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1、P1:OTA/XYZP2:ABCc04JWBT347/MckinseyJune11,201012:49PrinterName:Hamilton4ReturnonInvestedCapitalWhenexecutives,analysts,andinvestorsassessabusinessspotentialtocreatevalue,theysometimesoverlookthefundamentalprincipleofvaluecreationnamely,thatthevalueofabusinessd
2、ependsonitsreturnoninvestedcapital(ROIC)andgrowth.AsChapter2explains,thehigheracompanycanraiseitsROICandthelongeritcansustainarateofROICgreaterthanitscostofcapital,themorevalueitwillcreate.SobeingabletounderstandandpredictwhatdrivesandsustainsROICiscriticaltoe
3、verystrategicandinvestmentdecision.WhydosomecompaniesdevelopandsustainmuchhigherROICsthanothers?Considerthedifferencein2000betweeneBayandWebvan,whichwerebothnewcomersattheheightofthetechboom.InNovember1999,eBaysmarketcapitalizationwas$23billion,whileWebvanswas
4、$8billion.EBaycontinuedtoprosper,whileWebvansoondisappeared.ThisisnotsosurprisingwhenwelookattheimplicationsoftheirunderlyingstrategiesfortheirrespectiveROICs.EBayscorebusinessisonlineauctionsthatcollectasmallamountofmoneyforeachtransactionbetweenabuyerandasel
5、ler.Thebusinessneedsnoinventoriesoraccountsreceivableandrequireslittleinvestedcapital.Oncestarted,asmorebuyersuseeBayitattractsmoresellers,inturnattractingmorebuyers.Inaddition,themarginalcostofeachadditionalbuyerorsellerisclosetozero.Economistssaythatabusines
6、sinasituationlikeeBaysisexhibitingincreasingreturnstoscale.Inabusinesswithincreasingreturnstoscale,thefirstcompetitortogrowbigcangenerateveryhighROICseBaysROICiswellover50percentandwillusuallycreatethebulkofvalueinthemarket.Webvanwasanonlinegrocery-deliverybusi
7、nessbasedinCalifornia.IncontrasttoeBay,ithadacapital-intensivebusinessmodelinvolvingsubstan-tialwarehouses,trucks,andinventory.Inaddition,Webvanwascompetingwithlocalgrocerystoresinsellingproductsatverythinmargins.Thecomplex-ityandcostsofmakingphysicaldeliverie
8、stocustomerswithinprecisetime59P1:OTA/XYZP2:ABCc04JWBT347/MckinseyJune11,201012:49PrinterName:Hamilton60RETURNONINVESTEDCAPITALframesmorethanoffsetWebvanssavingsfromnothavingphysic
