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Impact of ownership structure along the value chain in the manufacturing business

机译：所有权结构对制造业务价值链的影响

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In the chemical and petrochemical industry, it is quite common that the manufacturing of a final product is the result of several consecutive steps which can be owned and operated by one or many participants. Although not always practical, equal ownership among all partners along the value chain is often recommended as a way to simplify business structure, ensuring all partners share equally in the ups and downs of an uncertain market. In contrast to this approach, there are instances where more benefit can be derived from having different owners and operators along the value chain. Examples which are common practice in the industry are the supply of utilities (e.g., electricity), feedstock, and services. In these cases, the nonintegrated approach offers value as: It provides the operator of the upstream or utility plants the opportunity to specialize, for example, by operating very similar plants around the world. Such specialization enables the use of regional operating centers, minimum onsite cash costs, optimized operating conditions, minimized energy consumption, and the optimal use of other variable cost parameters. This article shows that if outsourcing results in a cash cost saving by an upstream operator, the benefit to the downstream owner will (in financial reward) be proportional to the cash cost saving achieved. In absolute terms, the magnitude of the benefit is moderated by the size of the downstream capital investment (The bigger the downstream investment relative to the upstream investment, the smaller the impact of the saving on the economics of the downstream company). As a utility provider an upstream operator benefits from lower risk in terms of offtake and market price uncertainties. Such owners benefit from a lower cost of capital, and as such also have lower return expectations than players further along in the value chain (who are exposed to all the uncertainties in volatile markets). This article shows that the positive impact of such benefits to the return of the downstream partner is directly proportional the difference in return expectations between the upstream and downstream company. Once again, the absolute magnitude of the saving becomes more substantial as the ratio of upstream capital investment increases relative to the downstream capital investment. Economy of learning may also enable a specialized upstream company to obtain an asset at a lower capital than a less specialized downstream operator. This article shows that the positive impact of such a benefit is very similar to that of a lower return expectation by the upstream company. (c) 2015 American Institute of Chemical Engineers AIChE J, 62: 1092-1103, 2016
机译：在化学和石油化学工业中，最终产品的制造是一个或多个参与者可以拥有和操作的多个连续步骤的结果，这一点很普遍。尽管并非总是可行，但通常建议在价值链上的所有合作伙伴之间享有平等所有权，以简化业务结构，以确保所有合作伙伴在不确定的市场中起起伏伏。与这种方法相反，在某些情况下，价值链上拥有不同的所有者和运营商可以带来更多收益。工业上的惯例是公用事业（例如电力）的供应，原料和服务。在这些情况下，非集成方法提供的价值在于：它为上游或公用事业工厂的运营商提供了专门化的机会，例如，通过在全球范围内运营非常相似的工厂。通过这种专业化，可以使用区域运营中心，最低的现场现金成本，优化的运行条件，最小的能源消耗以及其他可变成本参数的最佳使用。本文显示，如果外包导致上游运营商节省现金成本，则下游所有者的收益（以财务奖励）将与节省的现金成本成比例。绝对而言，收益的大小受下游资本投资规模的控制（下游投资相对于上游投资越大，储蓄对下游公司经济的影响就越小）。作为公用事业提供商，上游运营商将从承购和市场价格不确定性方面降低风险。这些所有者受益于较低的资本成本，因此也比价值链中更远的参与者（他们在动荡的市场中面临所有不确定因素）的回报期望更低。本文显示，此类收益对下游合作伙伴回报的积极影响与上游和下游公司之间的回报期望差异成正比。再次，随着上游资本投资相对于下游资本投资的比率增加，储蓄的绝对量变得更大。学习的经济性也可以使一家专业的上游公司以比一家专业程度较低的下游运营商更低的资本获得资产。本文显示，这种收益的积极影响与上游公司较低的收益期望非常相似。 （c）2015年美国化学工程师学会AIChE J，62：1092-1103，2016

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