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1、SUMMER2011VOL.52NO.4IntelligenceTheBusinessModelsInvestorsPreferAnoverviewofnewresearchindicatingthatthestockmarketparticularlyvaluesbusinessmodelsbasedoninnovationandintellectualproperty,byPeterWeill,ThomasW.MaloneandThomasG.ApelREPRINTNUMBER52402[STRATEGY]Financialassets,whichincludecashas
2、wellassecuritieslikestocks,bondsandin-TheBusinessModelssurancepoliciesthatgivetheirownersrightstopotentialfuturecashflows;InvestorsPreferPhysicalassets,whichincludedurableitemssuchascomputers,aswellasnondu-Newresearchsuggeststhatthestockmarketrableitemssuchasfood;particularlyvaluesbusinessmo
3、delsbasedonIntangibleassets,whichincludeintel-innovationandintellectualproperty.lectualpropertysuchaspatentsandcopyrights,aswellasotherintangibleassetsBYPETERWEILL,THOMASW.MALONEANDTHOMASG.APELlikeknowledge,goodwillandbrandvalue;Humanassets,whichincludepeople’stimeandeffort.Peopleofcoursecan
4、notbeWhyareinvestorssobullishoncompanieslikeAppleandDisney?Isitfinancialmetrics,greatlegallyboughtandsold,buttheirtimeandmanagement,industryprowess,goodinvestorrelationsorgoodtiming?Probablyallofthese.knowledgecanbe“rentedout”forafee.Butsomethingelsemaybeatwork,too.Inresearchweconductedatthe
5、MITSloanSchoolofThefourwayscompaniesmanageas-Management,wefoundthatthestockmarketconsistentlyvaluescertaintypesofbusinessmod-setsrightstogeneraterevenueareas:elsmorehighlythanothers.Specifically,wefoundthatinrecentyears,investorshavefavoredCreators,whichsellownershipofprod-businessmodelsfocu
6、singonlicensingintellectualproperty(suchasWaltDisney’sbusinessuctstheyhavecreatedbytransformingormodel)andacertainkindofhighlyinnovativemanufacturing(suchasApple’s).assemblingrawmaterialsorcomponents.Wedevelopedaframeworkthatincludes14typesofbusinessmodels.(Surprisingly,weFord,3MandIntelaree
7、xamplesofthisfoundthereisnouniversallyaccepteddefinitionoftheimportantconceptofabusinessmodel.)typeofcompany;Then,usingdatafromCompustat,weclassifiedallthemorethan10,000companiesthatareDistributorssuchasWal-MartorpubliclytradedonU.S.exchangeswithin
