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在中国乃至全球的商业领域,并购始终是企业成长有力的助推器,也日益成为企业经营活动的基本组成部分。思科自1993年至今进行了70多项并购,其成功的收购战略一度成为业界的热门话题;中国的海尔、青啤等大型企业同样是在一连串并购中成长起来的。不过,成功并购者光环映衬下,众多失败者的脚印却历历在目:己并入新惠普的康柏公司在1998年也曾以90亿美元天价吞并 Digital 公司,然而Digital 与康柏业务的重整耗费了太多的时间与资源。给戴尔以后来居上的可乘之机,四年后康柏不得不面临又一场更大规模的并购,只是其角色已发生了颇为苦涩的转变;曾经在中国火腿肠产业红极一时的春都集团,恰恰是由于盲目的并购扩张导致巨额亏损并最终破产。据毕马威管理咨询的调查显示,并购后的企业中有40%没有起色,而30%的并购适得其反,仅有30%产生了积极影响。那么并购的阿基里斯之踵究竟在哪里呢?
In the commercial area of China and even the world, M & A has always been a strong promoter of business growth and an increasingly integral part of business activities. Cisco has conducted more than 70 mergers and acquisitions since 1993, and its successful acquisition strategy was once a hot topic in the industry. Large Chinese companies such as Haier and Tsingtao Brewery also grew up in a series of mergers and acquisitions. However, the success of the mergers and acquisitions aura, the footprints of many losers are vividly: merged into a new Hewlett-Packard Compac also had $ 9 billion annexation of Digital's high price in 1998, Digital and Compaq business weight Spent too much time and resources. Four years after Compaq had to face yet another larger merger and acquisition, but its role has been quite a bitter shift; once in the Chinese ham industry, the smash hit spring Both groups, precisely because of the blind expansion of mergers and acquisitions led to huge losses and eventually bankruptcy. According to a survey conducted by KPMG's management consulting firm, 40% of post-M & A businesses have not improved, while 30% have done the opposite. Only 30% have a positive impact. Then Achilles heel merger where exactly?