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合并中的成功 Success of M&As

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高阶竞争策略（中文版）

路德维希马克西米利安慕尼黑大学

4.8（83 個評分） | 12K 名學生已註冊

与之前的“竞争策略”(https://www.coursera.org/learn/competitivestrategyzh)相比，“高阶竞争策略”课程将在讲解新课题和新模块的同时，结合更多实际案例并提供更多与学生互动交流的机会。在“高阶竞争策略”课程中，我们将研究企业如何通过增加转换成本和推进战略客户锁定来建立和维护客户群。探索企业如何通过寻求适当的价格歧视和产品差异化策略来提高收益。我们将举例介绍在欧盟竞争政策和美国反垄断政策前提下可接受的行为，并且找到企业通过战略性利用网络效应和规模经济来增加回报的方法。我们会进一步强化新学的有关网络效应的知识，并讨论专门为网络市场定制的策略。我们还会分析兼并和收购的运作方式，此外，帮助您思考有助于公司有机增长的其他策略。 This is a Chinese version of Advanced Competitive Strategy. You can find the original course in English from our course catalog. 【此版本是Coursera首次尝试推出的中文翻译版。课程视频为英文原版附中文字幕，课程页面和测验已译成中文，帮助中心提供中文支持。此版本仍在测试中，欢迎批评指正。】

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4.8（83 個評分）

5 stars
69 ratings
4 stars
13 ratings
3 stars
1 ratings

CC

Nov 24, 2016

I've know many skills in competition with many true cases. Thanks!

LD

Feb 16, 2016

very useful course. And thank for professor's clear instruction.

從本節課中

借助合作伙伴实现增长 Achieve Growth with the Help of Partners

我们将介绍兼并和收购的趋势、目的和运作流程，区分二者的不同，并调查阻碍该程序的内外部因素。我们还将探索在您已为公司确定了合适的匹配的情况下，促使兼并成功或收购具有价值的突出优势，最后，我们将了解现实世界中并购活动涉及的程序。

兼并控制 Merger Control 3:20

兼并后整合 Post Merger Integration 12:08

合并中的成功 Success of M&As 4:49

教學方

Tobias Kretschmer
Professor

腳本

So in this video, we'll take a look at the successes and failures of mergers and

acquisitions, and we'll check out whether companies manage to become partners for

life, Or not.

And I think what's the most interesting feature of mergers and acquisitions,

and this has been shown in a lot of different studies across the years,

is that how few mergers actually are successful.

So looking at the failure rate across five studies, we see 75%,

60, 50, 50, and 30% of mergers fail in way or another, right?

And we have different criteria of success.

Do they achieve the stated objectives?

Well, three quarters of them don't.

Do they out outperform the stock market?

And that I think is one of the most scary things,

is that the least you would expect from a merger or

an acquisition is actually to outperform the rest of the stock market.

Well, 60% don't.

One out of two mergers is not considered a success

on the part of the managers that actually carried through the merger, and

they don't achieve the shareholder performance that was expected of them.

And many of them, 30% still do not create shareholder wealth.

So this means that the failure rate of mergers and

acquisitions is surprisingly high.

And that of course also tells us that it's not an easy thing to do, right?

Post-merger integration, finding the right target,

doing due diligence, paying the right price.

And finally, integrating the company to realize the synergies.

These are all complex steps where you can go wrong at almost every

turn along the way.

What are possible reasons for failure?

Why do they fail?

Why do so many of them fail?

Well, the first reason might be that they're not actually undertaken for

the good of the company.

They might be undertaken, or mergers and acquisitions may take place for

private reasons on the part of the managers.

Managers might pursue private interests.

Managing a larger company gives them social status.

They might get more power and in fact there's been a study, or

there's been several studies that show that the income

of chief executive officers actually increases in the size of the company.

And that gives them a very own private incentive to manage large companies,

with means to grow by means of either organic growth or

of course by mergers and acquisitions.

Well, markets and shareholders,

stakeholders react after the announcement of a merger.

And generally speaking, when a merger or

an acquisition is announced the typical reaction of the stock market

is that there's gonna be a price increase for a target.

And of course what that means is that part of the profits that

were initially expected from the merger are that way

transferred to the target ex-shareholders, right?

So we pay the shareholders of the target to sell their shares and

we have to make it attractive for them, so we have to

transfer some of the gains that we expect from the merger, some of the synergies.

We have to transfer that to these shareholders.

And of course, that's something that's not going to remain in the company.

And finally, there might be post-merger difficulties.

And given what we talked about when we talked about post-merger integration,

I think that shouldn't be surprising.

So mergers and acquisitions are risky strategies, right?

They're risky undertakings.

And they're often made, they're often done in periods of high uncertainty.

And you can get the post-merger integration process wrong at

literally every step along the way.

They're difficult to assess in advance, right?

It always sounds much easier, yeah, and then we're gonna integrate this company in

one of these four different modes, but it's difficult to assess in advance.

We cannot necessarily predict which of the managers is going to leave us.

And that will, of course, leave us with key positions, key personnel,

to be replaced.

Well, and that's pretty much it.

And I hope you enjoyed this module, and

I'll see you again in just a few seconds in the wrap-up.

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