具体描述
公司兼并与收购的动机是什么?在并购市场上谁为主体7有什么规则? 并购方如何进行对抗性投标?如何确定其目标?是什么决定着被并购企业的价值?并购的付款方式有哪些?为什么许多并购失败了? 本书对上述问题及其他有关问题作了清楚而确切的解释。对于那些接受短期培训的管理者、MBA，以及想迅速了解这一问题核心内容的教师和学生来说，都不失为极具价值的参考书。它还可以作为管理人员的藏书，以及那些有抱负的管理人
作者简介
目录信息
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)
读后感
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用户评价
这本书的叙事节奏简直就像一趟惊心动魄的过山车，让人肾上腺素飙升。作者对人物心理的刻画入木三分，那些身处权力漩涡中心的个体，他们的挣扎、算计与最终的抉择，都被细腻地捕捉了下来。我特别欣赏作者在构建宏大商业图景的同时，没有忽视那些微小的、足以改变局势的情感波动。比如，书中描绘的某次关键谈判，表面上是数字和条款的较量，但字里行间透露出的却是两位高管多年恩怨的暗流涌动。那种张力，让我几乎能听到桌面上咖啡杯轻微的碰撞声。情节设置上，几次出乎意料的反转，都处理得非常自然，没有为了戏剧性而牺牲逻辑。读完后，感觉自己不仅是看了一个故事，更像是潜入了一场高智商的博弈现场，对商业世界那种光鲜背后的残酷和复杂性有了更深层次的理解。书中的对话尤其精彩，精炼却充满力量，很多台词值得反复琢磨，它们如同精准的手术刀，剖开了企业决策的本质。
评分这本书的结构设计简直是教科书级别的复杂与精妙，像是一张错综复杂的蜘蛛网，每一条线索都与其他线索紧密相连，但又各自独立地发展着。作者巧妙地运用了多重视角叙事，让读者在不同的时间点和不同的利益相关者之间频繁切换，每一次切换都带来新的信息增量，但也同时加深了对全局的迷惑性——直到最后高潮部分，所有的线索如同被一只无形的手牵引，轰然收拢，形成一个令人拍案叫绝的闭环。这种叙事技巧的难度极高，稍有不慎就会导致故事散乱，但在这本书里，作者展示了惊人的掌控力。我读到快结尾时，甚至需要倒回去重读几章，以确认自己是否完全理解了前期的铺垫是如何精确地导向最终的结局的。这种需要读者积极参与解读和拼图的过程，极大地提升了阅读的智力参与度。
评分如果用一个词来形容这本书带给我的感受，那一定是“冷静的犀利”。它不带有强烈的道德审判色彩，对书中所有角色的行为，无论是高尚的还是卑劣的，都保持了一种近乎科学家的客观记录态度。书中大量关于市场机制运作和企业治理结构的探讨，都建立在对现实商业案例的深刻洞察之上，但作者非常高明地将这些理论性的内容，巧妙地融入到角色之间的权力博弈和私人恩怨之中，使得“干货”丝毫没有脱离故事本身。我尤其赞赏作者对“灰色地带”的处理，他从不将人物脸谱化，你知道A的决定虽然导致了B的毁灭，但A自身的处境也充满了不得不为的无奈。这种对人性复杂性的深刻洞察，让这本书超越了单纯的商业故事，达到了对社会运行法则的哲学思辨层面。
评分这本书在感官体验上做得极其出色，仿佛作者为我们准备了一场全方位的感官盛宴。比如，书中对不同商业场景的描绘，不仅仅是视觉上的，你几乎能闻到那种昂贵雪茄混合着旧皮革的气味，感受到顶级会议室里空调系统发出的低沉嗡鸣。更重要的是，它对“效率”和“冗余”的理解，体现在了语言的节奏上。在描述快速决策时，句子变得短促有力，像机关枪扫射；而在描述漫长的等待和内部消耗时，句子则被拉长，充满排比和大量的修饰语，营造出一种时间被稀释的感觉。这种文字节奏与内容情绪的高度同步，让阅读过程充满了沉浸感，让我几乎忘记了自己是在阅读文字，而是在亲身经历这些事件。这种对细节的极致打磨，体现了作者对读者的尊重。
评分我必须得说，这本书的文字风格有一种令人沉醉的古典美感，即便是描述现代商业冲突，也仿佛披上了一层历史的厚重感。作者的遣词造句极为考究，常常使用一些意象化的表达，使得那些原本可能枯燥的商业流程变得富有诗意，或者说，充满了宿命感。比如，书中对某家老牌企业的衰落的描写，并非简单地罗列财务报表上的数字下滑，而是通过对一座空旷的行政大楼光影变幻的细致描摹，营造出一种无可挽回的萧瑟气氛。这种侧重于氛围和意境的营造，使得阅读体验非常独特，它更像是在品鉴一部慢节奏的艺术电影，而不是快速消费的商业读物。对于那些追求文字韵味和深层意境的读者来说，这本书无疑是一份惊喜。它不急于给出答案，而是引导读者去感受那种时代洪流中，个体命运被裹挟的无力感。
评分肤浅。
评分当时的梦想，就是成为像申东贤那样的M&A专家
评分肤浅。
评分当时的梦想，就是成为像申东贤那样的M&A专家
评分当时的梦想，就是成为像申东贤那样的M&A专家
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