nucor
(NXB Write Stuff, 1997)
158 Jeffrey L. Rodengen, The Legend of Nucor (NXB Write Stuff, 1997)
160 Joseph F Cullman 3d, Im a Lucky Guy, 1998; Richard Kluger, Ashes to
Ashes (NXB Alfred A. Knopf., 1996); Beverage Management: Risky
but Straight Up 7UP, Forbes, 1982; Coke Pepers 7UP and Pepsi,
Advertising Age, 1986
168 Scott Paper: Back on the Attack, Financial World, 1979; A Paper
Tiger Grow Claws, Business Week, 1969; Outlook for 197 YearEnd Statement, Paper Trade Journal, 1969; Profits Peak for Scott
Paper, Financial World, 1970; No-Longer-So-Great Scott, Forbes,
1972
169 Ban ghi chep phong vn
170 Ban ghi chep phong vn
171 Ban ghi chep phong vn
T TT N V AI
PHU LUC
430
431
172 Ann Kaiser Stearns, Coming Back: Rebuilding Lives after Crisis and
Loss (NXB Ballantine, 1988)
173 David Maxwell Takes Over Trouble Fannie Mae, Washington Post,
1981; Fannie Mae Searches for Higher Ground, Fortune, 1981
199 Upjohn: Mergers:Upjohn Finally Makes It to the Big League: How CEO
Zabriskie Engineered the Pharmacia Merger, Business Week, 1995
201 Hasbro May Alter Bid to Appease Tonka Holders, London Financial
Times, 1991; Tonka Says Yes to Hasbro, London Financial Times,
1991
187 Tandy Agrees to Buy Assets of Eckerd Unit, Wall Street Journal, 1985
204 Bryan Burrough and John Helyar, Barbarians at the Gate (NXB
HarperCollins, 1991)
205 Ban ghi chep phong vn
206 An Iconoclast in a Cutthroat World, Chief Executive, 1996
192 BankAmerica Launches Probe, Wall Street Journal, 1985; More Than
Mortgages Ails BankAmerica, Fortune, 1985; Big Quarterly Deficit
Stuns BankAmerica, Wall Street Journal, 1985; Sam Armacosts Sea
of Troubles, Banker, 1985
T TT N V AI
PHU LUC
432
433
207 Gillette Holds Its Edge by Endlessly Searching for a Better Shave, Wall
Street Journal, 1992
210 The Wall Street Transcript: Corporate Critics Confidential: Savings and
Loan Industry, Wall Street Journal, 1989
211 How Playing It Save Worked for Great Western, Business Week, 1987
212 The Wall Street Transcript: Remarks by James F. Montgomery to the
Boston Security Analysts Society, Wall Street Journal, 1985
213 Ronald W. Clark, Einstein: The Life and Times (NXB World Publishing
Company, 1971)
214 Viktor E. Frankl, Mans Search for Meaning (NXB Touchstone, 1984)
232 Kinh nghim thc t cua tac gia u thp nin 1980.
233 Asset or Liability? Barrons, 1986; BankAmerica Reports a Small
Profit, Wall Street Journal, 1988
234 Another Bout of Anxiety over Bank of America Business Week, 1985
235 Things Are Adding Up Again at Burroughs, Business Week, 1967;
Anatomy of a Turnaround, Forbes, 1968; How Ray MacDonalds
Growth Theory Created IBMs Toughest Competitor, Fortune, 1977
236 Things Are Adding Up Again at Burroughs, Business Week, 1967; The
Burroughs Syndrome, Business Week, 1979
T TT N V AI
PHU LUC
434
435
272 Hot Steel and Good Common Sense, Management Review, 1992
257 Pitney Bowes: Jumping Ahead by Going High Tech, Fortune, 1992;
Changes in Tax Law and Its Effect on Leasing Equipment, Advantage,
1988
258 Old-Line Selling for New Smokes Win for Reynolds, Business Week,
1960; International Directory of Company Histories (NXB St. James,
1991)
259 Voyage into the Unknown, Forbes, 1971; Bryan Burrough and John
Helyar, Barbarians at the Gate (NXB Harper-Collins, 1991)
260 Voyage into the Unknown, Forbes, 1971; Bryan Burrough and John
Helyar, Barbarians at the Gate (NXB Harper-Collins, 1991)
261 When Marketing Takes Over at R. J. Reynolds, Business Week, 1978;
Voyage in to the Unknown, Forbes, 1971;
262 Bryan Burrough and John Helyar, Barbarians at the Gate (NXB HarperCollins, 1991); Cigarette Conglomerate, Financial World, 1970; New
Fields for Reynolds Tobacco, Financial World, 1970; The Two-Tiers
Market Still Lives... Forbes, 1974; R. J. Reynolds Stops a Slide in
Market Share, Business Week, 1976
264 Ken Iverson, Plain Talk (NXB John Wiley & Sons, 1998)
288 Walgreen Pharmacy Chain of the Year, 1990, Drug Topics, 1990
289 Walgreen Pharmacy Chain of the Year, 1990, Drug Topics, 1990
290 Walgreens Special Report: First in Pharmacy, Drug Store News, 1995
T TT N V AI
PHU LUC
436
437
319 Carl M. Brauer, Circuit City Stores: Customer Satisfaction, Never SelfSatisfaction, 1998
320 Tng s bai bao v cng ty nhay vot trong thp nin trc nhay vot
la 176, sau nhay vot la 423. Tng s bai chuyn v cac cng ty
nhay vot thp nin trc nhay vot la 21, sau nhay vot la 67
321 Jeffrey L. Rodengen, The Legend of Nucor (NXB Write Stuff, 1997)
308 Everyday Necessities, the Building Blocks, InfoWorld, 1998; IBM and
Lotus Get Closer, InformationWeek, 1997
310 Thomas J. Watson Jr. and Peter Petre, Father, Son & Co. (NXB Bantam,
2001)
337 John Wooden and Jack Tobin, They Call Me Coach (NXB Contemporary,
1988)
313 The Rise of Personal Digital Assistants, Systems, 1992; Users Mourn
Newton, Computerworld, 1998
343 Fortune.com
T TT N V AI
PHU LUC
438
439
362 Nghin cu thc hin cho d an Xy dng Trng tn; tai liu gc
t h s lu tr cng ty Hewlett-Packard
363 Th gi IEEE Awards Board cua Bernard M. Olivier, 1972, tai liu gc
t h s lu tr cng ty Hewlett-Packard
349 W-L to Acquire IMED at Cost of $465 Million, New York Times, 1982;
W-L Plan to Buy Imed Corp. Draws Cool Reaction by Analysts Due to
Cost, Timing, Wall Street Journal, 1982; W-L to Dump Imed, San
Diego Business Journal, 1985
350 Trang web Warner-Lambert khng con tn tai va ban se c chuyn
n trang web cua Pfizer. Ngoai ra, trang web nay con co thng tin
danh cho cac c ng Warner-Lambert i sang c phiu cua Pfizer.
351 Peter F. Drucker, Managing for the Future (NXB Truman Talley Books,
1992)
352 In the News, Fortune, 1978
353 Harris is Raising Its Bets on the Office of the Future, Business Week,
1983
354 Harris Corp.s Bold Strategy, Forbes, 1983; Harris Is Raising Its Bets
on the Office of the Future, Business Week, 1983
371 Harold Mansfield, Vision: A Saga of the Sky (NXB Madison Publishing
Associates, 1986)
355 Merits of Harris Tie to Lanier Debated, New York Times, 1983; cng
vi ban bao cao tai chnh hang nm trong tai liu cua Moody.
361 Nghin cu thc hin cho d an Xy dng Trng tn; tai liu gc
t h s lu tr cng ty Hewlett-Packard
T TT N V AI
PHU LUC
440
441