{"id":38403,"date":"2022-12-27T14:46:23","date_gmt":"2022-12-27T07:46:23","guid":{"rendered":"https:\/\/www.saokim.com.vn\/en\/?p=38403"},"modified":"2022-12-28T10:31:43","modified_gmt":"2022-12-28T03:31:43","slug":"m-and-a-la-gi","status":"publish","type":"post","link":"https:\/\/www.saokim.com.vn\/en\/cam-nang\/m-and-a-la-gi\/","title":{"rendered":"M&#038;A L\u00e0 g\u00ec? 4 C\u00e1ch \u0111\u1ecbnh gi\u00e1 khi th\u1ef1c hi\u1ec7n M&#038;A"},"content":{"rendered":"\n<p><strong>M&amp;A<\/strong> (s\u00e1p nh\u1eadp v\u00e0 mua l\u1ea1i) c\u00f4ng ty, th\u01b0\u01a1ng hi\u1ec7u l\u00e0 ho\u1ea1t \u0111\u1ed9ng r\u1ea5t ph\u1ed5 bi\u1ebfn trong kinh doanh, M&amp;A di\u1ec5n ra khi c\u00e1c c\u00f4ng ty mu\u1ed1n l\u1edbn m\u1edf r\u1ed9ng ho\u1ea1t \u0111\u1ed9ng kinh doanh v\u00e0 c\u00e1c c\u00f4ng ty nh\u1ecf h\u01a1n c\u00f2n \u00edt kh\u1ea3 n\u0103ng t\u00e0i ch\u00ednh v\u00e0 c\u1ea7n m\u1ed9t c\u00f4ng ty kh\u00e1c c\u00f3 n\u0103ng l\u1ef1c h\u01a1n n\u00e2ng \u0111\u1ee1.<\/p>\n\n\n\n<p>Trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y, h\u00e3y c\u00f9ng <a href=\"https:\/\/www.saokim.com.vn\/en\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Sao Kim<\/strong><\/a> t\u00ecm hi\u1ec3u k\u0129 h\u01a1n v\u1ec1 hai h\u00ecnh th\u1ee9c M&amp;A n\u00e0y.<\/p>\n\n\n\n<div style=\"height:72px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"has-black-color has-text-color wp-block-heading\">1. M&amp;A l\u00e0 g\u00ec?<\/h2>\n\n\n\n<figure class=\"wp-block-image alignwide size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1200\" height=\"628\" src=\"https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Mergers-and-Acquisitions-Sap-Nhap-Va-Mua-Lai.png\" alt=\"M&amp;A: S\u00e1p nh\u1eadp v\u00e0 Mua l\u1ea1i doanh nghi\u1ec7p\" class=\"wp-image-38408\" srcset=\"https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Mergers-and-Acquisitions-Sap-Nhap-Va-Mua-Lai.png 1200w, https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Mergers-and-Acquisitions-Sap-Nhap-Va-Mua-Lai-300x157.png 300w, https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Mergers-and-Acquisitions-Sap-Nhap-Va-Mua-Lai-768x402.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/figure>\n\n\n\n<p>S\u00e1p nh\u1eadp v\u00e0 Mua l\u1ea1i (M&amp;A) l\u00e0 thu\u1eadt ng\u1eef chung m\u00f4 t\u1ea3 vi\u1ec7c h\u1ee3p nh\u1ea5t c\u00e1c c\u00f4ng ty ho\u1eb7c t\u00e0i s\u1ea3n th\u00f4ng qua c\u00e1c lo\u1ea1i giao d\u1ecbch t\u00e0i ch\u00ednh kh\u00e1c nhau, bao g\u1ed3m s\u00e1p nh\u1eadp, mua l\u1ea1i, h\u1ee3p nh\u1ea5t, ch\u00e0o mua c\u00f4ng khai, mua l\u1ea1i t\u00e0i s\u1ea3n v\u00e0 mua l\u1ea1i ban qu\u1ea3n tr\u1ecb.<\/p>\n\n\n\n<p>Thu\u1eadt ng\u1eef M&amp;A c\u0169ng \u0111\u1ec1 c\u1eadp \u0111\u1ebfn c\u00e1c t\u1ed5 chuy\u00ean tr\u00e1ch t\u1ea1i c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh c\u00f3 ho\u1ea1t \u0111\u1ed9ng kinh doanh ki\u1ec3u nh\u01b0 v\u1eady.<\/p>\n\n\n\n<div style=\"height:72px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"has-black-color has-text-color wp-block-heading\">2. Hi\u1ec3u v\u1ec1 M&amp;A<\/h2>\n\n\n\n<p>C\u00e1c thu\u1eadt ng\u1eef s\u00e1p nh\u1eadp v\u00e0 mua l\u1ea1i th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng thay th\u1ebf cho nhau, tuy nhi\u00ean, ch\u00fang c\u00f3 \u00fd ngh\u0129a h\u01a1i kh\u00e1c nhau.<\/p>\n\n\n\n<figure class=\"wp-block-image alignwide size-full\"><img decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Mergers-Sap-Nhap-Doanh-Nghiep.png\" alt=\"Ho\u1ea1t \u0111\u1ed9ng s\u00e1p nh\u1eadp doanh nghi\u1ec7p (Mergers)\" class=\"wp-image-38409\" srcset=\"https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Mergers-Sap-Nhap-Doanh-Nghiep.png 1200w, https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Mergers-Sap-Nhap-Doanh-Nghiep-300x200.png 300w, https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Mergers-Sap-Nhap-Doanh-Nghiep-768x512.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/figure>\n\n\n\n<p>Khi m\u1ed9t c\u00f4ng ty th\u00f4n t\u00ednh m\u1ed9t c\u00f4ng ty kh\u00e1c v\u00e0 t\u1ef1 x\u00e1c l\u1eadp m\u00ecnh l\u00e0 ch\u1ee7 s\u1edf h\u1eefu m\u1edbi, th\u00ec giao d\u1ecbch \u0111\u00f3 \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 mua l\u1ea1i.<\/p>\n\n\n\n<figure class=\"wp-block-image alignwide size-full\"><img decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Acquisitions-Mua-Lai-Doanh-Nghiep.png\" alt=\"Ho\u1ea1t \u0111\u1ed9ng mua l\u1ea1i doanh nghi\u1ec7p (Acquisitions)\" class=\"wp-image-38410\" srcset=\"https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Acquisitions-Mua-Lai-Doanh-Nghiep.png 1200w, https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Acquisitions-Mua-Lai-Doanh-Nghiep-300x200.png 300w, https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Acquisitions-Mua-Lai-Doanh-Nghiep-768x512.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/figure>\n\n\n\n<p>M\u1eb7t kh\u00e1c, s\u00e1p nh\u1eadp m\u00f4 t\u1ea3 hai c\u00f4ng ty c\u00f3 quy m\u00f4 x\u1ea5p x\u1ec9 nhau, h\u1ee3p l\u1ef1c \u0111\u1ec3 ti\u1ebfn l\u00ean nh\u01b0 m\u1ed9t t\u1ed5 ch\u1ee9c m\u1edbi, thay v\u00ec v\u1eabn \u0111\u01b0\u1ee3c s\u1edf h\u1eefu v\u00e0 \u0111i\u1ec1u h\u00e0nh ri\u00eang l\u1ebb. H\u00e0nh \u0111\u1ed9ng n\u00e0y \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 s\u00e1p nh\u1eadp b\u00ecnh \u0111\u1eb3ng.&nbsp;<\/p>\n\n\n\n<p>Tr\u01b0\u1eddng h\u1ee3p \u0111i\u1ec3n h\u00ecnh: C\u1ea3 Daimler-Benz v\u00e0 Chrysler \u0111\u1ec1u kh\u00f4ng c\u00f2n t\u1ed3n t\u1ea1i khi hai c\u00f4ng ty h\u1ee3p nh\u1ea5t v\u00e0 m\u1ed9t c\u00f4ng ty m\u1edbi, DaimlerChrysler, \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp. C\u1ed5 phi\u1ebfu c\u1ee7a c\u1ea3 hai c\u00f4ng ty \u0111\u00e3 b\u1ecb hu\u1ef7 b\u1ecf, v\u00e0 c\u1ed5 phi\u1ebfu c\u00f4ng ty m\u1edbi \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh thay th\u1ebf.<\/p>\n\n\n\n<p>Trong m\u1ed9t l\u1ea7n l\u00e0m m\u1edbi th\u01b0\u01a1ng hi\u1ec7u, c\u00f4ng ty \u0111\u00e3 tr\u1ea3i qua m\u1ed9t l\u1ea7n thay \u0111\u1ed5i t\u00ean v\u00e0 m\u00e3 ch\u1ee9ng kho\u00e1n kh\u00e1c l\u00e0 Mercedes-Benz Group AG (MBG) v\u00e0o th\u00e1ng 2 n\u0103m 2022.<\/p>\n\n\n\n<p>M\u1ed9t th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i c\u0169ng s\u1ebd \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 s\u00e1p nh\u1eadp khi c\u1ea3 hai CEO \u0111\u1ed3ng \u00fd r\u1eb1ng vi\u1ec7c h\u1ee3p t\u00e1c c\u00f9ng nhau l\u00e0 v\u00ec l\u1ee3i \u00edch t\u1ed1t nh\u1ea5t c\u1ee7a c\u1ea3 hai c\u00f4ng ty.<\/p>\n\n\n\n<p>C\u00e1c th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i ki\u1ec3u kh\u00f4ng th\u00e2n thi\u1ec7n ho\u1eb7c mang t\u00ednh th\u00f9 \u0111\u1ecbch l\u00e0 trong \u0111\u00f3 c\u00e1c c\u00f4ng ty m\u1ee5c ti\u00eau kh\u00f4ng mu\u1ed1n b\u1ecb mua l\u1ea1i, coi l\u00e0 m\u00ecnh b\u1ecb th\u00e2u t\u00f3m.<\/p>\n\n\n\n<p>D\u1ef1a tr\u00ean t\u00ednh ch\u1ea5t giao d\u1ecbch th\u00e2n thi\u1ec7n hay th\u00f9 \u0111\u1ecbch v\u00e0 c\u00e1ch th\u1ee9c th\u00f4ng b\u00e1o s\u1ebd ph\u00e2n lo\u1ea1i \u0111\u01b0\u1ee3c th\u01b0\u01a1ng v\u1ee5 \u0111\u00f3 l\u00e0 s\u00e1p nh\u1eadp hay mua l\u1ea1i. N\u00f3i c\u00e1ch kh\u00e1c, s\u1ef1 kh\u00e1c bi\u1ec7t n\u1eb1m \u1edf c\u00e1ch giao d\u1ecbch \u0111\u01b0\u1ee3c truy\u1ec1n \u0111\u1ea1t t\u1edbi h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb, nh\u00e2n vi\u00ean v\u00e0 c\u1ed5 \u0111\u00f4ng c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau.<\/p>\n\n\n\n<p><strong>Quan tr\u1ecdng:<\/strong> C\u00e1c th\u01b0\u01a1ng v\u1ee5 M&amp;A mang l\u1ea1i l\u1ee3i nhu\u1eadn kh\u00e1 l\u1edbn cho ng\u00e0nh ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0, nh\u01b0ng kh\u00f4ng ph\u1ea3i t\u1ea5t c\u1ea3 c\u00e1c th\u01b0\u01a1ng v\u1ee5 s\u00e1p nh\u1eadp hay mua l\u1ea1i \u0111\u1ec1u th\u00e0nh c\u00f4ng.<\/p>\n\n\n\n<div style=\"height:72px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"has-black-color has-text-color wp-block-heading\">3. 6 H\u00ecnh th\u1ee9c c\u1ee7a M&amp;A<\/h2>\n\n\n\n<p>Sau \u0111\u00e2y l\u00e0 6 giao d\u1ecbch ph\u1ed5 bi\u1ebfn thu\u1ed9c M&amp;A:<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-black-color has-text-color wp-block-heading\">3.1. S\u00e1p nh\u1eadp<\/h3>\n\n\n\n<p>Trong m\u1ed9t v\u1ee5 s\u00e1p nh\u1eadp, h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb c\u1ee7a hai c\u00f4ng ty ch\u1ea5p thu\u1eadn s\u00e1p nh\u1eadp v\u00e0 xin \u00fd ki\u1ebfn c\u1ee7a c\u1ed5 \u0111\u00f4ng.<\/p>\n\n\n\n<p>V\u00ed d\u1ee5, v\u00e0o n\u0103m 1998, m\u1ed9t th\u01b0\u01a1ng v\u1ee5 s\u00e1p nh\u1eadp \u0111\u00e3 di\u1ec5n ra gi\u1eefa Digital Equipment Corporation v\u00e0 Compaq, theo \u0111\u00f3 Compaq \u0111\u00e3 \u201cnu\u1ed1t Digital Equipment Corporation. Compaq sau \u0111\u00f3 \u0111\u00e3 h\u1ee3p nh\u1ea5t v\u1edbi Hewlett-Packard v\u00e0o n\u0103m 2002. M\u00e3 ch\u1ee9ng kho\u00e1n tr\u01b0\u1edbc khi s\u00e1p nh\u1eadp c\u1ee7a Compaq l\u00e0 CPQ. Sau \u0111\u00f3 k\u1ebft h\u1ee3p v\u1edbi m\u00e3 ch\u1ee9ng kho\u00e1n (HWP) c\u1ee7a Hewlett-Packard t\u1ea1o ra m\u00e3 ch\u1ee9ng kho\u00e1n hi\u1ec7n t\u1ea1i (HPQ).<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-black-color has-text-color wp-block-heading\">3.2. Mua l\u1ea1i<\/h3>\n\n\n\n<p>Trong m\u1ed9t th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i \u0111\u01a1n gi\u1ea3n, c\u00f4ng ty mua l\u1ea1i c\u00f3 \u0111\u01b0\u1ee3c ph\u1ea7n l\u1edbn c\u1ed5 ph\u1ea7n trong c\u00f4ng ty b\u1ecb mua, c\u00f4ng ty n\u00e0y kh\u00f4ng \u0111\u1ed5i t\u00ean ho\u1eb7c thay \u0111\u1ed5i c\u01a1 c\u1ea5u t\u1ed5 ch\u1ee9c c\u1ee7a c\u00f4ng ty.&nbsp;<\/p>\n\n\n\n<p>V\u00ed d\u1ee5 c\u1ee7a lo\u1ea1i giao d\u1ecbch n\u00e0y ch\u00ednh l\u00e0 v\u00e0o n\u0103m 2004, T\u1eadp \u0111o\u00e0n T\u00e0i ch\u00ednh Manulife \u0111\u00e3 mua l\u1ea1i D\u1ecbch v\u1ee5 T\u00e0i ch\u00ednh John Hancock, trong \u0111\u00f3 c\u1ea3 hai c\u00f4ng ty \u0111\u1ec1u gi\u1eef nguy\u00ean t\u00ean v\u00e0 c\u01a1 c\u1ea5u t\u1ed5 ch\u1ee9c c\u1ee7a m\u00ecnh.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-black-color has-text-color wp-block-heading\">3.3. H\u1ee3p nh\u1ea5t<\/h3>\n\n\n\n<p>H\u1ee3p nh\u1ea5t c\u00f3 ngh\u0129a l\u00e0 t\u1ea1o ra m\u1ed9t c\u00f4ng ty m\u1edbi b\u1eb1ng c\u00e1ch k\u1ebft h\u1ee3p c\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i v\u00e0 lo\u1ea1i b\u1ecf c\u1ea5u tr\u00fac c\u00f4ng ty c\u0169. C\u00e1c c\u1ed5 \u0111\u00f4ng c\u1ee7a c\u1ea3 hai c\u00f4ng ty ph\u1ea3i ch\u1ea5p thu\u1eadn vi\u1ec7c h\u1ee3p nh\u1ea5t, sau qu\u00e1 tr\u00ecnh \u0111\u00f3 s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c c\u1ed5 ph\u1ea7n c\u00f4ng b\u1eb1ng trong c\u00f4ng ty m\u1edbi.<\/p>\n\n\n\n<p>V\u00ed d\u1ee5, v\u00e0o n\u0103m 1998, Citicorp v\u00e0 T\u1eadp \u0111o\u00e0n B\u1ea3o hi\u1ec3m Kh\u00e1ch du l\u1ecbch \u0111\u00e3 th\u00f4ng b\u00e1o h\u1ee3p nh\u1ea5t, d\u1eabn \u0111\u1ebfn vi\u1ec7c th\u00e0nh l\u1eadp Citigroup.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-black-color has-text-color wp-block-heading\">3.4. Ch\u00e0o mua c\u00f4ng khai<\/h3>\n\n\n\n<p>Trong m\u1ed9t v\u1ee5 ch\u00e0o mua c\u00f4ng khai, m\u1ed9t c\u00f4ng ty \u0111\u1ec1 ngh\u1ecb mua c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh c\u1ee7a c\u00f4ng ty kia v\u1edbi m\u1ed9t m\u1ee9c gi\u00e1 \u0111\u1eb7c bi\u1ec7t ch\u1ee9 kh\u00f4ng ph\u1ea3i gi\u00e1 th\u1ecb tr\u01b0\u1eddng. C\u00f4ng ty mua l\u1ea1i tr\u1ef1c ti\u1ebfp truy\u1ec1n \u0111\u1ea1t l\u1eddi \u0111\u1ec1 ngh\u1ecb \u0111\u1ebfn c\u00e1c c\u1ed5 \u0111\u00f4ng c\u1ee7a c\u00f4ng ty kia, b\u1ecf qua ban qu\u1ea3n tr\u1ecb v\u00e0 gi\u00e1m \u0111\u1ed1c.<\/p>\n\n\n\n<p>V\u00ed d\u1ee5, v\u00e0o n\u0103m 2008, Johnson &amp; Johnson \u0111\u00e3 \u0111\u01b0a ra l\u1eddi ch\u00e0o mua c\u00f4ng khai \u0111\u1ec3 mua l\u1ea1i Omrix Biopharmaceuticals v\u1edbi gi\u00e1 438 tri\u1ec7u \u0111\u00f4 la. C\u00f4ng ty \u0111\u00e3 \u0111\u1ed3ng \u00fd v\u00e0 th\u01b0\u01a1ng v\u1ee5 \u0111\u00e3 \u0111\u01b0\u1ee3c ho\u00e0n th\u00e0nh v\u00e0o cu\u1ed1i th\u00e1ng 12 n\u0103m 2008.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-black-color has-text-color wp-block-heading\">3.5. Mua l\u1ea1i t\u00e0i s\u1ea3n<\/h3>\n\n\n\n<p>Trong m\u1ed9t giao d\u1ecbch mua l\u1ea1i t\u00e0i s\u1ea3n, m\u1ed9t c\u00f4ng ty s\u1ebd tr\u1ef1c ti\u1ebfp mua l\u1ea1i t\u00e0i s\u1ea3n c\u1ee7a m\u1ed9t c\u00f4ng ty kh\u00e1c. C\u00f4ng ty c\u00f3 t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c mua ph\u1ea3i nh\u1eadn \u0111\u01b0\u1ee3c s\u1ef1 ch\u1ea5p thu\u1eadn c\u1ee7a c\u00e1c c\u1ed5 \u0111\u00f4ng.<\/p>\n\n\n\n<p>Vi\u1ec7c mua t\u00e0i s\u1ea3n l\u00e0 h\u00ecnh th\u1ee9c \u0111i\u1ec3n h\u00ecnh trong th\u1ee7 t\u1ee5c ph\u00e1 s\u1ea3n, trong \u0111\u00f3 c\u00e1c c\u00f4ng ty kh\u00e1c \u0111\u1ea5u th\u1ea7u c\u00e1c t\u00e0i s\u1ea3n kh\u00e1c nhau c\u1ee7a c\u00f4ng ty b\u1ecb ph\u00e1 s\u1ea3n, t\u00e0i s\u1ea3n n\u00e0y \u0111\u01b0\u1ee3c thanh l\u00fd khi chuy\u1ec3n giao t\u00e0i s\u1ea3n cu\u1ed1i c\u00f9ng cho c\u00e1c c\u00f4ng ty mua l\u1ea1i.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-black-color has-text-color wp-block-heading\">3.6. Mua l\u1ea1i quy\u1ec1n qu\u1ea3n l\u00fd<\/h3>\n\n\n\n<p>Trong m\u1ed9t th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i c\u1ee7a h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb, hay c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 th\u00f4n t\u00ednh c\u1ee7a h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb (MBO), c\u00e1c nh\u00e0 \u0111i\u1ec1u h\u00e0nh c\u1ee7a m\u1ed9t c\u00f4ng ty mua c\u1ed5 ph\u1ea7n ki\u1ec3m so\u00e1t \u1edf m\u1ed9t c\u00f4ng ty kh\u00e1c, v\u1edbi t\u01b0 c\u00e1ch c\u00e1 nh\u00e2n. Nh\u1eefng c\u1ef1u gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh n\u00e0y th\u01b0\u1eddng h\u1ee3p t\u00e1c v\u1edbi m\u1ed9t nh\u00e0 t\u00e0i ch\u00ednh ho\u1eb7c c\u00e1c c\u1ef1u nh\u00e2n vi\u00ean c\u00f4ng ty \u0111\u1ec3 n\u1ed7 l\u1ef1c c\u1ea5p v\u1ed1n giao d\u1ecbch.&nbsp;<\/p>\n\n\n\n<p>C\u00e1c giao d\u1ecbch M&amp;A nh\u01b0 v\u1eady th\u01b0\u1eddng \u0111\u01b0\u1ee3c c\u1ea5p v\u1ed1n kh\u00f4ng c\u00e2n \u0111\u1ed1i v\u1edbi m\u1ee9c n\u1ee3 v\u00e0 \u0111a s\u1ed1 c\u1ed5 \u0111\u00f4ng ph\u1ea3i ch\u1ea5p thu\u1eadn. V\u00ed d\u1ee5, v\u00e0o n\u0103m 2013, T\u1eadp \u0111o\u00e0n Dell th\u00f4ng b\u00e1o r\u1eb1ng h\u1ecd \u0111\u00e3 b\u1ecb mua l\u1ea1i b\u1edfi ng\u01b0\u1eddi s\u00e1ng l\u1eadp, Michael Dell.<\/p>\n\n\n\n<div style=\"height:72px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"has-black-color has-text-color wp-block-heading\">4. S\u00e1p nh\u1eadp \u0111\u01b0\u1ee3c c\u1ea5u tr\u00fac nh\u01b0 th\u1ebf n\u00e0o?<\/h2>\n\n\n\n<p>S\u00e1p nh\u1eadp c\u00f3 m\u1ed9t v\u00e0i c\u00e1ch c\u1ea5u tr\u00fac kh\u00e1c nhau, d\u1ef1a tr\u00ean m\u1ed1i quan h\u1ec7 gi\u1eefa hai c\u00f4ng ty tham gia v\u00e0o th\u01b0\u01a1ng v\u1ee5:<\/p>\n\n\n\n<div style=\"height:24px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>S\u00e1p nh\u1eadp theo chi\u1ec1u ngang<\/strong>: Hai c\u00f4ng ty c\u1ea1nh tranh tr\u1ef1c ti\u1ebfp c\u00f3 c\u00e1c d\u00f2ng s\u1ea3n ph\u1ea9m v\u00e0 th\u1ecb tr\u01b0\u1eddng gi\u1ed1ng nhau.<\/li><li><strong>S\u00e1p nh\u1eadp theo chi\u1ec1u d\u1ecdc<\/strong>: M\u1ed9t kh\u00e1ch h\u00e0ng v\u00e0 c\u00f4ng ty ho\u1eb7c m\u1ed9t nh\u00e0 cung c\u1ea5p v\u00e0 c\u00f4ng ty. H\u00e3y ngh\u0129 \u0111\u1ebfn vi\u1ec7c m\u1ed9t nh\u00e0 s\u1ea3n xu\u1ea5t kem s\u00e1p nh\u1eadp v\u1edbi m\u1ed9t nh\u00e0 cung c\u1ea5p v\u1ecf kem \u1ed1c qu\u1ebf.<\/li><li><strong>S\u00e1p nh\u1eadp theo ng\u00e0nh<\/strong>: Hai doanh nghi\u1ec7p ph\u1ee5c v\u1ee5 c\u00f9ng c\u01a1 s\u1edf ng\u01b0\u1eddi ti\u00eau d\u00f9ng nh\u01b0ng ng\u00e0nh ngh\u1ec1 kh\u00e1c nhau, ch\u1eb3ng h\u1ea1n nh\u01b0 m\u1ed9t nh\u00e0 s\u1ea3n xu\u1ea5t TV v\u00e0 m\u1ed9t c\u00f4ng ty truy\u1ec1n h\u00ecnh c\u00e1p.<\/li><li><strong>S\u00e1p nh\u1eadp m\u1edf r\u1ed9ng th\u1ecb tr\u01b0\u1eddng<\/strong>: Hai c\u00f4ng ty b\u00e1n c\u00f9ng s\u1ea3n ph\u1ea9m nh\u01b0ng kh\u00e1c th\u1ecb tr\u01b0\u1eddng.<\/li><li><strong>S\u00e1p nh\u1eadp m\u1edf r\u1ed9ng s\u1ea3n ph\u1ea9m<\/strong>: Hai c\u00f4ng ty b\u00e1n c\u00e1c s\u1ea3n ph\u1ea9m kh\u00e1c nhau nh\u01b0ng c\u00f3 li\u00ean quan tr\u00ean c\u00f9ng m\u1ed9t th\u1ecb tr\u01b0\u1eddng.<\/li><li><strong>Conglomeration<\/strong>: Di\u1ec5n ra 2 c\u00f4ng ty c\u00f3 ho\u1ea1t \u0111\u1ed9ng kinh doanh ho\u00e0n to\u00e0n kh\u00f4ng li\u00ean quan (th\u01b0\u1eddng \u0111\u01b0\u1ee3c bi\u1ebft \u0111\u1ebfn nh\u01b0 c\u00e1c v\u1ee5 s\u00e1p nh\u1eadp \u0111\u1ec3 t\u1ea1o n\u00ean t\u1eadp \u0111o\u00e0n kinh doanh \u0111a ng\u00e0nh \u0111a ngh\u1ec1)<\/li><\/ul>\n\n\n\n<div style=\"height:36px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>S\u00e1p nh\u1eadp c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ph\u00e2n bi\u1ec7t theo hai ph\u01b0\u01a1ng th\u1ee9c t\u00e0i ch\u00ednh, m\u1ed7i ph\u01b0\u01a1ng th\u1ee9c c\u00f3 s\u1ef1 ph\u00e2n chia ri\u00eang cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<div style=\"height:36px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-black-color has-text-color wp-block-heading\">4.1. S\u00e1p nh\u1eadp thu mua<\/h3>\n\n\n\n<p>Gi\u1ed1ng nh\u01b0 t\u00ean g\u1ecdi, lo\u1ea1i s\u00e1p nh\u1eadp n\u00e0y x\u1ea3y ra khi m\u1ed9t c\u00f4ng ty mua l\u1ea1i m\u1ed9t c\u00f4ng ty kh\u00e1c. Ho\u1ea1t \u0111\u1ed9ng thu mua \u0111\u01b0\u1ee3c giao d\u1ecbch b\u1eb1ng ti\u1ec1n m\u1eb7t ho\u1eb7c th\u00f4ng qua vi\u1ec7c ph\u00e1t h\u00e0nh c\u00f4ng c\u1ee5 n\u1ee3. B\u00ean b\u00e1n ph\u1ea3i ch\u1ecbu thu\u1ebf l\u00e0 \u0111i\u1ec1u g\u00e2y thu h\u00fat c\u00e1c c\u00f4ng ty mua l\u1ea1i, nh\u1eefng ng\u01b0\u1eddi \u0111\u01b0\u1ee3c h\u01b0\u1edfng c\u00e1c l\u1ee3i \u00edch v\u1ec1 thu\u1ebf.&nbsp;<\/p>\n\n\n\n<p>T\u00e0i s\u1ea3n mua l\u1ea1i c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ghi theo gi\u00e1 thu mua th\u1ef1c t\u1ebf v\u00e0 ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch v\u00e0 gi\u00e1 mua t\u00e0i s\u1ea3n c\u00f3 th\u1ec3 kh\u1ea5u hao h\u00e0ng n\u0103m, gi\u1ea3m c\u00e1c kho\u1ea3n thu\u1ebf m\u00e0 c\u00f4ng ty mua l\u1ea1i ph\u1ea3i n\u1ed9p.<\/p>\n\n\n\n<div style=\"height:36px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-black-color has-text-color wp-block-heading\">4.2. S\u00e1p nh\u1eadp h\u1ee3p nh\u1ea5t<\/h3>\n\n\n\n<p>V\u1edbi s\u1ef1 s\u00e1p nh\u1eadp n\u00e0y, m\u1ed9t c\u00f4ng ty ho\u00e0n to\u00e0n m\u1edbi s\u1ebd \u0111\u01b0\u1ee3c h\u00ecnh th\u00e0nh v\u00e0 c\u1ea3 hai c\u00f4ng ty \u0111\u1ec1u \u0111\u01b0\u1ee3c mua v\u00e0 k\u1ebft h\u1ee3p v\u1edbi nhau d\u01b0\u1edbi m\u1ed9t t\u1ed5 ch\u1ee9c m\u1edbi. C\u00e1c \u0111i\u1ec1u kho\u1ea3n thu\u1ebf c\u0169ng gi\u1ed1ng nh\u01b0 c\u00e1c \u0111i\u1ec1u kho\u1ea3n c\u1ee7a s\u00e1p nh\u1eadp thu mua.<\/p>\n\n\n\n<p><em>\u0110\u1ecdc th\u00eam: <a href=\"https:\/\/www.saokim.com.vn\/en\/cam-nang\/kien-truc-thuong-hieu\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Ki\u1ebfn tr\u00fac th\u01b0\u01a1ng hi\u1ec7u<\/strong><\/a> v\u00e0 <a href=\"https:\/\/www.saokim.com.vn\/en\/cam-nang\/brand-extension\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>M\u1edf r\u1ed9ng th\u01b0\u01a1ng hi\u1ec7u<\/strong><\/a> \u0111\u1ec3 c\u00e2n nh\u1eafc ho\u1ea1t \u0111\u1ed9ng M&amp;A ph\u00f9 h\u1ee3p, h\u1ed7 tr\u1ee3 c\u1ea3 kinh doanh v\u00e0 x\u00e2y d\u1ef1ng th\u01b0\u01a1ng hi\u1ec7u<\/em><\/p>\n\n\n\n<div style=\"height:36px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"has-black-color has-text-color wp-block-heading\">5. Ho\u1ea1t \u0111\u1ed9ng mua l\u1ea1i \u0111\u01b0\u1ee3c c\u1ea5p v\u1ed1n ra sao?<\/h2>\n\n\n\n<p>M\u1ed9t c\u00f4ng ty c\u00f3 th\u1ec3 mua m\u1ed9t c\u00f4ng ty kh\u00e1c th\u00f4ng qua ti\u1ec1n m\u1eb7t, c\u1ed5 phi\u1ebfu, n\u1ee3 ph\u1ea3i tr\u1ea3, ho\u1eb7c k\u1ebft h\u1ee3p hai ho\u1eb7c c\u1ea3 ba. Trong c\u00e1c th\u01b0\u01a1ng v\u1ee5 nh\u1ecf h\u01a1n, vi\u1ec7c m\u1ed9t c\u00f4ng ty mua l\u1ea1i t\u1ea5t c\u1ea3 t\u00e0i s\u1ea3n c\u1ee7a m\u1ed9t c\u00f4ng ty kh\u00e1c c\u0169ng l\u00e0 m\u1ed9t \u0111i\u1ec1u th\u01b0\u1eddng th\u1ea5y.<\/p>\n\n\n\n<p>C\u00f4ng ty X mua t\u1ea5t c\u1ea3 t\u00e0i s\u1ea3n c\u1ee7a C\u00f4ng ty Y b\u1eb1ng ti\u1ec1n m\u1eb7t, c\u00f3 ngh\u0129a l\u00e0 C\u00f4ng ty Y s\u1ebd ch\u1ec9 c\u00f3 ti\u1ec1n m\u1eb7t (v\u00e0 n\u1ee3, n\u1ebfu c\u00f3). T\u1ea5t nhi\u00ean, C\u00f4ng ty Y ch\u1ec9 c\u00f2n c\u00e1i v\u1ecf v\u00e0 cu\u1ed1i c\u00f9ng s\u1ebd thanh l\u00fd ho\u1eb7c th\u00e2m nh\u1eadp v\u00e0o c\u00e1c l\u0129nh v\u1ef1c kinh doanh kh\u00e1c.<\/p>\n\n\n\n<p>M\u1ed9t th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i kh\u00e1c \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 s\u00e1p nh\u1eadp ng\u01b0\u1ee3c, cho ph\u00e9p m\u1ed9t c\u00f4ng ty t\u01b0 nh\u00e2n \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft c\u00f4ng khai trong m\u1ed9t kho\u1ea3ng th\u1eddi gian t\u01b0\u01a1ng \u0111\u1ed1i ng\u1eafn.&nbsp;<\/p>\n\n\n\n<p>S\u00e1p nh\u1eadp ng\u01b0\u1ee3c x\u1ea3y ra khi m\u1ed9t c\u00f4ng ty t\u01b0 nh\u00e2n mua l\u1ea1i m\u1ed9t c\u00f4ng ty \u0111\u1ea1i ch\u00fang, v\u00e0 c\u00f9ng tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng ty \u0111\u1ea1i ch\u00fang ho\u00e0n to\u00e0n m\u1edbi v\u1edbi c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 giao d\u1ecbch.<\/p>\n\n\n\n<div style=\"height:72px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"has-black-color has-text-color wp-block-heading\">6. \u0110\u1ecbnh gi\u00e1 nh\u01b0 th\u1ebf n\u00e0o khi M&amp;A?<\/h2>\n\n\n\n<p>C\u1ea3 hai c\u00f4ng ty tham gia v\u00e0o m\u1ed9t trong hai v\u1ecb tr\u00ed c\u1ee7a m\u1ed9t th\u01b0\u01a1ng v\u1ee5 M&amp;A s\u1ebd \u0111\u1ecbnh gi\u00e1 c\u00f4ng ty m\u1ee5c ti\u00eau kh\u00e1c nhau. Ng\u01b0\u1eddi b\u00e1n \u0111\u01b0\u01a1ng nhi\u00ean s\u1ebd \u0111\u1ecbnh gi\u00e1 c\u00f4ng ty \u1edf m\u1ee9c gi\u00e1 cao nh\u1ea5t c\u00f3 th\u1ec3, trong khi ng\u01b0\u1eddi mua s\u1ebd c\u1ed1 g\u1eafng mua n\u00f3 v\u1edbi gi\u00e1 th\u1ea5p nh\u1ea5t c\u00f3 th\u1ec3.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, c\u01a1 s\u1edf \u0111\u1ecbnh gi\u00e1 v\u1eabn \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 kh\u00e1ch quan b\u1eb1ng c\u00e1ch nghi\u00ean c\u1ee9u c\u00e1c c\u00f4ng ty c\u00f3 th\u1ec3 so s\u00e1nh \u0111\u01b0\u1ee3c trong ng\u00e0nh v\u00e0 d\u1ef1a v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 sau:<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-black-color has-text-color wp-block-heading\">T\u1ef7 l\u1ec7 P\/E<\/h3>\n\n\n\n<figure class=\"wp-block-image alignwide size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Cong-Thuc-Tinh-P-E.png\" alt=\"C\u00f4ng th\u1ee9c t\u00ednh P\/E\" class=\"wp-image-38411\" srcset=\"https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Cong-Thuc-Tinh-P-E.png 1200w, https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Cong-Thuc-Tinh-P-E-300x200.png 300w, https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Cong-Thuc-Tinh-P-E-768x512.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/figure>\n\n\n\n<p>V\u1edbi vi\u1ec7c s\u1eed d\u1ee5ng t\u1ef7 l\u1ec7 th\u1ecb gi\u00e1 c\u1ed5 phi\u1ebfu\/ thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu (t\u1ef7 l\u1ec7 P\/E), c\u00f4ng ty mua l\u1ea1i s\u1ebd \u0111\u01b0a ra \u0111\u1ec1 ngh\u1ecb b\u1eb1ng b\u1ed9i s\u1ed1 c\u1ee7a thu nh\u1eadp c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau. Vi\u1ec7c nghi\u00ean c\u1ee9u P\/E c\u1ee7a t\u1ea5t c\u1ea3 c\u00e1c c\u1ed5 phi\u1ebfu trong c\u00f9ng m\u1ed9t nh\u00f3m ng\u00e0nh s\u1ebd cho c\u00f4ng ty mua l\u1ea1i m\u1ed9t \u0111\u1ecbnh h\u01b0\u1edbng t\u1ed1t v\u1ec1 b\u1ed9i s\u1ed1 P\/E c\u1ee7a m\u1ee5c ti\u00eau.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-black-color has-text-color wp-block-heading\">T\u1ef7 l\u1ec7 EV\/Sales<\/h3>\n\n\n\n<figure class=\"wp-block-image alignwide size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Cong-Thuc-Tinh-EV-Sales-1.png\" alt=\"C\u00f4ng th\u1ee9c t\u00ednh EV\/Sales\" class=\"wp-image-38414\" srcset=\"https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Cong-Thuc-Tinh-EV-Sales-1.png 1200w, https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Cong-Thuc-Tinh-EV-Sales-1-300x200.png 300w, https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Cong-Thuc-Tinh-EV-Sales-1-768x512.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/figure>\n\n\n\n<p>V\u1edbi t\u1ef7 l\u1ec7 gi\u00e1 tr\u1ecb doanh nghi\u1ec7p\/ doanh s\u1ed1 (EV\/Sales), c\u00f4ng ty mua l\u1ea1i s\u1ebd \u0111\u01b0a ra \u0111\u1ec1 ngh\u1ecb l\u00e0 b\u1ed9i s\u1ed1 c\u1ee7a doanh thu trong khi v\u1eabn n\u1eafm \u0111\u01b0\u1ee3c t\u1ef7 l\u1ec7 gi\u00e1\/ doanh thu (t\u1ef7 l\u1ec7 P\/S) c\u1ee7a c\u00e1c c\u00f4ng ty kh\u00e1c trong ng\u00e0nh.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-black-color has-text-color wp-block-heading\">D\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u (DCF)<\/h3>\n\n\n\n<figure class=\"wp-block-image alignwide size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Cong-Thuc-Tinh-DCF.png\" alt=\"C\u00f4ng th\u1ee9c t\u00ednh DCF\" class=\"wp-image-38415\" srcset=\"https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Cong-Thuc-Tinh-DCF.png 1200w, https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Cong-Thuc-Tinh-DCF-300x200.png 300w, https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/12\/Cong-Thuc-Tinh-DCF-768x512.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/figure>\n\n\n\n<p>M\u1ed9t c\u00f4ng c\u1ee5 \u0111\u1ecbnh gi\u00e1 quan tr\u1ecdng trong M&amp;A, ph\u00e2n t\u00edch d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u (DFC &#8211; Discounted Cash Flow) x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a m\u1ed9t c\u00f4ng ty, theo d\u00f2ng ti\u1ec1n \u01b0\u1edbc t\u00ednh trong t\u01b0\u01a1ng lai c\u1ee7a n\u00f3.&nbsp;<\/p>\n\n\n\n<p>D\u1ef1 b\u00e1o d\u00f2ng ti\u1ec1n t\u1ef1 do (thu nh\u1eadp r\u00f2ng + kh\u1ea5u hao t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh h\u1eefu h\u00ecnh\/ kh\u1ea5u hao t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh v\u00f4 h\u00ecnh &#8211; chi ti\u00eau v\u1ed1n &#8211; thay \u0111\u1ed5i v\u1ed1n l\u01b0u \u0111\u1ed9ng) \u0111\u01b0\u1ee3c chi\u1ebft kh\u1ea5u v\u1ec1 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n b\u00ecnh qu\u00e2n (WACC) c\u1ee7a c\u00f4ng ty.<\/p>\n\n\n\n<p>Ph\u1ea3i th\u1eeba nh\u1eadn r\u1eb1ng r\u1ea5t kh\u00f3 \u0111\u1ec3 t\u00ednh \u0111\u00fang DCF, nh\u01b0ng \u00edt c\u00f3 c\u00f4ng c\u1ee5 n\u00e0o c\u00f3 th\u1ec3 s\u00e1nh \u0111\u01b0\u1ee3c v\u1edbi ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 n\u00e0y.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-black-color has-text-color wp-block-heading\">Chi ph\u00ed thay th\u1ebf<\/h3>\n\n\n\n<p>Trong m\u1ed9t s\u1ed1 \u00edt tr\u01b0\u1eddng h\u1ee3p, vi\u1ec7c mua l\u1ea1i \u0111\u01b0\u1ee3c d\u1ef1a tr\u00ean chi ph\u00ed thay th\u1ebf c\u00f4ng ty m\u1ee5c ti\u00eau. V\u00ec \u0111\u01a1n gi\u1ea3n, gi\u1ea3 s\u1eed gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t c\u00f4ng ty l\u00e0 t\u1ed5ng c\u1ee7a t\u1ea5t c\u1ea3 c\u00e1c chi ph\u00ed thi\u1ebft b\u1ecb v\u00e0 nh\u00e2n vi\u00ean.<\/p>\n\n\n\n<p>C\u00f4ng ty mua l\u1ea1i th\u1ef1c s\u1ef1 c\u00f3 th\u1ec3 \u0111\u1ec1 ngh\u1ecb c\u00f4ng ty m\u1ee5c ti\u00eau b\u00e1n v\u1edbi gi\u00e1 \u0111\u00f3, ho\u1eb7c s\u1ebd t\u1ea1o ra m\u1ed9t \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh v\u1edbi c\u00f9ng m\u1ed9t m\u1ee9c chi ph\u00ed. \u0110\u01b0\u01a1ng nhi\u00ean, s\u1ebd c\u1ea7n m\u1ed9t th\u1eddi gian d\u00e0i \u0111\u1ec3 t\u1eadp h\u1ee3p \u0111\u01b0\u1ee3c m\u1ed9t \u0111\u1ed9i ng\u0169 nh\u00e2n vi\u00ean t\u01b0\u01a1ng x\u1ee9ng, v\u00e0 mua s\u1eafm t\u00e0i s\u1ea3n, thi\u1ebft b\u1ecb ph\u00f9 h\u1ee3p.<\/p>\n\n\n\n<p>Ph\u01b0\u01a1ng ph\u00e1p x\u00e1c l\u1eadp gi\u00e1 n\u00e0y ch\u1eafc ch\u1eafn s\u1ebd kh\u00f4ng c\u00f3 nhi\u1ec1u \u00fd ngh\u0129a trong ng\u00e0nh d\u1ecbch v\u1ee5, trong \u0111\u00f3 c\u00e1c t\u00e0i s\u1ea3n ch\u1ee7 ch\u1ed1t (con ng\u01b0\u1eddi v\u00e0 \u00fd t\u01b0\u1edfng) kh\u00f3 c\u00f3 th\u1ec3 \u0111\u1ecbnh gi\u00e1 v\u00e0 ph\u00e1t tri\u1ec3n.<\/p>\n\n\n\n<div style=\"height:72px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"has-black-color has-text-color wp-block-heading\">7. Marketing v\u00e0 Branding khi M&amp;A<\/h2>\n\n\n\n<p>M&amp;A l\u00e0 ho\u1ea1t \u0111\u1ed9ng quan tr\u1ecdng c\u1ee7a doanh nghi\u1ec7p, t\u00f9y thu\u1ed9c v\u00e0o h\u00ecnh th\u1ee9c M&amp;A v\u00e0 \u00fd ch\u00ed c\u1ee7a doanh nghi\u1ec7p m\u00e0 b\u1ea1n c\u00f3 th\u1ec3 \u0111i\u1ec1u ch\u1ec9nh ho\u1ea1t \u0111\u1ed9ng Marketing v\u00e0 Branding cho ph\u00f9 h\u1ee3p.<\/p>\n\n\n\n<p>C\u00f3 nh\u1eefng doanh nghi\u1ec7p ti\u1ebfn h\u00e0nh M&amp;A trong &#8220;\u00e2m th\u1ea7m&#8221; b\u1edfi h\u1ecd l\u1ef1a ch\u1ecdn chi\u1ebfn l\u01b0\u1ee3c ho\u1eb7c phong c\u00e1ch kinh doanh nh\u01b0 v\u1eady.<\/p>\n\n\n\n<p>Nh\u01b0ng n\u1ebfu b\u1ea1n mu\u1ed1n t\u1eadn d\u1ee5ng t\u1ed1i \u0111a hi\u1ec7u qu\u1ea3 truy\u1ec1n th\u00f4ng khi th\u1ef1c hi\u1ec7n M&amp;A th\u00ec n\u00ean ch\u00fa \u00fd t\u1edbi 5 y\u1ebfu t\u1ed1 sau:<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-black-color has-text-color wp-block-heading\">7.1. \u0110\u1ec1 xu\u1ea5t gi\u00e1 tr\u1ecb m\u1edbi<\/h3>\n\n\n\n<p>T\u1ea1i sao ch\u00fang ta th\u1ef1c hi\u1ec7n M&amp;A v\u00e0 kh\u00e1ch h\u00e0ng c\u1ee7a ch\u00fang ta s\u1ebd h\u01b0\u1edfng l\u1ee3i nh\u01b0 th\u1ebf n\u00e0o? Nh\u1eefng c\u00e2u h\u1ecfi n\u00e0y th\u01b0\u1eddng \u0111\u01b0\u1ee3c h\u1ecfi trong c\u00e1c ph\u00f2ng h\u1ecdp v\u00e0 trong qu\u00e1 tr\u00ecnh th\u1ea9m \u0111\u1ecbnh. Tuy nhi\u00ean, \u0111i\u1ec1u \u0111\u00e1ng ng\u1ea1c nhi\u00ean l\u00e0 nh\u1eefng c\u00e2u h\u1ecfi n\u00e0y th\u01b0\u1eddng kh\u00f4ng \u0111\u01b0\u1ee3c tr\u1ea3 l\u1eddi \u0111\u1ea7y \u0111\u1ee7.<\/p>\n\n\n\n<p>Th\u00f4ng th\u01b0\u1eddng, khi M&amp;A, doanh nghi\u1ec7p sau \u0111\u00f3 t\u0103ng th\u00eam gi\u00e1 tr\u1ecb m\u1edbi, c\u00e1c gi\u00e1 tr\u1ecb n\u00e0y bao g\u1ed3m c\u1ea3 gi\u00e1 tr\u1ecb m\u00e0 kh\u00e1ch h\u00e0ng s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c.<\/p>\n\n\n\n<p>V\u00ed d\u1ee5: Khi Massan s\u00e1p nh\u1eadp Vinmart, h\u1ecd n\u00f3i r\u1eb1ng hi\u1ec7n t\u1ea1i Vinmart l\u00e0 m\u1ea3nh gh\u00e9p quan tr\u1ecdng \u0111\u1ec3 ho\u00e0n thi\u1ec7n \u0111\u1ebf ch\u1ebf h\u00e0ng ti\u00eau d\u00f9ng &#8211; b\u00e1n l\u1ebb. H\u1ecd n\u00f3i r\u1eb1ng, gi\u1edd \u0111\u00e2y Massan ti\u1ebfn th\u00eam b\u01b0\u1edbc ti\u1ebfn d\u00e0i trong qu\u00e1 tr\u00ecnh ph\u00e1t tri\u1ec3n b\u1ec1n v\u1eefng, c\u1ed5 \u0111\u00f4ng \u0111\u1ea7u t\u01b0 v\u00e0o Massan c\u00f3 th\u1ec3 \u0111\u1eb7t k\u1ef3 v\u1ecdng l\u1edbn h\u01a1n trong d\u00e0i h\u1ea1n, v\u00e0 ng\u01b0\u1eddi ti\u00eau d\u00f9ng \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i nhi\u1ec1u h\u01a1n (\u00edt nh\u1ea5t l\u00e0 t\u1eeb s\u1ef1 c\u1ea1nh tranh c\u1ee7a c\u00e1c chu\u1ed7i si\u00eau th\u1ecb)<\/p>\n\n\n\n<p>M&amp;A l\u00e0 c\u01a1 h\u1ed9i l\u1edbn, v\u00e0 b\u1ea1n n\u00ean xem x\u00e9t n\u00f3i l\u00ean c\u00e2u chuy\u1ec7n ph\u00f9 h\u1ee3p, truy\u1ec1n t\u1ea3i \u0111\u01b0\u1ee3c c\u00e1c \u0111\u1ec1 xu\u1ea5t gi\u00e1 tr\u1ecb m\u1edbi do M&amp;A mang l\u1ea1i.<\/p>\n\n\n\n<div style=\"height:36px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Ch\u1edd ch\u00fat<\/strong>: T\u1ea3i ngay cu\u1ed1n s\u00e1ch <strong>Corporate Branding<\/strong>, gi\u00fap b\u1ea1n hi\u1ec3u to\u00e0n b\u1ed9 qu\u00e1 tr\u00ecnh x\u00e2y d\u1ef1ng th\u01b0\u01a1ng hi\u1ec7u doanh nghi\u1ec7p, h\u1ed7 tr\u1ee3 hi\u1ec7u qu\u1ea3 vi\u1ec7c x\u00e2y d\u1ef1ng th\u01b0\u01a1ng hi\u1ec7u m\u1edbi.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><a href=\"https:\/\/www.saokim.com.vn\/en\/ebook-branding\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"800\" src=\"https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/07\/tai-ngay-ebook-corporate-branding.png\" alt=\"Ebook Corporate Branding - X\u00e2y d\u1ef1ng th\u01b0\u01a1ng hi\u1ec7u doanh nghi\u1ec7p\" class=\"wp-image-37882\" srcset=\"https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/07\/tai-ngay-ebook-corporate-branding.png 800w, https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/07\/tai-ngay-ebook-corporate-branding-300x300.png 300w, https:\/\/www.saokim.com.vn\/en\/wp-content\/uploads\/2022\/07\/tai-ngay-ebook-corporate-branding-768x768.png 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/a><\/figure><\/div>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-black-color has-text-color wp-block-heading\">7.2. Ph\u00e2n kh\u00fac th\u1ecb tr\u01b0\u1eddng m\u1edbi<\/h3>\n\n\n\n<p>Khi M&amp;A, marketing n\u00ean d\u1eabn d\u1eaft cu\u1ed9c tr\u00f2 chuy\u1ec7n v\u00e0 \u0111\u1ec1 xu\u1ea5t c\u00e1ch b\u1ed5 sung \u0111\u1ea7y \u0111\u1ee7 c\u00e1c s\u1ea3n ph\u1ea9m, d\u1ecbch v\u1ee5 v\u00e0 gi\u1ea3i ph\u00e1p s\u1ebd \u0111\u00e1p \u1ee9ng t\u1ed1t h\u01a1n nhu c\u1ea7u c\u1ee7a kh\u00e1ch h\u00e0ng. Marketing c\u0169ng n\u00ean \u0111\u00e1nh gi\u00e1 m\u00f4 h\u00ecnh ho\u1ea1t \u0111\u1ed9ng v\u00e0 t\u1ed5 ch\u1ee9c c\u1ee7a m\u00ecnh s\u1ebd ph\u00e1t tri\u1ec3n nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ec3 h\u1ed7 tr\u1ee3 l\u00e0m m\u1edbi quan \u0111i\u1ec3m v\u1ec1 th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n<p><em>\u0110\u1ecdc th\u00eam: <a href=\"https:\/\/www.saokim.com.vn\/en\/cam-nang\/xac-dinh-thi-truong-muc-tieu\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>C\u00e1ch x\u00e1c \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng m\u1ee5c ti\u00eau<\/strong><\/a><\/em><\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-black-color has-text-color wp-block-heading\">7.3. Kh\u00e1ch h\u00e0ng gi\u00e1 tr\u1ecb nh\u1ea5t<\/h3>\n\n\n\n<p>H\u00e3y suy ngh\u0129 v\u1ec1 c\u00e1c ph\u00e2n kh\u00fac kh\u00e1ch h\u00e0ng theo nguy\u00ean t\u1eafc 80\/20. Trong m\u1ed1i quan h\u1ec7 h\u1ee3p t\u00e1c v\u1edbi b\u1ed9 ph\u1eadn b\u00e1n h\u00e0ng, doanh nghi\u1ec7p n\u00ean ph\u00e1t tri\u1ec3n m\u1ed9t k\u1ebf ho\u1ea1ch to\u00e0n di\u1ec7n, ch\u1ee7 \u0111\u1ed9ng d\u00e0nh cho nh\u1eefng kh\u00e1ch h\u00e0ng c\u00f3 gi\u00e1 tr\u1ecb nh\u1ea5t.<\/p>\n\n\n\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c kh\u00e1ch h\u00e0ng B2C v\u00e0 B2B, n\u00f3i \u0111\u01a1n gi\u1ea3n l\u00e0 c\u1ea7n gi\u1eef ch\u00e2n v\u00e0 \u0111\u1ea3m b\u1ea3o l\u1ee3i \u00edch h\u1ecd nh\u1eadn \u0111\u01b0\u1ee3c sau M&amp;A.<\/p>\n\n\n\n<p>Kh\u00e1ch h\u00e0ng s\u1ebd quan t\u00e2m t\u1edbi:<\/p>\n\n\n\n<div style=\"height:24px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li>\u0110i\u1ec1u g\u00ec s\u1ebd thay \u0111\u1ed5i?<\/li><li>L\u1ee3i \u00edch c\u1ee7a t\u00f4i c\u00f3 b\u1ecb t\u1ed5n h\u1ea1i?<\/li><li>C\u00f3 th\u00eam \u01b0u \u0111\u00e3i m\u1edbi n\u00e0o kh\u00f4ng?<\/li><\/ul>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-black-color has-text-color wp-block-heading\">7.4. Gi\u00e1 tr\u1ecb c\u1ed1t l\u00f5i<\/h3>\n\n\n\n<p>Cung c\u1ea5p b\u1eb1ng ch\u1ee9ng cho th\u1ea5y nh\u1eefng s\u1ef1 kh\u00e1c bi\u1ec7t c\u00f3 l\u1ee3i cho kh\u00e1ch h\u00e0ng v\u00ec kh\u00e1ch h\u00e0ng s\u1ebd t\u00ecm ki\u1ebfm ch\u00fang, v\u00e0 th\u00f4ng qua \u0111\u00f3 truy\u1ec1n \u0111\u1ea1t gi\u00e1 tr\u1ecb c\u1ed1t l\u00f5i c\u1ee7a t\u1ed5 ch\u1ee9c.<\/p>\n\n\n\n<p>M&amp;A th\u00e0nh c\u00f4ng nh\u1ea5t b\u1eaft \u0111\u1ea7u v\u1edbi m\u1ed9t v\u00e0i l\u1ee3i \u00edch h\u1eefu h\u00ecnh truy\u1ec1n \u0111\u1ea1t \u0111\u1ec1 xu\u1ea5t gi\u00e1 tr\u1ecb c\u1ed1t l\u00f5i c\u1ee7a t\u1ed5 ch\u1ee9c m\u1edbi, ch\u1eb3ng h\u1ea1n nh\u01b0 khuy\u1ebfn m\u1ea1i ho\u1eb7c g\u00f3i s\u1ea3n ph\u1ea9m m\u1edbi v\u00e0 lu\u00f4n c\u1ee7ng c\u1ed1 \u0111\u1ec1 xu\u1ea5t gi\u00e1 tr\u1ecb b\u1eb1ng nhi\u1ec1u gi\u00e1 tr\u1ecb gia t\u0103ng h\u01a1n trong su\u1ed1t v\u00f2ng \u0111\u1eddi c\u1ee7a kh\u00e1ch h\u00e0ng.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, \u0111i\u1ec1u quan tr\u1ecdng l\u00e0 lu\u00f4n khi\u1ebfn gi\u00e1 tr\u1ecb d\u01b0\u01a1ng sau M&amp;A. Do \u0111\u00f3, gi\u00e1 tr\u1ecb gia t\u0103ng c\u1ea7n nh\u1ea5t qu\u00e1n ho\u1eb7c kh\u00f4ng l\u00e0m suy y\u1ebfu \u0111i gi\u00e1 tr\u1ecb c\u1ed1t l\u00f5i c\u1ee7a doanh nghi\u1ec7p.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"has-black-color has-text-color wp-block-heading\">7.5. Chi\u1ebfn l\u01b0\u1ee3c th\u01b0\u01a1ng hi\u1ec7u<\/h3>\n\n\n\n<p>Sau khi M&amp;A c\u00f3 th\u1ec3 x\u1ea3y ra c\u00e1c tr\u01b0\u1eddng h\u1ee3p:<\/p>\n\n\n\n<div style=\"height:24px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li>Th\u01b0\u01a1ng hi\u1ec7u \u0111\u01b0\u1ee3c gi\u1eef \u0111\u1ed9c l\u1eadp<\/li><li>Th\u01b0\u01a1ng hi\u1ec7u h\u1ee3p nh\u1ea5t<\/li><li>Th\u01b0\u01a1ng hi\u1ec7u b\u1ea3o tr\u1ee3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh<\/li><li>Th\u01b0\u01a1ng hi\u1ec7u duy nh\u1ea5t \u0111\u01b0\u1ee3c ch\u1ecdn<\/li><li>Th\u01b0\u01a1ng hi\u1ec7u ho\u00e0n to\u00e0n m\u1edbi \u0111\u01b0\u1ee3c t\u1ea1o ra<\/li><\/ul>\n\n\n\n<div style=\"height:36px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Trong g\u1ea7n m\u1ed9t n\u1eeda s\u1ed1 v\u1ee5 s\u00e1p nh\u1eadp (kho\u1ea3ng 40%), c\u00e1c c\u00f4ng ty l\u1ef1a ch\u1ecdn m\u1ed9t th\u01b0\u01a1ng hi\u1ec7u duy nh\u1ea5t d\u1ef1a tr\u00ean m\u1ed9t trong nh\u1eefng th\u01b0\u01a1ng hi\u1ec7u k\u1ebf th\u1eeba.<\/p>\n\n\n\n<p>M\u1ecdi ng\u01b0\u1eddi th\u01b0\u1eddng ngh\u0129 r\u1eb1ng, sau M&amp;A doanh nghi\u1ec7p c\u00f3 th\u1ec3 \u0111\u00e1nh m\u1ea5t b\u1ea3n s\u1eafc c\u1ee7a th\u01b0\u01a1ng hi\u1ec7u c\u0169. Ch\u00ednh v\u00ec v\u1eady, \u0111\u1ec3 mang l\u1ea1i hi\u1ec7u qu\u1ea3 c\u1ee7a M&amp;A c\u1ea7n xem x\u00e9t l\u1ea1i chi\u1ebfn l\u01b0\u1ee3c th\u01b0\u01a1ng hi\u1ec7u v\u00e0 h\u01b0\u1edbng d\u1eabn th\u1ef1c thi th\u1eadn tr\u1ecdng.<\/p>\n\n\n\n<p>Doanh nghi\u1ec7p c\u1ea7n nghi\u00ean c\u1ee9u d\u1ef1a tr\u00ean th\u1ef1c t\u1ebf \u0111\u1ec3 hi\u1ec3u t\u1ea7m quan tr\u1ecdng c\u1ee7a th\u01b0\u01a1ng hi\u1ec7u trong quy\u1ebft \u0111\u1ecbnh mua h\u00e0ng, \u0111\u00e1nh gi\u00e1 kh\u00e1ch quan gi\u00e1 tr\u1ecb c\u1ee7a c\u1ea3 hai th\u01b0\u01a1ng hi\u1ec7u cho c\u00e1c ph\u00e2n kh\u00fac m\u1ee5c ti\u00eau, x\u00e1c \u0111\u1ecbnh chi ph\u00ed chuy\u1ec3n \u0111\u1ed5i v\u00e0 sau \u0111\u00f3 \u0111\u1ecbnh v\u1ecb th\u01b0\u01a1ng hi\u1ec7u cho ph\u00f9 h\u1ee3p.<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#e6efff\"><em>Xem ngay g\u00f3i <a href=\"https:\/\/www.saokim.com.vn\/en\/dich-vu\/tu-van-chien-luoc-thuong-hieu\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>t\u01b0 v\u1ea5n chi\u1ebfn l\u01b0\u1ee3c th\u01b0\u01a1ng hi\u1ec7u<\/strong><\/a> c\u1ee7a Sao Kim, h\u1ed7 tr\u1ee3 doanh nghi\u1ec7p x\u00e2y d\u1ef1ng b\u1ea3n s\u1eafc th\u01b0\u01a1ng hi\u1ec7u n\u1ed5i b\u1eadt.<\/em><\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"has-black-color has-text-color wp-block-heading\">8. C\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p v\u1ec1 M&amp;A<\/h2>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"has-black-color has-text-color wp-block-heading\">8.1. C\u00e1ch ph\u00e2n bi\u1ec7t S\u00e1p nh\u1eadp v\u00e0 Mua l\u1ea1i<\/h4>\n\n\n\n<p>N\u00f3i chung, &#8220;mua l\u1ea1i&#8221; m\u00f4 t\u1ea3 m\u1ed9t giao d\u1ecbch, trong \u0111\u00f3 m\u1ed9t doanh nghi\u1ec7p \u201cnu\u1ed1t\u201d m\u1ed9t doanh nghi\u1ec7p kh\u00e1c th\u00f4ng qua vi\u1ec7c th\u00f4n t\u00ednh.<\/p>\n\n\n\n<p>Thu\u1eadt ng\u1eef &#8220;s\u00e1p nh\u1eadp&#8221; \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng khi c\u00e1c c\u00f4ng ty thu mua v\u00e0 c\u00f4ng ty m\u1ee5c ti\u00eau k\u1ebft h\u1ee3p v\u1edbi nhau \u0111\u1ec3 t\u1ea1o th\u00e0nh m\u1ed9t t\u1ed5 ch\u1ee9c ho\u00e0n to\u00e0n m\u1edbi.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"has-black-color has-text-color wp-block-heading\">8.2. T\u1ea1i sao c\u00e1c c\u00f4ng ty ti\u1ebfp t\u1ee5c mua l\u1ea1i c\u00e1c c\u00f4ng ty kh\u00e1c th\u00f4ng qua M&amp;A?<\/h4>\n\n\n\n<p>Hai \u0111\u1ed9ng l\u1ef1c quan tr\u1ecdng c\u1ee7a ch\u1ee7 ngh\u0129a t\u01b0 b\u1ea3n l\u00e0 c\u1ea1nh tranh v\u00e0 t\u0103ng tr\u01b0\u1edfng. Khi m\u1ed9t c\u00f4ng ty \u0111\u1ed1i m\u1eb7t v\u1edbi s\u1ef1 c\u1ea1nh tranh, n\u00f3 ph\u1ea3i v\u1eeba c\u1eaft gi\u1ea3m chi ph\u00ed v\u1eeba \u0111\u1ed5i m\u1edbi c\u00f9ng l\u00fac.<\/p>\n\n\n\n<p>M\u1ed9t gi\u1ea3i ph\u00e1p cho \u0111i\u1ec1u n\u00e0y ch\u00ednh l\u00e0 mua l\u1ea1i c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh \u0111\u1ec3 h\u1ecd kh\u00f4ng c\u00f2n l\u00e0 m\u1ed1i \u0111e d\u1ecda. C\u00e1c c\u00f4ng ty c\u0169ng ho\u00e0n th\u00e0nh M&amp;A \u0111\u1ec3 t\u0103ng tr\u01b0\u1edfng b\u1eb1ng c\u00e1ch mua l\u1ea1i c\u00e1c d\u00f2ng s\u1ea3n ph\u1ea9m m\u1edbi, t\u00e0i s\u1ea3n tr\u00ed tu\u1ec7, v\u1ed1n nh\u00e2n l\u1ef1c v\u00e0 c\u01a1 s\u1edf kh\u00e1ch h\u00e0ng.<\/p>\n\n\n\n<p>VD: Meta mua l\u1ea1i Instagram \u0111\u1ec3 tr\u00e1nh vi\u1ec7c Instagram \u0111e d\u1ecda Facebook<\/p>\n\n\n\n<p>C\u00e1c c\u00f4ng ty c\u0169ng c\u00f3 th\u1ec3 t\u00ecm ki\u1ebfm s\u1ef1 h\u1ee3p l\u1ef1c. B\u1eb1ng c\u00e1ch k\u1ebft h\u1ee3p c\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh, hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng t\u1ed5ng th\u1ec3 c\u00f3 xu h\u01b0\u1edbng t\u0103ng l\u00ean v\u00e0 chi ph\u00ed to\u00e0n di\u1ec7n c\u00f3 xu h\u01b0\u1edbng gi\u1ea3m xu\u1ed1ng khi m\u1ed7i c\u00f4ng ty t\u1eadn d\u1ee5ng nh\u1eefng th\u1ebf m\u1ea1nh c\u1ee7a c\u00f4ng ty kh\u00e1c.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"has-black-color has-text-color wp-block-heading\">8.3. Th\u00f4n t\u00ednh th\u00f9 \u0111\u1ecbch l\u00e0 g\u00ec?&nbsp;<\/h4>\n\n\n\n<p>Mua l\u1ea1i ki\u1ec3u th\u00e2n thi\u1ec7n l\u00e0 ph\u1ed5 bi\u1ebfn nh\u1ea5t v\u00e0 x\u1ea3y ra khi c\u00f4ng ty m\u1ee5c ti\u00eau \u0111\u1ed3ng \u00fd \u0111\u01b0\u1ee3c mua l\u1ea1i; h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb v\u00e0 c\u00e1c c\u1ed5 \u0111\u00f4ng ch\u1ea5p thu\u1eadn vi\u1ec7c mua l\u1ea1i, v\u00e0 nh\u1eefng s\u1ef1 k\u1ebft h\u1ee3p n\u00e0y th\u01b0\u1eddng ho\u1ea1t \u0111\u1ed9ng v\u00ec l\u1ee3i \u00edch chung c\u1ee7a c\u1ea3 c\u00f4ng ty mua l\u1ea1i v\u00e0 c\u00f4ng ty m\u1ee5c ti\u00eau.&nbsp;<\/p>\n\n\n\n<p>C\u00f2n mua l\u1ea1i ki\u1ec3u kh\u00f4ng th\u00e2n thi\u1ec7n, th\u01b0\u1eddng \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 th\u00f4n t\u00ednh th\u00f9 \u0111\u1ecbch, x\u1ea3y ra khi c\u00f4ng ty m\u1ee5c ti\u00eau kh\u00f4ng \u0111\u1ed3ng \u00fd v\u1edbi vi\u1ec7c mua l\u1ea1i.<\/p>\n\n\n\n<p>C\u00e1c v\u1ee5 mua l\u1ea1i th\u00f9 \u0111\u1ecbch kh\u00f4ng c\u00f3 c\u00f9ng th\u1ecfa thu\u1eadn v\u1edbi c\u00f4ng ty m\u1ee5c ti\u00eau, v\u00e0 do \u0111\u00f3, c\u00f4ng ty mua l\u1ea1i ph\u1ea3i t\u00edch c\u1ef1c mua m\u1ed9t l\u01b0\u1ee3ng l\u1edbn c\u1ed5 ph\u1ea7n c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau (th\u00f4ng qua c\u00f4ng khai ho\u1eb7c kh\u00f4ng c\u00f4ng khai) \u0111\u1ec3 gi\u00e0nh \u0111\u01b0\u1ee3c quy\u1ec1n ki\u1ec3m so\u00e1t, g\u00e2y s\u1ee9c \u00e9p vi\u1ec7c mua l\u1ea1i.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"has-black-color has-text-color wp-block-heading\">8.4. Ho\u1ea1t \u0111\u1ed9ng M&amp;A \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u1ed5 \u0111\u00f4ng nh\u01b0 th\u1ebf n\u00e0o?<\/h4>\n\n\n\n<p>N\u00f3i chung, trong th\u1eddi gian d\u1eabn \u0111\u1ebfn s\u00e1p nh\u1eadp ho\u1eb7c mua l\u1ea1i, c\u00e1c c\u1ed5 \u0111\u00f4ng c\u1ee7a c\u00f4ng ty mua l\u1ea1i s\u1ebd th\u1ea5y gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu t\u1ea1m th\u1eddi gi\u1ea3m xu\u1ed1ng. \u0110\u1ed3ng th\u1eddi, c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau th\u01b0\u1eddng b\u1ecb t\u0103ng gi\u00e1 tr\u1ecb do c\u1ea7u t\u0103ng cao.<\/p>\n\n\n\n<p>Nguy\u00ean nh\u00e2n th\u01b0\u1eddng l\u00e0 do c\u00f4ng ty mua l\u1ea1i s\u1ebd c\u1ea7n ph\u1ea3i chi v\u1ed1n \u0111\u1ec3 mua l\u1ea1i c\u00f4ng ty m\u1ee5c ti\u00eau v\u1edbi gi\u00e1 cao h\u01a1n gi\u00e1 c\u1ed5 phi\u1ebfu tr\u01b0\u1edbc khi th\u00f4n t\u00ednh.<\/p>\n\n\n\n<p>Sau khi vi\u1ec7c s\u00e1p nh\u1eadp ho\u1eb7c mua b\u00e1n ch\u00ednh th\u1ee9c c\u00f3 hi\u1ec7u l\u1ef1c, gi\u00e1 c\u1ed5 phi\u1ebfu th\u01b0\u1eddng v\u01b0\u1ee3t qu\u00e1 gi\u00e1 tr\u1ecb c\u1ee7a t\u1eebng c\u00f4ng ty tr\u1ef1c thu\u1ed9c trong giai \u0111o\u1ea1n tr\u01b0\u1edbc khi th\u00f4n t\u00ednh. Trong tr\u01b0\u1eddng h\u1ee3p \u0111i\u1ec1u ki\u1ec7n kinh t\u1ebf thu\u1eadn l\u1ee3i, c\u00e1c c\u1ed5 \u0111\u00f4ng c\u1ee7a c\u00f4ng ty b\u1ecb s\u00e1p nh\u1eadp th\u01b0\u1eddng c\u00f3 ho\u1ea1t \u0111\u1ed9ng d\u00e0i h\u1ea1n v\u00e0 c\u1ed5 t\u1ee9c thu\u1eadn l\u1ee3i.<\/p>\n\n\n\n<p>H\u00e3y l\u01b0u \u00fd, c\u1ed5 \u0111\u00f4ng c\u1ee7a c\u1ea3 hai c\u00f4ng ty c\u00f3 th\u1ec3 b\u1ecb gi\u1ea3m b\u1edbt quy\u1ec1n bi\u1ec3u quy\u1ebft do s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu ph\u00e1t h\u00e0nh t\u0103ng l\u00ean trong qu\u00e1 tr\u00ecnh s\u00e1p nh\u1eadp. Hi\u1ec7n t\u01b0\u1ee3ng n\u00e0y n\u1ed5i b\u1eadt trong c\u00e1c v\u1ee5 s\u00e1p nh\u1eadp c\u1ed5 phi\u1ebfu cho c\u1ed5 phi\u1ebfu, khi c\u00f4ng ty m\u1edbi ch\u00e0o b\u00e1n c\u1ed5 ph\u1ea7n c\u1ee7a m\u00ecnh \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y c\u1ed5 ph\u1ea7n c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau, v\u1edbi t\u1ef7 l\u1ec7 chuy\u1ec3n \u0111\u1ed5i theo th\u1ecfa thu\u1eadn.<\/p>\n\n\n\n<p>C\u1ed5 \u0111\u00f4ng c\u1ee7a c\u00f4ng ty mua l\u1ea1i b\u1ecb m\u1ea5t nh\u1eb9 quy\u1ec1n bi\u1ec3u quy\u1ebft, trong khi c\u1ed5 \u0111\u00f4ng c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau nh\u1ecf h\u01a1n c\u00f3 th\u1ec3 th\u1ea5y quy\u1ec1n bi\u1ec3u quy\u1ebft b\u1ecb gi\u1ea3m s\u00fat \u0111\u00e1ng k\u1ec3 trong nh\u00f3m c\u00e1c b\u00ean li\u00ean quan t\u01b0\u01a1ng \u0111\u1ed1i l\u1edbn h\u01a1n.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"has-black-color has-text-color wp-block-heading\">8.5. S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa s\u00e1p nh\u1eadp ho\u1eb7c mua l\u1ea1i theo chi\u1ec1u d\u1ecdc v\u00e0 chi\u1ec1u ngang l\u00e0 g\u00ec?<\/h4>\n\n\n\n<p>S\u00e1p nh\u1eadp ngang v\u00e0 s\u00e1p nh\u1eadp d\u1ecdc l\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c c\u1ea1nh tranh m\u00e0 c\u00e1c c\u00f4ng ty s\u1eed d\u1ee5ng \u0111\u1ec3 c\u1ee7ng c\u1ed1 v\u1ecb tr\u00ed c\u1ee7a m\u00ecnh gi\u1eefa c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh.<\/p>\n\n\n\n<p>S\u00e1p nh\u1eadp ngang l\u00e0 mua l\u1ea1i m\u1ed9t doanh nghi\u1ec7p c\u00f3 li\u00ean quan. C\u00f4ng ty ch\u1ecdn s\u00e1p nh\u1eadp ngang s\u1ebd th\u00f4n t\u00ednh m\u1ed9t c\u00f4ng ty kh\u00e1c ho\u1ea1t \u0111\u1ed9ng \u1edf c\u00f9ng c\u1ea5p \u0111\u1ed9 c\u1ee7a chu\u1ed7i gi\u00e1 tr\u1ecb trong ng\u00e0nh<\/p>\n\n\n\n<p>V\u00ed d\u1ee5: S\u1ef1 ki\u1ec7n Marriott International, Inc. mua l\u1ea1i Starwood Hotels &amp; Resorts Worldwide, Inc.<\/p>\n\n\n\n<p>S\u00e1p nh\u1eadp d\u1ecdc \u0111\u1ec1 c\u1eadp \u0111\u1ebfn qu\u00e1 tr\u00ecnh mua l\u1ea1i c\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh trong c\u00f9ng m\u1ed9t d\u1ecdc s\u1ea3n xu\u1ea5t. C\u00f4ng ty ch\u1ecdn s\u00e1p nh\u1eadp d\u1ecdc s\u1ebd ki\u1ec3m so\u00e1t ho\u00e0n to\u00e0n m\u1ed9t ho\u1eb7c nhi\u1ec1u giai \u0111o\u1ea1n trong qu\u00e1 tr\u00ecnh s\u1ea3n xu\u1ea5t ho\u1eb7c ph\u00e2n ph\u1ed1i s\u1ea3n ph\u1ea9m.<\/p>\n\n\n\n<p>V\u00ed d\u1ee5, Apple \u0111\u00e3 mua l\u1ea1i AuthenTec, c\u00f4ng ty s\u1ea3n xu\u1ea5t c\u00f4ng ngh\u1ec7 c\u1ea3m bi\u1ebfn v\u00e2n tay Touch ID \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o iPhone c\u1ee7a m\u00ecnh.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Tr\u00ean \u0111\u00e2y l\u00e0 m\u1ed9t s\u1ed1 th\u00f4ng tin chia s\u1ebb, t\u1ed5ng h\u1ee3p v\u1ec1 <strong>M&amp;A<\/strong>, hi v\u1ecdng th\u00f4ng tin h\u1eefu \u00edch cho qu\u00e1 tr\u00ecnh s\u00e1p nh\u1eadp v\u00e0 mua l\u1ea1i m\u00e0 b\u1ea1n quan t\u00e2m.<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#e6efff\"><em>\u0110\u1eebng qu\u00ean r\u1eb1ng, Sao Kim l\u00e0 chuy\u00ean gia t\u01b0 v\u1ea5n th\u01b0\u01a1ng hi\u1ec7u. Trong tr\u01b0\u1eddng h\u1ee3p M&amp;A t\u1ea1o ra th\u01b0\u01a1ng hi\u1ec7u m\u1edbi hay c\u1ea7n t\u00e1i thi\u1ebft l\u1ea1i th\u01b0\u01a1ng hi\u1ec7u cho ph\u00f9 h\u1ee3p h\u01a1n v\u1edbi v\u1ecb th\u1ebf, b\u1ea1n c\u00f3 th\u1ec3 k\u1ebft n\u1ed1i v\u1edbi Sao Kim qua hotline <a href=\"tel:0964699499\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>0964.699.499<\/strong><\/a> ho\u1eb7c g\u1eedi email qua <strong><a href=\"mailto:contact@saokim.com.vn\" target=\"_blank\" rel=\"noreferrer noopener\">contact@saokim.com.vn<\/a><\/strong><\/em><\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong><br>Follow c\u00e1c b\u00e0i vi\u1ebft ch\u1ea5t l\u01b0\u1ee3ng c\u1ee7a Sao Kim t\u1ea1i:<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.saokim.com.vn\/en\/blog\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Blog Sao Kim<\/strong><\/a>,&nbsp;<a href=\"https:\/\/www.saokim.com.vn\/en\/cam-nang\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>C\u1ea9m Nang Sao Kim<\/strong><\/a>&nbsp;<\/p>\n\n\n\n<p><strong>Facebook:<\/strong>&nbsp;<a href=\"https:\/\/www.facebook.com\/saokimbranding\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Sao Kim Branding<\/strong><\/a><\/p>\n\n\n\n<p><strong>Case study Behance<\/strong>:&nbsp;<a href=\"https:\/\/www.behance.net\/saokimbranding\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Sao Kim Branding<\/strong><\/a><\/p>\n\n\n\n<p>#SaoKim #SaoKimBranding #MandA #SapNhapVaMuaLai<\/p>\n\n\n\n<div style=\"height:72px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>M&#038;A (s\u00e1p nh\u1eadp v\u00e0 mua l\u1ea1i) c\u00f4ng ty, th\u01b0\u01a1ng hi\u1ec7u l\u00e0 ho\u1ea1t \u0111\u1ed9ng r\u1ea5t ph\u1ed5 bi\u1ebfn trong kinh doanh. T\u00ecm hi\u1ec3u th\u00eam v\u1ec1 h\u00ecnh th\u1ee9c M&#038;A v\u00e0 c\u00e1c \u0111\u1ecbnh gi\u00e1 khi M&#038;A<\/p>\n","protected":false},"author":37,"featured_media":38408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[195],"tags":[],"class_list":["post-38403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cam-nang"],"acf":[],"views":324,"_links":{"self":[{"href":"https:\/\/www.saokim.com.vn\/en\/wp-json\/wp\/v2\/posts\/38403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saokim.com.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saokim.com.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saokim.com.vn\/en\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saokim.com.vn\/en\/wp-json\/wp\/v2\/comments?post=38403"}],"version-history":[{"count":0,"href":"https:\/\/www.saokim.com.vn\/en\/wp-json\/wp\/v2\/posts\/38403\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.saokim.com.vn\/en\/wp-json\/wp\/v2\/media\/38408"}],"wp:attachment":[{"href":"https:\/\/www.saokim.com.vn\/en\/wp-json\/wp\/v2\/media?parent=38403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saokim.com.vn\/en\/wp-json\/wp\/v2\/categories?post=38403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saokim.com.vn\/en\/wp-json\/wp\/v2\/tags?post=38403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}