【正文】 ? 可以改變也可以不改變公司業(yè)務(wù)組合的要素 。 ? 對(duì)潛在收購(gòu)進(jìn)行評(píng)估時(shí)，公司經(jīng)常會(huì)低估間接成本。 Cost of New Product Development and Increased Speed to Market ? nternal development of new products is often perceived as highrisk activity. ? Acquisitions allow a firm to gain access to new and current products that are new to the firm. ? Compared with internal product development, acquisitions: ? Are less costly ? Have faster market peration ? Have more predictable returns due to the acquired firms’ experience with the products 降低新產(chǎn)品開發(fā)成本和加快 進(jìn)入市場(chǎng)的速度 ? 在公司內(nèi)部開發(fā)新產(chǎn)品被認(rèn)為是一項(xiàng)高風(fēng)險(xiǎn)的活動(dòng)。 MERGERS, ACQUISITIONS, AND TAKEOVERS: WHAT ARE THE DIFFERENCES? TAKEOVER Special type of acquisition strategy wherein the target firm did not solicit the acquiring firm39。 ■ 收購(gòu)是公司進(jìn)入其他領(lǐng)域的一條捷徑，這些科技巨頭通過(guò)收購(gòu)不斷發(fā)展壯大，如微軟試圖擴(kuò)大它的通信基礎(chǔ)，谷歌尋求發(fā)展新的廣告模式，臉譜則向被收購(gòu)公司的人力資本學(xué)習(xí)。 實(shí)施收購(gòu)戰(zhàn)略的原因。最近它收購(gòu)了 Snaptu，這是一家專門為各種服務(wù)網(wǎng)站，如臉譜、推特和 Linkedln等提供軟件應(yīng)用程序的公司。 ? MERGERS, ACQUISITIONS, AND TAKEOVERS MERGERS, ACQUISITIONS, AND TAKEOVERS: WHAT ARE THE DIFFERENCES? MERGER Two firms agree to integrate their operations on a relatively coequal basis ? There are few TRUE mergers because one firm usually dominates in terms of market share, size, or asset value ACQUISITION One firm buys a controlling, 100 percent interest in another firm with the intent of making the acquired firm a subsidiary business within its portfolio 合并、收購(gòu)和接管：區(qū)別何在？ 合并 是指兩家公司同意在相對(duì)平等的基礎(chǔ)上對(duì)兩者的經(jīng)營(yíng)進(jìn)行整合。 ? Economies of scale ? Differentiated products 克服進(jìn)入壁壘 進(jìn)入壁壘 是指市場(chǎng)或該市場(chǎng)上已經(jīng)存在的公司，為了增加其他公司進(jìn)入該市場(chǎng)的成本和難度而采取的措施。 ? 盡職調(diào)查的檢查項(xiàng)目： ? 擬進(jìn)行的交易的財(cái)務(wù)問題以及 ? 收購(gòu)雙方企業(yè)文化的差異 ? 交易帶來(lái)的稅收問題 ? 為成功融合雙方的員工而采取的措施 ? 財(cái)務(wù)定位以及會(huì)計(jì)標(biāo)準(zhǔn)（財(cái)務(wù)審計(jì)）的準(zhǔn)確性，戰(zhàn)略適應(yīng)性，以及收購(gòu)公司有效地整合被收購(gòu)公司來(lái)實(shí)現(xiàn)交易的潛在目標(biāo)的能力 Large or Extraordinary Debt ? Junk bonds: Financing option whereby risky acquisitions are financed with money (debt) that provides a large potential return to lenders (bondholders) ? High debt (., junk bonds) can: ? Increase the likelihood of bankruptcy ? Lead to a downgrade of the firm’s credit rating ? Preclude investment in activities that contribute to the ? firm’s longterm success such as: – Research and development – Human resource training – Marketing 巨額或非正常水平的債務(wù) ? 垃圾債券： 是一種融資選擇，也就是通過(guò)向投資者（債券持有人）許諾支付高額的回報(bào)（債務(wù)）來(lái)為風(fēng)險(xiǎn)性收購(gòu)進(jìn)行融資。 RESTRUCTURING ? Tactical ? Shortterm ? Cut labor costs ? Acquisition failed to create anticipated value DOWNSIZING ? Strategic ? Longterm ? Focus on core businesses ? More positive effect on firm performance than downsizing DOWNSCOPING 精簡(jiǎn)與收縮相比 精簡(jiǎn) 收縮 策略性的 短期的 降低勞動(dòng)力成本 收購(gòu)未達(dá)到預(yù)期效果 戰(zhàn)略性的 長(zhǎng)期的 聚焦于核心業(yè)務(wù) 與精簡(jiǎn)相比對(duì)公司業(yè)績(jī)有更積極的影響 Downsizing: ? Downsizing: a reduction in the number of a firm’s employees and sometimes in the number of its operating units。 ? May be acpanied by downsizing, but must avoid ? eliminating key employees。 ? 戰(zhàn)略重點(diǎn)轉(zhuǎn)向短期績(jī)效。 ? 收購(gòu)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 。 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(gòu)的原因以及 阻礙收購(gòu)成功的因素 圖 支持收購(gòu)的原因以及 阻礙收購(gòu)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(chǎng)影響力 獲得足夠的市場(chǎng)影響力，就可以成為市場(chǎng)領(lǐng)導(dǎo)者 。 ? 有些人認(rèn)為，這一戰(zhàn)略在美國(guó)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(lái)的好處。 ■ 當(dāng)微軟公司宣布以 85億美元收購(gòu)全球領(lǐng)先的電信公司 Skype時(shí)，媒體方面對(duì)此既有積極評(píng)價(jià)又有消極評(píng)價(jià)。 引導(dǎo)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(gòu)戰(zhàn)略以及取得的成果 防御理由： ● 如果微軟不收購(gòu) Skype，微軟將有可能毀在其他競(jìng)爭(zhēng)者的手中，這些競(jìng)爭(zhēng)者會(huì)消滅微軟來(lái)改善它們的生態(tài)環(huán)境 進(jìn)攻戰(zhàn)略 ● 與微軟不同的是，谷歌經(jīng)常收購(gòu)一些處于發(fā)展初期的公司。 ‘第六次并購(gòu)浪潮’ ? 我國(guó)的傳統(tǒng)產(chǎn)業(yè)經(jīng)過(guò)多年發(fā)展面臨調(diào)整和升級(jí)，要走技術(shù)化（高科技化）、品牌化的道路，在產(chǎn)業(yè)升級(jí)方面，我們需要國(guó)外的技術(shù)和品牌，這不同于前幾年需要的是國(guó)外的資金和市場(chǎng)。通過(guò) 控制 價(jià)值鏈的其他環(huán)節(jié)來(lái)增強(qiáng)公司的市場(chǎng)影響力 Increased Market Power Horizontal Acquisitions Vertica