SOEs That Reach out Overseas:A Study of Their Post-acquisition Management Model

Abstract

Abstract:

Based on some relevant researches and drawing upon the management and control action implemented by ZH Industrial Motor Group after its acquisition of the NX company, this paper develops a new management mode, "nominating and authorizing-responsibility centers classifying-corporate-level strategy controlling", for state-owned enterprise groups to control their well-managed foreign subsidiary companies after acquisition. To compare with the other existing subsidiaries of the group, this kind of target companies have stronger complementarity, rather than similarity in terms of resources, and are market leaders in their respective sectors. This mode consists of the following 3 parts:(1) The decentralization of financial control, which highlights the supervision of cash flow more than other financial results at the group level, is the key of the mode. Enterprise group should divide itself into different "responsibility centers" to allocate its financial power in a favorable way, thus it can bring subsidiary companies' operation in line with its own overall strategy through investment programs. (2) The HR management and control is a guarantee. The members of subsidiary board should be dispatched by the head office and the authorization mechanism should be improved to ensure that the "responsibility centers" are well-operated and represent the group's interests. More autonomy should be granted in recruitment of managers and other stuffs to maintain the stability and diversity of a team. (3)The strategic control over subsidiary companies is supposed to be constrained in the range of corporate-level major matters. Excessive control over subsidiary company's daily operation should be avoided.

Key words: state-owned enterprise group, management mode, strategic management and control, financial management and control, HR management and control

Wang Qingde, Qiao Fu. SOEs That Reach out Overseas:A Study of Their Post-acquisition Management Model[J]. , 2017, 29(10): 211-222.

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