【正文】 tandardized managerial behavior ? The firm may produce less innovation 規(guī)模過于龐大 ? 額外的成本和管理的復雜性會超出規(guī)模經(jīng)濟和更大的市場影響力所帶來的收益進而造成規(guī)模不經(jīng)濟。 ? 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。 ? 減少公司的創(chuàng)新。 ? EFFECTIVE ACQUISITIONS EFFECTIVE ACQUISITIONS TABLE Attributes of Successful Acquisitions 成功收購的特性 表 成功收購 的特性 EFFECTIVE ACQUISITION STRATEGIES Complementary Assets/Resources Buying firms with assets that meet current needs to build petitiveness Friendly Acquisitions Friendly deals make integration go more smoothly Due Diligence/Careful Selection Process Deliberate evaluation and negotiations are more likely to lead to easy integration and building synergies Maintain Financial Slack Provide enough additional financial resources so that profitable projects may be capitalized upon rather than fone 收購戰(zhàn)略的有效性 互補的資產(chǎn) /資源 購買擁有滿足當前發(fā)展競爭力所需資產(chǎn)的公司 善意收購 善意收購有助于協(xié)商的順利進行 盡職調(diào)查 /仔細篩選的過程 謹慎的評估與協(xié)商有助于整合及協(xié)同效應的形成 寬松的財務狀況 能夠提供充足的財務資源，因此，有利可圖的項目能得到利用，而不是被放棄 EFFECTIVE ACQUISITION STRATEGIES Attributes Results LowtoModerate Debt Merged firm maintains financial flexibility Flexibility Has experience at managing change and is flexible and adaptable Sustained Emphasis on Innovation Continue to invest in RD as part of the firm’s overall strategy 收購戰(zhàn)略的有效性 特征 效果 低水平 中等水平的負債 保持財務上的靈活性 靈活性 管理者擁有管理變革的經(jīng)驗，具有靈活性和適應性 對創(chuàng)新的持續(xù)重視 作為整體戰(zhàn)略的一部分，持續(xù)進行研發(fā)投資 ? RESTRUCTURING RESTRUCTURING A strategy through which a firm changes its set of businesses or financial structure. Failure of an acquisition strategy often lead to a restructuring strategy. Restructuring may occur because of changes in the external or internal environments Restructuring strategies: ? Downsizing ? Downscoping ? Leveraged buyouts RESTRUCTURING ? 公司用來改變業(yè)務框架或者財務結構的戰(zhàn)略 ， 公司經(jīng)常在收購戰(zhàn)略失敗后采用重組戰(zhàn)略 。 ? 當內(nèi)外環(huán)境發(fā)生變化時，公司也會進行重組 。 ? 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。 收縮 杠桿收購 剝離、分立或者其他一些削 減公司非核心業(yè)務的方法。 指一方（一般是私人股權投資 公司）為了將公司私有化而買 下公司的全部資產(chǎn)的重組戰(zhàn)略。 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 精簡與收縮相比 精簡 收縮 策略性的 短期的 降低勞動力成本 收購未達到預期效果 戰(zhàn)略性的 長期的 聚焦于核心業(yè)務 與精簡相比對公司業(yè)績有更積極的影響 Downsizing: ? Downsizing: a reduction in the number of a firm’s employees and sometimes in the number of its operating units。 ? May or may not change the position of businesses in the pany’s portfolio。 ? Typical reasons for downsizing: ? Expectation of improved profitability from labor cost reductions. ? Desire or necessity for more efficient operations. 精簡 : ? 精簡 : 減少公司的員工或經(jīng)營部門的數(shù)量。 ? 可以改變也可以不改變公司業(yè)務組合的要素 。 ? 精簡的主要原因： ? 期望通過降低勞動力成本來提高盈利性 ? 渴望或需要更高效的運營 Downscoping: ? Downscoping: a divestiture, spinoff or other means of eliminating businesses unrelated to a firm’s core businesses。 ? to strategically refocus on its core businesses。 ? May be acpanied by downsizing, but must avoid ? eliminating key employees。 收縮 : ? 收縮 : 剝離、分立或者其他一些削減公司非核心業(yè)務的方法。 ? 能夠使公司重新聚焦于核心業(yè)務。 ? 可以與精簡同時進行，但要避免削減關鍵員工。 LEVERAGED BUYOUTS (LBOs) ? Three types of LBOs ? Management buyouts (MBOs) ? Employee buyouts (EBOs) ? Wholefirm buyouts ? ● Why LBOs? ? A form of firm rebirth to facilitate entrepreneurial efforts. 重組 杠桿收購 (LBOs) ● LBOs的三種方式： (MBOs) (EBOs) ● 為什么要進行杠桿收購 ? ■ 是公司重獲新生的一種方式，能夠更好地促進企業(yè)家獲得成就。 RESTRUCTURING RESTRUCTURING OUTCOMES ? Shortterm ? Reduced costs: labor and debt ? Emphasis on strategic controls ? Longterm ? Loss of human capital ? Performance: higher/lower ? Higher risk 重組 重組的效果 ? 短期 ? 降低成本：勞動力、債務 ? 強調(diào)戰(zhàn)略控制 ? 長期 ? 人力資本流失 ? 績效：更高 /更低 ? 高風險 重組 圖 重組及效果