【正文】 loping 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(xué)習(xí)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(bǔ)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 Overly Focused on Acquisitions Too Large PROBLEMS IN ACHIEVING ACQUISITION SUCCESS 阻礙收購成功 的因素 整合的困難 對收購對象 評估不充分 巨額或非正常 水平的債務(wù) 難以形成協(xié)同效應(yīng) 過度多元化 管理者過度關(guān)注收購 規(guī)模過于龐大 阻礙收購獲得成功的因素 PROBLEMS IN ACHIEVING ACQUISITION SUCCESS ● Acquisition strategies are not problemfree. ● Research suggests: 20% of all mergers and acquisitions are successful。 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。 ? 收購戰(zhàn)略是避免內(nèi)部投資風(fēng)險（尤其是研發(fā)投入的風(fēng)險）的常見手段 。 ? 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。 ? 戰(zhàn)略聚焦中強(qiáng)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。 ? Economies of scale ? Differentiated products 克服進(jìn)入壁壘 進(jìn)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(jìn)入該市場的成本和難度而采取的措施。 Because of the difficulty in implementing synergy, related acquisitions are often difficult to implement 增強(qiáng)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。 Increases a firm’s market power by controlling additional parts of the value chain 增強(qiáng)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。以成本為基礎(chǔ)的協(xié)同效應(yīng) 216。 Costbased synergies 216。 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 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)市場影響力 獲得足夠的市場影響力，就可以成為市場領(lǐng)導(dǎo)者 。s bid。 收購 是指一家公司購買另一家公司的全部或部分股權(quán)，并將被收購公司的業(yè)務(wù)納入其戰(zhàn)略組合。 ? 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、收購和接管：區(qū)別何在？ 合并 是指兩家公司同意在相對平等的基礎(chǔ)上對兩者的經(jīng)營進(jìn)行整合。正是在這樣的環(huán)境下出現(xiàn)了跨境并購浪潮。 ? 德媒：中國人投資德國企業(yè)看重的是技術(shù)。 合并和收購戰(zhàn)略的流行 ? 山西民企 公司。 合并和收購戰(zhàn)略的流行 Firms use MA strategies to create value for all stakeholders MA value creation applies equally to all strategies (businesslevel, corporatelevel, international, and cooperative) POPULARITY OF MERGER AND ACQUISITION STRATEGIES ? 公司使用 MA戰(zhàn)略可以提高自己為所有利益相關(guān)者創(chuàng)造價值的能力。 ? 有些人認(rèn)為，這一戰(zhàn)略在美國上世紀(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)略帶來的好處。 引導(dǎo)案例 ? The background of merger and acquisition Popular strategy in the . for many years Source of firm growth and aboveaverage returns Some believe that MA strategies played a central role in the restructuring of . businesses during the 1980s and 1990s and that they continue generating benefits in the twentyfirst century POPULARITY OF MERGER AND ACQUISITION STRATEGIES ? 已經(jīng)在美國公司之間流行了許多年。 引導(dǎo)案例 TECHNOLOGY GIANTS’ ACQUISITION STRATEGIES AND THEIR OUTCOMES ■ Online merce is moving into a consumeroriented retail phase, of which firms such as