醫(yī)療行業(yè)企業(yè)并購與重組2

AcquisitionandRestructuringStrategiesMichaelA.HittR.DuaneIrelandRobertE.HoskissonChapter71?2003SouthwesternPublishingCompanyStrategyImplementationChapter11OrganizationalStructureandControlsChapter10CorporateGovernanceChapter12StrategicLeadershipStrategyFormulationStrategicCompetitivenessAbove-AverageReturnsStrategicIntentStrategicMissionChapter2TheExternalEnvironmentChapter3TheInternalEnvironmentTheStrategicManagementProcessFeedbackStrategicInputsStrategicActionsStrategicOutcomesChapter13StrategicEntrepreneurshipChapter6Corporate-LevelStrategyChapter5CompetitiveRivalryandCompetitiveDynamicsChapter4Business-LevelStrategyChapter7AcquisitionandRestructuringStrategies2MergersandAcquisitionsMerger:

astrategythroughwhichtwofirmsagreetointegratetheiroperationsonarelativelyco-equalbasisAcquisition:

astrategythroughwhichonefirmbuysacontrollinginterestinanotherfirmwiththeintentofmakingtheacquiredfirmasubsidiarybusinesswithinitsownportfolioTakeover:

aspecialtypeofanacquisitionstrategywhereinthetargetfirmdidnotsolicittheacquiringfirm’sbid3AcquisitionsReasonsforMakingAcquisitionsIncreasemarketpowerOvercomeentrybarriersCostofnewproductdevelopmentIncreasespeedtomarketIncreasediversificationReshapefirm’scompetitivescopeLowerriskcomparedtodevelopingnewproductsLearnanddevelopnewcapabilities4ReasonsforMakingAcquisitions:

Factorsincreasingmarketpowerwhenafirmisabletosellitsgoodsorservicesabovecompetitivelevelsorwhenthecostsofitsprimaryorsupportactivitiesarebelowthoseofitscompetitorsusuallyisderivedfromthesizeofthefirm

anditsresourcesandcapabilitiestocompete

MarketpowerisincreasedbyhorizontalacquisitionsverticalacquisitionsrelatedacquisitionsIncreasedMarketPower5ReasonsforMakingAcquisitions:BarrierstoentryincludeeconomiesofscaleinestablishedcompetitorsdifferentiatedproductsbycompetitorsenduringrelationshipswithcustomersthatcreateproductloyaltieswithcompetitorsacquisitionofanestablishedcompanymaybemoreeffectivethanenteringthemarketasacompetitorofferinganunfamiliargoodorservicethatisunfamiliartocurrentbuyersprovidesanewentrantwithimmediatemarketaccessOvercomeBarrierstoEntry6ReasonsforMakingAcquisitions:Significantinvestmentsofafirm’sresourcesarerequiredtoDevelopnewproductsinternallyintroducenewproductsintothemarketplaceAcquisitionofacompetitormayresultinmorepredictablereturnsfastermarketentryrapidaccesstonewcapabilitiesCostofNewProductDevelopmentandSpeedtoMarket7ReasonsforMakingAcquisitions:Anacquisition’soutcomescanbeestimatedmoreeasilyandaccuratelycomparedtotheoutcomesofaninternalproductdevelopmentprocessThereforemanagersmayviewacquisitionsasloweringriskLowerRiskComparedtoDevelopingNewProducts8ReasonsforMakingAcquisitions:ItmaybeeasiertodevelopandintroducenewproductsinmarketscurrentlyservedbythefirmItmaybedifficulttodevelopnewproductsformarketsinwhichafirmlacksexperienceitisuncommonforafirmtodevelopnewproductsinternallytodiversifyitsproductlinesacquisitionsarethequickestandeasiestwaytodiversifyafirmandchangeitsportfolioofbusinessIncreasedDiversification9ReasonsforMakingAcquisitions:FirmsmayuseacquisitionstoreducetheirdependenceononeormoreproductsormarketsReducingacompany’sdependenceonspecificmarketsaltersthefirm’scompetitivescopeReshapingtheFirms’CompetitiveScope10ReasonsforMakingAcquisitions:AcquisitionsmaygaincapabilitiesthatthefirmdoesnotpossessAcquisitionsmaybeusedtoacquireaspecialtechnologicalcapabilitybroadenafirm’sknowledgebasereduceinertiaLearningandDevelopingNewCapabilities11AcquisitionsProblemsWithAcquisitionsIntegrationdifficultiesInadequateevaluationoftargetLargeorextraordinarydebtInabilitytoachievesynergyToomuchdiversificationManagersoverlyfocusedonacquisitionsResultingfirmistoolarge12ProblemsWithAcquisitionsIntegrationchallengesincludemeldingtwodisparatecorporatecultureslinkingdifferentfinancialandcontrolsystemsbuildingeffectiveworkingrelationships(particularlywhenmanagementstylesdiffer)resolvingproblemsregardingthestatusofthenewlyacquiredfirm’sexecutiveslossofkeypersonnelweakenstheacquiredfirm’scapabilitiesandreducesitsvalueIntegrationDifficulties13ProblemsWithAcquisitionsEvaluationrequiresthathundredsofissuesbecloselyexamined,includingfinancingfortheintendedtransactiondifferencesinculturesbetweentheacquiringandtargetfirmtaxconsequencesofthetransactionactionsthatwouldbenecessarytosuccessfullymeldthetwo地位正勤勉勉Ineffectivedue-diligenceprocessmayresultinpayingexcessivepremiumforthetargetcompanyInadequateEvaluationofTarget14ProblemsWithAcquisitionsFirmmaytakeonsignificantdebttoacquireacompanyHighdebtcanincreasethelikelihoodofbankruptcyleadtoadowngradeinthefirm’screditratingprecludeneededinvestmentinactivitiesthatcontributetothefirm’’slong-termsuccessLargeorExtraordinaryDebt15ProblemsWithAcquisitionsSynergyexistswhenassetsareworthmorewhenusedinconjunctionwitheachotherthanwhentheyareusedseparatelyFirmsexperiencetransactioncostswhentheyuseacquisitionstrategiestocreatesynergyFirmstendtounderestimateindirectcostswhenevaluatingapotentialacquisitionInabilitytoAchieveSynergy16ProblemsWithAcquisitionsDiversifiedfirmsmustprocessmoreinformationofgreaterdiversityScopecreatedbydiversificationmaycausemanagerstorelytoomuchonfinancialratherthanstrategiccontrolstoevaluatebusinessunits’performancesAcquisitionsmaybecomesubstitutesforinnovationTooMuchDiversification17ProblemsWithAcquisitionsManagersintargetfirmsmayoperateinastateofvirtualsuspendedanimationduringanacquisitionExecutivesmaybecomehesitanttomakedecisionswithlong-termconsequencesuntilnegotiationshavebeencompletedAcquisitionprocesscancreateashort-termperspectiveandagreateraversiontoriskamongtop-levelexecutivesinatargetfirmManagersOverlyFocusedonAcquisitions18ProblemsWithAcquisitionsAdditionalcostsmayexceedthebenefitsoftheeconomiesofscaleandadditionalmarketpowerLargersizemayleadtomorebureaucraticcontrolsFormalizedcontrolsoftenleadtorelativelyrigidandstandardizedmanagerialbehaviorFirmmayproducelessinnovationTooLarge19AttributesofEffectiveAcquisitionsAttributesResultsComplementaryAssetsorResourcesBuyingfirmswithassetsthatmeetcurrentneedstobuildcompetitivenessFriendlyAcquisitionsFriendlydealsmakeintegrationgomoresmoothlyCarefulSelectionProcessDeliberateevaluationandnegotiationsaremorelikelytoleadtoeasyintegrationandbuildingsynergiesMaintainFinancialSlackProvideenoughadditionalfinancialresourcessothatprofitableprojectswouldnotbeforegone20AttributesofEffectiveAcquisitionsAttributesResultsLow-to-ModerateDebtMergedfirmmaintainsfinancialflexibilityFlexibilityHasexperienceatmanagingchangeandisflexibleandadaptableSustainEmphasisonInnovationContinuetoinvestinR&Daspartofthefirm’soverallstrategy21RestructuringActivitiesDownsizingWholesalereductionofemployeesDownscopingSelectivelydivestingorclosingnon-corebusinessesReducingscopeofoperationsLeadstogreaterfocusLeveragedBuyout(LBO)Apartybuysafirm’sentireassetsinordertotakethefirmprivate.22LowerperformanceHigherperformanceHigherriskLossofhumancapitalRestructuringandOutcomesEmphasisonstrategiccontrolsHighdebtcostsReduceddebtcostsReducedlaborcostsDownsizingDownscopingLeveragedbuyout239、靜夜四四無鄰，，荒居舊舊業(yè)貧。。。12月-2212月-22Wednesday,December21,202210、雨中黃葉葉樹，燈下下白頭人。。。01:44:1501:44:1501:4412/21/20221:44:15AM11、以我獨沈久久，愧君相見見頻。。12月-2201:44:1501:44Dec-2221-Dec-2212、故人江海別別，幾度隔山山川。。01:44:1501:44:1501:44Wednesday,December21,202213、乍見見翻疑疑夢，，相悲悲各問問年。。。12月月-2212月月-2201:44:1501:44:15December21,202214、他鄉(xiāng)鄉(xiāng)生白白發(fā)，，舊國國見青青山。。。21十十二二月20221:44:15上上午01:44:1512月月-2215、比不了得得就不比，，得不到的的就不要。。。。十二月221:44上上午12月-2201:44December21,202216、行動出成成果，工作作出財富。。。2022/12/211:44:1501:44:1521December202217、做前，能能夠環(huán)視四四周；做時時，你只能能或者最好好沿著以腳腳為起點的的射線向前前。。1:44:15上上午1:44上上午01:44:1512月-229、沒沒有有失失敗敗，，只只有有暫暫時時停停止止成成功功！！。。12月月-2212月月-22Wednesday,December21,202210、很多多事情情努力力了未未必有有結果果，但但是不不努力力卻什什么改改變也也沒有有。。。01:44:1501:44:1501:4412/21/20221:44:15AM11、成功就是日日復一日那一一點點小小努努力的積累。。。12月-2201:44:1501:44Dec-2221-Dec-2212、世間間成事事，不不求其其絕對對圓滿滿，留留一份份不足足，可可得無無限完完美。。。01:44:1501:44:1501:44Wednesday,December21,202213、不知香香積寺，，數里入入云峰。。。12月-2212月-2201:44:1501:44:15December21,202214、意志堅強的的人能把世界界放在手中像像泥塊一樣任任意揉捏。21十二月月20221:44:15上午01:44:1512月-2215、楚塞塞三湘湘接，，荊門門九派派通。。。。。十二月月221:44上上午午12月月-2201:44December21,202216、少年年十五五二十十時，，步行行奪得得胡馬馬騎。。。2022/12/211:44:1601:44:1621December202217、空山新新雨后，，天氣