Airline航空公司收購合并案例分析

Connecting

with

One

World-

AirlinesDirect

Investment

andCollaborative

StrategiesTeam

Members:

Hongru

WangYunsheng

YangChengran

WangZhuoran

ZhouShengjie

Li

Min

Li公司LOGO與名稱Q1SignificantMergersin

the

IndustryDelta

+Northwest

Airlines

(2008)—SkyteamTheacquisitionproved

to

befruitful,

catapultingDeltatothetitleoflargestairlineandgeneratingsignificantcostsavingsforboth

the

airlines.公司LOGO與名稱Q1United

Airlines+

Continental

Airlines

(May2010)—Star

AllianceThismergerusurps

Deltatobecome

the

new

largestairline,positioningtheairlinesforglobalanddomesticcompetitionandimproved

service

andperformance.公司LOGO與名稱Q1M&AAdvantageCostreduction and

revenue

increaseResourcespoolingServiceoptimization公司LOGO與名稱Q1M&ADisadvantageLayoffs Reduce

competitionsignificantlyandmarketmonopolies3.Oftenaccompaniedbyconflictrelatedtoseniority

issues,

new

work

rules,etc.公司LOGO與名稱Q1Non-EquityAllianceAdvantage

Attainingthetechnical

efficienciesoflowerproductioncosts/

better

service

ReachofSeamlessServiceNetworks

andincrease

loadfactorsEnhancedfrequentflyer

programsShareinformation(Code-sharing)公司LOGO與名稱Q1Non-equity

allianceDisadvantageToobroad

settingofobjectives/IncongruentobjectivesAsymmetry

ofpartners,

in

the

sizeAsymmetry

ofbenefits

versusexpectationsDiffering

product/

service

standardsLackofExclusivity公司LOGO與名稱Q2Someairlines

have

survivedwithoutextensiveinternationalconnections.Canthey

continuethisstrategy?Whenthere

is

sufficienttrafficonthecitypairs

thatarouteserves,there

islittleneedtohavefeederor

connectingroutesforanairlineto

be

profitable.Withouttheneedforhubs

tomake

connections,someairlinescanoperateinsmallerbutcloser-to-downtownairports.They

can

avoidthecosts

associatedwith

the

transferand

the

payment

of

overnightexpensestopassengers.公司LOGO與名稱Q2Someairlines

have

survivedwithoutextensiveinternationalconnections.Canthey

continuethisstrategy?Theymaybeabletoovercomeanydisadvantages

fromsmall-scaleoperations

by

targetingtheir

promotiontoregionalandniche

groupsandbyrunninglow-costoperationsthatchargelowfares.Conventionalwisdomwould

suggest

they

can

in

factsurvive

in

theirpresentoperationalmodeandthat

attempts

toexpandandmodifytheir

operationsmight

makethemmorevulnerable.公司LOGO與名稱Q3Why

should

anairlinenot

beable

to

establish

serviceanywherein

theworldsimplyby

demonstrating

thatitcanand

will

comply

withthe

local

labor

andbusinesslawsof

thehost

country?Whyregulatedomesticairlineindustries.Considering

either

the

international

or

simply

the

domesticenvironmentA

majorconsiderationiswhethereconomic

interests

in

theairlineindustry

are

better

served

throughregulation

viathemarket.公司LOGO與名稱Q3ProponentsCompetition

has

forced

carriers

tobecome

efficient

or

else

go

out

ofbusiness,

instead

of

beingsubsidized

by

regulated

route

andfare

structuresEconomies

of

scale

in

handlingpassengers

and

cargo.OpponentsLocal

interests

are

often

ill-servedbyderegulationOpponents

argue

that

localinterests

are

often

ill-served

byderegulation

since

airlines

are

freeto

discontinue

service

and

to

wagepredatory

price

wars

thatputcompetitors

out

of

businessThe

high

barriers

to

entry

in

theindustry

further

exacerbate

thissituation公司LOGO與名稱Q3Anothermajorconsiderationdeals

with

thepoliticaldimensionsof

thequestion.Becausemost

governments

seeairlines

as

akey

nationalindustry,theyopposegivingforeign

carriers

access

todomestic

routes

ongrounds

of

bothnational

security

andconsumer

welfare.Countries

believe

they

can

save

money

by

maintaining

smallairforcesand

relying

ondomestic

airlines

intimesof

unusualairtransport

needs.

Forexample,

U.Sgovernment

used

U.Scommercial

carriers

tohelp

carry

troops

toand

fromIraq.As

well,

airlines

area

source

of

nationalpride,andaircraftsymbolize

a

country’ssovereignty

and

technicalcompetence.公司LOGO與名稱Q4The

Foreign

OwnershipRestrictionson

AirlinesThe

United

States

andCanadarestrict

foreign

ownershipto

25%The

EUhas

taken

steps

to

liberalize

within

Europe

and

sets

a

49%

limiton

non-European

ownership.In

Australia

and

NewZealand,

foreigners

are

permitted

to

acquire

upto49%

of

the

equity

of

an

international

carrier

and

up

to

100%of

adomesticairline.公司LOGO與名稱Q4ReasonsWe

need

UScarriers

for

nationalsecurityUS

believe

they

can

save

money

by

maintaining

smallairforcesandrelying

ondomestic

airlines

intimesof

unusual

airtransport

needs.Argument:It

would

be

cheaper

and

better

if

the

US

government

simply

tenderedfor

charters

onthe

open

market公司LOGO與名稱Q4ReasonsForeign

Airlines

Don't

Have

theSame

SecurityStandardsUS

haveworried

aboutprotecting

their

airspace

for

security

reasons.Argument:A

US

airline

owned

byforeign

investors

isoperated

by

US

permanentresidentsand

citizens,and

followingall

USstandards

andprocedures,subjectto

allUS

regulationsand

controls.公司LOGO與名稱Q4ReasonsForeign

Airlines

Would

Take

AwayJobs

from

AmericansThe

desire

tomaintain

existing

jobs

threatened

by

foreign

competitionisprobably

the

single

mostimportant

source

oftoday’sprotectionistpoliciesArgument:All

UScarriers

haveto

employ

either

lawfully

admittedforeignnationalsonspecialwork

visas,

or

US

permanentresidents,

and

indeed,

forsomejobs,

they

can

only

employ

full

US

citizens公司LOGO與名稱Q4ReasonsA

Foreign

Airlinewould

'cherrypick'

only

theProfitable

RoutesThe

foreign

owned

airline

would

only

fly

on

the

'easy

major

routes

that

anyairlinecan

make

a

profit

on‘Argument:The

ownershipof

a

new

startup

airline

again

makes

no

substantialdifferenceto

theexternal

marketplacefactorsthat

influence

all

airlinesandtheir

present

operations公司LOGO與名稱Q4ReasonsProfits

will

be

Taken

OffshoreAllowing

foreigners

to

own

US

airlines

means

thatthey'll

takealltheprofits

offshore

andsomehow

harmthe

USeconomyin

theprocessArgument:No

US

carrieris

making

so

much

profit

that

transferringsome

share

ofitoffshore

would

harm

theeconomy公司LOGO與名稱RealityThe

U.S.

law

limitingforeign

ownership

ofU.S.

airlinesis

consideredananachronism

because

people

desire

to

benefitfrom

morecompetition,

lowerfares,betterservice,

andno

moretaxpayer

bailoutsofold,

irrelevant

airlines

that

should

be

allowedto

quietly

expireanddisappearQ4公司LOGO與名稱Q5公司LOGO與名稱Q5公司LOGO與名稱Q5If

a

few

largeairlines

or

networkscometodominate

global

airservice……More

convenienceRisk

reductionLower

cost公司LOGO與名稱Q5If

a

few

largeairlines

or

networkscometodominate

global

airservice……Underoligopoly

conditionsHigh

pricesPoor

service公司LOGO與名稱Q6The

AirlineBailoutMany

airlines

haverecently

been

nomore

than

marginally

profitable.Q公6司TLhOeGOA與i名rli稱neBailoutAirline

is

avitalindustry.Facilitate

economic

growth,

world

trade,internationalinvestmentand

tourismGovernment

interventionto

guaranteetheirsurvivalAirports

andair

trafficcontrol

infrastructureEmployee

trainingfor

pilots,mechanics,etc.Protection

from

foreigncompetitionCreditinstrumentsto

air

carriersDeferred

taxation公司LOGO與名稱Q7Two-Stage

Model

ofAirlines

GameCost&

Revenue

SharingMethod公司LOGO與名稱Q7Cost&

Revenue

SharingMethodContributionApproachThe

contribution

approach

is

used

toarrive

at

aprofitsharing

percentage

foreachof

theairlines.Sincethe

partiesmay

contribute

labour,management

and

capital

tothe

joint

venture,

it

isreasonableto

divide

the

income

orexpenses

basedonthe

relative

contributions

ofeachparty.The

underlying

principalis

that

returns

are

tobeshared

inthe

same

proportion

asthe

costs

andcapital

are

contributed.公司LOGO與名稱Q7Valuing

ContributionAvailable

Seat

Miles

(ASMs)A

common

industrymeasurementofairline

outputthat

refersto

oneaircraft

seat

flown

onemile,whetheroccupiedor

not.

An

aircraft

with100

passenger

seats,

flown

adistanceof100

miles