企业并购前后的整合管理

CONFIDENTIAL:Toprotecttheconfidentialandproprietaryinformationincludedinthismaterial,itmaynotbedisclosedorprovidedtoanythirdpartieswithouttheapprovalofHewittAssociatesLLC.Copyright©2005HewittAssociatesHewittExperienceSharingJanuary19,2006ManagingIntegrationBeforeandAftertheDeal企业并购前后的整合管理Copyright©2005HewittAssociatesThinkHewittContent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Copyright©2005HewittAssociatesThinkHewittUnrealisedGoalsinDeliveringValue价值实现过程中未实现的目标1990s:Surveyof150Dealsover$500Million20世纪90年代：调研150宗购并交易，价值达5亿美元SubstantiallyErodedReturns侵蚀高额收益30%CreatedSubstantialReturns创造高额收益17%ErodedSomeReturns侵蚀某些收益20%CreatedMarginalReturns创造边际收益33%37%38%46%65%76%17%15%26%35%42%10%20%30%40%50%60%70%80%0%Enhancereputation提高信誉Reduceoperatingexpense降低运作成本Accessnewproducts开发新产品Growmarketshare增加市场份额Accessnewmarkets开发新市场%ofcompanies占公司数量的百分比目标实现Copyright©2005HewittAssociatesThinkHewittReasonsforFailure—PoorIntegration失败的原因—整合不利0%10%20%30%40%50%60%70%80%美国US欧洲Europe拉美LationAmerica亚太地区AsiaPacificPercentofResponses答案百分比整合组织文化确保员工的专注力通过新计划促使员工敬业整合人力资源/福利计划IntegrationisthemostchallengingM&Aissue...整合是最具挑战性的购并问题...andcanbecostly...可能需要较高的成本...0%5%10%15%20%25%30%35%40%45%50%亚太地区A-P欧洲Europe拉美L-A美国US组织整合困难两个组织的协同增效文化差异IntegratingOrganisationalCulturesKeepingEmployeesFocusedEngagingEmployeesinNewProgramsIntegrationHR/BenefitProgramsDifficultiesIntegratingOrganisationsSynergiesoftheTwoOrganisationsDifferingCulturesCopyright©2005HewittAssociatesThinkHewittPeopleIntegrationCostsImpactDealPricing人员整合成本对交易价格的影响交易成本Transactioncosts整合/实施成本Integration/implementationcosts对购并方的协同增效价值ValueofsynergiestoacquirerKey!关键!购并方的独立价值Stand-alonevalueofacquirer购并对象的独立价值Stand-alonevalueoftarget?$购并对象的最高价格MaximumpricefortargetCopyright©2005HewittAssociatesThinkHewittFourFactorsforSuccessfulIntegration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Copyright©2005HewittAssociatesThinkHewittHewittM&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Hewitt’sProcess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...Alignment调整Staffing人员配置Monitoring监控Copyright©2005HewittAssociatesThinkHewittCriticalSynergyDrivers关键协同驱动因素ImprovedMarketAccess(biggerisbetter)GrowthReturnCombinedBusinessCreation(newisbetter)CoordinatedStrategies(togetherweconquer)SharedKnowHow(knowmore)VerticalIntegration(processweown)ConsolidationofFunctions(servemorewithless)NegotiatingPowerTaxBenefitsFinancialEngineeringSynergieswithsignificant“Peopleintegration”SharedTangibleResources(usesameformore)Copyright©2005HewittAssociatesThinkHewittHRSystemAlignment—MarketAccessDriverSynergyImprovedMarketAccessDesiredbehaviours=Customer-oriented,team-oriented,flexible,fasttomarketOrganisationStaffingDevelopmentPerformanceRewards•Product,customer-based•Structuredcustomerteams•Inter-teamcommunicationatcustomerinterfaces•Payforperformance•Highvariableincentives•Formula-drivenbasedonmarketaccessobjectives•Criticalsalescompensation•Emphasisemarket-basedpay•Hardnumbers•Peerfeedback•Focusonaccountability•Broadcommunicationofthebigpicture•Product/marketknowledge•Sellingskills•Knowledgetransfer•Teamleadership•Realisticadvancementexpectation•Initiatesself-growth•Team-oriented•Customer-oriented•Communicationskills•Staffmixofcompetencies(region,product,etc.)Copyright©2005HewittAssociatesThinkHewittHRSystemAlignment—BusinessCreationDriverSynergyBusinessCreationDesiredbehaviours=Stronginnovative,andentrepreneurialspirit,flexible,andteam-orientedOrganisationStaffingDevelopmentPerformanceRewards•Lesshierarchyfocus•Productoriented•Fluid,frequentlychangingteams•Assesssystemsandstructuresneededtobuildthenewentity•Non-rigidapprovalanddecisionprocesses•Innovativeandcreative•Long-termfocus•Cooperativeinformationsharing•Prideinbeingfirst•Sensitivetospeed•Logical•Teamprocesses•Productdevelopmentprocesses•Technologicalandcreativetraining•Researchskills•Trainstaffondistinctivegoals•Measurehardnumbersrelatedtobusinesscreation•Supportbehavioursfacilitatingbusinesscreation•Individualcreativity•Focusonenvironment,team,andindividualperformanceevaluation•Broad-basedprofitsharing•Long-termfocus•JobhierarchyirrelevantCopyright©2005HewittAssociatesThinkHewittHRSystemAlignment—SharedKnow-HowDriverSynergySharedKnow-howDesiredbehaviours=Creativeinapplyingnewknow-how,highlyflexibleandadaptablebutprocessorientedOrganisationStaffingDevelopmentPerformanceRewards•Teamoriented•Problemsolver,systematic•Goodlisteningskills•Flexibletonewprocessesandconcepts•Methodsandnewprocesslearning•Teambehaviour•Processmanagementan