A comprehensive guide to the world of mergers and acquisitions Why do so many MandA transactions fail? And what drives the success of those deals that are consummated? Robert Bruner explains that MandA can be understood as a response by managers to forces of turbulence in their environment. Despite the material failure rates of mergers and acquisitions, those pulling the trigger on key strategic decisions can make them work if they spend great care and rigor in the development of their MandA deals. By addressing the key factors of MandA success and failure, Applied Mergers and Acquisitions can help readers do this. Written by one of the foremost thinkers and educators in the field, this invaluable resource teaches readers the art and science of MandA valuation, deal negotiation, and bargaining, and provides a framework for considering tradeoffs in an effort to optimize the value of any MandA deal. Applied Mergers and Acquisitions is part of a complete suite of resources on MandA that includes a workbook and a CD-ROM with additional spreadsheets. Robert F. Bruner, MBA, DBA (Charlottesville, VA), is the Distinguished Professor of Business Administration at the Darden School at the University of Virginia and Executive Director of the Batten Institute. He directs the Darden School's executive education course on mergers and acquisitions, and teaches the popular MBA elective on that topic. He holds a BA from Yale University, and a MBA and DBA from Harvard University.0471395064 A comprehensive guide to the world of mergers and acquisitions 0471395064 A comprehensive guide to the world of mergers and acquisitions Why do so many MandA transactions fail? And what drives the success of those deals that are consummated? Robert Bruner explains that MandA can be understood as a response by managers to forces of turbulence in their environment. Despite the material failure rates of mergers and acquisitions, those pulling the trigger on key strategic decisions can make them work if they spend great care and rigor in the development of their MandA deals. By addressing the key factors of MandA success and failure, Applied Mergers and Acquisitions can help readers do this. Written by one of the foremost thinkers and educators in the field, this invaluable resource teaches readers the art and science of MandA valuation, deal negotiation, and bargaining, and provides a framework for considering tradeoffs in an effort to optimize the value of any MandA deal. Applied Mergers and Acquisitions is part of a complete suite of resources on MandA that includes a workbook and a CD-ROM with additional spreadsheets. Robert F. Bruner, MBA, DBA (Charlottesville, VA), is the Distinguished Professor of Business Administration at the Darden School at the University of Virginia and Executive Director of the Batten Institute. He directs the Darden School's executive education course on mergers and acquisitions, and teaches the popular MBA elective on that topic. He holds a BA from Yale University, and a MBA and DBA from Harvard University.
ROBERT F. BRUNER is the Distinguished Professor of Business Administration at the Darden School of the University of Virginia and Executive Director of the Batten Institute. He directs the Darden School’s executive education course on mergers and acquisitions, and teaches the popular MBA elective on that topic. He is the author of over 250 case studies and a casebook, Case Studies in Finance: Managing for Corporate Value Creation, which has been adopted for use at over 200 schools. Bruner’s articles have been published in the Journal of Financial Economics, the Journal of Accounting and Economics, the Journal of Financial and Quantitative Analysis, the Journal of Money, Credit, and Banking, and Financial Management. He has served as a consultant to over twenty corporations as well as to the U.S. Government, and prior to his academic career, worked as a commercial banker and venture capitalist. Bruner holds a BA from Yale University, and an MBA and DBA from Harvard University.
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这本书的结构设计体现了作者对并购生命周期的深刻理解,从最初的战略契合度分析,到最终的交割与后续监管,每一个步骤的衔接都处理得恰到好处,没有让人感到逻辑上的跳跃或信息的断裂。它的严谨性体现在对监管环境变化的跟踪上,对于反垄断审查和国际税务筹划的关键点都有详尽的解释,这在当前全球化背景下,是至关重要的知识储备。我个人对其中关于“不良资产剥离与重组”的章节尤为感兴趣,它展示了如何将看似陷入困境的业务部门,通过结构化调整,转化为新的价值增长点,这需要极高的财务工程技巧和市场洞察力。书中对“特殊目的收购公司(SPAC)”这种新兴融资和并购工具的介绍,也显得非常及时和前沿,分析了其相对于传统IPO和并购的优劣势。整体而言,这本书的深度和广度令人称赞,它成功地搭建起了一座连接学术理论和瞬息万变的商业实践之间的桥梁,确保了读者获取的知识既有理论基础,又具备即时的应用价值,绝非过时的参考资料。
评分这本书简直是为那些渴望深入理解企业并购复杂性的人量身打造的教科书。它不仅仅停留在理论的层面,而是以一种极为详实和系统的方式,将并购过程中的每一个关键环节都剖析得淋漓尽致。我特别欣赏作者在处理尽职调查这一块的深度,他们没有回避那些常常被轻描淡写但实则决定成败的细节,比如文化整合的挑战、法律合规的陷阱,以及如何构建一个真正能实现协同效应的交易结构。读完前几章,我感觉自己仿佛置身于一个真实的投行交易室,面对着堆积如山的财务报表和无数份保密协议,需要迅速做出高风险决策。作者对估值模型的阐述也相当到位,不同于市面上一些只罗列公式的书籍,这里更侧重于如何根据不同行业的特点和市场环境,灵活调整折现现金流(DCF)和其他估值方法的权重,这对于实务操作人员来说,是无价的指导。对于初入这个领域的专业人士,这本书提供了一个坚实的基础,而对于经验丰富的并购专家,它也是一个极佳的知识复核与拓展工具,尤其是关于交易后的绩效评估和价值实现的部分,提供了许多创新的视角。这本书的行文流畅,逻辑清晰,尽管主题专业,但作者的叙述方式却能有效降低读者的认知负担,让人在学习复杂概念时保持高度的专注。
评分我对这本书的评价可以用“透彻与细致”来概括。它没有回避并购交易中那些最令人头疼的法律和合同细节。例如,关于“交割条件”和“重大不利变化条款(MAC Clause)”的讨论,作者深入挖掘了不同司法管辖区对此类条款解释的差异性,并提供了应对诉讼风险的最佳实践。这部分内容对于法务团队和首席财务官来说,是极具价值的“避雷指南”。此外,书中对“卖方融资”和“或有对价(Earn-out)”机制的构建也做了非常深入的分析,它不仅解释了这些工具如何用于弥合买卖双方在未来盈利预期上的分歧,还详细说明了如何设计机制来避免因后续业绩评估产生的纠纷。这种对交易工具的精细化操作指南,是许多同类书籍所缺失的。整本书的阅读体验是层层递进的,它要求读者保持批判性思维,不要轻易接受任何既定假设,而是要学会质疑和重新构建价值链,这正是高级商业决策者所需要的核心素养。
评分这本书最让我感到惊喜的是它对“战略意图”与“财务执行”之间关系的深刻洞察。许多并购案例的失败,并非因为财务模型算错了,而是因为收购的初衷——战略协同——在执行层面被稀释或误解了。作者通过剖析一系列成功的和失败的并购案例,强调了在决策初期,必须建立一个清晰、可衡量的战略价值框架,并确保所有后续的尽职调查、估值和整合计划都围绕这个框架展开。它提供了一套完整的“战略验证流程”,帮助企业在投入巨额资金之前,确认目标公司是否真正能够补强自身的竞争短板或开辟新的增长曲线。这种自上而下的分析方法,将并购活动从纯粹的资本运作提升到了核心战略执行的层面。从这个角度看,这本书不仅是关于“如何做并购”,更是关于“为什么做并购”,以及“如何确保我们做的是正确的并购”。对于希望将并购打造为企业核心竞争力的机构而言,这本书无疑是不可或缺的指南。
评分我必须说,这本书的实用性远超我的预期,它更像是一本高阶操作手册,而不是晦涩难懂的学术论文集。特别令我印象深刻的是关于“交易谈判策略”的那几个章节,作者没有采取那种空泛的指导方针,而是深入剖析了买方和卖方在信息不对称情况下的博弈心理。他们引用了大量的案例研究,展示了在不同权力结构下,如何运用锚定效应、预设底线以及关键人物关系网来引导谈判走向对自己有利的方向。这种对“人”的因素的关注,是许多侧重于纯财务模型的书籍所缺乏的。此外,书中对整合阶段的风险管理也进行了精辟的论述,明确指出了很多并购失败的“隐形杀手”,比如关键人才流失和IT系统的冲突。它强调了“文化契合度”绝非一句空话,而是需要量化、监测和主动干预的管理课题。对于那些正在考虑或刚刚完成一笔重大交易的企业高管来说,这本书能提供一个近乎完美的风险预警清单。我尤其推荐给那些负责并购后整合(PMI)的团队,书中的时间表和里程碑设置,可以极大地帮助他们系统性地推进工作,避免手忙脚乱。
评分UNSW FINS5538 教材 大而杂的一本书
评分UNSW FINS5538 教材 大而杂的一本书
评分我觉得这本书理论性和实操性兼具,真是相当完美了!讲并购的书里首推!
评分虽然奉为经典,但还academic research东西多点
评分我觉得这本书理论性和实操性兼具,真是相当完美了!讲并购的书里首推!
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