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Key factors for the success of human resources integration in Chinese outbound merger and acquisition: A case study on Geely's Volvo gamble
中國對外兼并和收購的人力資源整合的成功的關鍵因素：吉利沃爾沃打賭的個案研究

http://ukthesis.org/ygsslwdx
BACKGROUND
After China's admission to WTO in 2001,"The 4th Surge of Chinese enterprises' M&A" is taking place in China. Generally merger and acquisition is referred to as M&A .According to Donald M. DePamphilis (2009) ,the term "merger" means merging of two or more organizations into one, term "acquisition" means to takeover or something acquiring .Both the terms are used alternatively, but they have a slight difference in their meaning. A merger is said to be when two organizations agree on the decision of being one; it's the mutual decision. An acquisition is buying one organization by another. It can be a friendly takeover or hostile takeover. Whether it is a cross-border merger or cross-border acquisitions, they both involve the integration of human resources, so this paper is going to study the problems of human resource integration in both cross-border merger and cross-border acquisitions. ? but you are going to do only ONE case study…
背景
在2001年中國加入世貿組織后，“第四屆中國企業”M＆A“是在中國舉行。一般來說合并和收購被稱為“M＆A”。據DePamphilis唐納德M.（2009），這個術語“合并”是指兩個或兩個以上的組織合并成一個，“收購”一詞是指收購或獲得諸如此類的事情。這兩個條款是交替使用，但他們的意義有一個細微的差別。合并被說成是當兩個組織同意的決定之一，它是相互決定。收購由一個組織購買另一個組織。它可以是一個友好的收購或敵意收購。無論是跨境合并或跨境收購，它們都涉及到人力資源的整合，因此本文要研究的跨境并購和跨境并購中的人力資源整合問題。但你要做的只有一個案例研究...

"In the earlier years, from the mid-1980s through the year 2000, most of China's merger-and-acquisition deals were focused inward, on the domestic market"(Hemerling J.,2006). But nowadays, since China plans to become a major player on the global economic stage, more and more Chinese enterprises' mergers and acquisitions begin to take on a more outward appearance. At the same time, many key issues, such as pre-deal research and planning and deal completion, financial yardsticks, post-acquisition integration and value extraction are facing to the development of Chinese enterprises.
“在前面的幾年，從20世紀80年代中期到2000年，中國的兼并和收購交易大多是向內集中，在國內市場上”（林杰敏J.，2006）。但如今，由于中國計劃成為全球經濟舞臺上的主要參與者，越來越多的中國企業的兼并和收購開始采取更外觀。與此同時，中國企業的發展正面臨許多關鍵問題，如交易前的研究和規劃，完成交易，金融尺度，收購后的整合和價值提取。#p#分頁標題#e#

After viewing some famous authors' articles and the prior case study of Chinese acquisitions such as TCL and Lenovo, etc, it is found that integration in M&A ,especially human resource integration ,is the key to the success of enterprises' overseas acquisition, because the success of most acquisitions hinges not on dollars but on people (Harding and Rouse, 2007? only one reference???). This research is going to explore more about successful factors of HR integration after Chinese enterprises take over foreign companies.
查閱一些著名作家的文章后，并在之前的情況下研究中國的并購，如TCL和聯想等等。發現，合并，特別是人力資源的整合，整合是企業海外收購成功的關鍵，因為：大多數收購成功的關鍵在于不是美元，而是人力（Harding and Rouse, 2007?只有一個參考？？）。本研究將探討更多的人力資源整合的成功因素后，中國企業接管外國公司。

LITERATURE REVIEW
文獻綜述

Mergers and acquisitions increased exponentially in the 1980s and continued at a strong pace in the 1990s and the new century. About M&A, Mitchell Lee Marks and Phillip H. Mirvis(1986) pointed out that "One long-term consequence that is rarely seriously considered prior to a merger is that between 50 percent and 80 percent of all mergers are financial disappointments." Avoiding failure is a huge and tough process for the acquiring enterprise. The Wall Street Journal once reported that "Between 50 percent and 75 percent of executives in merged firms plan to leave the new organization within three years.", "One-third of all acquired companies get sold off within five years and that as many as 90 percent of all mergers fail to live up to expectations."(Mark Feldman,1986? any more up-to-date data that can supports this argument?). So John C. Bruckman and Scott C. Peters(1987) argued that "Companies are starting to understand that mergers cannot be solely dominated by lawyers and financial analysts. Lawyers and financiers make the deal, but it is line managers that have to make the merged firm work."  "Clearly, there is a difference between making acquisitions and making them work. And clearly, we must look beyond conventional advice on making acquisitions to understand how to manage them better."(David B. Jemison and Sim B. Sitkin,1986) ." Executives who have been through the merger process now recognize that in today’s economy, the management of the human side of change is the real key to maximizing the value of a deal."(Gunther,2001).
在20世紀80年代，兼并和收購成倍的增加，，并繼續以穩健的步伐邁向90年代和新世紀。關于并購，米切爾利商標和Phillip H.米爾維斯（1986）指出：“一個長期的后果，很少認真考慮合并前是介于50％和80％的所有并購財務失望。”避免失敗的收購企業是一個龐大而艱難的過程。華爾街日報曾報道稱，“在合并后的公司的高管在50％和75％計劃三年內離開新組織。”，“三分之一的所有收購公司在五年內得到拋售，多達所有合并的90％的不爭氣。“（馬克費爾德曼，1986?任何可以支持這種說法的最新數據）。因此，約翰•C•布魯克曼和Scott C.彼得斯（1987）認為，“企業開始認識到并購不能僅僅主要由律師和金融分析師，律師和金融家使交易，但它是使直線經理合并后的公司工作。““顯然，收購，使他們的工作之間是有區別的，很明顯，我們必須超越傳統的意見作出收購，以了解如何更好地管理這些。”（戴維•杰米森和SIM B.錫特金，1986）。 “高管已經通過合并過程現在認識到，在當今的經濟，管理人性化的一面變化的交易價值最大化才是真正的關鍵。”（Gunther,2001）。#p#分頁標題#e#

From the "Merger & Acquisition Strategic Integration Reference Guide" prepared by Indina river capital partners and its associates, who have more than 100 years of combined experience as line managers, functional specialists and consultants in over 50 mergers and acquisitions, the following are common mistakes many acquiring companies make which contribute to M&A failures:
從“并購戰略整合參考指南”由Indina河資本伙伴和聯營公司，擁有超過100多年的經驗相結合作為直線經理，功能專家和顧問在50兼并和收購準備，以下是常見的錯誤許多收購公司使這有助于并購失敗的：

1. • Inadequate evaluation of the compatibility of the acquired company in terms of style, structure and business practices.
1. 評估被收購公司在風格，結構和經營手法方面的兼容性不足。
2. • Top management does not have the time to plan the transition in the period prior to closing.
2. 在收盤前的時間最高管理層沒有計劃的過渡期間，
3. • Managers under-estimate the negative reactions to being acquired because these usually are not openly expressed.
3. 經理估計被收購，因為這些通常是不公開表達的負面反應。
4. • In an effort to reassure employees in the acquired company, statements are made like “Nothing will change,” or “There will be no changes in management,’ which immediately undermines credibility.
4. 在努力安撫被收購公司的員工，像“什么都不會改變”，或“將不會有任何變化管理，立即破壞信譽。
5. • Management does not appreciate how much effort is needed to gain credibility with the people in the acquired company.
5. 管理多少的努力，才能贏得信譽與被收購公司的人并不領情
6. •Commitments are made which subsequently are not honored, thus undermining confidence in the new management.
6. •承諾后來都沒有兌現，從而削弱在新管理層的信心。
7. •The transition process is too lengthy and because decisions are not made quickly, the negative reactions in the acquired firm become a dominant force.
7. 轉型過程過于冗長，因為沒有迅速作出決定，被收購公司的負面反應成為一個主導力量。
8. • The transition manager or transition team cannot get access to objective information and are forced to make decisions based on misleading or inadequate data.
8. 過渡經理或過渡團隊無法獲得客觀信息，并被迫作出具誤導性或不充分的數據基礎上的決定。
9. • Management in the firm making the acquisition is inclined to try to assimilate the new subsidiary into their established way of working rather than adapt and recognize the merits and value of culture in the acquired firm.#p#分頁標題#e#
9.  •管理公司收購的傾斜，盡量吸收到他們的工作，而不是適應和承認的優點和文化價值被收購公司的方式建立新的子公司。
10. • The assessment of people to hold key positions in the new combined organization is biased toward employees of the parent and not based on an objective analysis of position requirements and the talents of all available staff in both companies.
 評估在新的聯合組織中擔任要職的人偏向于母公司的員工，而不是根據職位的要求與客觀的分析，在這兩個公司所有員工的人才。
 
Then Andrej Bertoncelj and Darko Kova?(2007) argued that though sometimes billions and billions of dollars were spent on acquisitions with lackluster results, the failure rate of acquisitions was unacceptable and unnecessary. We should look for other solutions and identify the real causes for the high failure rate. They outline the importance of balanced management of hard and soft key success factors, five hard success factors – a professional target search and due diligence, a realistic assessment of synergies, the right mix of financial sources, a detailed post-acquisition integration plan already prepared in the pre-deal phase and its speedy implementation, and five soft success factors – a new “combined” organizational culture, a competent management team, innovative employees, efficient and consistent communication and a creative business environment .According to their research ,Peiguan Wu(2009),vice-president of international business school of Zhongshan University, found that most Chinese enterprises pay too much attention to the hard success factors but neglect the soft success factors which is one of the reasons leads to the failure of their acquisition. He also points out that because of the regime and history and many other differences between China and western countries, there is distinctiveness in the human resources integration process in Chinese companies. And for now, little research has been done on this problem. So this research will pay attention to the key factors influence human resource integration in Chinese outbound merger and acquisition and set up a HR integration model for Chinese enterprises after study Peter F. Drucker(1986)'s five rules for successful acquisitions, Andrej Bertoncelj and Darko Kova?(2007)'s hard and soft key success factors for a higher success rate in mergers and acquisitions,some famous cases like TCL and lenovo's experiences. Use the factors model to solve human resource integration problems in Geely from the macro and micro aspect respectively, integrate nationality and corporation culture difference as well as rebuild the corporation and employee psychological contract.
然后，安德烈Bertoncelj達爾科•科瓦奇（2007）認為，用呆滯的結果雖然有時數十億數十億美元用于收購，收購的失敗率是不可接受的和不必要的。我們應該尋找其他的解決方案，并確定高失敗率的真正原因。它們勾勒出均衡管理軟，硬的關鍵成功因素的重要性，五個堅硬成功因素 - 一個專業目標搜索和盡職調查，一個現實的評估協同效應，資金來源的正確組合，一個詳細的收購后的整合計劃已經準備在交易前階段和迅速實施，五軟的成功因素 - 一個新的“組合拳”的組織文化，一個稱職的管理團隊，創新的員工，高效的和一致的通信和創意的商業環境。#p#分頁標題#e#

? if you are going to bring in “cultural influence” into the discussion of Chinese outbound M & As, you will need to develop some theoretical discussion (i.e. literature review) on this cultural influence on cross-broader M & As/ human resources integration.
如果你打算引進到中國的海外并購，這種文化交叉更廣泛的并購為/人力資源整合的影響，你將需要開發一些理論的討論（即文獻綜述）討論的“文化影響力”。