企业并购外文翻译--并购基础知识：一切你需要知道的(节选).docx

企业并购外文翻译--并购基础知识：一切你需要知道的(节选).docx

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3200单词，1.7万英文字符，5300汉字

出处：

DonaldDePamphilis.Mergersandacquisitionsbasics:

AllyouneedtoknowAmerica:

AcademicPress.Oct，2010，P1-10

外文文献

MergersandAcquisitionsBasics:

AllYouNeedToKnow

DonaldDePamphilis

IntroductiontoMergersandAcquisitions

Thefirstdecadeofthenewmillenniumheraldedaneraofglobalmega-mergers.Likethemergersandacquisitions（M&As）frenzyofthe1980sand1990s,severalfactorsfueledactivitythroughmid-2007:

readilyavailablecredit,historicallylowinterestrates,risingequitymarkets, technological change, global competition, and industryconsolidation.Intermsofdollarvolume,M&Atransactionsreachedarecordlevelworldwidein2007.Butextendedturbulenceintheglobalcreditmarketssoonfollowed.

ThespeculativehousingbubbleintheUnitedStatesandelsewhere,largelyfinancedbydebt,burstduringthesecondhalfoftheyear.Banks,concernedaboutthevalueofmanyoftheirownassets,becameexceedinglyselectiveandlargelywithdrewfromfinancingthehighlyleveragedtransactionsthathadbecomecommonplacethepreviousyear.ThequalityofassetsheldbybanksthroughoutEuropeandAsiaalsobecamesuspect,reflectingtheglobalnatureofthecreditmarkets.Ascreditdriedup,amalaisespreadworldwideinthemarketforhighlyleveragedM&Atransactions.

By2008,acombinationofrecordhighoilpricesandareducedavailabilityofcreditsentmostoftheworld’seconomiesintorecession,reducingglobalM&Aactivitybymorethanone-thirdfromitsprevioushigh. This global recession deepened during the first half of2009—despiteadramaticdropinenergypricesandhighlystimulativemonetaryandfiscalpolicies—extendingtheslumpinM&Aactivity.

In recent years, governments worldwide have intervened

aggressivelyinglobalcreditmarkets（aswellasinmanufacturingandothersectorsoftheeconomy）inanefforttorestorebusinessandconsumerconfidence,restorecreditmarketfunctioning,andoffsetdeflationarypressures.Whatimpacthavesuchactionshadonmergersandacquisitions?

Itistooearlytotell,buttheimplicationsmaybesignificant.

M&Asareanimportantmeansoftransferringresourcestowheretheyaremostneededandofremovingunderperformingmanagers.Governmentdecisionstosavesomefirmswhileallowingotherstofailarelikelytodisruptthisprocess.Suchdecisionsareoftenbasedonthenotionthatsomefirmsaresimplytoobigtofailbecauseoftheirpotentialimpactontheeconomy—considerAIGintheUnitedStates.Othersareclearlymotivatedbypolitics.Suchactionsdisruptthesmoothfunctioningofmarkets,whichrewardsgooddecisionsandpenalizespoorones.Allowingabusinesstobelievethatitcanachieveasize―toobigtofail‖maycreateperverseincentives.Plus,thereisverylittlehistoricalevidencethatgovernmentsarebetterthanmarketsatdecidingwhoshouldfailandwhoshouldsurvive.

Inthischapter,youwillgainanunderstandingoftheunderlyingdynamicsofM&Asinthecontextofanincreasinglyinterconnectedworld.ThechapterbeginswithadiscussionofM&Asaschangeagentsinthecontextofcorporaterestructuring.ThefocusisonM&Asandwhytheyhappen,withbriefconsiderationgiventoalternativewaysofincreasingshareholdervalue.Youwillalsobeintroducedtoavarietyoflegal structures and strategies that are employed to restructurecorporations.

Throughoutthisbook,afirmthatattemptstoacquireormergewithanothercompanyiscalledanacquiringcompany,acquirer,orbidder.Thetargetcompanyortargetisthefirmbeingsolicitedbytheacquiringcompany.Takeoversorbuyoutsaregenerictermsforachangeinthecontrollingownershipinterestofacorporation.

Wordsinbolditalicsaretheonesmostimportantforyoutounderstandfully;theyareallincludedinaglossaryattheendofthebook.MergersandAcquisitionsasChangeAgents

Businessescomeandgoinacontinuingchurn,perhapsbestillustratedbytheever-changingcompositionoftheso-calledFortune500—the500largestU.S.corporations.Only70ofthefirmsontheoriginal1955listof500areontoday’slist,andsome2,000firmshaveappearedonthelistatonetimeoranother.Mosthavedroppedoffthelisteitherthroughmerger,acquisition,bankruptcy,downsizing,orsomeotherformofcorporaterestructuring.Considerafewexamples:

Chrysler,BethlehemSteel,ScottPaper,Zenith,Rubbermaid,WarnerLambert.Thepopularmediatendstousethetermcorporaterestructuringtodescribeactionstakentoexpandorcontractafirm’sbasicoperationsorfundamentallychangeitsassetorfinancialstructure.

Synergy

Synergyistherathersimplisticnotionthattwo（or more）businessesincombinationwillcreategreatershareholdervaluethaniftheyareoperatedseparately.Itmaybemeasuredastheincrementalcashflowthatcanberealizedthroughcombin