Acquisition Integration Approaches[收购整合法]

知识中心

Philippe Haspeslagh和David Jemison的收购整合法（Acquisition Integration Approaches），为企业并购（Mergers and Acquisitions）过程中的优化整合，提供了切实可行的指导方案。

“照葫芦画瓢”可以算得上是当前如火如荼的行业并购的真实写照 ， 根据相对单一的标准，对收购来的公司在规模和品质上进行改造， 是并购领域的通行做法。

Haspeslagh和Jemison在1990年指出，并购公司在进行整合时至少要考虑以下两条原则：

1. 战略依存的需要。
2. 组织自治的需要。

并购价值创造的四个类型

显而易见，并购的主要目的和中心任务就是要使得合并后的两个企业能够创造更大的价值财富。 并购如何产生价值，具体有四种类型：

1. 资源共享。 价值产生于合并企业的运营生产阶段。
2. 功能传输。 价值产生于人员、资讯、知识、技能从一个企业向另一个企业传递的过程中。
3. 管理传输。 价值通过管理层管理能力、协调能力以及控制力的提升而被创造出来。
4. 联合优势。 价值创造得益于整合后的企业平衡现金资源的能力、强大的借贷能力、购买能力以及市场控制能力。

组织自治

Haspeslagh和Jemison警告说，管理层千万不要忘了并购的首要战略任务——创造价值。 不要过早下方自治权，当然，对待收购来的企业要一视同仁，让他们感到平等和尊严。 是否要下方自治权以及如何下方自治权，涉及到三个关联问题：

1. 自治权对于保存公司苦心孤诣购买来的战略力量是否必要？
2. 如果问题一回答肯定，那么，要下方多少自治权？
3. 需要在哪些具体领域给予自治权？

并购首选模型

根据对战略依存与组织自治的不同需求程度（参见右图），企业首选的收购整合法有以下四种：

• 吸收法（Absorption）。 在并购完成之后，管理层要有足够的勇气承认这一点，并付诸实践。
• 保存法（Preservation）。 管理层的想法是， 确保获得的资源原封不动，留待培育。
• 共生法（Symbiosis）。 管理层要保证两个公司的“边界”依旧清晰，同时又互相渗透，这是一个渐进的过程。
• 金控法（Holding）。 收购公司对整合并不感兴趣，并购收益来源于财政转移、风险共享以及综合管理能力的提升等。

该知识中心围绕战略层面的并购准备工作展开。 请参阅并购后整合，了解有关在合并或收购发生后管理整合问题的更多信息。

论坛 关于以下内容的论坛讨论：收购整合法。您可以在下方提出有关此主题的问题、分享您的经验、报告新的发展或解释一些事情。 Mergers and Acquisitions in Africa Mergers and acquisitions are not very common in Africa.... I wonder why?... 14   2条评论 Do Mergers and Acquisitions Add Value? As a theory it is expected that the value of the two firms after merging should rise. But this is often not the case in real life. Why?... 11   5条评论 The right Leader during M&A The role of HR in M&A is important, but the role of the future Country or Regional Leader is critical. If that Leader is not "neutral", it is hard to have the right new and effective top management: t... 10   Combining Integration and Autonomy in Acquisitions According to the literature on acquisitions, it is of high importance to decide on the proper level of integration between the firms in order to realize value from an acquisition. It is often consider... 5   Increase the Role of HR in Early M&A Stages Many mergers and acquisitions fail to deliver on their initial promises partly because of cultural/people issues. The role of HR in M&A should be increased to avoid this, especially in early stages. I... 5   2条评论 What makes M&A So Attractive Compared to Organic Growth? I think one reason for the low success rate of M&A is that many times the merger arises from opportunity and not from genuine strategic planning. Sometimes board members meet loosely, see some similar... 3   Global Number of Mergers & Acquisitions How many company M&As are done annually across the globe?... 3   2条评论 Reasons for Mergers and Acquisitions? Please help me understand why any company would want to merge with some another company. What are the typical main reasons behind mergers and acquisitions?... 2   2条评论 开始一个新的论坛主题关于收购整合法

最佳实践 关于收购整合法的最高评价的讨论主题。在这里你会找到最有价值的思路和切实可行的建议。 🥇 Mergers and Acquisitions (M&A) Success Factors What are the factors affecting the success after a merger, acquisition or takeover?... 19   3条评论

专家提示 关于Acquisition Integration（英语）的高级见解。在这里，您将找到专家的专业建议。 Why M&A is not a Strategy Mergers and Acquisitions Planning, Strategy Note that M&A is just a tool to achieve something; it is not a strategy by itself. Some companies seem to be acquiring m... Mergers and Acquisitions: Success Archetypes Mergers and Acquisitions, Strategy According to Marc Goedhart, Tim Koller, and David Wessels ("The Five Types of Successful Acquisitions", McKinsey Quarter... Value Creation in Cross-Border Mergers and Acquisitions International M&A, Value Creation There is a rise in the amount of cross-border mergers and acquisitions (M&As). These cross-border M&As are subject to a ... Rules for Successful Acquisition Campaigns M&A, Strategy In his HBR article "Rules to Acquire By", Pitney Bowes' CFO and Executive VP Bruce Nolop shares some lessons learned by ... Attributes of Success of Successful Acquisitions Strategy, M&A In an empirical study of 24 acquisitions, Hitt, Harrison, Ireland and Best examined that successful acquisitions share f... Platform and Bolt-on Acquisitions Types M&A, Strategy When it comes to assess a potential acquisition, Pitney Bowes, famous for its successful acquisition strategies, applies... Potential Strategic Objectives of Mergers & Acquisitions Mergers & Acquisitions, Strategy Many mergers and acquisitions are driven by strategies in order to achieve one of the following five strategic M&A objec... What are the Key Responsibilities of the Board in M&A? Board Responsibilities, Mergers and Acquisitions Cookson (iancookson@gt.com) recommends the following useful shopping list in the "Financial Excutive" of Oct2004: - Wh... Communication Strategy Before, During and After a Merger Branding, Communication, M&A Of the many complex decisions that senior executives make before and during a merger, one is mandatory and critical but ... Reasons for M&A Failures Avoid these Mistakes in M&A� Research from Hay Group and La Sorbonne University on European merger and acquisition operations of the last 3 years hig... The Drivers of Merger Success M&A Success Factors, Merger Success Factors Many mergers fail. Everybody knows that. Marc J. Epstein thinks there are seven determinants of merger success: 1. stra... Cold Hard Facts about Acquisitions When you're considering an acquisition� One should recognize some cold hard facts about mergers and acquisitions. In the book: The Complete Guide to Mergers and...

信息来源 有关收购整合法的各种信息来源。在这里，您将找到Powerpoint，视频，新闻等可用于您自己的讲座和讲习班。 Best Practices of Merger and Acquisition Integration Mergers and Acquisitions, Strategy, M&A, Integration Large presentation on Merger and Acquisition Strategy and Implementation 1. Introduction 2. Counter-Intuitive Moves 3... Organizational Learning in Acquiring Other Firms Acquisition Integration, Banking, Mergers, Post_Acquisition Integration, Learning Paper by Dima Leshchinskii and Maurizio Zollo studies empirically how post-acquisition decisions and learning from previ... Mergers, Acquisitions & Corporate Control Corporate Control, Mergers and Acquisitions, Anti-takeover Measures, Synergies This presentation is about corporate control and mergers and acquisitions, including the following sections: 1. What is... Global HRM in a Globalized World Globalization, Global Human Resource Management, International HRM Presentation that introduces the concept of international HRM. The presentation includes he following sections: 1. Intr... Acquisition Integration Approaches Diagram Post Merger Integration Download and edit the 12manage PowerPoint model for limited personal, educational and business use. Republishing in int... Strategic Dynamics of Acquisition Integration Integration Process, Integration Framework Paper by Robert A. Burgelman and Webb McKinney introduces a conceptual framework that decomposes the overall acquisition...

研究链接 自动跳入有关以下内容的其他有用资源收购整合法。 新闻 视频 简报   书比人好 学术的 更多

比较： Core Competence[核心竞争力]  |  Leveraged Buy-out[杠杆收购]  |  Parenting Styles[母合类型]  |  Value Based Management[价值管理]  |  Porter  |  Parenting Advantage[母合优势]  |  Horizontal Integration[横向整合]  |  Turnaround Management[重建管理]  |  Management Buy-out[管理者收购]  |  BCG Matrix[BCG矩阵]  |  Growth Phases[成长阶段]  |  Distinctive Capabilities[特殊能力]  |  Centralization and Decentralization[中心化与去中心化]  |  Organizational Configurations[组织构型]  |  Organization Chart[组织结构图]  |  Outsourcing[外包]

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