【正文】 their advertising resources away from television to more digital formats. ■ When Microsoft announced that it would acquire Skype Global ., the leading Inter telemunications pany for $ billion, there were both positive and negative attributions about the deal in the media. OPENING CASE 科技巨頭的收購戰(zhàn)略以及取得的成果 ■ 像臉譜這種在線社交網(wǎng)站，已經(jīng)讓寶潔這樣的公司將廣告資源從電視媒介轉(zhuǎn)移到各種數(shù)字平臺。 PART 2: FORMULATION OF STRATEGIC ACTIONS CHAPTER 7 STRATEGIC ACQUISITION AND RESTRUCTURING IRELAND | HOSKISSON | HITT THE MANAGEMENT OF STRATEGY CONCEPTS AND CASES 10E 第 Ⅱ 篇戰(zhàn)略規(guī)劃 第 7章 戰(zhàn)略性收購與重組 IRELAND | HOSKISSON | HITT THE MANAGEMENT OF STRATEGY CONCEPTS AND CASES 10E THE STRATEGIC MANAGEMENT PROCESS 戰(zhàn)略管理過程 圖 戰(zhàn)略管理過程 KNOWLEDGE OBJECTIVES ? The background of merger and acquisition . ? Reasons for an acquisition strategy . ? Problems that work against achieving success when using an acquisition strategy. ? The attributes of effective acquisitions. ? The restructuring strategy and its mon forms. 學(xué)習(xí)目標(biāo) 合并和收購戰(zhàn)略的背景。 ■ 當(dāng)微軟公司宣布以 85億美元收購全球領(lǐng)先的電信公司 Skype時(shí)，媒體方面對此既有積極評價(jià)又有消極評價(jià)。與此相比， 2023年 eBay收購 Skype時(shí)相當(dāng)于為每一個(gè)用戶支付了 。 2023年，谷歌就以 16億美元將 YouTube收購 引導(dǎo)案例 TECHNOLOGY GIANTS’ ACQUISITION STRATEGIES AND THEIR OUTCOMES ■ Facebook has a somewhat different approach to acquisitions, having recently purchased Snaptu. Snaptu provides application software for services such as Facebook, Twitter, and LinkedIn, which allows these services to be featured on phones. ■ Facebook has made 11 acquisitions since 2023。 引導(dǎo)案例 TECHNOLOGY GIANTS’ ACQUISITION STRATEGIES AND THEIR OUTCOMES ■ Online merce is moving into a consumeroriented retail phase, of which firms such as Facebook and Amazon are seeking to take advantage. ■ Acquisitions are a quick way to move into the space that these tech giants see evolving, such as Microsoft seeking to broaden its munication base, Google expanding beyond search to experiment with new models of advertising, and Facebook’s attempts to learn from the human capital that they are able to acquire. OPENING CASE 科技巨頭的收購戰(zhàn)略以及取得的成果 ■ 在線商務(wù)已經(jīng)進(jìn)入以顧客為導(dǎo)向的零售時(shí)代，而臉譜和亞馬遜都在尋求這一領(lǐng)域的優(yōu)勢地位。 ? 有些人認(rèn)為，這一戰(zhàn)略在美國上世紀(jì)八九十年代的業(yè)務(wù)重組中起到了關(guān)鍵作用，直到本世紀(jì)初，一些公司還在收獲著這些戰(zhàn)略帶來的好處。 合并和收購戰(zhàn)略的流行 ? 山西民企 公司。正是在這樣的環(huán)境下出現(xiàn)了跨境并購浪潮。 收購 是指一家公司購買另一家公司的全部或部分股權(quán)，并將被收購公司的業(yè)務(wù)納入其戰(zhàn)略組合。 惡意接管 是目標(biāo)公司所不希望的非友好接管 ? REASONS FOR ACQUISITIONS 支持收購的原因以及 阻礙收購成功的因素 圖 支持收購的原因以及 阻礙收購成功的因素 Increased Market Power ? Market Leadership results from Market Power Factors increasing market power: ? ? The ability to sell goods or services above petitive levels. ? Costs of primary or support activities are below those of petitors. ? Purchase of a petitor, a supplier, a distributor, or a business in a highly related industry. 增強(qiáng)市場影響力 獲得足夠的市場影響力，就可以成為市場領(lǐng)導(dǎo)者 。以成本為基礎(chǔ)的協(xié)同效應(yīng) 216。 Because of the difficulty in implementing synergy, related acquisitions are often difficult to implement 增強(qiáng)市場影響力 橫向收購 縱向收購 相關(guān)收購 ? 收購高度相關(guān)行業(yè)的公司 ? 公司可以利用資源和和能力整合產(chǎn)生的協(xié)同效應(yīng)來創(chuàng)造價(jià)值。 ? 戰(zhàn)略聚焦中強(qiáng)調(diào)了中國、印度和巴西的公司所采取的跨國收購方法的差異。 ? 收購戰(zhàn)略是避免內(nèi)部投資風(fēng)險(xiǎn)（尤其是研發(fā)投入的風(fēng)險(xiǎn)）的常見手段 。 ? 降低對一個(gè)或多個(gè)產(chǎn)品或市場的依賴程度 依賴程度的降低，可以重新構(gòu)造公司的競爭力范圍 Learning and Developing New Capabilities An acquiring firm can gain capabilities that the firm does not currently possess: ? Special technological capability ? A broader knowledge base ? Reduced inertia Firms should acquire other firms with different but related and plementary capabilities in order to build their own knowledge base 學(xué)習(xí)和發(fā)展新能力 公司可以通過收購來獲取自己原本缺乏的能力 ： ? 特殊的技術(shù)能力 ? 更寬的知識基礎(chǔ) ? 減少慣性 為了建立自己的知識基礎(chǔ)，公司應(yīng)尋求收購與本公司既有區(qū)別又有一定相關(guān)性和互補(bǔ)性的公司 支持收購的原因以及 阻礙收購成功的因素 圖 支持收購的原因以及 阻礙收購成功的因素 ? PROBLEMS IN ACHIEVING ACQUISITION SUCCESS PROBLEMS WITH ACQUISITIONS Integration Difficulties Inadequate Target Evaluation Large or Extraordinary Debt Inability to Achieve Synergy Too Much Diversification Managers Overly Focused on Acquisitions Too Large PROBLEMS IN ACHIEVING ACQUISITION SUCCESS 阻礙收購成功 的因素 整合的困難 對收購對象 評估不充分 巨額或非正常 水平的債務(wù) 難以形成協(xié)同效應(yīng) 過度多元化 管理者過度關(guān)注收購 規(guī)模過于龐大 阻礙收購獲得成功的因素 PROBLEMS IN ACHIEVING ACQUISITION SUCCESS ● Acquisition strategies are not problemfree. ● Research suggests: 20% of all mergers and acquisitions are suc