企业并购重组整合咨询报告(英文版).pptx

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企业并购与重组PPT课件

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吸收合并
定义：一个企业通过发行股票、支付现金或发行债券等的方式取得其它企业。
特点：吸收合并完成后，只有合并方仍保持原来的法律地位。
吸收合并
表达式：A公司+B公司A公司
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TCL集团吸收合并TCL通讯
• TCL集团吸收合并TCL通讯，与TCL集团的首次公开发行互为前提，同时进行。
• 美国会计原则委员会第16号意见书（APB opinion No.16） – 企业合并指一家公司与另一家或几家公司或非公司组织的企业合并成一个会计主体，这个单一的会计主体将继续从事原先彼此分离、相互独立的企业的经营活动。
• 我国企业会计准则《企业合并》（征求意见稿）的定义与IASC相似 – 一个企业与另一个企业实行股权联合或获得另一个企业净资产的控制权和经营权，而将各独立的企业组成一个经济实体。
企业并购与重组
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资本运营
战略层面
实体资本运营
资
金融资本运营
本
产权资本运营
运
无形资本运营
营
企业并购与重组
操作层面公司上市
兼并与收购参股与控股 MBO收购员工持股计划租赁与信托
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资本运营首先是一种战略
规模/效益
！
企业管理战略
核心能力
加强管理
成本控制
公开上市
企
技术革新
兼并收购
业交
易
增资扩股
战
预售房款
吸收权益性投资
个人贷款
结算资金
自有资本
资金融通层面
银行贷款
企业并购与重组
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并购别人证明你有实力被别人并购证明你有价值

《企业并购、重组与》PPT课件

一、企业失败的原因
企业失败主要是体现为财务失败，其标志是亏损、无力偿还到期债务或出现资不抵债。导致企业失败的原因主要有：
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（一）管理不善 1、不适当的管理速度 2、财务管理能力差 3、销售人员推销能力差 4、生产成本过高
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（二）宏观经济的恶化 1、经济衰退 2、银行利率上升
（三）自然衰老
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二、企业失败的重组
企业失败重组的方式包括非正式的债务重组和正式的破产重组两种。（一）债务重组
是指债权人按照其与债务人达成的协议或法院的裁决，同意债务人修改债务条件的事项。
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一般来说，债务人可以采取如下方式清偿债务：
1、以低于债务账面价值的现金清偿务； 2、以非现金资产清偿债务； 3、债务转为资本； 4、修改其他债务条件； 5、混合重组方式；
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3、合并是广义上的概念，包括兼并和
收购。收购与兼并、合并相似，都以
企业产权为交易对象。
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兼并与收购的区别主要是：
在兼并中，被合并企业作为法人实体不复存在；而在收购中，被收购企业可以以法人实体存在，其产权是部分转让。
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兼并、收购、合并我们统称为 “并购”或“购并”。并购方统称为” 买方”并购企业,被并购一方称为 “卖方”或目标企业。
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混合并购是对处于不同产业领域、产品属于不同市场，且与其他产业部门之间不存在特别的生产技术联系的企业进行并购。
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二、按出资方式不同划分为三种
①承担债务式并购：在被并购企业资不抵债或资产债务相等的情况下，并购方以承担被购方全部或部分债务为条件，取得被并购方的资产所有权和经营权。

并购整合咨询框架(英文PPT60页

_Macros
The best value-builders combine organic growth with mergers and acquisitions
Value Growers Follow Conscious, Constant Process To Growth
Revenue Growth
A.T. Kearney 4/1375C/Merger Integration 8
19
1083
_Macros
Business Integration issues require “usual” management decisions while four main
factors add another level of considerable complexity…
Overperformance compared to industry average
Value growth 150%
Top performing mergers create significant shareholder value
Source: A.T. Kearney Analysis 2001, SDC database, Global Worldscope
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1083
_Macros
A.T. Kearney 4/1375C/Merger Integration 2
19
1083
_Macros
Executive Summary
This section is tailored to the client situation and summarizes the approach proposed in the document

并购整合咨询框架(英文版)

并购整合咨询框架(英文版)Mergers and Acquisitions (M&A) are strategic business transactions that involve the combining of two or more companies to form a new entity or the acquisition of one company by another. M&A transactions require careful planning and execution to ensure a successful integration of the companies involved. To facilitate this process, the following framework for M&A consolidation consulting is proposed.1. Define the Strategic Objectives:The first step in the M&A consolidation process is to clearly define the strategic objectives of the transaction. This includes identifying the reasons for the merger or acquisition, such as expanding market share, diversifying product offerings, or entering new markets. This step sets the foundation for the integration process and helps align the goals of both parties.2. Conduct Due Diligence:Before proceeding with the merger or acquisition, a thorough due diligence process should be conducted. This involves assessing the financial and operational aspects of the target company, including its assets, liabilities, contracts, and intellectual property. Additionally, the due diligence process should also include a comprehensive analysis of the market and competitive landscape to understand the risks and opportunities associated with the transaction.3. Develop an Integration Plan:Once the due diligence process is completed and the transaction is confirmed, an integration plan should be developed. This planoutlines the specific steps and actions required to successfully merge or acquire the target company. The integration plan covers various areas, such as organizational structure, HR policies, IT systems integration, operational processes, and customer and supplier relationships. The plan should also establish key milestones and timelines to monitor the progress of the integration.4. Establish a Change Management Strategy:M&A transactions often involve significant changes to the organizational structure and culture of the companies involved. To mitigate resistance and facilitate a smooth transition, a change management strategy should be implemented. This involves clear communication to all stakeholders, including employees, customers, and suppliers, regarding the rationale behind the transaction and the benefits it brings. Additionally, training and support programs should be put in place to help employees adaptto the new organizational environment.5. Execute the Integration Plan:With the integration plan and change management strategy in place, the next step is to execute the integration plan. This includes coordinating the efforts of various functional teams to ensure a seamless integration of operations, processes, and systems. Regular monitoring and progress reporting are essential to track the implementation of the integration plan and address any issues or challenges that may arise.6. Monitor and Evaluate:The final step in the consolidation process is to monitor and evaluate the success of the integration. Key performance indicatorsshould be established to track the post-merger or acquisition performance, such as financial metrics, customer satisfaction, and employee engagement. This evaluation process helps identify areas of improvement and adjust strategies accordingly to maximize the desired synergies and benefits from the merger or acquisition.In conclusion, the process of mergers and acquisitions is a complex undertaking that requires careful planning and execution. The proposed framework for M&A consolidation consulting provides a structured approach to ensure a successful integration of the companies involved. By following these steps, organizations can maximize the potential benefits of M&A transactions and mitigate the risks associated with such strategic business transactions.要继续写相关内容，涉及1500字的篇幅，以下是继续的内容：7. Financial Integration:During the merger or acquisition process, it is crucial to address the financial aspects of the consolidation. This includes integrating the financial systems and processes of the two companies to ensure accurate and timely reporting. Key tasks in financial integration include aligning accounting policies, consolidating financial statements, reconciling intercompany transactions, and integrating budgeting and forecasting processes. This step is essential to ensure financial transparency and enable effective decision-making for the newly formed entity.8. Cultural Integration:A successful merger or acquisition not only requires the integration of operations and processes but also the integration of cultures. Cultural integration involves aligning the values, beliefs, andbehaviors of the two organizations to create a shared identity and a common vision. This can be a challenging process as employees from different companies may have different ways of working and different corporate cultures. A holistic approach that includes regular communication, team-building activities, and the involvement of key opinion leaders from both companies can help facilitate cultural integration and foster a sense of unity and collaboration.9. Stakeholder Management:Managing stakeholders is a critical aspect of any merger or acquisition. This involves identifying and engaging with key stakeholders such as employees, customers, suppliers, shareholders, regulators, and local communities. Each stakeholder group may have different concerns and expectations, and it is important to address these concerns and communicate the benefits of the consolidation. Proactive stakeholder management can help mitigate risks, build trust, and ensure a smooth transition throughout the integration process.10. Post-Merger Integration:Once the initial integration is complete, it is important to focus on the post-merger integration phase. This phase involves implementing strategies to maximize the synergies and benefits of the merger or acquisition. This may include streamlining operations, optimizing the organizational structure, eliminating duplicate functions, and integrating key customer and supplier relationships. Additionally, ongoing monitoring and evaluation of the integrated entity's performance are crucial to identify areas of improvement and make necessary adjustments to achieve thedesired strategic objectives.11. IT Integration:Information Technology (IT) integration is a critical component of successful M&A consolidation. IT integration involves integrating the IT systems, infrastructure, and applications of the two companies to enable seamless communication and data sharing. This includes consolidating databases, networks, and software platforms while ensuring data security and privacy. IT integration is essential to support efficient business operations, enable data-driven decision-making, and facilitate a smooth customer experience.12. Risk Management:M&A transactions carry inherent risks, and it is important to proactively manage these risks throughout the consolidation process. A robust risk management strategy includes identifying and assessing potential risks, developing risk mitigation plans, and implementing appropriate risk management controls. Risks may include market and industry-specific risks, regulatory compliance risks, financial risks, operational risks, and legal risks. By addressing these risks early on, organizations can minimize potential disruptions and increase the likelihood of a successful integration.13. Communication and Transparency:Effective communication and transparency are key to success during the M&A consolidation process. Clear and consistent communication helps to align all stakeholders, manage expectations, and address any concerns. It is important to establishan open and transparent communication channel to encourage feedback, answer questions, and provide regular updates on the integration progress. Transparent communication builds trust and reduces uncertainty, fostering a positive environment for successful integration.14. Legal and Regulatory Compliance:M&A transactions often involve complex legal and regulatory requirements that must be carefully navigated. Compliance with antitrust laws, securities regulations, employment laws, and intellectual property rights is crucial during the consolidation process. It is essential to engage legal and regulatory experts to ensure compliance throughout the transaction and integration phases. By addressing legal and regulatory compliance requirements proactively, organizations can minimize potential legal risks and avoid costly penalties or reputational damage. 15. Continuous Improvement:M&A consolidation is an ongoing process that requires continuous improvement and adjustment. It is important to measure the success of the integration against the predetermined objectives and make necessary adjustments to optimize the outcomes. This may involve implementing additional integration initiatives, fine-tuning processes and systems, or addressing any unforeseen challenges. Continuous improvement ensures that the integrated entity remains competitive and adaptable in the evolving business landscape.In conclusion, the proposed framework for M&A consolidation consulting provides a comprehensive approach to guide organizations through the complex process of merging or acquiringanother company. By following these steps and considering the key aspects outlined above, organizations can increase the likelihood of a successful integration and maximize the potential benefits of M&A transactions. M&A consolidation consulting plays a vital role in supporting organizations throughout the consolidation process, providing expertise and guidance to navigate the complexities and challenges that arise. Ultimately, a well-executed merger or acquisition can create value, drive growth, and enhance the competitive positioning of the newly formed entity.。

企业并购重组整合咨询报告(英文版)

organic growth with mergers and acquisitions Value Growers Follow Conscious, Constant Process To Growth
Growth Matrix (CAGR 1988-2000)
Simple Growers 13.8%
Value Growers
18.0%
21.5%
Reven Value
3.6% Revenue
-3.6% Value
Revenue
4.1% Revenue
Value 12.8% Value
Under performers
Profit Seekers Value Growth
insight into the client’s particular challenges and drivers of success for the integration
A.T. Kearney’s Perspective on Merger Integration
The best value-builders combine
Source: A.T. Kearney Monograph on Value-Building Growth 2001
Mergers and acquisitions are key growth drivers 40% of Growth Is From Acquisitions
Value Growers Manage Both
Source: A.T. Kearney Analysis 2001, SDC database, Global Worldscope
Value growth 150%

并购整合咨询框架(英文)2科尔尼战略咨询PPT课件

A.T. Kearney 4/1375C/Merger Integration 9
19
1083
_Macros
Business Integration issues require “usual” management decisions while four main
Average: 2.8%
49.5%
50.5%
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_Macros
16%
Top-Performing Mergers
3%
8%
12% 27% 21%
10%
3%
-100%-ຫໍສະໝຸດ 0%-30% -15% 0% 15% 30%
60%
Underperformance compared to industry average
Profit Seekers Value Growth
Source: A.T. Kearney Monograph on Value-Building Growth 2001
A.T. Kearney 4/1375C/Merger Integration 7
Mergers and acquisitions are key growth drivers
Source: A.T. Kearney Monograph on Value-Building Growth 2001
A.T. Kearney 4/1375C/Merger Integration 8
Few mergers actually create shareholder value
Acquirer's Value Growth Following a Merger

收购与重组英文版cpkq

Takeover: a special type of an acquisition
strategy wherein the target firm did not solicit the acquiring firm’s bid
2
Reasons for Making Acquisitions
Increase market power
Learn and develop new capabilities
Reshape firm’s competitive scope
Overcome entry barriers
Cost of new product development
Acquisitions
Increase speed to market
Firms may use acquisitions to reduce their dependence on one or more products or markets
Reducing a company’s dependence on specific markets alters the firm’s competitive scope
4
Reasons for Making Acquisitions:
Overcome Barriers to Entry
Barriers to entry include
– economies of scale in established competitors
– differentiated products by competitors
Inadequate evaluation of target
Acquisitions

企业并购重组教材(PPT 130页)

• 1.降低代理成本理论：公司代理问题可由适当的组织程序来解决，企业并购则提供了解决代理问题的一个外部机制。
• 2.经理论：所有权和控制权分离后，企业不再遵循利润最大化原则，而选择能使公司长期稳定和发展的决策。代理人的报酬由公司规模决定并籍此提高职业保障程度。
• 3.闲置现金流量理论：闲置现金流量的减少有利于减少公司所有者和经营者之间的冲突。
名称
优势
劣势
大通摩根
●众多的分支机构 ●丰富的客户源 ●充足的资本金 ●既有的批发业务
●极强的国际批发业务 ●成就的投资银行技能 ●广泛的欧洲和亚洲业务 ●较高的市场价值
• 美国著名经济学家，诺贝尔经济学奖得主乔治·斯蒂伯格对此有过精辟的描述：“一个企业通过兼并其竞争对手的途径成为巨额企业是现代经济史上的一个突出现象”，“没有一个美国大公司不是通过某种程度、某种方式的兼并而成长起来，几乎没有一家大公司主要是靠内部扩张成长起来。”
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• 企业并购是指在企业控制权运动过程中，各权利主体依据企业产权而进行的一种让渡行为，其实质是产权结构的重新配置，实现结构改变后的功能最优化。石墨和金刚石成份都是碳元素，但由于元素排列的差异，导致价值的迥然不同。著名经济学家科斯论断：只要产权界定清楚了，交易费用足够低，自由的交易可以导致资源的最佳配置。
ExxonMobil BP
Shell
上游
★★★ ★★★ ★★★
中游
★ ★★★
★
下游
★★★ ★★★ ★★★
中石油中石化中海油
上游
★★★ ★★
★★★
中游
★ ★
下游
★★ ★★★
2019/10/29

《公司并购与重组》PPT课件

美国金融业的合并有助于扩大市场份额，获得更稳定的收益；
美国金融业跨州经营、分业经营的限制逐步淡化直至取消，为并购提供了宽松的外部环境；
美元不断升值，美国经济持续稳定增长、资本市场的良好表现。
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第五次并购浪潮（1992－2000年）
2、特征
跨国并购的案例数量和金额均很高，多数跨国并购发生在美欧之间
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第五次并购浪潮（1992－2000年）
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第五次并购浪潮（1992－2000年）
2、特征
1997-2001年间按照并购的美元价值排序的前五个行业分别为传播、金融、广播、计算机软件及设备、石油
金融行业发生了大量的并购案
金融电子化的推广使用为金融业大规模并购创造了条件，银行间的合并可以降低运用金融电子设备的成本，增强金融机构的竞争能力；
成员国减让关税的安排、长期只有一美元一桶的低石油价格；
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第三次并购浪潮（1965-1969）
1、背景，60年代
管理学科得到了巨大的发展， “最杰出、最优秀”的管理人才无所不能，各种跨行业的业务管理可以做到游刃有余；
美国反托拉斯、反垄断最严厉的时期，使横向与纵向并购的数量受到了限制；
反托拉斯法执行不力，且一些州的公司法逐步放宽，使得公司在获得资本、持有其他公司股票等方面更简易；
美国交通运输的发达，企业需要更大幅扩张利用更广阔的市场，与同地区的竞争对手合并以维持市场份额；
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第一次并购浪潮（1897-1904）
4、结束的原因造船信用崩溃引起银行的融资风险，1907年美
大量的纵向并购极大地促进了美国生产力的整合和发展，大大提高了美国工业的效率

并购重组-企业并购与资本经营研究报告(ppt58页)

资本经营在实质上就是涉及一个企业取得另一个企业的财产、经营权或股份，并使一个企业直接或间接对另一个企业发生支配性的影响
• 资本经营的核心和Байду номын сангаас容 1. 资产经营的核心是并购：兼并与收购 2. 资本经营的目的
利用自身企业的各种有利条件，比如品牌，让存量资产变成流量使劣质资本变成能生钱的资本，使资本运坐起来，实现增值
• 并购的特征之二：并购企业的权利和义务相伴而来
随之而来的权利和义务直接影响到并购方的各种利益；权利和义务来自各个股东、每一个债权人、政府部门、消费者（客户），离开企业多年的退休职工、依次未了结的交通事故，甚至隔壁的邻居
• 并购的特征之三：成功的并购离不开专家
法律专家、会计专家、管理管家、人事专家、关系专家等对该企业的资格、资产、经营、管理、人员、财务、社会关系、环境等信息收集并予以评估和判断
2. 建议
➢ 好的专家会有好的调查报告，会有好的意见和建议 ➢ 并购合同中的“保证条款”为信息错误的保驾护航
保证条款是买卖双方从法律上界定被购企业资产的最主要内容，是卖方违约时买方权利的最主要保障，即其在法律上所定义的财务、经营和资产范围，所包含的权利和义务是什么。
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并购陷阱
• 陷阱一：信息错误
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完美并购离不开完善的并购流程如果将企业的情况对照并购的“有所为”和“有所不为” 得出的初步分析结果是：何时何地并购对企业的发展有利, 好的设想产生! 但是仅有想法是不够的，我们必须了解并购类型、并购方法和程序、并购陷阱、并购整合及如何进行并购第一步等一系列并购流程。
9
并购类型 • 按照被并购对象所在行业来分
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并购方法和程序 • 并购的可行性研究
1. 知己