Japanese Takeovers: The Global Contest for Corporate Control ~Harvard Business School Press
Japanese Takeovers: The Global Contest for Corporate Control ~Harvard Business School Press
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日本收购：全球公司控制权之争 ~哈佛商学院出版社
DOI：
10.5860/choice.28-6322
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发表时间：
1990
期刊：
影响因子：
--
通讯作者：
W. Kester
中科院分区：
文献类型：
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作者：
W. Kester
日本企业的收购活动正在增加，这与他们传统上对此类活动的厌恶截然不同。在新一轮的全球企业控制权争夺战中，它们是实力强大的参与者。日本人是要卷入一波激进的企业收购浪潮，还是更有可能在其他人发起的战斗中仅仅扮演“白色武士”的角色？他们对并购业务的日益熟悉是否会导致日本国内发生更多的收购，并给西方公司一个收购日本公司的现实机会？通过探索商业关系背后的经济逻辑，日本收购提供了一个新的解释日本在全球市场上的行为。卡尔·凯斯特认为，日本一直没有一个活跃的公司控制权市场，因为日本公司更喜欢与其他公司建立和管理长期关系，而不是拥有这些公司的公司资产。即使在海外也是如此。日本的跨国收购更多地是出于维护有价值的商业关系的需要，而不是出于其巨大的竞购力。目前的趋势将使日本进一步融入全球企业控制市场，并增加日本对英美收购策略的使用。但成功的并购交易与日本使用英美收购策略。但是，与日本企业的成功并购交易将更多地取决于对各利益相关者之间关系的历史和现状的广泛了解，而不是财务敏锐性。希望成为日本市场重要参与者的外国人必须了解日本企业利益相关者之间微妙但强大的联系背后的经济目的。
Acquisitions by Japanese corporations are on the rise, a dramatic departure from their traditional aversion to such activity. Loaded with cash, they are formidable players in the new global contest for corporate control. Are the Japanese about to engage in a wave of aggressive corporate takeovers, or are they more likely to act merely as "white samurai" in battles initiated by others? Will their growing familiarity with the mergers-and-acquisitions business lead to more takeovers inside Japan itself and give Western companies a realistic shot at acquiring a Japanese corporation? By exploring the economic logic underlying business relationships, Japanese Takeovers provides a fresh interpretation of Japanese behavior in the global market. Carl Kester argues there has not been an active market for corporate control in Japan because Japanese companies prefer to build and manage long-term relationships with other firms rather than own those firms' corporate assets. This is true even overseas. Japanese cross-border takeovers have been triggered more by the need to defend valuable business relationships than by their tremendous bidding power. Current trends will further integrate Japan into the global market for corporate control and increase Japanese use of Anglo-American takeover tactics. But successful M&A deal-making with Japanese use of Anglo-American takeover tactics. But successful M&A deal-making with Japanese corporations will hinge more on extensive knowledge of the history and current status of relationships among various stakeholders than on financial acumen. It is imperative that foreigners wishing to be significant players in the Japanese market understand the economic purposebehind the subtle but powerful ties among Japanese corporate stakeholders.