China's Overseas M & A failures inventory of war
Journal of Accounting from the original network
REVIEW: We tried to identify and resolve such laws, and give more Chinese businesses to stay KAM: those their dreams of business, have equally foresight, why is falling into the many pitfalls of overseas mergers and acquisitions? Why do they fail? failed in what areas? and from those who have successful businesses who go out, and mergers and acquisitions across the threshold can find the answer?
for China's enterprises, how to go out? how to go out? This is indeed a serious and thought-provoking topics.
those glorious and tragic battle
5 years ago, was named , then, let TCL became the first martyr to eat crabs. behind, the same difficulties as the acquisition by Chinese enterprises, can open a long list: Lenovo, the cast, Haier, China trek in peace ... ... they have yet to find this feeling on the road, difficult and bitter to explore some the dream of the Chinese enterprises to go out.
this is indeed a very smooth journey. delicate political influence, hidden traps buried in underwater technology, the Western bias of public opinion, tough and unreasonable trade unions, too late to familiar rules of law, the endless labor disputes, shaped like a tasteless waste of assets, poor communication of the cultural conflicts ... ... and both are way ahead of the pit hole, the cruel, cold-blooded to swallow up not too strong corporate body, until the glorious and tragic who left the battle!
have such a set of data: the case of overseas acquisitions in recent years in China, 70% of Chinese companies ended in failure . For Chinese companies, how to go out? how to go out? how mergers and acquisitions to achieve maximum value? is indeed a serious topic but worth pondering. In this huge and complicated systematic project, we are always one is not Be careful to mistakes, somehow pay tuition. We saw the low price, but ignored the they accidentally stepped into a trap.
although this road has excellent breakout success for example, Huawei this horse, companies, through mergers and acquisitions Zoomlion become the boss of the international concrete industry, Geely reverse acquisition of DSI ... ... But compared to the large and frustrated legions of overseas mergers and acquisitions, the success set off in the midst of sorrow and lament the sound, actually is so pale and weak and are weak.
forward no matter how dangerous, but only go out to participate in the reconstruction of the international industrial structure, enhance the level of Chinese manufacturing enterprises, so that the distribution of China's enterprises in the world, various parts of the industry chain. So, more and more Chinese enterprises, like horses running as no turning back corner, a short step caused thousands of miles, and change is naive to the accumulation of experience in the course fee into forward momentum. today's world, has been unable to stop the flood of Chinese enterprises to the world and the dream of rejuvenating the Chinese nation.
so we try to identify and resolve such laws, and give more Chinese businesses to stay KAM: those who their dreams of business, have foresight as to why the numerous mergers and acquisitions, or fall into the trap? Why do they fail? failed in what areas? success from those who go out of business, people learn a lesson and can be found across the M & threshold answer?
Chinese companies often underestimate the risk, or just one-sided value of a particular aspect of the acquired companies, they are sometimes ill-prepared, or the acquired party and their environment, different cultural values, rules of law not through the ... ...
expedition: the fall of M & A Board
an amazing figure for Chinese companies who are very shocking: Ping M & Netherlands - Belgium Fortis Group, 8 months net loss of 15.7 billion yuan; TCL Thomson M & A, 3-year net loss of 40 billion yuan; in investments in U.S....
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