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On the analysis of the core competitiveness of enterprises based on the process of merger and acquisition

Author: JiangXianWu LuYong From: www.yourpaper.net Posted: 2010-06-04 04:36:26 Read:
Keywords: the core competitiveness of the process of merger and acquisition of
Abstract: rise along with the fifth wave of mergers and acquisitions and the development of the theory of core competitiveness of enterprises, more and more scholars and managers of enterprises will turn to the core competitiveness of the enterprise point of view, in order to obtain through M & a practice, strengthening, improve or expand the core competitiveness of enterprises.Mergers and acquisitions from the core competitiveness of the construction and upgrade angle to study the enterprise M & a process, establish a around the core competitiveness of enterprises, in order to effectively promote the successful implementation of M & A behavior, improve the success rate of M & A, enhance enterprise competitive ability.
In different background, the Western business community has appeared in the five wave of mergers and acquisitions.Nowadays, most of the large international companies have experienced mergers and acquisitions, but from look on the whole, both in quantity and quality, the success rate of M & A is not very high, according to the agency statistics, the M & a failure rate can be as high as 70%.At the same time, on the other hand, the M & a failure in most enterprises are still a minority enterprise has obtained the huge success, people have found, the vast majority of success, to obtain sufficient profit enterprises are based on their core competence and M & A.
Therefore, with the first wave of mergers and acquisitions and enterprise growth, development and the theory of the core competence of the enterprises gradually realize that the core competence is the basis of merger and acquisition, enterprise ability, resources and the accumulation of knowledge is the key for enterprises to obtain and maintain competitive advantage, which is still in the fifth M & A in the wave of mergers and acquisitions are mostly focused on the acquisition and enhance core competitiveness.Based on this, the author attempts to combine the theory of core competence, to establish a clear and can be operated from the core competence theory of M & a process, in order to provide support for our country enterprise M & a practice.
1 core competitiveness theory.
The core competitiveness of enterprises theory (also called the theory of core competence in the late twentieth Century), is the theory of competitive advantage and development, along with the changes of the external environment and the enterprise own development and the development of theory and practice.Its origin can date back to Selznick (Selznick) concept unique competitiveness proposed in 1957, in the community of leadership behavior in the process of management, he put the ability of special material to enable an organization to do better than other organization called the organization or unique competitive force; Kenneth Andrews (Andrews) in 1965 also use the concept of "competitive" that the company competitive power comes from the unique competitiveness or the company doing the best place; there are few experts and scholars carried on research, until Praha and Hamer (PrahaladandHame1) in 1990 in the Harvard Business Review < > published "enterprise core competitiveness (Thecorecompetenceofhtecorporation) of a text, a symbol of the core competitiveness of the works, and caused extensive attention of the theoretical circles and enterprises, also have to translate it into" the core competence of the corporation ", this paper does not distinguish, some local mixing.
The concept of core competence, at present there is no unified interpretation.According to Prahalad and Hamel's point of view, the core competitiveness refers to "the accumulation of knowledge in an organization especially about how to coordinate diverse production skills and integrate a variety of skills knowledge"; the United States of America McKinsey consulting company will define the core competence of the enterprise for the enterprise internal to a series of complementary combination of skills and knowledge, it has the ability to achieve world-class level make a business or a number of business.Through the comparative analysis, the author thinks, can understand the core competitiveness of enterprises for the enterprise accumulated in the long-term production and management process in itself, can make the enterprise resources, knowledge, skills, according to a specific combination, make the enterprise has the long-term competitive advantage, various general ability to hold a favorable position in the market competition in the.
The core competitiveness is the power source of the enterprise to maintain long-term competitive advantage, mainly with the heterogeneity, value, ductility, it is difficult to imitate, not characteristics of the transactions and persistence of these features, the advantages of enterprise and competitors can for a long period of time, so the enterprise core competitive ability theory believes that the key enterprises business strategy is to cultivate and develop the core competitive ability.
Theory of 2 enterprise M & A
The M & a theory is developed based on the practice of a number of acquisitions in the enterprise.The United States is the birthplace of the wave of corporate mergers and acquisitions, since late nineteenth Century, after the rise in the United States and swept the global wave of mergers and acquisitions of enterprises five times."The United States of America and other western countries MergersAcquisitions commonly used" (hereinafter referred to as "M& A") to express in our country will usually mergers and acquisitions are collectively referred to as the merger or acquisition.
In theory, it is the study of the western scholars and Chinese scholars are M & a theory of the enterprise has paid full attention.As the development process of five waves of mergers and acquisitions, mergers and acquisitions concept, type, cause and effect of related basic theories are comparatively mature, western scholars have from scale economy theory, transaction cost theory and diversified management theory of enterprise merger and acquisition is explained.
In practice, enterprise M & a success rate is not high.Because of the enterprise merger and acquisition is a very complicated system engineering, rather than a simple transaction process, in general, mergers and acquisitions are through mergers and acquisitions in front of the preparatory period, negotiation, implementation of M & A and the integration after M & A in four stages.M & A is successful or not is influenced by many factors, such as the implementation of M & A of enterprise self evaluation, comprehensive evaluation of the target enterprise value of the assets, development prospects and other aspects, the merger and acquisition financing programme planning, M & a mode selection, after the merger integration etc..But a lot of mergers and acquisitions of enterprises often only pay attention to the M & a transaction completion, and the preparatory work before the merger, the merger integration and other less attention, resulting in a lot of mergers and acquisitions are failing.
3 the core competitiveness of the enterprise merger and acquisition process analysis based on
With the development of the fifth wave of mergers and acquisitions and the development of the theory of core competitiveness of enterprises, many business managers to shift perspective of the core competitiveness of the enterprise in order to obtain the angle, by way of merging, improve or expand to strengthen the core competitiveness of enterprises, so as to realize their sustainable competitive advantage.In fact, between the enterprise core competitiveness and the behavior of enterprise merger and acquisition is a kind of interactive relations between.First, mergers and acquisitions of enterprises through access to the merged enterprise unique knowledge, resources and skills, and even the core ability, to strengthen and build their own core competitiveness; second, to build and cultivate the core competence has a certain competitive advantage of enterprises, through the acquisition, the core competitiveness of enterprises to expand and penetration of the original at the same time, because of the external resources and knowledge, makes the enterprise core competitiveness can be enhanced.
Construction, cultivation, strengthening, ascension is a cycle, the dynamic process of the core competitiveness of enterprises, through mergers and acquisitions to achieve the core competitiveness of the diffusion, transplantation or intensive just in the course of its development to some, but are often related to the core competitiveness of enterprises in the development process, even in relation to the development of enterprises process.Therefore, to obtain and enhance the core competitiveness of the enterprise merger and acquisition work, to keep the competitive advantage of enterprises is very important.Mergers and acquisitions from the core competitiveness of the construction and upgrade angle to study the enterprise M & a process, establish a around the core competitiveness of enterprises, in order to effectively guide the practice of M & A enterprises, improve the success rate of M & A, enhance enterprise competitive ability.See figure 1:

3.1 the establishment of M & a group.An internal structure is reasonable, clear responsibilities of M & a group enterprise implementation of prerequisite for the success of M & A, it affects all of the acquisition plan, each phase of the work carried out smoothly.First of all, should choose appropriate members of M & a team.Because the process of mergers and acquisitions involving enterprise value evaluation, financing, trade negotiations, integration and other aspects of work, so the team members' knowledge structure must meet all needs of the mergers and acquisitions in the process, if necessary, can hire consultants or experts to participate in the analysis and operation.Secondly, each position in the group of responsibilities should be clear, in order to facilitate the management and coordination in mergers and acquisitions at work, in order to better play the role of each team member.
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