企业并购前后的整合管理.ppt

HewittExperienceSharingJanuary19,2006,ManagingIntegrationBeforeandAftertheDeal企业并购前后的整合管理,Content内容,Mostdealsdonotcreateshareholdervalueanddonotmeetthesetobjectives大部分并购交易无法创造股东价值，亦无法实现既定目标PoorintegrationisakeyreasonforM&Afailure整合工作不利是并购失败的关键原因所在Thestructureofthedealsreinforcetheneedforsynergyachievement并购交易结构着重强调需要实现协同增效,UnrealisedGoalsinDeliveringValue价值实现过程中未实现的目标,1990s:Surveyof150Dealsover$500Million20世纪90年代：调研150宗购并交易，价值达5亿美元,ErodedSomeReturns侵蚀某些收益,20%,CreatedMarginalReturns创造边际收益,33%,37%,38%,46%,65%,76%,17%,15%,26%,35%,42%,10%,20%,30%,40%,50%,60%,70%,80%,0%,Enhancereputation提高信誉,Reduceoperatingexpense降低运作成本,Accessnewproducts开发新产品,Growmarketshare增加市场份额,Accessnewmarkets开发新市场,%ofcompanies占公司数量的百分比,ReasonsforFailurePoorIntegration失败的原因整合不利,0%,10%,20%,30%,40%,50%,60%,70%,80%,美国US,欧洲Europe,拉美LationAmerica,亚太地区AsiaPacific,PercentofResponses答案百分比,IntegrationisthemostchallengingM&Aissue.整合是最具挑战性的购并问题.,andcanbecostly.可能需要较高的成本.,0%,5%,10%,15%,20%,25%,30%,35%,40%,45%,50%,亚太地区A-P,欧洲Europe,拉美L-A,美国US,IntegratingOrganisationalCultures,KeepingEmployeesFocused,EngagingEmployeesinNewPrograms,IntegrationHR/BenefitPrograms,PeopleIntegrationCostsImpactDealPricing人员整合成本对交易价格的影响,交易成本Transactioncosts,整合/实施成本Integration/implementationcosts,购并方的独立价值Stand-alonevalueofacquirer,购并对象的独立价值Stand-alonevalueoftarget,?,$,购并对象的最高价格Maximumpricefortarget,FourFactorsforSuccessfulIntegration整合成功的四个要素,Speed速度AlignmenttoM&AObjectives遵照购并目标AlignmenttoPeopleNeeds遵照人员需求AlignmentofHRPrograms调整人力资源计划,HewittM&AProcess翰威特的企业并购整合程序,FocusManagementandEmployeesonM&AObjectivesCommunicationStrategy确保管理层和员工关注购并目标沟通战略,Pre-DueDiligence前期可行性分析,BusinessPerspective业务关注点,DueDiligence可行性分析,Integration整合,StrategicHR-DueDiligence策略性人力资源可行性分析,Kick-Off启动,Integration整合,HewittsProcess翰威特程序,StrategyAssessment策略评估,HR-Liability&SynergyGapAssess.人力资源义务与协同增效差距评估,DealInput交易投入,ProgramOfficeSetup设立计划办公室,IntegrationManagementSetup设立整合管理部门,Ignition启动,.,CriticalSynergyDrivers关键协同驱动因素,ImprovedMarketAccess(biggerisbetter),GrowthReturn,CombinedBusinessCreation(newisbetter),CoordinatedStrategies(togetherweconquer),SharedKnowHow(knowmore),VerticalIntegration(processweown),ConsolidationofFunctions(servemorewithless),NegotiatingPower,TaxBenefits,FinancialEngineering,Synergieswithsignificant“Peopleintegration”,SharedTangibleResources(usesameformore),HRSystemAlignmentMarketAccessDriver,SynergyImprovedMarketAccessDesiredbehaviours=Customer-oriented,team-oriented,flexible,fasttomarket,Organisation,Staffing,Development,Performance,Rewards,Product,customer-basedStructuredcustomerteamsInter-teamcommunicationatcustomerinterfaces,PayforperformanceHighvariableincentivesFormula-drivenbasedonmarketaccessobjectivesCriticalsalescompensationEmphasisemarket-basedpay,HardnumbersPeerfeedbackFocusonaccountabilityBroadcommunicationofthebigpicture,Product/marketknowledgeSellingskillsKnowledgetransferTeamleadershipRealisticadvancementexpectation,Initiatesself-growthTeam-orientedCustomer-orientedCommunicationskillsStaffmixofcompetencies(region,product,etc.),Communicate!,HRSystemAlignmentBusinessCreationDriver,SynergyBusinessCreationDesiredbehaviours=Stronginnovative,andentrepreneurialspirit,flexible,andteam-oriented,Organisation,Staffing,Development,Performance,Rewards,LesshierarchyfocusProductorientedFluid,frequentlychangingteamsAssesssystemsandstructuresneededtobuildthenewentityNon-rigidapprovalanddecisionprocesses,InnovativeandcreativeLong-termfocusCooperativeinformationsharingPrideinbeingfirstSensitivetospeedLogical,TeamprocessesProductdevelopmentprocessesTechnologicalandcreativetrainingResearchskillsTrainstaffondistinctivegoals,MeasurehardnumbersrelatedtobusinesscreationSupportbehavioursfacilitatingbusinesscreationIndividualcreativityFocusonenvironment,team,andindividualperformanceevaluation,Broad-basedprofitsharingLong-termfocusJobhierarchyirrelevant,Communicate!,HRSystemAlignmentSharedKnow-HowDriver,SynergySharedKnow-howDesiredbehaviours=Creativeinapplyingnewknow-how,highlyflexibleandadaptablebutprocessoriented,Organisation,Staffing,Development,Performance,Rewards,TeamorientedProblemsolver,systematicGoodlisteningskillsFlexibletonewprocessesandconcepts,MethodsandnewprocesslearningTeambehaviourProcessmanagementandcontrolCommunicationskillsJobrotationBroadenemployeesandmanagementaccesstolearningHoldmanagersaccountableforcoaching,RelatedtohardfinancialnumbersDerivedfromplanknow-howbaseFocusoncontinuousknow-howdevelopmentanddeployment,PayforperformancewithlimitedvariabilityShort-andlong-termfocusSupportjobmobilityandskillenhancementCompetency-alignedpayplan,Processoriented,bestpracticeapplicationHighinter-teamcommunicationofknowledgeFlatorganisationalstructures,Communicate!,PeopleIssuesBlockValueCreation阻碍创造价值的人员问题,LackofConnectivity缺乏关联性,DifferentOperatingStyles运作模式差异,TalentShortage人才短缺,DisconnectedEmployees员工凝聚力差,WrongSkills技能不当,“Siloed”behaviour片面的行为,HighTurnover流动率高,DifferentCultures文化差异,DysfunctionalTeams团队机能不佳,BusinessRestructurings业务重组,Reactive,TacticalInitiatives灵活、战术性方案,AdministrativeOverload管理超负荷,LargeInfrastructure大型的基础结构,LackofHRAlignment缺乏人事调整,DelayedInvestments延迟的投资,EmpowermentDifferences授权模式差异,DifferentDecision-MakingPolicies决策政策差异,DifferingRoleProfiles职位要求差异,Webenabled“projectmanagementandtoolsuite”,ProvidesuserswithglobalaccesstoconsistentM&Aframework,process,toolsandresources,Only20-30%oftodaysmergersandacquisitionscreatesharehold