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Магистратура 2019/2020

Международные стратегические альянсы

Направление: 38.04.02. Менеджмент
Когда читается: 2-й курс, 3 модуль
Формат изучения: Blended
Преподаватели: Бурда Егор Дмитриевич
Прогр. обучения: Стратегии развития бизнеса: управление и консалтинг
Язык: английский
Кредиты: 4

Программа дисциплины

Аннотация

This course is designed to provide magistrate-level students with practice-oriented, nuanced, in-depth knowledge of the aspects of the corporate strategy related to Mergers and Acquisitions, Post merger integration, Strategic Alliances and Divestitures. The overarching question the course is designed to answer is 'What businesses should the company pursue in order to maximize the shareholders’ value?' Modern managers can use several powerful tools to shape the corporate strategy of their companies, such as acquisitions and alliances. While those tools have been widely used for decades, many corporate decisions, including those concerning Mergers and Acquisitions and Strategic Alliances, continue to lead the firms to spectacularly destructive results. Typically, there are two fundamental reasons for such poor performance: the managers’ lack of understanding of how the value is created in their multi- business companies, and the managers’ failure to successfully navigate the complexities of managing Mergers and Acquisitions and Strategic Alliances. To help students develop robust yet practically relevant knowledge of corporate strategy, the class is structured in a linear, transparent way. First, students will improve their understanding of what makes a portfolio of businesses under a single corporate umbrella more or less valuable. While the course design assumes that students are already familiar with the most popular frameworks that address such issues – like resource based view and transaction cost economics – they will be able to review the basic concepts and tools to make sure everyone is on the same page. Second, the course will help students to develop and hone the decision-making tools for properly structuring Mergers and Acquisitions and Strategic Alliances. The key focus here is to set up clear understanding of both Mergers and Acquisitions and Strategic Alliances antecedents, moderators and outcomes. Third, the class will cover practical issues related to proper execution of mergers and Strategic alliances.
Цель освоения дисциплины

Цель освоения дисциплины

  • To create awareness of key concepts and frameworks related to strategic value creation in Mergers, Acquisitions and Strategic Alliances
  • To provide students an understanding of Mergers, Acquisitions and Strategic Alliances antecedents, moderators and outcomes, as well as failure and success factors
  • To develop practical knowledge of decision making frameworks and tools necessary to define efficient Mergers, Acquisitions and Strategic Alliances structures relevant to a firm's strategic goals as well as resources and capabilities profile
  • To help students get on the front foot with Mergers, Acquisitions and Strategic Alliances processes and execution approaches necessary to enable expected value extraction
Результаты освоения дисциплины

Результаты освоения дисциплины

  • Analyse current corporate equity market trends using public data sources
  • Analyse and Interpret value creation drivers in Mergers, Acquisitions and Alliances using key strategic frameworks - resource based view, transaction costs theory, dynamic capabilities model.
  • Analyse a firm as a portfolio of businesses, Identify synergies, asses value creation opportunities in diversification and vertical integration
  • Analyse factors that influence a decision regarding a choice between buying or allying a firm
  • Identify factors that trigger Mergers and Acquisitions and influence Mergers and Acquisitions performance. Measure Mergers and Acquisitions outcomes.
  • Use strategic fit and operational fit concept to analyse value creation options and constraints in M&A. Create long term value creation strategy using multiple Mergers and Acquisitions.
  • Plan Mergers and Acquisitions execution using Traditional or Accelerated approach. Create Mergers and Acquisitions roadmap. Use strategic due diligence to capture synergies and avoid major losses
  • Structure key Post Merger Integration (PMI) organizational decisions Creation, Elimination, Merger, Split-UP. Plan PMI roadmap. Analyse PMI as a strategic capability with PMI maturity levels concept. Create strategic communications plan for PMI.
  • Create Mergers and Acquisitions scorecards and management structures
  • Analyse market context referring strategic alliances using open sources. Define strategic alliances value creation opportunities.
  • Create an infrastructure for Strategic alliances. Define Strategic alliances scorecard. Analyse Strategic alliances execution success factors. Prepare and execute a decision regarding termination of a Strategic alliance.
  • Analyse value creation opportunities in Ecosystems. Define relevant ecosystems types. Design Ecosystem management structure.
Содержание учебной дисциплины

Содержание учебной дисциплины

  • Current business context of Mergers, Acquisitions and Strategic Alliances
    Global and local trends at corporate equity markets. Mergers, Acquisitions and Strategic Alliances success and failure rates.
  • Strategic foundations of Mergers, Acquisitions and Alliances
    Key strategic frameworks that explain value creation in Mergers, Acquisitions and Alliances, including Transaction Costs Theory, Resource based View of a firm, Dynamic Capabilities model
  • Scope of the firm: diversification and vertical integration
    The corporate strategy level and corporate advantage concept, number of businesses in a corporation, competition at a corporate equity market. Scope of the firm concept and determinants. The idea of Synergy. Basic modes of diversification and diversification test. Understanding vertical integration.
  • Merger or Alliance tradeoff
    Strategic decision making framework that facilitates Merger or Alliance tradeoff
  • Mergers and Acquisitions antecedents, moderators and outcomes
    Understanding factors that trigger Mergers and Acquisitions and influence Mergers and Acquisitions performance. Basic approaches in measuring Mergers and Acquisitions outcomes.
  • Value creation in M&A
    Strategic fit and operational fit concepts, long term value creation strategy in multiple Mergers and Acquisitions
  • Typical Mergers and Acquisitions roadmap and key steps
    Traditional vs Accelerated approach to execute Mergers and Acquisitions. Mergers and Acquisitions roadmap, using strategic due diligence to capture synergies and avoid major losses
  • Post merger integration framework
    Unlocking the full potential of acquisitions: the role of organizational restructuring. Key PMI organizational decisions Creation, Elimination, Merger, Split-UP. PMI as a strategic capability – PMI maturity levels. Strategic communications in M&A.
  • Managing Mergers and Acquisitions
    Typical Mergers and Acquisitions scorecard and management structure
  • Value creation in strategic alliances
    Market context: strategic alliances success rates. Strategic alliances key benefits and challenges, resource based view
  • Managing strategic alliances.
    Infrastructure for Strategic alliances. Strategic alliances typical scorecard. Strategic alliances execution success factors. Breaking up Strategic alliances.
  • Ecosystems
    Value creation in Ecosystems. Types of ecosystems. Managing Ecosystems.
Элементы контроля

Элементы контроля

  • Multiple choice test (блокирующий)
    50% of final grade. 10 points maximum. 20 questions, each question = 0,5 points.
  • Class Presentation (неблокирующий)
    Team class presentation of selected project topic
  • Team project presentation (неблокирующий)
    Team project presentation on M&A or Strategic Alliance
  • Home assignment (неблокирующий)
    Personal home assignment
Промежуточная аттестация

Промежуточная аттестация

  • Промежуточная аттестация (3 модуль)
    0.05 * Class Presentation + 0.2 * Home assignment + 0.5 * Multiple choice test + 0.25 * Team project presentation
Список литературы

Список литературы

Рекомендуемая основная литература

  • Cooperative strategy : competing successfully through strategic alliances, Dussauge P., Garrette B., 1999
  • Handbook of strategic alliances, Shenkar O., 2006
  • Harvard Business Review on mergers and acquisitions, , 2001
  • Making Strategy : The Journey of Strategic Management, Eden C., Ackermann F., 1998
  • Mergers, acquisitions, and other restructuring activities : an integrated approach to process, tools, cases, and solutions, DePamphilis D. M., 2010
  • Strategic management : concepts, Rothaermel F. T., 2013
  • Strategic management in the 21st century. Vol.2: Corporate strategy, Kannan V. R., 2013
  • Strategic management in the 21st century. Vol.3: Theories of strategic management, Wilkinson T. J., 2013
  • Strategic management, David F. R., 1997
  • Strategic management, Miller A., 1998
  • Understanding mergers and acquisitions in the 21st century : a multidisciplinary approach, McCarthy K. J., Dolfsma W., 2013
  • Understanding strategic management, Henry A., 2008

Рекомендуемая дополнительная литература

  • Mergers and acquisitions. Vol.3: Performance consequences, , 2002
  • Mergers, acquisitions, and corporate restructurings, Gaughan P. A., 2002
  • Mergers, acquisitions, and corporate restructurings, Gaughan P. A., 2007
  • Startup communities : building and entrepreneurial ecosystem in your city, Feld B., 2012
  • Strategic alliances, Beamish P. W., 1998
  • Strategic Management Theory : An Integrated Approach, Hill C. W. L., Jones G. R., 1998