{"id":5719,"date":"2022-10-21T17:12:06","date_gmt":"2022-10-21T17:12:06","guid":{"rendered":"https:\/\/www.elitestage.cn\/?p=5719"},"modified":"2023-03-29T10:54:19","modified_gmt":"2023-03-29T10:54:19","slug":"how-can-chinese-companies-make-fewer-mistakes-in-overseas-ma","status":"publish","type":"post","link":"https:\/\/www.elitestage.cn\/zh\/how-can-chinese-companies-make-fewer-mistakes-in-overseas-ma\/","title":{"rendered":"\u4e2d\u56fd\u4f01\u4e1a\u6d77\u5916\u5e76\u8d2d\uff0c\u600e\u6837\u624d\u80fd\u5c11\u72af\u9519\uff1f"},"content":{"rendered":"
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Tip #1\u00a0<\/strong><\/p>\n<\/section>\n<\/section>\n<\/section>\n

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01\n\n \u7b2c\u4e00\u62db\uff1a\u660e\u786e\u4ea4\u6613\u76ee\u7684<\/strong><\/p>\n<\/section>\n<\/section>\n

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Overseas M&A is an important way for Chinese companies to\u00a0achieve rapid development, therefore, M&A should serve the development strategy of the company.Defining the purpose of the M&A and aligning it with the development strategy of the enterprise\u00a0is the\u00a0primary consideration\u00a0for Chinese enterprises before carrying out overseas M&A.At this stage, Chinese enterprises implement overseas M&A mainly for the following purposes.1\u3001 To build an overseas structure to achieve overseas listing or financing.2\u3001 To expand te sales market and digest excess capacity.<\/p>\n

3\u3001 \u6d88\u706d\u7ade\u4e89\u5bf9\u624b\uff0c\u5de9\u56fa\u5e02\u573a\u5730\u4f4d\uff1b<\/p>\n

4\u3001 \u8f6c\u79fb\u4ea7\u54c1\u4ea7\u5730\uff0c\u4ee5\u89c4\u907f\u53cd\u503e\u9500\u3001\u53cd\u8865\u8d34\u7b49\u8d38\u6613\u4fdd\u62a4\u63aa\u65bd\uff1b<\/p>\n

5\u3001 \u5229\u7528\u5916\u56fd\u7684\u5ec9\u4ef7\u751f\u4ea7\u8981\u7d20\uff0c\u964d\u4f4e\u751f\u4ea7\u6210\u672c\uff1b<\/p>\n

6\u3001 \u83b7\u53d6\u56fd\u5916\u7684\u6280\u672f\u3001\u4e13\u5229\u3001\u54c1\u724c\u3001\u6570\u636e\u6216\u5176\u4ed6\u77e5\u8bc6\u4ea7\u6743\uff1b<\/p>\n

7\u3001 \u83b7\u53d6\u7279\u6b8a\u81ea\u7136\u8d44\u6e90\uff1b<\/p>\n

8\u3001 \u5229\u7528\u5e76\u8d2d\u5bf9\u8c61\u63d0\u9ad8\u4e70\u65b9\u7684\u77e5\u540d\u5ea6\uff1b<\/p>\n

9\u3001 \u5206\u6563\u6536\u5165\u6765\u6e90\u5730\uff0c\u5bf9\u51b2\u6c47\u7387\u98ce\u9669\uff1b<\/p>\n

10\u3001\u6574\u5408\u4e0a\u4e0b\u6e38\u8d44\u6e90\uff0c\u5b9e\u73b0\u4ea7\u4e1a\u4e00\u4f53\u5316\u3002<\/p>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n

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Tip #2\u00a0<\/strong><\/p>\n<\/section>\n<\/section>\n<\/section>\n

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\u00a002\n\n\u7b2c\u4e8c\u62db\uff1a\u4e86\u89e3\u4ea4\u6613\u5bf9\u624b\u00a0<\/strong><\/p>\n<\/section>\n<\/section>\n

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<\/br><\/br>\u5728\u6d77\u5916\u5e76\u8d2d\u4e2d\uff0c\u4ea4\u6613\u53cc\u65b9\u7684\u4fe1\u606f\u4e0d\u5bf9\u79f0\u66f4\u751a\u4e8e\u56fd\u5185\u5e76\u8d2d\u3002\u9664\u4e86\u5e76\u8d2d\u7684\u6807\u7684\u672c\u8eab\uff0c\u5356\u65b9\u4e5f\u5e94\u6210\u4e3a\u4e70\u65b9\u8c03\u67e5\u719f\u6089\u7684\u5bf9\u8c61\u3002.<\/strong>In fact, the key to the success or failure of a business is the people, and the key to the success or failure of a transaction is also the people. As the saying goes, “it is better to buy than to sell”. An honest,\u00a0fair and reliable seller can help reduce the buyer’s risk, while a seller with a bad heart and a bad track record can hardly make the buyer feel the joy of victory.The more comprehensive the understanding of the seller, the better, including education background, work history, personality traits, professional expertise, hobbies, family situation, social relations, financial credit, transaction records, etc., the better to know a good deal.The buyer can gain insight into the seller’s value orientation, character and reputation, thinking style, behavior, negotiation style, economic status, and motivation,\u00a0which will help the buyer to judge the feasibility of the transaction, design the transaction structure, determine the valuation and offer, develop negotiation strategies and control the transaction process.<\/p>\n

\u9700\u8981\u7279\u522b\u5f53\u5fc3\u7684\u662f\u7eaf\u7cb9\u5957\u73b0\u578b\u5356\u5bb6\uff0c\u4ed6\u4eec\u51fa\u552e\u516c\u53f8\u662f\u7531\u4e8e\u906d\u9047\u4e86\u4e25\u91cd\u56f0\u96be\u6216\u5371\u673a\uff0c\u4f8b\u5982\u8d44\u4e0d\u62b5\u503a\u3001\u7275\u6d89\u72af\u7f6a\u3001\u653f\u5e9c\u5236\u88c1\u7b49\uff0c\u7529\u5305\u88b1\u8131\u8eab\u662f\u552f\u4e00\u7684\u76ee\u7684\uff0c\u751a\u81f3\u4e0d\u60dc\u4ee5\u4f18\u60e0\u7684\u4ef7\u683c\u4f5c\u4e3a\u8bf1\u9975\u3002\u9762\u5bf9\u8fd9\u79cd\u5356\u5bb6\uff0c\u4e70\u5bb6\u8981\u5b9e\u4e8b\u6c42\u662f\u5730\u6743\u8861\uff0c\u8fd9\u4e2a\u4fbf\u5b9c\u6211\u8be5\u4e0d\u8be5\u6361\uff0c\u540e\u9762\u7684\u7a9f\u7abf\u6211\u80fd\u4e0d\u80fd\u586b\uff1f<\/p>\n

\u4e86\u89e3\u5356\u65b9\u7684\u65b9\u6cd5\u5f88\u591a\uff0c\u5305\u62ec\u6b63\u9762\u3001\u4fa7\u9762\u548c\u53cd\u9762\u7684\u65b9\u6cd5\u3002\u5411\u5356\u65b9\u672c\u4eba\u8be2\u95ee\u3001\u5230\u653f\u5e9c\u673a\u5173\u67e5\u8be2\u3001\u8c03\u53d6\u94f6\u884c\u5f81\u4fe1\u8bb0\u5f55\u5c5e\u4e8e\u5e38\u89c1\u7684\u6b63\u9762\u8c03\u67e5\u3002<\/p>\n

\u4fa7\u9762\u8c03\u67e5\u7684\u5bf9\u8c61\u53ef\u4ee5\u5305\u62ec\u76ee\u6807\u4f01\u4e1a\u7684\u5ba2\u6237\u3001\u4f9b\u5e94\u5546\u3001\u5408\u4f5c\u673a\u6784\u3001\u5458\u5de5\u3001\u5206\u5305\u5546\u3001\u4ee3\u7406\u4eba\u7b49\uff0c\u636e\u8bf4\u95e8\u536b\u3001\u524d\u53f0\u548c\u6e05\u6d01\u5de5\u662f\u6700\u6709\u4ef7\u503c\u7684\u4fe1\u606f\u6765\u6e90\u4e4b\u4e00\u3002\u4e0e\u5356\u65b9\u4e00\u8d77\u8fdb\u884c\u4e00\u4e9b\u5546\u52a1\u4ee5\u5916\u7684\u6d3b\u52a8\uff0c\u4e5f\u662f\u4fa7\u9762\u8c03\u67e5\u7684\u597d\u65b9\u6cd5\u3002\u4f8b\u5982\uff0c\u6253\u9ad8\u5c14\u592b\u4e4b\u6240\u4ee5\u53d7\u5168\u7403\u5546\u754c\u4eba\u58eb\u6b22\u8fce\uff0c\u4e00\u4e2a\u91cd\u8981\u539f\u56e0\u662f\u56e0\u4e3a\u5b83\u53ef\u4ee5\u5728\u8f7b\u677e\u7684\u6c1b\u56f4\u4e0b\u589e\u8fdb\u5f7c\u6b64\u7684\u8ba4\u8bc6\u548c\u4e86\u89e3\u3002<\/p>\n

\u53cd\u9762\u7684\u8c03\u67e5\u53ef\u4ee5\u4ece\u5356\u65b9\u6216\u76ee\u6807\u516c\u53f8\u7684\u7ade\u4e89\u5bf9\u624b\u3001\u4e89\u8bae\u65b9\u6216\u5229\u76ca\u51b2\u7a81\u65b9\u5165\u624b\uff0c\u4f8b\u5982\uff0c\u5411\u6700\u8fd1\u4e0e\u5356\u65b9\u6216\u76ee\u6807\u516c\u53f8\u6709\u8fc7\u8bc9\u8bbc\u7684\u5bf9\u8c61\u8fdb\u884c\u95ee\u8be2\u7b49\u3002\u5982\u679c\u80fd\u591f\u505a\u5230\u6b63\u9762\u3001\u4fa7\u9762\u548c\u53cd\u9762\u4e09\u7ba1\u9f50\u4e0b\uff0c\u4e70\u65b9\u79bb\u201c\u77e5\u5df1\u77e5\u5f7c\uff0c\u767e\u6218\u4e0d\u6b86\u201d\u5c31\u4e0d\u8fdc\u4e86\u3002<\/p>\n

The reverse side of the investigationcan start from the seller or target’s competitors, disputing parties or parties in conflict of interest, for example, to ask the target who has recently had litigation with the seller or target company, etc. If you can do all three, the buyer will not be far from “knowing the enemy and knowing himself”.<\/p>\n<\/section>\n<\/section>\n<\/section>\n

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03\n\n\u7b2c\u4e09\u62db\uff1a\u6709\u9488\u5bf9\u6027\u5730\u5f00\u5c55\u5c3d\u804c\u8c03\u67e5<\/strong><\/p>\n<\/section>\n<\/section>\n<\/section>\n

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Targeted Due Diligence<\/strong><\/p>\n<\/section>\n<\/section>\n

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04\n\n\u7b2c\u56db\u62db\uff1a\u66f4\u7406\u6027\u5730\u8fdb\u884c\u4f30\u503c\u00a0<\/strong><\/p>\n<\/section>\n<\/section>\n<\/section>\n

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Be more rational in valuation<\/strong><\/p>\n<\/section>\n<\/section>\n

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Buyers should be\u00a0rational when valuing a target company or asset, try to restrain impulses caused by emotions or market fluctuations, and give themselves more room to enter or exit in valuation.\"\"There arethree main types of M&A valuation methods:the income approach, the asset approach, and the market approach. The income approach is based on the discounted value of the expected income of the target enterprise over a period of time in the future and is usually applicable to target enterprises with more stable cash flows.The asset approach\u00a0is generally based on the book value or liquidation value of the target assets and is usually applicable to loss-making enterprises or asset acquisitions.<\/p>\n

\u6536\u76ca\u6cd5\u4ee5\u76ee\u6807\u4f01\u4e1a\u5728\u672a\u6765\u4e00\u6bb5\u65f6\u671f\u5185\u7684\u9884\u671f\u6536\u5165\u7684\u6298\u73b0\u503c\u4e3a\u8bc4\u4f30\u57fa\u7840\uff0c\u901a\u5e38\u9002\u7528\u4e8e\u6709\u8f83\u7a33\u5b9a\u73b0\u91d1\u6d41\u7684\u76ee\u6807\u4f01\u4e1a\u3002\u8d44\u4ea7\u6cd5\u4e00\u822c\u4ee5\u76ee\u6807\u8d44\u4ea7\u7684\u8d26\u9762\u503c\u6216\u6e05\u7b97\u4ef7\u503c\u4e3a\u8bc4\u4f30\u57fa\u7840\uff0c\u901a\u5e38\u9002\u7528\u4e8e\u4e8f\u635f\u4f01\u4e1a\u6216\u8d44\u4ea7\u6536\u8d2d\u3002\u5e02\u573a\u6cd5\u76f8\u5bf9\u7b80\u5355\uff0c\u5373\u4ee5\u7c7b\u4f3c\u4f01\u4e1a\u6216\u8fc7\u5f80\u7c7b\u4f3c\u5e76\u8d2d\u4ea4\u6613\u7684\u5b9a\u4ef7\u4f5c\u4e3a\u5bf9\u76ee\u6807\u4f01\u4e1a\u6216\u8d44\u4ea7\u4f30\u503c\u7684\u53c2\u7167\u503c\u3002<\/p>\n

\u4e09\u79cd\u65b9\u6cd5\u90fd\u4ee5\u8d22\u52a1\u62a5\u8868\u548c\u8c03\u7814\u6570\u636e\u4e3a\u4f9d\u636e\uff0c\u770b\u4f3c\u5ba2\u89c2\uff0c\u5176\u5b9e\u90fd\u5f88\u5bb9\u6613\u53d7\u5230\u4e3b\u89c2\u56e0\u7d20\u7684\u5f71\u54cd\u3002,<\/strong>\u00a0which appear to be objective, but in fact, are all susceptible to subjective factors.<\/p>\n

\u603b\u4e4b\uff0c\u5728\u5bf9\u5e76\u8d2d\u6807\u7684\u8fdb\u884c\u4f30\u503c\u65f6\uff0c\u4fdd\u6301\u9002\u5ea6\u7684\u60b2\u89c2\u548c\u8c26\u900a\uff0c\u53ef\u4f7f\u4e70\u65b9\u5904\u4e8e\u8f83\u5b89\u5168\u7684\u4f4d\u7f6e\u3002<\/p>\n<\/section>\n<\/section>\n<\/section>\n

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05\n\n\u7b2c\u4e94\u62db\uff1a\u5206\u9636\u6bb5\u5b8c\u6210\u4ea4\u6613<\/strong><\/p>\n<\/section>\n<\/section>\n<\/section>\n

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Complete the deal in stages<\/strong><\/p>\n<\/section>\n

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If conditions allow, the buyer can\u00a0break a one-time M&A deal into\u00a0multiple transactions in stages\u00a0to allow more time for risks to be exposed and resolved, resulting in a higher level of deal security.The root cause of M&A failure is primarily\u00a0information asymmetry. The risk of doing a deal with a stranger is much higher than that of an acquaintance. Although due diligence can help buyers understand the key information of the target company, the investigation time is limited, the information that can be obtained by professional investigators is one-sided, and the information is likely to be filtered or “embellished” by the seller.One of the most effective ways to\u00a0overcome information asymmetry is to turn the seller from a stranger to an acquaintance.Two strategiescan be used: one is to conduct a transaction with the seller for a period of time and wait\u00a0until sufficient trust is established\u00a0before making the acquisition; the other is to\u00a0make a phased acquisition, i.e., acquiring a small portion of the equity first, and then acquiring the remaining equity when the set conditions are met until a predetermined percentage of the equity is reached.Even if a phased acquisition is not possible, the buyer can at least consider paying in installments,lengthening the payment interval, and setting stricter preconditions, which can achieve a similar risk-averse effect.<\/p>\n<\/section>\n<\/section>\n<\/section>\n
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06\n\n\u7b2c\u516d\u62db\uff1a\u63d0\u65e9\u505a\u597d\u5e76\u8d2d\u8ba1\u5212\u00a0<\/strong><\/p>\n<\/section>\n<\/section>\n<\/section>\n

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Plan your M&A well in advance<\/strong><\/p>\n<\/section>\n<\/section>\n

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Everything that is done in advance is done in advance. M&A is a complex transaction that requires careful planning in advance.\u00a0A well-developed M&A plan\u00a0can help buyers anticipate obstacles and risks to the transaction and develop a plan to address them.Typically, an M&A plan needs to clearly answer at least the following questions.Strategic objectives: Why do you want to acquire? What is the acquisition intended to achieve? How will the acquisition target be selected?Financial analysis: What is the maximum acceptable price? What are the assets available to pay the purchase price? How much debt are you prepared to assume? What are the available sources of financing? What is the target return on investment for the acquisition?Integration plan: What synergies can be realized from the acquisition? In what areas will the acquired company need to integrate to achieve synergies? What are the general steps of integration? How much will the integration cost?<\/p>\n

\u6218\u7565\u76ee\u6807\uff1a\u4e3a\u4ec0\u4e48\u8981\u6536\u8d2d\uff1f\u6536\u8d2d\u8981\u5b9e\u73b0\u54ea\u4e9b\u76ee\u7684\uff1f\u6536\u8d2d\u5bf9\u8c61\u5982\u4f55\u9009\u62e9\uff1f<\/p>\n

\u8d22\u52a1\u5206\u6790\uff1a\u53ef\u63a5\u53d7\u7684\u6700\u9ad8\u4ef7\u683c\u662f\u591a\u5c11\uff1f\u53ef\u7528\u4e8e\u652f\u4ed8\u6536\u8d2d\u5bf9\u4ef7\u7684\u8d44\u4ea7\u6709\u591a\u5c11\uff1f\u51c6\u5907\u627f\u62c5\u591a\u5c11\u8d1f\u503a\uff1f\u53ef\u4f7f\u7528\u7684\u878d\u8d44\u6e20\u9053\u6709\u54ea\u4e9b\uff1f\u6536\u8d2d\u7684\u6295\u8d44\u56de\u62a5\u7387\u76ee\u6807\u662f\u591a\u5c11\uff1f\n\n\n<\/br><\/br>\n\u6574\u5408\u8ba1\u5212\uff1a\u5e76\u8d2d\u53ef\u5b9e\u73b0\u54ea\u4e9b\u534f\u540c\u6548\u5e94\uff1f\u6536\u8d2d\u540e\u7684\u4f01\u4e1a\u9700\u5728\u54ea\u4e9b\u65b9\u9762\u8fdb\u884c\u6574\u5408\u4ee5\u5b9e\u73b0\u534f\u540c\u6548\u5e94\uff1f\u6574\u5408\u7684\u5927\u4f53\u6b65\u9aa4\u5982\u4f55\u5b89\u6392\uff1f\u6574\u5408\u5c06\u9700\u8981\u591a\u5c11\u5f00\u652f\uff1f\n\n<\/br><\/br>\n\n\u6267\u884c\u65b9\u6848\uff1a\u6536\u8d2d\u5c06\u5206\u54ea\u51e0\u4e2a\u6b65\u9aa4\u5b9e\u65bd\uff1f\u9700\u8981\u83b7\u5f97\u54ea\u4e9b\u653f\u5e9c\u673a\u6784\u7684\u6279\u51c6\uff1f\u9700\u8981\u54ea\u4e9b\u7b2c\u4e09\u65b9\u7684\u914d\u5408\uff1f\u9700\u8981\u8058\u8bf7\u54ea\u4e9b\u4e2d\u4ecb\u670d\u52a1\u673a\u6784\uff1f\u4e70\u65b9\u5e94\u7ec4\u5efa\u600e\u6837\u7684\u5e76\u8d2d\u4efb\u52a1\u56e2\u961f\uff1f\n\n<\/br><\/br>\n\n\u65f6\u95f4\u89c4\u5212\uff1a\u6536\u8d2d\u8ba1\u5212\u5728\u591a\u957f\u65f6\u95f4\u5185\u5b8c\u6210\uff1f\u6bcf\u4e2a\u6b65\u9aa4\u9884\u8ba1\u8017\u8d39\u591a\u5c11\u65f6\u95f4\uff1f\u54ea\u4e9b\u53d8\u6570\u53ef\u80fd\u5ef6\u8bef\u6536\u8d2d\u7684\u8fdb\u5ea6\uff1f\n\n<\/br><\/br>\n\n\u4e70\u65b9\u5728\u5236\u8ba2\u5e76\u8d2d\u8ba1\u5212\u65f6\uff0c\u5e94\u79c9\u6301\u4fdd\u5b88\u8c28\u614e\u7684\u6001\u5ea6\uff0c\u5207\u5fcc\u8fc7\u5206\u4e50\u89c2\uff0c\u56e0\u4e3a\u5e76\u8d2d\u6d89\u53ca\u4f17\u591a\u53c2\u4e0e\u8005\u548c\u5229\u76ca\u76f8\u5173\u8005\uff0c\u4efb\u4f55\u4e00\u4e2a\u73af\u8282\u7684\u60c5\u51b5\u53d8\u5316\u90fd\u53ef\u80fd\u4ea7\u751f\u8774\u8776\u6548\u5e94\uff0c\u5bf9\u6574\u4e2a\u4ea4\u6613\u9020\u6210\u5f71\u54cd\u3002\u4f8b\u5982\uff0c\u4f5c\u4e3a\u6536\u8d2d\u4e3b\u4f53\u7684BVI\u58f3\u516c\u53f8\u672a\u80fd\u6309\u65f6\u6ce8\u518c\u6210\u7acb\uff0c\u5c06\u803d\u8bef\u4ea4\u6613\u7684\u7b7e\u7ea6\u548c\u4ea4\u5272\u7b49\u3002\n\n<\/br><\/br>\n\n\u56e0\u6b64\uff0c\u5728\u6bcf\u4e2a\u73af\u8282\u3001\u6bcf\u4e2a\u6307\u6807\u4e0a\u591a\u7559\u70b9\u4f59\u91cf\uff0c\u6709\u52a9\u4e8e\u4f7f\u5e76\u8d2d\u8ba1\u5212\u66f4\u5ba2\u89c2\u3001\u66f4\u52a1\u5b9e\u3001\u66f4\u63a5\u8fd1\u4e8e\u4ea4\u6613\u7684\u5b9e\u9645\u6267\u884c\u7ed3\u679c\u3002<\/p>\n

\"\"<\/p>\n

Buyers should be\u00a0conservative and cautious\u00a0when planning an M&A and should not be overly optimistic, as M&A involves many participants and stakeholders, and changes in any one of them can have a butterfly effect on the entire transaction.<\/p>\n

For example, failure to incorporate the BVI shell company as the subject of the acquisition on time will delay the signing and delivery of the transaction. Therefore,\u00a0leaving more\u00a0leeway in every step<\/strong>\u00a0and indicator will help make the M&A plan more objective, pragmatic, and closer to the actual execution results of the transaction.<\/p>\n<\/section>\n<\/section>\n<\/section>\n

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07\n\n\u7b2c\u4e03\u62db\uff1a\u8d2d\u4e70\u5e76\u8d2d\u4fdd\u9669\u00a0<\/strong><\/p>\n<\/section>\n<\/section>\n<\/section>\n

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Purchase M&A Insurance<\/strong><\/p>\n<\/section>\n

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M&A liability insurancecan be a powerful supplement to the inherent weaknesses of liquidated damages clauses in protecting the buyer’s interests and can facilitate the closing of the transaction.Generally speaking,\u00a0a buyer’s greatest risk in an M&A transaction comes from the seller’s breach of contract, including the withholding of information or even fraud prior to signing. As a result, the buyer will pay particular attention to the seller’s breach of contract liability provisions during the negotiation of the agreement, expecting a strict agreement to ensure that the buyer will be compensated for damages in the event of a seller breach. However, in practice, this strategy also has drawbacks to the detriment of the buyer.First, the more stringent the liability for breach of contract, the higher the risk that the seller will raise its offer or refuse to concede other significant claims of the buyer as a check, thereby increasing the probability of a breakdown in negotiations.Second, in the case of multiple buyers bidding, the buyer with higher requirements for breach of contract will be at a disadvantage in bidding.Third, it is often difficult for a buyer to pursue a seller for breach of contract without lengthy and expensive judicial proceedings, especially for cross-border claims; even if the buyer is successful, it may be difficult to obtain actual compensation due to enforcement difficulties (the seller is insolvent or the seller’s assets are scattered in different jurisdictions).<\/p>\n

Finally, in cases where the seller retains a portion of the equity or continues to participate in the company’s operations after the acquisition, the buyer’s claim is not conducive to maintaining a cooperative relationship and negatively affects the post-merger integration, with the buyer still losing out in the end.<\/p>\n

\"\"<\/p>\n

\u9996\u5148\uff0c\u8fdd\u7ea6\u8d23\u4efb\u8d8a\u4e25\u82db\uff0c\u5356\u65b9\u98ce\u9669\u8d8a\u9ad8\uff0c\u4f5c\u4e3a\u5236\u8861\uff0c\u5356\u65b9\u4f1a\u63d0\u9ad8\u62a5\u4ef7\u6216\u5728\u4e70\u65b9\u7684\u5176\u4ed6\u91cd\u5927\u8bc9\u6c42\u65b9\u9762\u62d2\u7edd\u8ba9\u6b65\uff0c\u4ece\u800c\u589e\u5927\u4e86\u8c08\u5224\u7834\u88c2\u7684\u6982\u7387\u3002<\/p>\n

\u5176\u6b21\uff0c\u5728\u591a\u4e2a\u4e70\u65b9\u7ade\u8d2d\u7684\u60c5\u5f62\u4e0b\uff0c\u5bf9\u8fdd\u7ea6\u8d23\u4efb\u63d0\u51fa\u66f4\u9ad8\u8981\u6c42\u7684\u4e70\u65b9\u5728\u7ade\u6807\u4e2d\u5c06\u5904\u4e8e\u52a3\u52bf\u3002<\/p>\n

\u7b2c\u4e09\uff0c\u4e70\u65b9\u8981\u8ffd\u7a76\u5356\u65b9\u7684\u8fdd\u7ea6\u8d23\u4efb\uff0c\u901a\u5e38\u96be\u514d\u6f2b\u957f\u800c\u6602\u8d35\u7684\u53f8\u6cd5\u7a0b\u5e8f\uff0c\u5bf9\u4e8e\u8de8\u56fd\u7d22\u8d54\u5c24\u5176\u5982\u6b64\uff1b\u5373\u4f7f\u4e70\u65b9\u80dc\u8bc9\uff0c\u4e5f\u53ef\u80fd\u7531\u4e8e\u6267\u884c\u56f0\u96be\uff08\u5356\u65b9\u6ca1\u6709\u507f\u4ed8\u80fd\u529b\uff0c\u6216\u8005\u5356\u65b9\u7684\u8d44\u4ea7\u6563\u5e03\u4e8e\u4e0d\u540c\u7684\u53f8\u6cd5\u8f96\u533a\uff09\u800c\u5f88\u96be\u5b9e\u9645\u83b7\u5f97\u8d54\u507f\u3002<\/p>\n

\u6700\u540e\uff0c\u5728\u5356\u65b9\u4e8e\u6536\u8d2d\u540e\u7ee7\u7eed\u4fdd\u7559\u90e8\u5206\u80a1\u6743\u6216\u7ee7\u7eed\u53c2\u4e0e\u516c\u53f8\u7ecf\u8425\u7684\u60c5\u5f62\u4e0b\uff0c\u4e70\u65b9\u7684\u7d22\u8d54\u4e5f\u4e0d\u5229\u4e8e\u7ef4\u6301\u53cc\u65b9\u7684\u5408\u4f5c\u5173\u7cfb\uff0c\u7ed9\u5e76\u8d2d\u540e\u7684\u6574\u5408\u9020\u6210\u8d1f\u9762\u5f71\u54cd\uff0c\u6700\u540e\u635f\u5931\u7684\u4ecd\u7136\u662f\u4e70\u65b9\u3002<\/p>\n

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  1. \u53ef\u5927\u5e45\u63d0\u9ad8\u8d54\u507f\u989d\u5ea6\uff0c\u589e\u5f3a\u5bf9\u4e70\u65b9\u7684\u4fdd\u969c\uff1b<\/li>\n\n
  2. \u4fdd\u9669\u671f\u9650\u53ef\u8d85\u51fa\u5356\u65b9\u627f\u8bfa\u7684\u8d23\u4efb\u671f\u9650\uff0c\u4f7f\u4e70\u65b9\u6709\u66f4\u5145\u5206\u7684\u65f6\u95f4\u53d1\u73b0\u7455\u75b5\u548c\u5bfb\u6c42\u8865\u507f\uff1b<\/li>\n\n
  3. \u4e70\u65b9\u53ef\u76f4\u63a5\u83b7\u5f97\u4fdd\u9669\u516c\u53f8\u7684\u8d54\u507f\uff0c\u65e0\u9700\u5bfb\u6c42\u53f8\u6cd5\u6551\u6d4e\uff1b<\/li>\n\n
  4. \u901a\u8fc7\u8d23\u4efb\u8f6c\u5ac1\uff0c\u6709\u5229\u4e8e\u4e70\u5356\u53cc\u65b9\u5efa\u7acb\u548c\u4fdd\u6301\u826f\u597d\u7684\u5173\u7cfb\uff0c\u63d0\u9ad8\u4ea4\u6613\u548c\u6574\u5408\u7684\u6210\u529f\u7387\u3002<\/li><\/ol><\/p>\n

    \u76ee\u524d\uff0c\u9664\u4e86\u9648\u8ff0\u4e0e\u4fdd\u8bc1\u8d23\u4efb\u9669\u4ee5\u5916\uff0c\u56fd\u9645\u5e02\u573a\u4e0a\u53ef\u8d2d\u4e70\u7684\u5e76\u8d2d\u8d23\u4efb\u4fdd\u9669\u8fd8\u6709\u7a0e\u52a1\u8d23\u4efb\u9669\u3001\u8bc9\u8bbc\u4e70\u65ad\u9669\u3001\u73af\u5883\u8d23\u4efb\u9669\u3001\u6b3a\u8bc8\u6027\u8f6c\u8ba9\u548c\u7ee7\u53d7\u8005\u8d23\u4efb\u9669\u7b49\u3002\u5e76\u8d2d\u8d23\u4efb\u9669\u4e8e2010\u5e74\u5de6\u53f3\u8fdb\u5165\u4e2d\u56fd\u5e02\u573a\uff0c\u4e2d\u56fd\u4e70\u5bb6\u53ef\u4ee5\u5728\u56fd\u5185\u8d2d\u4e70\u9002\u7528\u4e8e\u5883\u5185\u6216\u8de8\u5883\u5e76\u8d2d\u7684\u8d23\u4efb\u4fdd\u9669\u3002<\/p>\n<\/section>\n<\/section>\n<\/section>\n

    \n
    <\/section>\n<\/section>\n
    \n
    \n
    \u00a0<\/section>\n<\/section>\n
    \n
    \n

    08\n\n\u7b2c\u516b\u62db\uff1a\u505a\u597d\u6587\u5316\u6574\u5408<\/strong><\/p>\n<\/section>\n<\/section>\n<\/section>\n

    \n

    Good cultural integration<\/strong><\/p>\n<\/section>\n

    \n
    \n
    \n
    \"\"<\/section>\n<\/section>\n
    <\/section>\n
    <\/br><\/br>\u5e76\u8d2d\u53ea\u662f\u5b9e\u73b0\u5916\u5ef6\u5f0f\u589e\u957f\uff08\u5e76\u8d2d\uff09\u76ee\u6807\u7684\u7b2c\u4e00\u6b65\uff0c\u5e76\u8d2d\u540e\u7684\u4f01\u4e1a\u6574\u5408\u624d\u662f\u4ea7\u751f\u56de\u62a5\u7684\u5173\u952e\u3002\u6587\u5316\u6574\u5408\u662f\u5e76\u8d2d\u6574\u5408\u6700\u96be\u7684\u4e5f\u662f\u6700\u5173\u952e\u7684\u90e8\u5206\uff0c\u53ef\u51b3\u5b9a\u5e76\u8d2d\u7684\u6210\u8d25\u3002\u00a0post-merger integration<\/strong>\u00a0is the key to generating returns. Cultural integration is the most difficult and critical part of M&A integration and can determine the success or failure of an M&A.The boundaries of corporate culture are blurred and can include corporate vision, values, business style, management philosophy, management system, evaluation system, and even dress style. For cross-border acquisitions, differences in corporate culture may also include language, customs, religion, ethnic relations, social class, ideology, etc. As the active party in an M&A, the buyer should carry out integration based on respect and tolerance of the other party’s corporate culture; unbridled cultural superiority is the biggest obstacle to cultural integration.Numerous studies have shown that most M&As do not turn out as well as they should, and that cultural integration is the biggest challenge to successful M&As.Generally speaking, there are\u00a0three types of cultural integration strategies:Fusion, in which a new culture is created that is different from the existing culture of both parties;<\/p>\n

    \u5927\u91cf\u7814\u7a76\u8868\u660e\uff0c\u5927\u591a\u6570\u5e76\u8d2d\u7684\u7ed3\u679c\u5e76\u4e0d\u5c3d\u5982\u4eba\u610f\uff0c\u800c\u6587\u5316\u6574\u5408\u662f\u6210\u529f\u5e76\u8d2d\u7684\u6700\u5927\u6311\u6218\u3002<\/p>\n

    \u4e00\u822c\u800c\u8a00\uff0c\u4f01\u4e1a\u7684\u6587\u5316\u6574\u5408\u7b56\u7565\u6709\u4e09\u79cd\uff1a\u878d\u5408\u5f0f\uff0c\u5373\u6253\u9020\u533a\u522b\u4e8e\u53cc\u65b9\u73b0\u6709\u6587\u5316\u7684\u5168\u65b0\u6587\u5316\uff1b\u540c\u5316\u5f0f\uff0c\u4e00\u65b9\u5168\u76d8\u63a5\u53d7\u53e6\u4e00\u65b9\u7684\u6587\u5316\uff1b\u5206\u9694\u5f0f\uff0c\u5373\u53cc\u65b9\u5404\u81ea\u4fdd\u7559\u539f\u6709\u6587\u5316\u3002\u4e09\u79cd\u7b56\u7565\u5e76\u65e0\u4f18\u52a3\u4e4b\u5206\uff0c\u60df\u987b\u6ce8\u610f\u7684\u662f\uff0c\u6587\u5316\u6574\u5408\u4e0d\u662f\u76ee\u7684\uff0c\u800c\u662f\u5b9e\u73b0\u5e76\u8d2d\u7684\u6218\u7565\u76ee\u6807\u7684\u4e00\u79cd\u624b\u6bb5\uff0c\u56e0\u6b64\uff0c\u4ec0\u4e48\u65f6\u5019\u878d\u5408\u3001\u7528\u4ec0\u4e48\u65b9\u5f0f\u878d\u5408\u3001\u4ee5\u591a\u5feb\u7684\u901f\u5ea6\u5b8c\u6210\u878d\u5408\u3001\u878d\u5408\u5230\u4ec0\u4e48\u6df1\u5ea6\u7b49\uff0c\u90fd\u5e94\u653e\u5230\u6218\u7565\u76ee\u6807\u7684\u5927\u6846\u67b6\u4e0b\u8003\u8651\uff0c\u53ea\u6709\u7b26\u5408\u5e76\u8d2d\u7684\u6218\u7565\u76ee\u6807\u7684\u6587\u5316\u878d\u5408\u624d\u6709\u53ef\u80fd\u662f\u6210\u529f\u7684\u878d\u5408\u3002<\/p>\n

    \u65e0\u8bba\u662f\u5bf9\u5df2\u8dfb\u8eab\u4e16\u754c500\u5f3a\u7684\u4e2d\u56fd\u8de8\u56fd\u96c6\u56e2\uff0c\u8fd8\u662f\u5bf9\u521a\u521a\u8d70\u51fa\u56fd\u95e8\u7684\u4e2d\u8d44\u6c11\u8425\u4f01\u4e1a\u6765\u8bf4\uff0c\u6d77\u5916\u5e76\u8d2d\u90fd\u662f\u5145\u6ee1\u98ce\u9669\u7684\u6311\u6218\u3002\u6311\u6218\u65e2\u6765\u81ea\u5916\u90e8\u73af\u5883\uff0c\u6765\u81ea\u4ea4\u6613\u5bf9\u65b9\uff0c\u4e5f\u6e90\u81ea\u4e2d\u56fd\u4e70\u5bb6\u81ea\u8eab\u3002\u4e2d\u56fd\u4e70\u5bb6\u65e0\u6cd5\u5de6\u53f3\u5916\u90e8\u73af\u5883\uff0c\u4e5f\u96be\u4ee5\u63a7\u5236\u4ea4\u6613\u5bf9\u624b\uff0c\u552f\u6709\u4ece\u81ea\u8eab\u51fa\u53d1\uff0c\u6478\u7d22\u964d\u4f4e\u98ce\u9669\u3001\u63a5\u8fd1\u6210\u529f\u7684\u8def\u5f84\u3002\u7ecf\u9a8c\u8868\u660e\uff0c\u505a\u597d\u4ea4\u6613\u76ee\u7684\u3001\u5bf9\u624b\u60c5\u51b5\u3001\u5c3d\u804c\u8c03\u67e5\u3001\u6807\u7684\u4f30\u503c\u3001\u4ea4\u6613\u6b65\u9aa4\u3001\u5e76\u8d2d\u8ba1\u5212\u3001\u98ce\u9669\u8f6c\u5ac1\u3001\u6587\u5316\u6574\u5408\u7b49\u516b\u4e2a\u65b9\u9762\u7684\u5de5\u4f5c\uff0c\u4e2d\u56fd\u4e70\u65b9\u53ef\u6709\u6548\u63d0\u9ad8\u4ea4\u6613\u7684\u6210\u529f\u7387\u3002<\/p>\n

    The challenges come\u00a0from the external environment, from the counterparties, and from the Chinese buyers themselves. Chinese buyers cannot influence the external environment, nor can they control their counterparties, so they have to find their own path to reduce risks and approach success. Experience shows that a Chinese buyer can effectively improve the success rate of a transaction by doing a good job in eight areas:\u00a0transaction purpose, counterparty profile, due diligence, subject valuation, transaction steps, M&A plan, risk transfer, and cultural integration.<\/p>\n<\/section>\n<\/section>\n<\/section>","protected":false},"excerpt":{"rendered":"

    In recent years, the number and value of overseas\u00a0M&A transactions\u00a0by Chinese companies have increased significantly with the advancement of the “Belt and Road” strategy and the globalization of the Chinese economy. 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