企業(yè)文化在并購過程中的作用

------YaakovWeber

Mergersandacquisitionsprocess:theuseofcorporatecultureanalysis袁林AbstractPurpose–Thepurposeofthispaperistoadvancecross-culturalmanagementduringmergersandacquisitions(M&A)Design/methodology/approach–Basedonliteraturereviewandcasestudiesofbothsuccessfulandunsuccessfulcompanies,thispaperclarifiestheconcept,theassessmentandtheuseofcorporatecultureanditsdimensionsandshowsitsroleintheinternationalbusinessenvironment.Findings–theenduringparadoxofthehighrateofM&AfailurevsthegrowingactivityofM&Amaybeduetolackofsynchronizedactivitiesofallmergerstages.Originality/value–Thepaperoffersinsightsintocorporatecultureanditsimpactduringpre-mergerstage,negotiation,andthepost-mergerintegrationprocess.IntroductionMergersandacquisitions(M&As)activityaroundtheworldhasbeenboomingforthelastthreedecades,butbusinessleadersbelievethatonly9%were“completelysuccessful”inachievingtheirstatedobjectives，formergerintegrationconsultantsareoftennotbroughtinuntilproblemsariselateinthepost-combinationaftermathstage.

culturaldifferenceshaveanegativeimpactonM&Aperformance.cross-culturaldifferencescanhavebothnegativeandpositiveeffectsonM&Aperformance.ReasonsCulturaldifferencesintheM&Adecision-makingprocessseemtobeneglected.Therearetwomainreasonsfortheapparentdivergencebetweenconventionalacademicwisdomandexecutivepractice.First,thescholarlyliteraturefocusesontheroleofnationalandcorporatecultureonlyinthelaststageofM&A,namely,post-mergerintegration,ratherthanonallM&Astages,includingplanningandnegotiations.Second,theconceptofcultureisnotentirelycleartoexecutivesandthereforedifficulttoimplementinpractice,Thecross-culturaldifferencesfactorinM&Asuccesshasbeenthesubjectofcontradictoryandperplexingfindings.

1.LackofcultureassessmentintheearlystagesofM&ATwostreamsofmanagementresearch

pre-mergerstage---examinedtherelationshipbetweenfirm-levelmeasuresoffinancialperformanceandthestrategicfitbetweenbuyingandsellingfirmspost-mergerstage----examinestheculturalfitofthebuyingandsellingfirmsanditsimpactonthesuccessofthemergedcompanyTheseformerstudieshavepaidlittleattentiontocross-culturalmanagement

Thisissuehasbeenraisedbyseveralscholarsmanyyearsagobutthesituationhasnotchangedmuchsincethen.

theinterventionsshouldspanallM&Astages.However,muchM&Aconsultingisfarmorepiecemealandreactive,asdifferentconsultantsarebroughtintohelpresolveaparticularproblemthatemergesinoneaspectoranotherintheoverallM&Aprocess2.Evaluatingandmeasuringdifferencesinmanagementculture（1）Whatisorganizationalculture?

Managementcultureisadevelopingsystemofbeliefs,valuesandassumptionssharedbythemanagersaboutthedesiredwayofmanagingtheorganizationsothatitcanadjusttoitsenvironment

corporatecultureisanacquiredsystemofknowledgeandframeworksofreferencethatmakepossibletheunderstandingandexplanationofwhatoccursintheorganization.

(2)Dimensionsoforganizationalculture

ApproachtoinnovationandactivityManagerswithastrongorientationforinnovationanddynamicactivityencouragerapidresponsetochangesandtocompetitionintheoutsideenvironment.Theyattempttoexploitopportunitiesfornewproductsandmarkets.Organizationswithadifferentcorporateculturepreferstability,intensiveplanningandarelativelyhighlevelofformality.管理者具有強(qiáng)大的創(chuàng)新和動(dòng)態(tài)的活動(dòng)方向，鼓勵(lì)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。ApproachtoriskManagementbeliefsaboutrisktakingareamongthemainfactorsthatdifferentiatebetweenorganizations.Thetendencytotakerisksaffectsmanydecisionssuchasinvestmentinnewinitiatives,acquisitionandinvestmentinproductionequipmentandtechnologies,thelevelofinvestmentinresearchanddevelopment,managementofcashflowandcreditandeventhewayinwhichpensionfundsarehandled.對風(fēng)險(xiǎn)的管理信念是區(qū)分組織之間的主要因素。承擔(dān)風(fēng)險(xiǎn)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HorizontalrelationshipManagementshavedifferentapproachestotheimportanceofcooperationandconnectionbetweenunitsoftheorganizationfortheachievementofenterprisegoalsortheencouragementofcompetitionbetweenunitstoincreasemotivationandeffort.Someorganizationshavecomplexcoordinationmechanisms,whereasothersusesimplemeansofsynchronization,suchasschedulesandstandardization.

管理者有不同的方法來實(shí)現(xiàn)企業(yè)目標(biāo)之間的合作和聯(lián)系的重要性，或鼓勵(lì)單位之間的競爭，以增加動(dòng)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(shí)間表和標(biāo)準(zhǔn)化。Vertical-hierarchicalcontactThisdimensionaddressesmanagementbeliefsaboutattitudestowardsubordinates,suchassupport,understandingandencouragement.Afundamentalcharacteristicofmanagementisthebeliefaboutthelevelofautonomyandresponsibilitythatshouldbedelegatedinimportantdecisions.Thesebeliefsaffecttheformoftheorganizationalstructure,thedefinitionsoftherolesandprocedureswithintheorganizationandthelevelofformalityofthesedefinitions.管理的一個(gè)基本特征是對重要決策的自主性和責(zé)任感的信任程度。這些信念會影響組織結(jié)構(gòu)的形式，在組織內(nèi)的角色和程序的定義和這些定義的形式的層次

AutonomyanddecisionmakingApproachtoperformanceTherequirementsplacedonmanagersandemployeesandthefocusonperformanceevaluationsareimportantaspectsofmanagementculture.Managementsdifferintheirbeliefsabouttheneedtorequireconstantimprovementandachievegoals,attimeschallengingones.

ApproachtorewardsManagementapproachestorewardsarerelatedtobeliefsabouttheneedtorewardfairlyandcompetitivelyrelativetootherorganizationsintheindustryandtolinkrewardwithperformance.Itaffectstheextenttow