最新并购的外文翻译
关于并购的若干知识
关于并购的若干知识并购的基本概念并购的内涵非常广泛，一般是指兼并(Merger)和收购(Acquisition)。
兼并(Merger)又称吸收合并，指两家或更多的独立企业、公司合并组成一家企业，通常由一家占优势的公司吸收一家或更多的公司。
收购(Acquisition)指一家企业用现金或有价证券购买另一家企业的股票或资产，以获得对该企业的全部资产或某项资产的所有权，或获得对该企业的控制权。
与并购意义相关的另一个概念是合并(Consolidation)。
合并是指两个或两个以上企业合成一个新的企业，合并完成后，多个法人变成一个法人。
并购的实质是在企业控制权运动过程中，各权利主体依据企业产权所作出的制度安排而进行的一种权利让渡行为。
并购活动是在一定的财产权利制度和企业制度条件下进行的，在并购过程中，某一或某一部分权利主体通过出让所拥有的对企业的控制权而获得相应的收益，另一或另一部分权利主体则通过付出一定代价而获取这部分控制权。
企业并购的过程实质上是企业权利主体不断变换的过程。
并购的类型按照不同的划分标准，并购有如下不同的类型：1.按照被并购对象所在行业来分，并购分为横向并购、纵向并购和混合并购。
横向并购又称水平并购，是指为了提高规模效益和市场占有率，生产或经营同类或相似产品的企业之间发生的并购行为。
纵向并购又称垂直并购，是指为了业务的前向或后向的扩展而在生产或经营的各个相互衔接和密切联系的公司之间发生的并购行为。
混合并购是指在生产技术和工艺上没有直接的关联关系，产品也不完全相同的企业间的并购行为。
2. 按照并购的动因分，并购可分为：(1)规模型并购，通过扩大规模，减少生产成本和销售费用。
(2)功能型并购，通过并购提高市场占有率，扩大市场份额。
(3)组合型并购，通过并购实现多元化经营，减少风险。
(4)产业型并购，通过并购实现生产经营一体化，构筑相对完整的产业链，以提高行业利润率。
3.按照并购后被并购企业法律状态来分，并购有三种类型：(1)新设法人型，即并购双方都解散后成立一个新的法人。
【优质文档】企业并购英语怎么说word版本 (2页)
本文部分内容来自网络整理，本司不为其真实性负责，如有异议或侵权请及时联系，本司将立即删除！== 本文为word格式，下载后可方便编辑和修改！ ==企业并购英语怎么说企业并购英语怎么说merger and acquisition企业并购相关英语词汇：pension parachute 企业收购purchase 收购merger 合并corporate combination 公司合并asset acquisition 财产收购stock acquisition 股权收购acquired company 被收购公司企业并购相关英语句子A merger between the two banks.两家银行的合并。
The firm was taken over by a multinational consulting firm. 这家公司被一个跨国咨询公司收购。
The steel trusts merged various small businesses.钢铁企业联合兼并了许多小企业。
A German firm launched a takeover bid for the company.一家德国公司试图收购这家公司。
Enterprise merger has double effects to the market competition. 企业合并对市场竞争具有双重效应。
以下文字仅用于测试排版效果, 请使用时删除！冬是清寒的。
站在有风的地方，悄然回首，看见来时的路。
一路有花的娇艳，有草的青葱，有树的挺拔，有鸟的鸣叫。
抬起头，天空蓝的清澈。
风起时，有笑颜。
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会去渴望温暖的一炉壁火，也会想要一个温暖的怀抱。
围炉煮雪，相拥着取暖。
习惯了把心情种在寂寞里过冬，深耕一陇陌上的花开。
等待着，下一季的盛景。
收购和并购英语作文初中
收购和并购英语作文初中收购和并购（Mergers and Acquisitions，简称M&A）是商业领域中常见的战略行为，通常用于企业扩大规模、增强竞争力或实现战略转型。
以下是一篇参考范文，旨在介绍收购和并购的概念、原因、影响以及相关的风险和挑战。
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The Dynamics of Mergers and Acquisitions。
In the dynamic realm of business, mergers and acquisitions (M&A) serve as pivotal strategies employed by companies to expand their footprint, fortify their market position, or navigate strategic transformations. M&A involves the consolidation of two or more entities, often resulting in a synergistic alliance that can catalyze growth and innovation. This essay delves into the intricacies of M&A, exploring its rationales, impacts, as well as the attendant risks and challenges.Rationales for M&A:Companies embark on M&A endeavors for multifarious reasons, chief among them being the quest for market dominance and the pursuit of operational efficiencies. Through mergers or acquisitions, firms can harness complementary resources, technologies, or distribution channels, thereby augmenting their competitive advantage. Additionally, M&A enables organizations to diversify their product portfolios, penetrate new markets, or capitalize on emerging trends, fostering sustainable growth in an ever-evolving business landscape.Impacts of M&A:The ramifications of M&A reverberate across diverse stakeholders, ranging from shareholders and employees to consumers and regulators. Shareholders often anticipate enhanced shareholder value post-M&A, driven by synergies, economies of scale, or strategic alignments. Conversely, employees may grapple with uncertainties stemming from organizational restructuring, cultural integration, orworkforce redundancies. Furthermore, consumers may witness changes in product offerings, service standards, or pricing dynamics, prompting apprehensions or opportunities contingent upon the acquirer’s post-merger strategies. From a regulatory perspective, M&A transactions are subject to stringent antitrust laws and regulatory scrutiny aimed at safeguarding market competition and consumer interests.Risks and Challenges:Despite the tantalizing prospects, M&A ventures are fraught with inherent risks and challenges that demand meticulous due diligence and strategic foresight. Integration complexities, cultural clashes, and post-merger dissonance often pose formidable hurdles impeding the seamless assimilation of disparate entities. Moreover, overvaluation, synergistic overestimation, or unforeseen market fluctuations can precipitate financial setbacks or shareholder disillusionment. Legal entanglements, regulatory impediments, and geopolitical uncertainties further exacerbate the risk landscape, necessitating adept risk mitigation strategies and contingency planning.Case Studies:Illustratively, the landmark acquisition of WhatsApp by Facebook exemplifies the strategic imperatives underpinning M&A transactions in the digital age. Facebook’sacquisition of WhatsApp, a leading messaging platform, not only fortified its user base but also facilitated synergistic cross-platform integrations, propelling Facebook’s foray into the burgeoning realm of mobile messaging. Similarly, the merger between Exxon and Mobil in the oil and gas sector epitomizes the consolidation trend aimed at enhancing operational efficiencies, optimizing resource utilization, and bolstering market competitiveness amidst fluctuating commodity prices and geopolitical uncertainties.Conclusion:In summation, M&A represents a quintessential strategic tool wielded by businesses to navigate the complexities of a globalized marketplace, catalyze growth, and unleashsynergies that transcend organizational boundaries. However, the efficacy of M&A hinges on astute strategic planning, meticulous due diligence, and adept integration managementto mitigate risks and maximize stakeholder value. By discerning the underlying rationales, understanding the intricate dynamics, and learning from historical precedents, businesses can navigate the M&A landscape with sagacity and resilience, charting a course towards sustainable growthand competitive advantage in an increasingly interconnected world.--。
merge and acquisition 操作流程 中常用到的英文
merge and acquisition 操作流程中常用到的英文一、并购流程1. Merger and Acquisition Planning：确定并购的目标、目标公司的背景调查、并购的可行性分析、并购后的影响评估等。
2. Due Diligence：对目标公司进行详尽的尽职调查，包括财务、法律、税务、市场、技术等方面的调查。
3. Negotiation：与目标公司进行并购价格的谈判，确定最终的交易价格和交易条款。
4. Contract Signing：签署并购合同，完成交易。
5. Integration Planning：制定并购后的整合计划，包括人力资源、财务、运营、市场等方面的整合策略。
二、常用英文术语1. Merger：合并2. Acquisition：收购3. Target Company：目标公司4. Buyout：全资收购5. Asset Sale：资产出售6. Stock Purchase：股份购买7. Private Placement：私募股权8. Go-Shop：再融资过程9. Term Loan：定期贷款10. Bridge Loan：过桥贷款11. Valuation：估值12. Due Diligence：尽职调查13. Negotiation：谈判14. Contract Signing：合同签订15. Integration Planning：整合计划16. HR Integration：人力资源整合17. Finance Integration：财务整合18. Operations Integration：运营整合19. Market Integration：市场整合20. Post-Merger/Acquisition Review：并购后审查三、并购后的整合与评估并购后的整合与评估是并购流程中至关重要的一环，包括人力资源整合、财务整合、运营整合和市场整合等方面。
MERGERS AND ACQUISITIONS【外文翻译】
外文翻译原文MERGERS AND ACQUISITIONSMaterial Source:Quantitative Corporate Finance [M]. New York, N.Y.: Springer, c2007. Author:John B. Guerard , Jr. and Eli Schwartz.As an effective means of resource allocation, Merger &Acquisition plays a very important role in the process of enterprises’growth . It can rapidly enlarge the enterprises’ scales and improve their core competence, as well as their market share through this way of external growth. Listed companies are the most active ones among those enterprises who involved in M&A.A company can grow by taking over the assets or facilities of another firm .The various methods by which one firm obtains or “marries into” the business, assets, or facilities of another company are mergers, combinations, or acquisitions.1 These terms are not used rigidly. In general, however, a merger signifies that one firm obtains another by issuing its stock in exchange for the shares belonging to owners of the acquired firm, or buys another firm with cash. Company X gives some of its shares to Company Y shareholders for the outstanding Y stock. When the transaction is complete, Company X owns Company Y because it has all (or almost all) of, the Y stock. Company Y’s former stockholders are now stockholders in Company X. In a combination, a new corporation is formed from two or more companies who wish to combine. The shares of the new company are exchanged for those of the original companies. The difference between a combination and a merger lies more in legal distinctions than in any discernible differences in the economic or financial result. In practice, the terms merger or combination are often used interchangeably.An acquisition usually refers to a transaction in which one firm buys the major assets or the controlling shares of another company. On occasion, one corporation has purchased another corporation’s subsidiaries.An acquisition differs from a merger in that generally (but not always) cash is used rather than an exchange ofsecurities.A firm which either by the exchange of securities or purchase owns or controls subsidiary companies but does not engage in activities of its own is called a holding company. The holding company differs from a parent company in that the parent company has production functions of its own whereas a holding company exists mainly to control or coordinate its subsidiaries.No new net financial holdings are created in the economy by any of the forms of merger or acquisition [Mossin (1973)]. If the transaction involves an exchange of st ock, the supply of shares of one company’s stock is eliminated and is replaced by the shares of the surviving company. If the transaction is financed by cash, cash holdings by individuals go up, but cash held by corporations goes down; the supply of outstanding securities in the hands of the public goes down, but the amount held by corporations rises. If a corporation floats new securities to obtain funds to finance its acquisition, the process is slightly roundabout, but the net results are the same. One section of the public surrenders its cash for new corporate securities; another group gives up a different issue of securities for cash.A few studies have examined the long-term financial performance of firms involved in M&A. Ravenscraft and Scherer (1989) found that the financial performance of target firms deteriorated during the post-merger period compared to that of the pre-merger period. Herman and Lowenstein (1988) examined the post-takeover performance of hostile takeovers and found contradictory results for takeovers in different time-periods. Both these studies used primarily2 accrual accounting variables, which could be affected by the accounting choices for consolidation of financial statements. Healy, Palepu and Ruback (1992) examined post-merg er performance using the “median operating cash flow return on actual market value for 50 combined target and acquirer firms in years surrounding mergers completed in the period 1979 to mid-1984” and found that“the merged firms have significant improvements in post-merger asset productivity relative to their industries leading to higher operating cash flow returns .There is a strong positive relation between post-merger increases in operating cash flows and abnormal stock returns at merger announcements, indicating that expectations of economic improvements underlie the equity revaluations of the merged firms.” The study also found that “Although cash flow performance improves on average, a quarter of the sample firms have negative post-merger cash flow cha nges.”The reader probably expects the stockholders of acquired firms to earn positive,and highly significant excess returns. After all, merger premiums rose to 25-30 percent during the 1958-1978 period [Dodd and Ruback (1977)]. What about the acquiring f irms? If the acquired firms’stockholders profit handsomely from a merger, should not the acquiring firms stockholders lose? Are mergers zero-sum events? Is wealth created by mergers? Let us examine much of the empirical evidence. Mandelker (1974) put forth the Perfectly Competitive Acquisitions Market (PCAM) hypothesis in which competition equates returns on assets of similar risk, such that acquiring firms should pay premiums to the extent that no excess returns are realized to their stockholders. The PCAM holds that only the acquired firms’ stockholders earn excess returns. However, Mandelker studied mergers of 241 acquiring firms during the 1948-1967 period, and found that acquiring firms’ stockholder earned 5.1 percent during the 40 months prior to the mergers, but excess returns decreased by 1.7 percent in the 40 months following the merger. Positive net excess returns (3.7 percent) were earned by the acquiring firms in the Mandelker study. Thus, Mandelker found no evidence that acquiring firms paid too much for the acquired firms. Moreover, the acquired firms’ stockholders realized excess returns of 12 percent for the 40 month period prior to the merger, and 14 percent for the seven-month period prior to the merger.The Mandelker results have been substantiated by much of the empirical literature. Dodd and Ruback (1977) found that successful acquiring firms’ stockholders gained 2.8 percent in the month before the merger announcement during the 1958-1978 period, whereas the successful acquired firms’ stoc kholders gained 20.9 percent excess returns. Dodd and Ruback found that the acquired firms’ stockholders gained 19.0 percent even if the merger was unsuccessful, whereas the acquiring firms’ stockholders gained less than one percent. The empirical evidence for the 1973-1998 period is consistent, from 20 months prior to the merger to its close, the combined firms’ stockholders gain approximately 1.9 percent [Andrade, Mitchell, and Stafford (2001)]. Moeller, Schlingemann, and Stulz (2003) analyzed 12,023 mergers during the 1980-2001 period and found a 1.1 percent gain to acquiring firms shareholders.Mergers may enhance stockholder wealth; however, whereas Andrade, Mitchell, and Stafford further found that the target, or acquired stockholders gained about 23.8 percent for the 20 month period, consistent across the decades of the 1973-1998 period, the acquiring firms’ stockholders lost about 3.8 percent, during the corresponding 20 month period. For the largest merger in U.S. history prior to 1983,Ruback (1982) found that DuPont lost 9.89 percent ($789 million of stockholder wealth) in the month prior to the merger announcement whereas Conoco stockholders gained 71.2 percent ($3201.2 million) for the two-month period prior to the successful DuPont merger announcement.Do mergers affect the firms’ operations? Hall (1993) found that research and development (R&D) activities were not impacted significantly by mergers. Hall found no lessening of R&D spending. Healy, Palepu, and Ruback (1992) reported that mergers seeking strategic takeovers outperformed financially-motivated takeover. Strategic takeovers generally involved friendly takeovers financed with stock whereas financial takeovers were hostile takeovers involving cash payments. During the 1979-1982 period , for the 50 largest mergers, Healy, Palepu, and Ruback found that strategic takeovers made money for the acquiring firms whereas financial takeovers broke even. Acquiring stockholders of strategic acquisitions made 4.4 percent for five years post-merger, assuming no premiums paid, whereas financial takeovers earned the acquiring stockholders 1.1 percent. The premiums paid in financial takeovers were higher (45%) than in strategic takeovers (35%), and the synergies were lower in financial takeovers. Trimbath (2002, p. 137) found “no significant merger effect on net profit, operating profit, or market value” when analyzing firms purchased by Fortune 500 firms during the 1981-1995 period. Mergers generate a net gain for stockholders in the U.S. economy, but one prefers to be a stockholder in the acquired, rather than the acquiring, firm.Mergers and acquisitions have been a major source of corporate growth and economic concentration during the past 125 years. The empirical evidence is mixed; most acquired firms’ st ockholders profit handsomely with excess returns exceeding 25 percent whereas acquiring firms’ shareholders earn excess returns of only about 1 to 1.50 percent.Although mergers, combinations, and acquisitions are exciting events of great interest to the financial community, there is much uncertainty that whether M & A improves the operating performance of listed companies. Therefore, we need to further research.译文并购资料来源:定量公司财务管理[米].纽约，纽约州：斯普林格委，2007作者：小盖哈约翰B和礼施瓦茨作为资源配置的有效手段，并购在企业成长的过程中起着非常重要的作用。
并购的概念和相关理论
并购的概念和相关理论一、并购的概念和种类1.并购概念群——收购、兼并、合并和接管通常所谓的收购与兼并（Acquisition and Merger，M&A）包括相互联系和时有交叉的四个概念。
收购（Acquisition）的英文原意是“获得”，有广义和狭义之分。
广义的收购泛指任何购买行为。
狭义的收购概念是指买方企业从卖方企业购入资产或股权以获得对卖方企业控制权的行为。
股权收购既可以是完全收购也可以是部分收购。
在完全收购中，收购者购买被收购企业的所有股本。
部分收购时，收购者获得控制权，股份额通常高于50%，低于100%。
收购后，买方企业和卖方企业仍然存在，通常也不改变名称。
兼并（Merger）是指两个企业结合成一个新的经营整体。
法律上，它包括吸收兼并和新设兼并。
吸收兼并（Subsidiary Merger）是指一个企业获得另一个企业的控制权，从而使两个企业结合成一个新的整体，目标公司成为母公司的子公司或子公司的一部分；新设兼并（Statutory Merger）是指两个企业融合为一个新的整体。
例如，A、B两公司，合并后，A公司继续存在，B公司解散，此为吸收兼并，即A公司兼并了B公司；兼并后，A、B公司均解散，成立一家新的C公司，此为新设兼并，即两家公司合并了。
合并（Consolidation）可以发生在两个或两个以上企业之间。
虽然参与企业的实际地位可能存在差别，存在起主导作用的企业，但不存在买方和卖方的划分。
合并以后，原来的企业全部整合为一家新的企业。
通常，当合并的公司规模比较接近时，会使用“合并”一词；而当两家公司规模相差悬殊时，则使用“兼并”一词。
吸收兼并是典型的兼并；新设兼并不存在买方与卖方的划分，两个企业的地位大体上是平等的，更接近合并的本来含义。
在收购业务中，买方企业和卖方企业在交易过程中和交易完成后的地位是完全不同的，存在明显的主导方，买方掌握了卖方的控制权，符合“获得”（Acquisition）的本来含义。
并购的名词解释定义是什么
并购的名词解释定义是什么并购是指的是两家或者更多的独立企业，公司合并组成一家企业，通常由一家占优势的公司吸收一家或者多家公司，那么并购一词是怎么解释的呢？下面是店铺为你整理并购的意思，欣赏和精选造句，供大家阅览!并购的意思并购，意即合并与收购(Mergers and acquisitions，缩写 M&A)，是企业战略、企业财务及管理的术语，指不使用创建子公司或者合营公司的方式，通过购买，售卖，拆分以及合并不同公司或者类似的实体以帮助企业在其领域，行业或者产地等方面快速成长。
实际操作中，“合并”以及“收购”之间的区别越来越小。
并购(Merger and Acquisition，即M&A)的内涵非常广泛，一般是指兼并(Merger)和收购(Acquisition)。
兼并—又称吸收合并，即两种不同事物，因故合并成一体。
指两家或者更多的独立企业，公司合并组成一家企业，通常由一家占优势的公司吸收一家或者多家公司。
收购—指一家企业用现金或者有价证券购买另一家企业的股票或者资产，以获得对该企业的全部资产或者某项资产的所有权，或对该企业的控制权。
与并购意义相关的另一个概念是合并(Consolidation)——是指两个或两个以上的企业合并成为一个新的企业，合并完成后，多个法人变成一个法人。
并购动因产生并购行为最基本的动机就是寻求企业的发展。
寻求扩张的企业面临着内部扩张和通过并购发展两种选择。
内部扩张可能是一个缓慢而不确定的过程，通过并购发展则要迅速的多，尽管它会带来自身的不确定性。
具体到理论方面，并购的最常见的动机就是——协同效应(Synergy)。
并购交易的支持者通常会以达成某种协同效应作为支付特定并购价格的理由。
并购产生的协同效应包括——经营协同效应(Operating Synergy)和财务协同效应(Financial Synergy)。
在具体实务中，并购的动因，归纳起来主要有以下几类：1.扩大生产经营规模，降低成本费用通过并购，企业规模得到扩大，能够形成有效的规模效应。
跨国并购 外文翻译原文
Analysis of Merger and Acquisition Strategy of Multinationals in China and ChineseEnterprises CountermeasuresAbstractMergers and acquisitions of transnational corporations in China presents the strategic trends in recent years. Merger and acquisition strategy of multinationals in China to successfully implement, not only objective necessity of political reform and economic development in China, there are also accidental by Chinese enterprises and government of the subjective errors caused. To prevent risk of multinational merger and acquisition in China, Chinese enterprises should raise awareness of multinational merger and acquisition, carefully chosen joint venture partners, build complete learning system in joint venture/cooperative, enhanced learning capabilities, and enhanced management of merger and acquisition strategies.Key words: Multinational corporations; Merger and acquisition strategy; Joint venture; CooperationIn the late 1990 of 20th century, multinational companies merger and acquisition activity in China is increasing, from all indications, merger and acquisition of multinational corporations in China in recent years had a profound international background, this is a strategic merger behaviors. Grasping the nature of multinationals merger and acquisition strategy in China, it is the important basis for understanding transnational corporation mergers and acquisitions in China.1.THE NATURE OF MERGER AND ACQUISITION STRATEGY OF MULTINATIONALS IN CHINADifferent from the previous financial mergers and acquisitions or buy shells of mergers and acquisitions, merger and acquisition motives of multinational corporations in China in recent years, not for implementation of speculative gains, but through the merger and monopoly of the world markets for goods and investment, to seize the material and technical and human resources, successful implementation of global management strategy. It can be said that mergers and acquisitions of strategic motives of transnational corporations presents the strategic trends. To multinational recently on China equipment manufacturing enterprise for multiple mergers and acquisitions as cases, although so far, multinational only respectively on some backbone Enterprise for mergers and acquisitions, under effect in domestic various forces, has not been to implement overall of strategic, and systematic of mergers and acquisitions (is on domestic different area, and same industry several backbone enterprise ofmergers and acquisitions), has not been constitute of threat on China entire equipment manufacturing of key industry, and main area. But the trend of mergers and acquisitions to systematic, high specification, such as, after the United States Caterpillar company mergers and acquisitions in Shandong engineering machinery company, seek merging domestic construction machinery industry of key enterprises, such as Xiamen engineering machinery company, Weifang diesel power company,and Shanghai diesel power company of, reflects this trend.2. COMPREHENSIVE ANALYSIS OF MERGER AND ACQUISITION STRATEGY OF MULTINATIONALS IN CHINA2.1 Charctristics of Mergers and Acquisitions IndustryMultinational merger and acquisition in China in recent years mainly concentrated in three main areas: first, the area of production and supply of electric power and other energy; the second is basic materials area, such as steel, chemical raw materials industries; the third is consumer goods production area of beers, soft drinks, skin care products and so on. These industries have the following in common: with foreign investment in these sectors are relatively mature industry, foreign capital has formed a certain scale of production and capital accumulation in the domestic; these are industries that has been or is being lifted; Mergers and acquisitions industry has the characteristics of potential of large scale and high growth potential. In recent years, as China’s economy continues to grow, rising standards of living, potential size and growth potential in the consumer goods industry began to emerge, so as to drive the demand for energy and basic materials industry rapidly rising, making it difficult to meet the market demand for the production capacity of these industries. In order to quickly dominate the market, transnational corporations have used mergers and acquisitions or expansion of investment into China.2.2 Acquisition ways characteristicsIn General, mergers of transnational corporations in China in the following three ways: first, the restructured holdings acquisition, that is, through participation in the restructuring of domestic enterprises, acquisition of 50% per cent of its equity, to achieve control of enterprise management purposes. For example,In March 2001, China tire industry leading enterprise --China Tire and Rubber Compa ny and the world’s largest tire manufacturer-Michelin formed a joint venture company, Michelin 70% stocks, venture companies invest US $ 320 million reverse takeover of tire rubber company’s core business and assets. Second, increased capital holdings acquisition, that is, in the original on the basis of China-foreign joint ventures, foreign capital increase and share, Chinese does not participate in the capital increase, lower the shares, so that the foreign share holdings. For example,In April 1994, Dalian Motor factory and Singapore Wester motor company established a joint venture of Wester (Dalian) Motor Co., Ltd. In April 2004, Wester further mergers and acquisitions the shares held by the Chinese side of Dalian motor company. Third, the share acquisition, that is, foreign companies at the same time offering a-shares and b-shares, or h-shares, acquired not circulation of legal person shares by agreement or holdings of a large number of b-shares, or h-shares, achieve the purpose of shares or holdings. Such as Beijing wagon limited companyand Japan Isuzu motors and Itochu Shoji Corporation signed a cooperation agreement, Isuzu and Itochu joint agreements to purchase, one-time purchase of North brigade not listing circulation of legal person shares 4 20,000 shares of the company, 25% per cent of total share capital of Beijing wagon limited company, become the largest shareholder of Beijing wagon limited company.Characteristics of Acquired EnterpriseAcquired enterprise general is State or State holding enterprise has development years in domestic, has popularity high of brand, sound of market sales network, more advanced of technology, but due to management system does not perfect, history causes, has into business dilemma, enterprise was forced to overall sold or transfer part quality assets, such as: Dalian Motor Factory, Jiamusi Combine Harvester Factory, and Northwest Bearing Factory, and Shenyang Chisel Rock Machinery Company and so on, these enterprises are industry of leader or challenger, but into cash flow problems due to various reasons, shrinking sales, business difficult to continue, in order to enliven the State-owned assets, resolve some of the workers’ employment, enterprises are forced to overall sold or transfer some good assets and joint venture with multinationals. Or for promoting the progress of technology and management need to seek foreign investment.2.4 Characteristics of Merger and Acquisition StrategyIn recent years, merger and acquisition strategy of multinationals in China is clear, they tend to choose the establishment of China-foreign joint ventures and foreign-controlled, final adoption of the foreign capital merger and acquisition, to a wholly foreign-owned enterprises. Even some multinational corporations seeking holding status when they established joint ventures. Then, in the business course of China-foreign joint venture enterprise, marketing channels is controlled by foreign enterprises, implementation of “high and low” strategy, transfer of profits, or do not want to put in new technology, numerous contradictions with China,Cause in fact of business losses, forcing the Chinese transfer of ownership to the foreign, foreign acquisitions China shares, desire for realization of wholly-owned .For example, Fu Anjie railway bearing (Ningxia) Ltd., Wester (Dalian) Motors Ltd., Dalian Burton Motors Ltd , such these joint ventures were turned into a wholly foreign-owned enterprises by foreign merger and acquisition of Chinese shares .3. ANALYSIS OF THE REASONS FOR THE SUCCESS OF THE MERGER AND ACQUISITION STRATEGY OF MULTINATIONALS IN CHINAMerger and acquisition of multinationals in China has an obvious strategic, but why the merger and acquisition strategy of multinationals in Chinacan be successfully implemented? There are the objective inevitability of both political and economic reform and development in China,also with Chinese enterprises and Government error led to the contingency subjective.3.1 the objective necessity of transnational companies successfully implement the strategy of Merger and Acquisition in china3.1.1 Reform of State-Owned Enterprises Offers a Number of Opportunities to Multinational Mergers and Acquisitions Strategy in ChinaReform of State-owned enterprises had a high demand on foreign funds. There are nearly 400,000 State-owned enterprises in China, many companies will need restructuring or reorganization, there are three areas of funding gap in restructuring or reorganization process: first, the social security funds; the second is the restitution of fun ds banks ‘ bad loans in State-owned enterprises; The third is the sale of State-owned assets of the funding gap in a competitive business. There are three ways to cover the financing gap: country financial; absorbing domestic and foreign investment; State can no longer provide huge amounts of money for the reform of State-owned enterprises, absorbing domestic investments, because lack of non-State-owned investment capacity and willingness and impossible to large-scale implementation domestic investment, which provides opportunities for transnational corporation mergers and acquisitions of State-owned enterprises in China.3.1.2 Conversion from Joint Venture and Cooperation Mode to Wholly-Owned Mode is the Inevitable of Chinese Economic Reform and DevelopmentCooperative and owned is two patterns of internationalization of multinational companies. Due to transnational corporations initial entry into the host country, transnational corporations did not familiar on host country policies, culture, market environment, host country governments development of a number of barriers to entry, sole risk higher than joint venture and cooperation. However, as changes in the he host country environment caused location advantage of enhancements, transnational corporations increases experience through studying, enhancements and strengthened ownership advantage strategic motives of transnational corporations, risk and return of the wholly-owned and joint venture and cooperation mode has changed, wholly-owned gradually replaced so that joint venture and cooperation, replacing a variety of ways, merger and acquisition is one of the most important way. There are three reasons promoting the successful implementation of a merger and acquisition strategy of multinationals in China. First, the rapid development of China’s economy for many years, China’s growing importance in the world economy, the world’s largest potential market is gradually maturing and Chinese market position gradually growing in the global strategy of transnational corporations in China, thus increasing the multinationals take sole mode of income. Second, after joining the WTO, China gradually open industries, lowering the barrier to entry of multinational merger and acquisition enterprises in China, thereby reversing the multinational joint ventures and wholly-owned of risk and return ratio. Third, the multinational companies operating in China for a period of time, get to know China and Chinese markets, which reduces the investment risk.3.2 THE SUBJECTIVE CONTINGENCIES OF TRANSNATIONAL CORPORATIONS SUCCESSFUL IMPLEMENTATION MERGER AND ACQUISITION STRATEGY IN CHINA3.2.1 Failure of Chinese Enterprises Implementation Joint Venture and Cooperation StrategyMore important reason of Multinational companies from the joint venture and cooperation to the holding and to a wholly-owned strategy success is Chinese joint-venture, cooperation strategy failed.First, the Chinese enterprises lack of knowledge on the complexity of the joint venture and cooperation. Joint venture and cooperation is a wide range of more complex problems ona variety of cultural, enterprises and strategies. To achieve the strategic purpose of the joint venture and cooperation, joint ventures, cooperation between the two sides have to properly address issues such as cultural conflict, distribution and disposal of the proceeds, technology learning and protection. China business knowledge on the complexity of the joint venture and cooperation is often not enough, more attention to possible benefits brought by joint venture and cooperation, ignoring the risk of joint venture and cooperation, results to run some of the poor handling of the conflict, affecting the normal operation of the joint venture and cooperative enterprises, or foreign opportunism of inadequate preparations, finally was forced to participate in mergers and acquisitions.Second, Selected not appropriate for joint ventures and cooperation partners.When choosing a partner for Chinese enterprises are often too look at the size of the transnational corporations, technology and management of advanced degrees, and ignore the foreign joint venture of mind, ignored the two parties on the cultural fit, complementary capabilities and resources, as well as position in the joint venture and cooperative enterprises, and many other issues. Making some multinational companies not only to low cost entry into the Chinese market, and dominate in the joint venture and cooperative enterprises, for further mergers and acquisitions Chinese companies with an opportunity.Third, the failure of joint ventures and cooperative learning mechanism in the process. Learning advanced technology and management experience is the main causes of Chinese enterprises and multinational companies to form joint ventures and cooperative enterprises, but Chinese enterprises often do not have to establish a learning mechanism in the process of joint-venture and cooperation. Learning mechanism failure caused results of China enterprise joint venture and cooperation loss of marke t, but haven’t learned skills and experience.3.2.2 Failure of The Merger and Acquisition of Chinese Enterprises StrategyFirst, goals of participating in transnational merger and acquisition is fuzzy and negotiation failure. When Chinese enterprises participating in transnational merger and acquisition, have only good intentions, there is a lack of long-term strategic objectives and effective negotiating routes design, eager to reorganization of assets, high quality assets on multinational mergers and acquisitions, bad assets, debt and the burden of bureaucracy has left China’s parent company. High quality assets are joint ventures with transnational corporations and have not good grasped of commercial negotiation conditions and patterns, and give up control of a joint venture, parent company lost its core competitiveness, lost technology, brand and marketing, enterprise techniques and technology research and development in the future depends on the strategy arrangements of transnational corporation. Second, choosing the merger and acquisition of foreign investors misconduct. Different types of merger and acquisition of foreign investors, determine the effect of mergers and acquisitions different. International multinational consortium with strong financial strength, can easily mobilize huge amounts of money, holding and acquisitions of Chinese companies, and asset consolidation, packing, then go to the foreign or domestic capital markets for cash, earn high profits. China to introduce such investors, although can avoid to be controlled on the technology and production, access to financial support for the time being, are unable to obtain knowledge of manufacturing technologies and production, marketing, does not help enterprises to raise the level of technology and management, and even lose the basis forlong-term development. When many Chinese companies involved in mergers and acquisitions, without carefully assessing and weighing the introduction of different foreign investor to bring effects and interest and blindly participating in transnational mergers and acquisitions, resulting in counterproductive.4. COUNTERMEASURES OF CHINESE ENTERPRISE FACES MULTINATIONALS MERGER AND ACQUISITION STRATEGY IN CHINA4.1 Increasing Awareness of Multinational Merger and Acquisition strategyFirst, clear understanding of the nature of merger and acquisition strategy of multinationals in China. Multinational merger and acquisition in China has not only access to markets, but sought trade monopolies and globally integrated supply chain. Second, fully understand the risks of joint venture/cooperative, understand the advantages and disadvantages of mergers and acquisitions, raising awareness of risk prevention. Joint venture, cooperation and mergers and acquisitions has a double-edged sword effect, to fully assess the risks of losing markets, brands and core technology in the process of joint-venture, cooperation and mergers and acquisitions, and increased awareness of risk prevention, to take effective measures to prevent risks to organization structure design, patent protection, and other aspects. Thirdly, recognizing the importance that keep own business brand and core technology for sustainable development. Brand and core technology is the key source of enterprise’s core competitiveness, loss of brand and core technology will reduce the bargaining power of competition and cooperation of Chinese enterprises and transnational corporations, eventually reduced to matching supply of vendors of multinational corporations has a core competence .4.2 carefully choosing a foreign joint Venture PartnersWhen select partners in joint ventures, to thoroughly understand and analysis the strategic intent the foreign, final judgment goal of foreign joint ventures take acquisitions as a strategy only get into the Chinese market in the early days, aimed at bypassing the Chinese industry control, or for long-term business cooperation with Chinese enterprises. If the foreigner is for long-term business cooperation, Chinese companies should identify own real needs, maintain their unique resources and advantages, from the practical needs of enterprises and the advantages complementary between the two sides, carefully chosen joint venture partners.4.3. strengthening strategic Management capabilities of Mergers and Acquisitions4.3.1 Enhanced Ability to Develop Rational Merger and Acquisition StrategyAt the time of acquisition, Chinese enterprises should have clear targets and strategies of merger and acquisition. As backbone enterprise, to research itself market status, confirmed whether needs participate in transnational mergers and acquisitions; if must by assets restructuring out dilemma, whether must by multinational mergers and acquisitions; if had to looking for multinational mergers and acquisitions, to clear the target by mergers and acquisitions, and developed specific programme of mergers and acquisitions negotiations, using itself of resources, keep on joint venture enterprise of control right, especially to clear Enterprise for technology route of led right; if mergers and acquisitions must to gave upindependent development for premise, seeking borne the original debt and redundant staff placement by multinational enterprises. Otherwise, the value involved in mergers and acquisitions will be greatly reduced.4.3.2 Enhanced Ability to Identify Qualified Acquisition Investor based on reasonable estimation of the enterprise’s own development bottleneck is shortage of technology, shortage of funds, or the shortage of market-oriented, Chinese enterprise careful comparison and calculation of industrial investors and financial investors, commercial investors to enterprise resources and benefits, conditions and cost of the enterprise delivered, choose different types of mergers and acquisitions investors.4.3.3 Strengthen The Capacity of Protection Brand and Technology in Mergers and Acquisitions Process First, before implement mergers and acquisitions, should correctly awareness and assessment brand assets value, China enterprise should hired authority assessment institutions, used advanced of brand value assessment system to assessment brand assets, to prevent the local brand value of loss in foreign and joint venture enterprise mergers and acquisitions process; on the other hand, when mergers and acquisitions, high popularity and reputation of brand must to keep more independence, not easily is controlled by multinationals, this is key involved brand life .。
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最新并购的外文翻译
另一种已知的规律是并购浪潮。
米切尔和木亨利在1996年以及哈福德在2005年发现，特定行业的合并浪潮在有足够资金流的经济、管理、技术的冲击中发生的。
这表明，当某些行业正处于企业扩张或牛市、资产大规模地调动的过程中，并购活动将会很活跃。
美国经历了六个激烈的并购阶段。
有趣的是每一阶段都发生在一次强烈的经济扩张和强劲的股市上，紧接着股价就会大幅下跌。
第一次并购浪潮发生在二十世纪初，巩固了石油、钢铁、矿业和烟草等行业。
这次并购是为了垄断。
第二次并购浪潮发生在20世纪20年代，当时，以蓬勃发展的股市为导向，巩固通信、公共事业和汽车等行业。
由于反托拉斯法的制定，创造非法垄断，这个期间的大部分并购集中在垂直整合。
不同于前两次浪潮，第三次浪潮发生在20世纪60
年代，其特点是大量的无关的收购以及被称为集团的兼并浪潮。
第四次的并购浪潮发生在20世纪80年代，记忆中这是半身收购、杠杆收购（杠杆收购）、垃圾债券和融资交易。
在此期间，并购交易扭转了过去几十年的企业多元化，消除了产能过剩以及纪律管理差。
在此期间，机构持股通过创建一组大股东而上升，他们承诺增加股值。
20世纪80年代也见证了增值的毒丸和反收购，如收购防御政策修正案。
然而，尽管许多观察家将20世纪80年代与敌意收购联系在一起，这些交易中少于15%的是敌意收购。
在20世纪90年代初的短暂下降后，收购活动再次增加，在20世纪90年代末达到创纪录水平，并迎来第五次并购浪潮。
然而，不同于20世纪80年代的并购浪潮，杠杆和敌意的并购在20世纪90年代颇少见，相反，并购活动通过跨国并购，以服务业的兼并为主，最显见的是电讯、广播、医疗保健和银行。
事实上，在1999年，这三个行业占全球并购价值的三分之一。
在20世纪60年代的企业集团兼并中，出于巩固、协同和战略的考虑，许多在20世纪90年代的兼并被赶出这些产业。
此外，20世纪90年代后期的并购推动了经济全球化。
在1999年，跨国并购首次突破1万亿美元，占所有并购的三分之一。
通过引入一个共同的货币——欧元，并购在欧洲受到鼓励。
虽然跨境交易只占美国并购的约10%，但是超过30%的欧洲并购涉及跨境交易。
由于国有企业的私有化、放松管制、贸易和资本市场自由化，全球并购的增加趋势也得到了加强。
20世纪90年代的兼并浪潮的另一个显著特点是超过70%的交易与股票挂钩，因为在此期间市场给予公司异常的高值。
第六次并购浪潮在2003年底开始，现今仍在继续。
事实上，在2006年，全球并购交易总额为4万亿美元，打破了之前在2000年创下的3.3万亿美元的记录。
美国和欧洲的公司占了这些交易的近80%。
并购活动的增加部分是由于企业现金的结余和低利率。
与20世纪90年代的浪潮相比，最近的交易中，近75%以现金支付。
许多在此期间发生的交易涉及在同一业务线，寻求削减多余成本，从而通过兼并增加盈利。
在目前的兼并浪潮的另一个主要力量一直是私人股本投资者，他们通常购买公司债务加载它们，然后试图使它们更有效率，在几年之内，使他们能够提供服务的债务和转售利润，另一家公司或通过首次公开募股（IPO）。
在20世纪80
年代收购浪潮发挥重大作用的私人股本杠杆收购，在20世纪90年代几乎消失了。
然而，近年来，私人股本已卷土重来，在世界各地20％的交易中占主导作用。
20世纪90年代中期以来，外国直接投资（FDI）的增加成为了跨国并购背后的原动力。
在企业全球化的时代，跨国并购使企业迅速获取世界各地的业务。
近日，跨国并购，尤其是欧洲公司，已经占到总交易量的约40％。
过去的研究普遍认为，合并后的公司的长期表现是通常小于匹配的同侪团体，但有趣的是，一些研究建议随后的并购在当前浪潮中会更好。
这可能部分是因为所提供的低保费。
从历史上看，合并保费往往达到40％至60％的水平，但他们在最近的浪潮中平均25％左右。
一切都是平等的，这将意味着投标人是不太可能为目标过高付出。
此外，在当前的浪潮中，通过合并索取实实在在的利益，如消除重复操作，可能会导致更好的长期性能。
二、企业多元化战略：成本和协同效益
在本章中，我采取了为什么一些企业追求多元化战略的价值下降，而其他从事战略，却价值增加的问题。
对比两个基本的多元化战略：第一是有针对性的策略，每个企业作为一个独立的公司运行，第二个是一个多元化的战略，这两家公司合并，并成为同一家公司的不同部门。
其主要目的是要理解为什么会发生一些价值下降的兼并，为什么一些价值增加的兼并却不发生。
这个问题有非常具体的动机。
有一个巨大的实证文献和很多休闲观测，这表明多样化或合并对一些企业是价值最大化，对其他企业毁灭最大化。
例如，在1978年，资讯科技及电讯涉及十二个不同行业（3位数的SIC代码级），并平均托宾Q为0.570，这是在所有12个行业低于平均水平。
相比之下，3M是在涉及11个不同行业，与Q比率为2.02。
另一个高度多元化成功的公司的著名的例子是通用电气公司，最近的失败的例子则是在美国在线与时代华纳的合并--在写作时，自2001年一月合并结束以来，该公司的股票已下跌66％。
为了给本章假定的问题提供一个答案，我调查协同作用与从决策权下放所产生的私人利益之间的相互作用。
简单的集合起来提出，CEO的决策权，允许他选择两个非收缩战略：多元化或重点，并选择非收缩事前和事后各单位的项目。
此外，他们还使CEO捕捉任何他或她负责的项目所产生的总现金流量呈正相关的私人利益。
项目选择需要学习进步，这反过来又意味着他/她有时间和精力花费在研究项目中的项目回报。
该模型的关键假设如下：第一，有一个机构问题，CEO的首选项目与股东的首选项目不同；第二，合并产生协同作用，只有当项目跨部门的协调发生，才会增加预期现金流；第三，合并，建立一个多任务的问题，因为CEO有多个单位调查项目。
这些假设意味着，CEO激励研究，有利于更好的项目，但从他/她的观点出发，他/她总是挑选最好的项目。
此外，在多任务的问题多元化公司的首席执行官面临的暗示，在没有协同效应的情况下，CEO的激励机制调查项目在一个多元化的公司较集中的公司（以下简称，主动效果）。
在此设置中，它显示一个CEO选择追求协同效应是高价值日益多样化，价值日益关注时，协同效应低。
当协同作用不高也不低，根据参数，CEO可能会追求价值递减的多样化或价值减少的焦点，也就是说，尽管多元化企业价值最大化的事实，也采用集中战略。
可以从以下简单的例子抓住这背后的经济学。
设S是合并的协同收益， BS是CEO从合并中获得的私人利益，C是CEO的私人成本，K 是由股东支付的费用。
如果BS> C，CEO会选择合并，当S> K，合并值增加。
当协同作用足够低S<C/ B，CEO不会合并,这一决定是值足够低的协同作用（S<K）的增加，价值下降为“温和的”S，即K<S<C / B。
如果他/她不合并，合并是足
够高的协同作用，下S> K和值减少为“温和的”协同小号值增加，在我们的设置中即C / B <S <K，当协同收益大于主动的作用和协调成本，合并价值最大化，同时合并是CEO的首选策略时的协同作用，加上从运行一个较大的公司（帝国建设的喜好）的额外的私人利益平衡的主动作用，协调成本和CEO的私人成本之间的战略研究的区别。
至于价值减少兼并的结果，C / B <S<K时，出现一定的鲁棒性问题。
首先，它追求的合并战略，是破坏价值，CEO是为引进稳健优化设计的激励合同，并调整CEO的利益是更昂贵的协同水平上升。
其次，当CEO的权利让他/她只是要合并的建议，向董事会和本决定是否要合并或不，这是表明该委员会将用优化设计，验收规则中值，降低并购是阳性批准根据不同的参数配置的概率。
这意味着，根据一定的参数，通过值递减策略是从股东的角度来看，事前最佳。