企业并购中的文化管理

在市场竞争日益激烈的情况下，企业面临着严峻的挑战。如今并购已日益成为企业快速成长之路，而文化管理则是企业并购中的重要一环。要成功实现并购，企业必须对两种不同的企业文化进行整合。有效的文化管理，可以提高并购成功的机率，降低并购成本，使并购双方真正形成一个有机整体。     

企业并购勿忘“文化融合”

企业并购行为本身就已经为企业带来了巨大的潜在风险,因此在并购行为开始之前,企业文化工作者就应该介入并通过细致的安排确保并购成功随着市场竞争日益激烈,企业并购变得频繁起来,然而由于企业文化的冲突,往往导致并购失败。施工管理企业的并购和整合,也面临着如何做好企业文化融合这项难题。通过一个实际案例来说明企业文化融合在     

跨国并购与企业文化整合

随着经济全球化的进一步发展，跨国并购战略日益成为企业战略管理的重要组成部分，而如何对并购后的企业进行文化整合也就成为并购是否成功的重要因素。本文主要是从跨文化管理的角度提出了一系列的方法，探讨了对异国文化背景下的企业进行文化整合的难度和整合的方法。     

互联网企业并购后的文化整合研究

随着信息时代的到来,互联网正日益凸现其在经济发展中的重要地位。并购是企业发展壮大的一个必经途径,但并购成功的比例只有23%。而造成失败率相对较高的一个重要原因,是收购企业与被收购企业之间的整合失败,而在企业之间的整合中,最为关键的就是企业文化的整合。     

企业并购后的文化整合

企业并购大潮风起云涌,但是并不是每例并购都成功。原来风格迥异的两家企业必然存在着不同的技术路线、管理风格和文化理念,一旦合二为一,就不可避免地发生冲突,尤其是文化冲突。如果不能合理解决文化冲突,必然带来企业凝聚力减弱,生产能力下降等后果,从而可以看出文化整合的重要性。文化整合包括民族文化的整合,企业价值观的整合和企业制度的整合。根据并购企业双方力量的不同,文化整合的方式有文化注入式、文化吸纳式和文化融合式,在实际中通常三种方式交叉使用。成功的文化整合首先要比较双方文化差异,然后进行跨文化培训,使员工适应彼此的文化,最后在此基础上建立新的企业文化。     

企业并购中的文化冲突探析

目前,越来越多的企业通过并购实现跨越式发展,企业并购成为一种日益常见的经营行为,但研究表明,成功的企业并购不足三成。本文通过分析,认为并购中的文化冲突与整合能力是影响并购成败的关键因素之一,而企业价值观的差异、企业文化背景的不同以及缺乏有效沟通是导致企业文化冲突的主要原因。     

我国在南美国家所并购企业的文化融合研究

我国企业在南美一些国家并购中存在一些文化差异,如经营管理理念差异、决策差异、价值观差异等。在所有南美收购案例中最为成功的是顺德日新收购智利30亿吨的铁矿,并购后很好地处理了文化差异问题,文化融合效果显著。其成功经验是注重企业并购后与当地文化风俗的匹配,促进价值观融合、决策手段融合,推动管理理念的融合。     

跨国并购的文化管理研究

本文以联想并购IBM PC部门的案例为切入点,从联想的跨文化管理以小见大,映射出企业跨国并购过程中产生的文化冲突、文化冲突的危害以及在跨国并购文化管理中如何应对一系列问题,并基于以上研究对我国企业跨国并购文化管理提出三点建议,即树立民族平等、互相尊重的理念,认清文化冲突存在的客观性,将企业文化融入企业发展战略中。     

零售企业并购中的文化整合研究

随着新型零售模式的到来,商业的迭代速度也越来越快,使得零售企业的竞争日益激烈,企业间的并购也更加频繁。并购企业间的文化整合对零售企业的并购是否成功是关键因素之一。因此,结合零售行业的新时代特征,提高并购零售企业间文化整合的重视,研究并购企业文化的差异,正确面对差异,提出零售企业文化整合的策略。     

组织文化在企业并购中的关键作用

随着经济的发展和企业竞争趋势的加强,企业并购亦愈演愈烈。由于文化和价值观等方面的调适不当,企业并购的失败率往往达50%以上。企业组织文化的整合是企业并购后整合最关键的因素。文本以90年代最成功的并购案例之一:思科(Cisco)为例,探讨文化整合的要点及程序,期望能对我国企业并购提供指引。     

跨国收购失败教训何在——明基并购西门子案例剖析

随着经济全球化的发展,跨国并购浪潮正在席卷全球。许多优秀的中国企业纷纷投身于并购浪潮之中,然而,由于异地民族文化差异,由文化差异带来的文化冲突,严重影响并购整合过程。因而,跨国并购后实现有效的跨文化整合已成为中国企业的当务之急,企业跨文化经营管理的有效性命题被提上议程。     

Partial or total integration in a cross‐border merger? Building a Nordic bank culture

The rate of failure for international mergers and acquisitions (M&As) is exceptionally high, since the integration of merging firms does not function well. Using a process perspective, this study aims to analyze the integration process in a cross‐border merger and the development of a common organizational culture. A framework based on premerger cultural and organizational fit, synergy, and resulting organizational culture is developed to study the growth of Nordea, a merger of four Nordic banks. Data include in‐depth interviews and secondary sources. This case study shows how cultural and managerial differences are dealt with and synergies realized. Building a broad organizational culture involving human resource management, decision making, technology, competitiveness, and customer relationships is necessary for merger integration, but it is costly and difficult. We suggest that success in mergers lies in managers creating a new cultural identity with unique values and perspectives.     

跨国并购中的企业文化整合模式:理论与运用

以方兴未艾的第五次全球跨国并购浪潮为背景,在分析前人有关并购整合的理论的基础上,按照新的划分标准提出有关企业文化整合模式的新的观点。此外,还对在当前以及未来的经济环境下如何有效地运用这些模式进行深入的分析和探讨,以资能对今后我国的企业进行跨国并购时发挥积极的作用。     

公司控制权、信息不对称与并购支付方式

本文以1998-2007年间我国沪深两市的253起并购事件为对象,从公司控制权和信息不对称角度研究了并购支付方式的影响因素,研究发现:(1)当主并方大股东的持股比例位于中间水平(30～60%)时,为避免控制权转移,主并方一般选择现金支付(包括承债支付);而当持股比例较低或较高(超出30～60%)时则更倾向于股票支付;(2)交易双方的相对规模愈小,信息不对称愈小,主并方愈倾向于采用现金支付.但交易双方是否位于相同行业,对并购支付方式选择无显著影响.研究还发现,主并方的资金实力与现金支付正相关,而财务杠杆、投资机会、有形资产等因素与并购支付方式的关系不明显.     

‘To invite disappointment or worse’: governance,audit and due diligence in the Ferranti–ISC merger

Mergers and acquisitions frequently destroy shareholder value, and UK companies have a particularly poor record in US deals. But outcomes are rarely as calamitous as in the case of the British electronics group Ferranti which in 1987 entered into a significant merger with the US company International Signal and Control Group (ISC). The combined group had collapsed by 1993. Our analysis of the case, seen in the light of more recent corporate failures such as the Royal Bank of Scotland (RBS), leads us to question whether the UK’s ‘idiosyncratic mix’ of corporate governance mechanisms can ever effectively constrain the flawed and dictatorial decision-making of dominant individuals.     

国外企业兼并文化整合模式与选择理论及其启示

目前我国有许多企业都在进行企业兼并,但是兼并的效果并不令人满意。忽视企业文化整合、文化整合失败是企业兼并低绩效的一个重要原因。为此首先阐述了国外企业兼并文化整合理论的一些研究成果,然后结合我国企业兼并中的整合实践,探讨提高我国企业文化整合成功率可以采取的一些措施。     

我国并购浪潮假说的实证检验

并购活动呈浪潮式发展在西方发达国家几乎已成典型化事实,回顾我国并购活动发展历程发现,这一典型化事实在我国似乎也是存在的.为了加强对总体并购活动发展态势的了解和掌握,促进我国并购理论的完善和发展,本文对我国并购浪潮假说进行检验.检验结果表明,三状态马尔科夫区制转移模型和我们对并购浪潮的定义能够正确地刻画我国总体并购活动,我国总体并购活动呈浪潮式发展,并购活动具有周期性,而拒绝认为并购活动遵循随机游走过程.     

The Shifting Sands of Merger Enforcement at the Federal Trade Commission

This paper presents a statistical model for Federal Trade Commission merger enforcement. After reviewing the literature, economic and political variables are posited to explain bureaucratic merger decisions. Various probit models are estimated with the results suggesting that the Commission enhanced the consideration given to merger–specific efficiencies in response to exogenous pressure to increase merger enforcement. Overall, the tightening of merger policy appears to have been focused on the transactions lacking documented cost savings     

Reforming European Merger Review: Targeting Problem Areas in Policy Outcomes

This paper is an attempt to derive priorities for the reform of European merger policy from observed problems with decision making in merger cases. We identify problems in the application of theory and empirical method as well as the impact of resource constraints and the potential for systematic decision bias. In contrast to the intense debate about the merits of a switch from a dominance criterion to a significant lessening of competition test, we find that such a switch would not effectively address any of the problems in Commision decision making on mergers. Similarly, the lack of an efficiency defense does not seem to explain any of the weaknesses of European merger policy. In contrast, we find that most of the problem areas identified in current merger control practice can be effectively addressed by reforming the merger procedure, the internal organization of merger control in the Commission, as well as addressing resource issues. Together with carefully crafted merger guidelines these should have strong priority for the reform of merger policy in Europe.     

Manufacturer Mergers and Product Variety in Vertically Related Markets

We study the incentives of final product manufacturers to introduce new products into the market and the impact of a manufacturer merger on them. We show that when manufacturers distribute their products through multi-product retailers, a manufacturer merger, although it leads to an increase in the wholesale prices, it can enhance product variety. The merger induced product variety enhancement though arises only when vertical relations are present: when manufacturers sell directly their products to consumers, a merger never results in more product variety. Still, both with or without vertical relations, a manufacturer merger hurts consumers and decreases welfare.