Mergers and Acquisitions HK Company
商务英语谈判2
Other strategies
Over-communicate Discuss the indiscussibles Provide accurate information, without any hidden agenda Be honest—even when it costs you something Be patient Uphold fairness Negotiate for abundance, not scarcity Take calculated risks
Personal Interests
-----interests of individuals who participate in negotiation.
Organizational Interests:
---interests of collective bodies such as private or state-owned enterprises, institutions and other kinds of entities.
CorporБайду номын сангаасtions
--- a legal entity（法人实体） , allowed by legislation, which permits a group of people, as shareholders( for-profit companies) or members( non-profit companies), to create an organization, which can then focus on pursuing set objectives, and empowered with legal rights which are usually only reserved for individuals, such as to sue and be sued, own property, hire employees or loan and borrow money.
人民大2024商务英语阅读(第3册)(第二版)课件Unit 9 Business Competiti
airfare n. The airfare to a place is the amount it costs to fly there. 飞机票价
Most airfare price drops last less than 48 hours, so people need to be ready to jump when a fare falls.
airports (Sometimes shortened to hub). 轴辐路网
空中交通组织法
In order to optimize extended hub-and-spoke regional transportation network, interactive fuzzy programming model was introduced.
price-fixing n. the setting of prices by agreement
among producers and distributors 协定物价
With overt price-fixing cartels clearly illegal, the railroads turned to mergers as the way to eliminate competition between them.
merger n. the joining together of two separate
companies or organizations so that they become one 合并 （CET6）
There has been a lot of talk about a merger with anothe someone means to trick them into
Zephyr数据库2012年全球并购(M&A)报告
Zephyr Annual M&A ReportThe following report details mergers and acquisitions activity in 2012 using data from the Zephyr database.It focuses on deal activity by target company.Click here to access the raw data in an Excel spreadsheet.Section 1: Global Deals Page 1 Section 2: Western Europe Page 15 Section 3: North America Page 26 Section 4: Asia/Asia Pacific Page 36 Section 5: Middle East Page 49 Section 6: Russia/CEE Page 60 Section 7: Global League Tables Page 72Global M&A deal value lowest for fiveyears, suppressed by weaker results inNorth America and EuropeThe value of global mergers and acquisitions(M&A) fell for the fifth consecutive year in 2012 to65,060 transactions worth a combined USD 3,144billion, the lowest level recorded both by volumeand value since 2004.Weaker results in North America and Europe,together with a marked decline in deal-makingvalue in the Far East and Central Asia, contributedto the drop in figures.The BRIC countries had mixed fortunes in 2012;while deal value in Brazil and India advancedyear-on-year by 19 per cent and 16 per cent,respectively, results for China and Russia weredown compared with 2011, slipping 27 per centin the former and halving in the latter, from USD144,621 million to USD 72,942 million.On the other hand, global private equity activityremained robust, with volume and value increasingfor the third year in a row. There were 7,793private equity and venture capital-backed dealsworth a combined USD 321,270 million in 2012,compared to 7,752 transactions worth USD300,924 million in 2011, representing a 7 percent increase in value year-on-year and in monetaryterms the best performance since 2008.Global deals by volume and valueAnnounced date No of dealsT otal dealvalue(mil USD)201265,0603,143,607201170,2833,393,203201071,4383,435,472200973,6303,765,502200869,3364,235,844200778,7155,617,573Global deals by volume and valueTarget world region by deal volumeT arget world region201020112012European Union enlarged (27)18,94521,07620,238 Western Europe18,78120,84119,611 European Union16,86918,77517,801 Far East and Central Asia20,14719,11016,088 North America14,10514,63414,878 Euro-Area10,35911,65110,359 Eastern Europe9,0007,0126,105 Oceania4,4174,3824,584 Nordic States3,3954,1194,023 Scandinavia2,7542,7632,858 South and Central America2,8742,6302,229 Africa702804757 MENA1,362851726 Middle East1,204675594Target world region by deal valueT arget world region201020112012North America926,2541,108,2861,033,071 Western Europe784,876832,212798,122 European Union enlarged (27)725,212796,796760,536 European Union692,543737,784730,250 Far East and Central Asia766,592734,808638,591 Euro-Area452,696519,753500,471 South and Central America375,403269,541342,986 Oceania194,696162,650123,830 Eastern Europe202,819208,248101,198 Nordic States68,03989,11066,690 Scandinavia59,22181,13353,009 MENA33,94930,10844,556 Africa44,00938,46533,986 Middle East24,14024,69033,234US ahead by deal volume and valueThe US was the most important target both by transaction volume and value in 2012, despite a disparity in growth compared with the preceding year. The value of deals targeting US-based companies was USD 878,931 million, 9 per cent lower than 2011 when USD 969,563 million was recorded, while volume rose by 6 per cent year-on-year from 10,428 to 11,004 transactions.UK outperforms rest of EuropeDespite the difficult economic climate in Europe, the UK emerged as the number two target country both by value and volume, and actually experienced growth compared with 2011. A total of 6,082 deals worth a combined USD 205,007 million involved UK-based targets, compared with 5,811 worth USD 169,159 million in 2011, which in monetary terms was a 21 per cent increase year-on-year.A key factor driving the upturn in value was the Glencore – Xstrata merger, which at USD 33,006 million, was the country’s largest deal of the year and one of the top three deals by valuation globally.Food, beverages, tobacco is the year’s top growth sector Deals featuring companies operating in the food, beverages and tobacco industry experienced the largest growth globally by deal value year-on-year. Transactions in the sector advanced 36 per cent from USD 103,419 million to USD 141,102 million, despite a 7 per cent decline in volume to 1,877 deals (2011: 2,012).Top 20 global deals by valueDeal value(mil USD)Deal type T arget T argetcountry AcquirorAcquirorcountryAnnounceddate148,407Acquisition increased 62% to 100%Companhia de Bebidas das Americas - Ambev BR InBev Participações Ltda BR07/12/2012 236,956Acquisition 100%Sprint Nextel Corporation US Starburst II 15/10/2012 333,006Acquisition increased 34% to 100% Bid 2 Xstrata plc GB Glencore International plc GB01/10/2012 428,000Acquisition increased 50% to 100%TNK-BP Ltd VG Neftyanaya Kompaniya Rosneft OAO RU12/12/2012 527,963Acquisition 50%TNK-BP Ltd VG Neftyanaya Kompaniya Rosneft OAO RU22/11/2012 623,826Minority stake Banco Financiero y de Ahorros SA ES Fondo de ReestructuraciónOrdenada BancariaES25/05/2012 720,100Acquisition increased 50% to 100%Grupo Modelo SAB de CV MX Anheuser-Busch InBev NV BE29/06/2012 815,700Minority stake 23%American International Group 09/09/2012 915,100Acquisition 100%Nexen Inc.CA CNOOC Ltd HK23/07/2012 1014,147Acquisition Bankia SA ES27/12/2012 1114,036Acquisition 100%T-Mobile USA MetroPCS Communications 03/10/2012 1213,307Acquisition 100%CDMA Network's certain assetsand associated liabilitiesCN China Telecom Corporation Ltd CN22/08/2012 1312,744Acquisition Simest SpA; Fintecna SpA; SACE SpA IT; IT; IT Cassa Depositi e Prestiti SpA IT09/11/2012 1412,635Minority stake Tokyo Electric Power Company Inc.JP Nuclear Damage Liability Faciliation Fund JP21/05/2012 1511,974Acquisition 100%Catalunya Banc SA ES Fondo de ReestructuraciónOrdenada BancariaES26/12/2012 1611,850Acquisition 100%Pfizer Inc.'s infant nutrition business Nestlé SA CH23/04/2012 1711,663Acquisition increased to 100%Interogo Foundation's Ikea brand name Inter Ikea Systems BV NL01/01/2012 1811,460Acquisition 100%Cooper Industries plc IE Eaton Corporation plc IE21/05/2012 1910,729Acquisition 100%Fraser & Neave Ltd SG OUE Baytown Pte Ltd SG06/12/2012 2010,019Acquisition increased 70% to 100%International Power plc GB Electrabel SA BE16/04/2012Target country by volume - global dealsT arget country201020112012US9,41310,42811,004 UK 5,1945,8116,082 Australia4,1344,1074,277 Canada4,6964,2093,878 China6,7586,3363,566 Japan3,1432,5393,205 South Korea2,7533,0262,477 Spain1,0362,2692,123 Russia4,8983,2241,847 Taiwan1,8472,1731,687 France1,8761,7631,682 Germany1,4401,3751,488 Finland7271,5541,366 Sweden1,2391,2391,321 India1,7661,6551,255 Ukraine1,7588131,199 Poland7771,0911,199 Netherlands2,4652,1391,182 Italy1,2481,1331,090 Malaysia1,096856925Target country by value - global dealsT arget country2010(mil USD)2011(mil USD)2012(mil USD) US805,761969,563878,931 UK208,378169,159205,007 China301,362247,771179,942 Canada120,985139,583154,123 Japan145,000116,831134,348 Brazil192,293104,573124,374 Spain69,722123,491122,976 Australia179,531154,618116,148 Germany84,46768,47779,511 Italy74,78481,96774,146 Russia168,528144,62172,942 British Virgin Islands25,97124,10972,261 South Korea72,484125,73256,344 France67,43794,84854,909 India63,51246,29953,487 Singapore29,10329,04653,026 Netherlands85,30136,82752,436 Taiwan51,85472,97746,760 Hong Kong32,90520,48440,160 Cayman Islands44,40626,81032,983Top five global target countries by deal volume in 2012Top five global target countries by deal value in 2012US UK China Canada JapanUS UK Australia Canada ChinaTop five global target countries by deal volume in 2012Top five global target countries by deal value in 2012Target sector by volume - global dealsT arget sector201020112012Other services23,32125,31924,935 Machinery, equipment, furniture, recycling9,1998,9217,875 Wholesale & retail trade5,4225,6195,560 Banks6,0384,9964,921 Chemicals, rubber, plastics4,5154,4223,728 Construction3,5273,2382,800 Metals & metal products3,0612,9662,434 Primary sector2,6072,2681,953 Transport2,0571,8951,899 Food, beverages, tobacco2,1592,0121,877 Education, health1,2591,3941,444 Gas, water, electricity1,6771,4431,294 Publishing, printing1,1131,2411,228 Hotels & restaurants1,1021,0451,011 Textiles, wearing apparel, leather896802725 Insurance companies760766655 Wood, cork, paper623555556 Post and telecommunications726372 Public administration and defence364745Target sector by value - global dealsT arget sector2010(mil USD)2011(mil USD)2012(mil USD) Other services790,276843,679871,709 Banks636,406529,713472,139 Machinery, equipment, furniture, recycling333,068389,133292,242 Wholesale & retail trade211,721194,957252,264 Chemicals, rubber, plastics246,770262,912202,762 Metals & metal products155,658182,035185,466 Primary sector241,274198,431150,441 Gas, water, electricity237,827180,172144,155 Food, beverages, tobacco107,940103,419141,102 Insurance companies92,936106,187137,971 Transport142,895158,541135,424 Construction120,380114,76687,791 Hotels & restaurants42,00729,85528,953 Education, health39,02238,09826,739 Publishing, printing21,41026,23424,132 Wood, cork, paper15,42224,19522,299 Textiles, wearing apparel, leather23,31429,45115,619 Post and telecommunications18,8251,111583 Public administration and defence78175444Global private equity deals by volume and valueAnnounced date No of deals T otal deal value(mil USD) 20127,793321,27020117,752300,92420106,871268,60120096,076169,17920087,457349,15120078,290924,448Global private equity deals by volume and valueTop 20 global private equity deals by valueDeal value(mil USD)Deal type T arget T arget country Equity provider Announced date1.10,729Acquisition 100%Fraser & Neave Ltd SG Farallon Capital Management LLC;Noonday Global Management Ltd06/12/20122.7,150IBO 100%EP Energy Corporation US Access Industries Inc.; Riverstone; Apollo Global ManagementLLC24/02/20123.6,600IBO 100%Cequel Communications Holdings LLC US BC Partners; Canada Pension Plan Investment Board18/07/20124.5,156IBO 100%Annington Homes Ltd GB Terra Firma Capital Partners19/11/20125.4,900IBO 100%DuPont Performance Coatings Carlyle Group LP30/08/20126.4,460IBO 93%Primaris Retail Real Estate Investment Trust CA KingSett Capital Inc.; Ontario Pension Board10/12/20127.3,700IBO 100%Focus Media Holding Ltd KY Carlyle Group LP; CITIC Capital Partners Ltd; ChinaEverbright Investment Management Ltd; FountainvestPartners19/12/20128.3,600Minority stake VimpelCom Ltd BM Altimo Holdings & Investments Ltd15/08/20129.3,460IBO Sullair Corporation; SundyneCorporation; Milton Roy Company Inc.US BC Partners; Carlyle Group LP25/07/201210.3,300IBO 100%Getty Images Carlyle Group LP15/08/201211.3,000IBO majority stake AOT Bedding Super Holdings LLC US Advent International05/08/201212.3,000IBO 100%TransUnion Corporation US Advent International; Goldman Sachs Capital Partners17/02/201213.2,910Minority stake Fondo Strategico Italiano SpA IT Cassa Depositi e Prestiti SpA19/12/201214.2,690IBO 100%Party City Holdings Berkshire Partners; Advent International; Weston PresidioManagement Company Inc.; Thomas H Lee Partners LP05/06/201215.2,635Minority stake Sete Brasil Participações SA BR EIG Global Energy Partners LLC; Banco BTG Pactual SA09/03/201216.2,500IBO 100%McGraw-Hill Education Apollo Global Management LLC26/11/201217.2,453MBO 77%Iceland Foods Ltd GB Brait SA; Landmark Group09/03/201218.2,329IBO 100%Ahlsell AB SE CVC Capital Partners29/02/201219.2,275IBO 100%BSN Medical InternationalHolding GmbH & Co. KGDE EQT Partners11/06/2012 20.2,300IBO 100%USI Holdings Corporation US Onex Partners26/11/2012Target country by volume - global private equity deals T arget country201020112012US3,0133,6053,753 UK710636698 France589538544 Germany259310340 India262323319 Canada193253261 China296334184 Spain151179149 Sweden137151140 Italy80107126 Israel9392110 Netherlands126125104 Japan7910390 Brazil465182 Australia506779 Finland588673 Russia386065 Denmark414155 Norway534151 Belgium635142Target country by value - global private equity dealsT arget country2010(mil USD)2011(mil USD)2012(mil USD) US120,383132,483150,182 UK37,10219,11037,437 Germany3,5855,50511,401 Singapore1,06054211,303 Canada3,33614,14410,831 Brazil5,1932,61810,477 France13,88413,5789,320 Italy5,1745,5306,647 Australia6,4478,8565,374 Cayman Islands2,3894,5445,275 Bermuda1,8583,3285,207 South Korea2932,9924,435 China6,6336,3844,046 Spain7,4936,8733,841 Japan2,3858,6123,466 Norway2,7231,2973,455 Sweden4,50010,0213,435 India5,3736,7173,156 Hong Kong791,1453,018 Denmark1,0501,4322,921Target sectors by volume - global private equity deals T arget sector201020112012Other services3,5314,4684,652 Machinery, equipment, furniture, recycling1,1131,058918 Wholesale & retail trade413456544 Chemicals, rubber, plastics427339333 Education, health239208202 Publishing, printing122153168 Banks138139131 Metals & metal products117143125 Food, beverages, tobacco159120121 Transport89104106 Hotels & restaurants7092106 Construction114128102 Gas, water, electricity15511781 Textiles, wearing apparel, leather597371 Primary sector727857 Wood, cork, paper483340 Insurance companies153033 Post and telecommunications31214 Public administration and defence441Target sectors by value - global private equity dealsT arget sector2010(mil USD)2011(mil USD)2012(mil USD) Other services91,109142,080124,819 Wholesale & retail trade34,29017,84433,997 Machinery, equipment, furniture, recycling24,25335,42528,853 Chemicals, rubber, plastics18,38816,63623,911 Banks9,28611,56818,840 Food, beverages, tobacco11,3884,28315,195 Hotels & restaurants12,0207,58411,299 Transport16,71717,13310,085 Construction4,2957,4128,855 Metals & metal products9,1805,3738,766 Primary sector6,35010,6578,068 Insurance companies2,4496,6697,860 Gas, water, electricity12,6397,9207,533 Publishing, printing2,1214,1196,058 Education, health13,1866,0174,039 Textiles, wearing apparel, leather1,1323,8722,352 Wood, cork, paper2,5911,4491,627 Post and telecommunications0201134 Public administration and defence324380Western Europe M&A value down on 2011Deals featuring targets based in Western Europe dropped in terms of both volume and value in 2011. In total, 19,611 transactions were recorded, a 6 per cent decrease on last year’s figure (2011: 20,481).Value was also disappointing, with deals worth USD 798,122 million being posted, compared with USD 832,212 million in the previous 12 months. However, the figure was up 2 per cent on the USD 784,876 million achieved in 2010.Despite the overall decline in M&A activity in Western Europe, investment targeting UK-based companies rose over the 12 months under review to 6,082 deals worth USD 205,007 million, placing the country first by volume and value.Private equity and venture capital investment in the region fared slightly better as volume was marginally up from 2,412 deals in 2011 to 2,457 in 2012. Similiarly, value also increased, climbing 5 per cent to USD 87,782, although this remains significantly behind the USD 305,974 million posted in 2007.Western Europe deals by volume and valueAnnounced date No of deals T otal deal value(mil USD) 201219,611798,122 201120,841832,212 201018,781784,876 200919,8091,032,451 200819,9111,380,193 200724,7762,048,305Western Europe deals by volume and valueGlencore-Xstrata mega-merger weighs in as heftiest deal by value The much-hyped merger between commodities giant Glencore and metal miner Xstrata unsurprisingly topped the rankings as the biggest deal by value in 2012 at a whopping USD 33,006 million.Against the backdrop of the eurozone debt crisis, Spanish bank bailouts featured prominently in the top 20 deals by value, along with other sectors such as aircraft leasing, pharmacy and cosmetics retailing, software development and courier services.UK leads by value and volumeThe UK was the most important target in Western European deal-making, ranking highest by volume and value with 6,082 transactions worth a combined USD 205,007 million, which in monetary terms was a 21 per cent increase on 2011. The result was impressive enough to put the UK second only to the US in terms of global mergers and acquisitions (M&A) volume and value.Near neighbour Ireland also experienced a significant improvement in deal value year-on-year, rising from USD 17,080 million to USD 30,425 million. Gains in value were also recorded for Austria, Germany, the Netherlands, Turkey and Iceland, among also dominates in Western Europe PE deal-makingAs well as being the target in the largest Western European M&A transaction of 2012, a UK-based company featured in the region’s biggest private equity deals by value. Residential property company Annington Homes, which bought the Ministry of Defence’s Married Quarters Estate in 1996, was acquired by Guy Hands’ private equity firm Terra Firma Capital Partnersbin a deal worth USD 5,156 million.In all, UK companies were targeted in 12 of the top 20 private equity transactions in Western Europe in 2012, among them Iceland Foods, Misys, Manchester and Edinburgh airports and Four Seasons Health Care.Top 20 Western Europe deals by valueDeal value(mil USD)Deal type T arget T argetcountry AcquirorAcquirorcountry Announced date1.33,006Acquisition increased 34% to 100% Xstrata plc GB Glencore International plc GB01/10/20122.23,826Minority stake Banco Financiero y de Ahorros SA ES Fondo de Reestructuración OrdenadaBancariaES25/05/20123.14,147Acquisition Bankia SA ES27/12/20124.12,744Acquisition Simest SpA; Fintecna SpA; SACE SpA IT Cassa Depositi e Prestiti SpA IT09/11/20125.11,974Acquisition 100%Catalunya Banc SA ES Fondo de Reestructuración OrdenadaBancariaES26/12/20126.11,460Acquisition 100%Cooper Industries plc IE Eaton Corporation plc IE21/05/20127.10,019Acquisition increased 70% to 100%International Power plc GB Electrabel SA BE16/04/20128.7,300Acquisition 100%RBS Aviation Capital IE Sumitomo Mitsui Banking Corporation JP17/01/20129.7,268Acquisition Dexia SA BE French Government; État Belge FR; BE31/12/201210.7,151Acquisition 100%NCG Banco SA ES Fondo de Reestructuración OrdenadaBancariaES26/12/201211.6,802Acquisition 100%TNT Express NV NL UPS BidCo BV NL19/03/201212.6,708Minority stake Caixa Geral de Depósitos SA; Banco ComercialPortuguês SA; Banco BPI SAPT Portuguese Government PT04/06/201213.6,665Minority stake 45%Alliance Boots GmbH CH Walgreen Company US19/06/201214.5,928Acquisition 84%Banco Popular Español SA ES10/11/201215.5,847Acquisition 99%Banco de Valencia SA ES Fondo de Reestructuración OrdenadaBancariaES27/11/201216.5,625Acquisition 100%Actavis Group hf IS Watson Pharmaceuticals 25/04/201217.5,577Acquisition Banco Financiero y de Ahorros SA ES Fondo de Reestructuración OrdenadaBancariaES25/05/201218.5,522Acquisition increased 50% to 100%Porsche AG DE Volkswagen AG DE04/07/201219.5,156IBO 100%Annington Homes Ltd GB Terra Firma Capital Partners GB19/11/201220.5,000Acquisition 100%NDS Group Ltd GB Cisco Systems 31/07/2012Target country by volume - Western Europe dealsT arget country201020112012UK5,1945,8116,082 Spain1,0362,2692,123 France1,8761,7631,682 Germany1,4401,3751,488 Finland7271,5541,366 Sweden1,2391,2391,321 Netherlands2,4652,1391,182 Italy1,2481,1331,090 Norway846808764 Turkey548749548 Denmark496439465 Switzerland363378361 Belgium420357354 Ireland211227223 Portugal171211197 Austria193161143 Cyprus12584107 Luxembourg7810592 Greece1304361 Iceland242319Target country by value - Western Europe dealsT arget country2010(mil USD)2011(mil USD)2012(mil USD) UK208,378169,159205,007 Spain69,722123,491122,976 Germany84,46768,47779,511 Italy74,78481,96774,146 France67,43794,84854,909 Netherlands85,30136,82752,436 Ireland19,59817,08030,425 Portugal12,95821,70522,697 Sweden28,18337,88621,481 Luxembourg6,17725,64820,095 Norway20,86420,94719,145 Switzerland44,58950,10119,108 Turkey17,43012,19716,003 Belgium12,20224,23615,233 Denmark10,67621,91611,789 Austria14,8015,06611,313 Finland4,4167,3987,807 Iceland5,0069636,562 Cyprus5,07510,0286,340 Greece7,6536,8765,186Target sector by volume - Western Europe dealsT arget sector201020112012Other services6,8747,9907,767 Wholesale & retail trade1,8142,0362,041 Machinery, equipment, furniture, recycling2,0672,0931,956 Banks1,5821,4431,435 Construction7631,041953 Chemicals, rubber, plastics925891840 Metals & metal products562837695 Transport548607570 Food, beverages, tobacco613581559 Publishing, printing513564550 Education, health469525535 Gas, water, electricity496443424 Primary sector434493415 Hotels & restaurants333408393 Textiles, wearing apparel, leather208213220 Wood, cork, paper177180207 Insurance companies221219185 Post and telecommunications403841 Public administration and defence93025Target sector by value - Western Europe dealsT arget sector2010(mil USD)2011(mil USD)2012(mil USD) Banks162,840190,102188,281 Other services191,098176,780179,120 Machinery, equipment, furniture, recycling79,55380,52880,450 Metals & metal products19,66434,25868,549 Wholesale & retail trade35,72160,47254,708 Gas, water, electricity79,93150,59446,385 Chemicals, rubber, plastics46,39863,35945,026 Transport41,24421,04031,858 Insurance companies26,45817,80327,900 Construction26,83527,01825,138 Food, beverages, tobacco35,72029,45523,553 Primary sector15,63231,57317,482 Wood, cork, paper5,6053,1049,515 Education, health8,4908,3695,908 Publishing, printing5,5428,6855,652 Hotels & restaurants9,40910,0504,592 Textiles, wearing apparel, leather11,68319,3704,026 Post and telecommunications18,547982362 Public administration and defence1328132Western Europe private equity deals by volume and valueAnnounced date No of deals T otal deal value(mil USD)20122,45787,78220112,41283,50820102,41399,29920091,93957,38920082,672142,42220072,974305,974Western Europe private equity deals by volume and valueTop 20 Western Europe private equity deals by valueDeal value(mil USD)Deal type T arget T arget country Equity provider Announced date1.5,156IBO 100%Annington Homes Ltd GB Terra Firma Capital Partners19/11/20122.2,910Minority stake Fondo Strategico Italiano SpA IT Cassa Depositi e Prestiti SpA19/12/20123.2,453MBO 77%Iceland Foods Ltd GB Brait SA; Landmark Group09/03/20124.2,329IBO 100%Ahlsell AB SE CVC Capital Partners29/02/20125.2,275IBO 100%BSN Medical International Holding GmbH & Co. KG DE EQT Partners11/06/20126.1,952IBO 100%Misys plc GB Vista Equity Partners19/03/20127.1,941IBO 100%Douglas Holding AG DE Advent International15/10/20128.1,925IBO 100%Veolia Water Capital Funds Ltd GB M&G Investment Management Ltd28/06/20129.1,551Minority stake 35%The Manchester Airport Group plc GB Industry Funds Management Pty Ltd03/08/201210.1,533IBO 100%Aibel AS NO Ratos; Sjatte AP Fund; Ferd Capital18/12/201211.1,508IBO 100%CPA Global Ltd GB Cinven18/01/201212.1,465Minority stake 20%FGP Topco Ltd GB Qatar Holding LLC17/08/201213.1,431IBO 100%TLG Immobilien GmbH DE Lone Star Investment Advisors LLC12/12/201214.1,400IBO 100%Premium Credit Ltd GB GTCR Golder Rauner01/11/201215.1,367IBO Atento Inversiones y Teleservicios SA ES Bain Capital12/10/201216.1,279IBO 100%Four Seasons Health Care Ltd GB Terra Firma Capital Partners30/04/201217.1,259IBO 100%Global Blue (UK) Ltd GB Silver Lake Partners; Partners Group24/05/201218.1,244IBO 100%Edinburgh Airport Ltd GB Global Infrastructure Management LLC23/04/201219.1,239IBO 100%KMD A/S DK Advent International15/10/201220.1,088IBO 63%Wood Mackenzie Ltd GB Hellman & Friedman03/07/2012Target country by volume - Western Europeprivate equity dealsT arget country201020112012 UK710636698 France589538544 Germany259310340 Spain151179149 Sweden137151140 Italy80107126 Netherlands126125104 Finland588673 Denmark414155 Norway534151 Belgium635142 Ireland374241 Switzerland464741 Austria122422 Turkey201820 Portugal14118 Luxembourg1466 Cyprus464 Greece134 Gibraltar111Target country by value - Western Europeprivate equity dealsT arget country2010(mil USD)2011(mil USD)2012(mil USD) UK37,10219,11037,437 Germany3,5855,50511,401 France13,88413,5789,320 Italy5,1745,5306,647 Spain7,4936,8733,841 Norway2,7231,2973,455 Sweden4,50010,0213,435 Denmark1,0501,4322,921 Netherlands11,9254,8742,172 Switzerland4,8313,3411,759 Luxembourg1,5523,0101,492 Belgium2,2512,6571,133 Austria921661,006 Ireland4,899750683 Turkey2031,183681 Finland1,2003,904316 Cyprus25293110 Greece010060 Gibraltar97643 Portugal30123522Target sectors by volume - Western Europeprivate equity dealsT arget sector201020112012 Other services9991,1491,213 Machinery, equipment, furniture, recycling459400342 Wholesale & retail trade201186238 Chemicals, rubber, plastics199134142 Publishing, printing425282 Education, health1057362 Food, beverages, tobacco594559 Metals & metal products596152 Construction455348 Hotels & restaurants283944 Banks295040 Transport414237 Textiles, wearing apparel, leather303831 Gas, water, electricity664929 Wood, cork, paper301923 Primary sector241413 Insurance companies579 Post and telecommunications245 Public administration and defence020Target sectors by value - Western Europeprivate equity dealsT arget sector2010(mil USD)2011(mil USD)2012(mil USD) Other services31,18232,15625,457 Wholesale & retail trade16,4036,26113,159 Chemicals, rubber, plastics6,5979,4677,675 Machinery, equipment, furniture, recycling11,0099,1387,224 Construction8503,9135,511 Banks2,1382,9785,167 Transport7,4224,4964,897 Food, beverages, tobacco2,5481,4913,093 Gas, water, electricity4,4735,7673,048 Education, health5,8842,7422,840 Metals & metal products3,7278972,740 Insurance companies2,0267582,146 Hotels & restaurants2,0161,6921,732 Primary sector8722991,562 Textiles, wearing apparel, leather4572,699655 Publishing, printing412527613 Wood, cork, paper2,065317192Post and telecommunications020044Public administration and defence000North American M&A deal value weaker, PE remains buoyant The value of deals targeting companies based in North America was USD1,033 billion in 2012, a 7 per cent decline from the USD 1,108 billion recorded in 2011. Conversely, volume was up 2 per cent, from 14,634 transactions to 14,878, marking the third consecutive yearly increase.There was disparity in the results by country: the value of deals involvingUS targets dropped by 9 per cent, from USD 969,564 million in 2011 to USD 879,020 million, while the value of transactions targeting Canadian companies actually increased for the second year in a row to USD 154,035 million (2011: USD 139,582 million; 2010: USD 120,984 million).Private equity investment in North America continued to improve, as deal value for 2012 increased 10 per cent to USD 161,013 million, the best result since 2007, the year before the global credit crisis hit. Volume was similarly healthy at 4,013 transactions, the third increase in a row.North America deals by volume and valueAnnounced date No of deals T otal deal value(mil USD) 201214,8781,033,071 201114,6341,108,286 201014,105926,254 200913,7491,268,689 200814,6481,487,448 200718,8261,828,771。
BusinessNegotiationEnglish
B u s i n e s s N e g o t i a t i o n E n g l i s hC h a p t e r1P r i n c i p l e s o f B u s i n e s s N e g o t i a t i o n:•W h a t i s n e g o t i a t i o n?----t h e p r o c e s s w e u s e t o s a t i s f y o u r n e e d s w h e n s o m e o n e e l s e c o n t r o l s w h a t w e w a n t.(R o b e r t M a d d u x)----W h e n e v e r p e o p l e e x c h a n g e i d e a s w i t h t h e i n t e n t i o n o f c h a n g i n g r e l a t i o n s h i p s,w h e n e v e r t h e y c o n f e r f o r a g r e e m e n t,t h e n t h e y a r en e g o t i a t i n g.(G e r a r d I.N i e r e n b e r g)D e f i n i t i o n s:----t h e a b i l i t y t o d e a l w i t h b u s i n e s s a f f a i r s,----t o a r r a n g e b y d i s c u s s i o n t h e s e t t l e m e n t o f t h e t e r m s,----t o r e a c h a g r e e m e n t s t h r o u g h t r e a t i e s a n d c o m p r o m i s e,----t o t r a v e l t h r o u g h c h a l l e n g i n g t e r r i t o r y.2.W h e n d o p e o p l e n e g o t i a t e?---w h e r e t o g o f o r d i n n e r---w h i c h m o v i e t o w a t c h---h o w t o s p l i t h o u s e h o l d c h o r e s,e t c---w h e t h e r t o b u y a c o m p u t e r---w h o t o h a v e t h e f i r s t a p p l eP r a c t i c e:P l e a s e c h e c k o f f t h e f o l l o w i n g s i t u a t i o n s t h a t r e p r e s e n t n e g o t i a t i o n s.P u r c h a s i n g a c o m p u t e r a t a d e p a r t m e n t s t o r e.D e c i d i n g w i t h t h e f a m i l y w h e r e t o g o f o r t h e w e e k e n d.B i d d i n g f o r a s e c o n d-h a n d e d c a r.D e c i d i n g h o w t h e h o u s e w i l l b e c l e a n e d u p.B o r r o w i n g a m u s i c a l i n s t r u m e n t f r o m a f r i e n d.S e l e c t i n g a c o n t r a c t o r t o b u i l d a n e w k i t c h e n.D e c i d i n g w h e t h e r t o s t a y l a t e a t w o r k t o f i n i s h u p a p r o j e c t.G e t t i n g a n e x t e n s i o n o n y o u r u n f i n i s h e d a s s i g n m e n t s.M a k i n g u p,o r r e b u i l d i n g a r e l a t i o n s h i p w i t h s o m e o n e y o u l o v e.D e c i d i n g o n a d a t e f o r t h e n e x t m e e t i n g w i t h y o u r c u s t o m e r.G e t t i n g a c h i l d t o g o t o b e d.P i c k i n g a s u c c e s s o r f o r t h e C E O o f a c o m p a n y w h e r e y o u a r e o n t h e b o a r d.3.T y p e s o f n e g o t i a t i o n:C o m p e t i t i v e s t y l eA c c o m m o d a t i v e s t y l eA v o i d a n c e s t y l eC o m p r o m i s i n g s t y l eC o l l a b o r a t i v e s t y l eV e n g e f u l s t y l eS e l f-i n f l i c t i n g s t y l eV e n g e f u l a n d s e l f-i n f l i c t i n g s t y l eT y p e s o f n e g o t i a t i o n:C o m p e t i t i v e s t y l e:T o t r y t o g a i n a l l t h e r e i s t o g a i n.A c c o m m o d a t i v e s t y l e:T o b e w i l l i n g t o y i e l d a l l t h e r e i s t o y i e l d.A v o i d a n c e s t y l e:T o t r y t o s t a y o u t o f n e g o t i a t i o n.T y p e s o f n e g o t i a t i o n:4.C o m p r o m i s i n g s t y l e:T o t r y t o s p l i t t h e d i f f e r e n c e o r f i n d a ni n t e r m e d i a t e p o i n t a c c o r d i n g t o s o m e p r i n c i p l e.5.C o l l a b o r a t i v e s t y l e:T o t r y t o f i n d t h e m a x i m u m p o s s i b l e g a i n f o rb o t h p a r t i e s-----b yc a r e f u l e x p l o r a t i o n o f t h e i n t e r e s t s o f a l lp a r t i e s-----a n d o f t e n b y e n l a r g i n g t h e p i e.T y p e s o f n e g o t i a t i o n:s t y l e:T o t r y t o h a r m t h e o t h e r.7.S e l f-i n f l i c t i n g s t y l e:T o a c t s o a s t o h a r m o n e s e l f.8.V e n g e f u l a n d s e l f-i n f l i c t i n g s t y l e:T o t r y t o h a r m t h e o t h e r a n da l s o o n e s e l f.4.P r i n c i p l e o f C o l l a b o r a t i v e n e g o t i a t i o nP r o b l e m-s o l v i n g n e g o t i a t i o nC o n s e n s u s-b u i l d i n g n e g o t i a t i o nI n t e r e s t-b a s e d n e g o t i a t i o nW i n-w i n n e g o t i a t i o nM u t u a l g a i n s n e g o t i a t i o n,e t c.T h e a s s u m p t i o n s:T h e n e g o t i a t i o n p a r t i e s h a v e b o t h d i v e r s e a n d c o m m o n i n t e r e s t sT h e c o m m o n i n t e r e s t s a r e v a l u e d a n d s o u g h t.T h e n e g o t i a t i o n p r o c e s s e s c a n r e s u l t i n b o t h p a r t i e s g a i n i n g s o m e t h i n g.T h e n e g o t i a t i n g a r e n a i s c o n t r o l l e d b y e n l i g h t e n e d s e l f-i n t e r e s t.I n t e r d e p e n d e n c e i s r e c o g n i z e d a n d e n h a n c e d.L i m i t e d r e s o u r c e s d o e x i s t,b u t t h e y c a n u s u a l l y b e e x p a n d e d t h r o u g h c o o p e r a t i o n a n dc r e a t i v i t y.T h e g o a l i s a m u t u a l l y a g r e e a b l e s o l u t i o n t h a t i s f a i r t o a l l p a r t i e s a n d e f f e c t i v e f o r t h e c o m m u n i t y/g r o u p.D i s a d v a n t a g e s:P r e s s u r e a n i n d i v i d u a l t o c o m p r o m i s e a n d a c c o m m o d a t e i n w a y s n o t i n h i s i n t e r e s t.A v o i d c o n f r o n t a t i o n a l s t r a t e g i e s,w h i c h c a n b e h e l p f u l a t t i m e s.I n c r e a s e v u l n e r a b i l i t y t o d e c e p t i o n a n d m a n i p u l a t i o n b y a c o m p e t i t i v e o p p o n e n t.M a k e i t h a r d t o e s t a b l i s h d e f i n i t e a s p i r a t i o n l e v e l s a n d b o t t o m l i n e s.R e q u i r e s u b s t a n t i a l s k i l l a n d k n o w l e d g e o f t h e p r o c e s s.R e q u i r e s t r o n g c o n f i d e n c e i n o n e‘s p e r c e p t i o n s r e g a r d i n g t h e i n t e r e s t s a n d n e e d s o f t h e o t h e r s i d e.5.P r i n c i p l e d n e g o t i a t i o nP I O C:P e o p l e:S e p a r a t e t h e p e o p l e f r o m t h e p r o b l e m.I n t e r e s t:F o c u s o n i n t e r e s t s,n o t p o s i t i o n s(i n t e r e s t s a l w a y su n d e r l i e p o s i t i o n s)O p t i o n s:I n v e n t o p t i o n s f o r m u t u a l g a i n s.C r i t e r i a:I n s i s t o n u s i n g o b j e c t i v e c r i t e r i a.*S e p a r a t e t h e p e o p l e f r o m t h e p r o b l e m.T e c h n i q u e s:---E s t a b l i s h a n a c c u r a t e p e r c e p t i o n.---C u l t i v a t e a p p r o p r i a t e e m o t i o n.---S t r i v e a p p r o p r i a t e c o m m u n i c a t i o n.*F o c u s o n i n t e r e s t s,n o t p o s i t i o n sM e t h o d s:---i d e n t i f y t h e s e l f-i n t e r e s t s---d i s c u s s i n t e r e s t s w i t h t h e o t h e r p a r t y*I n v e n t o p t i o n s f o r m u t u a l g a i n sB r a i n s t o r m i n g4o b s t a c l e s:P r e m a t u r e j u d g m e n tS e a r c h i n g f o r t h e s i n g l e a n s w e rT h e a s s u m p t i o n o f a f i x e d p i eT h i n k i n g t h a t“s o l v i n g t h e i r p r o b l e m i s t h e i r p r o b l e m”.S t e p s f o r o v e r c o m i n g t h e o b s t a c l e sS e p a r a t i n g t h e a c t o f i n v e n t i n g o p t i o n s f r o m t h e a c t o f j u d g i n g t h e m.•R u n a b r a i n s t o r m i n g s e s s i o n:•C o n s i d e r b r a i n s t o r m i n g w i t h t h e o t h e r s i d e;i t c a n b e v e r yv a l u a b l e.B e f o r e b r a i n s t o r m i n g:---D e f i n e y o u r p u r p o s e:w h a t y o u w o u l d l i k e t o a c h i e v e a t t h e m e e t i n g.---C h o o s e a f e w p a r t i c i p a n t s:5-8p e o p l e.---C h a n g e t h e e n v i r o n m e n t:d i s t i n g u i s h i n g t h e s e s s i o n f r o m r e g u l a r d i s c u s s i o n. ---D e s i g n a n i n f o r m a l a t m o s p h e r e:a d r i n k,a t a v a c a t i o n l o d g e e t c.---C h o o s e a f a c i l i t a t o r:t o k e e p t h e m e e t i n g o n t r a c k.D u r i n g b r a i n s t o r m i n g:---S e a t t h e p a r t i c i p a n t s s i d e b y s i d e f a c i n g t h e p r o b l e m;---C l a r i f y t h e g r o u n d r u l e s,i n c l u d i n g t h en o-c r i t i c i s m r u l e;---B r a i n s t o r m;---R e c o r d t h e i d e a s i n f u l l v i e w.A f t e r b r a i n s t o r m i n g:---C h e c k t h e m o s t p r o m i s i n g i d e a s;---E x p l o r e i m p r o v e m e n t s f o r p r o m i s i n g i d e a s;---S e t u p a t i m e t o e v a l u a t e i d e a s a n d m a k e a d e c i s i o n.S t e p s f o r o v e r c o m i n g t h e o b s t a c l e sB.D e v e l o p a s m a n y o p t i o n s a s p o s s i b l e b e f o r e c h o o s i n g o n e.•A d o p t t h e f o u r t y p e s o f t h i n k i n g:I d e n t i f y i n g a p r o b l e m;A n a l y z i n g t h e p r o b l e m;C o n s i d e r i n g w h a t t o b e d o n e;C o m i n g u p w i t h s o m e s p e c i f i c a n d w o r k a b l e s u g g e s t i o n s f o r a c t i o n.•L o o k a t t h e p r o b l e m t h r o u g h t h e e y e s o f d i f f e r e n t e x p e r t s.•D e v e l o p d i f f e r e n t v e r s i o n s o f a g r e e m e n t.•C h a n g e t h e s c o p e o f a p r o p o s e d a g r e e m e n t.S t e p s f o r o v e r c o m i n g t h e o b s t a c l e sC.S e a r c h f o r m u t u a l g a i n sI d e n t i f y s h a r e d i n t e r e s t s;D o v e t a i l d i f f e r i n g i n t e r e s t s.D.F i n d w a y s t o h e l p m a k e t h e o t h e r p a r t y’s d e c i s i o n e a s y.*I n s i s t o n u s i n g o b j e c t i v e c r i t e r i a1)G u i d e l i n e s f o r o b j e c t i v e c r i t e r i a:I n d e p e n d e n t o f w i l l s o f a l l p a r t i e s.L e g i t i m a t e a n d p r a c t i c a l.A c c e p t a b l e t o a l l p a r t i e s.2)A f a i r p r o c e d u r a l s t a n d a r d3)D i s c u s s t h e m w i t h t h e o t h e r p a r t y.T h r e e b a s i c p o i n t s:F r a m e e a c h i s s u e a s a j o i n t s e a r c h f o r o b j e c t i v e c r i t e r i a.R e a s o n a n d b e o p e n t o r e a s o n a s t o w h i c h s t a n d a r d s a r e m o s ta p p r o p r i a t e a n d h o w t h e y s h o u l db e a p p l i e d.N e v e r y i e l d t o p r e s s u r e,o n l y t o p r i n c i p l e.C a s e S t u d yI n o n e n e g o t i a t i o n i n t h e e a r l y1980s,a C h i n e s e m a n u f a c t u r e r w a s l o c k e d i na d i s p u t e w i t h a n A m e r i c a n i m p o r t e r o v e r h o w m a n y m o d e l s o f t h eb ic y c l e s h i s c o m p a n y w o u ld p r o d u c e.T he A m e r i c a n i m p o r t e r w a n t e df o u r d i f f e r e n t m o d e l s t og i v e i t s c u s t o m e r s g r e a t e r s e l e c t i o n.Th e C hi n e s e c o m p a n y w a n t e d t o p r o d u c e o n l y t w o m o d e l s,t o k e e p t o o l i n g,i n v e n t o r y,a n d a n d o t h e r m a n u f a c t u r i n g c o s t s d o w n.C a s e S t u d yT h e p o s i t i o n o f t h e C h i n e s e c o m p a n y w a s t h a t i t w o u l d p r o d u c e o n l y t w o m o d e l s, w h i l e t h e u n d e r l y i n g i n t e r e s t w a s t o k e e p m a n u f a c t u r i n g c o s t s d o w n.T h e p o s i t i o n o f t h e A m e r i c a n i m p o r t e r w a s t h a t i t w a n t e d f o u r m o d e l s,w h i l e i t s u n d e r l y i n g i n t e r e s t w a s t o i n c r e a s e i t s p r o f i t s b y s e l l i n g m o r e b i c y c l e s.A s l o n g a s t h e n e g o t i a t o r f o c u s e d o n t h e s e p o s i t i o n s,t h e d i s p u t e c o u l d b e r e s o l v e d o n l y t h r o u g h c o n c e s s i o n s b y o n e o r b o t h s i d e s.S o l u t i o n:B u t a n i n t e r e s t-o r i e n t e d e x a m i n a t i o n o f t h e d i s p u t e l e a d s t o t h e q u e s t i o n:H o w c a n t h e h i g h e r c o s t o f m a n u f a c t u r i n g f o u r m o d e l s b e a l l o c a t e d b e t w e e n t h e A m e r i c a n i m p o r t e r a n d t h eC h i n e s e m a n u f a c t u r e r?I n t h i s e x a m p l e,t h e p a r t i e s w e r e a b l e t o d e v i s e a f o r m u l a t h a t i n c r e a s e d t h e u n i t c o s t o f d i f f e r e n t m o d e l s t o r e f l e c t t h e C h i n e s e m a n u f a c t u r e r’s i n c r e a s e d m a n u f a c t 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g e m e n t o f a m a j o r t e l e v i s i o n m a n u f a c t u r e r’s w a r e h o u s e h a s a d i s p u t e w i t h e m p l o y e e s a b o u t o v e r t i m e s c h e d u l i n g.W o r k e r s d o n o t w a n t t o b e l o c k e d i n t o a s p u r-o f-t h e-m o m e n t o v e r t i m e a s s i g n m e n t, y e t m a n a g e m e n t n e e d s t o b e s u r e t h a t t h e w a r e h o u s e w i l l b e f u l l y s t a f f e d.P l e a s e h e l p b o t h s i d e s w o r k o u t a s o l u t i o n t h a t s a t i s f i e s t h e m a l l.S i m u l a t e d n e g o t i a t i o n2D i r e c t i o n s:T r y t o n e g o t i a t e w i t h s o m e o n e a b o u t a p r o b l e m t h a t d i v i d e s y o u t w o.U s e s o m e o f t h e p r i n c i p l e s t o d e a l w i t h t h ed i f f i c u l t y a r i s i n g be t w e e n y o u.B u s i n e s s N e g o t i a t i o n E n g l i s hC h a p t e r1P r i n c i p l e s o f B u s i n e s s N e g o t i a t i o nA.P r i n c i p l e o f I n t e r e s 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r i n c i p l e d i d t h e D e p a r t m e n t o f D e f e n s e f o l l o w?F o r m s o f B u s i n e s s O w n e r s h i p企业产权形式S o l e p r o p r i e t o r s h i p s个人企业P a r t n e r s h i p s合股企业J o i n t V e n t u r e s合伙企业C o r p o r a t i o n s公司L i m i t e d L i a b i l i t y C o m p a n i e s有限责任公司M e r g e r s a n d A c q u i s i t i o n s企业兼并和收购F r a n c h i s e s特许经营A P a r t n e r s h i p i s a l e g a l r e l a t i o n s h i p b e t w e e n p e r s o n s c a r r y i n g o n a p r o f i t-m o t i v a t e d b u s i n e s s.K e y e l e m e n t s:---c o m m o n o w n e r s h i p---s h a r e d p r o f i t s a n d l o s s e s---t h e r i g h t t o p a r t i c i p a t e i n m a n a g i n g t h e o p e r a t i o n s o f t h eb u s i n e s s.J o i n t V e n t u r e sA J o i n t v e n t u r e i s t h e p o o l i n g o f r e s o u r c e s a n d e x p e r t i s e b y t w o o r m o r e b u s i n e s s e s,t y p i c a l l y f r o m d i f f e r e n t a r e a s o r c o u n t r i e s t o a c h i e v e a p a r t i c u l a r g o a l.T h e r i s k s a n d r e w a r d s o f t h e e n t e r p r i s e a r e a l s o s h a r e d.C o r p o r a t i o n s---a l e g a l e n t i t y（法人实体）,a l l o w e d b y l e g i s l a t i o n,w h i c h p e r m i t s a g r o u p o f p e o p l e,a s s h a r e h o l d e r s(f o r-p r o f i t c o m p a n i e s)o r m e m b e r s(n o n-p r o f i t c o m p a n i e s),t o c r e a t e a n o r g a n i z a t i o n,w h i c h c a n t h e n f o c u s o n p u r s u i n g s e t o b j e c t i v e s,a n d e m p o w e r e d w i t h l e g a l r i g h t s w h i c h a r e u s u a l l y o n l y r e s e r v e d f o r i n d i v i d u a l s,s u c h a s t o s u e a n d b e s u e d,o w n p r o p e r t y,h i r e e m p l o y e e s o r l o a n a n d b o r r o w m o n e y.L i m i t e d L i a b i l i t y C o m p a n i e s(L L C)---a t y p e o f b u s i n e s s o w n e r s h i p c o m b i n i n g s e v e r a l f e a t u r e s o fc o r p o r a t i o n a nd p a r t ne r s h i p s t r u c t u r e s.B u t i t i s n o t a c o r p o r a t i o no r p a r t n e r s h i p.I t s o w n e r s a r e c a l l e d m e m b e r s n o t s h a r e h o l d e r s o r p a r t n e r s.T h e n u m b e r o f m e m b e r s a r e u n l i m i t e d a n d m a y b e i n d i v i d u a l s, c o r p o r a t i o n s,o r o t h e r L L C’s.M e r g e r s a n d A c q u i s i t i o n sA M e r g e r i s t h e r e s u l t o f t h e c o m b i n a t i o n o f t w o c o m p a n i e s(o r c o r p o r a t i o n s) t o f o r m a n e w c o m p a n y.A n A c q u i s i t i o n i s o n e c o m p a n y b u y i n g t h e p r o p e r t y a n d o b l i g a t i o n s o f a n o t h e r c o m p a n y.---a h o r i z o n t a l m e r g e r---a v e r t i c a l m e r g e r---a p o t e n t i a l c o m p e t i t i o n m e r g e r(c o n g l o m e r a t e)F r a n c h i s e s---t h e r i g h t t o u s e a b u s i n e s s n a m e a n d s e l l p r o d u c t s o r s e r v i c e s, u s u a l l y i n a s p e c i f i c g e o g r a p h i c a l t e r r i t o r y.B.P r i n c i p l e o f T r u s t i n N e g o t i a t i o nT r u s t:a s t a t e i n v o l v i n g e x p e c t a t i o n s a b o u t a n o t h e r’s m o t i v e s a n d a c t i o n s w i t h r e s p e c t t o o n e s e l f i n s i t u a t i o n s e n t a i l i n g r i s k s o f u n c e r t a i n t y.T h r e e t y p e s o f t r u s t i n p r o f e s s i o n a lr e l a t i o n s h i p s:D e t e r r e n c e-b a s e d t r u s t(威慑型)--c a l c u l u s-b a s e d t r u s t（估量型）K n o w l e d g e-b a s e d t r u s t（了解型）I d e n t i f i c a t i o n-b a s e d t r u s t（识别型）T r u s t b u i l d i n g i n n e g o t i a t i o nS p e a k t h e i r l a n g u a g e*u n d e r s t a n d t e c h n i c a l t e r m s a n d l i n g o.*c a t c h t h e n u a n c e s a n d c u l t u r a l i m p l i c a t i o n s b e h i n d w h a t’s b e i n g s a i d.*l e a r n h o w t h e o t h e r s i d e u s e s w o r d s t o c o n v e y i d e a s.T r u s t b u i l d i n g i n n e g o t i a t i o n2.M a n a g e y o u r r e p u t a t i o n*R e p u t a t i o n s p r e a d s.*M a k e y o u r r e p u t a t i o n a t o o l i n n e g o t i a t i o n b y p r o v i d i n g r e f e r e n c e s f r o m m u t u a l l y t r u s t e d t h i r d p a r t i e s t h a t s p e a k f o r y o u r c h a r a c t e r a n d c o m p e t e n c e o r b y o f f e r i n g o t h e r f o r m s o f e v i d e n c e o f p a s t s u c c e s s s u c h a s m e d i a o r t r a d e r e p o r t s.T r u s t b u i l d i n g i n n e g o t i a t i o n3.M a k e d e p e n d e n c e a f a c t o r4.M a k e u n i l a t e r a l c o n c e s s i o n s5.N a m e y o u r c o n c e s s i o n s6.E x p l a i n y o u r d e m a n d sO t h e r s t r a t e g i e sD e m o n s t r a t e y o u r c o m p e t e n c eM a k e s u r e t h e n o n v e r b a l s i g n a l s y o u a r e s e n d i n g m a t c h t h e w o r d s y o u a r e s a y i n gM a i n t a i n a p r o f e s s i o n a l a p p e a r a n c eC o m m u n i c a t e y o u r i n t e n t i o n sD o w h a t y o u s a y y o u a r e g o i n g t o d oG o b e y o n d t h e c o n v e n t i o n a l r e l a t i o n s h i pL i s t e nO t h e r s t r a t e g i e sO v e r-c o m m u n i c a t eD i s c u s s t h e i n d i s c u s s i b l e sP r o v i d e a c c u r a t e i n f o r m a t i o n,w i t h o u t a n y h i d d e n a g e n d aB e h o n e s t—e v e n w h e n i t c o s t s y o u s o m e t h i n gB e p a t i e n tU p h o l d f a i r n e s sN e g o t i a t e f o r a b u n d a n c e,n o t s c a r c i t yT a k e c a l c u l a t e d r i s k sQ u e s t i o n sH o w i m p o r t a n t i s t r u s t i n y o u r c o m m u n a l a n d e x c h a n g er e l a t i o n s h i p s?D o y o u t r u s t p e o p l e a r o u n d y o u?H o w d o y o u s h o w y o u r t r u s t t oo t h e r s?W h i c h o f t h e s e p r i n c i p l e s a n d s t r a t e g i e s w o u l d w o r k b e s t f o r y o ui n n e g o t i a t i o n?P r i n c i p l e o f D i s t r i b u t i v e,I n t e g r a t i v e&C o m p l e xn e g o t i a t i o n---s i m p l e a n d c o m p l e x n e g o t i a t i o n(p a r t i e s)---d i s t r i b u t i v e a n d i n t e g r a t i v e n e g o t i a t i o n(h o w t h e y a r e c o n d u c t e d) D i s t r i b u t i v e n e g o t i a t i o nD i s t r i b u t i v e b a r g a i n i n g,p o s i t i o n a l b a r g a i n i n g---c l a i m i n g v a l u e b a r g a i n i n g,o r w i n-l o s e b a r g a i n i n g,---a c o m p e t i t i v e a p p r o a c h t h a t i s u s e d w h e n t h e r e i s a f i x e d“p i e”a n dn e g o t i a t o r s h a v e t o d e c i d e w h o g e t s h o w m u c h o f t h a t p i e.O n e’s w a l k-a w a y v a l u eI n f o r m a t i o nC o m m o n t a c t i c s:---T r y i n g t o g a i n a n a d v a n t a g e b y i n s i s t i n g o n n e g o t i a t i n g o n o n e’s h o m e t u r f ---H a v i n g m o r e n e g o t i a t o r s t h a n t h e o t h e r s i d e---U s i n g t r i c k s a n d d e c e p t i o n t o t r y t o g e t t h e o t h e r s i d e t o c o n c e d e m o r e ---M a k i n g t h r e a t s o r i s s u i n g u l t i m a t u m s---T r y i n g t o f o r c e t h e o t h e r s i d e t o g i v e i n b y o v e r p o w e r i n g t h e mS t r a t e g i e sw a l k a w a yB A T N AN e e d sH i g h a s p i r a t i o n sA p u r p o s e,a n a g e n d a a n d a“w h a t n e x t”i n m i n dS t r a t e g i e s2.O p e n i n g o f f e r sF i r s t o f f e rA r e s p o n s eC o u n t e r-o f f e r3.E x c h a n g i n g i n f o r m a t i o n a n d a r g u m e n t s4.C o n c e s s i o n s a n d d e c i s i o n sI n t e g r a t i v e N e g o t i a t i o n o r b a r g a i n i n gI n t e r e s t-b a s e d b a r g a i n i n gW i n-w i n b a r g a i n i n gA n a p p r o a c h i n w h i c h p a r t i e s c o l l a b o r a t e t o l o o k f o r a s o l u t i o n t h a t m a x i m i z e s j o i n t g a i n a n d a l l o w s e v e r y o n e t o w a l k a w a y f e e l i n g l i k e t h e y h a v e w o n s o m e t h i n g.(b o t h s i d e s c a n a c h i e v e t h e i ro b j e c t i v e s.)S t e p sI d e n t i f y e a c h s i d e’s i n t e r e s t s.A s k y o u r s e l f h o w t h e o t h e r s i d e p e r c e i v e s y o u r d e m a n d s.T h e t w o p a r t i e s w o r k t o g e t h e r c o o p e r a t i v e l y t o t r y t o f i g u r e o u t t h e b e s t w a y s t o m e e t t h o s e i n t e r e s t s.C o m p l e x N e g o t i a t i o nM u l t i l a t e r a l n e g o t i a t i o nM u l t i p a r t y n e g o t i a t i o nG r o u p n e g o t i a t i o nA p r o c e s s i n w h i c h t h r e e o r m o r e p a r t i e s,w i t h t h e i r o w n i n t e r e s t s, d e c i d e h o w t o r e s o l v e t h e i r c o n f l i c t s a m o n g i s s u e s.P r i n c i p l e s f o r c o m p l e x n e g o t i a t i o nT h i n k c a r e f u l l y a b o u t t h e d i s t r i b u t i o n r u l e t o b e u s e d i n a l l o c a t i n g r e s o u r c e s a m o n g t h e p a r t i e s.E q u i t y r u l eE q u a l i t y r u l eT h e n e e d s o f t h e i n d i v i d u a l g r o u p m e m b e r sP a s t p r a c t i c e2.A v o i d m a j o r i t y r u l e i n g r o u p n e g o t i a t i o n s w h e n e v e r p o s s i b l e.3.A v o i d s t r i c t i s s u e-b y-i s s u e a g e n d a s w h e n e v e r p o s s i b l e.4.F o c u s o n t h e d i f f e r i n g i n t e r e s t s a n d p r e f e r e n c e s o f g r o u p m e m b e r st o f a c i l i t a t e c r e a t i v e i n t e g r a t i v e a g r e e m e n t s5.R e c o g n i z e t h a t c o a l i t i o n s a r e i n h e r e n t l y u n s t a b l e,o f t e n l e a d i n gt o a g r e e m e n t s t h a t a r e n o t i n t h e b e s t i n t e r e s t o f t h eo r g a n i z a t i o n.Q u e s t i o n sW h a t i s d i s t r i b u t i v e n e g o t i a t i o n?H a v e y o u h a d d i s t r i b u t i v e n e g o t i a t i o n i n y o u r l i f e?D e s c r i b e y o u r e x p e r i e n c e i n s u c h a n e g o t i a t i o n t o y o u r p a r t n e r.D e f i n e i n t e g r a t i v e n e g o t i a t i o n.H a v e y o u e x p e r i e n c e d i n t e g r a t i v en e g o t i a t i o n?W h a t a r e t h e m a j o r d i f f e r e n c e s b e t w e e n d i s t r i b u t i v en e g o t i a t i o n a n d i n t e g r a t i v e n e g o t i a t i o n?W h a t i s c o m p l e x n e g o t i a t i o n?B u s i n e s s N e g o t i a t i o n E n g l i s hM o d u l e s o f B u s i n e s s N e g o t i a t i o n4m o d u l e sE n q u i r y a n d r e p l yO f f e r a n d c o u n t e r-o f f e rA c c e p t a n c eC o n c l u s i o n o f a c o n t r a c tE n q u i r y a n d R e p l yI n f o r m a t i o n a b o u t:•W h i c h c o m p a n y c a n b e s t s u p p l y w h a t h e w a n t s t o o r d e r•W h a t t h e i r r e p u t a t i o n i s•H o w c o m p e t i t i v e t h e i r p r i c e s a r e•W h a t t e r m s t h e y o f f e r。
外文翻译----企业并购财务分析
M & Financial AnalysisCorporate mergers and acquisitions have become a major form of capital operation. Enterprise use of this mode of operation to achieve the capital cost of the external expansion of production and capital concentration to obtain synergies, enhancing competitiveness, spread business plays a very important role. M & A process involves a lot of financial problems and solve financial problems is the key to successful mergers and acquisitions. Therefore, it appears in merger analysis of the financial problems to improve the efficiency of M & Finance has an important practical significance.A financial effect resulting from mergers and acquisitions1. Saving transaction costs. M & A market is essentially an alternative organization to realize the internalization of external transactions, as appropriate under the terms of trade, business organizations, the cost may be lower than in the market for the same transaction costs, thereby reducing production and operation the transaction costs.2. To reduce agency costs. When the business separation of ownership and management, because the interests of corporate management and business owners which resulted in inconsistencies in agency costs, including all contract costs with the agent, the agent monitoring and control costs. Through acquisitions or agency competition, the incumbent managers of target companies will be replaced, which can effectively reduce the agency costs.3. Lower financing costs. Through mergers and acquisitions, can expand the size of the business, resulting in a common security role. In general, large companies easier access to capital markets, large quantities they can issue shares or bonds. As the issue of quantity, relatively speaking, stocks or bonds cost will be reduced to enable enterprises to lower capital cost, refinancing.4. To obtain tax benefits. M & A business process can make use of deferredtax in terms of a reasonable tax avoidance, but the current loss of business as a profit potential acquisition target, especially when the acquiring company is highly profitable, can give full play to complementary acquisitions both tax advantage. Since dividend income, interest income, operating income and capital gains tax rate difference between the large mergers and acquisitions take appropriate ways to achieve a reasonable financial deal with the effect of tax avoidance.5. To increase business value. M & A movement through effective control of profitable enterprises and increase business value. The desire to control access to the right of the main business by trading access to the other rights owned by the control subjects to re-distribution of social resources. Effective control over enterprises in the operation of the market conditions, for most over who are in competition for control of its motives is to seek the company's market value and the effective management of the condition should be the difference between the market value.Second, the financial evaluation of M & ABefore merger, M & A business goal must be to evaluate the financial situation of enterprises, in order to provide reliable financial basis for decision-making. Evaluate the enterprise's financial situation, not only in the past few years, a careful analysis of financial reporting information, but also on the acquired within the next five years or more years of cash flow and assets, liabilities, forecast.1. The company liquidity and solvency position is to maintain the basic conditions for good financial flexibility. Company's financial flexibility is important, it mainly refers to the enterprises to maintain a good liquidity for timely repayment of debt. Good cash flow performance in a good income-generating capacity and funding from the capital market capacity, but also the company's overall Profitability, Profitability is the size of which can be company's overall business conditions and competition prospects come to embody. Specific assessment, the fixed costs to predict the total expenditures and cash flow trends, the fixed costs and discretionary spendingis divided into some parts of constraints, in order to accurately estimate the company's working capital demand in the near future, on the accounts receivable turnover and inventory turnover rate of the data to be reviewed, should include other factors that affect financial flexibility, such as short-term corporate debt levels, capital structure, the higher the interest rate of Zhaiwu relatively specific weight.2. Examine the financial situation of enterprises also have to assess the potential for back-up liquidity. When the capital market funding constraints, poor corporate liquidity, the liquidity of the capital assessment should focus on the study of the availability of back-up liquidity, the analysis of enterprise can get the cash management, corporate finance to the outside world the ability to sell convertible securities can bring the amount of available liquidity. In the analysis of various sources of financing enterprises, the enterprises should pay particular attention to its lenders are closely related to the ease of borrowing, because once got in trouble, helpless to the outside world, those close to the lending institutions are likely to help businesses get rid of dilemma. Others include convertible securities are convertible at any time from the stock market into cash, to repay short-term corporate debt maturity.3 Determination of M & A transaction priceM & M price is the cost of an important part of the target company's value is determined based on M & A prices, so enterprises in M & Juece O'clock on targeted business Jinxing scientific, objective value of Ping Gu, carefully Xuanze acquisition Duixiang to Shi Zai market competition itself tide in an invincible position. Measure of the value of the target company, generally adjusted book value method, market value of comparative law, price-earnings ratio method, discounted cash flow method, income approach and other methods.1. The book value adjustment method. Net balance sheet shall be the company's book value. However, to assess the true value of the target company must also be on the balance sheet items for the necessary adjustments. On the one hand, on the asset should be based on market prices and the depreciation of fixed assets,business claims in reliability, inventory, marketable securities and changes in intangible assets to adjust. On liabilities subject to detailed presentation of its details for the verification and adjustment. M & A for these items one by one consultations, the two sides, both sides reached an acceptable value of the company. Mainly applied to the simple acquisition of the book value and market value of the deviation from small non-listed companies.2. The market value of comparative law. It is the stock market and the target company's operating performance similar to the recent average trading price, estimated value of the company as a reference, while analysis and comparison of reference of the transaction terms, compared to adjust, according to assessment to determine the value of the target company. However, application of this method requires a fully developed, active trading market. And a subjective factors and more by market factors, the specific use of time should be cautious. Mainly applied to improve the market system in the acquisition of listed companies.3. PE method. It is based on earnings and price-earnings ratio target companies to determine the value of the method. The expression is: target = target enterprise value of the business income × PE. Where PE (price earnings ratio) can choose when the target company's price-earnings ratio M, with the target company's price-earnings ratio of comparable companies or the target company in which the industry average price-earnings ratio. Corporate earnings targets and the target company can choose the after-tax income last year, the last 3 years, the average after-tax income, or ex post the expected after-tax earnings target company as a valuation indicator. This method is easy to understand and easy to apply, but its earnings targets and price-earnings ratio is very subjective determination, therefore, this valuation may bring us a great risk. This method is suitable for the stock market a better market environment, a more stable business enterprise.5. Income approach. It is the company expected future earnings discounted using appropriate discount rate to assess the present value of the base date, and thus determine the value of the company's assessment. Income approach in principle, thatis the reason why the acquirer acquired the target company, taking into account the target company can generate revenue for themselves, if the company's returns, but the purchase price will be high. Therefore, according to the company level can bring benefits to determine the value of the company is scientific and reasonable way. The use of this method must have two conditions: First, assess the company's future earnings are to be predicted, and can predict the basic income guarantee and the possibility of a reasonable amount; second, and enterprises to obtain expected benefits associated with future risk can be invaluable, and can provide convincing evidence. When the purpose is to use M & A target long-term management and enterprise resources, then use the income approach is suitable.Activities in mergers and acquisitions, M & A business through the acquisition of a variety of financing sources of funds needed. M & M financing enterprises in financing before the deal with a variety of M & A comprehensive analysis and evaluation, to select the best financing channels. M & A financing from the actual situation analysis, M & A financing is divided into internal financing and external financing. Internal financing is an enterprise to use their own accumulated profits to pay for acquisitions. However, due to the amount of funds required for mergers and acquisitions are often very large, and limited internal resources, after all, the use of M & A business operating cash flow to finance significant limitations, the internal financing generally not as the main channel for financing mergers and acquisitions. Of external financing is divided into debt financing, equity financing and hybrid financing.Channels of financing the actual response to determine their capital structure analysis, if the acquisition of their funds sufficient, using its own funds is undoubtedly the best choice; if the business debt rate has been high, as far as possible should be financed without an increase to equity of companies debt financing. However, if the business prospects for the future, can also increase the debt financing, in order to ensure all future benefits enjoyed by the existing shareholders.Whether M & A business development and expansion as a means or aninevitable result of market competition, will play an important stage in the socio-economic role. As an important participant in M & A and policy-makers, from the financial rational behavior on M & A analysis and selection of the same time, also taking into account the market, and management elements that will lead the enterprise's decision making provide the most effective Xin Xi .企业并购财务问题分析企业并购已成为企业资本运营的一种主要形式。
高盛集团
Because everything ADM does begins with agriculture, our partnership with the farming community is vital. Farmers are essential to the overall economy, and that‘s why we work to be essential to them - creating thousands of products from their crops, hundreds of markets for their crops. 因为 ADM公司创建于农业，我 们与农合作社的伙伴关系是至关重要的。农 民是必不可少的整体经济，这就是为什么我 们的工作对他们是必不可少的 – 用他们的农 作物生产出几千种产品，建立数百个农产品 市场。
The company’s Trading and Principal Investments segment engages in market making in, trading of, and investing in commodities商品 and commodity derivatives 衍生品, including power generation发电 and related activities; 该公司的贸易和投资领域主要从事市场庄家， 买卖，以及商品和商品衍生工具，包括发电 和投资有关的活动，
This segment also provides equity securities, derivative securities, futures, and options clearing services; market-making and specialist services in equity securities and options; and insurance services, as well as involves in principal investments activities. 这 部分还提供股本证券，衍生证券，期货和期 权的结算服务，市场决策和股本证券和期权 的专家服务和保险服务，以及投资所涉及的 主要活动领域。
外企常用的英文缩写
外企常用的英文缩写In today's globalized business world, English has become the lingua franca for communication in many multinational corporations. As a result, understanding and using English abbreviations has become essential for employees working in foreign enterprises. In this article, we will explore some common English abbreviations frequently used in foreign companies.1. HR - Human ResourcesHR, short for Human Resources, is a crucial department in foreign enterprises responsible for managing the company's workforce. HR professionals handle recruitment, employee relations, training, and development, ensuring that the organization's employees are satisfied and productive.2. CEO - Chief Executive OfficerThe CEO, or Chief Executive Officer, is the highest-ranking executive in a company responsible for making major corporate decisions, managing resources, and overseeing operations. The CEO plays a critical role in setting the company's strategic direction and ensuring its success.3. CFO - Chief Financial OfficerThe CFO, or Chief Financial Officer, is the executive in charge of the company's financial planning, budgeting, and reporting. CFOs are responsible for managing the company's financial risks, investments, and overall financial health.4. COO - Chief Operating OfficerThe COO, or Chief Operating Officer, is responsible for overseeing the day-to-day operations of the company. COOs ensure that the company's business processes are running smoothly and efficiently to achieve its strategic goals.5. IT - Information TechnologyIT, short for Information Technology, is the department responsible for managing the company's technology infrastructure, systems, and networks. IT professionals provide technical support, troubleshoot issues, and implement new technologies to support the company's operations.6. PR - Public RelationsPR, or Public Relations, is the department responsible for managing the company's public image and reputation. PR professionals handle media relations, crisis communications, and promotional activities to build a positive brand image and maintain good relationships with stakeholders.7. R&D - Research and DevelopmentR&D, short for Research and Development, is the department that focuses on creating and improving products, services, and processes. R&D professionals conduct market research, design experiments, and innovate to drive the company's growth and competitiveness.8. M&A - Mergers and AcquisitionsM&A, short for Mergers and Acquisitions, refers to the strategic activities of combining companies through mergers or acquisitions. M&Adeals are complex transactions that require legal, financial, and operational expertise to successfully integrate two organizations.9. EOD - End of DayEOD, short for End of Day, is a common abbreviation used in business communications to indicate the deadline or completion time for a task or project. Understanding EOD is essential for meeting work deadlines and managing time effectively.10. ASAP - As Soon As PossibleASAP is an abbreviation commonly used in business contexts to indicate the urgency or priority of a task. When someone requests something ASAP, it means they need it to be done as quickly as possible.In conclusion, mastering English abbreviations commonly used in foreign enterprises is essential for effective communication and collaboration in the workplace. By familiarizing yourself with these abbreviations, you can enhance your professional communication skills and adapt to the global business environment.。
基于FCFF 模型下的企业价值评估——以H 公司为例
【企业管理】基于FCFF模型下的企业价值评估——以H公司为例袁 露 杨洪涛（西南林业大学，云南 昆明 650224）[摘 要]随着中国正式宣布加入WTO，中国国内家电市场也涌入了大量外来竞争者，加剧国内市场竞争。
与此同时我国国产高端家电行业也抓住了海外市场经济快速发展的大好契机，越来越多国产家电企业的战略选择就是走向海外市场，去开展投资、进行并购，这也就必然要求国内家电企业对自身和其企业的总体发展必须有着准确的价值判断和把握。
因此选择家电行业中的龙头企业H公司为研究对象，结合H公司2015—2019年财务报表数据，运用自由现金流量模型评估该公司的整体企业价值，最终与案例公司的实际市场价值进行比较，进而分析利用自由现金流量模型评估H企业的价值是否合理。
[关键词]企业价值；企业价值评估；自由现金流量模型；加权平均资本成本[中图分类号] F279.23 [文献标识码] A [文章编号] 2095-3283(2021)06-0108-06Enterprise Value Evaluation Based on FCFF Model —Take H Company as an ExampleYuan Lu Yang Hongtao(Southwest Forestry University, Kunming Yunnan 650224)Abstract: With China officially announcing its accession to the EU and WTO, facing the influx of foreign home appliance market competitors, the domestic high-end home appliance industry has finally seized the great opportunity of the rapid economic development of the overseas market, and more and more domestic home appliance companies are making strategic choices it is to go out of the overseas market to carry out investment and mergers and acquisitions. This also inevitably requires domestic appliance companies to have an accurate value judgment and grasp of the overall development value of themselves and their companies. Therefore, company H,a leading enterprise in the home appliance industry, is selected as the research object. Combined with the financialstatement data of Company H from 2015 to 2019, the free cash flow model was selected to evaluate the company's overall corporate value. Finally, it compares with the actual market value of the case company, and then analyzes whether it is reasonable to use the free cash flow model to evaluate the value of H enterprise.Key Words: Enterprise Value; Enterprise Value Evaluation; Free Cash Flow Model; Weighted Average Cost of Capital一、企业价值评估介绍企业价值评估是指由专业资产评估师进行综合分析和估算企业的整体价值，评估员使用特定的评估基准日期作为评估标准，来估计公司股东权益和所有资产的价值，然后通过书面报告的形式形成专业的评价意见。
资产评估报告怎么用英文
资产评估报告怎么用英文IntroductionAn asset assessment report plays a crucial role in evaluating the value and worth of an asset. It provides an in-depth analysis of various parameters such as financial position, market value, useful life, and depreciation estimates. This report is essential for making informed decisions and determining the potential risks and benefits associated with a particular asset. In this article, we will delve into the usage and benefits of an asset assessment report in the English language.Usage of an Asset Assessment Report1. Investment Decision Making: Financial institutions, corporations, and individual investors rely on asset assessment reports to analyze the current and potential future value of an asset. This analysis helps them make effective investment decisions and allocate their resources wisely.2. Mergers and Acquisitions: During mergers and acquisitions, an asset assessment report is used to evaluate the assets and liabilities of a company. This enables the parties involved to assess the financial health and value of the target company, which is crucial for determining the terms of the deal.3. Insurance and Risk Management: Insurance companies utilize asset assessment reports to assess the insurable value of assets such as real estate, vehicles, or inventory. This helps in determining the appropriateinsurance coverage and premiums. Similarly, risk management professionals utilize asset assessment reports to identify potential risks associated with an asset and devise strategies to mitigate them.4. Financial Reporting and Accounting: Asset assessment reports are imperative for financial reporting and accounting purposes. They provide accurate and reliable information about the value and condition of assets, which is crucial for maintaining transparent financial records.5. Loan Approvals and Collateral Valuations: Banks and financial institutions rely on asset assessment reports to evaluate the value of assets that are offered as collateral for securing loans. These reports help assess the risk associated with the asset and determine the loan amount accordingly.Benefits of an Asset Assessment Report1. Informed Decision Making: An asset assessment report provides detailed insights into the value, risks, and potential benefits of an asset. This empowers decision-makers to make well-informed choices regarding investments, acquisitions, insurance coverage, and management of assets.2. Risk Mitigation: By assessing the potential risks associated with an asset, an asset assessment report enables individuals and organizations to develop risk mitigation strategies. This helps minimize financial losses and ensures a more secure investment environment.3. Transparency and Accountability: Asset assessment reports play a vital role in promoting transparency and accountability. They provide objective and reliable information about assets, enabling stakeholders to understand the financial health and value of the asset in question.4. Enhanced Financial Planning: An asset assessment report allows for effective financial planning by providing accurate estimates of asset value and depreciation. This information assists in forecasting future financial needs and optimizing resource allocation.5. Legal Compliance: Asset assessment reports often fulfill legal requirements and comply with industry regulations. They aid in demonstrating the fair value of assets during audits or legal proceedings. ConclusionIn conclusion, an asset assessment report is a powerful tool that serves multiple purposes across various industries. Its usage spans investment decision making, mergers and acquisitions, insurance, risk management, financial reporting, and loan approvals. The benefits of an asset assessment report are numerous, including informed decision making, risk mitigation, transparency, enhanced financial planning, and legal compliance. It is crucial for both individuals and organizations to utilize asset assessment reports to make sound investment decisions, achievesustainable growth, and ensure financial stability.。
中国企业跨国并购的现状、问题及对策分析
中国企业跨国并购的现状、问题及对策分析摘要：经济全球化已成为当今世界经济最根本的特征和发展趋势，世界贸易和国际投资无一不被纳入到全球经济体系之中。
而跨国公司又在全球经济一体化进程中发挥了举足轻重的作用，跨国公司的海外投资行为和战略调整已对世界经济和东道国产生了重要影响。
随着中国改革开放的发展和国力的不断增强，中国企业跨国投资蓬勃发展，已经成为主动参与经济全球化的重要力量。
中国企业在跨国并购的征途中虽取得了一些成果和经验，但也存在许多问题，这些问题阻碍了企业国际化的发展。
本文从中国企业跨国并购的现状、存在的问题及应对策略三方面,对中国企业跨国并购进行分析，希望能为中国走向海外提供更好的发展平台。
关键词：跨国并购；现状；问题；措施The present situation, problems and countermeasures of Chineseenterprises transnational mergers and acquisitionsAbstract：Globalization has become the most fundamental characteristics and development trend in today's world economy, world trade and international investment are covered by the global economic system. And multinational corporations in the process of global economic integration has played a pivotal role, overseas investment behavior and the strategic adjustment of multinational company has an important influence on the world economy and the host country. With the development of China's reform and opening up , vigorous development of Chinese enterprises transnational investment has become an important force in active participation in economic globalization. Chinese enterprises in cross-border although made some achievements and experience, but there are also many problems, these problems hindered the development of enterprise internationalization. This article from the present situation of Chinese enterprises transnational mergers and acquisitions, problems and strategy three aspects, to analyze Chinese enterprises transnational mergers and acquisitions, and hope to provide better development platform for China .Key words：Transnational merger and acquisition present situation questions countermeasure目录一、引言 (1)二、文献综述 (1)三、中国企业跨国并购的现状 (2)（一）跨国并购规模扩大 (2)（二）跨国收购主体多元化 (2)（三）并购主要以横向并购为主 (3)三、中国企业跨国并购存在的问题 (3)（一）融资渠道窄 (3)（二）并购之后整合能力较差 (4)（三）国内缺乏熟悉跨国并购的咨询服务中介机构 (4)（四）国内管理制度存在缺陷 (4)（五）对跨国并购缺乏充分论证，对并购对象缺乏深入调查 (4)四、中国企业跨国并购的对策 (4)（一）拓宽融资渠道，提高企业融资能力 (5)（二）大力开发、培养跨国经营人才 (5)（三）加大政府政策的支持 (5)（四）重视并购后的整合 (5)（五）加快建立和完善国内中介服务体系 (6)（六）提高自身的竞争能力 (6)结论 (6)参考文献 (7)引言跨国并购是跨国兼并和跨国收购的合称。