7收购与重组(1).ppt

AcquisitionandRestructuringStrategies,MichaelA.HittR.DuaneIrelandRobertE.Hoskisson,Chapter7,StrategyImplementation,Chapter11OrganizationalStructureandControls,Chapter10CorporateGovernance,Chapter12StrategicLeadership,StrategyFormulation,StrategicCompetitivenessAbove-AverageReturns,StrategicIntentStrategicMission,Chapter2TheExternalEnvironment,Chapter3TheInternalEnvironment,TheStrategicManagementProcess,Feedback,StrategicInputs,StrategicActions,StrategicOutcomes,Chapter13StrategicEntrepreneurship,Chapter6Corporate-LevelStrategy,Chapter5CompetitiveRivalryandCompetitiveDynamics,Chapter4Business-LevelStrategy,Chapter7AcquisitionandRestructuringStrategies,MergersandAcquisitions,Merger:astrategythroughwhichtwofirmsagreetointegratetheiroperationsonarelativelyco-equalbasisAcquisition:astrategythroughwhichonefirmbuysacontrollinginterestinanotherfirmwiththeintentofmakingtheacquiredfirmasubsidiarybusinesswithinitsownportfolioTakeover:aspecialtypeofanacquisitionstrategywhereinthetargetfirmdidnotsolicittheacquiringfirmsbid,ReasonsforMakingAcquisitions,ReasonsforMakingAcquisitions:,FactorsincreasingmarketpowerwhenafirmisabletosellitsgoodsorservicesabovecompetitivelevelsorwhenthecostsofitsprimaryorsupportactivitiesarebelowthoseofitscompetitorsusuallyisderivedfromthesizeofthefirmanditsresourcesandcapabilitiestocompeteMarketpowerisincreasedbyhorizontalacquisitionsverticalacquisitionsrelatedacquisitions,IncreasedMarketPower,ReasonsforMakingAcquisitions:,Barrierstoentryincludeeconomiesofscaleinestablishedcompetitorsdifferentiatedproductsbycompetitorsenduringrelationshipswithcustomersthatcreateproductloyaltieswithcompetitorsacquisitionofanestablishedcompanymaybemoreeffectivethanenteringthemarketasacompetitorofferinganunfamiliargoodorservicethatisunfamiliartocurrentbuyersprovidesanewentrantwithimmediatemarketaccess,OvercomeBarrierstoEntry,ReasonsforMakingAcquisitions:,SignificantinvestmentsofafirmsresourcesarerequiredtoDevelopnewproductsinternallyintroducenewproductsintothemarketplaceAcquisitionofacompetitormayresultinmorepredictablereturnsfastermarketentryrapidaccesstonewcapabilities,CostofNewProductDevelopmentandSpeedtoMarket,ReasonsforMakingAcquisitions:,AnacquisitionsoutcomescanbeestimatedmoreeasilyandaccuratelycomparedtotheoutcomesofaninternalproductdevelopmentprocessThereforemanagersmayviewacquisitionsasloweringrisk,LowerRiskComparedtoDevelopingNewProducts,ReasonsforMakingAcquisitions:,ItmaybeeasiertodevelopandintroducenewproductsinmarketscurrentlyservedbythefirmItmaybedifficulttodevelopnewproductsformarketsinwhichafirmlacksexperienceitisuncommonforafirmtodevelopnewproductsinternallytodiversifyitsproductlinesacquisitionsarethequickestandeasiestwaytodiversifyafirmandchangeitsportfolioofbusiness,IncreasedDiversification,ReasonsforMakingAcquisitions:,FirmsmayuseacquisitionstoreducetheirdependenceononeormoreproductsormarketsReducingacompanysdependenceonspecificmarketsaltersthefirmscompetitivescope,ReshapingtheFirmsCompetitiveScope,ReasonsforMakingAcquisitions:,AcquisitionsmaygaincapabilitiesthatthefirmdoesnotpossessAcquisitionsmaybeusedtoacquireaspecialtechnologicalcapabilitybroadenafirmsknowledgebasereduceinertia,LearningandDevelopingNewCapabilities,ProblemsWithAcquisitions,ProblemsWithAcquisitions,Integrationchallengesincludemeldingtwodisparatecorporatecultureslinkingdifferentfinancialandcontrolsystemsbuildingeffectiveworkingrelationships(particularlywhenmanagementstylesdiffer)resolvingproblemsregardingthestatusofthenewlyacquiredfirmsexecutiveslossofkeypersonnelweakenstheacquiredfirmscapabilitiesandreducesitsvalue,IntegrationDifficulties,ProblemsWithAcquisitions,Evaluationrequiresthathundredsofissuesbecloselyexamined,includingfinancingfortheintendedtransactiondifferencesinculturesbetweentheacquiringandtargetfirmtaxconsequencesofthetransactionactionsthatwouldbenecessarytosuccessfullymeldthetwo地位正勤勉Ineffectivedue-diligenceprocessmayresultinpayingexcessivepremiumforthetargetcompany,InadequateEvaluationofTarget,ProblemsWithAcquisitions,FirmmaytakeonsignificantdebttoacquireacompanyHighdebtcanincreasethelikelihoodofbankruptcyleadtoadowngradeinthefirmscreditratingprecludeneededinvestmentinactivitiesthatcontributetothefirmslong-termsuccess,LargeorExtraordinaryDebt,ProblemsWithAcquisitions,SynergyexistswhenassetsareworthmorewhenusedinconjunctionwitheachotherthanwhentheyareusedseparatelyFirmsexperiencetransactioncostswhentheyuseacquisitionstrategiestocreatesynergyFirmstendtounderestimateindirectcostswhenevaluatingapotentialacquisition,InabilitytoAchieveSynergy,ProblemsWithAcquisitions,DiversifiedfirmsmustprocessmoreinformationofgreaterdiversityScopecreatedbydiversificationmaycausemanagerstorelytoomuchonfinancialratherthanstrategiccontrolstoevaluatebusinessunitsperformancesAcquisitionsmaybecomesubstitutesforinnovation,TooMuchDiversification,ProblemsWithAcquisitions,ManagersintargetfirmsmayoperateinastateofvirtualsuspendedanimationduringanacquisitionExecutivesmaybecomehesitanttomakedecisionswithlong-termconsequencesuntilnegotiationshavebeencompletedAcquisitionprocesscancreateashort-termperspectiveandagreateraversiontoriskamongtop-levelexecutivesinatargetfirm,ManagersOverlyFocusedonAcquisitions,ProblemsWithAcquisitions,AdditionalcostsmayexceedthebenefitsoftheeconomiesofscaleandadditionalmarketpowerLargersizemayleadtomorebureaucraticcontrolsFormalizedcontrolsoftenleadtorelativelyrigidandstandardizedmanagerialbehaviorFirmmayproducelessinnovation,TooLarge,AttributesofEffectiveAcquisitions,Attributes,Results,ComplementaryAssetsorResources,Buyingfirmswithassetsthatmeetcurrentneedstobuildcompetitiveness,FriendlyAcquisitions,Friendlydealsmakeintegrationgomoresmoothly,CarefulSelectionProcess,Deliberateevaluationandnegotiationsaremorelikelytoleadtoeasyintegrationandbuildingsynergi