战略性收购与重组培训教材(PPT 101页).ppt

;;THE STRATEGIC MANAGEMENT PROCESS;战略管理过程;KNOWLEDGE OBJECTIVES;学习目标;;TECHNOLOGY GIANTS’ ACQUISITION STRATEGIES AND THEIR OUTCOMES;科技巨头的收购战略以及取得的成果;TECHNOLOGY GIANTS’ ACQUISITION STRATEGIES AND THEIR OUTCOMES;科技巨头的收购战略以及取得的成果;TECHNOLOGY GIANTS’ ACQUISITION STRATEGIES AND THEIR OUTCOMES;科技巨头的收购战略以及取得的成果;TECHNOLOGY GIANTS’ ACQUISITION STRATEGIES AND THEIR OUTCOMES;科技巨头的收购战略以及取得的成果;TECHNOLOGY GIANTS’ ACQUISITION STRATEGIES AND THEIR OUTCOMES;科技巨头的收购战略以及取得的成果;TECHNOLOGY GIANTS’ ACQUISITION STRATEGIES AND THEIR OUTCOMES;科技巨头的收购战略以及取得的成果;;Popular strategy in the U.S. for many years Source of firm growth and above-average returns Some believe that MA strategies played a central role in the restructuring of U.S. businesses during the 1980s and 1990s and that they continue generating benefits in the twenty-first century;已经在美国公司之间流行了许多年。 是公司成长和获得超额利润的源泉。 有些人认为，这一战略在美国上世纪八九十年代的业务重组中起到了关键作用，直到本世纪初，一些公司还在收获着这些战略带来的好处。; During the recent financial crisis, tightened credit markets made it more difficult for firms to complete “megadeals” ( $10 billion) Then U.S. deals picked up in 201 1, where “first-quarter deal volume rose 45% to $290.8 billion, compared with $200.6 billion” in 2010; 在最近的金融危机中 ，信贷市场的紧缩使公司很难完成大规模的并购（100亿美元以上） 然而，2011年，这些活动又在美国重新兴起，其中第一季度的交易量增加了45%，达到2908亿美元，而2010年同期仅为2006亿美元。 ; Firms use MA strategies to create value for all stakeholders MA value creation applies equally to all strategies (business-level, corporate-level, international, and cooperative) ; 公司使用MA战略可以提高自己为所有利益相关者创造价值的能力。 MA的价值创造适用于所有战略（业务层战略、公司层战略、国际化战略和合作战略）。;;‘第六次并购浪潮’;; ; ; ; ;; ;1、Increased Market Power;1、增强市场影响力;1、Increased Market Power;1、增强市场影响力; ; ; ; ; ; ;2、REASONS FOR ACQUISITIONS; ;;3、Cost of New Product Development and Increased Speed to Market;3、降低新产品开发成本和加快进入市场的速度;4、Lower Risk Compared to Developing New Products; ; ; ; ; ; ; ; ;; ; ; ; ;1、Integration Difficulties;1、整合的困难;2、Inadequate Evaluation of Target;2、对收购对象评估不充分;3、Large or E