企业长效增长的引擎(企业培训二)（Enterprise long term growth engine (enterprise training two)）.docVIP

企业长效增长的引擎(企业培训二)（Enterprise long term growth engine (enterprise training two)） Mergers and acquisitions play a crucial role in the growth of large companies. Based on the number of mergers and acquisitions, we can conclude that mergers and acquisitions are important in most executives schedules. Obviously, many CEO believe that M A can create value. But the conventional wisdom does not hold that academics and management consultants have long been suspicious of mergers and acquisitions. Some studies show that most mergers and acquisitions destroy value; some studies point out that the failure rate is as high as 70% or 80%. But many CEO, despite their research and examples, are still very keen on mergers and acquisitions, because they know what some academics and consultants dont know? Mergers and acquisitions of leading enterprises Our database shows that large companies have an average annual growth of 1/3 from M a activities. Moreover, a review of the growth strategy of large companies suggests that radical acquirers are at least as successful as their growing counterparts. According to the market value of the percentage of company obtained from the merger, we will 100 U.S. Sample Firms were divided into four groups: 30% (the highest is the endogenous growth of the company), 30%~70%, 70%~150% (secondary buyers), and more than 150% (the main growth through acquisition of the company). Then we examine each group and analyze how many companies in each group have a total shareholder return (TRS) over the same period that the group is positive (see chart 1). We found that the main growth through mergers and the company achieved a positive return ratio (42%), and almost mainly through the endogenous growth of the company to achieve the proportion of positive returns (49%) as high, medium and the acquisition of two groups of positive returns ratio is slightly higher, reaching 50% and 60% respectively. The key difference between acquiring positive returns and failing to