资源描述：
《外文翻译通过并购创造价值》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、CreatingvaluethroughacquisitionsStuartE.Jackson,(2007),"Creatingvaluethroughacquisitions",JournalofBusinessStrategy,Vol.28Iss:6pp.40–41Acautiontoreaderswholikenothingbetterthanaheadline-grabbing,out-of-the-blueacquisition:I’mnotoneofyou.Infact,asarule,Iama
2、nadvocateoforganicgrowth,ofgrowingoutfromthecoreofthebusinessinwaysthatbuildonestablishedstrengths.ThatstrategyisattheheartofadisciplinethatIcall‘‘strategicmarketpositioning,’’orSMP,whichisaboutdefendingandgrowingyourcompany’sweightedshareofthestrategicmar
3、ketsegmentsthatdefinecompetitiveadvantagewithinyourindustry.Thismaybedefinedbygeography,customerdemographic,channelfocus,andsoon–thecriticaldimensionsofscaleforyourparticularbusiness.Itisnotabout‘‘growthforgrowth’ssake，butaboutcombiningthefundamentalprinci
4、plesofcustomerpreferenceandproducereconomicswiththegoalofachievingstrongmarketpositionsandhigherprofitabilitythroughthegoalofachievingstrongmarketpositionsandhigherprofitabilitythroughselectivegrowth..Statedsimply,youarefarmorelikelytoincreasethevalueofyou
5、rcompanyifyoucanfindawaytoexpandyourexistingbusinessandachieveincreasedbenefitsofscaleorscopewithinyourexistingstrategicsegments.Onehugeproblemwithmostofthoseheadline-grabbingdeals:itishardtocreatevalueforshareholdersgiventhepriceofacquisitionstoday.Everys
6、uccessfulcorporationisfeelingthesamegrowthimperatives,soalmostallofthemarelookingforgrowing,profitablecompaniestoaddtotheirportfoliosofbusinesses.Meanwhile,would-beacquirersfacestiffcompetitionfromfinancialbuyers.equityfirmslookingforgoodcompaniestobuy.The
7、sefinancialbuyerswerenotinthegame20yearsago,orevenadecadeago.Itcantakeonlyoneortwosuchbuyerswithaninflatedsenseoftheirownmanagementcapabilitiestodrivethecostofapotentialacquisitionpastwhatyoushouldbewillingtopayforit.Thecombinationofthesefactorsmeansthatva
8、luationsofgoodcompanies,andevensomenot-so-goodcompanies,havebeensteadilycreepingupwardsincethemarketrecoverybeganin2001.Theupshot?Youmayhavetopaytentimescashflowor20timesnetearnings,oreven-6-more,toacquireago
