英國(guó)圣安德魯斯大學(xué) (University of St Andrews)：中國(guó)對(duì)外兼并和收購(gòu)的關(guān)鍵因素：吉利沃爾沃打賭的個(gè)案研究

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標(biāo)題

Key factors for the success of human resources integration in Chinese outbound merger and acquisition: A case study on Geely's Volvo gamble
中國(guó)對(duì)外兼并和收購(gòu)的人力資源整合的成功的關(guān)鍵因素：吉利沃爾沃打賭的個(gè)案研究

http://ukthesis.org/ygsslwdx
BACKGROUND
After China's admission to WTO in 2001,"The 4th Surge of Chinese enterprises' M&A" is taking place in China. Generally merger and acquisition is referred to as M&A .According to Donald M. DePamphilis (2009) ,the term "merger" means merging of two or more organizations into one, term "acquisition" means to takeover or something acquiring .Both the terms are used alternatively, but they have a slight difference in their meaning. A merger is said to be when two organizations agree on the decision of being one; it's the mutual decision. An acquisition is buying one organization by another. It can be a friendly takeover or hostile takeover. Whether it is a cross-border merger or cross-border acquisitions, they both involve the integration of human resources, so this paper is going to study the problems of human resource integration in both cross-border merger and cross-border acquisitions. ? but you are going to do only ONE case study…
背景
在2001年中國(guó)加入世貿(mào)組織后，“第四屆中國(guó)企業(yè)”M＆A“是在中國(guó)舉行。一般來(lái)說(shuō)合并和收購(gòu)被稱(chēng)為“M＆A”。據(jù)DePamphilis唐納德M.（2009），這個(gè)術(shù)語(yǔ)“合并”是指兩個(gè)或兩個(gè)以上的組織合并成一個(gè)，“收購(gòu)”一詞是指收購(gòu)或獲得諸如此類(lèi)的事情。這兩個(gè)條款是交替使用，但他們的意義有一個(gè)細(xì)微的差別。合并被說(shuō)成是當(dāng)兩個(gè)組織同意的決定之一，它是相互決定。收購(gòu)由一個(gè)組織購(gòu)買(mǎi)另一個(gè)組織。它可以是一個(gè)友好的收購(gòu)或敵意收購(gòu)。無(wú)論是跨境合并或跨境收購(gòu)，它們都涉及到人力資源的整合，因此本文要研究的跨境并購(gòu)和跨境并購(gòu)中的人力資源整合問(wèn)題。但你要做的只有一個(gè)案例研究...

"In the earlier years, from the mid-1980s through the year 2000, most of China's merger-and-acquisition deals were focused inward, on the domestic market"(Hemerling J.,2006). But nowadays, since China plans to become a major player on the global economic stage, more and more Chinese enterprises' mergers and acquisitions begin to take on a more outward appearance. At the same time, many key issues, such as pre-deal research and planning and deal completion, financial yardsticks, post-acquisition integration and value extraction are facing to the development of Chinese enterprises.
“在前面的幾年，從20世紀(jì)80年代中期到2000年，中國(guó)的兼并和收購(gòu)交易大多是向內(nèi)集中，在國(guó)內(nèi)市場(chǎng)上”（林杰敏J.，2006）。但如今，由于中國(guó)計(jì)劃成為全球經(jīng)濟(jì)舞臺(tái)上的主要參與者，越來(lái)越多的中國(guó)企業(yè)的兼并和收購(gòu)開(kāi)始采取更外觀。與此同時(shí)，中國(guó)企業(yè)的發(fā)展正面臨許多關(guān)鍵問(wèn)題，如交易前的研究和規(guī)劃，完成交易，金融尺度，收購(gòu)后的整合和價(jià)值提取。#p#分頁(yè)標(biāo)題#e#

After viewing some famous authors' articles and the prior case study of Chinese acquisitions such as TCL and Lenovo, etc, it is found that integration in M&A ,especially human resource integration ,is the key to the success of enterprises' overseas acquisition, because the success of most acquisitions hinges not on dollars but on people (Harding and Rouse, 2007? only one reference???). This research is going to explore more about successful factors of HR integration after Chinese enterprises take over foreign companies.
查閱一些著名作家的文章后，并在之前的情況下研究中國(guó)的并購(gòu)，如TCL和聯(lián)想等等。發(fā)現(xiàn)，合并，特別是人力資源的整合，整合是企業(yè)海外收購(gòu)成功的關(guān)鍵，因?yàn)椋捍蠖鄶?shù)收購(gòu)成功的關(guān)鍵在于不是美元，而是人力（Harding and Rouse, 2007?只有一個(gè)參考？？）。本研究將探討更多的人力資源整合的成功因素后，中國(guó)企業(yè)接管外國(guó)公司。

LITERATURE REVIEW
文獻(xiàn)綜述

Mergers and acquisitions increased exponentially in the 1980s and continued at a strong pace in the 1990s and the new century. About M&A, Mitchell Lee Marks and Phillip H. Mirvis(1986) pointed out that "One long-term consequence that is rarely seriously considered prior to a merger is that between 50 percent and 80 percent of all mergers are financial disappointments." Avoiding failure is a huge and tough process for the acquiring enterprise. The Wall Street Journal once reported that "Between 50 percent and 75 percent of executives in merged firms plan to leave the new organization within three years.", "One-third of all acquired companies get sold off within five years and that as many as 90 percent of all mergers fail to live up to expectations."(Mark Feldman,1986? any more up-to-date data that can supports this argument?). So John C. Bruckman and Scott C. Peters(1987) argued that "Companies are starting to understand that mergers cannot be solely dominated by lawyers and financial analysts. Lawyers and financiers make the deal, but it is line managers that have to make the merged firm work."  "Clearly, there is a difference between making acquisitions and making them work. And clearly, we must look beyond conventional advice on making acquisitions to understand how to manage them better."(David B. Jemison and Sim B. Sitkin,1986) ." Executives who have been through the merger process now recognize that in today’s economy, the management of the human side of change is the real key to maximizing the value of a deal."(Gunther,2001).
在20世紀(jì)80年代，兼并和收購(gòu)成倍的增加，，并繼續(xù)以穩(wěn)健的步伐邁向90年代和新世紀(jì)。關(guān)于并購(gòu)，米切爾利商標(biāo)和Phillip H.米爾維斯（1986）指出：“一個(gè)長(zhǎng)期的后果，很少認(rèn)真考慮合并前是介于50％和80％的所有并購(gòu)財(cái)務(wù)失望。”避免失敗的收購(gòu)企業(yè)是一個(gè)龐大而艱難的過(guò)程。華爾街日?qǐng)?bào)曾報(bào)道稱(chēng)，“在合并后的公司的高管在50％和75％計(jì)劃三年內(nèi)離開(kāi)新組織。”，“三分之一的所有收購(gòu)公司在五年內(nèi)得到拋售，多達(dá)所有合并的90％的不爭(zhēng)氣。“（馬克費(fèi)爾德曼，1986?任何可以支持這種說(shuō)法的最新數(shù)據(jù)）。因此，約翰•C•布魯克曼和Scott C.彼得斯（1987）認(rèn)為，“企業(yè)開(kāi)始認(rèn)識(shí)到并購(gòu)不能僅僅主要由律師和金融分析師，律師和金融家使交易，但它是使直線經(jīng)理合并后的公司工作。““顯然，收購(gòu)，使他們的工作之間是有區(qū)別的，很明顯，我們必須超越傳統(tǒng)的意見(jiàn)作出收購(gòu)，以了解如何更好地管理這些。”（戴維•杰米森和SIM B.錫特金，1986）。 “高管已經(jīng)通過(guò)合并過(guò)程現(xiàn)在認(rèn)識(shí)到，在當(dāng)今的經(jīng)濟(jì)，管理人性化的一面變化的交易價(jià)值最大化才是真正的關(guān)鍵。”（Gunther,2001）。#p#分頁(yè)標(biāo)題#e#

From the "Merger & Acquisition Strategic Integration Reference Guide" prepared by Indina river capital partners and its associates, who have more than 100 years of combined experience as line managers, functional specialists and consultants in over 50 mergers and acquisitions, the following are common mistakes many acquiring companies make which contribute to M&A failures:
從“并購(gòu)戰(zhàn)略整合參考指南”由Indina河資本伙伴和聯(lián)營(yíng)公司，擁有超過(guò)100多年的經(jīng)驗(yàn)相結(jié)合作為直線經(jīng)理，功能專(zhuān)家和顧問(wèn)在50兼并和收購(gòu)準(zhǔn)備，以下是常見(jiàn)的錯(cuò)誤許多收購(gòu)公司使這有助于并購(gòu)失敗的：

1. • Inadequate evaluation of the compatibility of the acquired company in terms of style, structure and business practices.
1. 評(píng)估被收購(gòu)公司在風(fēng)格，結(jié)構(gòu)和經(jīng)營(yíng)手法方面的兼容性不足。
2. • Top management does not have the time to plan the transition in the period prior to closing.
2. 在收盤(pán)前的時(shí)間最高管理層沒(méi)有計(jì)劃的過(guò)渡期間，
3. • Managers under-estimate the negative reactions to being acquired because these usually are not openly expressed.
3. 經(jīng)理估計(jì)被收購(gòu)，因?yàn)檫@些通常是不公開(kāi)表達(dá)的負(fù)面反應(yīng)。
4. • In an effort to reassure employees in the acquired company, statements are made like “Nothing will change,” or “There will be no changes in management,’ which immediately undermines credibility.
4. 在努力安撫被收購(gòu)公司的員工，像“什么都不會(huì)改變”，或“將不會(huì)有任何變化管理，立即破壞信譽(yù)。
5. • Management does not appreciate how much effort is needed to gain credibility with the people in the acquired company.
5. 管理多少的努力，才能贏得信譽(yù)與被收購(gòu)公司的人并不領(lǐng)情
6. •Commitments are made which subsequently are not honored, thus undermining confidence in the new management.
6. •承諾后來(lái)都沒(méi)有兌現(xiàn)，從而削弱在新管理層的信心。
7. •The transition process is too lengthy and because decisions are not made quickly, the negative reactions in the acquired firm become a dominant force.
7. 轉(zhuǎn)型過(guò)程過(guò)于冗長(zhǎng)，因?yàn)闆](méi)有迅速作出決定，被收購(gòu)公司的負(fù)面反應(yīng)成為一個(gè)主導(dǎo)力量。
8. • The transition manager or transition team cannot get access to objective information and are forced to make decisions based on misleading or inadequate data.
8. 過(guò)渡經(jīng)理或過(guò)渡團(tuán)隊(duì)無(wú)法獲得客觀信息，并被迫作出具誤導(dǎo)性或不充分的數(shù)據(jù)基礎(chǔ)上的決定。
9. • Management in the firm making the acquisition is inclined to try to assimilate the new subsidiary into their established way of working rather than adapt and recognize the merits and value of culture in the acquired firm.#p#分頁(yè)標(biāo)題#e#
9.  •管理公司收購(gòu)的傾斜，盡量吸收到他們的工作，而不是適應(yīng)和承認(rèn)的優(yōu)點(diǎn)和文化價(jià)值被收購(gòu)公司的方式建立新的子公司。
10. • The assessment of people to hold key positions in the new combined organization is biased toward employees of the parent and not based on an objective analysis of position requirements and the talents of all available staff in both companies.
 評(píng)估在新的聯(lián)合組織中擔(dān)任要職的人偏向于母公司的員工，而不是根據(jù)職位的要求與客觀的分析，在這兩個(gè)公司所有員工的人才。
 
Then Andrej Bertoncelj and Darko Kova?(2007) argued that though sometimes billions and billions of dollars were spent on acquisitions with lackluster results, the failure rate of acquisitions was unacceptable and unnecessary. We should look for other solutions and identify the real causes for the high failure rate. They outline the importance of balanced management of hard and soft key success factors, five hard success factors – a professional target search and due diligence, a realistic assessment of synergies, the right mix of financial sources, a detailed post-acquisition integration plan already prepared in the pre-deal phase and its speedy implementation, and five soft success factors – a new “combined” organizational culture, a competent management team, innovative employees, efficient and consistent communication and a creative business environment .According to their research ,Peiguan Wu(2009),vice-president of international business school of Zhongshan University, found that most Chinese enterprises pay too much attention to the hard success factors but neglect the soft success factors which is one of the reasons leads to the failure of their acquisition. He also points out that because of the regime and history and many other differences between China and western countries, there is distinctiveness in the human resources integration process in Chinese companies. And for now, little research has been done on this problem. So this research will pay attention to the key factors influence human resource integration in Chinese outbound merger and acquisition and set up a HR integration model for Chinese enterprises after study Peter F. Drucker(1986)'s five rules for successful acquisitions, Andrej Bertoncelj and Darko Kova?(2007)'s hard and soft key success factors for a higher success rate in mergers and acquisitions,some famous cases like TCL and lenovo's experiences. Use the factors model to solve human resource integration problems in Geely from the macro and micro aspect respectively, integrate nationality and corporation culture difference as well as rebuild the corporation and employee psychological contract.
然后，安德烈Bertoncelj達(dá)爾科•科瓦奇（2007）認(rèn)為，用呆滯的結(jié)果雖然有時(shí)數(shù)十億數(shù)十億美元用于收購(gòu)，收購(gòu)的失敗率是不可接受的和不必要的。我們應(yīng)該尋找其他的解決方案，并確定高失敗率的真正原因。它們勾勒出均衡管理軟，硬的關(guān)鍵成功因素的重要性，五個(gè)堅(jiān)硬成功因素 - 一個(gè)專(zhuān)業(yè)目標(biāo)搜索和盡職調(diào)查，一個(gè)現(xiàn)實(shí)的評(píng)估協(xié)同效應(yīng)，資金來(lái)源的正確組合，一個(gè)詳細(xì)的收購(gòu)后的整合計(jì)劃已經(jīng)準(zhǔn)備在交易前階段和迅速實(shí)施，五軟的成功因素 - 一個(gè)新的“組合拳”的組織文化，一個(gè)稱(chēng)職的管理團(tuán)隊(duì)，創(chuàng)新的員工，高效的和一致的通信和創(chuàng)意的商業(yè)環(huán)境。#p#分頁(yè)標(biāo)題#e#

? if you are going to bring in “cultural influence” into the discussion of Chinese outbound M & As, you will need to develop some theoretical discussion (i.e. literature review) on this cultural influence on cross-broader M & As/ human resources integration.
如果你打算引進(jìn)到中國(guó)的海外并購(gòu)，這種文化交叉更廣泛的并購(gòu)為/人力資源整合的影響，你將需要開(kāi)發(fā)一些理論的討論（即文獻(xiàn)綜述）討論的“文化影響力”。