[外文翻译：通过并购创造价值.doc

Creating value through acquisitions Stuart E. Jackson, (2007),Creating value through acquisitions, Journal of Business Strategy, Vol. 28 Iss: 6 pp. 40 – 41 A caution to readers who like nothing better than a headline-grabbing, out-of-the-blue acquisition: I’m not one of you. You can use acquisitions to create value for your shareholders if you know where value hides. In fact, as a rule, I am an advocate of organic growth, of growing out from the core of the business in ways that build on established strengths. That strategy is at the heart of a discipline that I call ‘‘strategic market positioning,’’ or SMP, which is about defending and growing your company’s weighted share of the strategic market segments that define competitive advantage within your industry. This may be defined by geography, customer demographic, channel focus, and so on – the critical dimensions of scale for your particular business. It is not about ‘‘growth for growth’s sake，but about combining the fundamental principles of customer preference and producer economics with the goal of achieving strong market positions and higher profitability through the goal of achieving strong market positions and higher profitability through selective growth. .Stated simply, you are far more likely to increase the value of your company if you can find a way to expand your existing business and achieve increased benefits of scale or scope within your existing strategic segments. One huge problem with most of those headline-grabbing deals: it is hard to create value for shareholders given the price of acquisitions today. Every successful corporation is feeling the same growth imperatives, so almost all of them are looking for growing, profitable companies to add to their portfolios of businesses. Meanwhile, would-be acquirers face stiff competition from financial buyers. equity firms looking for good companies to buy. These financial buyers were not in the game 20 years ago, or even a decade ago. It can t