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Jingdong book

资本的选择:一个民营企业家的并购之旅

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《资本的选择:一个民营企业家的并购之旅》不是一本枯燥沉闷的教科书。
这是一本实战攻略,一本中国企业跨境并购的实战攻略。
书中的老王,是你,也是我。是想走出去,又怕走出去;是走出去了,添了很多烦恼的诸多中国企业家。企业家们来了解一下老王的烦恼如何而生、如何解决,一定会有很多启迪。

Content Description

随着中国经济的崛起,越来越多的中国企业在全球化的浪潮下走向国际。中国企业的跨境并购热潮,背后的根源是原有经济发展模式难以为继,跨境并购成为稳增长、调结构的捷径。《资本的选择:一个民营企业家的并购之旅》以一位浙江民营企业家的并购之旅为主线,在讲述他的企业故事的过程中,将并购的实战案例及攻略展现给读者,是准备走出去的中国企业家的必读书籍。

Author Description

陈文轩,沃特中国管理合伙人,负责资本市场部业务。
陈文轩女士在投资银行、跨境业务方面拥有超过16年从业经验,在企业融资及并购方面理解深刻且经验丰富,已带领其团队完成超过20宗上市、私募融资及跨境并购交易。
曾主导某制造业企业通过收购境外知名品牌成功转型为消费品企业,也曾帮助某消费品企业通过海外收购扩张其市场份额。
陈女士拥有芝加哥商学院工商管理硕士学位,并曾任全国工商联并购公会理事。


詹姆斯 H. 格罗先生,在其30多年的职业生涯中担当了企业 运营执行官、投资银行家及管理咨询顾问等多项职能。
其丰富的管理经验涵盖企业上市、融资、转型、并购及整合等各个领域,服务过的公司囊括了从创业企业到跨国公司的各种规模。格罗先生在带领企业进行战略布局方面拥有丰富经验。
格罗先生曾在优利系统、国际影像材料、Nu-Kote国际及 日本富士等公司任职管理层,期间参与多个大型并购及资产剥离项目。格罗先生在其投行和管理咨询职业生涯中曾服务过美国、欧洲及亚洲等多个地区的客户,积累了丰富的项目经验。
格罗先生毕业于美国康奈尔大学工程系,后取得罗彻斯特理工学院金融工商管理硕士学位。格罗先生现任多家公司的董事会成员,也为凯尼休斯学院创业咨询委员会成员。格罗先生现与妻子生活在美国南卡希尔顿海德岛。


郑晓舟,资深财经记者。曾供职于新华社、《上海证券报》及国泰君安证券公司。
郑晓舟女士的译著包括《如何在美国上市》、《欧奈尔制胜法则》以及《商务智能》,其他著作包括《勇敢地跟孩子谈钱》、《听妈妈讲钱的故事》等。
郑晓舟毕业于复旦大学,研究生学历。

Comments

★本书将中国企业海外并购的历史和经济环境角度的分析与亲力亲为的并购经验联系在一起,对每个正在参与并购交易的企业人士和专业人士,或者有志于从事并购工作的人来说,都可谓是一本绝佳教材。
—— 侯世国
汉朔科技CEO


★在不断变换的国际大环境下,中国企业如何更好地实施跨境并购,作为长期从事并购交易的专业人士,沃特中国公司几位合伙人希望帮助中国企业和企业家们开启这扇大门。
—— 李彬
上海证券报社副总编辑


★《资本的选择》兼具故事趣味性和专业实用性,当下的中国正迅速在国际并购舞台上崛起,本书的出现既提供了及时的指导,又富于深刻的见解,是所有对国际并购感兴趣的读者的必读书。
—— 理查德·温特
并购国际主席


★中国企业家在跨境并购之路上存在很多迷茫和误解,往往会陷入多种矛盾和多种利益的取舍中。在这个过程中,企业不得不借助外脑和外力。《资本的选择》对寻求并购的中国企业家来说,是一本非常实用的自我学习读本。
—— 王宪
华迪创投创始合伙人


★“术业有专攻”,并购也是如此。但这并不意味着企业家可以不试图、不尽力去了解并购这点事。《资本的选择》是并购领域专业团队领军人物的倾力之作,对有需要进行并购的企业来说,非常值得一读。
—— 黄忠东
联合动力CEO


★对任何想要通过并购实现扩张的公司来说,本书绝对是必备读本。本书作者们对并购后整合过程的深刻见解兼具实用性和普遍意义。并购后整合失败的案例不胜枚举,而本书将是那些具体负责并购整合运营的执行官们的福音。
— Wayne Didas
前柯达公司总监,现Empire Digital Signs首席执行官

Catalogue

引子老王的烦恼
第一章是退是转?
退还是不退?
转或者不转?
向内还是向外?
第二章战略并购与财务并购
战略并购
财务并购
几点认识误区
第三章并购的代价
不同的协同
认识协同的两面性
代价之一:铁索连舟,火烧赤壁
代价之二:温柔乡里,英雄气短
代价之三:方枘圆凿,格格不入
代价之四:贪多务得,急于求成
第四章顾问,要还是不要
卖方顾问:角色和职责统一
买方顾问:顾问还是经纪
买方顾问的组成
第五章标的企业的选择
公开拍卖与私下谈判
竞标,其实不难
二级市场收购
主动出击式
半推半就式
两种错误的做法
态度很重要
第六章估值与定价
重置成本法
现金流折现法
同比定价法
协同效应的量化
沉锚效应
酱油贵过鸡
第七章尽职调查
并购前的尽职调查
尽职调查非全面调查
知识产权尽职调查
IT尽职调查
环境尽职调查
第八章并购资金
高杠杆收购
适度运用杠杆
不妨联合PE降低杠杆
股权+现金如何
第九章交易结构
交易结构的设计
两步走
第十章谈判
谈判的多种形式
谈判的授权
谈判的重点
第十一章交割
交割前
交割日
交割后
第十二章整合的难题
整合的常见难题
几种典型的错误
跨境并购管理的特殊挑战
第十三章整合管理的游戏规则
阶段1:整合规划阶段
阶段2:整合第一天
阶段3:整合120天
阶段4:120天之后

Book Abstract

没有企业主愿意卖出,就没有企业可供并购。在谈并购之前,很有必要先谈一下退出。
就上述例子来说,老王开始考虑退出,这是不是一个好的时机?换言之,如果企业家有心隐退江湖,什么时候是最佳的时机?
A:企业发展势头很好,行业也处于上升期,企业生意很好,甚至有忙不过来的感觉。
B:经过若干年发展,企业在业内已经具有一定影响力,经营和利润都趋于稳定。
c:尽管这两年生意还不错,但是预计随着宏观经济和行业发展趋势的变化,企业在未来三五年会遭遇发展瓶颈。
D:企业经营已经遭遇了一些困难,盈利能力趋于下降。
E:企业濒于破产,但品牌价值仍然存在,客户较多。退还是不退?
上述关于企业退出的时点选择,大多数人会选择C,甚至D和E。的确,只有前途不太乐观的时候,大多数企业家才会萌生退意。而在A和B阶段,大多数企业家心中熊熊燃烧着创业和赚钱的激情,气吞山河,“退出”两字根本不在他们的字典里。对行业、对企业,他们充满信心和乐观,仿佛这样的美好时光可以一直持续下去。
但是,经济会涨落,行业有周期,美好时光不可能永续。既然如此,退出的决策就不应该在C或者D阶段才考虑。为了避免事到临头的被动,企业家应该早作出售的打算。如果预感到危机即将出现才考虑出售,不仅心理压力大,时间和空间也不充裕。处于不利的外部环境中,不易找到合适的买主,更何谈公允的价格?
理性地讲,出售这个决策可以贯穿在企业生命周期中的任何一个阶段。只要价格合适,在企业的任何一个发展阶段,都可以考虑出售。不幸的是,很多中国企业家,尤其是创业者,往往有家长心态,把企业看成是孩子,不仅舍不得卖,同时对企业的定价有着一厢情愿的盲目。
我们经常听到第一代企业家骄傲地说,“我的企业就像是我的另一个孩子”。其实这种类比并不合适。孩子是不可以退出的,父母与孩子的血缘关系无论如何也难以割裂,这是人性使然。企业则随时可以退出。
这世界上有很多技术型人才,他们的才智能够非常好地实现一个创意,设计一个新的商业模式,或者在实验室里完成一项技术的突破,成为了不起的创业家、科学家,但未必一定能成为一名好的企业家。很多人明白这一道理,但是到了自己身上,免不了感情用事,罔顾实际才能和事业的处境。
……
Introduction

这本书的写作,从酝酿到成稿,前后超过三年。
记得2011年第二届沃特峰会的时候,我们探讨中国企业的跨境并购之路。有意思的是,与会的嘉宾分成了两派。一派是支持中国企业走出去的,不乏一些主管经济的省部级领导和国内主流的经济学家。我们的观点当然也是中国企业跨境并购可以帮助中国企业的结构转型。但是另一派,以福耀玻璃的董事长曹德旺先生为代表,认为中国企业走出去是要吃大亏的。人生地不熟,白白交了学费。他认为海外出售的资产很多是淘汰的落后产能,而且到了别人的地盘,按照别人的规矩办事,而我们却又不太了解这些规矩,所以很容易吃亏。
曹先生的这番话,引起了我们的反思。的确,在我的职业生涯中,耳闻目睹过很多中国企业海外并购的失败案例。作为财务顾问,我们给客户的恰当建议,在一开始往往不被认可,但是等到企业家意识到自己错了的时候,学费早已经交出。
彼时,我们也谈到了后危机时代的海外并购机会。当时一些与会的企业家认为,此时去买美国的资产,无异于刀口舔血,风险很大。不过我们却持相反态度,但强调重点是如何恰当地评估和选择合适的海外标的。
虽然会议都只是两三天,但是思考却持续着。不仅仅是我自己本身,包括我所在的机构——沃特财务集团的上上下下都在讨论和反思中国企业跨境并购的得与失。
海外并购,馅饼还是陷阱?很多人因为惧怕陷阱,而失去了品尝馅饼的机会。
于是,我决定写这样的一本非教科书。这本书只有实战和攻略,没有吓人的理论和枯燥的名词解释。
但是写书是一桩痛苦的事情,尤其对于我这种非职业写作者来说。在平时的工作中挤压出时间来把自己的思想付诸文字,是一种长期的压力。更何况,我们的作者还有一位远隔重洋的老外。
四年多的思考,以及三位作者多次的面谈和电话会议,一年多的写作,我们终于得以把此书呈现给中国企业家以及有意进行跨境并购的方方面面。
感谢我的同事詹姆斯H。格罗,他从一个曾经的企业家,整合救火队的队长,如今的企业顾问角度来给我们提供整合管理的很多“秘密”。最后的两章内容,是他的“独门秘籍”。
感谢沃特中国的CEO张志浩先生一直以来的敦促和鼓励,还给我们提供了很多实战案例,并对本书进行审阅。
感谢资深的财经记者郑晓舟女士把我对中国企业海外并购的观点系统化。
感谢沃特中国的所有同事,沃特财务的美国同事,感谢我所有的朋友、客户不吝分享他们的智慧和经验。
沃特中国管理合伙人
陈文轩



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Yami
欣葉
2种选择
欣叶 御大福 芋头麻薯 180g

周销量 600+

$1.66 $1.99 83折
Yami
欣葉
2种选择
欣叶 御大福 芋头麻薯 180g

周销量 600+

$1.66 $1.99 83折
Yami
欣葉
2种选择
欣叶 御大福 芋头麻薯 180g

周销量 600+

$1.66 $1.99 83折
Yami
欣葉
2种选择
欣叶 御大福 芋头麻薯 180g

周销量 600+

$1.66 $1.99 83折
Yami
欣葉
2种选择
欣叶 御大福 芋头麻薯 180g

周销量 600+

$1.66 $1.99 83折
Yami
欣葉
2种选择
欣叶 御大福 芋头麻薯 180g

周销量 600+

$1.66 $1.99 83折

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Jingdong book