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Challenges and opportunities in mergers and acquisitions: three international case studies -Deutsche Bank-Bankers Trust; British Petroleum-Amoco; Ford-Volvo 在兼并和收购中的挑战与机遇：三个国际案例研究 - 德意志银行-美国信孚银行；英国石油-阿莫科（美国石油）；福特-沃尔沃 Alzira Salama European Business School London, UK 欧洲商学院，英国伦敦 Wayne Holland City University Business School, London, UK 英国伦敦城市大学商学院 Gerald Vinten European Business School, London UK 英国伦敦欧洲商学院 1. Introduction 介绍 The prospect of increasing profitability and market share by acquisitions continues to exercise a more seductive and immediate appeal to business leaders than a reliance on growth alone (Cartright and Cooper, 1993;Sudarsanam, 1995; Chatterjee et al., 1992;Wullaerts, 2002). There has always been a substratum of mergers, acquisitions and, indeed, divestments in all developed economies. However, the extent of this depends on the buoyancy of the economy. The periodic rise and fall of such activity has heightened debate among managers, academics, politicians, and regulators about acquisition activity and their benefits, as well as ethical considerations (Vinten, 1992). 通过兼并继续行驶提高盈利和市场份额的前景比单靠经济增长更诱人的和即时的呼吁商界领袖(Cartright and Cooper, 1993;Sudarsanam, 1995; Chatterjee et al., 1992;Wullaerts, 2002)。一直是兼并，收购的底层，甚至在所有发达经济体撤资。然而，这种程度的依赖于对经济的浮力。这种活动上升和下降的周期性加剧了管理者、学者、政治家和监管者之间对收购活动和他们的利益，以及伦理考虑的辩论。（Vinten, 1992） Mergers and acquisitions (M&A) have a unique potential to transform firms, and to contribute to corporate renewal (Angwin, 2001). They can help a firm renew its market position at a speed not achievable through internal development (Haspeslagh and Jemison, 1991; Harrison, 2002). This article explores international integration strategies, and the way in which the companies cope with the challenges from both firm- and nation-specific differences. While the literature tends to emphasise the high failure through inappropriate integration strategies, the present study, by contrast, describes the best practices utilised to foster organization learning which resulted in success in the period following. Despite its undoubted importance, rather little is known about learning through international acquisitions or other forms of inter organizational cooperation (Child, 2000). 兼并和收购（M&A）有一个独特潜力改造企业，并有助于企业更新（Angwin, 2001）。他们可以通过内部开发无法实现的速度帮助公司延续其市场地位(Haspeslagh and Jemison, 1991; Harrison, 2002)。本文探讨了国际一体化策略,以及公司应对挑战来自两个公司和本国特有的差异。而文学倾向于强调高故障通过不恰当的集成策略,目前的研究,相比之下,描述了利用最佳实践培养组织的学习导致成功期结束后。尽管它的重要性毋庸置疑, 而鲜为人知的是，通过学习国际收购或其他形式的组织间合作(Child, 2000)。 The paper is structured as follows: section 2 discuss the integration and acculturation process in relation to M&A as viewed by different authors; section 3 describes the three case studies; section 4 discusses the similarities and differences among the integration strategies used; and the concluding section 5 links the findings with the literature. 2. The acquisition process and value creation 收购过程和价值创造 Integration process is the real source of value creation in acquisitions . . . (Haspeslagh andJemison, 1991, p. 167). Value creation is the important objective in successful acquisitions. Yet, empirical and other studies continue to highlight the low success rates associated with acquisitions (Lawrence, 2002; Marks and Mirvis, 1965). Nomatter how attractive is the business opportunity associated with an acquisition process, value is not created until capabilities are transferred, and people from both organisations collaborate in order to create the expected benefits and the unpredicted opportunities. This collaboration relies on the will and ability of managers from both organisations to work together towards a new future. The key to integration is to obtain the participation of the people involved without compromising the strategic task. 一体化进程是并购创造价值的真正来源. . . (Haspeslagh andJemison, 1991, p. 167)。价值创造是成功收购的重要目标。然而，经验和其他研究继续突出与收购的成功率很低(Lawrence, 2002; Marks and Mirvis, 1965)。 不管与收购过程多么诱人的商业机会，直到能力转交价值不创造，直到功能被转移，这是来自两个组织的人员合作，以创造预期的收益和不可预知的机会。这种合作依赖于两个组织的管理者的意志和能力，携手共进，迈向新的未来。整合的关键是得到所涉及人员的参与，参与的人不妥协的战略任务。 Finding similar organisational cultures and management styles has become a common panacea for avoiding employee dissatisfaction that could undermine M&A performance (Larsson, 1993). Different authors (for example, Cartwright and Cooper, 1993) agree that it is important to consider cultural compatibility as a criterion for screening potential candidates for M&A. 寻找类似的组织文化和管理风格，已经成为一种常见的灵丹妙药，避免可能会破坏并购绩效的员工不满（拉尔森，1993）。不同的作者（例如，卡特赖特和库珀，1993）同意，以考虑文化的兼容性为标准来为M＆A筛选潜在候选人是很重要的。 On the other hand, managing the cultural differences has been proved as a more realistic and successful strategy in integration processes than finding the ``ideal culture fit''. Buono and Bowditch (1989) consider that successful integration can be achieved even between diversified organisational cultures. This viewpoint is adopted in this exploratory study. It examines the strategies being used by executives that encourage employees' diversity tolerance while allowing for learning to occur within parent and acquired firm. It looks at the strategies the firms implemented to facilitate the units to work together, and integrative practices involving firms within the same industry but from different countries and contrasting corporate values. In bringing together firms with different skills and knowledge bases, acquisitions create unique learning opportunities for the partner firms. As recently argued by management researchers, knowledge and the capacity to create, transfer, transform and utilise it are the most important sources of a firm's sustainable competitive advantage. 另一方面，管理文化上的差异已被证明是一个比找``理想的文化契合“更现实的和成功的战略一体化进程。 Buono和鲍迪奇（1989）认为，成功的集成，可以实现即使在多元化的组织文化。采用这种观点在这项探索性的研究。检查正在使用的策略鼓励员工多样性的宽容，同时让学习发生在根源和收购公司的高管。它着眼于企业实施战略，以方便单位共同努力，以及一体化的做法，同一行业内的企业参加，但来自不同国家和对比鲜明的企业价值观。在汇集不同的技能和知识基础的企业，收购伙伴公司创建独特的学习机会。最近由管理研究人员提出的，有设立，转移，转化和利用的知识和能力，是一个企业的可持续竞争优势的最重要来源。 http://www.ukassignment.org/dxassignment/ |
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