7收購(gòu)與重組(1)(完整版)
【正文】 consequences of the transaction – actions that would be necessary to successfully meld the two 地位正勤勉 ? Ineffective duediligence process may – result in paying excessive premium for the target pany Inadequate Evaluation of Target 14 Problems With Acquisitions ? Firm may take on significant debt to acquire a pany ? High debt can – increase the likelihood of bankruptcy – lead to a downgrade in the firm’s credit rating – preclude needed investment in activities that contribute to the firm’s longterm success Large or Extraordinary Debt 15 Problems With Acquisitions ? Synergy exists when assets 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 Inability to Achieve Synergy 16 Problems With Acquisitions ? Diversified firms must process more information of greater diversity ? Scope created by diversification may cause managers to rely too much on financial rather than strategic controls to evaluate business units’ performances ? Acquisitions may bee substitutes for innovation Too Much Diversification 17 Problems With Acquisitions ? Managers in target firms may operate in a state of virtual suspended animation during an acquisition ? Executives may bee hesitant to make decisions with longterm consequences until negotiations have been pleted ? Acquisition process can create a shortterm perspective and a greater aversion to risk among toplevel executives in a target firm Managers Overly Focused on Acquisitions 18 Problems With Acquis
研究報(bào)告相關(guān)推薦
鄂ICP備17016276號(hào)-1