西交大的战略管理课件(7)

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2018-01-11

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zymbaclass@hotmail.comChapter7AcquisitionandRestructuringStrategieszymbaclass@hotmail.comMergersandAcquisitionsMergerAtransactionwheretwofirmsagreetointegratetheiroperationsonarelativelycoequalbasisbecausetheyhaveresourcesandcapabilitiesthattogethermaycreateastrongercompetitiveadvantageAcquisitionAtransactionwhereonefirmbuysanotherfirmwiththeintentofmoreeffectivelyusingacorecompetencebymakingtheacquiredfirmasubsidiaryTakeoverAnacquisitionwherethetargetfirmdidnotsolicit(恳求)thebidoftheacquiringfirmzymbaclass@hotmail.comProblemsinAchievingSuccessIntegrationdifficultiesInadequateevaluationoftargetToomuchdiversificationLargeorextraordinarydebtInabilitytoachievesynergyManagersoverlyfocusedonacquisitionsToolargeIncreasedmarketpowerOvercomeentrybarriersLowerriskcomparedtodevelopingnewproductsCostofnewproductdevelopmentIncreasedspeedtomarketIncreaseddiversificationAvoidexcessivecompetitionAcquisitionsReasonsforAcquisitionszymbaclass@hotmail.comzymbaclass@hotmail.comReasonsforAcquisitionsExample:Belgian-DutchFortis’acquisitionofAmericanBanker’sInsuranceGroupExample:Sohu.comacquiredChinaRen.comExample:BritishPetroleum’sacquisitionofU.S.AmocoIncreasedMarketPowerAcquisitionintendedtoreducethecompetitivebalanceoftheindustryOvercomeBarrierstoEntryAcquisitionsovercomecostlybarrierstoentrywhichmaymake“start-ups”economicallyunattractiveBuyingestablishedbusinessesreducesriskofstart-upventuresLowerCostandRiskofNewProductDevelopmentzymbaclass@hotmail.comExample:Nortel’sacquisitionofBayNetworksExample:KraftFood’sacquisitionofBocaBurgerExample:JiaoDa’sacquisitionofCaiyuanReasonsforAcquisitionsIncreasedSpeedtoMarketCloselyrelatedtoBarrierstoEntry,allowsmarketentryinamoretimelyfashionDiversificationQuickwaytomoveintobusinesseswhenfirmcurrentlylacksexperienceanddepthinindustryReshapingCompetitiveScopeFirmsmayuseacquisitionstorestrictitsdependenceonasingleorafewproductsormarketszymbaclass@hotmail.comProblemswithAcquisitionsExample:MarksandSpencer’sacquisitionofBrooksBrothersExample:Intel’sacquisitionofDEC’ssemiconductordivisionExample:AgriBioTech’sacquisitionofdozensofsmallseedfirmsIntegrationDifficultiesDifferingfinancialandcontrolsystemscanmakeintegrationoffirmsdifficultInadequateEvaluationofTarget“WinnersCurse”bidcausesacquirertooverpayforfirmLargeorExtraordinaryDebtCostlydebtcancreateonerousburdenoncashoutflowszymbaclass@hotmail.comExample:FordandJaguarExample:JiaoDaandCaiyuanExample:GE--priortosellingbusinessesandrefocusingInabilitytoAchieveSynergyJustifyingacquisitionscanincreaseestimateofexpectedbenefitsProblemswithAcquisitionsOverlyDiversifiedAcquirerdoesn’thaveexpertiserequiredtomanageunrelatedbusinessesManagersOverlyFocusedonAcquisitionsManagersmayfailtoobjectivelyassessthevalueofoutcomesachievedthroughthefirm’sacquisitionstrategyTooLargeLargebureaucracy(官僚)reducesinnovationandflexibilityzymbaclass@hotmail.comAttributesofEffectiveAcquisitionsComplementaryAssetsorResourcesBuyingfirmswithassetsthatmeetcurrentneedstobuildcompetitiveness+FriendlyAcquisitionsFriendlydealsmakeintegrationgomoresmoothly+CarefulSelectionProcessDeliberateevaluationandnegotiationsismorelikelytoleadtoeasyintegrationandbuildingsynergies+MaintainFinancialSlack(充足的资金)Provideenoughadditionalfinancialresourcessothatprofitableprojectswouldnotbeforegone+zymbaclass@hotmail.comAttributesofEffectiveAcquisitionsLow-to-ModerateDebtMergedfirmmaintainsfinancialflexibility+FlexibilityHasexperienceatmanagingchangeandisflexibleandadaptable+EmphasizeInnovationContinuetoinvestinR&Daspartofthefirm’soverallstrategy+zymbaclass@hotmail.comExample:Procter&Gamble’scuttingofitsworldwideworkforceby15,000jobsRestructuringActivitiesExample:Disney’ssellingofFairchildPublicationsDownsizingWholesalereductionofemployeesDownscopingReducingscopeofoperationsSelectivelydivestingorclosingnon-corebusinessesLeadstogreaterfocuszymbaclass@hotmail.comLeveragedBuyout(LBO)--Apartybuysafirm’sentireassetsinordertotakethefirmprivate.--occurswhenacorporation’sshareholdersareboughtbythecompany’smanagementandotherprivateinvestorsusingborrowedfunds(leverage/interests)--hostiletakeovercanbeavoided--seniormanagementdecisionsthatparticulardivisionsdonotfitintoanoverallcorporatestrategyormustbesoldtoraisecash,orreceiptofanattractiveofferingprice.RestructuringActivitieszymbaclass@hotmail.comDownsizingDownscopingLeveragedBuyoutAlternativesShort-TermOutcomesLong-TermOutcomesRestructuringandOutcomeszymbaclass@hotmail.comLossofHumanCapitalLowerPerformanceDownsizingReducedLaborCostsAlternativesShort-TermOutcomesLong-TermOutcomesRestructuringandOutcomeszymbaclass@hotmail.comHigherPerformanceReducedDebtCostsEmphasisonStrategicControlsDownscopingDownsizingReducedLaborCostsLossofHumanCapitalLowerPerformanceAlternativesShort-TermOutcomesLong-TermOutcomesRestructuringandOutcomesHighDebtCostsEmphasisonStrategicControlsDownscopingLeveragedBuyoutReducedDebtCostsHigherPerformanceHigherRiskDownsizingReducedLaborCostsLossofHumanCapitalLowerPerformanceAlternativesShort-TermOutcomesLong-TermOutcomesRestructuringandOutcomes