参考文献 McKinsey & Company,Valuation 4th ed., John Wiley & Sons Inc.
Thinking about Return on Invested Capital and Growth. P133-P158
前章までは企業価値の価値を左右するキャッシュフローやROICやGrowthがどのようにキャッシュフローに影響するかという論点について、理論的にまた、過去のデータを交えて論証してきました。この章では、ROICやGrowthがキャッシュフローに与える重要性を強調するとともに、高いROICをもたらす企業の競争優位の源泉についても扱っています。
This chapter mainly deals with competitive advantages which lead to high ROIC. High value companies have long-lasting competitive advantages which support high ROIC. If high ROIC is short-lasting, a company’s value is not so large because the company can not generate adequate cash flows over the long term.
In this book, there are three sources of competitive advantages: price premium, cost competitiveness and capital efficiency. Price premium means differentiation or branding. In non-differentiated market, companies are price takers who have to sell their products or services relatively low prices. On the other hand, a price setter or price leader can control over the prices.
Cost competitiveness means a companies' ability to produce products or services at lower price than competitors. Low cost brings high profit to companies as far as selling price is constant. Capital efficiency means the usage of employed capital. Even if profits per unit are small, companies can generate high value by using smaller employed capital. To maintain long standing competitive edges, companies have to create high entry barriers that prevent competitors from accessing the market.
In conclusion, sustainable competitive advantages over the competitors can lead to high value to the companies.