企業(yè)并購前后的整合管理.ppt

HewittExperienceSharingJanuary19,2006,ManagingIntegrationBeforeandAftertheDeal企業(yè)并購前后的整合管理,Content內容,Mostdealsdonotcreateshareholdervalueanddonotmeetthesetobjectives大部分并購交易無法創(chuàng)造股東價值，亦無法實現(xiàn)既定目標PoorintegrationisakeyreasonforM&Afailure整合工作不利是并購失敗的關鍵原因所在Thestructureofthedealsreinforcetheneedforsynergyachievement并購交易結構著重強調需要實現(xiàn)協(xié)同增效,UnrealisedGoalsinDeliveringValue價值實現(xiàn)過程中未實現(xiàn)的目標,1990s:Surveyof150Dealsover$500Million20世紀90年代：調研150宗購并交易，價值達5億美元,ErodedSomeReturns侵蝕某些收益,20%,CreatedMarginalReturns創(chuàng)造邊際收益,33%,37%,38%,46%,65%,76%,17%,15%,26%,35%,42%,10%,20%,30%,40%,50%,60%,70%,80%,0%,Enhancereputation提高信譽,Reduceoperatingexpense降低運作成本,Accessnewproducts開發(fā)新產(chǎn)品,Growmarketshare增加市場份額,Accessnewmarkets開發(fā)新市場,%ofcompanies占公司數(shù)量的百分比,ReasonsforFailurePoorIntegration失敗的原因整合不利,0%,10%,20%,30%,40%,50%,60%,70%,80%,美國US,歐洲Europe,拉美LationAmerica,亞太地區(qū)AsiaPacific,PercentofResponses答案百分比,IntegrationisthemostchallengingM&Aissue.整合是最具挑戰(zhàn)性的購并問題.,andcanbecostly.可能需要較高的成本.,0%,5%,10%,15%,20%,25%,30%,35%,40%,45%,50%,亞太地區(qū)A-P,歐洲Europe,拉美L-A,美國US,IntegratingOrganisationalCultures,KeepingEmployeesFocused,EngagingEmployeesinNewPrograms,IntegrationHR/BenefitPrograms,PeopleIntegrationCostsImpactDealPricing人員整合成本對交易價格的影響,交易成本Transactioncosts,整合/實施成本Integration/implementationcosts,購并方的獨立價值Stand-alonevalueofacquirer,購并對象的獨立價值Stand-alonevalueoftarget,?,$,購并對象的最高價格Maximumpricefortarget,FourFactorsforSuccessfulIntegration整合成功的四個要素,Speed速度AlignmenttoM&AObjectives遵照購并目標AlignmenttoPeopleNeeds遵照人員需求AlignmentofHRPrograms調整人力資源計劃,HewittM&AProcess翰威特的企業(yè)并購整合程序,FocusManagementandEmployeesonM&AObjectivesCommunicationStrategy確保管理層和員工關注購并目標溝通戰(zhàn)略,Pre-DueDiligence前期可行性分析,BusinessPerspective業(yè)務關注點,DueDiligence可行性分析,Integration整合,StrategicHR-DueDiligence策略性人力資源可行性分析,Kick-Off啟動,Integration整合,HewittsProcess翰威特程序,StrategyAssessment策略評估,HR-Liability&SynergyGapAssess.人力資源義務與協(xié)同增效差距評估,DealInput交易投入,ProgramOfficeSetup設立計劃辦公室,IntegrationManagementSetup設立整合管理部門,Ignition啟動,.,CriticalSynergyDrivers關鍵協(xié)同驅動因素,ImprovedMarketAccess(biggerisbetter),GrowthReturn,CombinedBusinessCreation(newisbetter),CoordinatedStrategies(togetherweconquer),SharedKnowHow(knowmore),VerticalIntegration(processweown),ConsolidationofFunctions(servemorewithless),NegotiatingPower,TaxBenefits,FinancialEngineering,Synergieswithsignificant“Peopleintegration”,SharedTangibleResources(usesameformore),HRSystemAlignmentMarketAccessDriver,SynergyImprovedMarketAccessDesiredbehaviours=Customer-oriented,team-oriented,flexible,fasttomarket,Organisation,Staffing,Development,Performance,Rewards,Product,customer-basedStructuredcustomerteamsInter-teamcommunicationatcustomerinterfaces,PayforperformanceHighvariableincentivesFormula-drivenbasedonmarketaccessobjectivesCriticalsalescompensationEmphasisemarket-basedpay,HardnumbersPeerfeedbackFocusonaccountabilityBroadcommunicationofthebigpicture,Product/marketknowledgeSellingskillsKnowledgetransferTeamleadershipRealisticadvancementexpectation,Initiatesself-growthTeam-orientedCustomer-orientedCommunicationskillsStaffmixofcompetencies(region,product,etc.),Communicate!,HRSystemAlignmentBusinessCreationDriver,SynergyBusinessCreationDesiredbehaviours=Stronginnovative,andentrepreneurialspirit,flexible,andteam-oriented,Organisation,Staffing,Development,Performance,Rewards,LesshierarchyfocusProductorientedFluid,frequentlychangingteamsAssesssystemsandstructuresneededtobuildthenewentityNon-rigidapprovalanddecisionprocesses,InnovativeandcreativeLong-termfocusCooperativeinformationsharingPrideinbeingfirstSensitivetospeedLogical,TeamprocessesProductdevelopmentprocessesTechnologicalandcreativetrainingResearchskillsTrainstaffondistinctivegoals,MeasurehardnumbersrelatedtobusinesscreationSupportbehavioursfacilitatingbusinesscreationIndividualcreativityFocusonenvironment,team,andindividualperformanceevaluation,Broad-basedprofitsharingLong-termfocusJobhierarchyirrelevant,Communicate!,HRSystemAlignmentSharedKnow-HowDriver,SynergySharedKnow-howDesiredbehaviours=Creativeinapplyingnewknow-how,highlyflexibleandadaptablebutprocessoriented,Organisation,Staffing,Development,Performance,Rewards,TeamorientedProblemsolver,systematicGoodlisteningskillsFlexibletonewprocessesandconcepts,MethodsandnewprocesslearningTeambehaviourProcessmanagementandcontrolCommunicationskillsJobrotationBroadenemployeesandmanagementaccesstolearningHoldmanagersaccountableforcoaching,RelatedtohardfinancialnumbersDerivedfromplanknow-howbaseFocusoncontinuousknow-howdevelopmentanddeployment,PayforperformancewithlimitedvariabilityShort-andlong-termfocusSupportjobmobilityandskillenhancementCompetency-alignedpayplan,Processoriented,bestpracticeapplicationHighinter-teamcommunicationofknowledgeFlatorganisationalstructures,Communicate!,PeopleIssuesBlockValueCreation阻礙創(chuàng)造價值的人員問題,LackofConnectivity缺乏關聯(lián)性,DifferentOperatingStyles運作模式差異,TalentShortage人才短缺,DisconnectedEmployees員工凝聚力差,WrongSkills技能不當,“Siloed”behaviour片面的行為,HighTurnover流動率高,DifferentCultures文化差異,DysfunctionalTeams團隊機能不佳,BusinessRestructurings業(yè)務重組,Reactive,TacticalInitiatives靈活、戰(zhàn)術性方案,AdministrativeOverload管理超負荷,LargeInfrastructure大型的基礎結構,LackofHRAlignment缺乏人事調整,DelayedInvestments延遲的投資,EmpowermentDifferences授權模式差異,DifferentDecision-MakingPolicies決策政策差異,DifferingRoleProfiles職位要求差異,Webenabled“projectmanagementandtoolsuite”,ProvidesuserswithglobalaccesstoconsistentM&Aframework,process,toolsandresources,Only20-30%oftodaysmergersandacquisitionscreatesharehold