中联重科跨国并购经验及启示

对中国工程机械制造企业中联重科的并购战略进行了分析,并以其跨国并购意大利CIFA公司为案例,分析其并购交易及并购后整合的成功经验,提出其对中国企业实施“走出去”战略、寻求跨国并购的几点启示     

我国上市公司并购业绩绩效研究分析

随着中国经济的快速发展,越来越多的中国企业通过实施跨国并购以获取全球要素、拓展国际市场。但现实中,中国企业的跨国并购往往难以获得理想的绩效,通过整合不同视角的理论分析,对中国企业海外并购业绩绩效进行研究,有助于清晰认识企业如何提高跨国并购战略的有效性。     

民营企业跨国并购的风险控制:基于并购交易流程的视角

在目前国际金融危机的背景下,新一轮的全球资源整合势在必行,我国民营企业的特点决定了其面临着跨国并购良好机遇的同时,也面临着诸多的风险。有效地控制跨国并购的风险是至关重要的。民营企业跨国并购的风险包括对跨国并购的真谛缺乏深层次认识所带来的风险;对目标企业选择不当以及缺乏科学评估所带来的风险;对目标企业所在国的国家战略、需求状况、文化背景及劳工法律制度不了解所带来的风险;对本企业及本企业所在国的状况缺乏客观评价和科学分析所带来的风险。基于并购交易流程视角的民营企业跨国并购的风险控制应注重跨国并购前的科学规划与缜密筹备;讲究跨国并购成交的谈判技巧;注重跨国并购后的资源有效整合。     

后规模竞争下的啤酒业品牌之路

并购，让中国啤酒企业的规模得到了空前的提高。包括“第一集团军”的“青岛啤酒”、“燕京啤酒”和“华润雪花啤酒”，以及处于第二竞争梯队的“金星啤酒”、“珠江啤酒”、“金威啤酒”、“重庆啤酒”、”黄河啤酒”、“蓝剑集团”等等，都通过资本并购、异地自建工厂等扩张手段，获得了规模竞争优势。自2004年青岛啤酒率先提出”整合“以来，“整合”成了各啤酒业巨头思考和行动的头等大事，包括像A—B啤酒集团、SAB啤酒等在内的国际啤酒巨头，亦掀起了对中国并购或者控股啤酒厂的“整合”。包括业务链的整合、市场链的整合、管理链的整合、     

《企业跨国并购后的整合管理》评介

随着跨国并购的迅速发展,并购后的整合管理日益受到理论界和实务界的高度重视。商务印书馆出版的《企业跨国并购后的整合管理》一书,是山东大学管理学院博士生导师潘爱玲教授在国家社会科学基金项目研究报告的基础上完成的专著。此书以多学科理论为基础,采用理论分析与案例分析、模型分析相结合的方法以及比较管理的方法对企业跨国并购后的整合管理进行了系统研究。     

基于组织模块化与技术模块化“同构/异构”协同的跨边界研发网络架构北大核心CSSCI

组织模块化和技术模块化之间的匹配关系,是设计与架构跨边界研发网络的关键,因而成为通过拓展研发网络边界进行技术追赶的中国企业必须面临并处理的战略问题。本文通过探索性多案例分析,探究全球化情境下组织身份差异及单体技术与系统技术差距带来的双重影响,解构组织模块化和技术模块化间同构/异构的协同方式,建立基于组织模块化和技术模块化协同的跨边界研发网络架构。一方面,本文指出组织模块化和技术模块化的拼合式协同、聚拢式协同、获取式协同、整合式协同是规避由组织身份差异以及单体与系统技术差距带来障碍的重要方式,同时这四种协同方式体现同构/异构的范式;另一方面,本文发现了接受、减弱、回避、整合四种组织身份管理响应机制以保障同构/异构协同的实现。最后,从跨边界研发网络架构障碍克服与协同运作机制以及跨边界研发网络架构设计规则的二元性两个角度阐述了本文结论的启示意义。     

金融危机视角下中国金融企业跨国并购研究

受金融危机影响,美国甚至全球的金融业都进入了一个低谷.欧美许多大型金融机构资产贬值,价值被低估,股价也出现大幅下挫.可以说,流动性充沛的中国金融企业迎来了并购的良机.但受国内金融市场发展程度和金融企业自身能力限制,跨国并购之路并非一帆风顺.本文对比分析了国内金融企业在跨国并购中的机遇与挑战,并进一步通过案例分析,总结了并购中的经验教训,得出中国金融企业在金融危机背景下的海外并购应持谨慎态度,不可盲目抄底.目前,中国金融企业最重要的是把国内的业务做好,等待时机.确保金融业稳定比什么都重要.     

论电力企业并购中的人力资源整合管理

JP摩根全球企业并购部董事韦少琨曾表示,随着全球市场竞争日益激烈以及中国改革措施日渐深入,特别是中国加入WTO之后,中国企业的收购合并业务将进一步扩大,电力行业将是受影响最大的行业之一。他分析认为,电力竞价上网以及电网所有权和运营权的分开将引发中国新一轮电力企业并购浪潮。如何在高速购并浪潮中取得企业购并的成功,并产生协同效应,关键在于能否有效地整合双方企业的资源,尤其是人力资源整合。     

“战略整合”是个伪命题

企业并购重组后制定新战略的过程就是选择一种有效的管控模式,而不是简单地进行战略整合。企业并购重组后,要进行"战略整合"吗?在企业并购重组发生之前,并购双方是个相互独立的企业,双方都拥有各自的战略。并购重组完成之后,诞生的新企业只能有一个战略而不能有多个,故这个新企业要重新制定战略。制定新战略的     

并购企业的文化冲突与整合

2008年底,平顶山煤业集团与神马集团重组整合为中平能化集团。企业重组必然带来文化重组。文化重组成功与否,直接关系到重组企业能否形成强大的凝聚力和向心力,能否实现快速融合形成竞争优势。因此,企业并购重组后的文化整合及其管理．是解决并购重组双方（或多方）文化冲突、减少并购重组风险的重要方法。     

Determinants of layoff announcements following M&As: an empirical investigation

It is often argued that mergers and acquisitions (M&As) lead to employee layoffs. This paper examines factors that influence the probability that a layoff announcement will follow an M&A. A sample of 136 large M&As, involving U.S. targets, that occurred between 1989 and 1993 is analyzed. Analyses of this sample indicate that the probability of a layoff announcement is higher if the firms involved in the transaction are related. The probability that a layoff will be announced was not changed when the acquirer was a non-U.S. firm (cross-border transactions). Target revenue per employee before the M&A is negatively related to the probability that a layoff was announced. Target financial performance prior to the transaction and use of borrowed funds to finance the merger were not found to have an impact on the probability that a layoff will be announced. © 1998 John Wiley & Sons, Ltd.     

跨国公司并购与大型国有企业改革

以大型国有企业为并购对象是近期跨国公司在华并购活动的一个新动向，因此，对于跨国公司并购与大型国有企业改革问题的研究就具有特殊的现实意义。本文在对跨国公司并购和大型国有企业改革目标进行深入分析的基础上，就目标之间的一致性和差异性展开讨论，深层次揭示跨国公司并购对大型国有企业改革所产生的具体影响，并从政府管制和企业管理两个层面提出相应的对策。     

Make,buy, organize: The interplay between research,external knowledge,and firm structure

We bridge current streams of innovation research to explore the interplay between R&D, external knowledge, and organizational structure—three elements of a firm's innovation strategy, which we argue should logically be studied together. Using within‐firm patent assignment patterns, we develop a novel measure of structure for a large sample of American firms. We find that centralized firms invest more in research, and patent more per R&D dollar, than decentralized firms. Both types access technology via mergers and acquisitions, but their acquisitions differ in terms of frequency, size, and integration. Consistent with our framework, their sources of value creation differ: while centralized firms derive more value from internal R&D, decentralized firms rely more on external knowledge. We discuss how these findings should stimulate more integrative work on theories of innovation. Copyright © 2013 John Wiley & Sons, Ltd.     

我国煤炭企业跨国并购风险防范对策

依据分段识别法将我国煤炭企业跨国并购中的风险分为并购准备阶段的风险、并购实施阶段的风险、并购整合阶段的风险,并提出防范这些风险的具体对策。     

Modularity in organizational structure: the reconfiguration of internally developed and acquired business units

This paper explores changes in organizational structure and distinguishes between units' origins. Unit reconfiguration is the addition of units to, deletion of units from, and recombination of units within the firm. This study compares the reconfiguration of internally developed vs. acquired units, explores what forms of unit recombination are common, and observes whether firms pursue recombination before divestiture. Theoretical support is drawn from the dynamic capabilities perspective, research on modular organizational systems, and strategy–structure literature. The findings are that acquired and internally developed units serve different roles in the process of change, and that firms perceive reconfiguration to be beneficial. Copyright © 2006 John Wiley & Sons, Ltd.     

An identity perspective of key account managers as paradoxical relationship managers

Managing business to business (B2B) customer relationships has become an issue of ecosystem orchestration rather than one of managing a dyadic exchange. A systemic perspective of managing B2B relationships thus recognizes that many more actors than the buyer and the seller are involved. This is particularly the case when it comes to the management of strategic customers. Key account (KA) managers coordinate resources and activities of an important number of varied actors. Therefore, the issue of possible tensions occurring between these numerous and different types of relationships managed by KA managers can legitimately be raised. Yet, the question of how KA managers can actually manage such situations has rarely been addressed. This study proposes to use the notion of identity to investigate this issue. Identity is defined in relation to the question of how to relate to others. Our qualitative empirical study shows that KA managers develop a specific identity built on a specific way of managing paradoxes.     

Sales channel integration after mergers and acquisitions: A methodological approach for avoiding common pitfalls

This article addresses the integration of sales channels after mergers and acquisitions (M&A) by appraising the strengths, weaknesses, and biases associated with the four most common frameworks for evaluating sales channels (sales management, historical performance, strategic fit, and customer choice) for their appropriateness in a post-M&A context. The authors develop a methodological approach that uses a balanced-scorecard framework to guide managers through the sales channel integration process, and then apply this approach to the merger of two industrial firms' sales organizations across 21 territories. In so doing, they reveal various pitfalls and propose and test some analytical corrections. Longitudinal performance data support comparisons across the different evaluative frameworks; in particular, the sales management and customer choice frameworks provide the most insight into channel partners' post-integration performance. The results support the premise that channel integration can be improved by accounting for factors unique to the M&A context and using an approach that triangulates multiple perspectives.     

Leveraging brand equity in business-to-business mergers and acquisitions

Every acquisition provokes a branding decision—should the acquirer absorb the acquired business by renaming it under its own name to convey to the market that ownership and the way of doing business has changed, or should it allow the acquired company to continue trading under its old name so as to avoid damage to its existing customer franchise? This is a complex management decision but one which apparently receives little attention. This paper draws on the B2B branding and M&A literatures to create a model of brand equity transfer. The model assumes that rebranding of an acquired company under the name of the new parent can yield positive benefits if the new parent has higher brand equity than the acquired company. A case study of an acquisition of a national construction materials company by a larger international group provides an illustration of the transfer process.     

Female board representation and corporate acquisition intensity

This study examines the impact of female board representation on firm‐level strategic behavior within the domain of mergers and acquisitions (M&A). We build on social identity theory to predict that greater female representation on a firm's board will be negatively associated with both the number of acquisitions the firm engages in and, conditional on doing a deal, acquisition size. Using a comprehensive, multiyear sample of U.S. public firms, we find strong support for our hypotheses. We demonstrate the robustness of our findings through the use of a difference‐in‐differences analysis on a subsample of firms that experienced exogenous changes in board gender composition as a result of director deaths. Copyright © 2014 John Wiley & Sons, Ltd.     

上市公司横向并购资本运营绩效实证研究

为了突破经济发展瓶颈，兼并重组活动如火如荼，其中横向并购活动最为活跃。本文以2011~2015年49 家上市公司为研究对象，采用因子分析法实证分析了上市公司横向并购前后2 年资本运营绩效。结果表明：上市公司横向并购资本运行绩效总体呈现下降趋势，尚未达到预期目的。基于此，提出相关建议：首先，制定正确的并购目标。其次，经营管理者多借助于专业性价值评估机构，避免对被合并方估值过高。再次，不高估企业剩余资产管理能力。最后，调动员工积极性，开拓专属管理资源，做好企业人力资源整合工作。