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Study on restructuring mergers and acquisitions resource based theory of enterprises

Author: JiaDianCun LuoKeLong From: www.yourpaper.net Posted: 2010-06-02 17:40:17 Read:
Keywords: Enterprise Resource Based on the merger and reorganization of the core competitiveness of
Abstract: M & A has become an important channel for the main selection and enterprises bigger and stronger in the international capital flow, this paper from the analysis of the relationship between the core competence of the enterprise resource-based theory and enterprise theory, put forward own key resources is a prerequisite to achieve corporate merger and reorganization of enterprises, through the integration of resources to achieve the maximization of enterprise value creation point of view, and elaborates the enterprise merger and reorganization and resources based on the mutual promotion effect.
The core competitiveness of enterprises is the lifeline of the enterprise, is the power of enterprise operation, development.Resource-based view of firm: enterprise resources include tangible resources and intangible resources usually said, as well as a variety of "contribute to the formation of the competitive advantage ability", such as human resources, material resources, financial resources, technology and information resources, organizational skills, coordination ability, enterprise credit resources, social resources are enterprise the resources, but also determine the competition ability of the enterprise.Resource-based view of firm, one of the merger and reorganization among enterprises is the necessity for enterprises to obtain unique resources can not flow freely, irreplaceable, difficult to imitate by M & A.
In this paper, the relationship between enterprise resource basis and the core competitiveness of the theory, in-depth analysis and evaluation of enterprise resource-based theory and core competence theory of the enterprise, and explained the strategic behavior of multinational M & a market, provides a theoretical basis for the reality feasible for participating in multinational business enterprises, but also for guiding China's enterprises in the economic under the background of globalization of the M & A activities and provide theoretical basis for the formulation of industrial development planning.
enterprise resource based theory and the core competence of
(a) enterprise resource based theory and basic content of 1984, Wemtefelt published ((enterprise resource foundation theory "one article, marking the birth of the resource-based theory.Since then, Barney, Petelaf and others have made 7 important contributions.Barney (1991) in the "firm resources and sustained competitive advantage)) on a paper, a resource for enterprises to obtain and maintain competitive advantage for the enterprise, must be based on two basic assumptions: one is the heterogeneity of resources, namely, different enterprises have the resources and capacity are not exactly the same; two is owned by the enterprise the resources and capacity is not fully capable of flow.Based on these two assumptions, generate sustained competitive advantage of resources also must have four conditions: value, rareness, imperfect imitability and irreplaceable.
In the view of resource school tradition, benefit and enterprise possession of tangible resources proportional to.A large number of enterprises practice proved that, under the condition of knowledge economy, intangible resources organization ability is the key for enterprises to gain competitive advantage, strengthen the organization innovation of enterprises is a pressing matter of the moment to enhance the core competitiveness of enterprises.
Think of resource-based theory, the enterprise is a collection of various resources.Due to various reasons, enterprises have the resources each are not identical, with heterogeneity, this heterogeneity determines the difference in the competitiveness of enterprises.Generally speaking, the resource base theory mainly includes the following three aspects:
Heterogeneous resources in particular, is the source of the competitiveness of enterprises.Resource based theory holds that the differences in terms of resources of enterprise is an important cause of corporate profitability is different, also have the advantage of resource of the enterprise can obtain the economic rent.
Resources can not be copied, continuity of the core competitiveness of enterprises.Source of the core competitiveness of enterprises of special resources in the enterprise, this kind of special resources can brings to the enterprise economic rent.Driven by economic interests, not get economic rent enterprise will mimic the advantage of enterprise, the result is convergent, rent dissipation.Therefore, competitive advantage and the economic rent is that special resource advantage of enterprise can be other enterprises imitate.The researchers of resource-based theory have carried out extensive research on this question, think of at least two factors hindering the enterprise mutual imitation:
One is the imitation cost.There is a cost enterprises imitation, imitation costs include the time cost and the cost of capital.If the enterprise's imitation behavior takes a longer time to reach the anticipated goal, in this period of time is entirely possible because of the environment change and the advantage resources lose value, so that enterprises imitation meaningless.In this case, many enterprises choose to abandon the imitation.Even imitate time is short, the advantage resources will not lose value, enterprise's imitation behavior will also cost a lot of money, consumption and capital is uncertain, if the imitation behavior benefits are not enough to offset the cost, enterprises will not choose the imitation behavior.
The two is the path dependence.The enterprise for some reason has some special resources, has a certain competitiveness, but the value of such resources in advance or didn't be recognized, there is no one to imitate.But with the passage of time, this kind of resource value and competitive advantage emerge, become the object of enterprise chase.However, due to the passage of time, other companies will not have the resources or advantage, or never so low cost access to that resource or advantage, have the resources or the advantages of the enterprises can stably receive rent.
To obtain special resources and management.Resource-based theory points out the direction for the long-term development of enterprises, namely the cultivation, acquisition of special resources of enterprises can bring competitive advantage.Because the enterprise decision always faces a lot of uncertainty and complexity, the specific operation method is not possible to provide a set of access to special resources for enterprises based on resources, can only provide some directional suggestions.Specifically, is the organizational learning, knowledge management, the establishment of external network.
(two) enterprise resource based theory and core competence.
In 1990, Prahalad and G.aryHanel in "Harvard Business Review) published a" core competence ", a paper, the resource based theory and practice direction advance.Resource-based theory based on resource heterogeneity and incomplete mobility, source of lasting competitive advantage of enterprises.
That the resource based theory, combination of the nature of the firm is a resource and capacity, which the enterprise interior has unique resources and capabilities of enterprises is a key to sustainable core competitiveness.Resource-based theory have from internal resources are discussed. How to obtain and maintain the core competitiveness of enterprises.
From the static point of view, the external environment is relatively stable, as long as certain resources of an enterprise has the value, rareness, imperfect mobility, imperfect imitability and irreplaceable, the enterprise can obtain core competitiveness consistent with these special resources.However, if the analysis only from the resource based static theory point of view, the enterprise is how to obtain these special resources? And what makes these special resources and common resources of enterprises organically integrate the core competitiveness of enterprises, to create sustainable? These needs to be explained from the dynamic perspective.
In the dynamic environment, enterprises must be able to respond to environmental changes and timely innovation, integrate the resources of enterprises dynamic capabilities, timely innovation, through a series of short of competitive advantage and have continuous competitive advantage.However, how to establish dynamic capabilities, how the idea of innovation and its implementation are inseparable from the corporate senior management role.
M & a resource-based enterprises based on
(a) has a critical resource is a prerequisite for implementation of M & A
That the resource based theory, has a critical resource is the prerequisite of realizing enterprise merger and the formation of enterprise groups.And the necessity of M & A is not completely flow, can not be imitated and substituted resources can be obtained by M & A.Generally speaking, the incomplete liquidity of enterprise resources refers to obtain resources from the resource owner barriers.Can not imitate alternative means to achieve similar resources from elsewhere and not.When implementing a corporate value creation strategy cannot be implemented other existing or potential competitors, the company will have a competitive advantage.Competitors can not implement this strategy because they don't have the related resources.In the resource-based view, there is a close relationship between the resource and competitiveness.The value of the enterprise resources are scarce, it is difficult to imitate and the lack of direct substitution.Therefore, the accumulation of resources and trade is the need to strategically.When the resources of market transactions is possible and efficient, firms are more likely to go it alone and rely on the market.If all the resources are available at a reasonable price in the market, then the enterprise is no need for mergers and acquisitions, mergers and acquisitions have often resulted because of high management cost, and will sacrifice some organizational control.Speaking of the enterprise, the successful strategy is that can make use of various resources and abilities and the formation of advantage strategy.
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