siems monthly briefing 2011-06 eng
TRANSCRIPT
8/4/2019 SIEMS Monthly Briefing 2011-06 Eng
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S i e m S m o n t h l y
b r
i e f i n
g S K o l K o V o i
s u e m a k S u d s
m s c w S c m a a
J u 2 0 1 1
All roAdS leAd
to rome: high
PerformAnce firmS
in chinA And ruSSiA
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i. PerformAnce meASureS 2
ii. PerformAnce meASureS in emerging
mArKetS 6
iii. Which method to uSe to eVAluAte
high PerformAnce firmS? 14
iV. toP 500 firmS in chinA And ruSSiA 16
V. leSSonS from high PerformAnce
firmS 22
Vi. concluSionS 44
APPendix 46
One Of the primary gOals Of managers is tO achieve and maintain high per-
fOrmance. the pOpularity Of best-sellers such as Built to last and Good
to Great demOnstrates the current enthusiasm fOr high perfOrmance
firms. after decades Of research, what dO we knOw abOut high perfOr-
mance firms? what measures shOuld we adOpt tO evaluate firm perfOr-
mance, especially in emerging markets? and finally, which are the high
perfOrmance firms in emerging markets, such as china and russia, and
what can we learn frOm their success stOries? the Objective Of this re-
pOrt is tO prOvide managers with guidance tO evaluate firm perfOrmance
in emerging markets and suggestiOns On hOw tO achieve and maintain high
perfOrmance.
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3I. Performance measures / 2 /I. Performance measures
research june, 2011
i.PerformAnce
meASureS
po o o o o
. to o, o
o o . do o o -
o -o o, o -
o o o o. t o
oz -o o o. v
r1 o o o -
o ( o o) ooo ( o oo). mo
, r o2 , “Ozo o
o o oo: () o-
(o, o , o , .); () o
o (, , .); () o
(o o , oo , .).”
ao o o --
o, o o o o o
o o. d o o o,
o o qo o-
o . a o
o ozo o o
o o . O-
o o o
o, o o o . i
o, o
o , o o .
t o o o o
o, ,
o/ , -
. e o o , o (rOa),
o q (rOe), o. t -
(eps). a -
o o/ to’ Q3,
oo o o . s o
o o. Q-
-o o . fo , ceO o
o rOa . f -o
. fo , o o
1 v r. 1986. m o b po s r: a cooo ao. a o m jo, 11: 801-814.2 r, d, y joo. 2009. m ozo o: to ooo . jo o m, 35: 718-804.3 to’ Q o o .
Although managementscholars agree thatperformance is multi-dimensional, they havereached no consensus onwhich dimensions shouldbe included to measure
firm performance.
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research june, 2011
5I. Performance measures / 4 /I. Performance measures
research june, 2011
o o o ’ o oo o
o o .
g ooo, oo o o -
. a o 53% o
o o 2003 o 2007 o
o , o o o .4
no o o o o o o
. u o o o o o , o o o o . t o,
o o o o o ,
o o o o o .
i o , o o o
ceO o o o o. a o o ceO
o, eps, o o oo oo.
a o5 a o o-
zo o o, o, oo o , o,
o, o t 1. po ,
o (rOic)6
4 r, d, y joo. 2009. m ozo o: to ooo .Jn f Mngmn , 35: 718-804.5 a. 2007. i o o o.6 rOic=n o o (nOplat)/i ( o qo).
tAble 1: Accenture PerformAnce meASureS
po
m o o o
3 y
5 y
go
m o 3 y r o cagr
5 y r o cagr
poo o f
m oo o o ( ) oo o o o’
5 y
5 y
lo
m o o o o o o o, o o o o q o o o
3 y. o o o cagr
5 y. o o o cagr
co
m o o’ o o o o, o ooo
5 y. oo o
5 y. oo
5 y. oo
S: “i ps pa w: h pa sss ca 2007”. A. Pa 53.
o o (wacc)7. s ’ o rOic.
go o, o z. f
(fv) o - o o’ -
o o o o’ o o. lo
o o o, o -
. a , o o oo
o o, o, oo o 5-
o. a’ -o oo o o o; o,
o , fv o o o,
. coq, o o o -
o o , o oo
.
7 wacc= d/ev*(k)*(1-t)+eq/ ev*(k), k o o , t ( o o oo), k o o q, ev o o (+q).
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7II. Performance measures In emergIng markets / 6 /II. Performance measures In emergIng markets
research june, 2011
ii.PerformAnce
meASureSin emerging
mArKetS
b o o o, o,
o o -
o. to o o -
, o o
o, q o o o
o o.
eo o o
o. fo , o- oo ooo o
o o
o. O o , o
oo o o o
o. t o o
o o o
z o o-
oo o o o. coq,
o o q o
o o .
single Or multiple measures?a o o o, o
o o -
o o. coq, o o o-
. f o o o-
o o o: o o o
o.
go o oo -
, o o o. i -o
(sOe), o zo o o. sOe o o, , - -
, o. io o o
o o, o o
o oo
o . d o o q, o o o-
o . t q o o
o o o o oo
o. coq, o o o o
o o.
accOunting Or financial market measures?t o o o o o
o . t o o -
To select the appropriateperformance measuresin emerging markets, wefirst need to consider theenvironments, which arequite different from thoseof developed countries.
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9II. Performance measures In emergIng markets / 8 /II. Performance measures In emergIng markets
research june, 2011
o o o o o
o, o .
h, o o o -
o o o.
t o o . t o
o o . co-
q, o . s o o
o o -. fo , c bo (so o 000009) o
sz so e. i oo o o -
s 2010. s ’ o o -
o oo. t o o o 11
rmb s 2010 o 26 rmb o f 2011. ho,
bo o . m o
oo o o. t c s ro coo
o. t oo o
o c o o o . t
sec oo o o c o u.s. i
o o o o $34
o8. a o c e s to-
o, c w d, o o . t
u.s. o o o o oo o.
e - oo o , c-
o oo o oo. t
o o o o o . so
o o ’ .
t o o o o. f
o o . fo ,
o o o o c, o o 2000 o c o . d o q o -
, -z o o . O’ o o
oo o o o . i o
, oo o -
. to, o o .
which perfOrmance measures?n, o o o o o
o o o o -
.
8 ://..o//c_so_f#_o-1
grOwth
e o-o, -o o oo
zo o .9 O o o o
o oo o. t
o o o oo o . gdp
o o $3,573 o 1980 o $17,881 o
2009. i 2009, gdp o o -3.16%,
gdp o 2.39%.10
m oo-o o , t io
i, coo h c, s s r.
t oo o o o
oo o o o o . g
o o o o o ,
o o o o o o
o. moo,
o o o, o
o o . O, o o
o o o o.
w o o o o
o o o o. f -
, c, o o o o
, ,
o11. i ’ , ,
o oo . b
o o o o o o ,
o o o o o 12.
i o o oo o, o o o -
o o o o
. O o o oo o o.
market share
t o o o o oo
o. g, o oo
o o o . c -
o o o o o
, o o .
9 hoo, r. e., e, l., l, c. m., & w, m. s oo. acmy f Mngmn Jn, 2000: 249-267.10 imf. 2010. wo oo ooo .11 t eoo. 2005. t o.12 l, Z., h, Q., l, t., & Zo, w. 2007. t po po o izo uzo c. c eoo, 40: 6-30.
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11II. Performance measures In emergIng markets / 10 /II. Performance measures In emergIng markets
research june, 2011
h o o o.13 a - o 276
-o o 48 o , o , -
o o o. s o
o o o. no
oo oz o o o o-
’ o o o-
. do o
o o o oo zo o o o o o o.
m o - o
o o - .14 b o
o q ’
o o o q -
o. t o o
o o q . e
o o o o
.15 t oo
. coq, o .
moo, o o o
o o .16 t o oo o o o-
o o o o. t
o oo o -
o . i , o o
o o o o o o .
prOfitability
l o o o, o o o
. t o o o o o -
o o o o. m- rOa eps q o -
o o o o. t o o
o o. t o o o
o o, o o o.
b o o o ,
o o o oo o o o -
o. b
13 sz, d., s. b, p. v. ‘a o -o o’,Jn f Mkng, 57: 1-18.14 h, g. b. w. ‘d o o: o o oo ozo o’,sgc Mngmn Jn , 10: 399-511.15 boz, d. & djo, d. n. t oo o o r. ecnmc f tnn, 9: 87-10416 m, w. m. & boo, m. 2008. w o o oo? ro o ozo oc . Mngmn n ognzn rvw , 4: 349-365.
,17 o o o
. f o o o
. coq, o o o o.
the lOOp Of firm develOpment
t o o o, o o. t
o o f 1.
t o o o, , o o o
o. i s 1,
o o. r o
o oo o. eoo -
zo o o oo o
o o o. ao , o
o o o o . i s 2, o
o o
. ao oo o o oo, -
o oo o,
o o . t o o o
o q . i s 3,
o o oo
o o. i s 4, o o o o o
o o o. f o o
o o . t oo
o , o oo o.18
17 k, t. & p, k. 1997. w o o o . Hv Bnrvw , 75: 41-51.18 i o o o oo o, o.
These three dimensions arenot isolated, but related toeach other.
figure 1 t asp w, ak sa a pa
S: SiemS aa
mArKet ShAre
ProfitAbilitygroWth
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13III. WhIch method to use to evaluate hIgh Performance fIrms?/ 12 /II. Performance measures In emergIng markets
research june, 2011
final selectiOn w o o o o-
o o o o,
, o o
o . n, oo
o :
sales grOwth:• c o o,
o o
o o
market share:
• f’ o o
.
prOfitability:
• rOa/rOe/rOi/rOs: r o /q//, -
o o o o o ’ -o-
/o oo o o’ q/o oo
o /o
• po : o o o o o
We decided to adoptmultiple objectiveaccounting performancemeasures that focus ongrowth, market share, and
profitability to evaluate firmperformance in emergingmarkets.
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15III. WhIch method to use to evaluate hIgh Performance fIrms? / 14 /III. WhIch method to use to evaluate hIgh Performance fIrms?
research june, 2011
iii.Which method
to uSe toeVAluAte highPerformAnce
firmS?
i o o, o o-
o o
. t qo o o o-
. a oo o o
o o .
ho, o o -
. w o o-
o o.t o o o
o zo o o
o . w o o o o o o . h,
o o , o o-
o o o: o .
excerpt 1: frOntier analysis
fo o o o-
(dmu) o. a dmu o
o, oo o . d -
o (dea) o o o o . dea
o- o o -o o
o . t o dmu
o o
o o o dmu (o o,
q o o ).
c o dea :
• no o o -o o
• no o o o
• no q o o
• po o • po oo o -o o
dea o o -
, oo o o. i o
-o o o o o
o o . i o o
o o, o o o
o. f o o o ( -
o o 1), o o o o
( o o 1). d o o -
, o o -o
o o. fo o -
o , o o .
A way of evaluating firmperformance based onthe efficiency of multipleinputs and outputs:
frontier analysis.
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17Iv. toP 500 fIrms In chIna and russIa / 16 / Iv. toP 500 fIrms In chIna and russIa
research june, 2011
iV.toP 500 firmS
in chinA AndruSSiA
target firmsi dea o o o, -
’ o. t o
, sOe, o o -
. s, o-o o
o o o
o . to, o o o
o o -o. a 1 z o c r
.
a , o o o 500
. fo c , o o 500
o 1999 o 2008. fo r ,
o 2001 o 2009. w o
o o o 500 . ao o
o, o o
o o o o oo,
o o o 500 .
fo dea, oo o – o o
19 – o o
oo o. w oo o o : o,
, rOa, o . t o
o o: o, , o. w o o o 10-
o o o o o
o o.
identifying high perfOrmance firmsw o o o 500 . t 2 o
, o oo ( 500 o ),, o o o.
cOmparisOn with firms in develOped cOuntriest 2 o o o c
0.3 0.4, o o 500
o 30% o 40% o . e
z o ( o, o,
) (o ). fo r , o
. t o o 0.3
0.4. a 20 o o o o-
19 h o , o o o ’ .20 y, d joo. 2009. m lo t so po: t uk’ lo- sopo 1984-2003. lo r p, 42: 390-413.
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19Iv. toP 500 fIrms In chIna and russIa / 18 / Iv. toP 500 fIrms In chIna and russIa
research june, 2011
u ko o 1984 o 2003.
t o o
uk o o 0.52 o
0.96 o 20- o,
o c r .t o
, c r,
o o,
o o, u
ko, . i -
, o,
o o, o .
t o o o o -o
oo o o. g
,
o o o -
oo .
t o oo
o o. i , o
o oo: oo, o, , ,
o f 2.
t o o w o.
t, o o o o . t -
oo o o o o
oo o o oo o o
o o. a, o -
z. t
o . i o , ,
o . m o
o oo o z. i
, oo o o o. i o o ,
ooo . i , ,
o.
mo oo o o
, . e o ,
o o oo o o o . i ,
o o oo-
. e o ,
o o. i o o, o
. f o o o o
oo ooo. b o o o o
oo o o, o .
tAble 2 AVerAge efficiency ScoreS
Y nb bi a eiiy
s dii
iiy
c f
2000 260 0.41 0.25
2001 285 0.33 0.23
2002 402 0.28 0.20
2003 374 0.39 0.23
2004 290 0.32 0.20
2005 366 0.37 0.23
2006 428 0.31 0.22
2007 441 0.33 0.20
2008 402 0.35 0.24
r f
2001 409 0.44 0.26
2002 391 0.32 0.22
2003 372 0.33 0.22
2004 391 0.37 0.24
2005 382 0.33 0.24
2006 402 0.37 0.24
2007 433 0.36 0.24
2008 445 0.30 0.24
2009 455 0.29 0.24
S: SiemS aas
The difference inefficiency score means
that in emerging markets,such as China andRussia, there are manydifferences between firmsin terms of performance,whereas in developedcountries, such as theUnited Kingdom, there arefewer differences.
figure 2/ is
S: K&As, 1990.
t
S a s
i gw ma d
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21Iv. toP 500 fIrms In chIna and russIa / 20 / Iv. toP 500 fIrms In chIna and russIa
research june, 2011
change Of efficiency Over timei o , o o .
ho, o t 3 o o o o ,
o c o r . r, o
o . i o -
o oo
o. m , , o. i ’ , o
oo . b o-
o o o o o , -
o o . ho, o
, o o .
firm siZe and efficiencyn, o o z . do-
, z o o;
. t oo o o
o 500 z. ho, o o q z o -
o o o o. f, o o
oo. l q. t o
- o o gm, c, s
. so, - -z -
o.21 t o o o
o . ao o
o o, o .
O o o . w o
o o o o
z . fo , o o 500c 2005, o 10 o
o 244 o z. i , -
o z
o 0.125 o c 0.075 o r .
t o z o
oo o . a , -o o-
o o o oo o o o.
f o, o, o o o o. fo
, o o o o o, c oo
o o j oo. 22
21 so, h. 1992. lo o g’ mz g. Hv Bn rvw , 70: 115-123.22 j mgo. t o a 7, 2011.
t o z o o
. t o -
’ o o.23 i o o
o o, o, o , o
. O, o o o oo
.
23 seims o o. 2010. t o z - ao o oo o o bric: o ?
We should not equatelarge size to highperformance.
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23v. lessons from hIgh Performance fIrms / 22 /v. lessons from hIgh Performance fIrms
research june, 2011
V.leSSonS
from highPerformAnce
firmS
i o, o o o o
o o .
whO are the tOp perfOrming firms?to o o , o o
500 o o 5 o o 9- o o o. O
- c 401 r
q. t o o 500 c , r, o .
t, o o o
. fo , o o
o 50% o 100. s c-
24 45 r 25 q.
t 3 4 oo o . w o
t 3 o o , o o
o o oo. t o
o oo o. a
. i
. t o t 4 o o
o . fo
. a o , o 45 o o o
, o , oo q, ,
o.
ao o , o ,
h ko c uo aoo Zo (uaZ)
r. t o. w o
o , Qo t go Q
l cooo. t o , o
o o o, o o . fo , Qo t go
o o c.
are they the real champiOns?w o o o o o 500 o
o . t 5 z oo.
t oo o c o 17 o
o o o 500 o o
. ho, o o o, o rOa,
24 O (s go) o .25 to (permglavneftesnab permskaya pechatnaya fabrika - filial federalnOgOgOsudarstvennOgO unitarnOgO predpriyatiya gOZnak) o o o 2006. O (evrOtsement grup) o o .
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25v. lessons from hIgh Performance fIrms / 24 /v. lessons from hIgh Performance fIrms
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tAble 3. high PerformAnce firmS in chinA
n i fo
fq o 500
a o
a - o
Qo t go to 1997 5 1 1
Q l cooo l o 1996 5 12.2 0.87
h too cooo too 1995 8 15.25 0.84
Q l co cooo a oo 2000 7 31.57 0.84
wo go m -
1988 6 29.83 0.70
byd l b cooo b 1998 6 47.67 0.67
a co c col
c 2000 5 44.8 0.67
vv go so 1992 9 36.78 0.65
ko go hoo o 1980 6 33.5 0.65
s ho g & O go v o o 2003 5 92.8 0.63
do fo tooco cooo
co 1998 5 77.2 0.61
boo go co 1996 8 62.63 0.56
h c co.,l io 1990 5 61.8 0.55
xz p go c 1998 6 66.17 0.54
j goq Zoi co, l
m 1998 5 74 0.53
no h go p o 1994 5 56 0.52
so Zoo pgo
m- 1996 6 82.83 0.50
tAble 4. high PerformAnce firmS in ruSSiA
co i # to500
a o
a o
az ooo zo s, o, -o, , o
5 90.50 0.52
b O b b - b-yo
m 6 81.50 0.58
d poo o o o
6 41.20 0.69
eo g c, 6 38.67 0.77
f p, o o o o
7 72.50 0.57
i c, 6 76.67 0.55
izo s d po : o
7 1.00 1.00
jo so co nooos co - noo
s 7 42.67 0.71
ko g p o oo, o
9 51.44 0.72
koo Zo ro l o o q
6 73.80 0.53
ko. iz do n: o
6 65.40 0.52
l az p a o 8 67.00 0.58
moo mzo-koo- Zo m-mz
s o 9 29.00 0.78
moo Zo s o 7 1.00 1.00
m i o -, o -
9 58.56 0.61
m f 6 77.00 0.59
noo p nz-o koo-bzko
s o o 8 70.00 0.54
no zo noo z 9 89.44 0.60
nzoo o-- zo
p -o
9 66.56 0.62
nz oo c o, o
8 64.83 0.55
no s O jo-so co-
i o q,o
9 1.29 1.00
O gop i Oz po poz-o go Zo-O goz mfo roo f -goo p
boo : o -
5 51.00 0.63
O s-yooz po 7 90.50 0.54
Oooo f 9 60.56 0.66
O jo so co azo noo z 9 92.44 0.53
p i k s o - o
5 83.80 0.55
pozo ko no-o eoozooZo
h oo, oo
6 30.20 0.72
r ioo f a eco
po 8 12.14 0.89
s-p moo Z-o p
7 48.17 0.63
so f 9 69.13 0.61
so o o- z
c, 9 76.67 0.53
so c, 9 10.33 0.88
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27v. lessons from hIgh Performance fIrms / 26 /v. lessons from hIgh Performance fIrms
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o , . t o o
o c o o o 500,
o . t o r
. t 45 o r
o o 500 r-
.26 t o o
rOa, o , . t o
c r oo o o 500
o o o o.
t oo o o
o o 500 o c r o o o o o -
, o o o . t
o o
o s 1 2 o -
o, o f 1. t s 3 o 4,
o oo o
o. t z o o o.
u c o , r o
o o 500 o (9.73 . 11.15). t
r o o oo o ,
c o . t o
o oo, r o o c
. r o o. t o
oo o o, o, o
o o c r . r o o -
o o (0.19 . 0.13) (0.23 . 0.17)
o o (0.25 . 0.36) c o.
h o ooo
o o o
. fo , ooo o
1995,27 r o o ooo o o 2001.28 a , r
qo (m&a) . t o m&a o $10
o 1997 o $159.4 o 2007. 29
O o o ooo c
o o o o o m&a. s
o o o o , qo o
o o o o o o. t o s-
o io s go o. so io s
go o so o o. w o
26 O (s go) o .27 ho, r. 1995. r ooo. w s jo - e eo, 226: a14.28 koo, a. 2001. r o ooo. ao w & s too, 154: 49.29 kpmg. m&a r, 2006, 2009.
so c, 5 41.50 0.69
s o
hoo oo
5 91.60 0.53
s io l d 9 85.56 0.51
s p c o o-o o
5 47.25 0.63
t hoo oo q-
7 43.20 0.67
to t c, 8 41.43 0.72
t co ro q 5 60.00 0.55
t Zo po-a imo v.v.
s 7 37.57 0.70
to i 6 69.67 0.53
uo aoo Zo too q,o
9 43.63 0.62
u kz io o 5 43.50 0.71
v -b - d n c , ,,
7 82.67 0.55
voz Oz i o -, o -
9 90.56 0.55
Zoz e p - Zz too q,o
9 52.50 0.62
S: SiemS aa;
tAble 5 comPAriSon of high PerformAnce firmS And other toP 500 firmS
v O to 500 f h po f
c m m
c 11.64 11.70
eo 7.48 7.74
s o 0.37 0.36
rOa 0.12 0.27
po 0.06 0.13
m 0.06 0.17
r
c 9.73 11.15
s o 0.29 0.25
rOa 0.10 0.26
po 0.06 0.19
m 0.06 0.23
S: SiemS aa;
The comparison betweentop performing firms andthe rest of top 500 in bothChina and Russia showsthat top performing firms
enjoy higher profitabilityand market share, butsimilar or slower growthrate.
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research june, 2011
q Qo io s go, o
Qo o, Qo o
qo oo o o o-
o , o o-
o o o . 30
hOw did they get there?chinese stOryt o o o o o c r-
o oo o o 500. ho,
o . i o o o
o o, f 3, o o 17 o
o c o o o.
30 Z w. t o a 19, 2011.
figure 3/ tp cs s
S: SiemS aas
0.3 ProfitAbility
0.25
0.20
0.15
0.10
0.05
0
- 0 . 5 0
0 . 5
g r o W t h 1
Q1
Q2Q3
Q4
Q1 Sas gw
3
2,5
2
1,5
1
0,5
0
1 9 9 8
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
Q1 Pa
0.4
0,35
0,3
0,25
0,2
1,5
1
0,5
0
1 9 9 8
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
Q1 mak Sa
S: SiemS aas
0,8
0,7
0,6
0,5
0,4
0,3
0,2
0,1
0
1 9 9 8
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
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2 0 0 5
2 0 0 6
2 0 0 7
Q1 All
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research june, 2011
t o o - o
o (o ) o o 500 :
t 36.9% 6.5%, .
fo o o o o
o. f Q1 o o o .
s c o o. f Q2 o o
o o . to o o.
f Q3 o o, o . fo o
o. f Q4 o o o o. fo
o o.
Q1: entrepreneurial grOwth
f Q1 o o o. t
o o o o
o 500 . ho, o -
. d 10- o, o o
, o o 500 . t
o o 2005 o
.
f Q1 o. a
o o . t o o o o, o o
o . i o
o o o , o ,
o o, o o o. fo , xz
p o lo w mo, -
o. s, a co c o
-q o .
d o o, o o -
. so o o
o . s o o,
o, o o o o-
o. fo , wo go r&d
Q2 Sas gw
1
0,9
0,8
0,7
0,6
0,5
0,4
0,3
0,2
0,1
0
1 9 9 8
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
Q2 Pa
0,9
0,8
0,7
0,6
0,5
0,4
0,3
0,2
0,1
0
1 9 9 8
1 9 9 9
2 0 0 0
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2 0 0 8
Q2 mak Sa
S: SiemS aas
0,8
0,7
0,6
0,5
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0,3
0,2
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0
1 9 9 8
1 9 9 9
2 0 0 0
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2 0 0 7
Q2 All
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33v. lessons from hIgh Performance fIrms / 32 /v. lessons from hIgh Performance fIrms
research june, 2011
o . 31 i
-o . O
o o oo. t o xz p
o. t zo o o o
o xz o o . to o, xz o
q . i o ,
o. a , xz
o . co o - o o’ q. ao o o
, o o . O
oo, o o z.
Q2: grOwth fOr market dOminance
f Q2 o o o o. t o
o . t o
o o . fo -
, j goq Zo i co, l z
. t o o o-
o oo. m o Q2 o. m-
, o, o o , o o . t
o-o o. t o o oo
f 1: o, o ,
o oo.
po o, o . t
o o o o o o -
. t o o o o
-5% o 1998 o 2008. ho, s ho g & O go
o o o 1.5%. ao o
o o o 500 , Q2 oo o o.
O o o , Q2 o-
o o. j goq Zo i co, l
o o o (ltpm) o -
o. coq, o o o
o 93% 2003 o 79% 2008. a, o -
o o. s ho o
o o o o o. i
, o. 32 i o o o o
, a u s. 33
31 ://.oo.o///32 ://.o-.o./o/.?=7033 ://.o-.o./o/.?=15
Q3 Sas gw
0,6
0,5
0,4
0,3
0,2
0,1
0
1 9 9 8
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
Q3 Pa
0,25
0,2
0,15
0,1
0,05
0
1 9 9 8
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
Q3 mak Sa
S: SiemS aas
0,6
0,5
0,4
0,3
0,2
0,1
0
1 9 9 8
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
Q3 All
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35v. lessons from hIgh Performance fIrms / 34 /v. lessons from hIgh Performance fIrms
research june, 2011
Q4 Sas gw
0,6
0,5
0,4
0,3
0,2
0,1
0
-0,1
1 9 9 8
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
Q4 Pa
0,9
0,8
0,7
0,6
0,5
0,4
0,3
0,2
0,1
0
1 9 9 8
1 9 9 9
2 0 0 0
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2 0 0 2
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Q4 mak Sa
S: SiemS aas
0,4
0,35
0,3
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0
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1 9 9 9
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Q4 All
Q3: Organic grOwth
f Q3 o o o
. t
o o o. t o o o
o ’ o z.
t z o 81.81, z
o o o o 227.67.
a o o ooo . byd , vv o -
o , h ,
no h o o o . s
o , o o
o. ho, o o
ooo , oo o . coq, o-
o o . i o o
oo, o o o o -
. t o oo o o
o o o.
t o h o o o ’ o
. h’ , , o o -
’ o o . c’ o q
o o 20 . m o o-
oo , h o o
. m o o o o o o
- - - . i o
oo h, o o
o o: o o (r&d).
c o r&d o o o
o . ho, h o 10% o o r&d o . i o 13.34 o rmb o r&d
2009. h 17 r&d o 22 o
r&d o . i o no. 2 o ,
1,847 2009, o o u no wo i po-
Ozo . ao 43,700 o, o
o 46% o oo, o r&d o. e
h o o- o o-o o o
eo o a o, o o o
1.5-2 o. t h o o-
o .
d o , o o o o-
oo. h o o . b o 2009,
eo, o o e-
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37v. lessons from hIgh Performance fIrms / 36 /v. lessons from hIgh Performance fIrms
research june, 2011
o, no s, a, o o o 10%
14.2%, . f Q3 o o
o . t o o o
o o o .
t o byd . a
o , byd go o o o -
, oo o . 34 t o o,
o, o byd go.
Q4: sustaining market leadership
f Q4 o o o o, -
. t
, o Q3. ko go o 1980
c. s, fo -
oo o o 1998, o o
o c. ho, o o
o o -
o o. ao -
, oo. i o o
, o o oo.
f oo o o .35
i o o, o o o o oo. coq,
o o,
o o. ko o oo o . i
oo o o o , co
34 ://.3158.//20101228/13/84-58932657_1.35 go xo. t o a 15, 2011.
h, o o, s so. t
c o
o tv. co oo o
o o o. p oo oo
oo o . t tv o o -
o . s o 1989
2000.36ko . i j 1998, ko
o o o, o o o o 5.2 o rmb, ko’ -
9.5%.37 do fo co too
o, o o -
o o o o-
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o o .38
i o o, c o-
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a. coq, o o-
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a o oo
o o o o o
o . fo , t go,
o c, o 46% o o o u-
s.39 ko o ,
led oo.40
t 6 z o o o
o . b oo o, o,
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, o, . ao
o , o o o o o. fo o o o o o
o o, o,
o , c.
russian stOryn, o o r .
f 4 o o Q3,
o o o o .
t o t 5,
36 ://..o//462707184254353539.37 ://..o//462707184254353539.38 go xo. t o a 15, 2011.39 ://.qo.o//o/2004-12/06/o_3988846.40 ://.o.o//poc.
Although firms differ interms of these aspects,they excel in one ormore of these threedimensions.
One overall pattern acrossdifferent quadrants is thathigh performance firmshave higher market sharethan the other top 500, nomatter which category thefirm belongs to.
tAble 6: SummAry of four different tyPeS of firmS
i a mo go s
Q1 a o -o
lo s o o
i o o ; o
Q2 go lo o p o o o
co o; oo
Q3 t ooo
d i oo; ooo
i o o ; oo
Q4 h so o s oo
p ; o o
S: SiemS aas
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o c o o o-
r .
w oo o o o, o, -
o q. O o o
q o
o o 500, o o o o. t o o
r. s o z o sOe,
o ’ o. w o
oo, o . w
o o o
(.., 2000-2009). f Q2 Q4 o o
, o o o -
o , c o.
f Q1 o o o o 2003
o 2007. t 2008 2009 o o .
t o o
o oo f 1. f o o,
Q1 Sas gw
1,6
1,4
1,2
1
0,8
0,6
0,4
0,2
0
-0,2
-0,4
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
Q1 Pa
0,25
0,2
1,5
1
0,05
0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
Q1 mak Sa
S: SiemS aas
0,6
0,5
0,4
0,3
0,2
0,1
0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
Q1 All
0 0 , 1
0 , 2
0 , 3
0 , 4
0 . 5
0 , 6
0 , 7
g r o W t h 0 , 8
figure 4 / tp rssa fs
S: SiemS aas
0,45 ProfitAbility
0,4
0,35
0.3
0.25
0.20
0.15
0.10
0.05
0
Q1
Q2Q3
Q4
0
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research june, 2011
Q2 Sas gw
1,4
1,2
1
0,8
0,6
0,4
0,2
0
-0,2
-0,4
-0,6
-0,8
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
Q2 Pa
0,1
0,08
0,06
0,04
0,02
0
-0.02
-0.04
-0.06
-0.08
-0.1
-0,12
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
Q2 mak Sa
S: SiemS aas
0,7
0,6
0,5
0,4
0,3
0,2
0,1
0
2 0 0 1
2 0 0 2
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2 0 0 6
2 0 0 7
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2 0 0 9
Q2 All
Q3 Sas gw
0,5
0,4
0,3
0,2
0,1
0
-0,1
-0,2
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
Q3 Pa
0.3
0,25
0,2
0,15
0,1
0,05
0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
Q3 mak Sa
S: SiemS aas
0,2
0,18
0,16
0,14
0,12
0,10
0,08
0,06
0,04
0.02
0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
Q3 All
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Q4 Sas gw
0,5
0,4
0,3
0,2
0,1
0
-0,1
-0,2
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
Q4 Pa
0,1
0,08
0,06
0,04
0,02
0
-0.02
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
Q4 mak Sa
S: SiemS aas
0,8
0,7
0,6
0,5
0,4
0,3
0,2
0,1
0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
2 0 0 9
Q4 All
o o o.
f Q3 o o r. t
o o , o o.
t oo o
. s o o o o
o o 500 . t o o
oo o
o oo. t o ooo o o o .
O o
r c o. m c -
, o , o z sOe,41 r
z sOe. t o o -
oo, . i
, oo c r
. c o o o, r-
o o .
41 t o “ , ” o c zo.
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45vI. conclusIons / 44 /vI. conclusIons
research june, 2011
Vi.concluSionS
t o o o : o o
o o ,
o o o c r o ,
o o o o .
f, z o, oo
o o o o -
o . mo , o
o o, , o.so, o o o 500 c
r. t o o r c o-
o o o oo. f -
o o. r
, o, o o oo o . t
r o o
o . h o o
r o o o ooo -
r o
o o .
t, z o c r o-
. w c o o o -
o o o o o . t
.
ho, o oo o
o o o o o o o o, o,
. t o o o
. a o o ro.
authOrs:n Zo, p.d. (r fo siems, n_Zo@ooo.)
s p, p.d. (p o siems, @ooo.o)
editOr-in-chief:s p, p.d. (p o siems, @ooo.o)
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47aPPendIx 1 IdentIfIcatIon of PrIvate fIrms / 46 /aPPendIx 1 IdentIfIcatIon of PrIvate fIrms
research june, 2011
APPendix 1identificAtion of
PriVAte firmS
c oo o:
1- t o o o o oo:
) l o (o- o)
) jo o o
) p oo
) p o oo
) p o
) p o o o2- i o o o o
1, o, oo.
3- to o o sOe o ,
o sOe. w
oo o o o sOe
oo sasac (s-o a so ao
coo). O o 121 sasac-oo sOe, o
sOe o o oo :
) po o o (n=12)
) fo o (n=8)
) noo o (n=7)
) ao q (n=5)
4- w o -
oo o.
r oo o:
1- go/ o o o 50%. t -
o o oo o o o/
.
2- fo o o o 30%. t
o o oo o .
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49aPPendIx 1 IdentIfIcatIon of PrIvate fIrms / 49aPPendIx 1 IdentIfIcatIon of PrIvate fIrms /
www.skolkovo.ru
The Mc sch Maagemet skolkovo
o o o r o
, o o o o
-o oo o . fo-
o o, moo soo o
m o , o
o oo o
oo o o . skOlkOvO : ,
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o o o.
t moo soo o m skOlkOvO o-
o-
o o eo foo n-
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o, o’ o o.
t p o r fo d a-
o m c o skOlkOvO i-
o ao bo.
s 2006 skOlkOvO o o o
e eo o o o -
– o o z,
o o o q.
skOlkOvO e МВА o
j 2009, o o f-
mba o – s 2009.
Mc sch Maagemet skolkovo
no . 100, sooo ,
Oo ,
moo o, r
.: +7 495 580 30 03, : +7 495 994 46 68
skolkovo ittte Emegg Maet stde
u 1607-1608, no s t to
no. 8 bo ro, co d
b, 100101, c
./: +86 10 6498 1634
The skolkovo ttte Emegg Maet
tde (siEMs) o mo-
o soo o m skOlkOvO -
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o . i o -
o -
o o o, o oo o
.i oo, -, o
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o o o o o, o, o,
. w o o
o o o
o.
SiemS reSeArch
monthly briefingS
“t o : o
c r” (f 2009).
“m o o o: Oo o c r” (m 2009).
“go o o o: o-
” (m 2009).
“Oo o
o r c” (j 2009).
“mnc Oo e m: po-c
a o fdi io c r”
(a 2009).
“i do d? ho do c-
w a eoo f o bric” (s-
2009).
“e c r”
(d 2009).
“sz m: j ho b a t bric?” (j 2010).
“do r: c bric r go t
O w?“ (f 2010).
“t “n go” o io t “ho
e m r c go t”
(m 2010).
“c e O to c r:
io o coo go s
m” (a 2010).
“so w f n e o bric
w” (j 2010).
“coo g eoo go — a c o
c r” (a 2010).
“i lo w m c d? - wo
wo’ woo?” (no 2010).
“t n O p: c do wo l
$100 p O?” (j 2011).
“bo b, no bo go: ho
coo so ro l c
r do po” (f 2011).
“a ro l o ro: h po f
c r” (j 2011).
SiemS iSSue rePortS
“t wo’ to ao m 2030: e
m to go aoo i”
(m 2010).
“t po pz. ao o r
eoo go o bric: m o
m?” (j 2010).
“t g eqz. t r o e m
go m c” (s 2010).
“c b i go f
mo: a v o e m” (no-
2010).
“b n wo coz e m
eoo – a n mooo, skOlkOvO e-
m i” (f 2011).
“t n go o c fo” (m 2011).
“a t’ O n a: c coo
mooo d o e
e m” (a 2011).
8/4/2019 SIEMS Monthly Briefing 2011-06 Eng
http://slidepdf.com/reader/full/siems-monthly-briefing-2011-06-eng 27/27
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