建立在受訪者的分析和財務報表同時表明，塔塔汽車的頻率分布和t檢驗證明，2010年塔塔公司收購了捷豹之后，并沒有出現銷售增長。分析師們表明，塔塔集團在銷售額、利潤和資本回報方面已經發生了明顯的增長。

因為合并后公司表現不佳，兼并和收購三分之一實現了經營、財務和戰略目標，建議預結合可行性研究（Flint 2006）。并購政策仍主要受法律因素控制，財務分析和權利受到作為個體的操縱者控制和影響，而不是把重點放在合并公司會出現的內部問題中，因為它被不正規的組織成員掌管著——質量差、降低承諾、低生產率、隱藏成本、自愿離職和未開發的潛力（COFF ，2002）——有太多公司似乎通過合并后整合的過程曲折。在作者看來。塔塔汽車公司未能完成準確的戰略分析，因此無法實現采集過程中的協同作用。數據分析表明在2008年和2009年塔塔無法實現銷售增長、盈利能力和資本收益率，但2010年公司通過銷售增長開始盈利。
 

The analysis based on the respondents and the concurrent corroborations with the financial statements showed that Tata motors by frequency distribution and T-test showed that the Tata has not generated any financial benefits other than the sales growth in 2010 out of the acquisition of Jaguar. Analysts showed that the Tata has generated some appreciable increase in the sales growth, profits and the return on capital employed.

 

The one third of mergers and acquisitions actually achieve the operational, financial and strategic objectives suggested in the pre-combination feasibility studies because of the poor performance of the combined firms (Flint, 2006). The mergers and acquistions strategies mostly are still dominated by the legal considerations, financial analyses and power plays by dominant groups as individual jockey for position and influence. Rather than focusing on the inherent dysfunctions that can emerge in the combined organization due to the informal power held by the organizational members - poor quality, reduced commitment, low productivity, hidden costs and the voluntary turnover and untapped potential (Coff, 2002) - far too many companies seem to meander through the post-combination integration process. According to the author, it seems that the Tata motors failed to done a strategic analysis accurately hence it couldn't realize the synergies of acquistion process. Data analysis clearly shows that the Tata was unable to acheive the sales growth, profitability, return on capital employed, brand value and the economies of scale for the two years 2008 and 2009 but the company started to make profits by increasing the sales growth in 2010.

 

The growth strategy adopted by companies was highly complex and entwined hence the success rate was low. Mostly the acquistions are carried out by the company to collect as much brand value under their umbrella to counter the threats from the competitors in the market due to that the companies buy the company at very high premium price and the same it happens in the Tata-Jaguar where the Tata bought the company at very high premium price to counter the threats in the world car market because the Jaguar was the popular brand in the UK and other parts of the world.#p#分頁標題#e#

 

Summary:

 

This study has showed the key important factors for success of any mergers and acquisition that is financial benefits by researching in detail the acquistion of Jaguar by Tata motors. This present study has only covered the financial factors and it has not covered the culture and human issues. The study has concluded that the Tata has not able to acheive the strategic financial objectives after the acquisitions of Jaguar in 2009. The successful mergers can only be decalred if the companies acheive the maximation of shareholders wealth, revenue enhancement, cost reductions, and process improvement but in the case of Tata-Jaguar the company has not able to acheive any strategic financial benefits other than the sales growth increase but the company has planning to reduce the cost by manufacturing in-house engines and shifting the production to China and India and also it is planning to acheive the maximation of shareholders wealth by reducing the debts through fund raising, and good profits globally. The ultimate motive in handling the financial issues, cultural issues or human issues in the merger process is to increase the profitability of the company.

 

Conclusions:

 

The subject merger and acquisitions has been intensively explored by the literature review with special focus on varied components of merger and acquistion process for successful ventures from the financial benefits point of view and also the main aim of this study is whether the Tata has acheived the financial benefits or not by acquiring the Jaguar and Land Rover.

 

This study started with the meaning of merger and acquistions with its relevance in current business scenario and also with the introduction of Tata motors and Jaguar and also the acquistions of Tata motors so for globally. The aims and objectives was clearly stated in the introduction part and also the Tata motors strategic positions and the Tatas position in the world.

 

The subject mergers and acquistions has intensively explored by the literature review in depth and broadly covers by the following dimensions:

 

Financial objectives

 

Time dimension

 

Total value creation

 

Importance of brand in the automobile industry

 

Effect on employees

 

Causes for failure of merger and acquistion

 

organization culture

 

organization communication

 

Strategic indent - implication and implementation

 

Evidences of merger and acqusition in the industry

 

Status of Jaguar in current business scenario.

 

The research methodology chapter examined the various methods that was used to collect the data for the present study and also the various research paradigms in details. It also explained the relative merits and demerits of various data collection approaches. In this section it was justified why questionnaire & qualitative form data collection and analysis was adopted in the present research while focusing on research aims.

 

The findings and analysis chapter cover the data analysis through the statistical software and use descriptive frequency analysis and the t-test for primary data analysis. The discussions of this study were corroborated by the findings from the primary data, secondary data and literature review carried out in project.

 

In the present study the decisions was influenced by the strategic context, sensitivity of subject and the literature review. The former established a number of variables that had to be satisfied in order to gain appropriate creditiability and authenticity to research, literature review further determined the appropriate subject areas which would require attention at the data collection stage.

 

Today the predominant mergers and acquistions are carefully designed to ensure a better strategic fit between two companies otherwise in the task of integrating the comapnies remain difficult. Today the mergers and acqusitions have become the primary means by which the companies can quickly attempt to grow revenues but still many mergers and acquisitions face many challenges and mostly they fail to acheive the strategic objectives (Knott, 2004). Planning is must for any mergers and acquistions to increase the chance for success and this planning should be coupled with the intensive dealing of each and every activity and should be included in the company's strategic plan. Its no matter how attractive are the opportunity but value is not created it may result in failure of any mergers and acquistions. For the successful mergers and acquistions the capabilities needs to be transferred and the people from both the organizations collaborate to create the expected benefits. Rapidly changing market, managing deficiencies, competitors, technological change and cultural differences are all closely aligned with less actual return on investment than planned.

 

According to Kwansa (1994), the ultimate goal of any acquistions is to maximize the shareholder wealth because it is a capital investment decision. Apart from that there are some immediate factors such as diversification, elimination of operating inefficiencies, market power and tax considerations which encourage the companies to acquire other companies.

 

According to Knott (1998), the mergers are inevitable as firms combine in the name of mergers and acquisitions to ward off competitors and also to quicken the growth by acquiring the existing companies rather than expanding internally, especially as shares can be issued instead of cash. Mainly the companies combine to secure their survival in the industries that are declining and also to absorb the other firms which is underutilizing assets.#p#分頁標題#e#

 

The above mentioned statement about the merger for growth and improvement in financial benefits has not been realized in the case of Tata-Jaguar for last two years but after the increased sales in 2010 it is expected to acheive the fincancial benefits. In the present study, based on the respondents view and the financial results the performance of the merger was measured. The study recommends the use of key success factors as the measure of financial performance. Mostly the successful merger helped in improving all the areas of the company hence it is practical to utilize multiple measure of performance and the same was considered in the study. The use of multiple measures will help the managers in the Tata motors to determine whether benefits are acheived or not and whether any improvements still needed to acheive the benefits.

 

The Jaguar's share in Tata motors total sales revenue is small but the purpose with which this acquistions was done was not acheived so for. The intentions of the Tata motors was to acheive the financial benefits and to increase the market share of Jaguar and Land Rover globally. The financial positions of the Tata Motors was not in good shape because of the debt bought for to buy the Jaguar and Land Rover but still it is stable as company has involved in reducing the debts by many source but the main source is fund raising.

 

Salient outcomes of Research Strategy:

 

The study was focussed on the acquistion of Jaguar by Tata with specially focussed on financial benefits acheived.

 

Sales growth increased in 2010 but the Tata motors shows the decreased sales growth in 2008 and 2009.

 

Average profits was acheived because of the previous year huge loss and the big debts.

 

Deteriorate return on capital employed because of the premium price paid for buying the Jaguar and Land Rover.

 

The level of gearing was increased because of the premium price paid for buying the Jaguar and Land Rover and all the fundings was done from the external borrowings.

 

The earning per share is increasing because of the good percentage of profits when compare to the last financial year.

 

As per the analysis of primary data respondents were in mild agreement that the business objectives were not acheived fully after the take over.

 

Decrease in return on shareholder fund because of the fund rasing to reduce the huge debts and also the financial health of the Tata motors was suffered by the continous losses in last two years (2008 and 2009).

 

The return on total assets was below the expectation because of the increase in inventories.

 

Growth objectives acheived below the expectation because of the depressed sales, profits and the market share in the year 2008 and 2009.#p#分頁標題#e#

 

The total time in merger process was six to twelve month which was favourable for successful merger efforts.

 

There was no major change in the averge product cost, head count and the cost control but the Tata motors is working on it to reduce the production cost by increasing the head count in India and China to produce the in-house engines and by shifting the manufacturing department to China.

 

The proftiability of the Tata motors through global sales increases from 2010 by introducing the small level entry cars in Jaguar and Land Rover and also by introducing the cheapest car Nano for $2500.

 

There was good improvement in the brand value for the Tata motors after acquiring Jaguar because Jaguar is the famous brand in the great Britain.

 

There was a substantial increase in market share for the Tata motors for its prodcuts but there is no much increase in market share for Jaguar but the Tata motors is planing to increase the market share for Jaguar globally by intorducing more small entry level cars for less prices to increase the volumes.

 

There was no change in the economies of scale.

 

Research findings midly in agreement that there was a minor improvement in skills and capabilities of both the companies but this was highly subjective.

 

Tata was able to improve partially the Technological advantages, product innovation activities and knowledge transfer skills.

 

Recommendations:

 

It was very well evident from the research study that Tata has not ahcieved the desired financial benefits from the acquistions of Jaguar and Land Rover so for because of the decreased sales growth in 2008 and 2009 but now the Tata motors sales growth has increased and it is expected to acheive its financial benefits in the near future. However on the basis of study researcher felt that realization of financial goals can be taken place if following steps are initiated:

 

Jaguar must improve the product innovation activities and try to work in the direction of hybrid engine technology to make fuel efficient cars because there is a continous increase in the prices of crude petroleum in the international market which creates the demand for the fuel efficient cars.

 

Setting-up the manufacturing facilities in China and India to reap the advantage of low cost production.

 

Hire more highly skilled engineers and started to produce the engine in-house to increase the sales growth because according to the Ratan, we could have increased the jaguar more higher but we didn't get more engines from Ford (Economic Times, 2010).

 

Jaguar should work in the direction of reducing the overall weight of the car and should work for the materials where the strength to weight ratio can be increase and thus resulted in increase mileage. This is the very important feature from customer perspective in realizing the value for money and increasing the market share.#p#分頁標題#e#

 

Making long term supply contracts with suppliers to combat the price fluctations due to changes in prices of raw materials and other unknown global factors.

 

Rationalization of suppliers by further ten percent and try to gain more price reduction by increasing the size of economic order quantity.

 

Standardisation of parts used in Jaguar with other models and sharing of Jaguar manufacturing platforms with other models. This would help in exploiting the resource capacity utilization to maximum extent and would help in acheiving the economies of scale.

 

Increasing the market share for Jaguar by introducing more number of small entry level vehicles to increase the sales volume.

 

To compete effectively in today's global market price, a sharpened cutomer focus is essential. Hence to understand the customer preferences the Tata should conduct more market researches. This would help Tata-Jaguar in translating customer voice to product specifications which would proved successful product launching in the eyes of customer.

 

Initiating the cost reduction projects in plant operations for reducing wastes in supply chain by implementing the methodlogies like LMAM (Lean Manufacturing Agile Manufacturing), TPM (Total Productive Maintenance).

 

Development of supplier parks in the close vicinity of manufacturing facilities so that concept of "Just in Time (JIT)" can be adopted hence would help the company in reducing the inventory levels because in the Tata the total assets is decreasing because of the increasing in inventories.

 

Tata should focus their energies by consolidating the existing brands rather then going for further acquistions of brands for growth. The company should follow the philosophy of organic growth rather then pursuing the policies of acquisitions because it was seen in the number of merger studies that the brand was purchased on premium prices which in turn unable to deliver the desired financial benefits.

 

Lowering down the variable cost component in fixed cost by outsourcing of components from far-east countries. It can reduce the cost drastically and finally help in reducing the cost of end product. India nd China are manufacturing world class quality auto components at very low cost.