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Companies that have become larger to a certain level of business will grow into a group company with a number of subsidiaries under the umbrella.There are several styles of organizational formation of this group company, and each has its own strengths and disadvantages, so the method of organizing the corporate body is selected in consideration of the management policy, profit structure, and target markets of each group.It will be done.One of the methods of organizing this company is "Konglomarit" that is currently attracting attention.In this article, I will explain the characteristics and benefits of Konglomarit.

What is Konglomarit?

Conglomerate refers to a developed company that has developed by merging or acquisition of companies with different industries.Strictly speaking, it is not a Konglomarit unless it is a corporate body that spans many industries, but a group company composed of the same industry is sometimes called Konglomarit.

The reason why Konglomarit is currently attracting attention in Japan

If you do a Konglomarit diversified management, you will enter a business field that is completely unrelated to the existing business.Considering the portfolio of a business model in a group company, entering such a different industry can be expected to have a business model risk hedging effect.In particular, because it is unclear how the aftercona world changes, the Konglomarit is an ideal management strategy, considering the risk hedging for survival.Another reason is that the performance of companies that take Konglomarit -type strategies like Rakuten is also noticeable.

Two effects of Konglomarit

Next, I will explain the effect of Konglomarit.It is said that the following effects will occur within the group company when the conglomarit is formed.

Conglomarit Premium

Conglomarit Premium means that the formation effect within the group company is used by forming a Konglomarit, and the stock price and the like increase as the investor's earnings increase.In order to generate Conglomarit Premium, it is necessary to create inter -business synergies through a group of technical sharing, and corporate synergy that makes use of huge business scale in sales and financing.

Konglomarit discount

Conglomarit discount refers to a state in which many strategies are revenge and the synergy effect works negatively.Congromalit discounts will occur as a result of incorporating different industries that have nothing to do with the existing groups to develop a business model risk hedging and the development of a new field.

Benefits and precautions of Konglomarit

Let's organize the benefits and precautions of Konglomarit Diversification Strategy.

Benefits of choosing a conglomatic

The following three benefits are the following three benefits for companies to take a conversation strategy for Konglomarit.

シナジー効果が期待できる

If you operate the Konglomarit type, there are several companies in the group that do completely different businesses.As a result, it is possible to share the know -how, thinking, technology, etc. that you did not have before, making it easier to create unexpected synergies.

This successful example is Hitachi.In the era of IoT, where everything is connected to the Internet, Hitachi, which has a variety of group companies, combines "OT (control technology)", "IT (information technology)" and "product", mainly in the digital solution business.Start providing services.As a result, we succeeded in creating synergies within the group.

経営のリスクを分散できる

The speed of the business model exhausted is getting faster every year.It is not unusual for a business that has been doing well until last year to be completely outpot at some point.Konglomarit can distribute such risks because of the strategy of expanding business in various fields.

Sony is the representative of Konglomarit companies that succeeded in diversifying risk.Sony was originally a manufacturing company such as a tape recorder that made Walkman a huge hit worldwide.However, the current Sony's main business that has been converted to Konglomarit is "sales of game consoles and its network service".In addition, the financial sector is growing steadily, and it is growing with the momentum that seems to catch up with the once mainly powerful electrical product category.In this way, the Sony Group has succeeded in dispersing the risks of each business division due to the conversion of Konglomarit.

中長期的なビジョンを描きやすくなる

Congromarit strategy is not suitable for synergies or results in a short period of time because it will enter completely different markets.However, if you can make a plan in the medium to long term, it is easy to draw new visions based on the creation of synergies.

This is very good at Rakuten, a leading Internet -related company in Japan.The Ebank Bank became a subsidiary in February 2009, and the Rakuten Bank has been carefully given the regeneration path, and is now growing it into an important business department that is the core of the financial service division in the group.

Points to note about Konglomarit

On the other hand, the following four points to keep in mind when performing a diversification strategy of Konglomarit type.

短期的な経営戦略にはあまり向かない

As mentioned above, Konglomarit is not suitable for short -term results, as we will develop business in new markets that are unrelated to existing technology and market.If you want to do a Konglomarit, you must sit down and plan in the medium to long term.

事業間のコミュニケーション不足に陥りやすい

If you take Konglomarit as a strategy, the group is mixed in the group, so if you go well, you may create a completely new know -how or business.However, if you fail, you will not be able to communicate in the group, and you will be lacking in communication.If this happens, it will be difficult for synergies to create because new technologies and knowledge cannot be shared.

かえって企業価値を低下させるリスクもある

If you go well, you can create synergy in the medium to long term, but if the gears go crazy, there is a risk that companies in the group will collapse together.Therefore, if a mistake is made, the corporate value may decrease and the evaluation from investors may decrease.

コーポレートガバナンス（企業統治）をはかるのが難しい

Congromarit -type management has many different industries in the group, so its management strategies and policies differ for each company or business.Since there is almost no relevance between each business, the actual situation is that each business exists independently.Therefore, it is more difficult to govern the entire group compared to other business types.

Difference from other corporate forms

As mentioned at the beginning, there are various other tissues for forming a company besides Konglomarit.Among them, the following four are particularly typical.Let's look at each difference.

Difference from other diversification strategies

Corporate group diversification strategies can be categorized in addition to the Konglomarit type.Let's look at each.

Horizontal polygonization strategy

The horizontal diversification strategy is a diversification strategy that converts existing businesses and technologies and launches new products in a market similar to the current market.An example of a car manufacturer producing electric motorcycles is a horizontal diversification strategy.While Konglomarit goes to different industries, the horizontal diversification strategy will be expected to have a low risk, as it will convert the know -how obtained in existing businesses.

Vertical polygonization strategy

A vertical diversification strategy is a diversification strategy that launches new products to existing customers and similar customers.An example of a dishwasher manufacturer producing a system kitchen is a vertical polygonized strategy.Compared to the Konglomarit, it will be easier to grasp customer needs as much as you want to promote new products to the existing customers, and you will be able to reduce the risk.

Intensive diversification strategy

The intensive diversification strategy is a diversification strategy that launches products that are highly relevant to existing technology into a completely new market.Examples of diverting a digital camera sensor into medical technology are this intensive diversification strategy.Unlike Konglomarit, it can be said that it is a diversification strategy that makes it easy to create synergy effects such as reduction of development costs in order to manufacture products that are highly relevant to existing technology.

近年注目されている「コングロマリット型M&A」の手法

コングロマリットM&Aとは、多角化戦略を進めるために異なる業種の会社をM&Aによってグループ企業として迎え入れる経営戦略のことです。なお、コングロマリット型の企業群は、おもに以下のどれかの方法で形成されます。

コングロマリット型M&Aを成功させるには

コングロマリット型M&Aによって多角化戦略を進めるためには、グループ内の統合をできるだけ早く確実に行うことが大切です。技術もノウハウも市場も異なる企業を束ねて統括し、シナジー効果を生み出すためにはM&A後のPMI（ポスト・マージャー・インテグレーション：M&A後の統合プロセス）が成否を握ると言っても過言ではありません。PMIに関する知識やプロセスの管理は専門性が高く大変難しいため、PMIの経験が豊富な仲介会社でなければ狙ったシナジー効果を生み出すことはできません。したがって、コングロマリット型M&Aの成功確率を上げるためには、M&A仲介会社の選択が最重要事項の一つであるといえます。

At the end

コングロマリットはほかの多角化経営とは違い、まったくの異業種をグループ内に取り込みながらシナジーを生み出す戦略をとっています。新型コロナウイルスによって経済が不安定ないまの状況を鑑みたとき、ビジネスモデルのリスクをヘッジすることに長けたコングロマリットは、これからの時代を切り拓くための企業戦略には相応しいものです。ただし、異業種を統合し、企業体としてのガバナンスを効かせるためには、M&A後のPMIが非常に重要です。そのため、M&A仲介会社を選ぶ際には、PMIの経験が豊富であるかどうかを選択基準に選ぶのがよいでしょう。

日本M&Aセンターグループでは数々のPMI支援を行っております。公認会計士とファシリテーション経験の豊富なコンサルタントが所属しており、財務面・内部統制面の融合だけでなく、組織融合面・コミュニケーション面の両面でサポートいたします。またM&A仲介ビジネスを行う当社ならではの、M&A実行前からPMIに向けて専門家とともに着手できることが最大の特徴です。M&AやPMI、そのほか経営課題に関するご相談を受け付けております。ぜひお気軽にお尋ねください。お問合せはこちらから

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