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Jingdong book

兼并和收购综合指南:如何管理并购各阶段的关键成功要素

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兼并和收购综合指南:如何管理并购各阶段的关键成功要素

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韦伯、塔巴和欧伯格针对兼并和收购问题提供了迄今为止最为全面的指南。他们将理论与实践相结合,对这一重要商业现象的前期规划、谈判和整合阶段进行了深入探讨。本书是所有企业高管、人力资源专家和相关学者的必读书目。
Catalogue

第一部分并购的价值创造模式
第一章并购矛盾:兼并和收购的成败因素
金融和资本市场
战略管理
组织行为
参考资料


第二章并购过程中一体化的价值创造模式
概述
不同领域,不同阶段,不存在关联
并购过程中一体化的价值创造模式
第一阶段:规划和战略管理
1.战略管理、目标和并购战略
2.寻找、筛选和确定
3.财务和战略评估,包括协同效应分析和企业文化差异
4.整合规划
第二阶段:谈判、尽职调查和签订协议
1.谈判过程
2.尽职调查评估
第三阶段:组织整合
1.整合方法、文化差异和人力资本整合
2.领导力和整合基础结构
3.压力和紧张关系
4.沟通策略
5.文化评估和文化整合
6.整合方法
7.评价、控制和反馈
结论
参考资料


第三章战略动机和考虑因素
概述
并购的战略动机
协同效应
市场力
多元化
财务和税务事项
估价比率
代理理论
企业战略和竞争战略中的并购战略管理
参考资料


第四章并购战略决策
决策一:是否要将并购作为现有战略的一部分
决策二:选择合适的并购合作方:战略匹配度和兼并后整合
多元化:两个主要兼并类型
进入新行业
无关多元化:新业务
相关多元化
合资企业
战略性外包
参考资料


第二部分关键成功因素的分析工具
第五章协同潜能及其实现
概述
协同效应来源
共享资源
……
第三部分谈判
第四部分兼并后的整合与实施
Book Abstract

《兼并和收购综合指南:如何管理并购各阶段的关键成功要素》:
并购过程中,不同水平与阶段之间的关联性难以摸清。有关并购的各类文献似乎是彼此孤立的。比如说,鲜有研究考察过并购中的文化差异对兼并规划、兼并方案筛选或谈判阶段的影响。有关文化差异的研究通常只关注与兼并后阶段相关的问题,比如交易达成后两家公司的整合或顶层高管的流动等。若干年前,有几位学者曾提出过这个问题(Chatterjee等,1992; Weber等,1996;Weber和Tarba,2011; Weber和Fried,2011),但自那时起至今,情况未有多少改变。不同作者在论述并购中的宏观和微观层面变量或论述兼并前和兼并后阶段时,可能用到了相同的定义和术语,但大多数人都不愿踏入他人的领域,从而错过了相互取长补短的机会。
由于诸多因素的存在,并购成为一种复杂的现象,也成为最具挑战性的管理任务之一。兼并发生的频率较低,可预见性较弱,因此管理层难以积攒大量经验来形成简单的机制。不仅如此,兼并形式具有异质性,从根本上来说并无清晰的因果关系可循。所以,需要努力制定并不断改进有针对性的方法、程序和体系,从而减轻决策、行动与绩效之间的因果模糊性。此外,很多研究会以并购具有同质性为假设前提,这些研究的成果并不能真正阐明并购案例之间的重要差别。事实上,并非所有并购都相同。这方面的一个主要疏漏是,人们仅仅关注收购者与目标公司之间的文化差异,而未对来自不同国家的收购者的国别文化差异予以重视。在人力资源做法方面,很少有人会对不同国家的并购活动中人员层面和人力资源做法所受的影响进行比较分析。与此同时,全球化推升了跨国并购的数量,从而带来了不可忽视的人力资源影响,比如人员激励、被购方顶层高管流动、种族多样性的加深,以及雇主与雇员之间心理契约的改变,等等。由于这些变化,在面对不同国家和行业的形势时,必须灵活、精准地调整人力资源做法。鉴于以往对人员问题的忽略,我们可以推断,人力资源管理在并购的所有阶段都可能是一个重要的因素。
……

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