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趋势 Trends

Course video 45 of 61

我们将介绍兼并和收购的趋势、目的和运作流程，区分二者的不同，并调查阻碍该程序的内外部因素。我们还将探索在您已为公司确定了合适的匹配的情况下，促使兼并成功或收购具有价值的突出优势，最后，我们将了解现实世界中并购活动涉及的程序。

与之前的“竞争策略”(https://www.coursera.org/learn/competitivestrategyzh)相比，“高阶竞争策略”课程将在讲解新课题和新模块的同时，结合更多实际案例并提供更多与学生互动交流的机会。在“高阶竞争策略”课程中，我们将研究企业如何通过增加转换成本和推进战略客户锁定来建立和维护客户群。探索企业如何通过寻求适当的价格歧视和产品差异化策略来提高收益。我们将举例介绍在欧盟竞争政策和美国反垄断政策前提下可接受的行为，并且找到企业通过战略性利用网络效应和规模经济来增加回报的方法。我们会进一步强化新学的有关网络效应的知识，并讨论专门为网络市场定制的策略。我们还会分析兼并和收购的运作方式，此外，帮助您思考有助于公司有机增长的其他策略。 This is a Chinese version of Advanced Competitive Strategy. You can find the original course in English from our course catalog. 【此版本是Coursera首次尝试推出的中文翻译版。课程视频为英文原版附中文字幕，课程页面和测验已译成中文，帮助中心提供中文支持。此版本仍在测试中，欢迎批评指正。】

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Ministrado por

Tobias Kretschmer
Professor

Transcrição

We're about to enter the world of mergers and acquisitions.

But before we do that, lets take a step back,

to get a general feeling for the larger picture,

and examine some of the recent trends in the US, in Europe and in Asia.

And if we start thinking about what kinds of trends we can observe,

and I'll show you in the next couple of slides,

there are three trends that I want to point out.

First of all, mergers and acquisitions occur in waves.

So that means that lots of firms merge at the same time.

And that's an interesting observation in it's own right.

Why do they merge at the same time?

Not entirely clear.

Maybe it's a general economic picture that makes it attractive to merge.

Maybe it's because people, firms look at other firms to see

well now I need to merge because others have merged.

So there's a wave going on.

It's difficult to say, but it's interesting.

Secondly, mergers have increased over time.

So the number of mergers in general has increased over time.

And thirdly, the overall volume of mergers has gone up in recent years.

So they've become more and more valuable.

And I hope to convince you of these three facts in the next couple of slides.

When we look at three economic areas,

we'll look at the U.S. we'll look at Europe, and we'll look at the Asia-Pacific Region.

So here just looking at the value, so that's the red line,

and looking at the blue lines which are the number,

we can see that

first of all mergers do seem to occur in waves.

So you've got these two spikes both in '96 roughly and in 2006

that seem to suggest there's lots of mergers going on at the same time.

And if you look at the value, the overall volume of mergers

has gone up in those three decades that we're looking at.

Looking at Europe we see that there are two probably slightly less pronounced spikes here

in '98 to 2001 and in 2006 to 2008.

These are the two spikes in terms of the numbers.

In terms of volume there's a very clear spike

and the overall value has only slightly increased in Europe.

Finally, looking at the Asia-Pacific region, what we can observe here is

a general increase in the number of mergers.

And a spike in the value here, a smaller spike here

but a general increase in the last few decades.

So, just to recap, mergers and acquisitions do occur in waves.

They have increased over time and they've become more and more valuable.

So now you saw that there are some recurring ups and downs

with regards to firms' M&A activity,

and that there's an overall trend of increasingly more M&A's

that are of increasingly higher importance and of higher value.

But before we can move on to understanding why firms actually engage in such deals

we need to be clear about some important distinctions, in the next video.

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