7收购与重组(1)

©2003SouthwesternPublishingCompany1AcquisitionandRestructuringStrategiesMichaelA.HittR.DuaneIrelandRobertE.HoskissonChapter72StrategyImplementationChapter11OrganizationalStructureandControlsChapter10CorporateGovernanceChapter12StrategicLeadershipStrategyFormulationStrategicCompetitivenessAbove-AverageReturnsStrategicIntentStrategicMissionChapter2TheExternalEnvironmentChapter3TheInternalEnvironmentTheStrategicManagementProcessFeedbackStrategicInputsStrategicActionsStrategicOutcomesChapter13StrategicEntrepreneurshipChapter6Corporate-LevelStrategyChapter5CompetitiveRivalryandCompetitiveDynamicsChapter4Business-LevelStrategyChapter7AcquisitionandRestructuringStrategies3MergersandAcquisitionsMerger:astrategythroughwhichtwofirmsagreetointegratetheiroperationsonarelativelyco-equalbasisAcquisition:astrategythroughwhichonefirmbuysacontrollinginterestinanotherfirmwiththeintentofmakingtheacquiredfirmasubsidiarybusinesswithinitsownportfolioTakeover:aspecialtypeofanacquisitionstrategywhereinthetargetfirmdidnotsolicittheacquiringfirm’sbid4AcquisitionsReasonsforMakingAcquisitionsIncreasemarketpowerOvercomeentrybarriersCostofnewproductdevelopmentIncreasespeedtomarketIncreasediversificationReshapefirm’scompetitivescopeLowerriskcomparedtodevelopingnewproductsLearnanddevelopnewcapabilities5ReasonsforMakingAcquisitions:Factorsincreasingmarketpower–whenafirmisabletosellitsgoodsorservicesabovecompetitivelevelsor–whenthecostsofitsprimaryorsupportactivitiesarebelowthoseofitscompetitors–usuallyisderivedfromthesizeofthefirmanditsresourcesandcapabilitiestocompeteMarketpowerisincreasedby–horizontalacquisitions–verticalacquisitions–relatedacquisitionsIncreasedMarketPower6ReasonsforMakingAcquisitions:Barrierstoentryinclude–economiesofscaleinestablishedcompetitors–differentiatedproductsbycompetitors–enduringrelationshipswithcustomersthatcreateproductloyaltieswithcompetitorsacquisitionofanestablishedcompany–maybemoreeffectivethanenteringthemarketasacompetitorofferinganunfamiliargoodorservicethatisunfamiliartocurrentbuyers–providesanewentrantwithimmediatemarketaccessOvercomeBarrierstoEntry7ReasonsforMakingAcquisitions:Significantinvestmentsofafirm’sresourcesarerequiredto–Developnewproductsinternally–introducenewproductsintothemarketplaceAcquisitionofacompetitormayresultin–morepredictablereturns–fastermarketentry–rapidaccesstonewcapabilitiesCostofNewProductDevelopmentandSpeedtoMarket8ReasonsforMakingAcquisitions:Anacquisition’soutcomescanbeestimatedmoreeasilyandaccuratelycomparedtotheoutcomesofaninternalproductdevelopmentprocessThereforemanagersmayviewacquisitionsasloweringriskLowerRiskComparedtoDevelopingNewProducts9ReasonsforMakingAcquisitions:ItmaybeeasiertodevelopandintroducenewproductsinmarketscurrentlyservedbythefirmItmaybedifficulttodevelopnewproductsformarketsinwhichafirmlacksexperience–itisuncommonforafirmtodevelopnewproductsinternallytodiversifyitsproductlines–acquisitionsarethequickestandeasiestwaytodiversifyafirmandchangeitsportfolioofbusinessIncreasedDiversification10ReasonsforMakingAcquisitions:FirmsmayuseacquisitionstoreducetheirdependenceononeormoreproductsormarketsReducingacompany’sdependenceonspecificmarketsaltersthefirm’scompetitivescopeReshapingtheFirms’CompetitiveScope11ReasonsforMakingAcquisitions:AcquisitionsmaygaincapabilitiesthatthefirmdoesnotpossessAcquisitionsmaybeusedto–acquireaspecialtechnologicalcapability–broadenafirm’sknowledgebase–reduceinertiaLearningandDevelopingNewCapabilities12AcquisitionsProblemsWithAcquisitionsIntegrationdifficultiesInadequateevaluationoftargetLargeorextraordinarydebtInabilitytoachievesynergyToomuchdiversificationManagersoverlyfocusedonacquisitionsResultingfirmistoolarge13ProblemsWithAcquisitionsIntegrationchallengesinclude–meldingtwodisparatecorporatecultures–linkingdifferentfinancialandcontrolsystems–buildingeffectiveworkingrelationships(particularlywhenmanagementstylesdiffer)–resolvingproblemsregardingthestatusofthenewlyacquiredfirm’sexecutives–lossofkeypersonnelweakenstheacquiredfirm’scapabilitiesandreducesitsvalueIntegrationDifficulties14ProblemsWithAcquisitionsEvaluationrequiresthathundredsofissuesbecloselyexamined,including–financingfortheintendedtransaction–differencesinculturesbetweentheacquiringandtargetfirm–taxconsequencesofthetransaction–actionsthatwouldbenecessarytosuccessfullymeldthetwo地位正勤勉Ineffectivedue-diligenceprocessmay–resultinpayingexcessivepremiumforthetargetcompanyInadequateEvaluationofTarget15ProblemsWithAcquisitionsFirmmaytakeonsignificantdebttoacquireacompanyHighdebtcan–increasethelikelihoodofbankruptcy–leadtoadowngradeinthefirm’screditrating–precludeneededinvestmentinactivitiesthatcontributetothefirm’slong-termsuccessLargeorExtraordinaryDebt16ProblemsWithAcquisitionsSynergyexistswhenassetsareworthmorewhenusedinconjunctionwitheachotherthanwhentheyareusedseparatelyFirmsexperiencetransactioncostswhentheyuseacquisitionstrategiestocreatesynergyFirmstendtounderestimateindirectcostswhenevaluatingapotentialacquisitionInabilitytoAchieveSynergy