企業(yè)并購(gòu)前后的整合管理.ppt

HewittExperienceSharingJanuary19,2006,ManagingIntegrationBeforeandAftertheDeal企業(yè)并購(gòu)前后的整合管理,Content內(nèi)容,Mostdealsdonotcreateshareholdervalueanddonotmeetthesetobjectives大部分并購(gòu)交易無(wú)法創(chuàng)造股東價(jià)值，亦無(wú)法實(shí)現(xiàn)既定目標(biāo)PoorintegrationisakeyreasonforM&Afailure整合工作不利是并購(gòu)失敗的關(guān)鍵原因所在Thestructureofthedealsreinforcetheneedforsynergyachievement并購(gòu)交易結(jié)構(gòu)著重強(qiáng)調(diào)需要實(shí)現(xiàn)協(xié)同增效,UnrealisedGoalsinDeliveringValue價(jià)值實(shí)現(xiàn)過(guò)程中未實(shí)現(xiàn)的目標(biāo),1990s:Surveyof150Dealsover$500Million20世紀(jì)90年代：調(diào)研150宗購(gòu)并交易，價(jià)值達(dá)5億美元,ErodedSomeReturns侵蝕某些收益,20%,CreatedMarginalReturns創(chuàng)造邊際收益,33%,37%,38%,46%,65%,76%,17%,15%,26%,35%,42%,10%,20%,30%,40%,50%,60%,70%,80%,0%,Enhancereputation提高信譽(yù),Reduceoperatingexpense降低運(yùn)作成本,Accessnewproducts開(kāi)發(fā)新產(chǎn)品,Growmarketshare增加市場(chǎng)份額,Accessnewmarkets開(kāi)發(fā)新市場(chǎng),%ofcompanies占公司數(shù)量的百分比,ReasonsforFailurePoorIntegration失敗的原因整合不利,0%,10%,20%,30%,40%,50%,60%,70%,80%,美國(guó)US,歐洲Europe,拉美LationAmerica,亞太地區(qū)AsiaPacific,PercentofResponses答案百分比,IntegrationisthemostchallengingM&Aissue.整合是最具挑戰(zhàn)性的購(gòu)并問(wèn)題.,andcanbecostly.可能需要較高的成本.,0%,5%,10%,15%,20%,25%,30%,35%,40%,45%,50%,亞太地區(qū)A-P,歐洲Europe,拉美L-A,美國(guó)US,IntegratingOrganisationalCultures,KeepingEmployeesFocused,EngagingEmployeesinNewPrograms,IntegrationHR/BenefitPrograms,PeopleIntegrationCostsImpactDealPricing人員整合成本對(duì)交易價(jià)格的影響,交易成本Transactioncosts,整合/實(shí)施成本Integration/implementationcosts,購(gòu)并方的獨(dú)立價(jià)值Stand-alonevalueofacquirer,購(gòu)并對(duì)象的獨(dú)立價(jià)值Stand-alonevalueoftarget,?,$,購(gòu)并對(duì)象的最高價(jià)格Maximumpricefortarget,FourFactorsforSuccessfulIntegration整合成功的四個(gè)要素,Speed速度AlignmenttoM&AObjectives遵照購(gòu)并目標(biāo)AlignmenttoPeopleNeeds遵照人員需求AlignmentofHRPrograms調(diào)整人力資源計(jì)劃,HewittM&AProcess翰威特的企業(yè)并購(gòu)整合程序,FocusManagementandEmployeesonM&AObjectivesCommunicationStrategy確保管理層和員工關(guān)注購(gòu)并目標(biāo)溝通戰(zhàn)略,Pre-DueDiligence前期可行性分析,BusinessPerspective業(yè)務(wù)關(guān)注點(diǎn),DueDiligence可行性分析,Integration整合,StrategicHR-DueDiligence策略性人力資源可行性分析,Kick-Off啟動(dòng),Integration整合,HewittsProcess翰威特程序,StrategyAssessment策略評(píng)估,HR-Liability&SynergyGapAssess.人力資源義務(wù)與協(xié)同增效差距評(píng)估,DealInput交易投入,ProgramOfficeSetup設(shè)立計(jì)劃辦公室,IntegrationManagementSetup設(shè)立整合管理部門(mén),Ignition啟動(dòng),.,CriticalSynergyDrivers關(guān)鍵協(xié)同驅(qū)動(dòng)因素,ImprovedMarketAccess(biggerisbetter),GrowthReturn,CombinedBusinessCreation(newisbetter),CoordinatedStrategies(togetherweconquer),SharedKnowHow(knowmore),VerticalIntegration(processweown),ConsolidationofFunctions(servemorewithless),NegotiatingPower,TaxBenefits,FinancialEngineering,Synergieswithsignificant“Peopleintegration”,SharedTangibleResources(usesameformore),HRSystemAlignmentMarketAccessDriver,SynergyImprovedMarketAccessDesiredbehaviours=Customer-oriented,team-oriented,flexible,fasttomarket,Organisation,Staffing,Development,Performance,Rewards,Product,customer-basedStructuredcustomerteamsInter-teamcommunicationatcustomerinterfaces,PayforperformanceHighvariableincentivesFormula-drivenbasedonmarketaccessobjectivesCriticalsalescompensationEmphasisemarket-basedpay,HardnumbersPeerfeedbackFocusonaccountabilityBroadcommunicationofthebigpicture,Product/marketknowledgeSellingskillsKnowledgetransferTeamleadershipRealisticadvancementexpectation,Initiatesself-growthTeam-orientedCustomer-orientedCommunicationskillsStaffmixofcompetencies(region,product,etc.),Communicate!,HRSystemAlignmentBusinessCreationDriver,SynergyBusinessCreationDesiredbehaviours=Stronginnovative,andentrepreneurialspirit,flexible,andteam-oriented,Organisation,Staffing,Development,Performance,Rewards,LesshierarchyfocusProductorientedFluid,frequentlychangingteamsAssesssystemsandstructuresneededtobuildthenewentityNon-rigidapprovalanddecisionprocesses,InnovativeandcreativeLong-termfocusCooperativeinformationsharingPrideinbeingfirstSensitivetospeedLogical,TeamprocessesProductdevelopmentprocessesTechnologicalandcreativetrainingResearchskillsTrainstaffondistinctivegoals,MeasurehardnumbersrelatedtobusinesscreationSupportbehavioursfacilitatingbusinesscreationIndividualcreativityFocusonenvironment,team,andindividualperformanceevaluation,Broad-basedprofitsharingLong-termfocusJobhierarchyirrelevant,Communicate!,HRSystemAlignmentSharedKnow-HowDriver,SynergySharedKnow-howDesiredbehaviours=Creativeinapplyingnewknow-how,highlyflexibleandadaptablebutprocessoriented,Organisation,Staffing,Development,Performance,Rewards,TeamorientedProblemsolver,systematicGoodlisteningskillsFlexibletonewprocessesandconcepts,MethodsandnewprocesslearningTeambehaviourProcessmanagementandcontrolCommunicationskillsJobrotationBroadenemployeesandmanagementaccesstolearningHoldmanagersaccountableforcoaching,RelatedtohardfinancialnumbersDerivedfromplanknow-howbaseFocusoncontinuousknow-howdevelopmentanddeployment,PayforperformancewithlimitedvariabilityShort-andlong-termfocusSupportjobmobilityandskillenhancementCompetency-alignedpayplan,Processoriented,bestpracticeapplicationHighinter-teamcommunicationofknowledgeFlatorganisationalstructures,Communicate!,PeopleIssuesBlockValueCreation阻礙創(chuàng)造價(jià)值的人員問(wèn)題,LackofConnectivity缺乏關(guān)聯(lián)性,DifferentOperatingStyles運(yùn)作模式差異,TalentShortage人才短缺,DisconnectedEmployees員工凝聚力差,WrongSkills技能不當(dāng),“Siloed”behaviour片面的行為,HighTurnover流動(dòng)率高,DifferentCultures文化差異,DysfunctionalTeams團(tuán)隊(duì)機(jī)能不佳,BusinessRestructurings業(yè)務(wù)重組,Reactive,TacticalInitiatives靈活、戰(zhàn)術(shù)性方案,AdministrativeOverload管理超負(fù)荷,LargeInfrastructure大型的基礎(chǔ)結(jié)構(gòu),LackofHRAlignment缺乏人事調(diào)整,DelayedInvestments延遲的投資,EmpowermentDifferences授權(quán)模式差異,DifferentDecision-MakingPolicies決策政策差異,DifferingRoleProfiles職位要求差異,Webenabled“projectmanagementandtoolsuite”,ProvidesuserswithglobalaccesstoconsistentM&Aframework,process,toolsandresources,Only20-30%oftodaysmergersandacquisitionscreatesharehold