【并购重组】企业并购整合咨询的术语-英文版(ppt 60页)
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
企业并购与重组
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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
5
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
【并购重组】并购整合咨询框架(英文版)(ppt 60页)
A.T. Kearney 4/1375C/Merger Integration 4
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Our Understanding your
Situation
This section is tailored to the client situation and summarizes the key drivers of the merger. It should highlight relevant quantitative and qualitative analysis that demonstrate our insight into the client’s particular challenges and drivers of success for the integration
40% of Growth Is From Acquisitions
Value Growers Manage Both
Well
40%
External
Sources of Growth
60%
100%
Internal
Total Growth
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_Macros
What really matters in “acquisition for growth” strategies is execution
Profit Seekers Value Growth
Source: A.T. Kearney Monograph on Value-Building Growth 2001
A.T. Kearney 4/1375C/Merger Integration 7
企业并购重组(课件)-PPT文档资料
‹#›
ORINF BEIJING
CONSULTING CO., LTD.
美国第二次兼并浪潮
时间 20世纪20年代
规模
第二次兼并浪潮的规模大于第一次。从1919至1930年，美国有数 千家公司被兼并，涉及130亿美元资产，占其制造业总资产的 17.5%
特点
➢本次兼并高潮的一个特征就是并购形势呈多样化，以纵向并购居 多。 ➢产业资本与银行资本相互渗透是本次兼并的另一特征。例如美国 的洛克菲勒公司掌握了花旗银行的控制权。 ➢由于1914年“克莱顿法”的颁布，大企业为了避免被认为是 “托拉斯”而减少了并购行为。而在股票市场带动下，中小企业的 并购行为非常活跃。
在这方面，似乎大多数中国的企业还认识不足。作为一名有抱负的企业家， 积极对产业演进、国际化等问题进行思考是具有战略意义的。
‹#›
ORINF BEIJING
CONSULTING CO., LTD.
中国企业国际化道路前途美好，道路坎坷
高速成长模式，赢 得了规模却丧失了
效率
高速 成长
低成本战略形成的高 成长模式使中国企业 的规模迅速扩张
规模
发生2864起并购，其中1898—1903年高峰期就有2653家企业被兼并， 涉及资产总额63亿美元。
特点
➢以扩大企业规模为直接目的的并购成为这次并购浪潮的主要形式。 这次并购浪潮使美国特大型企业超过300家，国民经济集中程度和 行业聚合程度得到显著提高。经过这次并购，出现了美国钢铁公司、 美国石膏肥料公司、杜邦公司、美国烟草公司、美国糖果公司、美 国橡胶公司等特大型公司。 ➢证券市场的发展为兼并收购提供了新场所。第一次兼并高潮中大 部份并购是通过证券市场进行的。美国的并购活动有60%是在纽约 股票交易所进行的。
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
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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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A.T. Kearney 4/1375C/Merger Integration 2
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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.。
企业并购与重组.ppt
世界并购史表明，大型并购浪潮往往先于经济复苏而兴起，而 各国货币政策正无限接近零利率，资产和资源价格也为并购提 供了绝佳的历史机遇。
2019-11-10
感谢你的阅读
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吉利VS腾中重工
两者在实力上存在差距。腾中收购悍马的资 金来源，主要是国外的金融机构，资金面狭 窄；吉利收购沃尔沃的成功，资金来源既有 国内资本的支持(比如，地方发展基金等半 民间资金的支持)，也有国外的金融机构支 持，吉利的融资渠道更加稳定。
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2019-11-10
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导言
企业并购重组已有一百多年历史，并已成为经济 全球化的一个最明显的特点。当今世界的跨国公司 都有过并购重组的成功经历。从这个意义上讲，并 购重组是企业发展的必由之路。
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导言
资产重组和并购是短期内快速提升企业盈利能力的一种途径， 而重组并购后的赢利预期将给市场无限的想象空间。
2019-11-10
感谢你的阅读
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导言
中策在大陆的投资活动是从嫁接改造国有企业开始的，即投入 资金购买原有企业的部分股权，将原有老企业改造为合资企业。 中策的投资有三个特点：一是以现金方式投入；二是成片（如 泉州）、成行业（如大连）收购大陆的国有企业，并获取 51%~55%的控股权；三是投资覆盖面广泛，地域跨度大， 行业分布广，涉及机械电子、化工、橡胶、饮料食品、医药、 金融业、基础设施等数十个行业。
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
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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
并购整合咨询框架介绍英文版)
49.9%
44.2%
43.3%
40.4%
32.3%
26.6%
34.2%
36.1%
26.6%
25.1%
27.5% 26.0%
31.9% 22.4%
16.0%
17.2% 17.4%
18.0%
17.4% 14.8%
4.0% -6.5%
Erosion of Shareholder
Returns
Value growth 150%
Top performing mergers create significant shareholder value
Source: A.T. Kearney Analysis 2001, SDC database, Global Worldscope
Business Integration issues require “usual” management decisions while four main factors add another level of considerable complexity…
Top performers across most industries can create significant shareholder value
Industry Specific Ranges of Value Creation(1)
64.5% 62.5%
Creation of Shareholder
Merger Integration
Intellectual Capital Collection Generic Proposal
Table of contents
BEC 词汇 之并购重组
consolidation by lease
consolidation by merger
leveraged buy-out（LBO's）
stock merger
vertical acquisition
vertical merger
vertical consolidation
bankruptcy court
bankruptcy debtor
bankruptcy notice
bankruptcy petition
declaration of bankruptcy
arrangement in bankruptcy court
creditor's equity
bankruptcy trustee
reorganization
association
merger
acquisition
joint stock partnership
leasing
contract operation
auction
strategic acquisition
combination of enterprise
concentric acquisition
vertical integration
horizontal merger
horizontal acquisition
horizontal combination
horizontal integration
acquisition cost
acquiring enterprise
corporate reorganization
公司并购与重组概述(ppt 40页)
公司并购与重组第一章公司并购概述第一节公司兼并收购概念一、公司的含义（一）股份有限公司企业组织形式：独资企业、合伙企业、公司制企业。
：人合、资合、两合公司制企业：有限责任公司，股份有限公司。
我国《公司法》：“公司以其全部资产对公司的债务承担责任。
……股份有限公司的股东以其所认购的股份为限对公司承担责任。
”称法：我国-股份公司；英美-公众公司；日本-株式会社。
1、股份有限公司特点（1）公司资本分为等额股份。
每股金额必须相等。
股份金额相同，股份的权利相同。
（？）一股一票制（one share one vote)-----双层资本结构（dual-class capitalization)李曜，“上市公司的双层资本结构”，《证券市场导报》2003.6新《公司法》：第104条规定，股东出席股东大会会议，所持每一股份有一表决权。
第126条，“股份有限公司的资本划分为股份，每一股的金额相等。
”第127条，“股份的发行，实行公平、公正的原则，同种类的每一股份应当具有同等权利。
”第35条明确允许有限责任公司，“全体股东可以约定不按照出资比例分取红利或者不按照出资比例优先认缴出资”；第167条第4款亦允许，“股份有限公司章程规定可以不按持股比例分配股利(2)公司管理实行两权分离（3）股东承担有限责任债权人只能对公司资产提出要求，而无权对股东提起诉讼。
（？）刺破公司面纱（piercing the veil of corporate)施天涛，《关联公司法律问题研究》，法律出版社1999；新公司法确立了“公司法人格否认”制度，加强对债权人的保护。
公司法人格否认，又称为“刺破公司面纱”或者“揭开公司面纱”，指为阻止公司独立人格的滥用和保护公司债权人利益及社会公共利益，当公司股东滥用公司法人独立地位和股东有限责任，逃避债务，严重损害公司债权人利益时，该股东即丧失依法享有的仅以其对公司的出资为限对公司承担有限责任的权利，而应对公司的全部债务承担连带责任。
并购重组-企业并购培训课件(PPT57页)
3、税负因素
当公司有过多账面盈余时，合并一家亏损公司可以减少应纳税额，从 而降低税负。
除了直接的税收扣减之外，并购方更主要地会考虑亏损递延的税负节 约。一般税法中都会有亏损递延条款，公司在一年中出现亏损，该企 业不但可以免交当年所得税，其亏损还可以向后递延，以抵消后若干 年的盈余，企业以抵消后的盈余缴纳所得税。所以，一些盈利能力高、 进入公司所得税最高等级的公司会考虑选择拥有相当累计亏损额但市 场前景较好的企业作为其收购对象，从而冲抵其利润，大大降低其纳 税基础及税收。
效率主要体现在并购后产生的协同效应上。
协同效应：两个企业并购后，其实际价值得以增加，产出 比原先两个企业产出之和还要大的情形。
1、管理协同效应
由于两家公司的管理效率不同，具有管理优势的公司兼并管理优势差 的公司，可以取得1+1>2的效果。管理优势是一种综合优势，其中也 包含品牌等一系列的内涵。
隐秘的、全面的评价。
主要评估内容：
➢ 财务方面：销售额、成本、利润、现金流量、股权结 构、税务等。
➢ 技术方面：装备水平、工艺先进性、产品质量等。 （可借助外部专业人士工作。）
➢ 管理方面：主要管理人员、信息系统、管理能力等。 ➢ 税务方面：被并购企业的税务结构、资本市场收购时
涉及的印花税和资本利得税等。
标企业未来的利润和现金流偿还负债的并购方式。
非杠杆收购：并购企业不用目标企业的自有资金及营运所得来支付或 担保并购价金的并购方式。
第二节 并购的动因
一、效率理论 该理论认为，企业并购活动能够提高各自的效
率，从而带来价值的提升。（管理协调效应、经营协调效 应、财务协同效应、多元化效应和价值低估动因。
纵向并购(即垂直并购)指生产和销售过程处于产业链的上 下游、相互衔接、紧密联系的企业之间的并购。
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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
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
A.T. Kearney 4/1375C/Merger Integration 5
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A.T. Kearney’s Perspective on Merger Integration
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The best value-builders combine organic growth with mergers and acquisitions
Value Growers Follow Conscious, Constant Process To Growth
Revenue Growth
Time pressure
• All stakeholders expect rapid execution (shareholders, employees, management, regulation committees, government,…)
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A.T. Kearney 4/1375C/Merger Integration 1
Merger Integration
Intellectual Capital Collection Generic Proposal
March 2002
Table of contents
Executive Summary Our Understanding of Your Situation A.T. Kearney’s Perspective on Merger Integration Proposed Overall Approach Realizing Integration Synergies Integration Management A.T. Kearney Qualifications
40% of Growth Is From Acquisitions
Value Growers Manage Both
Well
40%
External
Sources of Growth
60%
100%
Internal
Total Growth
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What really matters in “acquisition for growth” strategies is execution
Average: 2.8%
49.5%
50.5%
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16%
Top-Performing Mergers
3%
8%
12% 27% 21%
10%
3%
-100%
-60%
-30% -15% 0% 15% 30%
60%
Underperformance compared to industry average
Growth Matrix (CAGR 1988-2000)
Simple Growers 1
21.5%
Revenue
-2.7% Value
Revenue
Value
3.6% Revenue
-3.6% Value
4.1% Revenue
12.8% Value
Under performers
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Business Integration issues require “usual” management decisions while four main
factors add another level of considerable complexity…
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A.T. Kearney 4/1375C/Merger Integration 3
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Executive Summary
This section is tailored to the client situation and summarizes the approach proposed in the document
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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Our Understanding your
Situation
This section is tailored to the client situation and summarizes the key drivers of the merger. It should highlight relevant quantitative and qualitative analysis that demonstrate our insight into the client’s particular challenges and drivers of success for the integration