【文章內(nèi)容簡介】 : 216。以成本為基礎(chǔ)的協(xié)同效應(yīng) 216。以收入為基礎(chǔ)的協(xié)同效應(yīng) ? 收購具有相同特征的公司的效果會更好 相同特征： ? 戰(zhàn)略 ? 管理風格 ? 資源配置方式 ? 原有的聯(lián)盟管理經(jīng)驗 Increased Market Power Horizontal Acquisitions Vertical Acquisitions ? Acquisition of a supplier or distributor of one or more of the firm’s goods or services 216。 Increases a firm’s market power by controlling additional parts of the value chain 增強市場影響力 橫向收購 縱向收購 ? 收購供應(yīng)商或分銷商的一種或多種產(chǎn)品或服務(wù) 216。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。 Because of the difficulty in implementing synergy, related acquisitions are often difficult to implement 增強市場影響力 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)造價值。 ? 由于協(xié)同效應(yīng)難以實現(xiàn)，所以相關(guān)收購很難實施 REASONS FOR ACQUISITIONS ? Entry Barriers ? Factors associated with the market or with the firms operating in it that increase the expense and difficulty faced by new ventures trying to enter that market。 ? Economies of scale ? Differentiated products 克服進入壁壘 進入壁壘 是指市場或該市場上已經(jīng)存在的公司，為了增加其他公司進入該市場的成本和難度而采取的措施。 ? 規(guī)模經(jīng)濟 ? 差異化產(chǎn)品 跨國收購 ? 總部位于不同國家的公司間進行的收購 ? 經(jīng)常用來克服進入壁壘 ? 由于存在文化差異，因此跨國收購很難協(xié)商和運營 ? 戰(zhàn)略聚焦：跨國收購 CrossBorder Acquisitions ? 在當今全球競爭格局下，與美國和歐洲的公司相比，更多的收購來自于其他地區(qū)國家的公司 。 ? 戰(zhàn)略聚焦中強調(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。 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 進入市場的速度 ? 在公司內(nèi)部開發(fā)新產(chǎn)品被認為是一項高風險的活動。 ? 收購可以用來獲取新產(chǎn)品，或者一些對公司而言是新產(chǎn)品的現(xiàn)有產(chǎn)品。 ? 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 。 ? 收購戰(zhàn)略是避免內(nèi)部投資風險（尤其是研發(fā)投入的風險）的常見手段 。 ? 收購也可能成為公司創(chuàng)新的替代品，因此，在本質(zhì)上，收購應(yīng)該是戰(zhàn)略性的而非防御性的。 Increased Diversification ? Using acquisitions to diversify a firm is the quickest and easiest way to change its portfolio of businesses. ? Both related diversification and unrelated diversification strategies can be implemented through acquisitions. ? The more related the acquired firm is to the acquiring firm, the greater is the probability that the acquisition will be successful. 增加多元化 ? 利用收購來實現(xiàn)公司多元化是一種最快、最容易的改變公司業(yè)務(wù)組合的方式。 ? 相關(guān) 和 非相關(guān) 多元化戰(zhàn)略都可以通過收購來實施 ? 被收購公司與收購公司越相似，收購獲得成功的可能性越大 Reshaping the Firm’s Competitive Scope An acquisition can: ? Reduce the negative effect of an intense rivalry on a firm’s financial performance. ? Reduce a firm’s dependence on one or more products or markets. Reducing a pany’s dependence on specific markets alters the firm’s petitive scope 重構(gòu)公司的競爭力范圍 收購能夠 : ? 減少競爭性對抗對公司財務(wù)業(yè)績的負面影響。 ? 降低對一個或多個產(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 學習和發(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 Ov