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Discounted cash flow is the main tool for valuing projects and companies. Real options techniques can augment valuation. The case of Netscape is used to demonstrate this. We begin with a defensive cash flow scenario. On top of this, we superimpose a number of real options valuations. Some experts would dispute our methodology because it is not built upon market-priced risk. Nonetheless, it provides an approximate valuation. We prefer equity valuation using various methodologies, including real options where appropriate, to arrive at a range of value. But we cannot, using financial logic, justify the high Netscape flotation price.

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Competitive advantage period ;  Real options ;  Stock market valuation ;  Volatility

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一个国家，一个地区高新技术产业发展的快慢，不是决定于政府给了多少钱，调了多少人，研制出多少技术，而是决定于是否有一套有利于创新活动开展和人的潜能充分发挥的制度安排、社会环境和文化氛围。本书收录的主要是最近三年关于高新技术产业发展方面的论述，还特意加入了1991年在北京中关村开发区成立三周年时的讲话，虽然时过境迁，中关村今非昔比，但其中的某些指导思想似乎没有过时，所以也一并收录在这里。

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一个崇尚读书的民族是理性的、优秀的；一个崇尚读书的社会是健康的、充满生机和希望的。从某种意义上说，人灶进步史就是一部读书史；人类文明，正是靠着书才是以传承、繁衍、光大。“知识就是力量”。

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作为一种重要的医疗影像设备，超声影像系统在现代医疗机构中得到广泛应用。然而，国内企业在超声影像业务上面临着产品低端、国际竞争压力大等挑战。在此背景下，中国本土企业迈瑞生物医疗电子公司，正在对公司的超声影像业务未来的发展方向进行积极的评估。2001年6月，已是临床监护仪市场领先者迈瑞，成功上市了全球第一台全数字黑白超声影像系统DP-9900，若以此作为技术平台，进一步发展全数字黑白超声的便携式产品或经济型台式产品，会有很大商机，此外，超声领域的一家跨国公司也邀请迈瑞作为ODM厂家为其设计并贴牌生产全数字黑白超声产品。而与此同时，迈瑞管理层也看到，黑白超声市场规模在全球市场范围内正在萎缩，尽管在中国等发展中国家还有一定市场潜力，但其分额将逐步被彩色超声逐步取代。本系列共三个案例，案例A着重介绍超声影像业务市场进入战略决策：迈瑞应该开发更多全数字黑白超声产品续写辉煌？还是进行ODM合作？还是投入重金尽快进入彩色超声领域？未来的发展之路，究竟该如何选择？

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医疗设备 ;  市场准入 ;  中国市场 ;  新产品开发 ;  成本创新 ;  研发战略

Abstract

中国的特许经营作为一种新鲜事物，自20世纪90年代以来，一直保持强劲的增长势头。在中国的特许经营先驱者行列中，为人熟知的有大型的著名餐饮品牌，例如肯德基和麦当劳，而知名度不高但同样重要的非食品零售及服务性行业，也在采用特许经营方式进入中国。飞脚有限公司便是其中之一，这家美国公司是全球运动鞋和运动服装行业的一个主要竞争者。它采取国际特许经营方式，早早地进入了中国。然而经过早期的迅猛发展，飞脚中国总经销商开始感到来自资金链、市场和供货等多方面的压力：一方面，为了保证零售商地理竞争优势，需要耗费大量先投资金；另一方面，随着中国加入WTO，更多外商的涌入给飞脚带来了巨大竞争压力，飞脚的零售店面积和商品种类在不断下降。总经销商高层意识到，如果再不针对市场的变化作出有效的对策，公司将陷入破产的危机。本系列共两个案例，案例A介绍了中国的特许经营、飞脚公司以及中国加盟商王燮祖先生的经验。尽管特许经营体系在中国获得了初步成功，但王燮祖先生陷入了财务和运营方面的困境，究竟应该采取什么行动呢？

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运动用品 ;  零售 ;  特许经营 ;  战略转型 ;  商业模式

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As extremely important medical imaging equipment, ultrasonic imaging systems were widely used in modern medical institutions. However, domestic enterprises in the ultrasonic imaging business were faced with challenges, like low-end products and the presence of large international competitors. Under this background, Chinese enterprise Mindray Biological Medical Electronics was assessing the future development of the company’s ultrasonic imaging business. In 2007, chairman Xu Hang needed to consider some crucial issues pertaining to the development of ultrasound imaging. Case (A) focuses on the entry strategy decision for the ultrasonic imaging market; case (B) focuses on Mindray’s research strategy path in the ultrasonic imaging market; and case (C) describes the marketing strategy decision-making process and challenges of the ultrasonic imaging business.

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Medical Instrument ;  Market Access ;  China Market ;  New Product Development ;  Cost Invovation ;  Research and Development Strategy

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CNOOC’s overseas IPO failure had cast doubt on its newly implemented reforms, especially the reorganization of CNOOC. After the failed attempt, the company announced that it would not change its reform direction. Before launching the second IPO attempt, the company publicly released its ownership structure and corporate governance information; it sought to adopt the level of transparency expected of a listed company. The second attempt involved other tactics as well, such as a new pitch, a different growth plan, and a revised pricing strategy—and it was a huge success. Taken together, Cases (A) and (B) deliver the full story of CNOOC’s IPO failure and success, including the uniquely Chinese characteristics at play.

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CNOOC ;  Petroleum Industry ;  State-Owned Enterprise (SOE) ;  IPO(Initial public offering) ;  Road Show ;  Pricing