丹纳赫集团是世界范围内近40年并购最为成功的产业公司，它的出手次数、规模和业绩回报甚至可以比肩以企业并购为核心业务的私募巨擘黑石和 KKR。在丹纳 赫集团40多年的发展过程中，总计完成了近 400 次并购，花费约900亿美元，配合DBS赋能的超一流经营能力，创造出了市值约 2000 亿美元的丹纳赫集团以及一 众经由丹纳赫集团分拆、出售而成的其他上市企业，如福迪威、盈纬达、Vontier、Veralto 等。如果将其分拆和出售公司算在内，丹纳赫集团为股东创造了约 2500 亿美元的价值。 凭借着战略并购和 DBS 运营的双轮驱动，丹纳赫集团的股价在过去 40 年达到了年均 22% 的回报率，不仅远超标普 500 指数年均 12% 的表现，更是压过巴菲特执 掌的伯克希尔 - 哈撒韦同期 16% 的股东回报率。这个股东回报率与同期的苹果公司几乎相当。 那么，这样一家巨无霸企业究竟是如何通过并购建成的？丹纳赫集团在不同时期的并购风格和价值创造模式分别是什么？并购背后的流程和团队是如何演化的？ 由丹纳赫中国区前高管杨益、陈朝巍合著的《丹纳赫模式》一书，首次系统拆解丹纳赫集团并购整合的核心能力，揭示"并购之王"究竟是如何 ...

Core Insights - Danaher Corporation is a prime example of a low-profile, pragmatic, and innovative company that has transformed from a traditional manufacturing giant to a leader in life sciences through unique mergers, integrations, and enhancements [2][4] - The company's success is attributed to its clear strategic understanding and relentless execution, showcasing foresight and solid insights from leveraged acquisitions to international expansion [4][6] Group 1: Business Model and Strategy - Danaher operates as a hybrid of a perpetual merger fund and a management consulting firm, achieving significant success in both capital markets and the real economy [4] - The company has evolved from starting with million-dollar loans to becoming a multinational enterprise valued at over 100 billion dollars, marking its journey as a miracle in business history [4] - The core of Danaher's success lies in its DBS (Danaher Business System), which is a comprehensive operational system that translates complex management theories into executable, quantifiable, and replicable actions [4][5] Group 2: M&A Strategy - Danaher's acquisition strategy is characterized by a market-first approach, focusing on high-growth industries and ensuring each transaction creates shareholder value through strict valuation discipline [6] - The post-merger integration led by DBS is crucial for Danaher's acquisition success, emphasizing a pragmatic approach to ensure smooth and orderly integration processes [6][8] Group 3: Continuous Evolution - The essence of DBS is its ability to continuously evolve, ensuring operational efficiency and strategic execution through the application of various methodologies and tools [7][8] - Danaher has established a complete talent development system, ensuring cultural transmission and organizational vitality through immersive programs and new employee integration [8] Group 4: Lessons for Chinese Enterprises - Danaher's experience offers significant lessons for Chinese companies, emphasizing the importance of understanding the underlying logic of success rather than mere imitation [10][12] - The potential of the Chinese market provides new growth opportunities for Danaher, while the learning practices of Chinese enterprises inject new vitality into the Danaher model [10][12] - The need for Chinese enterprises to establish their own business systems (XBS) is highlighted, requiring a deep understanding of management systems and practical implementation [10][13] Group 5: Long-term Value Creation - Long-termism and the power of compound growth are fundamental to Danaher's success, indicating that true business success lies in the ability to create sustained value [12] - The current technological revolution presents numerous opportunities for Chinese enterprises to innovate and establish management systems that align with the characteristics of the new era [13]