Acquisition Integration Approaches[收购整合法]

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Mergers and Acquisitions[并购]。 Philippe Haspeslagh和David Jemison的Acquisition Integration Approaches[收购整合法]解析。 (‘90)

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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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