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【正文】 tions or industries ? Parent pany (acquirer) intervenes and frequently: – changes subunit management team – shifts strategy – infuses firm with new technology – enhances discipline by changing control systems – divests part of firm – makes additional acquisitions to achieve critical mass Key Characteristics 29 Restructuring: ? Frequently sell unit after making onetime changes since parent no longer adds value to ongoing operations Key Characteristics 30 Restructuring: ? Requires keen management insight in selecting firms with depressed values or unforeseen potential ? Must do more than restructure panies ? Need to initiate restructuring of industries to create a more attractive environment Assumptions 31 Incentives to Diversify External Incentives: ? Relaxation of antitrust regulation allows more related acquisitions than in the past ? Before 1986, higher taxes on dividends favored spending retained earnings on acquisitions ? After 1986, firms made fewer acquisitions with retained earnings, shifting to the use of debt to take advantage of tax deductible interest payments 32 Incentives to Diversify Internal Incentives: ? Poor performance may lead some firms to diversify to attempt to achieve better returns ? Firms may diversify to balance uncertain future cash flows ? Firms may diversify into different businesses in order to reduce risk 33 Resources and Diversification ? Besides strong incentives, firms are more likely to diversify if they have the resources to do so ? Value creation is determined more by appropriate use of resources than incentives to diversify 34 Managerial Motives to Diversify Managers have motives to diversify – diversification increases size。 , March 11, 2023 雨中黃葉樹，燈下白頭人。 :03:4203:03Mar2311Mar23 1故人江海別，幾度隔山川。 :03:4203:03:42March 11, 2023 1他鄉(xiāng)生白發(fā)，舊國見青山。 2023年 3月 上午 3時 3分 :03March 11, 2023 1行動出成果，工作出財富。 上午 3時 3分 42秒 上午 3時 3分 03:03: 沒有失敗，只有暫時停止成功！。 03:03:4203:03:4203:033/11/2023 3:03:42 AM 1成功就是日復(fù)一日那一點點小小努力的積累。 03:03:4203:03:4203:03Saturday, March 11, 2023 1不知香積寺，數(shù)里入云峰。 2023年 3月 11日星期六 上午 3時 3分 42秒 03:03: 1楚塞三湘接，荊門九派通。 2023年 3月 11日星期六 3時 3分 42秒 03:03:4211 March 2023 1空山新雨后，天氣晚來秋。 , March 11, 2023 閱讀一切好書如同和過去最杰出的人談話。 :03:4203:03Mar2311Mar23 1越是無能的人，越喜歡挑剔別人的錯兒。勝人者有力，自勝者強。 2023年 3月 11日星期六 上午 3時 3分 42秒 03:03: 1最具挑戰(zhàn)性的挑戰(zhàn)莫過于提升自我。 2023年 3月 11日星期六 3時 3分 42秒 03:03:4211 March 2023 1一個人即使已登上頂峰，也仍要自強不息
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