In the process of economic globalization and global informatization, on the one hand, multinational companies in western industrialized countries benefit from the strong support of government industrial and trade policies; On the other hand, actively promote the global business development strategy and establish a new international production and operation division system; Capital accumulation is getting richer and richer, wealth is getting more and more concentrated, and core competitiveness is getting stronger and stronger. At the same time, these multinational companies continue to carry out cross-border mergers and acquisitions of "big fish eat big fish, live fish eat live fish" on a global scale, further forming a new pattern in which a few multinational companies monopolize the global market, making it difficult for enterprises in China and even most countries in the world to compete effectively with them in terms of scale, capital, market, technology, management and efficiency, and facing enormous competitive pressure and survival crisis.
For example, the overall competitive situation of the automobile industry in the world today is that multinational companies monopolize the market and lead the new development trend of the automobile industry. In 2002, GM, Ford, Daimler-Chrysler, Volkswagen, Toyota, Renault-Nissan, Honda, Peugeot-Citroen and BMW became bigger and stronger through their respective mergers and acquisitions, and their annual sales reached 92% of the world's total automobile sales, obviously occupying an absolute advantage in the global market.
Another example: In 2002, French eugenol company acquired Luxembourg Albeid Company and Spain Ethiopia Company, and the M&A transaction volume reached $365,438+billion. The merger created the world's largest Arcelor steel company. In 2003, the annual output of Arcelor Iron and Steel Company was about 40 million tons, and the annual sales reached 29.3 billion dollars, far exceeding the world's first and second Nippon Steel and South Korea's Posco Steel. The annual output of the latter two is about 26 million tons.
Another example: In 2003, Nippon Steel, Arcelor and Baosteel joined forces, and the three parties invested 6.5 billion yuan to introduce the equipment, technology and technological process of Nippon Steel to jointly produce high-grade automobile steel plates, so as to seize the plate market in China as a world automobile manufacturing power.
Facing the M&A activities of multinational corporations, our coping strategy is that Chinese government departments should take the initiative to seize this favorable opportunity, speed up the adjustment of China's economic development strategy, industrial development strategy and foreign trade development strategy, improve the market mechanism, open the capital market, improve the legal system, guide and support some enterprises to become the subjects or objects of multinational corporations' M&A as soon as possible, and participate in competition and cooperation in the environment of economic globalization.
China enterprises should not only learn from the global business operation mode, enhance the awareness of transnational corporations in M&A, but also adjust their own business development strategies, promote management changes, and actively seek to implement M&A and joint venture cooperation modes with transnational corporations, so as to obtain more funds, technologies and management methods and realize leap-forward development.
China's top 500 enterprises, especially those that have invested overseas, should fully implement the "going out" development strategy, give play to their comparative advantages, highlight their core competitiveness and scientifically formulate global business development strategies in the process of mergers and acquisitions and alliances; At the level of corporate management, we should strengthen capital operation, enhance brand effect, attach importance to cultural integration, and then accelerate the establishment of our own multinational companies.
Four suggestions on transnational mergers and acquisitions
Enterprise merger is only the beginning of expansion. How to integrate the acquired enterprises is the key to successful expansion. For cross-border M&A, the difficulty and challenge of integration should be unprecedented for China enterprises. Enterprises should pay attention to the following four points when conducting overseas mergers and acquisitions:
(1) The post-merger integration planning and preparation must be well done: the post-merger integration must be systematic and completed strictly through planning, and it can never be completed through arbitrariness or the will of the acquirer. Enterprises must be prepared to work out a clear integration plan with a full understanding of the internal and external conditions of the acquired enterprises.
(2) The overall effective management and coordination is very important: because all stakeholders involved in the integration, all departments, businesses and employees within the enterprise must be strongly promoted and completed under the direct leadership of the top-down management of the enterprise, paying special attention to the completion according to the established timetable and plan. Our construction enterprises should set up a special project center to lead and coordinate the integration of various businesses and functional departments to ensure the efficiency and effective implementation of the integration.
(3) The scale and influence involved in integration are enormous, which can be promoted and completed by a few managers. Enterprises should fully communicate with company employees and managers at all levels, especially the employees of the acquired party, so as to be informed and get their full understanding and support. In fact, China enterprises also have the problem of localized management when they make cross-border acquisitions, so they must actively select, promote and recruit local outstanding talents for management, instead of relying on exporting talents, especially in China, where talents with such cross-border management are very scarce.
(4) The integration of corporate culture must be carried out from the first day of M&A, the purpose of which is by no means to force the export of corporate culture, but to create a new type of corporate culture through an organic integration scheme according to the new strategic objectives of enterprises and the differences between enterprises, so as to achieve win-win and sustainable development.
Overseas mergers and acquisitions of China enterprises are surging. TCL acquired Thomson Company; Shanghai Automotive Industry Corporation acquired South Korea's Ssangyong; Lenovo group acquired IBM's PC group.
Transnational M&A of China enterprises is only the beginning of expansion, and how to integrate the merged enterprises is the key to successful expansion.
Due to the enormous pressure of time and culture, the difficulties and challenges of cross-border M&A of China enterprises are unprecedented.