成功收购策略的6大关键原则（下）.doc

天和财务: / PAGE ………………………………………………………………………………………………………………………… 前程似锦 路在脚下 成功收购策略的6大关键原则（下） SIX KEY PRINCIPLES OF A SUCESSFUL ACQUISITION STRATDY ,PART2 来源： HYPERLINK / \t _blank HYPERLINK / \t _blank 天和网 核心提示：思科的前CSO通过研究该公司七年间的75项收购案,揭示出确保收购行为创造价值的六条原则。 After overseeing 75 acquisitions in 7 years at Cisco in the 1990s, then-CSO Mike Volpi helped the company become a role model for tech MA and an acquisition-as-growth strategy. In this second post of a two-part series, he reveals four more strategies for smart acquisitions. 【据消息】审查了思科公司（Cisco）在20世纪90年代间的7年内的75项收购案之后，思科公司当时的首席战略官（CSO ）迈克尔?沃尔潘帮助该公司成为高科技行业收购以及收购并增长策略的一个行为榜样。在本系列的第二篇文章中，他揭示了巧妙收购的另四个策略。 Between 1993 and 2000, Cisco became a role model of tech MA, making 75 acquisitions over those seven years. At its peak, those acquisitions collectively represented 50 percent of Cisco’s revenue. We learned a lot along the way. In my previous post, I explained two of my six key principles of a successful acquisition strategy: keeping objectives consistent and understanding probability. In today’s post, I’ll describe the remaining four. 在1993年到2000年间，思科成为科技并购的一个榜样，该公司在这七年里完成了75项收购。在收购的顶峰时期，这些收购总计占到了思科50%的收入。我们在收购的道路上学习很多经验。在上篇文章中，我解释了成功 HYPERLINK / 收购策略的六个关键原则其中的两个:保持主要目标的一致性和了解所有的可能性。在今天的文章中，我将介绍剩下的四个原则。 3. Option value 3.价值选择 Another way to look at this issue of probability is that big acquirers are actually purchasing options in the future success of the acquired entity. These options tend to be worthless, but about 20 percent of the time, they produce a huge outcome. 另外一种看待收购事件可能性的方式是，大收购方实际上是被收购方未来成功的购买选项。这些选项往往是毫无价值的，但有大概20%的几率，它们会产生巨大的成果。 This brings me to the point of valuation. As Chief Strategic Officer of Cisco, I was often criticized for overpaying for companies. But, if an acquirer is hunting for those 2-out-of-10 outsized returns, then the precise valuation of the two magical companies doesn’t really matter too much. Our rule of thum