企業(yè)文化在并購過程中的作用課件

1、-Yaakov Weber Mergers and acquisitions process:the use of corporateculture analysis袁林AbstractPurpose The purpose of this paper is to advance cross-cultural management during mergers and acquisitions (M&A)Design/methodology/approach Based on literature review and case studies of both successful and u

2、nsuccessful companies, this paper clarifies the concept, the assessment and the use of corporate culture and its dimensions and shows its role in the international business environment.Findings the enduring paradox of the high rate of M&A failure vs the growing activity of M&A may be due to lack of

3、synchronized activities of all merger stages.Originality/value The paper offers insights into corporate culture and its impact during pre-merger stage, negotiation, and the post-merger integration process.IntroductionMergers and acquisitions (M&As) activity around the world has been booming for the

4、last three decades, but business leaders believe that only 9% were “completely successful” in achieving their stated objectives，for merger integration consultants are often not brought in until problems arise late in the post-combination aftermath stage. cultural differences have a negative impact o

5、n M&A performance. cross-cultural differences can have both negative and positive effects on M&A performance .ReasonsCultural differences in the M&A decision-making process seem to be neglected.There are two main reasons for the apparent divergence between conventional academic wisdom and executive

6、practice. First, the scholarly literature focuses on the role of national and corporate culture only in the last stage of M&A, namely, post-merger integration, rather than on all M&A stages, including planning and negotiations. Second, the concept of culture is not entirely clear to executives and t

7、herefore difficult to implement in practice, The cross-cultural differences factor in M&A success has been the subject of contradictory and perplexing findings. These former studies have paid little attention to cross-cultural managementThis issue has been raised by several scholars many years ago b

8、ut the situation has not changed much since then. the interventions should span all M&A stages. However, much M&A consulting is far more piecemeal and reactive, as different consultants are brought into help resolve a particular problem that emerges in one aspect or another in the overall M&A proces

9、s2. Evaluating and measuring differences in management culture（1）What is organizational culture? Management culture is a developing system of beliefs, values and assumptions shared by the managers about the desired way of managing the organization so that it can adjust to its environment corporate c

10、ulture is an acquired system of knowledge and frameworks of reference that make possible the understanding and explanation of what occurs in the organization.Approach to innovation and activity Managers with a strong orientation for innovation and dynamic activity encourage rapid response to changes

11、 and to competition in the outside environment. They attempt to exploit opportunities for new products and markets. Organizations with a different corporate culture prefer stability, intensive planning and a relatively high level of formality.管理者具有強(qiáng)大的創(chuàng)新和動態(tài)的活動方向，鼓勵快速反應(yīng)的變化和競爭的外部環(huán)境。他們試圖利用新產(chǎn)品和市場的機(jī)會。具有不同

12、企業(yè)文化的組織更傾向于穩(wěn)定、密集的規(guī)劃和相對較高的形式。Approach to risk Management beliefs about risk taking are among the main factors that differentiate between organizations. The tendency to take risks affects many decisions such as investment in new initiatives, acquisition and investment in production equipment and techn

13、ologies, the level of investment in research and development, management of cash flow and credit and even the way in which pension funds are handled. 對風(fēng)險的管理信念是區(qū)分組織之間的主要因素。承擔(dān)風(fēng)險的傾向會影響到許多決策，如投資于新的舉措，收購和投資的生產(chǎn)設(shè)備和技術(shù)，研究和發(fā)展的投資水平，現(xiàn)金流和信貸管理，甚至在養(yǎng)老基金的方式處理Horizontal relationshipManagements have different approach

14、es to the importance of cooperation and connection between units of the organization for the achievement of enterprise goals or the encouragement of competition between units to increase motivation and effort. Some organizations have complex coordination mechanisms, whereas others use simple means o

15、f synchronization, such as schedules and standardization. 管理者有不同的方法來實現(xiàn)企業(yè)目標(biāo)之間的合作和聯(lián)系的重要性，或鼓勵單位之間的競爭，以增加動機(jī)和努力。有些組織有復(fù)雜的協(xié)調(diào)機(jī)制，而其他組織則使用簡單的同步方法，例如時間表和標(biāo)準(zhǔn)化。Approach to performance The requirements placed on managers and employees and the focus on performance evaluations are important aspects of management cul

16、ture. Managements differ in their beliefs about the need to require constant improvement and achieve goals, at times challenging ones.Approach to rewardsManagement approaches to rewards are related to beliefs about the need to reward fairly and competitively relative to other organizations in the in

17、dustry and to link reward with performance. It affects the extent to which this linkage is reflected in salary, benefits and other related aspects.These dimensions of culture are important predictors of manager and employee behavior, including executive and employee turnover and of the expected succ

18、ess of themerger. Data collection must also be performed in the course of the negotiations.The information collected by the team members during the negotiations is coded, ranked, examined for reliability and cross-checked against information gathered from other sources.4.Implications for the various M&A stagesThe measurement of culture differences makes an important contribution to all stages of M&A: planning, negotiations and the integration of the organizations In this way, du