【正文】 ssets are worth more when used in conjunction with each other than when they are used separately. ? Firms experience transaction costs when they use acquisition strategies to create synergy ? Firms tend to underestimate indirect costs when evaluating a potential acquisition 難以形成協(xié)同效應 ? 協(xié)同效應： 如果各單元共同工作創(chuàng)造的總價值超出各單元獨立工作創(chuàng)造的價值的總和，就意味著產(chǎn)生了協(xié)同效應 。 ? 規(guī)模的擴大導致了更多的官僚控制 : ? 導致管理模式更加僵化和標準化。 ? May or may not change the position of businesses in the pany’s portfolio。 ? 可以與精簡同時進行，但要避免削減關鍵員工。 ? to strategically refocus on its core businesses。 ? 重組戰(zhàn)略的類型： ? 精簡 ? 收縮 ? 杠桿收購 RESTRUCTURING ? Reduction in the number of a firm’s employees and in the number of its operating units, but it does not change the essence of the business DOWNSIZING ? Refers to divestiture, spinoff, or some other means of eliminating businesses that are unrelated to a firm’s core businesses DOWNSCOPING ? A party buys all of the assets of a business, financed largely with debt, and takes the firm private LEVERAGED BUYOUT 重組 精簡 指減少公司雇員或者經(jīng)營部門 的數(shù)量，它可以改變也可以不 改變公司業(yè)務組合的要素。 ? 額外的多元化帶來的業(yè)務范圍的拓展，使管理者更多地依賴于財務控制而不是戰(zhàn)略控制來評估業(yè)務部門的業(yè)績。 阻礙收購獲得成功的因素 ● 即使是為了增加價值而進行的收購，也并非不會出現(xiàn)任何問題。 ? 相比公司內(nèi)部的產(chǎn)品開發(fā)過程，收購 ： ? 成本更低 ? 更快的市場滲透 ? 更具可預見性的回報 Lower Risk Compared to Developing New Products ? Outes for an acquisition can be more easily and accurately estimated than the outes of an internal product development process. ? Acquisition strategies are a mon means of avoiding risky internal ventures and risky RD investments. ? Acquisitions may bee a substitute for innovation, and thus should always be strategic rather than defensive in nature. 比開發(fā)新產(chǎn)品的風險更小 ? 與內(nèi)部產(chǎn)品開發(fā)過程的效果相比，收購的效果更易于進行準確地評估 。通過 控制 價值鏈的其他環(huán)節(jié)來增強公司的市場影響力 Increased Market Power Horizontal Acquisitions Vertical Acquisitions Related Acquisitions ? Acquisition of a pany in a highly related industry ? Value creation takes place through the synergy that is generated by integrating resources and capabilities 216。 HOSTILE TAKEOVER Unfriendly takeover that is undesired by the target firm 合并、收購和接管：區(qū)別何在？ 接管 屬于收購的一種特殊類型，但是被收購公司并非出于自愿。 ‘第六次并購浪潮’ ? 我國的傳統(tǒng)產(chǎn)業(yè)經(jīng)過多年發(fā)展面臨調(diào)整和升級，要走技術化（高科技化）、品牌化的道路，在產(chǎn)業(yè)升級方面，我們需要國外的技術和品牌，這不同于前幾年需要的是國外的資金和市場。 ? 是公司成長和獲得超額利潤的源泉。 引導案例 TECHNOLOGY GIANTS’ ACQUISITION STRATEGIES AND THEIR OUTCOMES DEFENSIVE RATIONALE ● If Microsoft did not buy Skype, it may have ended up in the hands of a petitor such as Google, who might be able to use it to strengthen its ecosystem at the expense of Microsoft. OFFENSIVE STRATEGY ● Google’s acquisition strategy is usually to acquire earlierstage panies than Microsoft’s deal to acquire Skype. Google purchased YouTube for $ billion in 2023. OPENING CASE 科技巨頭的收購戰(zhàn)略以及取得的成果 防御理由： ● 如果微軟不收購 Skype，微軟將有可能毀在其他競爭者的手中，這些競爭者會消滅微軟來改善它們的生態(tài)環(huán)境 進攻戰(zhàn)略 ● 與微軟不同的是，谷歌經(jīng)常收購一些處于發(fā)展初期的公司。 有效收購的特征 重組戰(zhàn)略及其不同形式 ? OPENING CASE TECHNOLOGY GIANTS’ ACQUISITION STRATEGIES AND THEIR OUTCOMES ■ Online social works, such as Facebook, have caused Procter Gamble (PG) to reallocate 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移到各種數(shù)字平臺。 ■ 當微軟公司宣布以 85億美元收購全球領先的電信公司 Skype時，媒體方面對此既有積極評價又有消極評價。 2023年，谷歌就以 16億美元將 YouTube收購 引導案例 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。 ? 有些人認為，這一戰(zhàn)略在美國上世紀八九十年代的業(yè)務重組中起到了關鍵作用，直到本世紀初，一些公司還在收獲著這些戰(zhàn)略帶來的好處。正是在這樣的環(huán)境下出現(xiàn)了跨境并購浪潮。 惡意接管 是目標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 activiti