Acquisition Integration Approaches[收购整合法]

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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。 M&A - Acquisition Integration Approaches[收购整合法]
  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。

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Mergers and Acquisitions in Africa
Mergers and acquisitions are not very common in Africa.... I wonder why? (...)
14
 
2个反应
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 (...)
10
 
0个反应
What HRM Theories are used in M&A?
What theories of HRM are usually applied in mergers and acquisitions? How about configuration and contingency approache (...)
9
 
4个反应
Da Annullamento and Da Concambio in English?
I'm writing a thesis degree on Italian and U.S. mergers. In Italy, mergers generate deficits ("Disavanzi") or surplus("A (...)
9
 
0个反应
2 Perspectives on Post-acquisition Integration
One can distinguish two perspectives when discussing acquisition integration: 1. Organizational Behavior Perspective to (...)
6
 
1个反应
Increase the role of HR in M&A
Many mergers and acquisitions fail to deliver on their initial promises partly because of cultural/people issues. The ro (...)
5
 
2个反应
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 betwe (...)
4
 
0个反应
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 ge (...)
3
 
0个反应
Global Number of Mergers & Acquisitions
How many company M&As are done annually across the globe? (...)
3
 
2个反应
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 reaso (...)
2
 
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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个反应

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 (...)
11
 
4个反应

Culture Clashes in M&A
Many studies report that up to 80% of M&A are failing to create value and this is mainly due to culture clashes during (...)
6
 
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专家提示

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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 (...)

Focus Areas after a Merger for Leaders

Post-merger Integration, M&A, Strategy
In McKinsey Quarterly 2006/4 is an article on the art of postmerger leadership. McKinsey mention 5 challenges for postme (...)

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 (...)

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 (...)

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 (...)

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 (...)

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 (...)

Principles for Successful M&A integration

Post-Merger Integration
1. Use a personal touch: One of the most important elements of a successful M&A integration is clear and consistent comm (...)

The Relation Between Organizational Fit and Post-acquisition Integration Performance

M&A Strategy, Post-merger Integration
The term Organizational Fit is an important aspect when considering the post-acquisition integration performance. The (...)

The Drivers of Merger Success

Post-Merger Integration
Many mergers fail. Everybody knows that. Marc J. Epstein thinks there are seven determinants of merger success: 1. str (...)

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 (...)

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 (...)

Guidelines for a Smooth Post Merger Integration

Integrating an Acquisition
In the article "The Ten Commandments Of Integrating an Acquisition" by Jess Varughese and Peter Bond (USBanker, July 200 (...)
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