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要不要买下它? 典范机床工具公司案例分析  中国人民大学商学院 主讲人:杨娜容 华宇 王丹阳 由 NordriDesign 提供 www.nordridesign.com
[object Object],[object Object],[object Object],技术为探测和报告机器人设备中出现的故障而设计 与典范公司的客户相同 工程师初步评估说技术完全可以用在典范公司上,虽然拿不准要花多少时间 典范 机床 MonitoRobotics
 
[object Object],[object Object],直接竞争对手 恶意收购 关系友好 典范 机床 MonitoRobotics Bellows&Samson
[object Object],[object Object],[object Object],CFO :不收购! 收购实在太冒险了 出售服务部,专著于原先产品的利润增长 收购? 不收购? 典范机床 MonitoRobotics
谋求管理协同效应 谋求经营协同效应 谋求财务协同效应 减少交易成本 实现战略重整 获得特殊资产 并购
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],协 同 效 益 公 司  甲 公 司  乙 ( 互 相 取 长 舍 短 )
[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],新突破 CEO 预感到 公司未来的发展在于服务部门
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],典范 机床 MonitoRobotics
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],企业重组的文化建设根本仍是企业价值观念的统一,因此重组后的企业文化建设,关键是对那些在不同环境下发展起来的企业的各种价值观念做出正确的判断,继承那些优秀的有生命的东西,使之在各个群体的员工内被广泛接受,并融合成一种新的共同的企业精神和价值观。并购后企业已成为一个命运共同体,不应再有你我之分。 双方在相互了解与交流的基础上,应加强双方在经营宗旨、经营目标、经营观念、决策模式、价值观念等方面的融合,形成更优秀的企业文化。在优势企业并购过程中,劣势企业应主动与优势企业文化进行整合,吸纳优势企业文化的精华,并逐步形成自己的行为规范。 文化整合
[object Object],[object Object],[object Object]
感谢您的关注 PPT 制作:华宇  [email_address] Department of Marketing , RUC

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Hinweis der Redaktion

  1. 文章中对标的公司 MonitoRobotics 收购费用没有说清楚,我们只能从 CFO 的嘴里知道价格不菲,而且本公司目前财力有限,从一家机床制造公司,转型为一家高科技公司,其中的隐性成本更是多多,所以按照财务指标来衡量这次收购也是对公司负责的态度,何况该 CFO 出身沃顿,也非无名之辈。 所以,如果财力足以支撑收购,尚可,如果财力不够,那么消化不良的公司收购,不要太多哦,况且得到的技术是否能兼容还是未知数,打了水漂那就太不值了。
  2. 企业并购时需要的资金量是非常巨大的,仅靠自有资金往往不能满足需要,一般情况下需要依靠多种融资方式来完成,对我国企业来说常用的筹资方式有增资扩股、内部留存、向金融机构借款、发行企业债券、推迟支付、杠杆收购等。
  3. 美国一项统计表明,有 50%~80% 的并购都出现了令人沮丧的财务状况。一项历时几十年的研究发现,并购之后可能会出现以下现象:被并购企业管理层及雇员的承诺和奉献精神的下降,造成被并购企业生产力降低;关键管理人员和员工逐渐流失,这种情况一般发生在交易完成后的 6~12 个月之内;客户基础及市场份额遭到破坏;大约三分之一的被并购企业在 5 年之内又被出售,而且几乎 90% 的并购没有达到预期效果。