战略性收的购与重组.ppt

PART 2: FORMULATION OF STRATEGIC ACTIONS KNOWLEDGE OBJECTIVES The background of merger and acquisition . Reasons for an acquisition strategy . Problems that work against achieving success when using an acquisition strategy. The attributes of effective acquisitions. The restructuring strategy and its common forms. 学习目标 1、合并和收购战略的背景。 2、实施收购战略的原因。 3、影响收购战略获得成功的因素。 4、有效收购的特征 5、重组战略及其不同形式 1、OPENING CASE 2、The background of merger and acquisition 山西民企1.6亿澳元收购澳大利亚上市资源公司。 新华传媒收购3家公司 欲进一步整合沪上平媒广告。 德媒：中国人投资德国企业看重的是技术。 ‘第六次并购浪潮’ 我国的传统产业经过多年发展面临调整和升级，要走技术化（高科技化）、品牌化的道路，在产业升级方面，我们需要国外的技术和品牌，这不同于前几年需要的是国外的资金和市场。正是在这样的环境下出现了跨境并购浪潮。 中国的这波并购潮是由自身的产业需求所推动，而外部环境也契合（欧美受金融危机影响，资产价值比较低，也有产业转移的需求），外部环境和内部需求形成了现在仍在推进的并购浪潮。 3、MERGERS, ACQUISITIONS, AND TAKEOVERS 4、REASONS FOR ACQUISITIONS 1、Increased Market Power Market Leadership results from Market Power Factors increasing market power: The ability to sell goods or services above competitive levels. Costs of primary or support activities are below those of competitors. Purchase of a competitor, a supplier, a distributor, or a business in a highly related industry. 1、增强市场影响力 获得足够的市场影响力，就可以成为市场领导者。 能够增强市场影响力的因素： 公司能以超出平均水平的价格销售产品或服务 主要活动和辅助活动的成本比竞争对手低 公司的规模，以及所拥有的能够在市场上进行竞争的资源和能力 购买竞争者、供应商、分销商或高度相关行业的业务 1、Increased Market Power Market power is increased by: ●Horizontal acquisitions: other firms in the same industry McDonald’s acquisition of Boston Market (successful?) ●Vertical acquisitions: suppliers or distributors of the acquiring firm Walt Disney Company’s acquisition of Fox Family Worldwide ●Related acquisitions: firms in related industries 1、增强市场影响力 下列方式可增强市场影响力： ●横向收购:收购同行业竞争者的行为 如：麦当劳收购波士顿市场（一家快餐店） ●纵向收购:收购供应商或分销商的一种或多种产品或服务的行为 如：迪士尼公司收购 Fox Family Worldwide ●相关收购:收购高度相关行业的公司的行为 2、REASONS FOR ACQUISITIONS Entry Barriers Factors associated with the market or with the firms operating in it that increase the expense and difficulty faced by new ventures trying to enter that market。 Economies of scal