可持續(xù)的并購業(yè)務(wù)外文翻譯（節(jié)選）

1、<p>　　2000單詞，1.1萬英文字符，中文3050字</p><p>　　文獻(xiàn)出處：Saat M, Himmelsbach J. Sustainable Merger and Acquisition Transactions–Important Aspects as Part of a Process Model Especially for Enterprises in the Service

2、Market [J]. International Journal of Business and Social Science, (2014):65-74.</p><p>　　http://www.wenku1.com/news/E1D29236DEE4E3C4.html</p><p><b>　　原文</b></p><p>　　Sus

3、tainable Merger and Acquisition Transactions –Important Aspects as Part of a Process Model Especially For Enterprises in the Service Market</p><p>　　Maksim Saat</p><p><b>　　Abstract</b&

4、gt;</p><p>　　The recent years have seen worldwide an unprecedented wave of mergers and acquisitions. However empirical research studies show a high failure rate of implemented M&A transactions in enterpr

5、ises in the service sector. The aim of the paper is to show important success factors for sustainable M&A transactions in enterprises in connection with a newly developed holistic concept for national and internation

6、al M&A processes for the testing service market (TICET market) and for the service sector mark</p><p>　　Keywords: Sustainable M&A transaction, holistic M&A Model, Risk Management Model, Innovatio

7、n Management, Competition Analysis, Benchmark Analysis.</p><p>　　1. Introduction</p><p>　　A lot of publications and studies show the enormous importance of Merger and Acquisition (M&A) trans

8、actions in the context of realising growth and profit targets and the accompanying value increase in an enterprise [2, 3]. Against this background the implementation of sustainable M&A transactions allow the assumpti

9、on that M&A should be a very successful strategy for the development of enterprises. However, an analysis of the numerous available empirical research studies shows a high failure rate</p><p>　　In the re

10、levant scientific literature most publications on the topic of M&A only present a rough and not detailed process structuring of M&A transactions and they vary from author to author. For example the authors Picot,

11、 Grill, Bauer, Düsterlho, Berens, Brauner, Strauch [7, 8, 9, 10] present only several parts of a holistic M&A process model. While other authors as Theurl, Tsch pel [11] show only rough structural concepts of M&

12、amp;A processes.</p><p>　　However, according to the intense research by the authors, no detailed and holistic concept exists which considers the special features of M&A processes in the testing service m

13、arket and in the service sector market in general. In these circumstances the aim of the authors of the paper in the first step is to show the most important success factors innovation management and the risk management

14、model as parts of a newly developed holistic concept for national and international M&A processes, espe</p><p>　　In the second step, the results of the developed holistic M&A process model will be an

15、alysed, measured and objectivised with the help of a case study, and management instruments will be highlighted.</p><p>　　As part of the case study the results of M&A transactions carried out by TüV

16、 NORD (more than 10.000 employees) and by its main competitor in the business field – TüV SüD (more than 16.000 employees) – were used [12, 13]. Both enterprises are global leaders in the testing service market

17、 with comparable business activities and with more than 140 years of enterprise history. The testing service market has an estimated market volume of at least €40-50 billion.</p><p>　　2. Newly Developed Holi

18、stic National and International M&A Process Model</p><p>　　In this section, the most important aspects of the holistic M&A process model, which has been developed by the authors specifically for ente

19、rprises in the testing service market and also for the service market, is presented together with many success factors, by using the example of TüV NORD in comparison with TüV SüD. The newly developed holi

20、stic national and international M&A process model consists of the following three phases, and is shown in the figure 1.</p><p>　　With the support of the authors, special attention is given in the followi

21、ng to both the newly developed and implemented the risk management model and the innovation management. These aspects will be shown in the paper and their means of implementation are especially necessary as parts of a su

22、ccessful sustainable acquisition processes.</p><p>　　2.1. Risk management model in connection with sustainable M&A transactions</p><p>　　In the last seven years, the TüV NORD Group has

23、made 28 acquisitions. 17 of the enterprises purchased are headquartered in Germany and 11 abroad. Due to the acquisitions, the number of employees has increased from more than 2,000 to more than 10,000. At the same time

24、period the TüV SüD Group also has acquired 28 enterprises [14].Against the background of new knowledge and experience gained in connection with the expansion of the TüV NORD Group, the risk management is c

25、ontinuously developed and e</p><p>　　In order not to have to register unknown or unforeseen risks in the context of the integration of acquired enterprises, a risk analysis should be performed in the context

26、 of the acquisition process. However, risk analysis is different from operational risk management, in particular with regard to its project character and information basis (publicly available information and information

27、provided by the target enterprise)[15].</p><p>　　Risk analysis should include the most important elements of risk management, i.e. risk identification and risk evaluation, and can be integrated into the due

28、diligence process. A due diligence procedure also should be carried out for each acquisition. {According to Section 11 of the US Securities Act of 1933, brokers reproached for having withheld important information from i

29、nvestors were able to relieve themselves from personal liability by the defence of due diligence. To do this, they had to </p><p>　　The aim of due diligence has to be the identification of all risks of an en

30、terprise and their subsequent minimization or inclusion into the calculation of the enterprise value. In a due diligence process the enterprises can also cooperate with external advisors such as auditing and law firms to

31、 perform due diligence checks and risk analyses.</p><p>　　In the following, the authors will deal with issues of risk management or risk analysis in the acquisition processes which are of great importance fo

32、r every enterprise. For this background to ensure a complete record of all important risks, it is necessary to adopt a systematic process to identify them, which was developed and implemented from the authors in the T

33、52;V NORD Group in the last years to reduce the risks concerning acquisitions. For this the issues will be classified by external and in</p><p>　　External Influences on the Enterprise</p><p>　　A

34、t the "global environment" risk level, in particular the issues of macroeconomic development, technological development and political-legal development are of very great importance for every enterprise and also

35、 to the TüV NORD Group. Furthermore the issues of socio-cultural and ecological development are to consider.Macroeconomic development in particular includes cyclical risks which find expression in the fluctuation of

36、 economic variables (e.g. gross domestic product) of anational economy and</p><p>　　To enable the assessment of such risks for a country in which an acquisition is planned publicly available information prov

37、ided by financial or research institutions can be used. The country-specific risk potential is estimated on the basis of this data. In its assessment of the technological developments and the associated technological ris

38、ks, the TüV NORD Group usually relies on own Know-How which is supplemented by publicly available studies. Where own Know-How does not exist because the acqu</p><p>　　Political-legal risks identified by

39、 enterprises basically are the following (additional detailed explanations see [17]):</p><p>　　Fiscal risks: Fiscal measures by governments may present a risk to enterprises. Transfer risks: Governments may

40、make retransfer of invested capital, e.g. in the form of distribution of profits, difficult.</p><p>　　Expropriation and terrorism risks</p><p>　　Corruption risks: Regular publication of country

41、rankings provides an overview which likewise is very important to enterprises due to the corporate governance and compliance obligations.</p><p>　　Legal risks: These may be the lack of basic conditions for q

42、uality, liability and protection risks or the general jurisdiction.</p><p>　　In the context of an acquisition project, the political-legal risks are also determined, analysed, assessed and compiled. Central

43、to the risk field socio-cultural developments are circumstances and changes in demographic features (e.g. age structure) or social values, attitudes and norms (e.g. attitudes to the environment).Ecological developments a

44、rising from the exploitation of finite resources or changed environmental and climatic conditions (e.g. environmental disasters) may represent risks f</p><p>　　At the "competitive environment" risk

45、 level, the competitors, suppliers and customers issues are often of great relevance to enterprises. Therefore, a detailed analysis of the competitor, supplier and customer situation in a country is performed in the cont

46、ext of the acquisition process. For instance, the general price, service and quality level of testing services, the possibility of new customers entering (entry barriers) or the customers' market power and payment be

47、haviour are analysed in con</p><p>　　Internal Influences on the Enterprise</p><p>　　At the "enterprise internal" risk level, all issues are very important always in the case of acquisi

48、tions which are why during an acquisition process a due diligence check including a risk analysis for the enterprises to be acquired is carried out jointly with local public accountants and lawyers.</p><p>　

49、　With regard to this, risks may result from an enterprise's strategy/corporate governance, e.g. with respect to questions of composition of the service portfolio, choice of location enterprise investments.</p>

50、<p>　　Risks in connection with human resources or cultural aspects are of the highest importance for all service related enterprises because the business model is based on the provision of services by people, not m

51、achines. Accordingly, it is important for the management of enterprises to detect risks in connection with key persons (Know-How carriers) at enterprises to be acquired and reduce them by contractually binding these key

52、persons to the enterprise at least for a certain time. Without such agre</p><p>　　Jointly with public accountants, the management of enterprises look for financial risks or risks with regard to the assets of

53、 the enterprise to be acquired. These may in particular be found in various items of the balance sheet such as the intrinsic value of receivables from customers or fixed assets (e.g. values of buildings, machines, techni

54、cal installations and the equipment of the IT system), pension plans or risks arising from under-insurance.</p><p>　　External lawyers can be involved in particular in the determination of organisation risks

55、or business process or project risks. Risks may concern the operational and the organisational structure or exist in the business processes along the value-added chain. There also may be risks in an individual current or

56、 future project, environmental or quality management.</p><p>　　At the end of the acquisition process, all risks in connection with external and internal influences on the enterprise which have been identifie

57、d have to be compiled and assessed.</p><p>　　Based on these reports, the board of management and if existing the supervisory board of enterprises have to decide whether or not the acquisition will be made. I

58、n this way, there should be a close interlocking between the enterprisesrisk management and the acquisition management already prior to an acquisition. In the next section especially the innovation management as part of

59、the holistic national and international M&A process model is presented.</p><p><b>　　譯文</b></p><p>　　可持續(xù)的并購業(yè)務(wù)——尤其是企業(yè)在服務(wù)市場(chǎng)上流程模型的重要方面</p><p><b>　　馬克西姆 薩特</b>

60、;</p><p><b>　　摘要</b></p><p>　　近年來出現(xiàn)了全球前所未有的并購浪潮。然而實(shí)證研究顯示了企業(yè)服務(wù)部門并購交易高失敗率的現(xiàn)實(shí)。本文的目的是為企業(yè)并購交易提供重要的成功因素，并且為國家和國際并購流程測(cè)試服務(wù)市場(chǎng)(TICET市場(chǎng))和服務(wù)業(yè)市場(chǎng)提供一個(gè)新開發(fā)的的整體概念。這個(gè)重要的成功因素在實(shí)現(xiàn)風(fēng)險(xiǎn)管理模型和創(chuàng)新管理上尤其顯著。此外，這個(gè)整體性

61、的并購流程模型的結(jié)果分析顯示，在案例研究和管理工具的幫助下。作為案例研究結(jié)果的一部分，漢德集團(tuán)和其主要競(jìng)爭(zhēng)對(duì)手德國萊茵南商貿(mào)易將進(jìn)行并購交易。</p><p>　　關(guān)鍵詞:可持續(xù)的并購交易，整體并購模型，風(fēng)險(xiǎn)管理模式，創(chuàng)新管理，競(jìng)爭(zhēng)分析，基準(zhǔn)分析。</p><p><b>　　1．引言</b></p><p>　　大量的作品和研究顯示,合并和收

62、購(并購)在實(shí)現(xiàn)經(jīng)濟(jì)增長、利潤目標(biāo)和相應(yīng)的企業(yè)價(jià)值增加的情況下非常重要[2、3]。在此背景下，可持續(xù)的并購交易的實(shí)現(xiàn)允許這樣一個(gè)假設(shè)的存在，并購應(yīng)該是一個(gè)非常成功的企業(yè)發(fā)展戰(zhàn)略。然而,許多可用的實(shí)證研究顯示，企業(yè)并購交易實(shí)現(xiàn)的失敗率較高。例如,摩根大通(J.P. Morgan)的一項(xiàng)研究顯示，實(shí)施并購的失敗率約為40%,失敗的并購交易在服務(wù)行業(yè)甚至更高,在50%左右[4、5、6]。</p><p>　　在相關(guān)科學(xué)

63、文獻(xiàn)中大多數(shù)關(guān)于并購的主題只是一個(gè)粗略的而不是詳細(xì)的過程構(gòu)建，他們的描述因作者而異。例如作者皮科，格里爾，鮑爾，貝朗斯，布拉維恩，施濤河[7, 8, 9, 10]只描述幾個(gè)部分的并購流程模型。而其他作者Theurl,，貝利[11]只解釋并購過程的粗糙結(jié)構(gòu)的概念。</p><p>　　然而,根據(jù)作者們進(jìn)一步的研究表明，在考察服務(wù)市場(chǎng)和服務(wù)行業(yè)市場(chǎng)時(shí)，并購過程的特點(diǎn)沒有詳細(xì)和全面的概念存在。在這種情況下，作者在第一階

64、段的目是展示創(chuàng)新管理最重要的成功因素，風(fēng)險(xiǎn)管理模型作為國家和國際并購過程一個(gè)新開發(fā)的整體概念，特別是考察服務(wù)市場(chǎng)(TICET市場(chǎng))和服務(wù)行業(yè)市場(chǎng)。</p><p>　　在第二步中，發(fā)達(dá)國家整體并購流程模型的結(jié)果分析，在實(shí)踐性和客觀性案例研究的幫助下，管理工具的優(yōu)勢(shì)突出。</p><p>　　作為案例研究的一部分,并購交易的結(jié)果由漢德集團(tuán)（超過10000員工）以及在業(yè)務(wù)領(lǐng)域的主要競(jìng)爭(zhēng)對(duì)手——

65、德國萊茵南南貿(mào)易（超過16000員工）所使用[12,13]。測(cè)試服務(wù)市場(chǎng)類似的業(yè)務(wù)活動(dòng)和超過140年歷史的企業(yè)都是全球性的領(lǐng)導(dǎo)者。測(cè)試服務(wù)市場(chǎng)的市場(chǎng)容量至少有€40 - 50美元。</p><p>　　2．新開發(fā)的整體國家和國際并購流程模型</p><p>　　在本節(jié)內(nèi)容中，整體并購流程模型最重要的方面即：由作者開發(fā)的專門為企業(yè)測(cè)試服務(wù)市場(chǎng)和服務(wù)市場(chǎng)，加上許多成功的因素，通過應(yīng)用漢德集團(tuán)與

66、德國萊茵公司相比較的案例。新開發(fā)的整體國家和國際并購過程模型包括以下三個(gè)階段,如圖1所示。</p><p>　　在作者的支持下，新開發(fā)和實(shí)施風(fēng)險(xiǎn)管理模型以及創(chuàng)新管理得到了特別的關(guān)注。這些方面將在本文得到展示，其實(shí)施方法在部分成功的可持續(xù)收購流程中尤其重要。</p><p>　　2.1風(fēng)險(xiǎn)管理模型與可持續(xù)的并購交易</p><p>　　在過去的七年里，漢德集團(tuán)的收購達(dá)

67、28次。購買的企業(yè)，總部在德國的有17個(gè)，在國外有11個(gè)。由于收購，員工人數(shù)已從2000多增加到10000多。同一時(shí)期，德國萊茵集團(tuán)也收購了28家企業(yè)，在新知識(shí)與經(jīng)驗(yàn)的背景下，德國萊茵集團(tuán)得到了擴(kuò)張，其管理的風(fēng)險(xiǎn)也不斷升級(jí)與擴(kuò)張。</p><p>　　在收購企業(yè)的過程中，為了不獲得未知或不可預(yù)見的風(fēng)險(xiǎn)，應(yīng)當(dāng)在收購的過程中進(jìn)行風(fēng)險(xiǎn)分析。然而，風(fēng)險(xiǎn)分析不同于操作風(fēng)險(xiǎn)管理,要對(duì)其項(xiàng)目特點(diǎn)和信息基礎(chǔ)進(jìn)行分析(公開信息和提

68、供的信息目標(biāo)企業(yè)) [15]。風(fēng)險(xiǎn)分析應(yīng)包括風(fēng)險(xiǎn)管理的最重要的元素,即風(fēng)險(xiǎn)識(shí)別和風(fēng)險(xiǎn)評(píng)價(jià),可以集成到詳細(xì)的調(diào)查過程。詳細(xì)的調(diào)查過程中也應(yīng)該為每個(gè)收購進(jìn)行。{根據(jù)1933年美國證券法案的第11節(jié)，經(jīng)紀(jì)人責(zé)備投資者隱瞞重要信息，從而能夠減輕自己法人責(zé)任。要做到這一點(diǎn),他們必須證明,除此之外,由于合理的調(diào)查結(jié)果，他們認(rèn)為所有的信息發(fā)布都是真實(shí)的，沒有省去必要的信息[16] }。</p><p>　　調(diào)查的目的是識(shí)別一個(gè)

69、企業(yè)的所有風(fēng)險(xiǎn)以及企業(yè)價(jià)值的計(jì)算。在盡職調(diào)查過程中，企業(yè)也可以配合審計(jì)等外部顧問和律師事務(wù)所進(jìn)行盡職調(diào)查和風(fēng)險(xiǎn)分析。</p><p>　　在下文中，作者將針對(duì)風(fēng)險(xiǎn)管理的問題或每個(gè)企業(yè)重視的收購過程中的風(fēng)險(xiǎn)分析問題進(jìn)行探討。在確保一個(gè)完整的記錄所有重要風(fēng)險(xiǎn)的背景下，有必要采用一種系統(tǒng)過程來識(shí)別他們，從作者開發(fā)和實(shí)施在德國萊茵集團(tuán)在過去的幾年來減少有關(guān)收購的風(fēng)險(xiǎn)。對(duì)于這個(gè)問題將由外部和內(nèi)部分類對(duì)企業(yè)的影響(圖2)。對(duì)

70、建立的風(fēng)險(xiǎn)水平和風(fēng)險(xiǎn)領(lǐng)域,必須確定所有相關(guān)的風(fēng)險(xiǎn),盡可能精確的測(cè)量和描述。</p><p>　　外部因素對(duì)企業(yè)的影響</p><p>　　在“全球環(huán)境”風(fēng)險(xiǎn)中，特別是宏觀經(jīng)濟(jì)發(fā)展的問題，技術(shù)開發(fā)和政治法律環(huán)境的發(fā)展是每一個(gè)企業(yè)、也是漢德集團(tuán)非常重視的問題。此外，社會(huì)文化和生態(tài)發(fā)展的問題也需要考慮。宏觀經(jīng)濟(jì)發(fā)展特別是包括周期性風(fēng)險(xiǎn)表現(xiàn)在經(jīng)濟(jì)變量（如國內(nèi)生產(chǎn)總值）國民經(jīng)濟(jì)、外國貨幣與通脹風(fēng)險(xiǎn)的

71、波動(dòng)上[17]。</p><p>　　為了確保國家風(fēng)險(xiǎn)評(píng)估，應(yīng)利用金融或研究機(jī)構(gòu)提供的信息進(jìn)行公開的收購計(jì)劃。具有國家特色的潛在的風(fēng)險(xiǎn)評(píng)估應(yīng)建立在這些數(shù)據(jù)的基礎(chǔ)上。在其評(píng)估技術(shù)發(fā)展和相關(guān)的技術(shù)風(fēng)險(xiǎn)時(shí)，漢德集團(tuán)通常依賴于自己的技術(shù)，輔以公開可用的研究。自己的專門技能不存在，因?yàn)槭召徥墙⒁粋€(gè)新的業(yè)務(wù)部門，企業(yè)經(jīng)常與外部顧問合作，他們準(zhǔn)備專家報(bào)告，并進(jìn)一步研究技術(shù)開發(fā)市場(chǎng)的問題。在此基礎(chǔ)上評(píng)估潛在的風(fēng)險(xiǎn)。</p

72、><p>　　企業(yè)的政治法律風(fēng)險(xiǎn)識(shí)別主要是以下幾個(gè)方面(額外的詳細(xì)說明見[17]): 財(cái)政風(fēng)險(xiǎn):政府的財(cái)政措施可能會(huì)給企業(yè)帶來財(cái)政風(fēng)險(xiǎn)。</p><p>　　轉(zhuǎn)移風(fēng)險(xiǎn):政府可能使投資資本進(jìn)行再轉(zhuǎn)移,如利潤分配的形式，困難。 </p><p><b>　　征收與恐怖主義風(fēng)險(xiǎn)</b></p><p>　　腐敗風(fēng)險(xiǎn)：定期出版的國家

73、排名提供了這樣一個(gè)概述，由于企業(yè)治理和合規(guī)義務(wù)對(duì)企業(yè)來說同樣重要。</p><p>　　法律風(fēng)險(xiǎn):這些可能缺乏基本條件的質(zhì)量、責(zé)任和保護(hù)風(fēng)險(xiǎn)或普通管轄。 在收購項(xiàng)目的情況下，政治法律風(fēng)險(xiǎn)同樣被確定、分析、評(píng)估和編輯。風(fēng)險(xiǎn)領(lǐng)域社會(huì)文化發(fā)展的核心是環(huán)境和人口的變化特性(如年齡結(jié)構(gòu))或社會(huì)價(jià)值觀,態(tài)度和規(guī)范(如對(duì)環(huán)境的態(tài)度)。有限資源開發(fā)引起的生態(tài)發(fā)展或改變環(huán)境和氣候條件(如環(huán)境災(zāi)難)可能代表一個(gè)企業(yè)的風(fēng)險(xiǎn)。</

74、p><p>　　在“競(jìng)爭(zhēng)環(huán)境”風(fēng)險(xiǎn)中，競(jìng)爭(zhēng)對(duì)手、供應(yīng)商和客戶問題往往與企業(yè)具有很大的相關(guān)性。因此,應(yīng)在收購的過程中詳細(xì)分析競(jìng)爭(zhēng)對(duì)手、供應(yīng)商和客戶的情況。例如, 對(duì)測(cè)試服務(wù)的一般價(jià)格、服務(wù)和質(zhì)量水平，新客戶進(jìn)入的可能性(進(jìn)入壁壘)或客戶的市場(chǎng)力量和與此有關(guān)的付款行為進(jìn)行分析。</p><p>　　內(nèi)部因素對(duì)企業(yè)的影響</p><p>　　“企業(yè)內(nèi)部“風(fēng)險(xiǎn)中，在收購的情況下

75、，所有問題總是非常重要的，這是為什么在收購過程中盡職調(diào)查，包括同當(dāng)?shù)氐臅?huì)計(jì)師和律師對(duì)企業(yè)被收購的風(fēng)險(xiǎn)進(jìn)行分析。</p><p>　　關(guān)于這個(gè)問題，風(fēng)險(xiǎn)可能來自于一個(gè)企業(yè)的戰(zhàn)略/公司治理,如對(duì)服務(wù)組合的成分問題，選擇企業(yè)投資的位置進(jìn)行分析。</p><p>　　與人力資源或文化差異有關(guān)的風(fēng)險(xiǎn)是所有服務(wù)企業(yè)最為重要的部分，因?yàn)闃I(yè)務(wù)模型是基于提供服務(wù)的人而不是機(jī)器。因此，重要的是，企業(yè)的管理檢測(cè)

76、風(fēng)險(xiǎn)與關(guān)鍵人員(技術(shù)運(yùn)營商)在企業(yè)收購和減少綁定這些關(guān)鍵人員上需要一段特定時(shí)間。沒有這樣的協(xié)議用來降低潛在風(fēng)險(xiǎn)，收購?fù)ǔ２粦?yīng)當(dāng)被執(zhí)行。</p><p>　　會(huì)同公共會(huì)計(jì)師、企業(yè)的管理通常在尋找金融風(fēng)險(xiǎn)或并購后企業(yè)資產(chǎn)的風(fēng)險(xiǎn)。特別是這些可能出現(xiàn)在資產(chǎn)負(fù)債表的各種物品如客戶應(yīng)收賬款或固定資產(chǎn)的內(nèi)在價(jià)值(如建筑物、機(jī)器、技術(shù)設(shè)施和設(shè)備的系統(tǒng)的價(jià)值),撫恤金制或不足額保險(xiǎn)引起的風(fēng)險(xiǎn)。</p><p&g

77、t;　　外部律師常常需要參與對(duì)組織風(fēng)險(xiǎn)或業(yè)務(wù)流程或項(xiàng)目風(fēng)險(xiǎn)的決策中去。風(fēng)險(xiǎn)需要考慮運(yùn)作或組織結(jié)構(gòu)或存在于業(yè)務(wù)流程與增值鏈的問題。</p><p>　　在收購過程結(jié)束的時(shí)候，所有內(nèi)部與外部因素對(duì)企業(yè)的影響已確定需要編譯和評(píng)估。</p><p>　　根據(jù)這些報(bào)告，執(zhí)行管理委員會(huì)與現(xiàn)有的企業(yè)監(jiān)事會(huì)必須決定是否作出收購。通過這種方式，在企業(yè)風(fēng)險(xiǎn)管理與采購管理之間應(yīng)該有一個(gè)關(guān)閉聯(lián)鎖。在下文中，創(chuàng)新管