企业文化在并购过程中的作用

------YaakovWeber

Mergersandacquisitionsprocess:theuseofcorporatecultureanalysis袁林AbstractPurpose–Thepurposeofthispaperistoadvancecross-culturalmanagementduringmergersandacquisitions(M&A)Design/methodology/approach–Basedonliteraturereviewandcasestudiesofbothsuccessfulandunsuccessfulcompanies,thispaperclarifiestheconcept,theassessmentandtheuseofcorporatecultureanditsdimensionsandshowsitsroleintheinternationalbusinessenvironment.Findings–theenduringparadoxofthehighrateofM&AfailurevsthegrowingactivityofM&Amaybeduetolackofsynchronizedactivitiesofallmergerstages.Originality/value–Thepaperoffersinsightsintocorporatecultureanditsimpactduringpre-mergerstage,negotiation,andthepost-mergerintegrationprocess.IntroductionMergersandacquisitions(M&As)activityaroundtheworldhasbeenboomingforthelastthreedecades,butbusinessleadersbelievethatonly9%were“completelysuccessful”inachievingtheirstatedobjectives，formergerintegrationconsultantsareoftennotbroughtinuntilproblemsariselateinthepost-combinationaftermathstage.

culturaldifferenceshaveanegativeimpactonM&Aperformance.cross-culturaldifferencescanhavebothnegativeandpositiveeffectsonM&Aperformance.ReasonsCulturaldifferencesintheM&Adecision-makingprocessseemtobeneglected.Therearetwomainreasonsfortheapparentdivergencebetweenconventionalacademicwisdomandexecutivepractice.First,thescholarlyliteraturefocusesontheroleofnationalandcorporatecultureonlyinthelaststageofM&A,namely,post-mergerintegration,ratherthanonallM&Astages,includingplanningandnegotiations.Second,theconceptofcultureisnotentirelycleartoexecutivesandthereforedifficulttoimplementinpractice,Thecross-culturaldifferencesfactorinM&Asuccesshasbeenthesubjectofcontradictoryandperplexingfindings.

1.LackofcultureassessmentintheearlystagesofM&ATwostreamsofmanagementresearch

pre-mergerstage---examinedtherelationshipbetweenfirm-levelmeasuresoffinancialperformanceandthestrategicfitbetweenbuyingandsellingfirmspost-mergerstage----examinestheculturalfitofthebuyingandsellingfirmsanditsimpactonthesuccessofthemergedcompanyTheseformerstudieshavepaidlittleattentiontocross-culturalmanagement

Thisissuehasbeenraisedbyseveralscholarsmanyyearsagobutthesituationhasnotchangedmuchsincethen.

theinterventionsshouldspanallM&Astages.However,muchM&Aconsultingisfarmorepiecemealandreactive,asdifferentconsultantsarebroughtintohelpresolveaparticularproblemthatemergesinoneaspectoranotherintheoverallM&Aprocess2.Evaluatingandmeasuringdifferencesinmanagementculture（1）Whatisorganizationalculture?

Managementcultureisadevelopingsystemofbeliefs,valuesandassumptionssharedbythemanagersaboutthedesiredwayofmanagingtheorganizationsothatitcanadjusttoitsenvironment

corporatecultureisanacquiredsystemofknowledgeandframeworksofreferencethatmakepossibletheunderstandingandexplanationofwhatoccursintheorganization.

(2)Dimensionsoforganizationalculture

ApproachtoinnovationandactivityManagerswithastrongorientationforinnovationanddynamicactivityencouragerapidresponsetochangesandtocompetitionintheoutsideenvironment.Theyattempttoexploitopportunitiesfornewproductsandmarkets.Organizationswithadifferentcorporateculturepreferstability,intensiveplanningandarelativelyhighlevelofformality.管理者具有强大的创新和动态的活动方向，鼓励快速反应的变化和竞争的外部环境。他们试图利用新产品和市场的机会。具有不同企业文化的组织更倾向于稳定、密集的规划和相对较高的形式。ApproachtoriskManagementbeliefsaboutrisktakingareamongthemainfactorsthatdifferentiatebetweenorganizations.Thetendencytotakerisksaffectsmanydecisionssuchasinvestmentinnewinitiatives,acquisitionandinvestmentinproductionequipmentandtechnologies,thelevelofinvestmentinresearchanddevelopment,managementofcashflowandcreditandeventhewayinwhichpensionfundsarehandled.对风险的管理信念是区分组织之间的主要因素。承担风险的倾向会影响到许多决策，如投资于新的举措，收购和投资的生产设备和技术，研究和发展的投资水平，现金流和信贷管理，甚至在养老基金的方式处理HorizontalrelationshipManagementshavedifferentapproachestotheimportanceofcooperationandconnectionbetweenunitsoftheorganizationfortheachievementofenterprisegoalsortheencouragementofcompetitionbetweenunitstoincreasemotivationandeffort.Someorganizationshavecomplexcoordinationmechanisms,whereasothersusesimplemeansofsynchronization,suchasschedulesandstandardization.

管理者有不同的方法来实现企业目标之间的合作和联系的重要性，或鼓励单位之间的竞争，以增加动机和努力。有些组织有复杂的协调机制，而其他组织则使用简单的同步方法，例如时间表和标准化。Vertical-hierarchicalcontactThisdimensionaddressesmanagementbeliefsaboutattitudestowardsubordinates,suchassupport,understandingandencouragement.Afundamentalcharacteristicofmanagementisthebeliefaboutthelevelofautonomyandresponsibilitythatshouldbedelegatedinimportantdecisions.Thesebeliefsaffecttheformoftheorganizationalstructure,thedefinitionsoftherolesandprocedureswithintheorganizationandthelevelofformalityofthesedefinitions.管理的一个基本特征是对重要决策的自主性和责任感的信任程度。这些信念会影响组织结构的形式，在组织内的角色和程序的定义和这些定义的形式的层次

AutonomyanddecisionmakingApproachtoperformanceTherequirementsplacedonmanagersandemployeesandthefocusonperformanceevaluationsareimportantaspectsofmanagementculture.Managementsdifferintheirbeliefsabouttheneedtorequireconstantimprovementandachievegoals,attimeschallengingones.

ApproachtorewardsManagementapproachestorewardsarerelatedtobeliefsabouttheneedtorewardfairlyandcompetitivelyrelativetootherorganizationsintheindustryandtolinkrewardwithperformance.Itaffectstheextenttow