ارائه مدل ریاضی برای انتخاب سبد کسب‌وکار با رویکرد هم‌افزایی زنجیره ارزش

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشجوی دکتری، دانشگاه تربیت مدرس.

2 استاد، دانشگاه تربیت مدرس.

3 استادیار، دانشگاه تربیت مدرس.

4 دانشیار، پژوهشگاه صنعت نفت.

چکیده

در طراحی استراتژی سطح بنگاه، انتخاب سبد کسب‌و‌کار یکی از تصمیم­های کلیدی به شمار می‌رود که با موضوعاتی نظیر ادغام عمودی و متنوع ­سازی در ارتباط است. اکثر پژوهش‌های پیشین، مدل‌های کلان و مفهومی در این خصوص ارائه داده­ اند و یا با رویکردهای صرفاً مالی بر روش ­های بهینه ­سازی سبد سرمایه­ گذاری­ ها مبتنی بوده­ اند. در این پژوهش یک مدل ریاضی برای انتخاب سبد کسب‌و‌کار ارائه شده است که امکان بهره­ گیری از روش­ های کمی در تصمیم­ گیری ­های استراتژیک در این حوزه را فراهم می ­آورد و همچنین، متغیرهای غیرمالی و استراتژیک را نیز در مدل‌سازی مسئله در نظر می­ گیرد. برای این منظور چهارچوبی ریاضی برای لحاظ تأثیر هم ­افزایی میان کسب‌و‌کارها پیشنهاد شده و مدل‌سازی در قالب یک زنجیره ارزش توسعه یافته است. هرچند ساختار مفهومی طراحی‌شده قابل‌استفاده برای صنایع مختلف است، در این پژوهش مدل‌سازی برای یک بنگاه چندکسب‌و‌کاره فعال در صنعت نفت ایران انجام شده و توسط الگوریتم ژنتیک حل شده است.

کلیدواژه‌ها

عنوان مقاله [English]

Providing a Mathematical Model for Selecting Business Portfolio with a Value Chain Synergies Approach

نویسندگان [English]

  • Amir Kamran Kiamehr 1
  • Adel Azar 2
  • Mahmoud Dehghan Nayeri 3
  • Mohammad Ali Emadi 4
1 PhD Student, Tarbiat Modares University.
2 Professor, Tarbiat Modares University.
3 Assistant Professor, Tarbiat Modares University.
4 Associate Professor, Research Institute of Petroleum Industry.
چکیده [English]

Designing the business portfolio is a key decision in corporate-level strategy and is bonded with strategic concepts such as vertical integration and diversification. Nevertheless, most of the previous researches have proposed general conceptual models, or investment portfolio optimization models based on financial approach. In this paper, a mathematical model is proposed, firstly to utilize quantitative methods in strategic decision makings and secondly, to considers non-financial, strategic variables in modeling process. To address this need, a mathematical framework for formulating synergies between businesses in a value chain is developed. Although the conceptual structure is applicable for different industries, the model is developed for a multi-business company in petroleum industry of Iran and is solved by genetic algorithm.

کلیدواژه‌ها [English]

  • Business Portfolio
  • Synergy
  • Value Chain
  • Mathematical Modeling
  • Petroleum Industry

مراجع

1. Ansoff, H. I. (1968). Corporate strategy: An analytic approach to business policy for growth and expansion. Penguin books.
2. Beard, D.W. & Dess, G.G. (1981). Corporate-level strategy, business-level strategy, and firm performance. Academy of management Journal, 24(4), 663-688.
3. Berger, A.N., Cummins, J.D., Weiss, M.A. & Zi, H. (2000). Conglomeration versus strategic focus: Evidence from the insurance industry. Journal of Financial Intermediation, 9(4), 323-362.
4. Chen, T. Y., & Ku, T. C. (2008). Importance-Assessing Method with Fuzzy Number-Valued Fuzzy Measures and Discussions on TFNs And TrFNs. International Journal of Fuzzy Systems, 10(2).
5. Chen, N.F., Roll, R. & Ross, S.A., 1986. Economic forces and the stock market. Journal of business, 59(3), 383-403.
6. Chima, C.M., (2007). Supply-chain management issues in the oil and gas industry. Journal of Business & Economics Research (JBER), 5(6), 27-36.
7. Collis, D.J. and Montgomery, C.A. (1997). Corporate strategy: Resources and the scope of the firm.
8. Comment, R. & Jarrell, G.A. (1995). Corporate focus and stock returns. Journal of financial Economics, 37(1), 67-87.
9. De Barros Bruno, S.V. and Sagastizábal, C., 2011. Optimization of real asset portfolio using a coherent risk measure: application to oil and energy industries. Optimization and Engineering, 12(1-2), 257-275.
10. Doukas, J.A. & Kan, O.B. (2006). Does global diversification destroy firm value?. Journal of International Business Studies, 37(3), 352-371.
11. Elton, E.J., Gruber, M.J. & Padberg, M.W., 1976. Simple criteria for optimal portfolio selection. The Journal of Finance, 31(5), 1341-1357.
12. Ferris, S.P., Sen, N., Lim, C.Y. & Yeo, G.H. (2002). Corporate focus versus diversification: the role of growth opportunities and cashflow. Journal of International Financial Markets, Institutions and Money, 12(3), 231-252.
13. Fichter, D.P., (2000). January. Application of genetic algorithms in portfolio optimization for the oil and gas industry. In SPE Annual Technical Conference and Exhibition. Society of Petroleum Engineers.
14. Fountaine, D., Jordan, D.J. and Phillips, G.M. (2008). Using economic value added as a portfolio separation criterion. Quarterly Journal of Finance and Accounting, 47(2), 69-81.
15. Ghemawat, P. (2002). Competition and business strategy in historical perspective. Business history review, 76(01), 37-74.
16. Goold, M., & Campbell, A. (2000). Taking stock of synergy: a framework for assessing linkages between businesses. Long Range Planning, 33(1), 72-96.
17. Gospel, H., & Sako, M. (2010). The unbundling of corporate functions: the evolution of shared services and outsourcing in human resource management. Industrial and Corporate Change, 19(5), 1367-1396.
18. Graham, J.R., Lemmon, M.L. and Wolf, J.G. (2002). Does corporate diversification destroy value?. The Journal of Finance, 57(2), 695-720.
19. Grant, R.M. (2016). Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.
20. Hartman, J.C. (2000). On the equivalence of net present value and market value added as measures of a project's economic worth. The Engineering Economist, 45(2), 158-165.
21. Hightower, M.L. & David, A. (1991). January. Portfolio modeling: a technique for sophisticated oil and gas investors. In SPE Hydrocarbon Economics and Evaluation Symposium. Society of Petroleum Engineers.
22. Holcomb, T.R. & Hitt, M.A. (2007). Toward a model of strategic outsourcing. Journal of operations management, 25(2), 464-481.
23. Jafarnejad Chaghooshi, A., Kazemi, A. & Arab, A. (1395). Investigation and evaluation of suppliers’ resiliency criteria by using BWM. Journal of Industrial Management Perspective, 6(3), 159-186. (In Persian).
24. Johnson, G., Scholes, K. & Whittington, R. (2008). Exploring corporate strategy: text & cases. Pearson Education.
25. Kellerer, H., Mansini, R. & Speranza, M.G. (2000). Selecting portfolios with fixed costs and minimum transaction lots. Annals of Operations Research, 99(1-4), pp.287-304.
26. Khakbiz, M., Rezaee Pandari, A. & Dehghan Nayeri, M. (1396). A Mathematical Model for Diversifying Stock Portfolio and Solving it by Genetic Algorithm. Journal of Industrial Management Perspective, 7(25), 173-196. (In Persian).
27. Konak, A., Coit, D. W., & Smith, A. E. (2006). Multi-objective optimization using genetic algorithms: A tutorial. Reliability Engineering & System Safety, 91(9), 992-1007.
28. Kotabe, M., Mol, M.J. & Murray, J.Y. (2008). Outsourcing, performance, and the role of e-commerce: A dynamic perspective. Industrial Marketing Management, 37(1), 37-45.
29. Kuppuswamy, V. & Villalonga, B. (2010). Does diversification create value in the presence of external financing constraints? Evidence from the 2007–2009 financial crisis.
30. Lai, T.Y., (1991). Portfolio selection with skewness: a multiple-objective approach. Review of Quantitative Finance and Accounting, 1(3), 293-305.
31. Lamont, O.A. & Polk, C. (2002). Does diversification destroy value? Evidence from the industry shocks. Journal of Financial Economics, 63(1), 51-77.
32. Lawrence, G. F. (2004). The death of diversification? The focusing of the world's industrial firms, 1980–2000. Business Horizons, 47(4), 41–50.
33. Lee, S.M. & Lerro, A.J., (1973). Optimizing the portfolio selection for mutual funds. The Journal of Finance, 28(5), 1087-1101.
34. Lin, Z. & Ji, J., (2007). The portfolio selection model of Oil/Gas projects based on real option theory. Computational Science–ICCS 2007, 945-952.
35. Mansi, S.A. & Reeb, D.M. (2002). Corporate diversification: what gets discounted?. The Journal of Finance, 57(5), 2167-2183.
36. Mansini, R., Ogryczak, W. & Speranza, M.G. (2014). Twenty years of linear programming based portfolio optimization. European Journal of Operational Research, 234(2), 518-535.
37. Markowitz, H., (1952). Portfolio selection. The journal of finance, 7(1), 77-91.
38. Martin, J.D. & Sayrak, A. (2003). Corporate diversification and shareholder value: a survey of recent literature. Journal of corporate finance, 9(1), 37-57.
39. Modesti, P. (2007). EVA and NPV: some comparative remarks. Math. Methods Econ. Finance, 2, 55-70.
40. Morrison, A. & Wensley, R., (1991). Boxing up or boxed in?: A short history of the Boston Consulting Group share/growth matrix. Journal of Marketing Management, 7(2), 105-129.
41. Peters, M. S., Timmerhaus, K. D., West, R. E., Timmerhaus, K., & West, R. (2003). Plant design and economics for chemical engineers. Fifth edition. New York: McGraw-Hill.
42. Porter, M.E. and Spence, A.M. (1978). Vertical Integration and Different Inputs. Management Research News, 1(3), 7-15.
43. Porter, M.E., Goold, M. & Luchs, K. (1996). From competitive advantage to corporate strategy. Managing the multibusiness company: Strategic issues for diversified groups, 285, 285-314.
44. Proctor, R.A. & Hassard, J.S. (1990). Towards a New Model for Product Portfolio Analysis. Management Decision, 28(3), 14-17.
45. Rabie, M. & Fadayi, A. (1394). A Fuzzy Robust Mathematical Model for Selecting Project Portfolio and Solving it by Multi-Objective Differential Evolutionary Algorithm. Journal of Industrial Management Perspective, 5(3), 65-90. (In Persian).
46.Rodríguez, R., Luque, M. and González, M., 2011. Portfolio selection in the Spanish stock market by interactive multiobjective programming. Top, 19(1), 213-231.
47. Rumelt, R.P. (1982). Diversification strategy and profitability. Strategic management journal, 3(4), 359-369.
48. Shakhsi-niaei, m., Iranmanesh, s. h. & Torabi, S.A. (2013). A review of mathematical optimization applications in oil-and-gas upstream & midstream management. International Journal of Energy and Statistics, 1(02), 143-154.
49. Sharma, A.K. and Kumar, S. (2010). Economic value added (EVA)-literature review and relevant issues. International Journal of Economics and Finance, 2(2), 200.
50. Sharpe, W.F. (1963). A simplified model for portfolio analysis. Management science, 9(2), 277-293.
51. Stimpert, J.L. & Duhaime, I.M. (1997). Seeing the big picture: The influence of industry, diversification, and business strategy on performance. Academy of Management Journal, 40(3), 560-583.
52. Suslick, S.B., Schiozer, D. and Rodriguez, M.R. (2009). Uncertainty and risk analysis in petroleum exploration and production. Terræ, 6, 30-41.
53. Tordo, Silvana; Tracy, Brandon S.; & Arfaa, Noora. (2011). Natural oil companies and value creation. World Bank working paper ; no. 218. Washington, DC ; Washington DC.
54. Van Leekwijck, W., & Kerre, E. E. (1999). Defuzzification: criteria and classification. Fuzzy sets and systems, 108(2), 159-178.
55. Xue, Q., Wang, Z., Liu, S. & Zhao, D., 2014. An improved portfolio optimization model for oil and gas investment selection. Petroleum Science, 11(1), 181-188.
56. Yusuf, Y.Y., Gunasekaran, A., Musa, A., Dauda, M., El-Berishy, N.M. & Cang, S. (2014). A relational study of supply chain agility, competitiveness and business performance in the oil and gas industry. International Journal of Production Economics, 147, 531-543.
57. Zhou, Y.M. (2011). Synergy, coordination costs, and diversification choices. Strategic Management Journal, 32(6),.624-639.

فایل ها

هم رسانی

ارجاع به این مقاله

آمار