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Telegram：ukassignment021 Ranbaxy, whose current CEO is British, is one of the companies working to develop this kind of global cadre. Its country managers move to new locations as soon as they are ready to assume larger challenges.
Ranbaxy现任首席执行官是英国人，是致力于培养这种全球干部的公司之一。一旦他们准备好承担更大的挑战，其国家经理就会搬到新的地点。
2. 3. External Factors 外部因素
3.1 Barriers to market entry 市场进入障碍
3.1.1 Regulation 规则
Firms in regulated industries face a significant strategic dilemma when expanding abroad. On the one hand, established theory and practice recommend following a gradual, staged model of international expansion so as to minimize risks and cope with uncertainty (Johanson and Vahlne, 1977; Chang, 1995; Rivoli and Salorio, 1996; Guill´en, 2002; Vermeulen and Barkema, 2002), that is, to overcome the so-called liability of foreignness (Hymer, 1976; Zaheer, 1995). On the other, the regulated nature of these industries tends to require a strong commitment of resources anda fast pace of entry into foreign markets. This is the case for three interrelated reasons. First,these industries tend to be highly concentrated, and they often exhibit certain features of the ‘naturalmonopoly.’1 Second, entry may be restricted by the government, frequently under a system oflicenses. And third, the government may own significant parts of the industry. Under these circumstances, foreign entrants face strong incentives to commit large amounts of resources and to establish operations quickly, whenever and wherever opportunities arise, and frequently via acquisition as opposed to greenfield investment (Sarkar et al., 1999). Thus, the regulated and oligopolistic nature of these industries generates strong first mover advantages (Doh, 2000; Knickerbocker, 1973). Recent research in strategy argues that firms in regulated industries follow ‘asymmetric strategies’ in that they seek to defend their home-country position by preventing rivals from competing on a level playing field while pursuing entry into foreign markets as deregulation occurs. Given that deregulation has taken place at different moments in time and to different degrees from country to country, firms in regulated industries tend to follow a multidomestic strategy of foreign expansion, namely, they pick and choose which markets to enter depending on the specific circumstances
受监管行业的企业在海外扩张时面临重大的战略困境。一方面，既定的理论和实践建议遵循渐进、分阶段的国际扩张模式，以最大限度地减少风险和应对不确定性，即克服所谓的外国责任。另一方面，这些行业受监管的性质往往需要强有力的资源投入和快速进入国外市场。这种情况有三个相互关联的原因。首先，这些产业往往高度集中，往往表现出“自然垄断”的某些特征第二，入境可能会受到政府的限制，通常是在许可证制度下。第三，政府可能拥有该行业的重要部分。在这种情况下，外国进入者面临着巨大的动机，无论何时何地，只要有机会，他们都会投入大量资源并迅速建立业务，并且经常通过收购而不是绿地投资。因此，这些行业的管制和寡头垄断性质产生了强大的先发优势。最近的战略研究表明，受监管行业的企业遵循“不对称战略”，即在放松监管的情况下，通过阻止竞争对手在公平竞争的环境中竞争，同时寻求进入外国市场，来捍卫本国的地位。鉴于放松管制在不同的时间和不同的程度上发生在不同的国家，受管制行业的公司往往遵循一种国外扩张的多国内战略，即根据具体情况选择进入哪些市场
A natural monopoly emerges when it is possible to exploit economies of scale over a very large range of output. As a result, the optimally efficient scale of production becomes a very high proportion of the total market demand for the product or service. present in each foreign country, arranging their operations with a local rather than a global logic in mind, and engaging in limited cross-border coordination (Bonardi, 2004). Another distinctive feature of regulated industries is the role of the state as a shareholder. Some of the most active firms in regulated industries expanding abroad are former monopolies in which the state has or has had a controlling stake (Doh, Teegen, and Mudambi, 2004).
当有可能在非常大的产出范围内利用规模经济时，就会出现自然垄断。因此，最有效的生产规模在产品或服务的总市场需求中占有很高的比例。在每个外国，根据当地而非全球逻辑安排其业务，并进行有限的跨境协调。受监管行业的另一个显著特征是国家作为股东的角色。在海外扩张的受监管行业中，一些最活跃的公司是国家拥有或曾经拥有控股权的前垄断企业。
3.1.2 Cultural Barriers 文化障碍
By September 2000, the Hong Kong operations of HSBC were falling behind in implementing the MfV strategy. The strategy set the goal of the bank doubling shareholder value over a five years through growth in its core businesses in addition to a massive reduction in operating costs. One major cost-saving initiative was the migration of the bank’s Network Services Centre (NSC) in Hong Kong to its new global processing centre in Guangzhou, a Chinese city on the mainland. Implementing this initiative which involved moving staff and resources to the Guangzhou Data Centre (GZC) came up against major operational and public
relations issues. (MB)
截至2000年9月，汇丰银行在香港的业务在实施货币金融机构战略方面落后。该战略设定的目标是，除了大幅降低运营成本外，通过核心业务的增长，该行的股东价值在五年内翻一番。一项重大的成本节约举措是将该行位于香港的网络服务中心（NSC）迁移到位于中国大陆城市广州的新全球处理中心。在实施这一举措时，需要将员工和资源转移到广州数据中心（GZC），这面临着重大的运营和公共问题 。
Technically, there were no major obstacles to the bank following a global trend in financial services; seeking economies of scale by moving back-office operations to lower cost areas. The average salaries of staff in the GZC were only 20% of those in the NSC. From this angle, moving professional positions to GZC and to HSBC’s other new Indian global processing centre seemed perfectly in line with MfV objectives. Most duties were highly routine involving few important decision-making duties.
从技术上讲，随着金融服务的全球趋势，该行不存在重大障碍；通过将后台运营转移到成本较低的领域来寻求规模经济。GZC员工的平均工资仅为NSC员工的20%。从这个角度来看，将专业职位转移到GZC和汇丰银行的另一个新的印度全球处理中心似乎完全符合MfV的目标。大多数职责都是非常常规的，很少涉及重要的决策职责。
Nevertheless, The staff, who were initially offered a choice to move or risk losing their positions, felt betrayed by the bank, since there was an expectation among the workers that dutiful service should be recognised with job security.
然而，这些员工最初可以选择搬家或面临失去职位的风险，他们感到被银行背叛了，因为工人们期望尽职尽责的服务应该得到工作保障的认可。
4. Market Opportunities available to HSBC 汇丰可用的市场机会
4.1.1. Micro-Financing 小额融资
With significant operations in the emerging markets and expertise in transactional solutions, and supported by our office network, services, processes, capital, and customer relationships, HSBC are well placed to serve the micro finance sector. The bank’s approach to this sector is based on commercial viability with high social benefit, with the aim of creating self-sustaining, stable financial services to help people out of poverty. HSBC integrate micro-finance activities Global Business and Organizational Excellence DOI: 10.1002/joe January/February 2009 17 with local business capabilities rather than as a separate business line. Following pilot projects in 2005, HSBC has engaged more closely with micro-finance enablers and MFIs on the ground to understand the principal issues facing the sector, and the findings have informed and shaped our priorities. HSBC is currently working with MFIs in Argentina, India, Mexico, the Philippines, Sri Lanka, and Turkey through our operations in those countries. The bank is at the forefront in arranging foreign investments into the country and deals for Indian companies investing overseas, and it is custodian of more than 40 percent of the foreign institutional investments (FIIs) in India, with total assets under management in India that exceed $5 billion. Although HSBC in India has 47 branches and 178 ATMs in 26 cities, it lacks a branch network and accessibility in rural areas, where the majority of India’s empoverished population lives. The rural poor need a diverse range of financial services, including credit and safe and flexible savings services, to run their businesses, build assets, stabilize consumption, and shield themselves against poverty. However, access to quality financial services in rural India is still heavily inadequate. Eighty-one percent of villages in India do not have banks within a distance of 2 km (1.2 miles); 41 percent of the population does not have a bank account; and available credit in rural areas meets just 10 percent of the actual need. Microfinance established a foothold in India during the 1990s, but this decade has seen rapid growth, with a distinct shift away from a “welfare” model toward a “business model” for delivering these services.Since it is quite expensive for HSBC in India to provide services directly to the rural poor, it lends funds to microfinance intermediaries, the MFIs that further on-lend the funds to the ultimate clients. HSBC in India established a team for microfinance under its Commercial Banking division in December 2007 and plans to eventually create regional-level teams to facilitate initiatives in their respective parts of the country.
凭借在新兴市场的重要业务和交易解决方案方面的专业知识，以及我们的办公网络、服务、流程、资本和客户关系的支持，汇丰银行完全有能力为小额信贷部门提供服务。世界银行对这一部门的做法是基于具有高社会效益的商业可行性，目的是创造自我维持、稳定的金融服务，帮助人们摆脱贫困。汇丰将小额信贷活动全球业务和组织卓越与本地业务能力相结合，而不是作为一个单独的业务线。继2005年的试点项目之后，汇丰银行与当地的小额信贷支持机构和小额信贷机构进行了更密切的合作，以了解该行业面临的主要问题，这些发现为我们的优先事项提供了信息并形成了定论。汇丰银行目前正通过我们在阿根廷、印度、墨西哥、菲律宾、斯里兰卡和土耳其的业务与小额信贷机构合作。该行在安排外国投资进入印度和为印度公司海外投资交易方面处于领先地位，是印度40%以上外国机构投资（FII）的托管人，在印度管理的总资产超过50亿美元。尽管汇丰银行在印度26个城市拥有47家分行和178台自动柜员机，但它在农村地区缺乏分行网络和可访问性，而大多数印度富裕人口生活在农村地区。农村贫困人口需要各种各样的金融服务，包括信贷和安全灵活的储蓄服务，以经营他们的企业，建立资产，稳定消费，并保护自己免受贫困。然而，印度农村地区获得优质金融服务的机会仍然严重不足。印度81%的村庄在2公里（1.2英里）范围内没有银行；41%的人口没有银行账户；农村地区的可用信贷仅满足实际需求的10%。20世纪90年代，小额信贷在印度建立了立足点，但这十年增长迅速，从提供这些服务的“福利”模式明显转变为“商业模式”。由于汇丰银行在印度直接向农村贫困人口提供服务的成本相当高，因此它将资金借给小额信贷中介机构，小额信贷机构进一步将资金借给最终客户。2007年12月，汇丰银行印度分行在其商业银行部门下成立了一个小额信贷团队，并计划最终创建区域级团队，以促进该国各自地区的举措。
4.1.2 North America Market Entry 北美市场进入
HSBC’s initial motivation for its acquiring retail banks in North America and the UK was to diversify away from its home in Asia. After it acquired Marine Midland Bank and Midland Bank, HSBC’s motivation may have changed subtly. It is becoming increasingly difficult for banks that are large relative to their home markets to grow at home. In many developed countries banking has become quite concentrated (Marquez and Molyneux, 2002). In response, policymakers in these countries have started to bar the banks from further domestic mergers and acquisitions. Some recent failed attempts in Canada are a case in point (Tickell, 2000). The only remaining possibility for growth then is cross-border. Interestingly, each of the owners of the largest subsidiaries of foreign banks in the US is disproportionately often the largest bank in its own home country (Tschoegl, 2002 and 2004). Assessing the viability of this strategy is the classic question of how a foreign firm competes against local firms that do not face any liability of foreignness (Zaheer, 1995), that is, costs that come from operating in a foreign environment or at a distance. One issue then is whether having operations in contiguous countries represents a competitive advantage. Tschoegl (1987) and Dufey and Yeung (1993) have argued that where markets are well developed and competitive, there is no reason to expect foreign banks in general to be better than local banks at retail banking. At the same time there is evidence for the existence of a liability of foreignness vis-à-vis the foreign banks’ host-country competitors (Parkhe and Miller, 2002). Of course, there is also evidence that suggests that the liability is minimal (Nachum, 2003) or wanes over time (Zaheer and Moskowitz, 1996). However, these last two studies examine the liability in the context of corporate and wholesale banking markets. The liability may be more salient in the retail markets, where national differences between the home and host market are likely to be more profound.Demirgüç-Kunt and Huizinga (1999) and Claessens et al. (2001) found that foreign banks tend to have higher margins and profits than domestic banks in developing countries, but that the opposite holds in industrial countries. Similarly, Dopico and Wilcox (2002) found that foreign banks have a greater share in under-banked markets and a smaller presence in mature markets. The implication is that one should not expect much in the way of cross-border mergers in commercial banking within developed regions. We can speculate that on the production side, differences in products across markets and privacy laws appear to be limiting parents’ ability to consolidate processing. As far as depositors are concerned, there seems to be little value to having an account with a bank that operates in other countries, especially now that travelers can draw cash from networked automated transaction machines (ATMs). HSBC does have a service for wealthy individuals-HSBC Premier-that provides for such crossborder advantages as transfer of an individual’s credit rating when they relocate, and some other services. However, these facilities are not available to ordinary accounts. The literature on trade flows is instructive here; the evidence on NAFTA has shown that borders have a substantial damping effect on trade flows (McCallum, 1995). In North America HSBC is even poorly positioned to take advantage of the one form of cross-border retail banking that is currently drawing attention: remittance flows from Mexican workers in the US. Although HSBC now has a strong presence in Mexico, it has almost no offices in California or other US states with large populations of Mexican immigrants.
汇丰在北美和英国收购零售银行的最初动机是从其亚洲总部进行多元化。在收购了Marine Midland Bank和Midland银行后，汇丰的动机可能发生了微妙的变化。相对于国内市场而言规模较大的银行在国内发展越来越困难。在许多发达国家，银行业已经相当集中。作为回应，这些国家的决策者已开始禁止银行进一步进行国内并购。最近在加拿大的一些失败尝试就是一个很好的例子。那么，唯一剩下的增长可能性就是跨境。有趣的是，在美国的外资银行最大子公司的每个所有者往往不成比例地成为其本国最大的银行。评估这一战略的可行性是一个典型的问题，即外国公司如何与不面临任何外国责任的当地公司竞争，即在外国环境或远距离经营产生的成本。因此，一个问题是，在毗邻国家开展业务是否代表着竞争优势。在市场发达且具有竞争力的地方，没有理由期望外资银行在零售银行业务方面总体优于本地银行。同时，有证据表明，外国对外国银行的东道国竞争对手负有责任。当然，也有证据表明，责任是最小的或随着时间的推移而减少。然而，后两项研究考察了公司和批发银行市场背景下的负债。在零售市场，责任可能更为突出，在那里，母国市场和东道国市场之间的国家差异可能更为深刻。外资银行往往比发展中国家的国内银行拥有更高的利润率和利润，但在工业国家则相反。同样，外资银行在银行不足市场的份额更大，而在成熟市场的份额较小。