随着中国大陆访日游客的逐年增加，更多的中国企业也把投资目光转向了日本。与中国繁杂的法律规定及行政审批相比，日本的法律规制很少，也不需要繁杂的行政审批。然而，日本的企业文化，或者说不成文的商业习惯，则对外国企业并购日本企业能否成功有着重大影响。
据媒体报道，目前日本的百年老店尚存三万家以上，由于老龄化等问题导致众多老店后继无人，这为中国企业的收购带来了商机。然而中国企业收购日本企业成功并运营的案例仍屈指可数。在此，笔者以从事中日企业法务20余年的经历，与读者分享一下如何认识和理解日本的企业文化。
理解日本人内在抑制的性格特征。在中国人看来，无论日语语言表达还是日本人情绪表达，都十分含蓄。与其谈判不但费时费力，还很难猜透对方真正的态度。比如，日本人对于某个提案经常会用“比较难啊”这样的方式回应。如果我们不知道在日语中“比较难=不可能”的话，在接下来的谈判中一定也会受到影响。
了解日本人“不给他人添麻烦”的处世哲学。日本人从小就被教育“不给他人添麻烦”，这也逐渐演变成了他们的处世哲学。比如，在商务场合第一次见面交换名片时，他们会用双手把字体正面面向对方后再递交给对方。如果我们能在商业谈判的细节上做到不给对方“添麻烦”，让对方感到诚意，那么双方的沟通也势必将更为顺利。
重约定、守信用是奠定商业合作的基础。依笔者的感受，日本企业，特别是中小企业相比商业交往中合同等书面文件，更重视约定和信用。不能按时赴约，或不遵守约定等如此小事绝对影响日本人的信赖。
理解日本企业的决策程序，不能急于求成。常常听中国企业埋怨，日本人在商业谈判中太啰嗦，这一点笔者也有同感。然而，殊不知日本企业有着由下至上层层上报的“禀议制度”，以保证各级审查，充分表达意见，便于决策后的执行。这也是中国企业谈判中需要去理解并接受的。
谈到中国企业成功收购日本企业，并在收购后成功经营的典范，不得不提到2010年2月科瑞集团收购HONMA高尔夫的案件。HONMA高尔夫创立于1959年，是市场上历史最悠久的高尔夫专业品牌之一。90年代末，日本房地产泡沫破裂，HONMA陷入财务困境，之后不得不破产重整。2010年，科瑞集团以数千万美元的价格从基金公司手中买下了HONMA高尔夫80%的股权，次年买下了HONMA高尔夫全部股权。
该项收购使HONMA高尔夫于2016年在香港上市，回归全球十大高尔夫品牌之列，当年球杆销售额更是名列第一。笔者作为收购方的代理律师参与了并购的全过程。本项目中，在进行了法务、财务和经营的尽职调查后，作为收购方的中方提出了不同于中国式并购的三个要求：
1. 选择时机中方代表与HONMA全体员工见面。在尽调访谈过程中，发现了企业员工的忧虑，特别是将来由中国企业持股的消极态度、担忧以及不信任。HONMA的品牌更多地是建立在匠人们手工制作产品之上，中方意识到原有员工存在的意义，提出了与员工直接见面，展示中方的实力和今后经营的方针，最终获得日本员工的信任。
2. 为了留住日本员工，中方股东做了两件事。一是将一定层次以上的管理职人员、生产工匠，在一定期限内继续在原岗位工作，并取得本人的继续勤务保证书，明确写到了股权转让合同之中。二是导入员工持股方式，激发员工的积极性。
3. 保留了并购前的经营团队，即使中方持有控股权，也继续保持日式的经营方式。为了保持原有的经营方式，尽管日方一再要求百分之百转让股权，但经过艰苦的谈判，最终决定在一定年限内仍由日方持有一定比例的股权。科瑞集团的可贵之处在于，并没有派驻中方管理人员而是相信原有的经营团队，发挥他们的积极性。
实践证明，HONMA高尔夫的成功为中国企业收购日本企业后如何经营带来了启示。
中日两国是一衣带水的邻国，但在企业文化上还是存在着很大差异。因此，中国企业在并购日本企业时需要正确认识企业文化的重要性，并且在准备过程中，应当对日本企业的历史、文化和价值观进行详细的了解，并予以足够的尊重。这样才能最终实现企业并购之目的。
原文登载于《商法》2019年2月第10辑第2期
Impact of Cultural Differences on Acquiring Japanese Enterprises
The year-on-year increase in the number of mainland tourists visiting Japan has seen more Chinese enterprises also set their investment sights on their neighbour to the east. While China’s regulations and administrative approvals are far more complex, Japan’s rules are minimal without any need for confounding legal processes. Still, corporate culture or unwritten commercial practices in the land of the rising sun have had a major impact on a foreign entity’s chances of a successful acquisition of a Japanese enterprise.
According to media reports, there still exist in Japan more than 30,000 century-old shops. Due to issues like a rapidly aging society, owners of many of these old shops do not have potential successors, giving Chinese enterprises commercial opportunities for acquisitions. However, the number of cases where Chinese enterprises successfully acquire and operate Japanese enterprises can still be counted with the fingers on one hand. With more than 20 years of experience in dealing with Sino-Japanese enterprise legal matters, the writer of this article is sharing ideas on how to understand Japanese corporate culture.
Understanding internal inhibition character of Japanese. It is evident to the Chinese that Japanese people, be it their language or their emotion, are quite introverted. Not only do discussions with the Japanese require a lot of time and energy, it is also tough to figure out the other party’s real attitude. For example, in a certain proposal, the Japanese will often respond with something like “that sounds a bit difficult”. If we do not realize that, in Japanese, “a bit difficult is tantamount to impossible”, it could affect subsequent discussions.
Understanding Japanese philosophy of life of “not troubling others”. The Japanese are taught from childhood “not to cause trouble for others”, and this has gradually morphed into a philosophy of life for them. For example, when exchanging business cards upon the first business meeting, they will use both hands to turn the card so that the writing faces the interlocutor before giving it to him or her. If we can avoid “causing trouble” to the other party on the details in commercial negotiations, allowing the other to feel a sense of sincerity, communications between them will likely go much more smoothly.
Keeping one’s word vital for establishing business cooperation. Japanese enterprises, particularly small and medium-sized ones, attach more importance to one’s promise and trustworthiness than contracts or other such written documents in business dealings. Little things, such as like arriving late for an appointment, or failing to keep one’s word, will absolutely have an impact on a Japanese person’s trust.
Understanding Japanese enterprises’ no-rush decision-making process. It is often said that Chinese enterprises complain about the Japanese being too longwinded and wordy in commercial negotiations, something with which this writer agrees. However, it is unsurprising to discover that Japanese enterprises have a bottom to top, level by level, reporting system to ensure review and full input at each level, facilitating implementation after a decision is made. This is something that Chinese enterprises need to understand and accept in negotiations.
The Creat Group’s takeover of Honma Golf in February 2010 marks a successful purchase of a Japanese enterprise and a Chinese entity’s successful operation thereof post-acquisition. Established in 1959, Honma Golf is one of the oldest golf brands in the market. At the end of the 1990s, when the property bubble in Japan burst, Honma sank into a financial crisis, leaving it no option but bankruptcy and restructuring. In 2010, the Creat Group bought 80% of the equity of Honma Golf from a fund company for several 10s of millions of US dollars and bought the remaining equity the following year.
This acquisition saw Honma list in Hong Kong in 2016, before returning to the ranks of the world’s 10 largest golf brands and its golf club sales for that year give it top ranking. As counsel for the acquirer, this writer was involved in the entire acquisition process. After the legal, financial and operational due diligence, as the Chinese party of the acquirer in the project, we put forward three requirements different from other Chinese style acquisitions:
Taking an opportunity by the representatives of the Chinese party to meet with all Honma employees. During the due-diligence interviews, we learned about the worries of the enterprise’s employees, particularly their negative attitude towards, worries about and lack of trust in a Chinese enterprise holding the equity. The Honma brand has mostly been built on the handmade products of its craftsmen, and realising the significance of the presence of these existing employees, the Chinese party proposed to meet directly with them to show its strengths and future business policy, ultimately winning their trust.
To retain the Japanese employees, the Chinese shareholder did two things: (1) it allowed management personnel and production craftspeople at a certain level and above to retain their positions for a certain period of time, secured warranties from those people to the effect that they would continue working in their positions and expressly wrote this into the equity transfer contract; and (2) it introduced an employee shareholding plan to motivate staff.
Retained the pre-acquisition operating team and, even though the Chinese party held control, it maintained the Japanese style of operation. With a view to sticking to the existing operating method and, despite the fact that the Japanese party repeatedly requested a transfer of 100% of the equity, it was ultimately decided, after arduous negotiations, that the Japanese party would continue to hold a certain percentage of the equity for a certain period of time. What is admirable about Creat is that it did not appoint Chinese managers, but trusted the existing operating team, thereby tapping into their enthusiasm.
Practice shows that the success of Honma Golf provides Chinese enterprises with inspiration on how to operate a Japanese company post acquisition.
China and Japan are neighbours, separated by a narrow strip of water, but the differences in their corporate cultures are much wider. Accordingly, when a Chinese enterprise acquires a Japanese entity, it needs to realize the importance of corporate culture and, in the course of preparations, needs to familiarize itself thoroughly with the Japanese enterprise’s history, culture and values and accord it the respect it deserves. Only in this way can the objective of the acquisition ultimately be realized.
Original source: CBLJ February 2019 Volume 10 Issue 2