全球企业并购为什么这么多的失败？如何使其成功？外文翻译.docVIP

外文翻译 原文 Global Mergers and Acquisitions：Why Do So Many Fail? How to Make Them Successful? Material Source:Managing Complex Mergers Author: Piero Morosini Abstract Cultural and organizational differences arising during the integration phase are often cited as key reasons for the high failure rate of global mergers and acquisitions (MAs).However, in this article Piero Morosini presents recent research findings suggesting that cultural differences need not detrimental to the performance of global MAs. Rather, if conveniently handled, these differences can enhance performance. A number of case examples of mega “mergers of equals” are presented to illustrate these findings, suggesting a set of common implementation principles that can increase your company’s post-MA integration success. OVERVIEW Ask a group of seasoned international executives the question: Why do so many global MAs fail? and reasons such as “national cultural differences”, “different values between the joining companies” and so on will usually feature at the top of their lists. I have received these types of answers over the past five years in the classrooms of the international business school where I teach. The consistency of the responses is quite remarkable, especially if one considers the substantial diversity of nationalities as well as the varied industrial and corporate experiences of these executives. Are “cultural differences” that difficult to manage? Could these differences really explain the dismal performance track record of MAs in the past? Or could there be other more significant challenges behind this grim picture? More importantly: How can executives manage all of these challenges and make their companies’ future MA journeys more successful for all relevant stakeholders? These questions unveil some of the most relevant issues within contemporary global management. Statistics demonstrate that over 70 percent of all foreign direct investment worldwide during the 1980s and 1990s too