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兼并方和收购方的目标 Goals for Partners and Buyers

Course video 47 of 61

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。

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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教學方

Tobias Kretschmer
Professor

腳本

Thank you for staying with me.

We're now going to put ourselves in the position of powerful buying company

who is about to acquire a weaker company.

Why do they do this?

What's the reason for acquiring or for merging,

if you put yourself in those shoes?

Well, you have different goals for why you want to pursue

mergers and why you want to pursue acquisitions.

And of course, these also differ for different groups.

And we're going to look, in this video, at the partners and buyers

and in the next video we're going to look at the targets.

What's the point for them in being taken over?

So the goal for partners and buyers will group by

horizontal mergers, vertical mergers and conglomerate mergers.

And let's start with the horizontal ones.

We can identify for example some competition related advantages.

First of all, if you take out a company from your market, you lower competition.

You take out one competitor, if you merge with him or if you take over that company.

You reduce your risk of becoming a target if you grow yourself.

It's going to be harder to take over a larger company,

so the risk of becoming a target decreases of course.

And you gain bargaining power.

Gaining bargaining power, of course, is important

if you want to bargain with your competitors,

but it's even more important

if you bargain with your suppliers or with your buyers.

So, gaining bargaining power is an important reason for horizontal mergers.

There may be production related advantages.

Production advantages simply may mean that you are able to implement

a better production technology

as a consequence of that horizontal merger.

You may be able to realize economies of scale and scope

simply because you have a larger volume that

you can use to spread fixed costs,

that you can use to implement new technologies and so on

and you may secure access to new technologies.

So, let's assume that

one ofyour competitors, let's say a smaller competitor,

has just developed a new technology.

This might simply mean that

acquiring that firm gives you access to that new technology,

which you otherwise, if it's patented, if it's protected,

if it's secret, you otherwise would not have been able to do.

There may be market-related advantages as well.

You can get access to new products, right,

so another firm, or a firm much as in the production example of a new technology,

may produce a product that you are not capable of producing,

so you enter new product markets,

You may be able to access new markets and new consumer groups.

So, if one of your competitors

has a particular relationship to a special consumer market,

to a special market segment,

then buying that company gives you access to that same market segment.

And finally, you may simply acquire a brand name.

That's something we see a lot in the automotive industry.

So in the automotive industry,

it's often cheaper just to buy a brand that may have special appeal for

special markets or for special geographical markets,

for consumer groups and so on,

rather than develop that brand by yourself.

So, acquiring a brand name or an image

is another important reason for horizontal mergers.

Moving on to vertical mergers, this is about

acquiring one of your suppliers or one of your buyers.

Could be a distributor, for example.

So one of the consequences might simply be that you reduce your transaction costs.

If it's been complicated dealing with your supplier,

if you had to renegotiate, negotiate and so on,

just buying that company

might reduce transaction costs by a significant amount.

If it's part of your own company it's much easier to deal with them.

You may gain control over upstream or downstream resources.

So, if there's one input that you need

specifically to be active in this market,

gaining control by purchasing that supplier

may be a very advantageous, may be a very profitable thing to do.

And finally more or less as a consequence of the previous point,

you may raise barriers to entry.

If another firm would need the same access to a special supply

but they don't get it

because you've just acquired that company or because

they would have an expensive job on their hands developing that supply on their own,

they might decide not to bother entering the market in the first place.

Finally, looking at conglomerate mergers.

Conglomerate mergers are mergers that don't really have much of an obvious reason.

There's no market advantage, there's no production-side advantage,

there's no competitive advantage that you can gain out of a conglomerate merger.

So, what's the point then?

You may simply diversify risk.

If one of your businesses is doing badly the other one might do well.

That's by nature the idea of a conglomerate merger,

that the fortunes of these two lines of businesses

are not necessarily closely correlated,

so you diversify risks.

You may gain control over compliments.

And finally, and that's often one of the reasons

for mergers being a bad thing, or mergers not being successful,

you may increase the power of management,

you may build an empire.

Right, so managers would rather manage large firms than small firms.

There's evidence that the salary of a CEO

is closely correlated with the size of a company.

So increasing the size of a company

may increase the salary of the CEO almost directly.

So increasing the management's power,

building an empire, is often one of the reasons for conglomerate mergers.

So after a short in video quiz, let's now wrap up

the reasons for buyers and for partners

to merge and to acquire.

So overall, there seem to be pretty good reasons to make that company ours, right?

But you know what, it is not always bad news

if your company gets acquired by a more powerful one.

So of course there are hostile takeovers

when you really don't want to be taken over,

but even if your company is the target,

you may also have enough reasons for accepting a deal voluntarily.

Let's find out about this in the next video.

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