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1、外文翻译原文corporateculturesplaybigroleinM&AintegrationMaterialSource:Materialresource:M&AfromplanningtointegrationAuthor:RobertJ.Borghese&PaulF.BorgeseFormanycorporateleadersinvolvedinmergersandacquisition,Integrationissuessuchasaccountingmethods,financia
2、lpracticesandoperatingsystemsoftentakeprecedenceoverthehumanaspectofblendingtwoentities.Butthisoften-neglected“softside”isjustasimportantasthetechnicalend.“Postclosingchallengeraiseawidevarietyofhumanfearsanduncertainties,whichmustbeunderstoodandaddre
3、ssedbybothbuyerandseller,”saidAndrewJ.Sherman,authorofM&AfromAtoZandcapitalpartnerofKatten,Muchin&Zavis.“Thefearoftheunknownexperiencedbytheemployeesofthesellermustbeconfrontedandputtorestortheemployees’stressandtraumawillaffecttheseller’sperformancea
4、ndtheviabilityofthetransaction.SensitivityFoundLackingManyoftheproblemsassociatedwithmergersandacquisitionarerootedinalackofsensitivitytotheculturesofthecombiningentities.Buyersandsellerseachpossessuniquecorporateofthecombiningentities.Buyersandseller
5、seachpossessuniquecorporateculturesinwhichtheyoperate,rangingfrombusinessphilosophies,practicesandethics,downtodresscodesandbusinesshours.Whenthesestylesclash,attemptingamergercanseemlikeblendingoilandwater.Soisitpossibletomergecompaniesatoppositeends
6、oftheculturalspectrum?Theanswerisyes,butthekeystosuccessfulculturalintegrationandgoodcommunicationandduediligenceintheearlynegotiationstages.Forexample,employeesneedtoknowwhythemergertookplace,whatitsgoalsare,andhowtheywillfitintothenewcompany.Alsoimp
7、ortanttoemployeesisknowingwhetherthecultureoftheblendedcompanywillbedifferentfromthecultureinwhichtheycurrentlywork,andifso,howmanagementplanstoeasethattransition.Inmanycase,employeesareunawareoftheirculture’sstrengthandhowitimpactstheirdailyactivitie
8、s.ItisthereforeimportantforM&Aadministratorstofollowfourstepswhenattemptingsuccessfulunions:1.Allowculturaldifferencestoplayapartindeterminingthedeal’svalues.2.Realizethatbothcompanies’culturesareimportant.3.Admitthatitisnotineithercompany’sin
