【正文】 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(gòu) (LBOs) ● LBOs的三種方式： (MBOs) (EBOs) ● 為什么要進(jìn)行杠桿收購(gòu) ? ■ 是公司重獲新生的一種方式，能夠更好地促進(jìn)企業(yè)家獲得成就。 ? 能夠使公司重新聚焦于核心業(yè)務(wù)。 ? May be acpanied by downsizing, but must avoid ? eliminating key employees。 ? 精簡(jiǎn)的主要原因： ? 期望通過(guò)降低勞動(dòng)力成本來(lái)提高盈利性 ? 渴望或需要更高效的運(yùn)營(yíng) Downscoping: ? Downscoping: a divestiture, spinoff or other means of eliminating businesses unrelated to a firm’s core businesses。 ? Typical reasons for downsizing: ? Expectation of improved profitability from labor cost reductions. ? Desire or necessity for more efficient operations. 精簡(jiǎn) : ? 精簡(jiǎn) : 減少公司的員工或經(jīng)營(yíng)部門的數(shù)量。 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。 收縮 杠桿收購(gòu) 剝離、分立或者其他一些削 減公司非核心業(yè)務(wù)的方法。 ? 當(dāng)內(nèi)外環(huán)境發(fā)生變化時(shí)，公司也會(huì)進(jìn)行重組 。 ? 減少公司的創(chuàng)新。 ? 過(guò)度多元化會(huì)導(dǎo)致業(yè)績(jī)下滑 . Managers Overly Focused on Acquisitions ? WHY: MORE FUN TO MAKE THE DEALS THAN TO ? RUN THE COMPANY ? Managers invest substantial time and energy in acquisition strategies in: ? Searching for viable acquisition candidates. ? Completing effective duediligence processes. ? Preparing for negotiations. ? Managing the integration process after is pleted. 管理者過(guò)度關(guān)注收購(gòu) ? 為什么：進(jìn)行交易比運(yùn)營(yíng)公司更有趣 ? 在收購(gòu)戰(zhàn)略中，管理者投入大量的時(shí)間和精力來(lái)進(jìn)行： ? 尋找各種收購(gòu)對(duì)象 ? 完成有效的盡職調(diào)查過(guò)程 ? 準(zhǔn)備談判 ? 管理收購(gòu)?fù)瓿珊蟮恼线^(guò)程 Too Large ? Additional costs and plexity of management may exceed the benefits of the economies of scale and additional market power, creating diseconomies of scope ? More bureaucratic controls result from size: ? Formalized controls often lead to relatively rigid and standardized managerial behavior ? The firm may produce less innovation 規(guī)模過(guò)于龐大 ? 額外的成本和管理的復(fù)雜性會(huì)超出規(guī)模經(jīng)濟(jì)和更大的市場(chǎng)影響力所帶來(lái)的收益進(jìn)而造成規(guī)模不經(jīng)濟(jì)。 ? 戰(zhàn)略重點(diǎn)轉(zhuǎn)向短期績(jī)效。 Too Much Diversification ? Diversified firms must process more information of greater diversity. ? Increased operational scope created by diversification may cause managers to rely too much on financial rather than strategic controls to evaluate business units’ performances. ? Strategic focus shifts to shortterm performance. ? Acquisitions may bee substitutes for innovation. ? Overdiversification leads to a decline in performance. 過(guò)度多元化 ? 多元化公司必須要擁有與多元化相關(guān)的更多信息。 ? 公司利用收購(gòu)來(lái)創(chuàng)造協(xié)同效應(yīng)時(shí)會(huì)產(chǎn)生交易成本 。 ? 盡職調(diào)查的檢查項(xiàng)目： ? 擬進(jìn)行的交易的財(cái)務(wù)問(wèn)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(wèn)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。 ● 研究表明 ： 在所有的合并和收購(gòu)中，大約 20%是成功的， 60%的結(jié)果不盡如人意，剩余的 20%則是完全失??；技術(shù)收購(gòu)的失敗率更高 Integration Difficulties ? Integration challenges include: ? Melding two disparate corporate cultures ? Linking different financial and control systems ? Building effective working relationships (particularly when management styles differ) ? Resolving problems regarding the status of the newly acquired firm’s executives ? Loss of key personnel weakening the acquired firm’s capabilities and reducing its value 整合的困難 ? 整合面臨的挑戰(zhàn)包括： ? 融合兩個(gè)公司的文化 ? 連接不同的財(cái)務(wù)和控制系統(tǒng) ? 建立有效的工作關(guān)系（尤其是兩個(gè)公司的管理風(fēng)格相左的時(shí)候） ? 解決被收購(gòu)公司原有管理人員的地位問(wèn)題等 ? 關(guān)鍵人員的流失將削弱被收購(gòu)公司的能力及價(jià)值 Inadequate Evaluation of Target ? Due Diligence The process of evaluating a target firm for acquisition。 20% are clear failures, with technology acquisitions reporting even higher failure rates。 ? 降低對(duì)一個(gè)或多個(gè)產(chǎn)品或市場(chǎng)的依賴程度 依賴程度的降低，可以重新構(gòu)造公司的競(jìng)爭(zhēng)力范圍 Learning and Deve