国际财务管理 案例讨论 state-owned monopolies into telephone free-for-alls.The second trend is technology, which has dissolved borders and allowed telecommunications companies to branch into cable television and information ser-vices."The logic is simple,"says James Ross,a telecommunications analyst for the ABN AMRO Hoare Govett brokerage firm in London."In the end,the industry is going to be dominated by a small number of large players,and this makes it more likely that BT/MCI will be one of them." Despite the global pretensions,Concert's first gig will be the $100 billion local phone network in the U.S Hello,Baby Bells:Competition calling.The combination of MCI's hell-bent-for-market-share moxie and BT's muscle-Concert will have a cash flow of $12 billion-could wreak havoc in local markets,and that could be good news for anyone with a dial tone. MCI's Roberts sounds as though he can't wait to start cutting rates:"The local market is the most profitable in the world-twice as profitable as the long-distance market.Simply put,rates will come down.I wouldn't be surprised that over time they came down by a factor of two."MCI is set to enter 25 local markets in January. Thanks to its national brand name and scrappy style,"MCI was ready to beat the crap out of the regional phone companies even before the British Telecom deal,"says David Goodtree of Forrester Research,a Massachusetts consulting firm.With BT behind it,Goodtree observes,MCI could take a $10 billion bite out of the local phone market within three years.And with that as a base,MCI could expect to broaden its No.2 share of the $65billion U.S.long-distance market;that currently stands at 17.8%,Vs.53%for AT&T. Merging the buccaneering MCI culture with tradition-bound BT could prove tricky. To preserve MCI's independent spirit,Roberts will serve as co-chairman with BT chief Ian Vallance and remain at MCI headquarters in Washington. Outside the U.S.the two companies,which al-ready operate in 72 countries,want to PARTY LINE MCI BT Washington Headquarters London 70 countries International offices 30 countries 52000 Employees 131000 $19.8bil Sales $22.3bil $1.2 Profits $3.5 $17.1 Market value $37.1 Long-distance Principal Local and long-distance calls; telecommunications; businesses telephone lines,equipment and Local calls in 50 markets; private circuits;mobile communications; computer networks and Internet access Internet service and access lines DLALNG UP THE DETAILS -3国际财务管理 案例讨论 - 3 - state-owned monopolies into telephone free-for-alls. The second trend is technology, which has dissolved borders and allowed telecommunications companies to branch into cable television and information ser-vices. “The logic is simple,” says James Ross, a telecommunications analyst for the ABN AMRO Hoare Govett brokerage firm in London. “In the end, the industry is going to be dominated by a small number of large players, and this makes it more likely that BT/MCI will be one of them.” Despite the global pretensions, Concert’s first gig will be the $100 billion local phone network in the U.S Hello, Baby Bells: Competition calling. The combination of MCI’s hell-bent-for-market-share moxie and BT’s muscle-Concert will have a cash flow of $12 billion-could wreak havoc in local markets, and that could be good news for anyone with a dial tone. MCI’s Roberts sounds as though he can’t wait to start cutting rates: “The local market is the most profitable in the world-twice as profitable as the long-distance market. Simply put, rates will come down. I wouldn’t be surprised that over time they came down by a factor of two.” MCI is set to enter 25 local markets in January. Thanks to its national brand name and scrappy style, “MCI was ready to beat the crap out of the regional phone companies even before the British Telecom deal,” says David Goodtree of Forrester Research, a Massachusetts consulting firm. With BT behind it, Goodtree observes, MCI could take a $10 billion bite out of the local phone market within three years. And with that as a base, MCI could expect to broaden its No. 2 share of the $65billion U.S. long-distance market; that currently stands at 17.8%,vs.53%for AT&T. Merging the buccaneering MCI culture with tradition-bound BT could prove tricky. To preserve MCI’s independent spirit, Roberts will serve as co-chairman with BT chief Ian Vallance and remain at MCI headquarters in Washington. Outside the U.S. the two companies, which al-ready operate in 72 countries,want to _____________________________________________________________________ _____________________________________________________________________ PARTY LINE ------------------------------------------------------------------------------------------------------- MCI BT ------------------------------------------------------------------------------------------------------- Washington Headquarters London 70 countries International offices 30 countries 52000 Employees 131000 $19.8bil Sales $ 22.3bil $1.2 Profits $3.5 $17.1 Market value $37.1 Long-distance Principal Local and long-distance calls; telecommunications; businesses telephone lines, equipment and Local calls in 50 markets; private circuits; mobile communications; computer networks and Internet access Internet service and access lines ------------------------------------------------------------------------------------------------------- DLALNG UP THE DETAILS