看过来！ACCA 阶段课程有介绍啦！

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(d) Many academic studies, together with actual managerial experience, point to the post-acquisition integration phase as being
the key to an acquirer achieving their acquisition objectives. In particular, the creation (or destruction) of shareholder value
rests most heavily on the success of the integration phase, which in turn helps determine whether the acquirer has chosen
the ‘right’ target company and paid the right price for it. One source strongly argues that the capability to manage the
integration of the two organisational sturctures, in particular the conversion of information systems and retention and
motivation of key employees, determines how much value can be extracted from the combined entities. The ability to manage
the integration process will therefore affect the success of the prior phases of the acquisition process – the search for and
screening of potential candidates, the effective carrying out of due diligence, financial evaluation and successful negotiation
of the deal.
Unfortunately, the failure to develop the necessary integration skills dooms many firms to continued failure with their
acquisitions, though some firms are conspicuously successful in developing such a capability and they gain significant
competitive advantage over their less successful competitors and create value for the stakeholders. One explanation for this
conspicuous inability to learn from past acquisition experience, compared with other activities in the value chain, lies with
their infrequency and variety. ‘No acquisition is like another.’ Much of the difficulty however lies in the complex

interrelationship and interdependency between the activities being integrated and a consequent difficulty of knowing what is
causing performance problems. Thus, it is no good communicating all the positives to the customer if there is a failure to
retain and motivate the sales force. To this complexity of integrating different processes is added the problem of developing
appropriate measures of and accurate monitoring of the integration processes. In one study of US bank acquirers, only 40%
had developed specific performance measures for the systems conversion process, despite the critical importance of systems
integration to efficient operation of the combined banks. Key performance indicators need to be set in the areas previously
identified as offering major opportunities for synergies. These synergies will affect both the cost and revenue side of the
business. Real cost reductions are clearly a major reason for the proposed acquisition in view of the competitive environment
faced. Equally relevant are appropriate measures of customer service. Each area will need appropriate key performance
indicators showing priorities and relevant timescales for achievement.
Therefore, there is a critical need to learn from previous experience and the relationship between decisions made, actions
taken and performance outcomes. This knowledge and experience needs to be effectively recorded and shared. It can then
influence the earlier phases of the acquisition referred to above, thus leading to a virtuous circle of better integration and
acquisitions that actually enhance value. In so doing, acquisitions can lead to faster growth and better performance.

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(c) From the information given in the scenario, DPP will face significant problems if it chooses to develop a greenfield site. The
bureaucratic planning procedures adopted by the host government can add considerable time to get an efficient plant up and
running. In some ways, such governments are in a dilemma, anxious to secure foreign direct investment, but at the same
time protect inefficient domestic manufacturers. Certainly, DPP in its own risk assessment would need to take political risk
into account. In assessing the risks of a greenfield site, Ken could use Porter’s ‘diamond’ to good effect. Factor conditions
might be seen as quite favourable, with an educated, trained, albeit low productivity, labour force. However, the lack of
demanding tough global customers, a weak and inefficient domestic industry to supply the new venture and competitors who
have been highly protected mean that DPP will have to battle to create a supportive and sustaining environment. Financial
exposure may be increased through currency risk.
Clearly, the fresh start will allow integrated information systems to be developed and the latest technology to be used.
However, the new capacity will have a significant impact on DPP’s existing plants. The extent to which expatriate
management is used is clearly an issue. The host government is likely to require some commitment to the training of local
management and the degree of autonomy given to the new plant may well be an issue. Cultural issues and sensitivities will
be significant – often shop floor workers and managers will be used to high levels of absenteeism being tolerated in
government owned and controlled firms. Also the issue of involvement and participation could be an issue – there may be a
marked reluctance on the shop floor to contribute ideas towards raising productivity and quality. DPP is part of a group that
has experience of operating abroad and there is a real need to access information on key problems in greenfield operations.
In many ways the move to a greenfield site links the macro environmental analysis generated by a SLEPT or PEST to five
forces industry analysis with its focus on customers, competitors and suppliers. Certainly, creating an integrated value chain
with DPP’s existing business will be a real challenge to the management. It also adds capacity to a European industry where
there is already a problem. Choosing between the two options to achieve the strategic goal of a lower cost base can be doneusing the tests of suitability, acceptability and feasibility. The decision will not be an easy one.

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3 Overview:
A traditional job description can only list or outline the tangible elements of a job. As work becomes more challenging, more
information is required about the skills needed to perform. that job. A person specification is of greater value in the professional
sector, where it is inappropriate to assume repetition and where there is a greater degree of discretion in performing the task.
Part (a):
(i) A person specification - also referred to as a personnel specification – provides the organisation with a profile of the kind of
person that would match the needs of the post. It sets out in written detail the education, qualifications, training, experience,
personal attributes and competencies a post holder must possess to perform. the task to the satisfaction of the organisation.
It describes the person needed to fulfil the task.