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1、P1:OTA/XYZP2:ABCc21JWBT347/MckinseyJune10,201013:0PrinterName:Hamilton21MergersandAcquisitionsMergersandacquisitions(M&A)areanimportantelementofadynamicecon-omy.Atdifferentstagesofanindustrysoracompanyslifespan,resourcedecisionsthatoncemadeeconomicsensecanbecomeprobl
2、ematic.Forin-stance,thecompanythatinventedagroundbreakinginnovationmaynotbebestsuitedtoexploitit.Asdemandfallsoffinamatureindustry,companiesthathavebeeninitalongtimearelikelytohaveexcesscapacity.Atanytimeinabusinessshistory,onegroupofmanagersmaybebetterequippedtomana
3、gethebusinessthananother.Atmomentslikethese,acquisitionsareoftenthebestoronlywaytoreallocateresourcessensibly.Acquisitionsthatreduceexcesscapacityorputcompaniesinthehandsofbetterownersormanagerstypicallycreatesubstantialvaluebothfortheeconomyasawholeandforinvestors.Y
4、oucanseethiseffectintheincreaseinthecombinedcashflowsofthemanycompaniesinvolvedinacquisitions.Eventhoughacquisitionsoverallcreatevalue,however,thedistributionofanyvaluetheycreatetendstobelopsided,withthesellingcompaniesshare-holderscapturingthebulk.Infact,mostempirica
5、lresearchshowsthatone-thirdormoreofacquiringcompaniesdestroyvaluefortheirshareholdersbe-causetheytransferallthebenefitsoftheacquisitiontothesellingcompaniesshareholders.Thechallengeformanagers,therefore,istoensurethattheiracquisitionsareamongthosethatdocreatevaluefort
6、heirshareholders.Tothatend,thischapterprovidesaframeworkforanalyzinghowtocreatevaluefromac-quisitionsandsummarizestheempiricalresearch.Itdiscussesthearchetypalstrategiesthataremostlikelytocreatevalue,aswellassomemoredifficultstrategiesthatareoftenattempted.Itprovidesp
7、racticaladviceonhowtoes-timateandachieveoperatingimprovementsandwhethertopayincashorinstock.Last,itremindsmanagersthatstockmarketsrespondtotheexpectedimpactofacquisitionsonintrinsicvalue,notaccountingresults.445P1:OTA/XYZP2:ABCc21JWBT347/MckinseyJune10,201013:0Printe
8、rName:Hamilton446MERGERSANDACQUISITIONSVALUECREATIONFRAMEWORKTheconservationofvalueprinciple(detailedinChapter2)helpsexplainintheor
