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M & a strategy based on the target drive

Author: LiuHaiXia From: www.yourpaper.net Posted: 2010-06-06 00:34:51 Read:
Keywords: the   mergers and acquisitions; strategic goal of strategic M &
Abstract: is one of the effective ways of enterprise M & a market economy under the conditions of rapid agglomeration of capital, however, from a practical point of view, the overall effect of enterprise merger and acquisition just passable.Ignore the positioning target is the poor performance of mergers and Acquisitions -- one of the important reasons.Enterprise merger and acquisition strategy in the selection, should be based on the M & a strategic goal, choose suitable for M & a strategy model of the enterprise, improve enterprise M & a performance.
M & A is the need of the development of enterprises, but M & A is not necessarily can promote or lead enterprise development.Mir Weiss and Marx found, every company in merger and acquisition activity, there are 2 / 3 to 3 / 4 is not successful I.Our country since the nineteen eighties metaphase, the behavior of enterprise merger and acquisition is not decreased enthusiasticly.But to grow up through M & A enterprises are scanty, some enterprises even back so heavy burden, seriously hindered the pace of enterprise development.Causes our country enterprise merger and acquisition probability of failure so high is what? This is a long-standing problem in academic circles, many scholars believe that, China's M & a few practice experience, the corresponding laws and regulations, not perfect, the plan is not weeks and after integration is not perfect, is the root cause of the low success rate of M & A.The above by mergers and acquisitions to explain the success or failure of the enterprise have more or less some persuasion.But the author thinks, ignore the M & a strategy goal driven is one of the reasons for the failure of M & a key.
, M & a strategy to explain
Strategic objectives are the main results of enterprise strategic management activities expected to achieve the expected value.The strategic objective of M & A is made in the analysis of internal and external environment on the basis of, the main results of enterprise strategic M & A activity is expected to achieve the expected value, in simple terms, is intended to achieve the purpose of strategic M & A.The strategic goal of M & A is the specific strategy of M & A, is also an important basis for the formulation of strategic measures, is the basic idea and direction of implementation of the acquisition process must always follow the guidelines.It is a long-term, guidance and generality of merger and acquisition activity.
M & a strategy goal setting is making M & a strategy of the core content, but also the development of the key link of mergers and acquisitions.Have a clear strategic M & a target, to define the strategic choice of boundary line of [2io6-o7, thereby eliminating the strategic choice to deviate from the enterprise development direction and target requirements.M & a strategy is the key to the success of enterprise merger and acquisition activity one driver, a clear strategic goal, strong sense of hierarchy of enterprise merger and acquisition, the probability of success will be greatly increased, because enterprises in the brain.As the United States of America "business week" in the magazine "80's most successful and most failed transaction" comment on: "acquisitions only a carefully defined strategic objectives in it, will be advantageous to a company."
The basic principles of two, enterprise merger and acquisition strategy
Enterprise merger and acquisition strategy selection is a difficult process of decision-making, strategic choice is reasonable or not, directly related to the success of mergers, so in the choice of enterprise merger and acquisition strategy, the following principles should be followed:
(1) the principle of strategic goal orientation
Enterprises in the implementation of M & A, should be based on the strategic goal to choose M & a strategy.Firstly a detailed analysis of the strategic goal of M & a deep person, the enterprise, make clear what the strategic target of enterprise M & A, is the access to strategic resources, and synergistic effect, and enhance core competitiveness; is among the two combinations, three were in a.After investigate whether enterprises have and the required resources, whether the strategic development helps to master and enterprise.If the strategic objectives of a business and the major M & a far apart, or no association, a low price can not be wise enterprises to purchase its reasons; on the contrary, if the strategic objectives of enterprises to a main and enterprise plays a vital role in the realization of the enterprise at present, influence on the performance of also should be considered.Then according to the M & A of different strategic goals, choose the strategy of merger and acquisition.
(2) the principle of system
The use of systematic principles to guide the strategic goal driven by mergers and acquisitions, proceed from the overall, the insight into factors merger involves all areas and its effects of mergers and acquisitions.Analysis of the interaction of various factors and the influence on the M & a strategy choice from the static angle, and to seek a dynamic balance, help enterprises to choose the optimal acquisition strategy, and ultimately to achieve the strategic target of enterprise merger and acquisition.
(3) the principle of prudence
Enterprises in the selection of M & a strategy, should adhere to the principle of prudence, which according to the strategic target of enterprise M & A, neither overestimating the selected strategy to bring the expected return, and blindly increase the purchase cost; do not underestimate the strategic needs of the cost, and lead to more than economic strength of enterprise M & a strategy, so that the final because of the lack of money give up halfway.Therefore, enterprises on the one hand, in the choice of M & a strategy, to all sorts of risks, give full consideration to the selected strategy implicit and uncertain future, deep research on transaction costs, make the M & a strategy to become efficient means to achieve strategic objectives of the enterprise merger and acquisition; on the other hand, to conduct due diligence on the target enterprise, comprehensive, thorough investigation of the target enterprise, merger and acquisition should exist between the two matching strategy, strive to maintain a prudent attitude, in order to enhance the probability of successful mergers and acquisitions.
three enterprise merger and acquisition strategy, strategic goal driven by
Enterprises choose M & a strategy mode, should be based on the specific standard enterprise each mode to choose.
(a) the strategic mode of enterprise merger and acquisition.
1 integration strategy
The integration strategy and the strategy of industrial integration.In essence, the strategy integration is an enterprise of the same industry and the plane of the industry.According to the industry level integration direction is different, can be divided into vertical integration strategy and horizontal integration strategy.The so-called vertical integration strategy (industry vertical integration strategy), is refers to the enterprise in the industry to each industry chain, the effective organization of production factors in the industry, in order to obtain long-term competitive advantage of [41o5.Through mergers and acquisitions to achieve product line from raw materials to final product own production or control, is mainly involved in the diversification of related but different production stages of product.By vertical integration, to achieve internal product transaction, reduce transaction costs, looking for the industry chain of the value-added space, to seek synergies.
Horizontal integration strategy (industry horizontal integration strategy) refers to obtain ownership or control of the same industry enterprises through mergers and acquisitions, enhance the enterprise's position in the industry, strengthen the control of peers or competitors.The strategy is to expand the production scale of enterprises, reduce the production cost, expand product market share based on the goal, thus enhances the enterprise the competitive advantage.The strategy is to point radiation with industry as the core, more and more enterprises horizontal integration as an important strategic measure of expansion, such as Hisense Kelon, the expansion of foreign mergers and acquisitions Huayuan Group acquisition, TCL group.The enterprise attempts to horizontal integration to achieve economies of scale, improve competition strength, while the two sides seek synergistic effect in many aspects.
2 the diversification strategy
Diversification strategy of related diversification and unrelated diversification of.Related diversification strategy is the enterprise in order to pursue the strategy of competitive advantage, enhance or expand their existing resources and core competence, entered a new field has a certain relation with the original business areas.If the enterprises entering and existing products have many common products, in order to make full use of the production capacity of enterprises, such as TV manufacturers to enter the computer display production line.In the original industry basis, enter a new but related with the original business industry, herein refers to the market, customer, product or technology etc..Instead of related diversification strategy is entered with the original business not related industry.Mainly based on the increase of market risk and uncertainty factors of awareness, reduce some unpredictable factors impact the implementation of M & a strategy.However, the implementation of the M & a strategy for requirements management and enterprise strength is high, the probability of success is very low.Michael Porter had M & A on American corporate failure rates made statistics, non - related field failure rate as high as 74% this is the requirement of M & a business to the relevance and complementarity.
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