企业并购前后的合管理.ppt

Managing Integration Before and After the Deal企业并购前后的整合管理 Content 内容 Most deals do not create shareholder value and do not meet the set objectives大部分并购交易无法创造股东价值，亦无法实现既定目标 Poor integration is a key reason for MA failure整合工作不利是并购失败的关键原因所在 The structure of the deals reinforce the need for synergy achievement并购交易结构着重强调需要实现协同增效 Unrealised Goals in Delivering Value 价值实现过程中未实现的目标 Reasons for Failure—Poor Integration 失败的原因—整合不利 People Integration Costs Impact Deal Pricing人员整合成本对交易价格的影响 Four Factors for Successful Integration整合成功的四个要素 Speed 速度 Alignment to MA Objectives遵照购并目标 Alignment to People Needs遵照人员需求 Alignment of HR Programs 调整人力资源计划 Hewitt MA Process翰威特的企业并购整合程序 Critical Synergy Drivers 关键协同驱动因素 HR System Alignment—Market Access Driver HR System Alignment—Business Creation Driver HR System Alignment—Shared Know-How Driver People Issues Block Value Creation阻碍创造价值的人员问题 Hewitt Partnership on MA Question Answers 提问与讨论 进一步咨询，请致电： Any questions, please contact: Jenny Li (GM of Hewitt Beijing) Jenny.li@ 86-10-8527 5100 ext 8014 Garry Wang (Sr. Consultant)Garry.Wang@H 86-10-8527 5100 ext 8012 Christian Doeringer (GM of Hewitt Guangzhou) Christian.Doeringer@H 86-20-3877 3788 ext 103 CONFIDENTIAL: To protect the confidential and proprietary information included in this material, it may not be disclosed or provided to any third parties without the approval of Hewitt Associates LLC. Hewitt Experience SharingJanuary 19, 2006 1990s: Survey of 150 Deals over $500 Million 20世纪90年代：调研150宗购并交易，价值达5亿美元 Substantially Eroded Returns 侵蚀高额收益 30% Created Substantial Returns 创造高额收益 17% Eroded Some Returns 侵蚀某些收益 20% Created Marginal Returns 创造边际收益 33% 37% 38% 46% 65% 76% 17% 15% 26% 35% 42% 10% 20% 30% 40% 50% 60% 70% 80% 0% Enhance reputation 提高信誉 Reduce operating expense 降低运作成本 Access new products 开发新产品 Grow marketshare 增加市场份额 Access new markets 开发新市场 % of companies 占公司数量的百分比 目标 实现 0% 10% 20% 30% 40% 50% 60% 70% 80% 美国U