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1.The role of corporate culture in the success of M&A operations
Based on a review of the main analyses,both theoretical and empirical,three main approaches to viewing the problem of successfully carrying out M&A operations can be identified:industrial organization,financial economics and strategic management.As a rule,studies that examine the key factors in the success of M&A operations focus on the so-called evolutionist paradigm,adopting a primarily resource-based perspective while attempting to identify the superior contribution of certain managerial and organisational factors to M&A operations whose economic results proved especially positive.Examples include Blake and Monton ,Jemison and Sitkin ,Salter and Weinhold and Haspeslag and Farquhar ,who have indicated that the success of M&A operations largely depends on the quality of the underlying plan and the consistency of its implementation.Haspeslag and Farquhar ,in particular,have stressed the importance of compliance between strategy and structure in the generation of value.Sales and Mirvis ,Shrivastava and Nahavandi and Malekradeh ,on the other hand,have taken an in-depth look at the role of socio-cultural factors in the processes of acculturation undergone by the organisations in merger processes.
When it comes to successful M&A operations,therefore,much of the literature points to the need for a simultaneous presence of strategic and organizational coherence.As a result,an analysis of the factors that can contribute to improving the effects of M&A operations on the firms involved can be of use in formulating approaches to acquisitions and mergers that make it possible to avoid the serious economic crises observed in various economic sectors.In fact,two categories of conduct on the part of management can be identified as those most responsible for dysfunctions in M&A operations:the first involves the strategic analyses of operations of concentration,while the second regards evaluation of the compatibility of the organisational frameworks and the characteristics of the personnel of the companies taking part in the operations.
There thus exists,during the phase involving the implementation of a merger operation,a problem of organisational,human and procedural coherence between the firms.The extent to which the two companies are “related” has a profound effect on the possibility for a successful integration and,therefore,deserves to be considered as a key factor,during the planning phase,when it comes to selecting the firm to be purchased or with which to merge.Seen in this light,the more the companies involved in the operation “resemble each other”,the greater the probability that the operation will be a success.The degree of “relatedness” can regard the market/product matrix within the individual companies or the extent to which their procedural,organisational,managerial and cultural characteristics prove complementary.
1.The role of corporate culture in the success of M&A operations
Based on a review of the main analyses,both theoretical and empirical,three main approaches to viewing the problem of successfully carrying out M&A operations can be identified:industrial organization,financial economics and strategic management.As a rule,studies that examine the key factors in the success of M&A operations focus on the so-called evolutionist paradigm,adopting a primarily resource-based perspective while attempting to identify the superior contribution of certain managerial and organisational factors to M&A operations whose economic results proved especially positive.Examples include Blake and Monton ,Jemison and Sitkin ,Salter and Weinhold and Haspeslag and Farquhar ,who have indicated that the success of M&A operations largely depends on the quality of the underlying plan and the consistency of its implementation.Haspeslag and Farquhar ,in particular,have stressed the importance of compliance between strategy and structure in the generation of value.Sales and Mirvis ,Shrivastava and Nahavandi and Malekradeh ,on the other hand,have taken an in-depth look at the role of socio-cultural factors in the processes of acculturation undergone by the organisations in merger processes.
When it comes to successful M&A operations,therefore,much of the literature points to the need for a simultaneous presence of strategic and organizational coherence.As a result,an analysis of the factors that can contribute to improving the effects of M&A operations on the firms involved can be of use in formulating approaches to acquisitions and mergers that make it possible to avoid the serious economic crises observed in various economic sectors.In fact,two categories of conduct on the part of management can be identified as those most responsible for dysfunctions in M&A operations:the first involves the strategic analyses of operations of concentration,while the second regards evaluation of the compatibility of the organisational frameworks and the characteristics of the personnel of the companies taking part in the operations.
There thus exists,during the phase involving the implementation of a merger operation,a problem of organisational,human and procedural coherence between the firms.The extent to which the two companies are “related” has a profound effect on the possibility for a successful integration and,therefore,deserves to be considered as a key factor,during the planning phase,when it comes to selecting the firm to be purchased or with which to merge.Seen in this light,the more the companies involved in the operation “resemble each other”,the greater the probability that the operation will be a success.The degree of “relatedness” can regard the market/product matrix within the individual companies or the extent to which their procedural,organisational,managerial and cultural characteristics prove complementary.
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