{"id":59904,"date":"2023-10-27T15:44:55","date_gmt":"2023-10-27T06:44:55","guid":{"rendered":"https:\/\/monolith.law\/vi\/?p=59904"},"modified":"2023-11-07T14:42:38","modified_gmt":"2023-11-07T05:42:38","slug":"ma-secret-successful","status":"publish","type":"post","link":"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful","title":{"rendered":"B\u00ed quy\u1ebft th\u00e0nh c\u00f4ng trong vi\u1ec7c mua l\u1ea1i doanh nghi\u1ec7p l\u00e0 g\u00ec? H\u1ecdc h\u1ecfi t\u1eeb nh\u1eefng tr\u01b0\u1eddng h\u1ee3p th\u1ea5t b\u1ea1i trong M&amp;A"},"content":{"rendered":"\n<p>C\u00f3 l\u1ebd r\u1eb1ng nhi\u1ec1u c\u00f4ng ty \u0111\u00e3 xem x\u00e9t vi\u1ec7c M&amp;A v\u1edbi m\u1ee5c \u0111\u00edch m\u1edf r\u1ed9ng doanh nghi\u1ec7p. Tuy nhi\u00ean, th\u1ef1c t\u1ebf l\u00e0 kh\u00f4ng c\u00f3 nhi\u1ec1u tr\u01b0\u1eddng h\u1ee3p th\u00e0nh c\u00f4ng v\u1edbi M&amp;A. M\u1eb7c d\u00f9 t\u1ef7 l\u1ec7 th\u00e0nh c\u00f4ng c\u1ee7a M&amp;A kh\u00f4ng th\u1ec3 n\u00f3i l\u00e0 cao, nh\u01b0ng t\u1ea1i sao nhi\u1ec1u doanh nghi\u1ec7p l\u1ea1i th\u1ea5t b\u1ea1i? D\u1ef1a tr\u00ean nh\u1eefng v\u00ed d\u1ee5 th\u1ea5t b\u1ea1i ph\u1ed5 bi\u1ebfn, ch\u00fang t\u00f4i s\u1ebd gi\u1ea3i th\u00edch b\u00ed quy\u1ebft th\u00e0nh c\u00f4ng c\u1ee7a M&amp;A.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful\/#That_bai_trong_M_A_la_gi\" title=\"Th\u1ea5t b\u1ea1i trong M&amp;A l\u00e0 g\u00ec?\">Th\u1ea5t b\u1ea1i trong M&amp;A l\u00e0 g\u00ec?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful\/#Muc_dich_cua_M_A\" title=\"M\u1ee5c \u0111\u00edch c\u1ee7a M&amp;A\">M\u1ee5c \u0111\u00edch c\u1ee7a M&amp;A<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful\/#Tham_gia_vao_linh_vuc_kinh_doanh_moi\" title=\"Tham gia v\u00e0o l\u0129nh v\u1ef1c kinh doanh m\u1edbi\">Tham gia v\u00e0o l\u0129nh v\u1ef1c kinh doanh m\u1edbi<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful\/#Hieu_ung_dong_thoi_voi_hoat_dong_kinh_doanh_chinh\" title=\"Hi\u1ec7u \u1ee9ng \u0111\u1ed3ng th\u1eddi v\u1edbi ho\u1ea1t \u0111\u1ed9ng kinh doanh ch\u00ednh\">Hi\u1ec7u \u1ee9ng \u0111\u1ed3ng th\u1eddi v\u1edbi ho\u1ea1t \u0111\u1ed9ng kinh doanh ch\u00ednh<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful\/#That_bai_trong_M_A_la_gi-2\" title=\"Th\u1ea5t b\u1ea1i trong M&amp;A l\u00e0 g\u00ec?\">Th\u1ea5t b\u1ea1i trong M&amp;A l\u00e0 g\u00ec?<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful\/#Khong_dat_duoc_hieu_qua_mua_lai_du_kien\" title=\"Kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c hi\u1ec7u qu\u1ea3 mua l\u1ea1i d\u1ef1 ki\u1ebfn\">Kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c hi\u1ec7u qu\u1ea3 mua l\u1ea1i d\u1ef1 ki\u1ebfn<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful\/#Phat_sinh_ton_that_khong_du_kien_sau_khi_mua_lai\" title=\"Ph\u00e1t sinh t\u1ed5n th\u1ea5t kh\u00f4ng d\u1ef1 ki\u1ebfn sau khi mua l\u1ea1i\">Ph\u00e1t sinh t\u1ed5n th\u1ea5t kh\u00f4ng d\u1ef1 ki\u1ebfn sau khi mua l\u1ea1i<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful\/#Trong_truong_hop_toi_te_nhat_cung_co_the_pha_san\" title=\"Trong tr\u01b0\u1eddng h\u1ee3p t\u1ed3i t\u1ec7 nh\u1ea5t, c\u0169ng c\u00f3 th\u1ec3 ph\u00e1 s\u1ea3n\">Trong tr\u01b0\u1eddng h\u1ee3p t\u1ed3i t\u1ec7 nh\u1ea5t, c\u0169ng c\u00f3 th\u1ec3 ph\u00e1 s\u1ea3n<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful\/#Vi_du_ve_that_bai_trong_M_A\" title=\"V\u00ed d\u1ee5 v\u1ec1 th\u1ea5t b\u1ea1i trong M&amp;A\">V\u00ed d\u1ee5 v\u1ec1 th\u1ea5t b\u1ea1i trong M&amp;A<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful\/#M_A_do_DeNA_thuc_hien\" title=\"M&amp;A do DeNA th\u1ef1c hi\u1ec7n\">M&amp;A do DeNA th\u1ef1c hi\u1ec7n<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful\/#M_A_do_Microsoft_thuc_hien\" title=\"M&amp;A do Microsoft th\u1ef1c hi\u1ec7n\">M&amp;A do Microsoft th\u1ef1c hi\u1ec7n<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful\/#Bi_quyet_thanh_cong_trong_M_A_tu_nhung_vi_du_that_bai\" title=\"B\u00ed quy\u1ebft th\u00e0nh c\u00f4ng trong M&amp;A t\u1eeb nh\u1eefng v\u00ed d\u1ee5 th\u1ea5t b\u1ea1i\">B\u00ed quy\u1ebft th\u00e0nh c\u00f4ng trong M&amp;A t\u1eeb nh\u1eefng v\u00ed d\u1ee5 th\u1ea5t b\u1ea1i<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful\/#Su_dung_chuyen_gia_ben_ngoai_cho_cong_tac_due_diligence\" title=\"S\u1eed d\u1ee5ng chuy\u00ean gia b\u00ean ngo\u00e0i cho c\u00f4ng t\u00e1c due diligence\">S\u1eed d\u1ee5ng chuy\u00ean gia b\u00ean ngo\u00e0i cho c\u00f4ng t\u00e1c due diligence<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful\/#Thiet_lap_gia_mua_lai_dua_tren_rui_ro\" title=\"Thi\u1ebft l\u1eadp gi\u00e1 mua l\u1ea1i d\u1ef1a tr\u00ean r\u1ee7i ro\">Thi\u1ebft l\u1eadp gi\u00e1 mua l\u1ea1i d\u1ef1a tr\u00ean r\u1ee7i ro<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful\/#Nghien_cuu_doi_thu_trong_linh_vuc_kinh_doanh_moi\" title=\"Nghi\u00ean c\u1ee9u \u0111\u1ed1i th\u1ee7 trong l\u0129nh v\u1ef1c kinh doanh m\u1edbi\">Nghi\u00ean c\u1ee9u \u0111\u1ed1i th\u1ee7 trong l\u0129nh v\u1ef1c kinh doanh m\u1edbi<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful\/#Thuc_hien_cong_tac_PMI_hop_nhat_dung_cach\" title=\"Th\u1ef1c hi\u1ec7n c\u00f4ng t\u00e1c PMI (h\u1ee3p nh\u1ea5t) \u0111\u00fang c\u00e1ch\">Th\u1ef1c hi\u1ec7n c\u00f4ng t\u00e1c PMI (h\u1ee3p nh\u1ea5t) \u0111\u00fang c\u00e1ch<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/ma-secret-successful\/#Tong_ket\" title=\"T\u1ed5ng k\u1ebft\">T\u1ed5ng k\u1ebft<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"That_bai_trong_M_A_la_gi\"><\/span>Th\u1ea5t b\u1ea1i trong M&amp;A l\u00e0 g\u00ec?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Tr\u01b0\u1edbc khi xem x\u00e9t c\u00e1c v\u00ed d\u1ee5 v\u1ec1 th\u1ea5t b\u1ea1i trong M&amp;A, tr\u01b0\u1edbc h\u1ebft ch\u00fang ta c\u1ea7n hi\u1ec3u r\u00f5 th\u1ea5t b\u1ea1i trong M&amp;A c\u00f3 ngh\u0129a l\u00e0 t\u00ecnh tr\u1ea1ng nh\u01b0 th\u1ebf n\u00e0o.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Muc_dich_cua_M_A\"><\/span>M\u1ee5c \u0111\u00edch c\u1ee7a M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>H\u1ea7u h\u1ebft c\u00e1c doanh nghi\u1ec7p xem x\u00e9t M&amp;A v\u00ec h\u1ecd c\u00f3 th\u1ec3 k\u1ef3 v\u1ecdng v\u00e0o nh\u1eefng hi\u1ec7u qu\u1ea3 l\u1edbn trong qu\u1ea3n l\u00fd doanh nghi\u1ec7p. M\u1ee5c \u0111\u00edch c\u1ee7a M&amp;A c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea nh\u01b0 sau:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tham_gia_vao_linh_vuc_kinh_doanh_moi\"><\/span>Tham gia v\u00e0o l\u0129nh v\u1ef1c kinh doanh m\u1edbi<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Trong c\u00e1c ng\u00e0nh c\u00f4ng ngh\u1ec7 th\u00f4ng tin v\u00e0 nh\u1eefng ng\u00e0nh kh\u00e1c c\u00f3 s\u1ef1 \u0111\u1ed5i m\u1edbi c\u00f4ng ngh\u1ec7 nhanh ch\u00f3ng, n\u1ebfu b\u1ea1n mu\u1ed1n tham gia v\u00e0o m\u1ed9t l\u0129nh v\u1ef1c kinh doanh m\u1edbi, vi\u1ec7c \u0111\u00e0o t\u1ea1o nh\u00e2n l\u1ef1c, nghi\u00ean c\u1ee9u th\u1ecb tr\u01b0\u1eddng, v\u00e0 ti\u1ebfp th\u1ecb t\u1eeb \u0111\u1ea7u trong c\u00f4ng ty c\u1ee7a b\u1ea1n c\u00f3 th\u1ec3 m\u1ea5t th\u1eddi gian tr\u01b0\u1edbc khi b\u1ea1n c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n d\u1ef1 \u00e1n. \u0110i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn vi\u1ec7c b\u1ea1n b\u1ecf l\u1ee1 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 qu\u00fd gi\u00e1.<\/p>\n\n\n\n<p>Do \u0111\u00f3, n\u1ebfu m\u1ed9t c\u00f4ng ty mu\u1ed1n tham gia v\u00e0o m\u1ed9t l\u0129nh v\u1ef1c kinh doanh m\u1edbi, h\u1ecd c\u00f3 th\u1ec3 t\u0103ng t\u1ed1c s\u1ef1 m\u1edf r\u1ed9ng kinh doanh b\u1eb1ng c\u00e1ch h\u1ea5p th\u1ee5 c\u00e1c c\u00f4ng ty kh\u00e1c \u0111\u00e3 tham gia v\u00e0o l\u0129nh v\u1ef1c kinh doanh \u0111\u00f3 th\u00f4ng qua M&amp;A.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hieu_ung_dong_thoi_voi_hoat_dong_kinh_doanh_chinh\"><\/span>Hi\u1ec7u \u1ee9ng \u0111\u1ed3ng th\u1eddi v\u1edbi ho\u1ea1t \u0111\u1ed9ng kinh doanh ch\u00ednh<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>M\u1ee5c ti\u00eau truy\u1ec1n th\u1ed1ng c\u1ee7a M&amp;A \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ec9 ra l\u00e0 hi\u1ec7u \u1ee9ng \u0111\u1ed3ng th\u1eddi v\u1edbi ho\u1ea1t \u0111\u1ed9ng kinh doanh ch\u00ednh th\u00f4ng qua M&amp;A. Hi\u1ec7u \u1ee9ng \u0111\u1ed3ng th\u1eddi l\u00e0 hi\u1ec7u \u1ee9ng t\u0103ng c\u01b0\u1eddng. B\u1eb1ng c\u00e1ch tr\u1edf th\u00e0nh m\u1ed9t ph\u1ea7n c\u1ee7a m\u1ed9t c\u00f4ng ty kh\u00e1c th\u00f4ng qua M&amp;A, b\u1ea1n c\u00f3 th\u1ec3 k\u1ef3 v\u1ecdng v\u00e0o nh\u1eefng k\u1ebft qu\u1ea3 v\u01b0\u1ee3t qu\u00e1 t\u1ed5ng doanh thu v\u00e0 l\u1ee3i nhu\u1eadn c\u1ee7a hai c\u00f4ng ty.<\/p>\n\n\n\n<p>V\u00ed d\u1ee5, m\u1ed9t c\u00f4ng ty ph\u00e1t tri\u1ec3n ph\u1ea7n m\u1ec1m c\u00f3 th\u1ec3 m\u1edf r\u1ed9ng kh\u00e1ch h\u00e0ng c\u1ee7a m\u00ecnh b\u1eb1ng c\u00e1ch mua m\u1ed9t c\u00f4ng ty c\u00f3 n\u1ec1n t\u1ea3ng b\u00e1n ph\u1ea7n m\u1ec1m. \u0110\u00e2y l\u00e0 m\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh v\u1ec1 vi\u1ec7c s\u1eed d\u1ee5ng M&amp;A \u0111\u1ec3 nh\u1eafm \u0111\u1ebfn hi\u1ec7u \u1ee9ng \u0111\u1ed3ng th\u1eddi.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"That_bai_trong_M_A_la_gi-2\"><\/span>Th\u1ea5t b\u1ea1i trong M&amp;A l\u00e0 g\u00ec?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Th\u1ea5t b\u1ea1i trong M&amp;A, n\u00f3i c\u00e1ch kh\u00e1c, l\u00e0 kh\u00f4ng th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau M&amp;A \u0111\u00e3 \u0111\u01b0\u1ee3c gi\u1ea3i th\u00edch \u1edf tr\u00ean. C\u1ee5 th\u1ec3, trong c\u00e1c tr\u01b0\u1eddng h\u1ee3p sau \u0111\u00e2y, M&amp;A c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 th\u1ea5t b\u1ea1i:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Khong_dat_duoc_hieu_qua_mua_lai_du_kien\"><\/span>Kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c hi\u1ec7u qu\u1ea3 mua l\u1ea1i d\u1ef1 ki\u1ebfn<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Khi th\u1ef1c hi\u1ec7n M&amp;A, lu\u00f4n c\u00f3 m\u1ed9t m\u1ee5c \u0111\u00edch mua l\u1ea1i. V\u00ed d\u1ee5, trong v\u00ed d\u1ee5 \u0111\u00e3 \u0111\u1ec1 c\u1eadp \u1edf tr\u00ean, m\u1ee5c \u0111\u00edch c\u1ee7a vi\u1ec7c mua l\u1ea1i l\u00e0 hi\u1ec7u \u1ee9ng \u0111\u1ed3ng th\u1eddi v\u1edbi m\u1ed9t c\u00f4ng ty c\u00f3 kh\u1ea3 n\u0103ng b\u00e1n h\u00e0ng. Tuy nhi\u00ean, th\u01b0\u1eddng xuy\u00ean c\u00f3 tr\u01b0\u1eddng h\u1ee3p kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c hi\u1ec7u qu\u1ea3 mong \u0111\u1ee3i sau khi th\u1ef1c hi\u1ec7n M&amp;A.<\/p>\n\n\n\n<p>V\u00ed d\u1ee5, b\u1ea1n c\u00f3 th\u1ec3 \u0111\u00e3 th\u1ef1c hi\u1ec7n M&amp;A v\u1edbi m\u1ed9t c\u00f4ng ty m\u00e0 b\u1ea1n cho r\u1eb1ng c\u00f3 kh\u1ea3 n\u0103ng b\u00e1n h\u00e0ng, nh\u01b0ng th\u1ef1c t\u1ebf, nh\u00e2n vi\u00ean ch\u1ee7 ch\u1ed1t \u0111\u00e3 ngh\u1ec9 vi\u1ec7c, ng\u01b0\u1eddi \u0111\u00e3 \u0111\u1ea3m nh\u1eadn ph\u1ea7n l\u1edbn doanh thu.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Phat_sinh_ton_that_khong_du_kien_sau_khi_mua_lai\"><\/span>Ph\u00e1t sinh t\u1ed5n th\u1ea5t kh\u00f4ng d\u1ef1 ki\u1ebfn sau khi mua l\u1ea1i<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/Monolith.law\/wp-content\/uploads\/2020\/11\/ma-secret-successful1.jpg\" alt=\"\" class=\"wp-image-21633\" \/><\/figure>\n\n\n\n<p>M\u1ed9t l\u00fd do th\u1ea5t b\u1ea1i M&amp;A ph\u1ed5 bi\u1ebfn l\u00e0 vi\u1ec7c ghi nh\u1eadn t\u1ed5n th\u1ea5t kh\u00f4ng d\u1ef1 ki\u1ebfn sau khi mua l\u1ea1i. Trong M&amp;A, t\u00f9y thu\u1ed9c v\u00e0o c\u1ea5u tr\u00fac, n\u00f3 th\u01b0\u1eddng l\u00e0 vi\u1ec7c ti\u1ebfp qu\u1ea3n n\u1ee3 c\u1ee7a c\u00f4ng ty \u0111\u01b0\u1ee3c mua. V\u00ec v\u1eady, tr\u01b0\u1edbc khi k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng li\u00ean quan \u0111\u1ebfn M&amp;A, ch\u00fang t\u00f4i lu\u00f4n th\u1ef1c hi\u1ec7n due diligence v\u1ec1 t\u00e0i ch\u00ednh v\u00e0 ph\u00e1p l\u00fd \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh n\u1ee3 c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau. Chi ti\u1ebft v\u1ec1 c\u1ea5u tr\u00fac \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong M&amp;A \u0111\u01b0\u1ee3c gi\u1ea3i th\u00edch chi ti\u1ebft trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30b5\u30a4\u30c8\uff08\u30d9\u30c8\u30ca\u30e0\u8a9e\uff09 wp-block-embed-\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30b5\u30a4\u30c8\uff08\u30d9\u30c8\u30ca\u30e0\u8a9e\uff09\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"9WvDEkzqZy\"><a href=\"https:\/\/monolith.law\/vi\/general-corporate\/merger-acquisition\">L\u1ef1a ch\u1ecdn c\u1ea5u tr\u00fac M&amp;A cho vi\u1ec7c mua l\u1ea1i \u1ee9ng d\u1ee5ng di \u0111\u1ed9ng<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;L\u1ef1a ch\u1ecdn c\u1ea5u tr\u00fac M&amp;A cho vi\u1ec7c mua l\u1ea1i \u1ee9ng d\u1ee5ng di \u0111\u1ed9ng&#8221; &#8212; \u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30b5\u30a4\u30c8\uff08\u30d9\u30c8\u30ca\u30e0\u8a9e\uff09\" src=\"https:\/\/monolith.law\/vi\/general-corporate\/merger-acquisition\/embed#?secret=8YT9leonhj#?secret=9WvDEkzqZy\" data-secret=\"9WvDEkzqZy\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Tuy nhi\u00ean, trong c\u00e1c tr\u01b0\u1eddng h\u1ee3p kh\u00f4ng y\u00eau c\u1ea7u chuy\u00ean gia th\u1ef1c hi\u1ec7n due diligence, c\u00f3 th\u1ec3 kh\u00f4ng ph\u00e1t hi\u1ec7n \u0111\u01b0\u1ee3c n\u1ee3 l\u1edbn. S\u1ef1 t\u1ed3n t\u1ea1i c\u1ee7a n\u1ee3 \u1ea9n n\u00e0y c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ti\u1ebft l\u1ed9 sau khi mua l\u1ea1i v\u00e0 bi\u1ebfn th\u00e0nh t\u1ed5n th\u1ea5t l\u1edbn.<\/p>\n\n\n\n<p>Ngo\u00e0i ra, khi t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb M&amp;A, &#8220;goodwill&#8221; c\u1ee7a c\u00f4ng ty \u0111\u01b0\u1ee3c mua l\u1ea1i \u0111\u01b0\u1ee3c c\u1ed9ng v\u00e0o. Goodwill l\u00e0 gi\u00e1 tr\u1ecb c\u1ee7a th\u01b0\u01a1ng hi\u1ec7u v\u00e0 m\u1ea1ng l\u01b0\u1edbi quan h\u1ec7 c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau, v\u00e0 n\u00f3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn kh\u1ea3 n\u0103ng sinh l\u1ee3i c\u1ee7a doanh nghi\u1ec7p, v\u00ec v\u1eady n\u00f3 th\u01b0\u1eddng \u0111\u01b0\u1ee3c xem x\u00e9t khi t\u00ednh to\u00e1n gi\u00e1 mua.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, goodwill c\u00f3 \u0111\u1eb7c \u0111i\u1ec3m l\u00e0 kh\u00f3 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c v\u00ec n\u00f3 l\u00e0 m\u1ed9t gi\u00e1 tr\u1ecb kh\u00f4ng th\u1ec3 nh\u00ecn th\u1ea5y. Sau khi mua l\u1ea1i, goodwill s\u1ebd \u0111\u01b0\u1ee3c kh\u1ea5u hao trong m\u1ed9t th\u1eddi gian d\u00e0i, nh\u01b0ng n\u1ebfu gi\u00e1 tr\u1ecb \u0111\u00e1nh gi\u00e1 th\u1ea5p h\u01a1n gi\u00e1 mua do c\u00e1c l\u00fd do nh\u01b0 kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c hi\u1ec7u qu\u1ea3 mua l\u1ea1i d\u1ef1 ki\u1ebfn, b\u1ea1n s\u1ebd ph\u1ea3i ghi nh\u1eadn t\u1ed5n th\u1ea5t do gi\u1ea3m gi\u00e1.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Trong_truong_hop_toi_te_nhat_cung_co_the_pha_san\"><\/span>Trong tr\u01b0\u1eddng h\u1ee3p t\u1ed3i t\u1ec7 nh\u1ea5t, c\u0169ng c\u00f3 th\u1ec3 ph\u00e1 s\u1ea3n<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>N\u1ebfu th\u1ea5t b\u1ea1i trong M&amp;A, gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty ni\u00eam y\u1ebft c\u00f3 th\u1ec3 gi\u1ea3m v\u00e0 ban l\u00e3nh \u0111\u1ea1o c\u00f3 th\u1ec3 b\u1ecb truy c\u1ee9u tr\u00e1ch nhi\u1ec7m v\u1ec1 vi\u1ec7c mua l\u1ea1i. T\u00f9y thu\u1ed9c v\u00e0o m\u1ee9c \u0111\u1ed9 suy y\u1ebfu c\u1ee7a t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh, \u0111\u00e2y l\u00e0 tr\u01b0\u1eddng h\u1ee3p t\u1ed3i t\u1ec7 nh\u1ea5t, nh\u01b0ng b\u1ea1n c\u0169ng c\u1ea7n chu\u1ea9n b\u1ecb cho kh\u1ea3 n\u0103ng b\u1ecb \u0111\u1ea9y v\u00e0o ph\u00e1 s\u1ea3n do M&amp;A.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vi_du_ve_that_bai_trong_M_A\"><\/span>V\u00ed d\u1ee5 v\u1ec1 th\u1ea5t b\u1ea1i trong M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>H\u00e3y c\u00f9ng xem x\u00e9t nh\u1eefng v\u00ed d\u1ee5 c\u00f4ng khai v\u1ec1 vi\u1ec7c th\u1ef1c hi\u1ec7n M&amp;A nh\u01b0ng l\u1ea1i \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 th\u1ea5t b\u1ea1i. \u1ede \u0111\u00e2y, ch\u00fang t\u00f4i s\u1ebd gi\u1ea3i th\u00edch th\u00f4ng qua c\u00e1c v\u00ed d\u1ee5 trong ng\u00e0nh c\u00f4ng ngh\u1ec7 th\u00f4ng tin.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A_do_DeNA_thuc_hien\"><\/span>M&amp;A do DeNA th\u1ef1c hi\u1ec7n<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>M\u1ed9t v\u00ed d\u1ee5 g\u1ea7n \u0111\u00e2y v\u00e0 n\u1ed5i ti\u1ebfng v\u1ec1 th\u1ea5t b\u1ea1i trong M&amp;A l\u00e0 tr\u01b0\u1eddng h\u1ee3p c\u1ee7a c\u00f4ng ty IT DeNA. DeNA l\u00e0 m\u1ed9t c\u00f4ng ty l\u1edbn chuy\u00ean ph\u00e1t tri\u1ec3n \u1ee9ng d\u1ee5ng game, v\u00e0 v\u00e0o n\u0103m 2014 (n\u0103m 2014 theo l\u1ecbch Gregory), h\u1ecd \u0111\u00e3 mua l\u1ea1i m\u1ed9t c\u00f4ng ty \u0111i\u1ec1u h\u00e0nh trang web t\u1ed5ng h\u1ee3p th\u00f4ng tin v\u1edbi gi\u00e1 kho\u1ea3ng 50 t\u1ef7 y\u00ean.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, v\u1ea5n \u0111\u1ec1 l\u1edbn \u0111\u1ed1i v\u1edbi trang web t\u1ed5ng h\u1ee3p th\u00f4ng tin n\u00e0y l\u00e0 vi\u1ec7c \u0111\u0103ng t\u1ea3i nhi\u1ec1u b\u00e0i vi\u1ebft vi ph\u1ea1m b\u1ea3n quy\u1ec1n v\u00e0 th\u00f4ng tin y t\u1ebf kh\u00f4ng c\u00f3 c\u01a1 s\u1edf khoa h\u1ecdc, d\u1eabn \u0111\u1ebfn vi\u1ec7c trang web ph\u1ea3i \u0111\u00f3ng c\u1eeda.<\/p>\n\n\n\n<p>M&amp;A n\u00e0y \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n v\u1edbi k\u1ef3 v\u1ecdng v\u00e0o doanh thu t\u1eeb trang web t\u1ed5ng h\u1ee3p th\u00f4ng tin, nh\u01b0ng do ch\u00ednh trang web \u0111\u00f3 \u0111\u00e3 ph\u1ea3i \u0111\u00f3ng c\u1eeda, vi\u1ec7c \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau c\u1ee7a vi\u1ec7c mua l\u1ea1i tr\u1edf n\u00ean kh\u00f4ng th\u1ec3. K\u1ebft qu\u1ea3 l\u00e0, DeNA \u0111\u00e3 ph\u1ea3i x\u1eed l\u00fd gi\u1ea3m gi\u00e1 tr\u1ecb l\u00ean \u0111\u1ebfn 38 t\u1ef7 y\u00ean.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A_do_Microsoft_thuc_hien\"><\/span>M&amp;A do Microsoft th\u1ef1c hi\u1ec7n<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>C\u00f4ng ty Microsoft c\u1ee7a M\u1ef9 c\u0169ng \u0111\u00e3 t\u1eebng tr\u1ea3i qua th\u1ea5t b\u1ea1i trong M&amp;A. V\u00e0o n\u0103m 2014, Microsoft \u0111\u00e3 mua l\u1ea1i ng\u00e0nh kinh doanh thi\u1ebft b\u1ecb vi\u1ec5n th\u00f4ng c\u1ee7a Nokia, m\u1ed9t c\u00f4ng ty c\u1ee7a Ph\u1ea7n Lan, v\u1edbi gi\u00e1 7.2 t\u1ef7 \u0111\u00f4 la, v\u1edbi m\u1ee5c \u0111\u00edch tham gia v\u00e0o ng\u00e0nh kinh doanh \u0111i\u1ec7n tho\u1ea1i th\u00f4ng minh.<\/p>\n\n\n\n<p>Nokia, trong th\u1eddi k\u1ef3 tr\u01b0\u1edbc \u0111i\u1ec7n tho\u1ea1i th\u00f4ng minh, \u0111\u00e3 t\u1eebng s\u1edf h\u1eefu th\u1ecb ph\u1ea7n to\u00e0n c\u1ea7u, nh\u01b0ng v\u00e0o th\u1eddi \u0111i\u1ec3m mua l\u1ea1i, h\u1ecd \u0111\u00e3 b\u1ecb Apple v\u00e0 c\u00e1c c\u00f4ng ty kh\u00e1c \u0111\u1ea9y l\u00f9i v\u00e0 kinh doanh suy tho\u00e1i.<\/p>\n\n\n\n<p>Ng\u01b0\u1ee3c l\u1ea1i, Microsoft c\u0169ng \u0111\u00e3 b\u1ecb Apple v\u00e0 Google b\u1ecf xa trong ng\u00e0nh kinh doanh \u0111i\u1ec7n tho\u1ea1i th\u00f4ng minh. V\u00ec v\u1eady, h\u1ecd \u0111\u00e3 quy\u1ebft \u0111\u1ecbnh mua l\u1ea1i Nokia, m\u1ed9t c\u00f4ng ty c\u00f3 \u01b0u th\u1ebf trong thi\u1ebft b\u1ecb vi\u1ec5n th\u00f4ng, \u0111\u1ec3 tham gia s\u1edbm v\u00e0o ng\u00e0nh kinh doanh \u0111i\u1ec7n tho\u1ea1i th\u00f4ng minh.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, sau M&amp;A, k\u1ebft qu\u1ea3 kinh doanh c\u1ee7a Microsoft kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c nh\u01b0 d\u1ef1 ki\u1ebfn, v\u00e0 cu\u1ed1i c\u00f9ng h\u1ecd \u0111\u00e3 ph\u1ea3i x\u1eed l\u00fd gi\u1ea3m gi\u00e1 tr\u1ecb l\u00ean \u0111\u1ebfn 7.6 t\u1ef7 \u0111\u00f4 la, v\u01b0\u1ee3t qu\u00e1 gi\u00e1 mua. H\u01a1n n\u1eefa, ng\u01b0\u1eddi ta cho r\u1eb1ng th\u1ea5t b\u1ea1i trong M&amp;A n\u00e0y \u0111\u00e3 khi\u1ebfn Microsoft t\u1eeb b\u1ecf vi\u1ec7c tham gia v\u00e0o ng\u00e0nh kinh doanh \u0111i\u1ec7n tho\u1ea1i th\u00f4ng minh.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bi_quyet_thanh_cong_trong_M_A_tu_nhung_vi_du_that_bai\"><\/span>B\u00ed quy\u1ebft th\u00e0nh c\u00f4ng trong M&amp;A t\u1eeb nh\u1eefng v\u00ed d\u1ee5 th\u1ea5t b\u1ea1i<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/Monolith.law\/wp-content\/uploads\/2020\/11\/ma-secret-successful2.jpg\" alt=\"\" class=\"wp-image-21634\" \/><\/figure>\n\n\n\n<p>Kh\u00f4ng th\u1ec3 ph\u1ee7 nh\u1eadn r\u1eb1ng vi\u1ec7c M&amp;A gi\u1eefa c\u00e1c c\u00f4ng ty c\u00f3 s\u1ee9c h\u00fat \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd. Do \u0111\u00f3, \u0111\u1ec3 t\u1eadn d\u1ee5ng t\u1ed1t M&amp;A, vi\u1ec7c ph\u00e2n t\u00edch c\u00e1c v\u00ed d\u1ee5 th\u1ea5t b\u1ea1i trong M&amp;A v\u00e0 tr\u00e1nh r\u1ee7i ro \u0111\u1ec3 ti\u1ebfn g\u1ea7n h\u01a1n \u0111\u1ebfn th\u00e0nh c\u00f4ng l\u00e0 r\u1ea5t quan tr\u1ecdng.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Su_dung_chuyen_gia_ben_ngoai_cho_cong_tac_due_diligence\"><\/span>S\u1eed d\u1ee5ng chuy\u00ean gia b\u00ean ngo\u00e0i cho c\u00f4ng t\u00e1c due diligence<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Trong tr\u01b0\u1eddng h\u1ee3p c\u1ee7a DeNA, nguy\u00ean nh\u00e2n ch\u00ednh c\u1ee7a th\u1ea5t b\u1ea1i l\u00e0 vi\u1ec7c c\u00f3 h\u00e0nh vi ph\u1ea1m ph\u00e1p tr\u00ean trang web do c\u00f4ng ty m\u1ee5c ti\u00eau mua l\u1ea1i \u0111i\u1ec1u h\u00e0nh. V\u1ec1 n\u1ed9i dung web, v\u1ea5n \u0111\u1ec1 v\u1ec1 t\u00ednh h\u1ee3p l\u1ec7 c\u1ee7a c\u00e1c trang web li\u00ean k\u1ebft, nh\u01b0 vi ph\u1ea1m b\u1ea3n quy\u1ec1n n\u1ed9i dung v\u00e0 c\u00e1c trang web li\u00ean k\u1ebft x\u1eed l\u00fd th\u00f4ng tin y t\u1ebf, \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ec9 tr\u00edch t\u1eeb m\u1ed9t s\u1ed1 ph\u00eda.<\/p>\n\n\n\n<p>Trong tr\u01b0\u1eddng h\u1ee3p nh\u01b0 vi\u1ec7c mua l\u1ea1i trang web, n\u1ebfu doanh nghi\u1ec7p m\u1ee5c ti\u00eau mua l\u1ea1i c\u00f3 nguy c\u01a1 ph\u00e1t sinh v\u1ea5n \u0111\u1ec1 ph\u00e1p l\u00fd, c\u1ea7n ph\u1ea3i s\u1eed d\u1ee5ng c\u00e1c chuy\u00ean gia b\u00ean ngo\u00e0i nh\u01b0 lu\u1eadt s\u01b0, k\u1ebf to\u00e1n c\u00f4ng ch\u1ee9ng, k\u1ebf to\u00e1n thu\u1ebf \u0111\u1ec3 ki\u1ec3m tra k\u1ef9 l\u01b0\u1ee1ng v\u1ec1 t\u00ednh ph\u00e1p l\u00fd v\u00e0 t\u00ednh h\u1ee3p l\u1ec7 c\u1ee7a n\u1ed9i dung th\u00f4ng qua c\u00f4ng t\u00e1c due diligence.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Thiet_lap_gia_mua_lai_dua_tren_rui_ro\"><\/span>Thi\u1ebft l\u1eadp gi\u00e1 mua l\u1ea1i d\u1ef1a tr\u00ean r\u1ee7i ro<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Trong tr\u01b0\u1eddng h\u1ee3p c\u1ee7a DeNA, ngay t\u1eeb ban \u0111\u1ea7u, do t\u00ednh ch\u1ea5t c\u1ee7a trang web, vi\u1ec7c \u0111\u00f3ng c\u1eeda trang web do vi ph\u1ea1m b\u1ea3n quy\u1ec1n ho\u1eb7c l\u00fd do kh\u00e1c n\u00ean \u0111\u01b0\u1ee3c d\u1ef1 \u0111o\u00e1n, v\u00e0 ph\u1ea7n n\u00e0y n\u00ean \u0111\u01b0\u1ee3c t\u00ednh v\u00e0o khi x\u00e1c \u0111\u1ecbnh gi\u00e1 mua l\u1ea1i.<\/p>\n\n\n\n<p>N\u1ebfu ti\u1ebfn h\u00e0nh mua l\u1ea1i c\u00f3 r\u1ee7i ro, c\u1ea7n ph\u1ea3i th\u01b0\u01a1ng l\u01b0\u1ee3ng \u0111\u1ec3 gi\u1ea3m gi\u00e1 mua l\u1ea1i d\u1ef1a tr\u00ean gi\u1ea3 \u0111\u1ecbnh r\u1eb1ng s\u1ebd c\u00f3 v\u1ea5n \u0111\u1ec1 x\u1ea3y ra, ho\u1eb7c thi\u1ebft l\u1eadp n\u1ed9i dung h\u1ee3p \u0111\u1ed3ng \u0111\u1ec3 c\u00f4ng ty m\u1ee5c ti\u00eau mua l\u1ea1i ho\u1eb7c ng\u01b0\u1eddi \u0111\u1ea1i di\u1ec7n ch\u1ecbu tr\u00e1ch nhi\u1ec7m khi c\u00f3 v\u1ea5n \u0111\u1ec1 x\u1ea3y ra.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nghien_cuu_doi_thu_trong_linh_vuc_kinh_doanh_moi\"><\/span>Nghi\u00ean c\u1ee9u \u0111\u1ed1i th\u1ee7 trong l\u0129nh v\u1ef1c kinh doanh m\u1edbi<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Trong tr\u01b0\u1eddng h\u1ee3p M&amp;A c\u1ee7a Microsoft, nguy\u00ean nh\u00e2n th\u1ea5t b\u1ea1i \u0111\u01b0\u1ee3c ch\u1ec9 ra l\u00e0 do \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh nh\u01b0 Apple qu\u00e1 m\u1ea1nh trong l\u0129nh v\u1ef1c \u0111i\u1ec7n tho\u1ea1i th\u00f4ng minh.<\/p>\n\n\n\n<p>Ngay t\u1eeb ban \u0111\u1ea7u, Nokia, c\u00f4ng ty m\u1ee5c ti\u00eau mua l\u1ea1i, \u0111ang g\u1eb7p kh\u00f3 kh\u0103n v\u1ec1 k\u1ebft qu\u1ea3 kinh doanh, v\u00ec v\u1eady c\u00f3 th\u1ec3 xem r\u1eb1ng m\u00f4i tr\u01b0\u1eddng c\u1ea1nh tranh kh\u00e1 kh\u1eafc nghi\u1ec7t, ngay c\u1ea3 khi c\u00f3 s\u1ef1 h\u1ee3p t\u00e1c v\u1edbi Microsoft.<\/p>\n\n\n\n<p>\u0110i\u1ec1u n\u00e0y r\u1ea5t kh\u00f3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh qu\u1ea3n l\u00fd, nh\u01b0ng \u00edt nh\u1ea5t, \u0111\u1ed1i v\u1edbi l\u0129nh v\u1ef1c kinh doanh m\u1edbi m\u00e0 b\u1ea1n tham gia th\u00f4ng qua M&amp;A, vi\u1ec7c nghi\u00ean c\u1ee9u \u0111\u1ed1i th\u1ee7 l\u00e0 b\u1eaft bu\u1ed9c, v\u00e0 n\u1ebfu \u0111\u1ed1i th\u1ee7 qu\u00e1 m\u1ea1nh, vi\u1ec7c t\u1eeb b\u1ecf tham gia m\u1edbi l\u00e0 m\u1ed9t quy\u1ebft \u0111\u1ecbnh qu\u1ea3n l\u00fd.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Thuc_hien_cong_tac_PMI_hop_nhat_dung_cach\"><\/span>Th\u1ef1c hi\u1ec7n c\u00f4ng t\u00e1c PMI (h\u1ee3p nh\u1ea5t) \u0111\u00fang c\u00e1ch<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/Monolith.law\/wp-content\/uploads\/2020\/11\/ma-secret-successful3.jpg\" alt=\"\" class=\"wp-image-21635\" \/><\/figure>\n\n\n\n<p>Trong vi\u1ec7c mua l\u1ea1i Nokia c\u1ee7a Microsoft, vi\u1ec7c kh\u00f4ng th\u1ec3 h\u1ee3p nh\u1ea5t v\u0103n h\u00f3a doanh nghi\u1ec7p c\u1ee7a c\u1ea3 hai b\u00ean c\u0169ng \u0111\u01b0\u1ee3c ch\u1ec9 ra l\u00e0 nguy\u00ean nh\u00e2n th\u1ea5t b\u1ea1i. M\u1ed9t v\u1ea5n \u0111\u1ec1 th\u01b0\u1eddng g\u1eb7p trong qu\u00e1 tr\u00ecnh M&amp;A l\u00e0 vi\u1ec7c h\u1ee3p nh\u1ea5t doanh nghi\u1ec7p. \u0110i\u1ec1u n\u00e0y c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 PMI (Post-Merger Integration) trong thu\u1eadt ng\u1eef chuy\u00ean m\u00f4n.<\/p>\n\n\n\n<p>PMI l\u00e0 vi\u1ec7c h\u00f2a quy\u1ec7n nh\u00e2n vi\u00ean v\u00e0 v\u0103n h\u00f3a doanh nghi\u1ec7p, c\u0169ng nh\u01b0 vi\u1ec7c h\u1ee3p nh\u1ea5t h\u1ec7 th\u1ed1ng v\u00e0 quy tr\u00ecnh c\u00f4ng vi\u1ec7c li\u00ean quan \u0111\u1ebfn vi\u1ec7c x\u1eed l\u00fd k\u1ebf to\u00e1n v\u00e0 c\u00e1c c\u00f4ng vi\u1ec7c kh\u00e1c.<\/p>\n\n\n\n<p>Ngay sau M&amp;A, c\u1ea3 hai b\u00ean, c\u00f4ng ty mua l\u1ea1i v\u00e0 c\u00f4ng ty m\u1ee5c ti\u00eau mua l\u1ea1i, \u0111\u1ec1u g\u1eb7p ph\u1ea3i s\u1ef1 h\u1ed7n lo\u1ea1n l\u1edbn. \u0110\u1ec3 gi\u1eef cho s\u1ef1 h\u1ed7n lo\u1ea1n n\u00e0y \u1edf m\u1ee9c t\u1ed1i thi\u1ec3u v\u00e0 \u0111\u1ec3 c\u1ea3 hai b\u00ean h\u00f2a quy\u1ec7n v\u1edbi nhau s\u1edbm, vi\u1ec7c l\u1eadp k\u1ebf ho\u1ea1ch th\u1ef1c hi\u1ec7n PMI t\u1eeb tr\u01b0\u1edbc khi th\u1ef1c hi\u1ec7n M&amp;A l\u00e0 r\u1ea5t quan tr\u1ecdng.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tong_ket\"><\/span>T\u1ed5ng k\u1ebft<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u0110\u1ec3 tr\u00e1nh th\u1ea5t b\u1ea1i do M&amp;A, \u0111i\u1ec1u \u0111\u1ea7u ti\u00ean c\u1ea7n l\u00e0m tr\u01b0\u1edbc khi th\u1ef1c hi\u1ec7n M&amp;A l\u00e0 s\u1eed d\u1ee5ng c\u00e1c chuy\u00ean gia nh\u01b0 lu\u1eadt s\u01b0 \u0111\u1ec3 ti\u1ebfn h\u00e0nh ki\u1ec3m to\u00e1n due diligence.<\/p>\n\n\n\n<p>Ngo\u00e0i ra, trong tr\u01b0\u1eddng h\u1ee3p c\u00e1c d\u1ef1 \u00e1n \u0111\u01b0\u1ee3c gi\u1edbi thi\u1ec7u b\u1edfi c\u00f4ng ty m\u00f4i gi\u1edbi M&amp;A, quan tr\u1ecdng l\u00e0 kh\u00f4ng \u0111\u1ec3 b\u1ecb c\u00f4ng ty m\u00f4i gi\u1edbi d\u1eabn d\u1eaft, m\u00e0 c\u1ea7n t\u1ef1 m\u00ecnh ki\u1ec3m tra r\u1ee7i ro v\u00e0 t\u00ednh h\u1ee3p l\u00fd c\u1ee7a gi\u00e1 mua th\u00f4ng qua chuy\u00ean gia m\u00e0 c\u00f4ng ty c\u1ee7a b\u1ea1n \u0111\u00e3 chu\u1ea9n b\u1ecb. V\u1ec1 h\u1ee3p \u0111\u1ed3ng t\u01b0 v\u1ea5n k\u00fd k\u1ebft v\u1edbi c\u00f4ng ty m\u00f4i gi\u1edbi v\u00e0 nh\u1eefng ng\u01b0\u1eddi kh\u00e1c, ch\u00fang t\u00f4i \u0111\u00e3 gi\u1ea3i th\u00edch chi ti\u1ebft trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/advisory-contract-points\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/advisory-contract-points[ja]<\/a><\/p>\n\n\n\n<p>N\u1ebfu M&amp;A th\u00e0nh c\u00f4ng, n\u00f3 c\u00f3 th\u1ec3 t\u0103ng \u0111\u00e1ng k\u1ec3 hi\u1ec7u su\u1ea5t kinh doanh c\u1ee7a c\u00f4ng ty trong m\u1ed9t th\u1eddi gian ng\u1eafn. Do \u0111\u00f3, nhi\u1ec1u c\u00f4ng ty \u0111\u00e3 t\u00ecm ki\u1ebfm c\u00e1c c\u00f4ng ty xu\u1ea5t s\u1eafc \u0111\u1ec3 tr\u1edf th\u00e0nh m\u1ee5c ti\u00eau mua l\u1ea1i th\u00f4ng qua M&amp;A trong m\u1ed9t th\u1eddi gian d\u00e0i. Do \u0111\u00f3, vi\u1ec7c tr\u00e1nh r\u1ee7i ro c\u00e0ng nhi\u1ec1u c\u00e0ng t\u1ed1t \u0111\u1ec3 t\u1eadn d\u1ee5ng t\u1ed1i \u0111a hi\u1ec7u qu\u1ea3 c\u1ee7a M&amp;A l\u00e0 r\u1ea5t quan tr\u1ecdng.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>C\u00f3 l\u1ebd r\u1eb1ng nhi\u1ec1u c\u00f4ng ty \u0111\u00e3 xem x\u00e9t vi\u1ec7c M&amp;A v\u1edbi m\u1ee5c \u0111\u00edch m\u1edf r\u1ed9ng doanh nghi\u1ec7p. Tuy nhi\u00ean, th\u1ef1c t\u1ebf l\u00e0 kh\u00f4ng c\u00f3 nhi\u1ec1u tr\u01b0\u1eddng h\u1ee3p th\u00e0nh c\u00f4ng v\u1edbi M&amp;A. M\u1eb7c d\u00f9 t\u1ef7 l\u1ec7 th\u00e0nh c\u00f4ng c\u1ee7a M&amp;A kh\u00f4ng th [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":60205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,27],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/59904"}],"collection":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/comments?post=59904"}],"version-history":[{"count":1,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/59904\/revisions"}],"predecessor-version":[{"id":60206,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/59904\/revisions\/60206"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media\/60205"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media?parent=59904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/categories?post=59904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/tags?post=59904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}