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【原文标题】How China Can Succeed in the M&A World
【中文标题】中国怎样才能在并购中获得成功
【登载媒体】商业周刊
【来源地址】http://www.businessweek.com/glob ... b2010099_554623.htm
【译 者】 yangfuguang
【声 明】 本翻译供Anti-CNN使用，未经AC或译者许可，不得转载。
【译 文】
韩国汽车厂双龙就要卖给印度马新德拉汽车厂了，这也标志着一家中国公司想要扩展到海外的尝试正式寿终正寝。2004年，国有的上海汽车工业总公司赢得一份颇有价值的收购双龙将近50%的股份，这是中国大陆企业首次获得国外的汽车生产商，同时也使得上汽和双龙可以在业务上互补。在上汽遭遇了一系列挑战，包括不能控制管理层和工会后，它迅速消减自己的股份到4%以下。
像上汽这样的中国公司慢慢发现，扩张到外国市场是那么的不容易。这当然是他们不愿意看到的。在世界范围内，企业并购的努力常常不能有效完成先前的预估价值。股份对于有些公司要求更高——例如中国多数买家——他们缺乏企业并购的经验。一份由贝恩咨询公司在全球对750家公司进行的调查显示，在并购宣布一年之后，55%并购公司的股票在市场表现不是那么好。
中国公司应该对这种状况看得开一些，因为随着中国变成该领域的一员，这是一个必要的学习阶段。伴随着中国经济的飞速增长，大陆的公司寻求在海外扩张的机会也日渐增多，它们在积极寻求并购、合资、合作、或者自然增长的机会。即使在经济危机中的2009年，涉及中国公司的并购总额达到了359亿美元（而在最近的2004年，只有35亿美元）。数百亿美元的交易正在进行中或已经完成，包括去年中国石化集团国际石油勘探开发有限公司以77亿美元收购加拿大Addax石油公司。在四月，国有的中石化宣布将会花47亿美元从ConocoPhillips手中购买一个加拿大油砂项目9%的股份。
中国化工总公司的扩张
在并购中怎样做才是合适的呢？我们发现成功者开始往往是规模比较小的，发展速度慢，在扩张至国外之前，通过在国内的并购得到经验和自信。在做决定（收购）前，他们常常要追踪收购目标的效益长达数年。
中国化工总公司是中国大陆规模第一的化工企业，它在并购上作出了正确的示范。在国内进行了多达100多次的并购后，中国化工自己或通过自己的子公司蓝星，在2006年瞄准了三家国外公司：法国的硅工业公司Adisseo 和 Rhodia's、澳大利亚的Qenos公司。这些交易作为一连串并购的一部分，总共耗资约14亿美元，帮助中国化工登山上了世界的舞台，得到了技术、管理经验、和市场，这些都是成为一个跨国公司所必备的。随着中国海外并购的增长，中国的公司必须要迅速学习到几点非常重要的经验，以复制像中国化工这样的神话。
规则一：明确那种方式是最适合自己的——不要认为传统的并购是唯一的选择
公司常常是通过在外国找寻合作者以及建立合资公司来明确这个规则。这种方式在不花费太多成本的情况下，给予它们重要的（并购的）领悟和经验。优势是，可以使用合作者的制造设备，使用它们的已经深入人心的品牌，利用已有的销售和物流网络以及人力资源。
而挑战是，明确你为什么需要合作者，怎样的方案是双赢的，如何处理跨文化的挑战。海尔现在是世界领先的白色家电制造企业，它正在学习如何利用合作者，如美国通用，来合资建立生产部门。作为回报，通用则可以使用海尔的区域销售网络来进入中国区域市场。
规则二：明确你为什么要并购。理解竞争的基础，然后制定投资主题
避免灾难性并购最好的方式之一是，搞清楚为何购买一间企业会使你的公司增值。当我们调查成功的并购案例时，我们发现80%的成功并购是建立在明确的投资方向上的，而失败的交易则占了40%。常常是，公司没有明确什么是能给公司带来增值或规避风险的机会。成功的并购强化了公司的竞争力，例如它的成本状况，品牌强化，以及消费者的认同和忠诚。这些都是联想2005年并购IBM的个人电脑业务时考虑的，这使得联想把触手伸到全球，建立了一个世界品牌，获得在该领域的领导地位。
规则三：知道该终止哪些交易。回答几个涉及你投资主题的问题
研究潜在的并购目标，把他们归为一个或两个原则性的选择。不要急于对出现在市场中的并购目标做出反应。理智的交易者明白他们的竞争力因素以及不断思考他们应追寻怎么样的收购。他们的并购团队列出了一系列优先的目标，每个都有一定的投资主题，然后培养和每种目标的关系。结果是，他们可以很快达成一份交易，他们常常愿意多付些代价或者比对手行动快些。
规则四：明确哪些是你需要首先整合的，然后迅速获得关键的价值来源。
我们的研究显示，跨国的交易成功比率和过内并购相近，但是整合起来明显要麻烦些。最明显的挑战包括，如何把整合的主题和每个区域的特定情况结合起来。处理已经存在或潜在的文化差别，考虑到在不同地理地域的管理者和股东，同时处理好复杂的可能危及整合的法律和规则。为了提高成功的概率，并购者需要明白哪些是最好的协助者。他们要确保整合过程易于操作，他们也要反应迅速，以免错过良机。
理解交易能否增加范围或规模是很重要的。中国服装公司雅戈尔2008年以1亿2千万美元收购切斯特菲尔德的睿智衬衫，这是个很大的交易，目的是扩大核心业务，像设想的那样扩大规模，瞄准进入相关领域。
扩大业务范围的交易在整合上和扩大规模的交易是不一样的，要培养并购公司一些重要的能力以及整合最重要的方面，而不是把几家小公司联合以获得最大效益。例如，中国化工06年并购Adisseo改善了中国公司生产蛋氨酸的加工能力，收购Rhodia则使得该公司的硅工业得以升级。
规则五：在交易陷入困境时，知道该做什么。设定早期预警机制，并迅速做出反应。
计划赶不上变化。最好的决策者建立早期预警机制来侦测问题然后解决这些问题，只要它们出现。它们分为不可避免的小失误，以及那些更加严重的问题。并购者必须采取决定性的行动让交易回到正轨或不是。现在不清楚上汽在双龙汽车收购陷入困境时，是否有B计划。
最后，提高全球扩张的成功率，知道什么时候从交易中抽出身没有另四项指导思想重要：找到适合你的最好方法，明确你为何要并购，抓住最好的交易，知道怎样整合。中国公司越是想在国际舞台上大展拳脚，它们就越需要这些规则的指引。
【原文】
The upcoming sale of bankrupt Korean automaker Ssangyong Motor (003620:KS) to India's Mahindra & Mahindra (MM:IN), marks the end of an attempt by a Chinese company to grow overseas. When state-controlled Shanghai Automotive Industry (SAIC) (600104:CH) won a heated takeover battle in 2004 for a nearly 50 percent stake in Ssangyong, it was the first acquisition by a mainland China company of a foreign car manufacturer, with potential for SAIC and Ssangyong to complement each other's businesses. After SAIC encountered a number of challenges, including an inability to get control of Ssangyong's operations and labor unions, it cut the stake to less than 4 percent.
Chinese companies such as SAIC are discovering that expanding into foreign markets is tricky. The odds certainly aren't in their favor. Worldwide, merger-and-acquisition efforts often fail to deliver their intended value. The stakes are even higher for companies—such as most Chinese buyers—that lack experience in M&A. A global survey by Bain & Co. of 750 companies shows that, a year after deals were announced, the shares of 55 percent of acquiring companies had failed to outperform the market.
Chinese companies should be mindful of those odds as the country becomes a player in a game it's just beginning to learn. China's explosive economic growth has spurred a corresponding boom in mainland companies pursuing expansion opportunities overseas through M&A, joint ventures, partnerships, or organic growth. Even as the financial crisis roared in 2009, the value of deals involving Chinese companies making overseas acquisitions totaled $35.9 billion. (As recently as 2004, it was $3.5 billion.) Several multibillion-dollar deals are in the works or have been completed, including the $7.7 billion acquisition last year of Canada's Addax Petroleum by Sinopec International Petroleum Exploration and Production. In April, state-owned Sinopec (386:HK) announced it would buy 9 percent of a Canadian oil-sands project, Syncrude, from ConocoPhillips (COP:US) for $4.7 billion.
China National Chemical's Expansion
What does it take to get M&A right? We've found that winners start slow and small, then gain experience and confidence with domestic acquisitions before expanding globally. They often monitor the growth of acquisition targets for years before making an offer. They focus on how the deal could take full advantage of synergies for both parties. Winning acquirers understand that to excel, they have to attract and retain top talent.
One Chinese company that has gotten it right is China National Chemical (601117:CH), the mainland's No. 1 chemical conglomerate. After more than 100 domestic acquisitions, ChemChina, on its own or through its Blue Star subsidiary, in 2006 targeted three major foreign companies—Adisseo and Rhodia's (RHA:FP) silicone business in France and Qenos in Australia. The deals, which were part of a string of acquisitions totaling $1.4 billion, helped catapult ChemChina onto the global stage, giving it the technology, management skills, capital, and market access required to become a multinational player. As the pace of global expansion accelerates, Chinese businesses need to learn several important lessons quickly to replicate the success of such companies as ChemChina.
Rule No. 1: Know which approach works best for you—and don't assume that conventional M&A is your only option.
Companies often learn the ropes by forming partnerships and joint ventures in foreign markets. That approach gives them crucial insights and experience via a relatively modest financial commitment. Advantages include using a partner's manufacturing facilities, piggy-backing off their already well-established brands, and accessing sales and distribution networks and talent.
The challenge is to know why you want a partner, what the winning scenarios are for both companies, and how to tackle the cross-cultural challenges. Haier (600690:CH), now a leading global white-goods manufacturer, is learning how to use partnerships with such U.S. players as General Electric (GE:US) for joint product development. It reciprocates by providing regional access in the Chinese market through Haier's distribution partners.
Rule No. 2: Know why you're acquiring. Understand the basis of competition and then create an investment thesis.
One of the best ways to avoid disastrous acquisitions is to articulate why buying a business will make your company more valuable. When we surveyed successful acquirers, we found that about 80 percent of fruitful transactions were based on a clear investment thesis; with failed deals, it was about 40 percent. Too often, companies failed to pinpoint the best opportunities for value creation or assess risks. A winning acquisition strengthens a company's basis of competition, such as its cost position, brand strength, and customer access and loyalty. All were goals in Lenovo's (992:HK) 2005 acquisition of IBM's (IBM:US) PC division, which helped the buyer achieve global scale, build a global brand, and gain access to leading-edge technology.
Rule No. 3: Know which deals you should close. Ask and answer the few questions that test your investment thesis.
Identifying potential acquisition targets and winnowing them to one or two best choices requires discipline. Instead of hastily reacting to acquisition targets as they come on the market, seasoned dealmakers know their basis of competition and are constantly thinking about the types of deals they should pursue. Their M&A teams create a pipeline of priority targets, each with a customized investment thesis, and then cultivate a relationship with each one. As a result, they can quickly close a deal. Because they know what they want to achieve with the acquisition, they're often willing to pay a premium or act faster than rivals.
Rule No. 4: Know where you need to integrate first and get at the key sources of value quickly.
Our research shows that cross-border deals carry a rate of success similar to that of domestic deals, but that integration typically is more complex. The unique challenges include tailoring the integration thesis to each region's circumstances, tackling actual and perceived cultural differences, and considering geographically dispersed operations and stakeholders, as well as complex legal and regulatory requirements that can derail the integration. To boost the odds of success, acquirers need to identify the best sources of synergies. They must ensure that the integration process isn't overly complex and they need to be able to make decisions quickly so critical milestones aren't missed.
Understanding whether deals are to boost "scope" or "scale" is vital. Chinese apparel maker Youngor Group's (600177:CH) $120 million acquisition in 2008 of the Smart Shirts business of Kellwood in Chesterfield, Mo., is largely a scale deal, designed to expand a core business, as opposed to a scope deal, aimed at expanding into adjacent lines of business.
Scope deals require a different approach to integration than scale deals, with the goal of fostering some of the capabilities of the acquired company and integrating where it matters most, rather than combining similar companies for maximum efficiency. For example, ChemChina's 2006 acquisition of Adisseo improved the Chinese company's manufacturing capacity for the amino acid methionine, while its acquisition of the Rhodia unit upgraded its silicone business.
Rule No. 5: Know what to do if the deal goes off track. Set up an early warning system and act quickly.
No deal goes exactly as planned. The best dealmakers install early-warning systems to detect problems, then tackle them as soon as they emerge. They distinguish between inevitable glitches and those that signal more serious problems. Acquirers must take decisive action to put their deals back on track—or not. It's not clear that SAIC had a "Plan B" for Ssangyong when the acquisition turned sour.
Ultimately, to improve the odds of a successful global expansion, knowing when to pull out of a deal is no less critical than the other four guiding principles: knowing the best approach for your situation, knowing why you're acquiring, knowing the best deals to go after, and knowing where to integrate. The more Chinese companies look for growth overseas, the more they need to be guided by these principles. |
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狗仔卡
楼主
提升卡
变色卡
抢沙发
千斤顶
显身卡
发表于 2010-9-17 13:42
P.S. 谢谢楼主翻译~
发表于 2010-9-20 23:03