医疗行业7企业并购与重组

硬商品买卖在阿里巴巴 软商品交易在阿里巧巧硬商品买卖在阿里巴巴 软商品交易在阿里巧巧硬商品买卖在阿里巴巴 软商品交易在阿里巧巧硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 Acquisition and Restructuring Strategies Michael A. Hitt R. Duane Ireland Robert E. Hoskisson Chapter 7 1 硬商品买卖在阿里巴巴 软商品交易在阿里巧巧硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 Strategy Implementation Chapter 11 Organizational Structure and Controls Chapter 10 Corporate Governance Chapter 12 Strategic Leadership Strategy ulation Strategic Competitiveness Above-Average Returns Strategic Intent Strategic Mission Chapter 2 The External Environment Chapter 3 The Internal Environment The Strategic Management Process Feedback Strategic sStrategic ActionsStrategic Outcomes Chapter 13 Strategic Entrepreneurship Chapter 6 Corporate- Level Strategy Chapter 5 Competitive Rivalry and Competitive Dynamics Chapter 4 Business-Level Strategy Chapter 7 Acquisition and Restructuring Strategies 2 硬商品买卖在阿里巴巴 软商品交易在阿里巧巧硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 Mergers and Acquisitions l Merger: a strategy through which two firms agree to integrate their operations on a relatively co-equal basis l Acquisition: a strategy through which one firm buys a controlling interest in another firm with the intent of making the acquired firm a subsidiary business within its own portfolio l Takeover: a special type of an acquisition strategy wherein the target firm did not solicit the acquiring firm’s bid 3 硬商品买卖在阿里巴巴 软商品交易在阿里巧巧硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 Acquisitions Reasons for Making Acquisitions Increase market power Overcome entry barriers Cost of new product development Increase speed to market Increase diversification Reshape firm’s competitive scope Lower risk compared to developing new products Learn and develop new capabilities 4 硬商品买卖在阿里巴巴 软商品交易在阿里巧巧硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 Reasons for Making Acquisitions: l Factors increasing market power – when a firm is able to sell its goods or services above competitive levels or – when the costs of its primary or support activities are below those of its competitors – usually is derived from the size of the firm and its resources and capabilities to compete l Market power is increased by – horizontal acquisitions – vertical acquisitions – related acquisitions Increased Market Power 5 硬商品买卖在阿里巴巴 软商品交易在阿里巧巧硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 Reasons for Making Acquisitions: l Barriers to entry include – economies of scale in established competitors – differentiated products by competitors – enduring relationships with customers that create product loyalties with competitors l acquisition of an established company – may be more effective than entering the market as a competitor offering an unfamiliar good or service that is unfamiliar to current buyers – provides a new entrant with immediate market access Overcome Barriers to Entry 6 硬商品买卖在阿里巴巴 软商品交易在阿里巧巧硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 Reasons for Making Acquisitions: l Significant investments of a firm’s resources are required to – Develop new products internally – introduce new products into the marketplace l Acquisition of a competitor may result in – more predictable