1、 外文翻译 原文 How China Can Succeed In The Mergers with failed deals, it was about 40 percent. Too often, companies failed to pinpoint the best opportunities for value creation or assess risks. A winning acquisition strengthens a companys basis of competition, such as its cost position, brand strength, a
2、nd customer access and loyalty. All were goals in Lenovos 2005 acquisition of IBMs PC division, which helped the buyer achieve global scale, build a global brand, and gain access to leading-edge technology. Rule No. 3: Know which deals you should close. Ask and answer the few questions that test you
3、r investment thesis. Identifying potential acquisition targets and winnowing them to one or two best choices requires discipline. Instead of hastily reacting to acquisition targets as they come on the market, seasoned dealmakers know their basis of competition and are constantly thinking about the t
4、ypes of deals they should pursue. Their M&A teams create a pipeline of priority targets, each with a customized investment thesis, and then cultivate a relationship with each one. As a result, they can quickly close a deal. Because they know what they want to achieve with the acquisition, theyre oft
5、en willing to pay a premium or act faster than rivals. Rule No. 4: Know where you need to integrate first and get at the key sources of value quickly. Our research shows that cross-border deals carry a rate of success similar to that of domestic deals, but that integration typically is more complex.
6、 The unique challenges include tailoring the integration thesis to each regions circumstances, tackling actual and perceived cultural differences, and considering geographically dispersed operations and stakeholders, as well as complex legal and regulatory requirements that can derail the integratio
7、n. To boost the odds of success, acquirers need to identify the best sources of synergies. They must ensure that the integration process isnt overly complex and they need to be able to make decisions quickly so critical milestones arent missed. Understanding whether deals are to boost “scope“ or “sc
8、ale“ is vital. Chinese apparel maker Youngor Groups $120 million acquisition in 2008 of the Smart Shirts business of Kellwood in Chesterfield, Mo., is largely a scale deal, designed to expand a core business, as opposed to a scope deal, aimed at expanding into adjacent lines of business. Scope deals
9、 require a different approach to integration than scale deals, with the goal of fostering some of the capabilities of the acquired company and integrating where it matters most, rather than combining similar companies for maximum efficiency. For example, ChemChinas 2006 acquisition of Adisseo improv
10、ed the Chinese companys manufacturing capacity for the amino acid methionine, while its acquisition of the Rhodia unit upgraded its silicone business. Rule No. 5: Know what to do if the deal goes off track. Set up an early warning system and act quickly. No deal goes exactly as planned. The best dea
11、lmakers install early-warning systems to detect problems, then tackle them as soon as they emerge. They distinguish between inevitable glitches and those that signal more serious problems. Acquirers must take decisive action to put their deals back on track or not. Its not clear that SAIC had a “Pla
12、n B“ for Ssangyong when the acquisition turned sour. Ultimately, to improve the odds of a successful global expansion, knowing when to pull out of a deal is no less critical than the other four guiding principles: knowing the best approach for your situation, knowing why youre acquiring, knowing the
13、 best deals to go after, and knowing where to integrate. The more Chinese companies look for growth overseas, the more they need to be guided by these principles. M&A Regulations Over the past two years, China has enacted a preliminary regulatory framework for M&A transactions. The framework, while
14、not complete, provides greater guidance for foreign investors engaging in M&A transactions and standardises practices that have developed on an ad hoc basis over the last several years. Under Chinas civil law legal system, even basic types of business transaction may be governed by fairly detailed r
15、egulations. The new regulations establish a basis for using conventional acquisition methods to acquire most types of enterprise in China. Regulations now permit foreign investors to engage in asset or equity acquisitions of FIEs, domestic enterprises, state-owned enterprises and listed companies. T
16、he range of permissible targets has been vastly expanded, but distinct regulatory regimes are applicable to acquisition of each type of entity. Such entity differentiated legal treatment remains fairly common in China. Structuring the Transaction A foreign investor pursuing an M&A transaction in Chi
17、na has a choice of the traditional acquisition structures. An M&A transaction in China may be consummated through an equity purchase, an asset acquisition or a statutory merger. All three forms of acquisition are recognised under PRC law. The preferred acquisition method will depend on consideration
18、s such as the financial condition of the target, the required government approvals, the necessity of third party consents, the transferability of the assets and the tax conseq uences of the structure. Asset Acquisitions An M&A transaction may also be structured as an asset acquisition. In an asset a
19、cquisition, the acquirer may acquire select assets and liabilities of the target. There, consequently, is an opportunity to carve out unwanted assets and liabilities. Consideration is paid directly to the target, which maintains its separate legal existence. While time consuming, this method may be
20、attractive given the difficulty of identifying with certainty the liabilities of PRC entities. As a foreign company may not operate assets directly in China, a PRC acquisition vehicle is typically established simultaneously with the acquisition. The capital contributions made to the acquisition vehi
21、cle in connection with its establishment are used to acquire the assets directly from the target. Considerable government liaison work may be necessary for this type of transaction. Agreements with creditors are sometimes required. Arrangements with the targets workers will normally be examined duri
22、ng the approval process. In some cases, formal consultation with the targets workers on their settlement arrangement may be required. While the worker settlement issues are the responsibility of the target, their handling may impact the progress of the transaction. Conclusion China has made consider
23、able advances in the last several years in developing a regulatory framework for M&A transactions. These regulatory developments have broadened the scope of permissible acquisitions and highlight Chinas commitment to honouring its WTO undertakings. These recent regulatory enactments establish the be
24、ginning of a viable framework for M&A transactions in China. Both the range of targets and acquisition methods have been expanded and emerging market practices have been standardised and validated. It can be expected that more detailed implementing regulations filling out the recently enacted genera
25、l provisions will be issued in future. China should continue to attract the interest of foreign investors and M&A transactions should become an increasingly viable method of accessing the Chinese market. Whilst every effort has been made to ensure the accuracy of this publication, it is for general
26、guidance only and should not be treated as a substitute for specific advice. 译文 中国企业如何在并购中获得成功 资料来源 :商业周刊 2010(9) 作者： Phil Leung and Larry Zhu 随着印度马欣德拉公司即将收购韩国双龙汽车制造公司，一家中国企业的跨国经营计划也宣告失败。 2004 年国有企业上海汽车工业总公司在一个激励的收购站中获胜，赢得了双龙公司 50%的股权，这是中国大陆企业第一次对外国汽车生产企业完成收购，同时也使得上汽和双龙可以在业务上互补。在上汽遭遇了一系列挑战，包括无法正常控制双
27、龙管理层和工会后，它迅速消减自己的股份到 4%以下。 像上汽这样 的中国公司慢慢发现，扩张到外国市场是相当不容易的。这当然是他们不愿意看到的。在世界范围内，企业并购的努力常常不能有效完成先前的预期。股份对于有些公司要求更高 例如中国多数买家 他们缺乏企业并购的经验。一份由贝恩咨询公司在全球对 750 家公司进行的调查显示，在并购宣布一年之后， 55%并购公司的股票在市场表现不是那么好。 中国公司应该对这种状况看得开一些，因为随着中国变成该领域的一员，这是一个必要的学习阶段。伴随着中国经济的飞速增长，大陆的公司寻求在海外扩张的机会也日渐增多，它们在积极寻求并购、合资、合作、或 者自然增长的机会。
28、即使在经济危机中的 2009 年，涉及中国公司的并购总额达到了 359亿美元（而在最近的 2004 年，只有 35 亿美元）。数百亿美元的交易正在进行中或已经完成，包括去年中国石化集团国际石油勘探开发有限公司以 77 亿美元收购加拿大 Addax 石油公司。在四月，国有的中石化宣布将会花 47 亿美元从ConocoPhillips 手中购买一个加拿大油砂项目 9%的股份。 在并购中怎样做才是合适的呢？我们发现成功者开始往往是规模比较小的，发展速度慢，在扩张至国外之前，通过在国内的并购得到经验和自信。在做决定（收购）前， 他们常常要追踪收购目标的效益长达数年。 中国化工总公司是中国大陆规模第一的
29、化工企业，它在并购上作出了正确的示范。在国内进行了多达 100 多次的并购后，中国化工自己或通过自己的子公司蓝星，在 2006 年瞄准了三家国外公司：法国的硅工业公司 Adisseo 和 Rhodias、澳大利亚的 Qenos 公司。这些交易作为一连串并购的一部分，总共耗资约 14 亿美元，帮助中国化工登山上了世界的舞台，得到了技术、管理经验、和市场，这些都是成为一个跨国 公司所必备的。随着中国海外并购的增长，中国的公司必须要迅速学习到几点非常重要的经验，以复制像中国化工这样的神话。 规则一：明确何种方式最适合自己 不要认为传统的并购是唯一的选择 。 公司常常是通过在外国找寻合作者以及建立合资
30、公司来明确这个规则。这种方式在不花费太多成本的情况下，给予它们重要的（并购的）领悟和经验。优势是，可以使用合作者的制造设备，使用它们的已经深入人心的品牌，利用已有的销售和物流网络以及人力资源。 而挑战是，明确你为什么需要合作者，怎样的方案是双赢的，如何处理跨文化的挑战。海尔现在是世界领先 的白色家电制造企业，它正在学习如何利用合作者，如美国通用，来合资建立生产部门。作为回报，通用则可以使用海尔的区域销售网络来进入中国区域市场。 规则二：明确你为什么要并购。理解竞争的基础，然后制定投资主题 。 避免灾难性并购最好的方式之一是，搞清楚为何购买一间企业会使你的公司增值。当我们调查成功的并购案例时，我
31、们发现 80%的成功并购是建立在明确的投资方向上的，而失败的交易则占了 40%。常常是，公司没有明确什么是能给公司带来增值或规避风险的机会。成功的并购强化了公司的竞争力，例如它的成本状况，品牌强化，以及消费 者的认同和忠诚。这些都是联想 2005 年并购 IBM 的个人电脑业务时考虑的，这使得联想把触手伸到全球，建立了一个世界品牌，获得在该领域的领导地位。 规则三：知道该终止哪些交易。回答几个涉及你投资主题的问题 。 研究潜在的并购目标，把他们归为一个或两个原则性的选择。不要急于对出现在市场中的并购目标做出反应。理智的交易者明白他们的竞争力因素以及不断思考他们应追寻怎么样的收购。他们的并购团队
32、列出了一系列优先的目标，每个都有一定的投资主题，然后培养和每种目标的关系。结果是，他们可以很快达成一份交易，他们常常愿意多付些代 价或者比对手行动快些。 规则四：明确哪些是你需要首先整合 的，然后迅速获得关键的价值来源。 我们的研究显示，跨国的交易成功比率和国内 并购相近，但是整合起来明显要麻烦些。最明显的挑战包括，如何把整合的主题和每个区域的特定情况结合起来。处理已经存在或潜在的文化差别，考虑到在不同地理地域的管理者和股东，同时处理好复杂的可能危及整合的法律和规则。为了提高成功的概率，并购者需要明白哪些是最好的协助者。他们要确保整合过程易于操作，他们也要反应迅速，以免错过良机。 理解交易能否
33、增加范围或规模是很重要的。中国服装公司雅戈尔 2008 年以1 亿 2 千万美元收购切斯特菲尔德的睿智衬衫，这是个很大的交易，目的是扩大核心业务，像设想的那样扩大规模，瞄准进入相关领域。 扩大业务范围的交易在整合上和扩大规模的交易是不一样的，要培养并购公司一些重要的能力以及整合最重要的方面，而不是把几家小公司联合以获得最大效益。例如，中国化工 06 年并购 Adisseo 改善了中国公司生产蛋氨酸的加工能力，收购 Rhodia 则使得该公司的硅工业得以升级。 规则五：在交易陷入困境时，知道该做什么。设定早期预警机制，并迅速做出反应。 计划赶不上变化。最好的决策者建立早期 预警机制来侦测问题然后解决这些问题，只要它们出现。它们分为不可避免的小失误，以及那些更加严重的问题。并购者必须采取决定性的行动让交易回到正轨或不是。现在不清楚上汽在双龙汽车收购陷入困境时，是否有 B 计划。 最后，提高全球扩张的成功率，知道什么时候从交易中抽出身没有另四项指导思想重要：找到适合你的最好方法，明确你为何要并购，抓住最好的交易，知道怎样整合。中国公司越是想在国际舞台上大展拳脚，它们就越需要这些规则的指引。
