英国圣安德鲁斯大学 (University of St Andrews)：中国对外兼并和收购的关键因素：吉利沃尔沃打赌的个案研究

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Key factors for the success of human resources integration in Chinese outbound merger and acquisition: A case study on Geely's Volvo gamble
中国对外兼并和收购的人力资源整合的成功的关键因素：吉利沃尔沃打赌的个案研究

http://ukthesis.org/ygsslwdx
BACKGROUND
After China's admission to WTO in 2001,"The 4th Surge of Chinese enterprises' M&A" is taking place in China. Generally merger and acquisition is referred to as M&A .According to Donald M. DePamphilis (2009) ,the term "merger" means merging of two or more organizations into one, term "acquisition" means to takeover or something acquiring .Both the terms are used alternatively, but they have a slight difference in their meaning. A merger is said to be when two organizations agree on the decision of being one; it's the mutual decision. An acquisition is buying one organization by another. It can be a friendly takeover or hostile takeover. Whether it is a cross-border merger or cross-border acquisitions, they both involve the integration of human resources, so this paper is going to study the problems of human resource integration in both cross-border merger and cross-border acquisitions.  but you are going to do only ONE case study…
背景
在2001年中国加入世贸组织后，“第四届中国企业”M＆A“是在中国举行。一般来说合并和收购被称为“M＆A”。据DePamphilis唐纳德M.（2009），这个术语“合并”是指两个或两个以上的组织合并成一个，“收购”一词是指收购或获得诸如此类的事情。这两个条款是交替使用，但他们的意义有一个细微的差别。合并被说成是当两个组织同意的决定之一，它是相互决定。收购由一个组织购买另一个组织。它可以是一个友好的收购或敌意收购。无论是跨境合并或跨境收购，它们都涉及到人力资源的整合，因此本文要研究的跨境并购和跨境并购中的人力资源整合问题。但你要做的只有一个案例研究...

"In the earlier years, from the mid-1980s through the year 2000, most of China's merger-and-acquisition deals were focused inward, on the domestic market"(Hemerling J.,2006). But nowadays, since China plans to become a major player on the global economic stage, more and more Chinese enterprises' mergers and acquisitions begin to take on a more outward appearance. At the same time, many key issues, such as pre-deal research and planning and deal completion, financial yardsticks, post-acquisition integration and value extraction are facing to the development of Chinese enterprises.
“在前面的几年，从20世纪80年代中期到2000年，中国的兼并和收购交易大多是向内集中，在国内市场上”（林杰敏J.，2006）。但如今，由于中国计划成为全球经济舞台上的主要参与者，越来越多的中国企业的兼并和收购开始采取更外观。与此同时，中国企业的发展正面临许多关键问题，如交易前的研究和规划，完成交易，金融尺度，收购后的整合和价值提取。#p#分页标题#e#

After viewing some famous authors' articles and the prior case study of Chinese acquisitions such as TCL and Lenovo, etc, it is found that integration in M&A ,especially human resource integration ,is the key to the success of enterprises' overseas acquisition, because the success of most acquisitions hinges not on dollars but on people (Harding and Rouse, 2007 only one reference???). This research is going to explore more about successful factors of HR integration after Chinese enterprises take over foreign companies.
查阅一些著名作家的文章后，并在之前的情况下研究中国的并购，如TCL和联想等等。发现，合并，特别是人力资源的整合，整合是企业海外收购成功的关键，因为：大多数收购成功的关键在于不是美元，而是人力（Harding and Rouse, 2007只有一个参考？？）。本研究将探讨更多的人力资源整合的成功因素后，中国企业接管外国公司。

LITERATURE REVIEW
文献综述

Mergers and acquisitions increased exponentially in the 1980s and continued at a strong pace in the 1990s and the new century. About M&A, Mitchell Lee Marks and Phillip H. Mirvis(1986) pointed out that "One long-term consequence that is rarely seriously considered prior to a merger is that between 50 percent and 80 percent of all mergers are financial disappointments." Avoiding failure is a huge and tough process for the acquiring enterprise. The Wall Street Journal once reported that "Between 50 percent and 75 percent of executives in merged firms plan to leave the new organization within three years.", "One-third of all acquired companies get sold off within five years and that as many as 90 percent of all mergers fail to live up to expectations."(Mark Feldman,1986 any more up-to-date data that can supports this argument?). So John C. Bruckman and Scott C. Peters(1987) argued that "Companies are starting to understand that mergers cannot be solely dominated by lawyers and financial analysts. Lawyers and financiers make the deal, but it is line managers that have to make the merged firm work."  "Clearly, there is a difference between making acquisitions and making them work. And clearly, we must look beyond conventional advice on making acquisitions to understand how to manage them better."(David B. Jemison and Sim B. Sitkin,1986) ." Executives who have been through the merger process now recognize that in today’s economy, the management of the human side of change is the real key to maximizing the value of a deal."(Gunther,2001).
在20世纪80年代，兼并和收购成倍的增加，，并继续以稳健的步伐迈向90年代和新世纪。关于并购，米切尔利商标和Phillip H.米尔维斯（1986）指出：“一个长期的后果，很少认真考虑合并前是介于50％和80％的所有并购财务失望。”避免失败的收购企业是一个庞大而艰难的过程。华尔街日报曾报道称，“在合并后的公司的高管在50％和75％计划三年内离开新组织。”，“三分之一的所有收购公司在五年内得到抛售，多达所有合并的90％的不争气。“（马克费尔德曼，1986任何可以支持这种说法的最新数据）。因此，约翰•C•布鲁克曼和Scott C.彼得斯（1987）认为，“企业开始认识到并购不能仅仅主要由律师和金融分析师，律师和金融家使交易，但它是使直线经理合并后的公司工作。““显然，收购，使他们的工作之间是有区别的，很明显，我们必须超越传统的意见作出收购，以了解如何更好地管理这些。”（戴维•杰米森和SIM B.锡特金，1986）。 “高管已经通过合并过程现在认识到，在当今的经济，管理人性化的一面变化的交易价值最大化才是真正的关键。”（Gunther,2001）。#p#分页标题#e#

From the "Merger & Acquisition Strategic Integration Reference Guide" prepared by Indina river capital partners and its associates, who have more than 100 years of combined experience as line managers, functional specialists and consultants in over 50 mergers and acquisitions, the following are common mistakes many acquiring companies make which contribute to M&A failures:
从“并购战略整合参考指南”由Indina河资本伙伴和联营公司，拥有超过100多年的经验相结合作为直线经理，功能专家和顾问在50兼并和收购准备，以下是常见的错误许多收购公司使这有助于并购失败的：

1. • Inadequate evaluation of the compatibility of the acquired company in terms of style, structure and business practices.
1. 评估被收购公司在风格，结构和经营手法方面的兼容性不足。
2. • Top management does not have the time to plan the transition in the period prior to closing.
2. 在收盘前的时间最高管理层没有计划的过渡期间，
3. • Managers under-estimate the negative reactions to being acquired because these usually are not openly expressed.
3. 经理估计被收购，因为这些通常是不公开表达的负面反应。
4. • In an effort to reassure employees in the acquired company, statements are made like “Nothing will change,” or “There will be no changes in management,’ which immediately undermines credibility.
4. 在努力安抚被收购公司的员工，像“什么都不会改变”，或“将不会有任何变化管理，立即破坏信誉。
5. • Management does not appreciate how much effort is needed to gain credibility with the people in the acquired company.
5. 管理多少的努力，才能赢得信誉与被收购公司的人并不领情
6. •Commitments are made which subsequently are not honored, thus undermining confidence in the new management.
6. •承诺后来都没有兑现，从而削弱在新管理层的信心。
7. •The transition process is too lengthy and because decisions are not made quickly, the negative reactions in the acquired firm become a dominant force.
7. 转型过程过于冗长，因为没有迅速作出决定，被收购公司的负面反应成为一个主导力量。
8. • The transition manager or transition team cannot get access to objective information and are forced to make decisions based on misleading or inadequate data.
8. 过渡经理或过渡团队无法获得客观信息，并被迫作出具误导性或不充分的数据基础上的决定。
9. • Management in the firm making the acquisition is inclined to try to assimilate the new subsidiary into their established way of working rather than adapt and recognize the merits and value of culture in the acquired firm.#p#分页标题#e#
9.  •管理公司收购的倾斜，尽量吸收到他们的工作，而不是适应和承认的优点和文化价值被收购公司的方式建立新的子公司。
10. • The assessment of people to hold key positions in the new combined organization is biased toward employees of the parent and not based on an objective analysis of position requirements and the talents of all available staff in both companies.
 评估在新的联合组织中担任要职的人偏向于母公司的员工，而不是根据职位的要求与客观的分析，在这两个公司所有员工的人才。
 
Then Andrej Bertoncelj and Darko Kovač(2007) argued that though sometimes billions and billions of dollars were spent on acquisitions with lackluster results, the failure rate of acquisitions was unacceptable and unnecessary. We should look for other solutions and identify the real causes for the high failure rate. They outline the importance of balanced management of hard and soft key success factors, five hard success factors – a professional target search and due diligence, a realistic assessment of synergies, the right mix of financial sources, a detailed post-acquisition integration plan already prepared in the pre-deal phase and its speedy implementation, and five soft success factors – a new “combined” organizational culture, a competent management team, innovative employees, efficient and consistent communication and a creative business environment .According to their research ,Peiguan Wu(2009),vice-president of international business school of Zhongshan University, found that most Chinese enterprises pay too much attention to the hard success factors but neglect the soft success factors which is one of the reasons leads to the failure of their acquisition. He also points out that because of the regime and history and many other differences between China and western countries, there is distinctiveness in the human resources integration process in Chinese companies. And for now, little research has been done on this problem. So this research will pay attention to the key factors influence human resource integration in Chinese outbound merger and acquisition and set up a HR integration model for Chinese enterprises after study Peter F. Drucker(1986)'s five rules for successful acquisitions, Andrej Bertoncelj and Darko Kovač(2007)'s hard and soft key success factors for a higher success rate in mergers and acquisitions,some famous cases like TCL and lenovo's experiences. Use the factors model to solve human resource integration problems in Geely from the macro and micro aspect respectively, integrate nationality and corporation culture difference as well as rebuild the corporation and employee psychological contract.
然后，安德烈Bertoncelj达尔科•科瓦奇（2007）认为，用呆滞的结果虽然有时数十亿数十亿美元用于收购，收购的失败率是不可接受的和不必要的。我们应该寻找其他的解决方案，并确定高失败率的真正原因。它们勾勒出均衡管理软，硬的关键成功因素的重要性，五个坚硬成功因素 - 一个专业目标搜索和尽职调查，一个现实的评估协同效应，资金来源的正确组合，一个详细的收购后的整合计划已经准备在交易前阶段和迅速实施，五软的成功因素 - 一个新的“组合拳”的组织文化，一个称职的管理团队，创新的员工，高效的和一致的通信和创意的商业环境。#p#分页标题#e#

 if you are going to bring in “cultural influence” into the discussion of Chinese outbound M & As, you will need to develop some theoretical discussion (i.e. literature review) on this cultural influence on cross-broader M & As/ human resources integration.
如果你打算引进到中国的海外并购，这种文化交叉更广泛的并购为/人力资源整合的影响，你将需要开发一些理论的讨论（即文献综述）讨论的“文化影响力”。