论文部分内容阅读
我们发现那些经常进行并购交易的公司获得的长期股东回报比仅仅依靠自然增长的公司要卓越。尽管最成功的连环收购者的行动看似很疯狂,但他们所应用的方法非常明确而且可以复制。这些公司只对那些期望回报超出资本成本的交易感兴趣,而且利用系统的、“行家里手”的方式来对待收购过程。成功实现并购的三个关键要素为:战略重点(增长的领域,不是收购的目标)、纪律严明的价值估值以及提前制定的跨职能整合计划。尽管这些要素看起来都是很明显的必要条件,很多公司往往对此不屑一顾。
We find that the long-term shareholder returns of those companies that make regular M & A transactions are superior to those of companies that rely only on natural growth. Although the actions of the most successful chain buyers seem crazy, they are very clear and reproducible. These companies are interested only in transactions that expect to pay off in excess of the cost of capital, and they use the systematic “hands-on” approach to the acquisition. The three key elements of successful M & A are strategic priorities (areas of growth, not acquisition targets), well-disciplined valuation of value, and pre-planned cross-functional integration plans. While these elements all seem obvious requirements, many companies often dismiss it.