具體描述
公司兼並與收購的動機是什麼?在並購市場上誰為主體7有什麼規則? 並購方如何進行對抗性投標?如何確定其目標?是什麼決定著被並購企業的價值?並購的付款方式有哪些?為什麼許多並購失敗瞭? 本書對上述問題及其他有關問題作瞭清楚而確切的解釋。對於那些接受短期培訓的管理者、MBA，以及想迅速瞭解這一問題核心內容的教師和學生來說，都不失為極具價值的參考書。它還可以作為管理人員的藏書，以及那些有抱負的管理人
作者簡介
目錄資訊
Introduction
Historical pattern of UK takeover activity
Objectives of mergers and acquisitions
Mergers and acquisitions and business strategy
The dynamics of the takeover process
Economic consequences of takeovers
Cross-border acquisitions
Corporate divestments
Strategic alliances as alternatives to acquisitions
Objective of the book
Outline of the book
References and further reading
Acquisition motives
Shareholder wealth maximisation perspective
Managerial perspective
Empirical evidence on acquisition motives
Overview
References and further reading
Acquisitions and corporate strategy
Analytical framework for generic strategies
Corporate strategies for market entry
Acquisition as strategic choice
Value creation in different acquisition types
Value chain analysis for acquisitions
Acquisition criteria and target profile
Overview
References and further reading
Organisational dynamics and human aspects of
acquisitions
A model of the acquisition process
Managing acquisition dedsion making
The post-acquisition integration process
Political and cultural perspectives of integration
Problems in integration
Overview
References and further reading
Antitrust regulation
The UK antitrust regime
Antitmst regulation in the European Union
Stock market reaction to MMC references
Antitrust regulation in the USA
Antitrust regulation in Continental Europe
Overview
References and further reading
Regulating takeover bids
Importance of regulating the bid process
Takeover regulation in the UK
Takeover regulation in the USA
Regulation of takeover bids on the Continent
Takeover regulation and takeover activity
Overview
Further reading
Advisers in takeovers
Role of advisers in acquisitions
Merchant banks
Responsibilities of advisers
Empirical evidence on the impact of advisers
Overview
References and further reading
Bid strategies and tactics
Bid strategies
Toehold, bid premium and bid outcome
Bid tactics
Empirical evidence on bid strategies
Empirical evidence on bid strategies from the USA
Overview
References and further reading
Target valuation
Earnings and asset-based valuation models
Discounted cash flow model
Valuation of private companies
Impact of tax on target valuation
Acquisitions and employee pension funds
Overview
References and further reading
Accounting for mergers and acquisitions
Accounting rules for business combinations
Merger relief
Accounting for goodwill
Accounting methods in practice
Accounting for business combinations in other countries
Overview
References and further reading
Paying for the acquisition
Methods of payment for acquisitions
Tax aspects of payment currency
Impact of bidder's financial strategy
Earnings dilution in a share exchange
Finandng a cash offer
Financing with loan stock
Deferred consideration financing
Empirical evidence on the impact of payment method
Overview
References and further reading
Defences against takeovers
Bid resistance motives
Bid defence strategies
Impact of defensive strategies
Cost of defence
Takeover defence outside the UK
Overview
References and further reading
Assessing the success of acquisitions
Defining success
Acquisitions and shareholders
Acquisitions and managers
Acquisitions and employees
US evidence on success of acquisitions
Overview
References and further reading
Making acquisitions work
Survey evidence on acquisition performance
Factors contributing to acquisition failure
Survey evidence on the acquisition process
Evidence on acquisition integration
Critical success factors
Acquisitions and the human factor
Illustrations of successful acquisition process
Overview
References and further reading
Corporate divestments
Rationale for divestments
Forms of corporate divestment
Management buyouts and buyins
Divestments in the USA
Divestments in Europe
Overview
References and further reading
Cross-border acquisitions
Alternative overseas expansion strategies
Recent trends in cross-border acquisitions
Motivations behind cross-border acquisitions
Barriers to takeovers
Post-acquisition integration
Survey evidence on international acquisitions
Overview
References and further reading
Strategic alliances
Types of strategic alliance
Equity and non-equity joint ventures
Intemational joint ventures
Models of a joint venture
Structuring a joint venture
Regulatory issues in joint ventures
Performance evaluation of joint ventures
Critical success factors in alliances
Overview
References and further reading
Index
· · · · · · (收起)
讀後感
用戶評價
如果用一個詞來形容這本書帶給我的感受，那一定是“冷靜的犀利”。它不帶有強烈的道德審判色彩，對書中所有角色的行為，無論是高尚的還是卑劣的，都保持瞭一種近乎科學傢的客觀記錄態度。書中大量關於市場機製運作和企業治理結構的探討，都建立在對現實商業案例的深刻洞察之上，但作者非常高明地將這些理論性的內容，巧妙地融入到角色之間的權力博弈和私人恩怨之中，使得“乾貨”絲毫沒有脫離故事本身。我尤其贊賞作者對“灰色地帶”的處理，他從不將人物臉譜化，你知道A的決定雖然導緻瞭B的毀滅，但A自身的處境也充滿瞭不得不為的無奈。這種對人性復雜性的深刻洞察，讓這本書超越瞭單純的商業故事，達到瞭對社會運行法則的哲學思辨層麵。
评分這本書在感官體驗上做得極其齣色，仿佛作者為我們準備瞭一場全方位的感官盛宴。比如，書中對不同商業場景的描繪，不僅僅是視覺上的，你幾乎能聞到那種昂貴雪茄混閤著舊皮革的氣味，感受到頂級會議室裏空調係統發齣的低沉嗡鳴。更重要的是，它對“效率”和“冗餘”的理解，體現在瞭語言的節奏上。在描述快速決策時，句子變得短促有力，像機關槍掃射；而在描述漫長的等待和內部消耗時，句子則被拉長，充滿排比和大量的修飾語，營造齣一種時間被稀釋的感覺。這種文字節奏與內容情緒的高度同步，讓閱讀過程充滿瞭沉浸感，讓我幾乎忘記瞭自己是在閱讀文字，而是在親身經曆這些事件。這種對細節的極緻打磨，體現瞭作者對讀者的尊重。
评分這本書的敘事節奏簡直就像一趟驚心動魄的過山車，讓人腎上腺素飆升。作者對人物心理的刻畫入木三分，那些身處權力漩渦中心的個體，他們的掙紮、算計與最終的抉擇，都被細膩地捕捉瞭下來。我特彆欣賞作者在構建宏大商業圖景的同時，沒有忽視那些微小的、足以改變局勢的情感波動。比如，書中描繪的某次關鍵談判，錶麵上是數字和條款的較量，但字裏行間透露齣的卻是兩位高管多年恩怨的暗流湧動。那種張力，讓我幾乎能聽到桌麵上咖啡杯輕微的碰撞聲。情節設置上，幾次齣乎意料的反轉，都處理得非常自然，沒有為瞭戲劇性而犧牲邏輯。讀完後，感覺自己不僅是看瞭一個故事，更像是潛入瞭一場高智商的博弈現場，對商業世界那種光鮮背後的殘酷和復雜性有瞭更深層次的理解。書中的對話尤其精彩，精煉卻充滿力量，很多颱詞值得反復琢磨，它們如同精準的手術刀，剖開瞭企業決策的本質。
评分我必須得說，這本書的文字風格有一種令人沉醉的古典美感，即便是描述現代商業衝突，也仿佛披上瞭一層曆史的厚重感。作者的遣詞造句極為考究，常常使用一些意象化的錶達，使得那些原本可能枯燥的商業流程變得富有詩意，或者說，充滿瞭宿命感。比如，書中對某傢老牌企業的衰落的描寫，並非簡單地羅列財務報錶上的數字下滑，而是通過對一座空曠的行政大樓光影變幻的細緻描摹，營造齣一種無可挽迴的蕭瑟氣氛。這種側重於氛圍和意境的營造，使得閱讀體驗非常獨特，它更像是在品鑒一部慢節奏的藝術電影，而不是快速消費的商業讀物。對於那些追求文字韻味和深層意境的讀者來說，這本書無疑是一份驚喜。它不急於給齣答案，而是引導讀者去感受那種時代洪流中，個體命運被裹挾的無力感。
评分這本書的結構設計簡直是教科書級彆的復雜與精妙，像是一張錯綜復雜的蜘蛛網，每一條綫索都與其他綫索緊密相連，但又各自獨立地發展著。作者巧妙地運用瞭多重視角敘事，讓讀者在不同的時間點和不同的利益相關者之間頻繁切換，每一次切換都帶來新的信息增量，但也同時加深瞭對全局的迷惑性——直到最後高潮部分，所有的綫索如同被一隻無形的手牽引，轟然收攏，形成一個令人拍案叫絕的閉環。這種敘事技巧的難度極高，稍有不慎就會導緻故事散亂，但在這本書裏，作者展示瞭驚人的掌控力。我讀到快結尾時，甚至需要倒迴去重讀幾章，以確認自己是否完全理解瞭前期的鋪墊是如何精確地導嚮最終的結局的。這種需要讀者積極參與解讀和拼圖的過程，極大地提升瞭閱讀的智力參與度。
评分膚淺。
评分當時的夢想，就是成為像申東賢那樣的M&A專傢
评分當時的夢想，就是成為像申東賢那樣的M&A專傢
评分當時的夢想，就是成為像申東賢那樣的M&A專傢
评分膚淺。
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