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1、Hewitt Experience SharingJanuary 19, 2006,Managing Integration Before and After the Deal企业并购前后的整合管理,Content 内容,Most deals do not create shareholder value and do not meet the set objectives大部分并购交易无法创造股东价值，亦无法实现既定目标 Poor integration is a key reason for M&A failure整合工作不利是并购失败的关键原因所在 The structure of th
2、e deals reinforce the need for synergy achievement并购交易结构着重强调需要实现协同增效,Unrealised Goals in Delivering Value 价值实现过程中未实现的目标,1990s: Survey of 150 Deals over $500 Million 20世纪90年代：调研150宗购并交易，价值达5亿美元,Eroded Some Returns 侵蚀某些收益,20%,Created Marginal Returns 创造边际收益,33%,37%,38%,46%,65%,76%,17%,15%,26%,35%,42%,
3、10%,20%,30%,40%,50%,60%,70%,80%,0%,Enhance reputation 提高信誉,Reduce operating expense 降低运作成本,Access new products 开发新产品,Grow marketshare 增加市场份额,Access new markets 开发新市场,% of companies 占公司数量的百分比,Reasons for FailurePoor Integration 失败的原因整合不利,0%,10%,20%,30%,40%,50%,60%,70%,80%,美国US,欧洲Europe,拉美Lation Ameri
4、ca,亚太地区Asia Pacific,Percent of Responses答案百分比,Integration is the most challenging M&A issue. 整合是最具挑战性的购并问题.,and can be costly. 可能需要较高的成本.,0%,5%,10%,15%,20%,25%,30%,35%,40%,45%,50%,亚太地区A-P,欧洲Europe,拉美L-A,美国US,Integrating Organisational Cultures,Keeping Employees Focused,Engaging Employees in New Prog
5、rams,Integration HR/Benefit Programs,People Integration Costs Impact Deal Pricing人员整合成本对交易价格的影响,交易成本 Transaction costs,整合/实施成本 Integration/implementation costs,购并方的独立价值 Stand-alone value of acquirer,购并对象的独立价值 Stand-alone value of target,?,$,购并对象的最高价格 Maximum price for target,Four Factors for Success
6、ful Integration整合成功的四个要素,Speed 速度 Alignment to M&A Objectives遵照购并目标 Alignment to People Needs遵照人员需求 Alignment of HR Programs 调整人力资源计划,Hewitt M&A Process翰威特的企业并购整合程序,Focus Management and Employees on M&A Objectives Communication Strategy 确保管理层和员工关注购并目标沟通战略,Pre-Due Diligence 前期可行性分析,Business Perspecti
7、ve 业务关注点,Due Diligence 可行性分析,Integration 整合,Strategic HR-Due Diligence 策略性人力资源可行性分析,Kick-Off 启动,Integration 整合,Hewitts Process 翰威特程序,Strategy Assessment 策略评估,HR-Liability & Synergy Gap Assess.人力资源义务 与协同增效差距评估,Deal Input 交易投入,Program Office Setup设立计划办公室,Integration ManagementSetup设立整合管理部门,Ignition 启动
8、,.,Critical Synergy Drivers 关键协同驱动因素,Improved Market Access (bigger is better),Growth Return,Combined Business Creation (new is better),Coordinated Strategies (together we conquer),Shared Know How (know more),Vertical Integration (process we own),Consolidation of Functions (serve more with less),Neg
9、otiating Power,Tax Benefits,Financial Engineering,Synergies with significant “People integration”,Shared Tangible Resources (use same for more),HR System AlignmentMarket Access Driver,SynergyImproved Market Access Desired behaviours = Customer-oriented, team-oriented, flexible, fast to market,Organi
10、sation,Staffing,Development,Performance,Rewards,Product, customer-based Structured customer teams Inter-team communication at customer interfaces,Pay for performance High variable incentives Formula-driven based on market access objectives Critical sales compensation Emphasise market-based pay,Hard
11、numbers Peer feedback Focus on accountability Broad communication of the big picture,Product/market knowledge Selling skills Knowledge transfer Team leadership Realistic advancement expectation,Initiates self-growth Team-oriented Customer-oriented Communication skills Staff mix of competencies (regi
12、on, product, etc.),Communicate!,HR System AlignmentBusiness Creation Driver,SynergyBusiness Creation Desired behaviours = Strong innovative, and entrepreneurial spirit, flexible, and team-oriented,Organisation,Staffing,Development,Performance,Rewards,Less hierarchy focus Product oriented Fluid, freq
13、uently changing teams Assess systems and structures needed to build the new entity Non-rigid approval and decision processes,Innovative and creative Long-term focus Cooperative information sharing Pride in being first Sensitive to speed Logical,Team processes Product development processes Technologi
14、cal and creative training Research skills Train staff on distinctive goals,Measure hard numbers related to business creation Support behaviours facilitating business creation Individual creativity Focus on environment, team, and individual performance evaluation,Broad-based profit sharing Long-term
15、focus Job hierarchy irrelevant,Communicate!,HR System AlignmentShared Know-How Driver,SynergyShared Know-how Desired behaviours = Creative in applying new know-how, highly flexible and adaptable but process oriented,Organisation,Staffing,Development,Performance,Rewards,Team oriented Problem solver,
16、systematic Good listening skills Flexible to new processes and concepts,Methods and new process learning Team behaviour Process management and control Communication skills Job rotation Broaden employees and management access to learning Hold managers accountable for coaching,Related to hard financial numbers Derived from plan know-how base Focus on continuous know-how development and deployment,Pay for performance w
