Savola has engaged in about 10 mergers including a few international mergers. It considers its acquisition of Panda (a supermarket chain) in 1998 to be its most successful because it allowed Savola to gain a major presence in the food retailing market and increases revenues significantly. Savola has had a couple of mergers that it considered to be failures. One such example was when it acquired a real estate company in Jordan. This company was outside Savola's core business and outside its home country. Savola's learning from this failure was not to invest outside its core business in a foreign country as there was no ability to create any value through this merger and it was investing in a country that it did not know as well as its home country. Another failed merger occurred when it acquired an edible oil company in Kazakhstan. This merger failed because even though the acquired company had good fundamentals, the value creation mechanisms were quite different between the two companies.
Strategic motivations for mergers were discussed with the companies and Samba provided details. One motivation is to increase lines of business. Another motivation is to move into a new geographic area. In many cases when expanding into a new country, it is easier to acquire an existing business than try to start a new one. Another motivation is to increase market share.
Particularly in a mature industry, a company can gain market share quickly through an acquisition, while it is usually a slow process to gain market share organically in an incremental manner.
All the companies tried to achieve company growth and synergy in their mergers.
The criteria and selection process for mergers were also discussed with the companies. Savola worked with financial institutions to identify acquisition target companies. Savola looked for companies that were among the leaders in their
respective markets. Savola believed that companies that were leaders generally had good processes and were well managed, so their operations would be good to acquire. After the failed merger with the real estate company, Savola looked to acquire companies related to its core food manufacturing and sales business. All companies obviously reviewed financial statements closely to assess the financial condition of the acquired firm. Samba noted that sometimes in the banking and financial industry, strong banks will acquire banks that are in a weak financial condition in a rescue operation, often due to political reasons. In reviewing candidates for a merger, Savola engages its operations and technical team to assess the target company's operation, processes and potential fit into the business group.
The three interviewed companies use various metrics to evaluate the success of the merger. Savola evaluates the revenue growth of the sector where the acquisition occurred along with the market share and operating cost. The goals are to increase revenue, increase market share or reduce operating cost. Samba evaluated similar metrics of market share and operating cost.
Samba noted that it usually takes until the second year after a merger to evaluate its success. In the first year, there are onetime costs associated with integration costs of the merger. It usually takes until the second year to see reduced operating costs from activities such as closing and consolidating branches.
The different ways to obtain synergy in a merger were discussed with the companies. Savola looked to obtain synergy through economies of scale, as acquisitions would add to the company's shipment volume, which would allow the company to reduce freight and distribution costs. Samba also looked to obtain synergy through economies of scale and eliminating the duplication of activities. When it acquired Cairo bank, which had previously acquired United Saudi Commercial Bank, Samba was able to cut costs in Saudi Arabia by reducing the number of bank branches and ATMs. NCB was able to gain financial synergies in its mergers by developing a more diversified and lower risk portfolio of investments.
From the responses to the questions included in the structured interview, the following findings can be highlighted:
A. Mergers to Expand to International Markets:
One finding is that firms undertake some mergers to expand into new international markets. In doing so they are gaining the synergy of the acquired firm's knowledge of the market. In these cases, the acquiring firm saves the costs of starting up a business in the new country, gaining the necessary approvals, learning how to do business successfully in the market and building a brand in the country. This is especially true in the bank and finance industry, where the industry is closely regulated. It can be easier to acquire a company that already has all of the necessary regulatory approvals as opposed to trying to gain all of the necessary approvals to conduct business legally in the selected market. Also, building a brand is important in the banking industry, as consumers and commercial customers prefer to do business with a trusted firm. In these mergers, synergy can be gained through the acquired firm's knowledge of the market and the acquiring firm's capital. The new infusion of capital can often allow the acquired firm to grow in the market. The NCB acquisition of the Turkish bank is a good example of this type of synergy.
Even when a firm acquires a company within their own market there is the chance to create synergies through knowledge gained and transferred. In many cases, the acquired firm has certain processes in some areas that are better than the acquiring firm, so selecting the best process allows the merged firm to improve its overall processes. Also, the acquiring company usually has some processes that are better than the acquired firm's processes in some areas, which allows the company to improve the newly acquired operations. As noted by Samba in its interview, the goal is to utilize the optimum processes from both companies to produce synergy from the merger.
B. Mergers to Gain Economies of Scale:
Firms also seek and gain synergies through economies of scale. Larger businesses can often gain economies in certain business activities including manufacturing, distribution and sales. One of the goals of Samba's mergers was to gain synergies through economies of scale. In their mergers, Savola hoped to gain economies of scale in shipping and distribution activities. Economies of scale can also
be achieved in the banking industry since the cost of processing checks or issuing credit cards is likely to decline on a per unit basis with increasing volume; therefore the fixed cost associated with these activities can be spread over a larger volume. The result is reduced costs, which makes the merged firm more profitable and more competitive in the market.
C. Eliminating Inefficiencies:
Another way to achieve synergy is through elimination of inefficiencies. Removing the duplication of resources can eliminate inefficiencies. In horizontal mergers, it is common for the merged company to consolidate operations, close offices and reduce staff. Samba mentioned that reducing the number of bank branches, ATMs and staff was one of the ways that they drove cost efficiencies after acquiring Cairo Bank. Samba also provided the insight that there is a delay for these cost efficiencies to show up in financial performance, since it takes time to remove the duplication of resources involved and there are one-time costs associated with removing the duplication of resources. The official also pointed out that the success or failure of a merger should not be evaluated until at least two years after the merger.
D. Gain More Market Power:
Firms also try to achieve synergies through an increase in market power, by controlling a larger share of the market. Discussions with all respondents implied increasing market share to be one of the motivations to enter into a merger. Savola and Samba both mentioned increasing market share as a way to judge the success of a merger. Greater market power can improve profitability through a couple of mechanisms. One such mechanism is greater monopoly pricing power in the market, which allows firms to increase prices due to reduced competition. This is one reason that major mergers have to be approved by government regulators who s objective is to maintain a competitive market. A second mechanism is increased buyer power over suppliers. Since the merged firm represents a greater portion of an industry's business, suppliers to the industry want the merged firm's business more, which gives the merged firm better negotiating power over suppliers. This allows the merged firm to reduce its costs and increase it profits. However, a strategic perspective could be on
the supplier side as Porter (1 998) identifies that the stronger the company becomes the weaker the supplier becomes thus reducing their bargaining power.
E. Gain Growth:
Growth is one of the main reasons that firms undertake mergers, as this was mentioned by all of the companies interviewed. Companies seek growth through mergers because it can allow them to gain market power, which generally leads to increased profits. Mergers are also a way to satisfy investors'/shareholders' expectations for growth. In many cases, it is difficult to grow a business in a mature market organically, so mergers are often the best way to achieve growth.
Samba provided a perspective on the use of acquisitions as a growth strategy. Samba believed that within the same industry organic growth was less expensive than growth through acquisition because a premium had to be paid for another company's operations in the same industry. Samba believed that when trying to expand into a different industry, growth through acquisition was less expensive than organic growth because the firm had no knowledge or expertise in the new industry. Samba used this philosophy when formulating their strategic growth plans. If the company simply wanted to expand within their current industry, the focus would be on organic growth initiatives, whereas if the company wanted to grow by expanding into new industries, the focus would be on acquisitions.
F. Reducing Risks
Firms can gain synergies by reducing their overall risk through diversification and reducing their cost of capital. Generally, this is a weak form of synergy and prone to failures because it often entails firms moving into businesses outside of their core competencies. The businesses are then run without the knowledge of how to run a business successfully in that market. This leads to operational losses or subpar performance in the industry, which negates any synergistic gains from reducing the company's overall risk.
This was experienced by Savola, who acquired a real estate company, which was outside its core business of the food market. Consequently, the acquired real estate business produced subpar performance and losses, which negated any gains from
reducing risk. Thus, the merger was considered to be a failure because it reduced the overall value of the firm. Due to the difficulties of creating financial synergies through diversification, there are few conglomerate mergers and few conglomerate companies.
The companies interviewed look for synergies when considering mergers and try to estimate the potential synergistic gains that could be attained in a proposed merger. The potential synergies gained depend on the industry and the characteristics of the company acquired. In the failed mergers, the firm overestimated the amount of synergy that could be gained through the merger. Savola overestimated the synergy that could be gained through the acquisition of a real estate company because the only synergy that could be gained was reduced risk and a reduced cost of capital, which was exceeded by losses resulting from Savola's lack of knowledge and experience in this non-core business. In the other failed merger, there were likely synergistic gains that could have been achieved, but Savola was unable to merge the acquired company's operating model with its existing operating models. Thus, in order to realize the potential synergistic gains that are available in a merger, firms need to be able to merge operating models.
Different company or national cultures can interfere with the ability to merge company operations successfully. However, with the companies interviewed, this was not a major issue. Therefore, these companies have done a god job managing and overcoming cultural differences in their mergers.
4. Conclusions
There are several conclusions that can be derived from this research. Since many mergers fail to produce synergies or firms overestimate the synergies, it is important that companies approach acquisitions cautiously and do not overpay for acquired firms. Firms can overestimate the potential synergies of the merger and not accurately assess issues such as product line overlap and cannibalization. They can also overestimate the cash flows associated with the target firm, which leads to overvaluing the target firm. Any potential synergy that is being considered to justify a premium purchase price for a potential acquisition should be challenged using a "devil's advocate approach". It surfaced from the interviews that the interviewees
agree that a successful M&A brings positive results for the company, its employees and consumers. However, suppliers may face a bigger challenge in view of their reduced power to negotiate.
Firms should avoid unrelated mergers or conglomerate mergers. The only way to create synergy through these types of mergers is through financial synergies, which can be difficult to obtain. Often any financial synergy gained is outweighed by a decrease in performance of the acquired firm. This often occurs because the acquiring firm lacks knowledge and experience in the new type of business acquired. Thus, firms that do engage in conglomerate mergers of previously successful firms should leave the acquired firm "as is" and not try to change its management, strategies or products/services.
Firms should look for mergers that increase market power. This type of merger is the type of merger than creates synergy most automatically. A larger firm created through a merger can benefit from greater monopoly pricing power (due to reduced competition) and greater power over suppliers in the industry. A larger firm can also benefit from being able to attract and retain more talented management and employees within the industry, which can provide the firm with an additional competitive advantage.
Firms should also seek out mergers which allow the firm to acquire specialized knowledge. This is often the motivation behind mergers in technology-based industries. The company can take the technology and knowledge acquired through the merger and use it to advance its own product line, creating synergy. This is also a good strategy to use when entering a new international market. An existing firm in the market has knowledge of the local market, the supply base, the distributors and the governmental regulations. Acquiring a firm like this can provide synergy and save the acquiring firm from climbing the learning curve on each and all of these issues in a new international market.
Mergers motivated by economies of scale should be approached cautiously. The acquiring firm needs to carefully understand the cost drivers within its business and make sure that they will actually decline. In many industries, the cost curve become
flat or even increases with increasing volume. Increased market power can create economies of scale, so firms should look for mergers that increase market power as opposed to those that simply provide an opportunity for economies of scale.
The above conclusions can be complemented with the fact that M&A could be failures or successes. This satisfies the DiMaggio 2009 study that examined the top 10 corporate M&A' up to 2009 and concluded that the successes and failures were evenly divided and either success or failure was achieved.
In mergers based on economies of scales, companies need to execute consolidation plans effectively in order to consolidate resources and eliminate the duplication of resources to gain cost efficiency synergies.
Companies should also approach vertical mergers cautiously as it is often difficult to gain synergy through a vertical merger. An acquiring firm needs to specifically identify areas where it faces problems or areas where it is unable to pursue attractive opportunities and understand how the vertical merger could address those areas. In some cases, the vertical merger can address these areas and synergy can be created. However, in many cases the vertical merger does not adequately address the issues and no synergy is created.
The M&A among large firms do not result in any type of operational change; they must rely solely of financial synergies to increase the overall wealth of the firm. The value gained through financial synergies, due to a lower cost of capital, is often offset by a decrease in performance in the acquired business, as the acquiring firm does not have sufficient experience and knowledge in the acquired business.
二、文献综述
互联网企业并购文献综述
一、引言
企业并购作为一种有效的资源配置方式，对整个社会生产力发展起着重要的推动作用。在我国进入全面建设小康社会的关键时期，并购已经成为我国企业发展壮大的重要方式。互联网企业作为我国飞速发展的新兴产业一分子，同样选择
并购这种方式发展壮大，也加入到了第六次以网络经济为平台的并购浪潮之中，并购已成为互联网企业十分重要的资本运作方式及竞争发展方式。互联网企业并购的学术文章也随着互联网企业并购的兴起而逐渐增多，本文系统地对互联网并购相关文献进行梳理，希望对互联网企业并购对进一步研究有所帮助。二、国内外文献综述
(一) 关于并购理论的研究
1效率理论
效率理论从经济学角度对并购进行了解释，认为并购活动可以带来潜在的社会效益，并购企业可获得某种形式的协同效应。早在20 世纪80 年代，Jensen and Ｒuback( 1983) 就认为，提升效率增进是推动企业并购的主要原因。协同效应主要来源于资源互补，当两个组织合并成一个时，可以在生产、财务、管理和经营上实现协同收益。Grossman，Hart andMoore( 1980) 的研究提出了不完全契约理论，解释了纵向并购的效率来源。当企业间的资产具有重要的互补关系时，纵向合并可以有效减少套牢和资金不足问题。Weston ( 2004) 也认为，在并购中，由于存在财务协同，税收可能是一个加强因素，而不会阻碍并购的发生。
2代理理论
代理理论由Jensen 和Meckling 在1976 年首次提出，该理论认为当管理者时持股比例较小时，便会产生管理者以公徇私的代理问题。Fama 和Jensen( 1983) 认为，可以通过合理制定薪酬机制、将企业的所有权与管理权相分离等机制，控制代理问题。当这些机制都不足以控制代理问题时，通过公开收购或代理权争夺将会改变高管成员与股权结构。Manne 还强调指出，如果由于低效或代理问题而使企业经营业绩不佳，那么，并购机制使得接管的威胁始终存在。3交易费用理论
交易费用理论同样是从经济学的角度考量企业并购。交易费用是指一切不直接发生在物质生产过程中的成本耗用。当两个组织合并为一个组织后，就可以外部节省交易费用，将交易费用内部化，从而节省交换成本。
4信息理论
信息理论认为如果收购方管理层具有获得某一目标企业内部信息的优势，发现目标企业的市场价值被低估，就可以通过并购来牟取利益，即杠杆收购。此种
优势主要来源于是信息不对称。通常，一家企业被并购，市场就会认为之前该企业的价值被低估，或认为该企业未来的现金流将会增加，市场就会对此做出反应，推动股票价格上涨。如若并购信息被提前泄露，则会造成并购企业无利可图。Dodd 和Ruback( 1977) 的研究表明，收购成功与否，都会使目标企业的股价总体上呈现上升趋势，因为收购的行为向市场表明，目标企业的股价之前被低估了。更为夸张地讲，即使目标企业没有任何方面的改善，市场也会重新对股价进行评估。
5市场势力理论
市场势力理论是一种市场理论，该理论认为，并购活动的主要动因经常是由于可以借并购达到减少竞争对手来增强对经营环境的控制，提高市场占有率，使企业获得某种形式的垄断或寡占利润，并增加长期的获利机会。即并购可以增大企业势力。而对于这种理论，学者并没有达成一致观点，许多问题尚未得到结局。6再分配理论
再分配理论认为，并购会使利益重新在企业所有者与利益相关者之间分配。这是一种单纯的利益流动，并没有带来增值。利益可能会是从债权人手中流入股东手中，或是从普通员工、税务机关手中流向企业所有者。这也是税收效应的来源。企业可以通过并购扩大资产折旧，结转亏损，抵免应纳税额，或是以资产收益代替普通收益。
(二) 关于互联网企业并购动因的研究
阮飞等( 2011) 认为我国互联网并购的动因主要为以下五点:用户偏好促使、追求规模报酬递增、马太效应促进、网络经济与传统经济整合推动、抢占互联网市场份额。刘欣，厉辰昀( 2012) 基于并购动因理论，得出移动互联网产业并购是企业战略布局的选择，并购还可以令企业在产业链条上发现新的成长机会和潜质，提高效率，也可能只是因为管理者夜郎自大导致了并购的发生。该文的主要观点来源于协同效应理论。林影倩( 2013) 分别从经济管理学视角与新闻传播学视角归纳了互联网企业中的主力军视频网站的并购动因。从经济管理角度，认为视频网站并购是基于网络外部性特征，规模经济，范围经济，系统理论，战略管理理论; 从新闻传播学角度，认为视频网站并购是基于传播效果与制度分析理论。赵婧( 2014) 从交易成本的视角分析了阿里巴巴并购新浪微博这一事件的动
因，比较自建社交媒体平台、与社交媒体平台合作以及并购社交媒体平台三种方式下交易成本的大小，得出在并购社交媒体平台这种方式下交易成本最小的结果。赵婧学者的研究无疑验证了互联网并购的动因之一: 降低交易成本。(三) 关于互联网企业并购风险与控制的研究
孙慧敏( 2014) 根据互联网企业并购前、并购中、并购后三个阶段，将并购风险分为并购前的战略风险、信息不对称风险，并购中的法律风险、财务风险，并购后的经营整合风险、人力资源整合风险与文化整合风险。作者同样以优酷并购土豆为例，给出了互联网企业控制风险的建议，主要包括: 提高并购效率，开拓新的盈利模式，寻求差异化发展，有效反垄断等。
(四) 关于目标企业估值的研究
段婷婷( 2012) 认为传统的企业价值评估方法不适用于评估互联网企业价值，于是根据互联网经济特点、并购动因、风险，选择和修正对传统企业价值评估方法，改进了折现现金流法和市盈率法。在折现现金流法方面，作者的主要改进观点为折现率的选取要根据互联网企业所在的不同发展时期: 创业发展期采用较高折现率，成熟稳定期采用较低折现率。在市盈率法方面，主要改进观点为先算出不同市场中网络企业的市盈率均值，再结合企业实际情况调整，来确定所需的市盈率。
(五) 关于互联网企业并购整合的研究
杨海华( 2010) 认为我国互联网企业主要面临的整合风险包括由协同效应风险，战略与产业发展不匹配带来的风险战略整合风险; 文化不兼容与文化侵蚀导致的文化整合风险; 包括团队效率低，人员流动的团队风险; 以及业务整合风险技术整合风险等。并提出了防范风险的原则: 包括长短期结合、紧急性重要性结合、快速整合原则与系统化原则。王颖卓( 2011) 论述了互联网企业并购文化整合的模式和选择。归纳出四种文化整合模式: 吸纳出、渗透式、促进式、文化消亡式。并建议通过评判并购企业文化力量的强弱来选择整合模式。目标企业文化力量强，选用吸纳式，目标企业文化力量弱可选用文化消亡式。
(六) 关于互联网企业并购策略的研究
阮飞，李明，董纪昌，阮征( 2011) 建议互联网企业在选择并购策略时应结合自身的特点与产业发展规律。（完整内容请到百度文库）选择何种并购策略要
世界贸易和国际贸易【外文翻译】
外文翻译 原文 World Trade and International Trade Material Source:https://www.wendangku.net/doc/c12447732.html, Author: Ted Alax In today’s complex economic world, neither individuals nor nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of world trade and economic activity. As a result of this trade and activity, international finance and banking have evolved. For example, the United States is a major consumer of coffee, yet it does not have the climate to grow any or its own. Consequently, the United States must import coffee from countries (such as Brazil, Colombia and Guatemala) that grow coffee efficiently. On the other hand, the United States has large industrial plants capable of producing a variety of goods, such as chemicals and airplanes, which can be sold to nations that need them. If nations traded item for item, such as one automobile for 10,000 bags of coffee, foreign trade would be extremely cumbersome and restrictive. So instead of batter, which is trade of goods without an exchange of money, the United State receives money in payment for what it sells. It pays for Brazilian coffee with dollars, which Brazil can then use to buy wool from Australia, which in turn can buy textiles Great Britain, which can then buy tobacco from the United State. Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above is that no nation has all of the commodities that it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa and petroleum is recovered in the Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them. Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar.
(完整word版)企业并购文献综述总表
企业并购文献综述总表 作者时间文章名字视角理论方法 实证 结论(应用) 样本期 限 数量所用模型 贺虹吕凡2008.01 对并购协同 效应含义及 计算方法的 认识 协同效应 的含义及 计算方法 规范我国并购协同效应的计 算可以从企业价值评估 和业绩评价的理论方法 着手，例如EVA、BSC、 DCF、股价收益评估、财 务数据等 朱宝宪吴亚君2004.09 企业协同效 应的计算 国内外协 同效应的 实证研究 中的计算 方法 规范协同效应的多种计算方 法发展较成熟的是在异 常累计基础上计算以及 从业绩改变角度着手衡 量，评价新模型和国内 的两种方法在计算的合 理性以及准确性上则需 要做进一步的探讨。 1
夏新平宋光耀1999.03 企业并购中 协同效应的 计算 内部、外部 计算模型 对协同效 应的计算 规范两种模型各有利弊，不 能忽视企业的市场价值 及交易成本，必须使用 正确的折现率和恰当的 考察时间点，排除非并 购因素对净增加现金流 和股票交易价格的影 响。另外，对并购前后 的市盈率的变化还有待 进一步的研究. 董运宝2006年并购的协同 效应分析并购协同 效应的概 念、内容 规范并购的协同效应包括 了经营、管理、财务、 无形资产及产业协同。 我国目前产业结构不合 理，公司治理结构不健 全，组织管理方式落后， 企业资本结构不合理， 这些问题都有待于在并 购中，通过发挥协同效 应的作用加以改善。 2
张秋生周琳2003.06 企业并购协 同效应的研 究与发展 国内外协 同效应理 论研究 规范研究协同效应的微观运 作机理，应用价值评估 的理论与方法量化，结 合我国企业并购的实际 情况，实证检验若干影 响协同效应实现的关键 因素。 方芳闫晓彤2002年中国上市公 司并购绩效 与思考 上市公司 财务和会 计数据 核心 竞争 理论 实证2000年 发生并 购公司 的1999 年-2001 年的财 务数据 80 横向并 购：46 纵向并 购：10 混合并 购：24 对每个样本3年选 取9个指标：每股 现金流量、每股收 益、资产负债率、 主营业务利润率、 净资产收益率、销 售净利润率、总资 产报酬率、流动比 率、速动比率。 将指标按并购前一 年、并购当年、并 购后一年分别做因 子分析 横向并购的绩效明显优 于纵向和混合并购。并 购作为提高企业竞争力 和产业整合手段正在发 挥着巨大的作用。但但 目前上市公司的并购过 程存在着很多问题 3
企业并购财务风险控制外文文献翻译译文3100字
文献出处: Comell B., Financial risk control of Mergers and Acquisitions [J]. International Review of Business Research Papers, 2014, 7(2): 57-69. 原文 Financial risk control of Mergers and Acquisitions Comell Abstract M&A plays a significant part in capital operation activities. M&A is not only important way for capital expansion, but also effective method for resource allocation optimization. In the world around, many firms gained high growth and great achievement through M&A transactions. The cases include: the merger between German company Daimler-Benz and U.S. company Chrysler, Wal-Mart’s acquisition for British company ADSA, Exxon’s merger with Mobil and so on. Keywords: Enterprise mergers and acquisitions; Risk identification; Risk control 1 Risk in enterprise mergers and acquisitions May encounter in the process of merger and acquisition risk: financial risk, asset risk, labor risk, market risk, cultural risk, macro policy risk and risk of laws and regulations, etc. 1. 1 Financial risk Refers to the authenticity of corporate financial statements by M&A and M&A enterprises in financing and operating performance after the possible risks. Financial statements is to evaluate and determine the trading price in acquisition of important basis, its authenticity is very important to the whole deal. False statements beautify the financial and operating conditions of the target enterprise, and even the failing companies packing perfectly. Whether the financial statements of the listed companies or unlisted companies generally exists a certain degree of moisture, financial reporting risk reality In addition, the enterprise because of mergers and acquisitions may face risks, such as shortage of funds, a decline in margins has adverse effects on the development of enterprises.
零售企业营销策略中英文对照外文翻译文献
零售企业营销策略中英文对照外文翻译文献(文档含英文原文和中文翻译)
译文： 零售企业的营销策略 Philip Kotlor 今天的零售商为了招徕和挽留顾客，急欲寻找新的营销策略。过去，他们挽留顾客的方法是销售特别的或独特的花色品种，提供比竞争对手更多更好的服务提供商店信用卡是顾客能赊购商品。可是，现在这一切都已变得面目全非了。现在，诸如卡尔文·克连，依佐和李维等全国性品牌，不仅在大多数百货公司及其专营店可以看到，并且也可以在大型综合商场和折扣商店可以买到。全国性品牌的生产商为全力扩大销售量，它们将贴有品牌的商品到处销售。结果是零售商店的面貌越来越相似。 在服务项目上的分工差异在逐渐缩小。许多百货公司削减了服务项目，而许多折扣商店却增加了服务项目。顾客变成了精明的采购员，对价格更加敏感。他们看不出有什么道理要为相同的品牌付出更多的钱，特别是当服务的差别不大或微不足道时。由于银行信用卡越来越被所有的商家接受，他们觉得不必从每个商店赊购商品。 百货商店面对着日益增加的价格的折扣店和专业商店的竞争，准备东山再起。历史上居于市中心的许多商店在郊区购物中心开设分店，那里有宽敞的停车场，购买者来自人口增长较快并且有较高收入的地区。其他一些则对其商店形式进行改变，有些则试用邮购盒电话订货的方法。超级市场面对的是超级商店的竞争，它们开始扩大店面，经营大量的品种繁多的商品和提高设备等级，超级市场还增加了它们的促销预算，大量转向私人品牌，从而增加盈利。 现在，我们讨论零售商在目标市场、产品品种和采办、服务以及商店气氛、定价、促销和销售地点等方面的营销策略。 一、目标市场 零售商最重要的决策时确定目标市场。当确定目标市场并且勾勒出轮廓时，零售商才能对产品分配、商店装饰、广告词和广告媒体、价格水平等作出一致的决定。如沃尔玛的目标市场相当明确：
国际贸易、市场营销类课题外文翻译——市场定位策略(Positioning_in_Practice)
Positioning in Practice Strategic Role of Marketing For large firms that have two or more strategic business units (SBUs), there are generally three levels of strategy: corporate-level strategy, strategic-business-unit-level (or business-level) strategy, and marketing strategy. A corporate strategy provides direction on the company's mission, the kinds of businesses it should be in, and its growth policies. A business-level strategy addresses the way a strategic business unit will compete within its industry. Finally, a marketing strategy provides a plan for pursuing the company's objectives within a specific market segment. Note that the higher level of strategy provides both the objectives and guidelines for the lower level of strategy. At corporate level, management must coordinate the activities of multiple strategic business units. Thus the decisions about the organization's scope and appropriate resource deployments/allocation across its various divisions or businesses are the primary focus of corporate strategy.Attempts to develop and maintain distinctive competencies tend to focus on generating superior financial, capital, and human resources; designing effective organizational structures and processes; and seeking synergy among the firm's various businesses. At business-level strategy, managers focus on how the SBU will compete within its industry. A major issue addressed in business strategy is how to achieve and sustain a competitive advantage. Synergy for the unit is sought across product-markets and across functional department within the unit. The primary purpose of a marketing strategy is to effectively allocate and coordinate marketing resources and activities to accomplish the firm's objectives within a specific product-market. The decisions about the scope of a marketing strategy involve specifying the target market segment(s) to pursue and the breadth of the product line to offered. At this level of strategy, firms seek competitive advantage and synergy through a well-integrated program of marketing mix elements tailored to the needs and wants of customers in the target segment(s). Strategic Role of Positioning Based on the above discussion, it is clear that marketing strategy consists of two parts: target market strategy and marketing mix strategy. Target market strategy consists of three processes: market segmentation, targeting (or target market selection), and positioning. Marketing mix strategy refers to the process of creating a unique
国内外企业并购动因理论文献综述
国内外企业并购动因理论文献综述 摘要：本文总结了国内和国外学者关于企业并购动因理论的研究，并对两者的动因理论进行了比较。相对于国外发达国家的理论，我国的并购动因具有浓厚的中国特色，但另一方面，表明国外关于并购动因所提出的理论已逐渐适合中国的企业。 关键词：企业并购动因理论 并购（mergers and acquisition）包括兼并和收购，两者有一定的区别和联系。但是，随着全球化经济大发展，实业界的创新活动层出不穷，企业兼并和企业收购的界限越来越模糊。正如温斯顿说讲:“传统的主题已经扩展到包括接管以及相关的公司重组、公司控制、企业所有权结构变更等问题上,为简便起见，我们把它们统称为并购(M&A)”。 并购在当今世界扮演者越来越重要的角色。施蒂格勒(G. J. Stigler)经过研究认为：没有一个美国大公司不是通过某种适度、某种方式的兼并而成长起来的，几乎没有一家大公司主要是靠内部扩张成长起来。从19世纪末英、美等西方国家发生的第一次企业并购高潮算起，历经五次企业并购高潮，至今已有近百年的历史。企业并购理论也成为目前西方经济学最活跃的研究领域之一，在该领域的研究主要集中在并购动因研究和并购绩效研究两方面，两者共同成为理解企业并购经济合理性和制定公共政策的基础。在该文中，主要总结并购动因方面的文献。 一、国外企业并购动因的研究 企业并购动因的复杂性和多变性难以用一种经济理论解释清楚，不同地区、不同历史时期企业并购的产生和发展都有深刻的社会、政治、经济等原因；对于不同企业来说，他进行并购活动的原因不同，甚至同一企业在不同时期的并购也有不同的原因。对于并购动因问题，西方学者进行了广泛而深入的研究，提出了多种并购动因理论。Berkovitch 和narayanan(1993)将并购的动因归结于协同效应（synergy）,代理问题(agency)，管理者自负(hubris),并通过实证分析表明，以协同效应为目标的并购将带来正的效应，以代理问题为目标的并购，将带来负的效应。Kode ,Ford, Sutherland(2003)认为并购的动因在于协调效应，并提出了评价并购协同效应的模型。K. D. Brouthers等(1998)认为，并购动机可以分为经济动机、个人动机和战略动机三类。其中，经济动机包括扩大营销规模、增加利润、降低风险、防御竞争对手等子项目9项，个人动机包括增加管理特权等子项目4项，战略动机包括提高竞争力、追求市场力量等4项。这些研究都为并购的动因的理论发展作出了巨大的贡献。 威斯通等（1998）可以看成是国外对企业并购理论研究的集大成者。按照威斯通的理论和其它文献的研究成果，我们可以将企业并购的动因归为两大类：第一类是并购赞成论，包括效率理论（管理协同效应理论、经营协同效应理论、财务协同效应理论、多样化经营理论、价值低估理论）、信息与信号理论、代理成本理论。第二类是并购怀疑论，包括管理主义、自负假说、闲置现金流量理论、市场势力理论。 （一）、并购赞成论 1.效率理论（Efficiency Theory） 效率理论认为并购活动能够给社会收益带来一个潜在的增量，而且对交易的参与者来说无疑能提高各自的效率。这一理论包含两个基本的要点：（1）公司并购活动的发生有利于改进管理层的经营业绩；（2）公司并购将导致某种形式的协同（Synergy）效应。该理论主要包括管理协同效应理论、经营协同效应理论、财务协同效应理论、纯粹多样化经营理论、价值低估理论5个理论。 （1）管理协同（management synergy）效应理论
市场营销_外文翻译_外文文献_英文文献_顾客满意策略与顾客满意
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外文翻译 企业并购
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