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BCGが読む経営の論点2021

コロナ禍の下で加速する社会・経済や個人生活の構造変化に対応し、ビジネスをいかに進化させるか。構造変化をチャンスとするための経営変革の4つの方向性を提示し、12のテーマについて論じます。

BCG経営コンセプト「市場創造編」「構造改革編」

BCGジャパン50周年を機に、今日の事業環境で特に重要性が増しているテーマを選び、「市場創造編」「構造改革編」の2冊に分けてBCGの最新の経営手法をまとめました。

M&Aによる成長の扉を開く――M&A巧者からの学び

M&Aが成長戦略実現に向けた強力な武器であることは確かですが、M&Aはそう簡単に進められるものではないという現実があります。

リスクを見極める －新興経済地域でのM&Aの現実

新興経済地域でのM&Aで成功をおさめている企業に対するインタビュー調査を基に、これらの地域におけるM&A成功のカギを考察します。

Carve-Out

Taking the Stress Out of Distressed Carve-Outs

By taking three actions, companies can shave off about 40% of the time it takes to close a deal while maximizing value creation.

Maximizing Value: Choose the Right Exit Route

Deciding to divest is the first decision. Determining how to unlock the full value of the asset being shed is an additional, often more complicated, step.

IPOs

IPO Performance and the Quest for Capital

Companies that sell only existing shares enjoy higher total shareholder returns than those attempting to raise fresh funding—across multiple time horizons.

IPO Performance and the Quest for Capital

IPOs offering only existing shares outperform those seeking fresh capital due to the signaling effect associated with a public listing.

What Really Matters for a Premium IPO Valuation?

Some factors generally regarded as important, such as timing and the number of underwriters, appear to have little or no influence on the IPO valuation.

Anatomy of an Ideal IPO Candidate

There is plenty to do before the CEO of a newly public company can ring the bell. The key to minimizing the risks of underperformance is to get the preparation right.

Mergers and Acquisitions

The 2019 M&A Report: Downturns Are a Better Time for Deal Hunting

M&A dealmakers can take advantage of downturn opportunities to position their company for profitable growth during the recovery.

Cracking the Code of Digital M&A

Less visible sources of value—such as scientific acumen and social media influence—are critical to justifying the high price of digital assets.

Delving Deeper into Downturn M&A

Downturns can be excellent times for M&A, especially for bold and experienced dealmakers.

The Impact of US Tax Reform on Corporate Strategy and M&A

The new US tax law is likely to reshape corporate portfolios, provided buyers and sellers can overcome the new big uncertainty that the regime introduces—its own duration.

COVID-19’s Impact on Global M&A

M&A can play a major role in helping companies survive the crisis. Preparation, steady nerves, and a willingness to be bold are the keys to success.

Post-Merger Integration

Raising Procurement’s Game in PMI

Investors increasingly want more than low-single-digit savings from acquisitions. Procurement is in a position to deliver.

Six Essentials for Achieving Postmerger Synergies

With a disciplined approach, merging companies can aim higher, achieve more, and realize postmerger synergies faster—and thus fulfill the true promise of integration.

Divestitures

Don’t Miss the Exit

Divesting assets that no longer fit with corporate strategy can create substantial value. The right exit strategy often determines whether a divestiture is a success.

Joint Ventures

What Does a Successful Digital Ecosystem Look Like?

We reveal five success factors that put companies in a strong position to profit from these collaborations.

When Building International Joint Ventures, Set-up Matters

Joint ventures remain popular as a valuable approach to global business alliances, but with a distinctly new look. Previously, they were viewed primarily as a way to reduce risks or costs, or to expand into new markets.

M&A Industry Focus

As Tech Transforms Auto, Deals Are Booming

Auto companies are making deals to jump-start innovation, expand into new products, futureproof their business, and stay ahead of activist shareholders.

Riding the M&A Wave in Consumer Goods

Market conditions are favorable for M&A. Expect a lot of deals, and expect most to destroy value—until companies learn how to turn the tide and create value.

Building Beachheads in the US Defense Market Through M&A

Companies should plan now for how they might seize opportunities to establish new platforms in the US defense market.

Vendor Due Diligence

How an Independent Market Study Improves Private Equity Exits

A market study delivers an independent, objective assessment to potential buyers of the market, the competitive position, and the growth prospects of a divestiture candidate. It also helps private equity firms prep portfolio companies and their senior management for transactions, in many cases revealing possible strategic moves that could make a company more desirable.