资本运营双语词汇

第2章并购的历史HISTORY OF MERGERS
并购浪潮merger waves
第一次并购浪潮first waves
横向并购horizontal merger
纵向并购vertical merger
混合并购conglomerate merger
第二次并购浪潮second waves
合并combine
垄断monopolize
反托拉斯法antitrust legislation
谢尔曼法Sherman Act
克莱顿法Clayton Act
经济衰退economic recession
控制效应control effect
财产税property tax
第三次并购浪潮third waves
多元化公司diversified firm
多元化经营战略diversification strategy 主营业务main business
潜在互惠potential mutual
综合型企业integrated enterprise
市盈率earnings ratio
信贷市场credit market
投资者investor
收购者financial buyer
每股收益率earnings per share
股票shares
会计操纵accounting manipulation 账面收益paper profit
市场价值marketable value
股票价格share price
价值低估value underestimate 有价证券negotiable securities
可转换债券convertible securities
普通股common stock
目标公司target company
收购公司acquiring company
每股进阶效应per share advanced effect 股权收购share acquisition
敌意收购hostile acquisition
利息interest
资产剥离asset stripping
白衣骑士white knight
收购策略acquisition strategy
反收购策略reverse takeover strategy 第四次并购浪潮fourth waves
竞争性competitive
非竞争性noncompetitive
狙击者sniping ranger
绿票讹诈greenmail
套利者arbitrager
投资银行investment bank
债务debt
垃圾债券junk bond
袭击策略attack strategy
防御策略defense strategy
第五次并购浪潮fifth waves
滚动收购rolling acquisition
战略并购strategic merger
管理层收购
MBO(Management Buy-Out)
道琼斯工业平均指数
Dow Jones industries average index
1.Five periods of high merger activity, often called merger waves, have taken place in the
history of the United States.
美国历史上总共掀起过五次并购高潮，人们通常称之为并购浪潮。

2.The term diversified firms is generally applied to firms that have some subsidiaries in other
industries but a majority of their production within one industry category.
多元化公司通常是指这样一些企业：他们在其他行业有一些子公司，但大多数产品属于同一行业。

3.Convertible debentures are debt securities that can be converted into a specific amount of
common stock.
可转换债券是一种可以兑换成特定数量的普通股的债务类证券。

4.The price-earnings ratio (P/E ratio) is the ratio of the market price of a firms stock divided by
the earnings available to common stockholders on a per-share basis.
市盈率是公司股票的市场价格与普通股股东的每股收益之比。

市盈率越高，根据对公司未来收益的预期，投资者愿意支付的股票价格就越高。

5.The strategy behind roll-ups was to combine smaller companies into a national business and
enjoy economies of scale while gaining the benefits of being able to market to national as opposed to regional clients.
滚动收购的目的是将小型企业合并成全国性企业，在取得向全国性而不是地区性客户营销机会的同时，还可以充分利用规模经济。

6.This law also placed limits on the valuation of undervalued assets of targets that were to be
sold at higher values to generate increased earnings.
如果收购公司准备高价出售目标公司被低估的资产已获取收益，那么在选择这些被低估资产的估值方法时就必须遵守税制改革法案所作出的限制性规定。

7.the more investors are willing to pay for a firm’s stock given their expectations about the
firm’s future ea rnings. High P/E ratios for the majority of stocks in the market indicate widespread investor optimism; such was the case in the bull market of the 1960s.
市盈率越高，根据对公司未来收益的预期，投资者愿意支付的股票价格就越高。

这表明投资者普遍持乐观态度，20世纪60年代的牛市就是这种情况。

8.Earnings per share rise because the target earnings are added to the acquiring firm, but the
total shares outstanding initially remain the same.
由于目标公司的收入被并入收购公司中，而发行在外的总股数仍旧保持不变，收购公司的每股收益将会上升。

9.By 1908, and the corporate raid had gained status as a highly profitable speculative activity.
Consequently, corporations and speculative partnerships played the takeover game as a means of enjoying very high profits in a short time.
第四次并购浪潮的显著特征是敌意收购发挥了重要作用。

到1908年时，敌意收购已经成为一种被人们接受的公司扩张形式。

公司狙击成为一项高盈利的投机行为。

10.Although the fifth merger wave featured many large megamergers, there were fewer
hostile deals and more strategic mergers occurred.
第五次并购浪潮以许多大型并购为特征，敌意收购相对较少，发生更多的是并购战略。

资本运营
第4章并购的战略
MERGER STRATEGY
并购动机cited motives
经营协同效应operating synergy
财务协同效应financial synergy
规模经济economies of scale
范围经济economies of scope,货币市场currency market
内部扩张internal growth
业务扩张business expansion
分销概念merchandising concept 战略联盟strategic alliance
合资joint venture
协同收益synergistic gains
利润profit
股东收益shareholder returns
收益率rate of return
汇率exchange rate
溢价premium
净收购价值net acquisition value 协同效应syneryg
经济协同效应operating synergy
横向并购horizontal mergers
纵向并购vertical mergers
交叉营销cross-marketing
管理费用分配spreading overhead
规模不经济scale diseconomies,
收购溢价acquisition premiums 债务共同保险debt coinsurance
经营多元化operates diversified
集团分解deconglomerization
投资组合化portfolio
多元化扩张diversified expansion 壁垒imposing barriers
共同保险效应the coinsurance effect 有损接管bustup takeover
横向整合horizontal integration 纵向整合vertical integration
市场支配力market power 勒纳指数lerner index
垄断monopoly
社会成本social Costs
生产者剩余producer surplus
消费者剩余consumer surplus
相关多元化related versus
合并consolidation
前向整合forward integration 后向整合backward integration 自负假说hubris hypothesis
交易成本transactions costs
个性化投入specialized inputs
价格提升效应positive price effects 赢者诅咒winners curse
代理权竞争Proxy contests
财务会计准则委员会
Financial Accounting Standards Board 多元化交易
diversification transactions
盈利能力
profitability of the revenue
非相关多元化
unrelated diversification
跨国收购
cross-border Acquisitions
货币价值差异
currency valuation differences
分销网络
distribution network merging
资本密集型企业
capital-intensive company
跨区域银行
the superregional bank
价值贴水
diversification discount
滚动收购
Roll - Up acquisition programs
1.The synergy is refers to the type of reactions that occur when two substances or factors
combine to produce a greater effect together than that which the sum of the two operating independently could account for
协同效应是指两个物体或因素结合在一起产生综合效应，这种综合效应要比两者独立运作的效果之和更加显著。

2.Financial synergy refers to the possibility that the cost of capital may be lowered by
combining one or more companies.
财务协同效应是指合并一家或多家公司可能会降低资金成本。

3.Cross-marketing has the potential to enhance the revenues of each merger partner, thereby
enabling each company to expand its revenues quickly.
交叉营销有提升并购双方收入的潜力，因此能够使并购双方提高收入。

4.Economies of scope is the ability of a firm to utilize one set of inputs to provide a broader
range of products and services. A
范围经济是指企业利用一组投入要素生产出多种产品和服务的能力。

5.Horizontal integration refers to the increase in market share and market power that results
from acquisitions and mergers of rivals.
横向整合是指通过并购竞争对手来提高市场份额和市场支配力。

6.Market power, which is sometimes also referred to as monopoly power, is defined as the
ability to set and maintain price above competitive levels.
市场支配力，有时候也称作垄断力量，被定义为制定并维持高于竞争水平的价格的能力。

7.Vertical integration involves the acquisition of firms that are closer to the source of supply or
to the ultimate consumer.
纵向整合是指收购那些靠近供应来源或者最终用户的企业。

8.The hubris hypothesis implies that managers seek to acquire firms for their own personal
motives and that the pure economic gains to the acquiring firm are not the sole motivation or even the primary motivation in the acquisition.
自负假说意味着管理层可能会出于私人动机而进行收购，获得纯粹的经济收益就不是企业并购的唯一动机，或者甚至可能不是主要动机。

9.The winner’s curse of takeovers is the ironic hypothesis that states that bidders who
overestimate the value of a target will most likely win a contest. This is due to the fact that they will be more inclined to overpay and outbid rivals who more accurately value the target.
赢者诅咒是一个很有讽刺意义的假说，是指高估目标公司价值的出价方将最有可能赢得收购交易，因为与那些准确估计目标公司价值的及竞争对手相比，高估目标公司价值的出价方更愿意支付高的价格。

资本运营
第5章反收购的措施
ANTITAKEOVER MEASURES
预防性措施preventative measures 主动性措施active measures
投资价值value of investment 时间效率time efficiencies
代理权proxy
投资者investor
所有权ownership
正相关positive relationship 驱鲨措施shark repellants
轮换董事会staggered board
优先股计划preferred stock plans 弹出毒丸flip-over rights
金融分析师financial analysts
固定收益证券fixed-income security 财务杠杆financial leverage
弹入毒丸flip-in poison pills
后端计划back-end plans
投票计划voting plans
永久性条款dead hand
缓期性条款slow hand
限时性条款no hand provisions
可嚼碎的毒丸chewable pills
收购溢价takeover premiums 毒性卖权Poison Puts
分级董事会classified boards
例外条款escape clauses
灵活条款board out clauses
公平价格条款fair price provision
双重资本化dual capitalization
绿票讹诈greenmail
金色股份golden shares
金色降落伞golden parachutes
中止协议standstill agreement 白衣骑士white knight
白衣护卫white squire
诉讼litigation
反噬防御Pac-Man defense
商业目的valid business reasons 经营战略business strategies
税收处罚tax penalties
对冲基金hedge fund
市场份额market position
露华浓原则Revlon duties
锁定期权lockup options
锁定交易lockup transaction
终止酬金t ermination fees
停止酬金breakup fees
最高酬金topping fees
一对一交易条款No-Shop Provisions
灼地防御scorched earth defense 一般发行general issue
不充分披露inadequate disclosure 并购协议条款
merger agreement provisions
管理者堑壕假说
management entrenchment hypothesi s
股东权益假说
shareholder interests hypothesis
资产价值
the value of the firm’s assets
空白支票优先股
blank check preferred stock
票据购买权计划
note purchase rights plans
超常收益
abnormal positive returns
资本结构变化
capital structure changes
绝大多数条款
supermajority provision
反绿票讹诈条款
antigreenmail provisions
调整资本结构
capital structure changes
股份回购
targeted share repurchase
1.Preventative measuresare designed to reduce the likelihood of a financially successful hostile
takeover, whereas active measures are employed after a hostile bid has been attempted.
预防性措施被用来减少发生意图在财务上取得成功的敌意收购的可能性，而主动性措施是在敌意收购报价出现之后才采取的措施。

2.The management entrenchment hypothesis proposes that nonparticipating stockholders
experience reduced wealth when management takes actions to deter attempts to take control of the corporation.
管理者堑壕假说指出，当管理层采取行动阻止控制企业的企图时，没有参与行动的股东的财富减少了。

3.The shareholder interests hypothesis, sometimes also referred to as the convergence of
interests hypothesis, implies that stockholder wealth rises when management takes actions to prevent changes in control
股东权益假说，有时也成为利益收敛假说，是指当管理层采取行动防止控制权发生变化时，股东的财富会增加。

4.Flip-in poison pills were an innovation designed to deal with the problem of a bidder who
was impact of the pill simply by not buying all of the target’s outstanding stock.
弹入毒丸是一种创新，用来应付收购方不打算购买目标公司100%的股权的情况。

针对弹出计划，收购方只要不买入目标公司的所有流通股就可以避免毒丸的影响。

5.Poison pills are issued by distributing to common stockholders a dividend of one right for
each share of stock they own. Rights holders receive the right to purchase one share of stock during the exercise period, which is typically ten years in length.
毒丸计划是通过向普通股股东持有的每份股票分配一份权力股息来实施的。

权力股息持有者有权在实施阶段购买股票，实施阶段一般为10年。

6.Poison puts are a unique variation on the poison pill theme. They involve an issuance of
bonds that contain a put option exercisable only in the event that an unfriendly takeover occurs.
毒性卖权是毒丸计划体系中一个特别的变种。

他们涉及发行含有卖权的债券，这些卖权在敌意收购发生时才会被执行。

7.The term greenmail refers to the payment of a substantial premium for a significant
shareholder’s stock in return for the stockholder’s agreement that he or she will not initiate a bid for control of the company
绿票讹诈是指向大股东的股票支付相当高的溢价，以换取他/她不发动收购公司控制权的承诺。

8. A standstill agreement occurs when the target corporation reaches a contractual agreement
with a potential acquirer whereby the would-be acquirer agrees not to increase its holdings in the target during a particular time period
中止协议是指目标公司与潜在的收购者达成协议，规定这一收购者在未来的某一时期
资本运营
内不会增加对目标公司的股票持有量。

9.The Pac-Man defense ,it occurs when the target makes an offer to buy the raider in response
to the raider’s bid for the target.
反噬防御是被目标公司采用的一种更富有传奇色彩的防御策略，它指的是目标公司以出价收购袭击者的方式来回应其对自己的收购企图。

第7章杠杆收购
LEVERAGED BUYOUTS
杠杆收购leveraged buyout(LBO)企业分解deconglomeration
退市divesting
经济萧条recession
大通证券公司chase securities
旧殖民信托公司old colony trust
古德温债券公司bond & goodwin
兼并mergers
现金股权收购all-cash tender offer
竞标拍卖auction
管理层所有权managerial ownership 市盈率报价P/Es offered
每股收益per share,
效率收益efficiency gains
信息不对称information asymmetry 边际收入marginal revenue
边际成本marginal cost
税收收益tax benefits
财务杠杆financial leverage
股权资本equity capital
现金流杠杆收购cash-flow
准权益条件equity kicker
权证warrants
资本再造recapitalization
资产担保的借款asset-based lending
担保负债secured debt
无担保负债unsecured debt
优先级债务senior debt
中期债务intermediate-term debt 从属负债subordinated debt 资产资格评价qualifying the assets 无资格的资产unqualified assets.优惠利率prime rate
买方期权call options
库存股票treasury stock
债权人creditor
垂直投资vertical strip
商业风险business risk
利率风险interest rate
职位效应employment effects 资本支出capital spending
反向杠杆收购recerse LBOs
财富转移效应wealth transfer effect 隐形契约implied covenant
夹层融资
mezzanine layer financing
有资产担保的杠杆收购
asset-based LBOs
退市业务
going private transactions
市场疲软
weak market conditions
萨班斯-奥克斯利法案S
arbanes Oxley Act.
管理层收购
management buyout (MBO)
退市溢价
going private premiums
次级从属负债
j unior subordinated debt
债务资本debt capital
1. A leveraged buyout (LBO) is a financing technique used by a variety of entities, including the
management of a corporation, or outside groups, such as other corporations, partnerships, individuals, or investment groups.
杠杆收购是一种被各类实体广泛采用的融资技术，这些实体包括公司内部管理层或者外部组织，比如其他公司、合伙人、个人投资者或者集团投资者。

2.The MBO is a type of LBO that occurs when the management of a company decides it wants
to take its publicly held company, or a division of the company, private.
管理层收购是这样一种杠杆收购，即公司管理层决定将其管理的公司或公司的某个部门退市。

3.T he target company’s assets are often used to provide collateral for the debt that is going to
be incurred to finance the acquisition. Thus, the collateral value of these assets needs to be assessed.
目标公司的资产在收购中被用作债务融资的抵押品。

因此需要评估这些资产的抵押价值。

这种类型的借款通常被称作有资产担保的借款。

4.Much of the protection provided by the covenant agreements is in the form of a poison put
allowing the bondholders to sell the bonds back to the issuer at an agreed-upon price.
在合约中采用毒药卖权的形式能够提供更大程度的保护，这个卖方期权能够让债券持有人以商定的价格把债券卖还给发行人。

5.Business risk refers to the risk that the firm going private will not generate sufficient earnings
to meet the interest payments and other current obligations of the firm.
商业风险是指公司私有化，无法产生足够的收入来偿还利息和其他短期负债的风险。

6.Interest rate risk is the risk that interest rates will rise, thus increasing the firm’s current
obligations. This is important to firms that have more variable rate debt.
利率风险是指利率上升，导致公司短期偿债义务增加的风险。

7.These managers in an MBO may invest some of their own capital in the deal, but often other
equity capital is provided by investors while the bulk of the funds are borrowed.
在管理层收购中，管理者会投入一部分自由资金，其他资金由投资者提供，大部分资金是通过负债借来的。

8.When a company increases its degree of financial leverage, that is, increases the amount of
debt relative to equity in its capital structure, it substitutes lower-cost debt capital for equity capital and its weighted average cost of capital usually declines.
当一家公司增加财务杠杆，即在资本结构中增加负债相对于权益的比例时，可以用成本更低的债务资本来取代权益资本，从而使公司资本的加权平均成本下降。

9.Senior debt consists of loans secured by liens on particular assets of the company.
优先级债务是以公司特定资产的留置权作为担保的负债。

资本运营
第10章公司重组
CORPORATE RESTRUCTURING
公司重组corporate restructuring 剥离divestitures
股权出售equity carve-outs
分立spinoffs
股份置换splitoffs
股本分散splitups
兑换exchange offer
负协同效应reverse synergy
最低收益率hurdle rate
核心业务core business
贴现率discount rate.
防御性分立defensive spinoffs
非自愿分立involuntary spinoffs 认股权证treatment of warrants 可转换证券convertible securities 债券责任bond liabilities
价格效应price effects
股权出售equity carve-outs
公开发行public offerings 追踪股票targeted stock
资源清算resources liquidation
主动破产voluntary bustups
公司分立spinoff of cellular
剥离曲线divestiture curve.
综合效用原则
general utilities doctrine
员工持股计划
employee stock option plans
标准行业分类
Standard industrial classification (SIC)
股东财富效应
shareholder wealth effects
防御性自愿出售的财富效应
Wealth effects of voluntary defensive Selloffs
负债义务
Allocation of debt obligations
1. A divestiture is a sale of a portion of the firm to an outside party.
剥离是指将公司的一部分出售给外界。

2.In an exchange offer new shares in a subsidiary are issued and shareholders in the parent
company are given the option to either hold on to their shares or exchange these shares for an equity interest in the new publicly held subsidiary.
兑换是指子公司会发行新的股份，母公司的股东可以选择是继续保留原来的股份还是将自己的股份换成新上市子公司的股份。

3.In that in order the get the newly issued shares, parent company shareholders have to part
with their shares.
在兑换中，为了获得新发行的股票，母公司的股东必须放弃原有的股份。

4.The process of divestitures is a form of contraction for the selling company but a means of
expansion for the purchasing corporation.
剥离的过程对于出售企业来讲，是一种经营收缩的方式，而对于购买方来讲，是一种经营扩张的方式。

5. A major motivating factor for divestitures and spinoffs is the belief that reverse synergy may
exist. Divestitures, spinoffs, and equity carve-outs are basically a “downsizing” of the parent firm.
剥离和分立的主要动因是许多人认为存在负协同效应，剥离、分立和资产分拆基本上都是在缩减母公司的规模与作为母公司的一份子相比，规模缩小后的公司更经济、更灵活。

6. A tracking or targeted stock is an equity issue that represents an interest in the earnings of
adivision of a company. It also is sometimes called letter stock or alphabet stock.
追踪股票或者称为目标股票是一种代表对一个部门或者一家公司收益所有权的权益性证券。

7.There are a number of important differences between spinoffs and equity carve-outs. A
carve-out results in a new set of shareholders, whereas the same shareholders hold stock in the spun-off entity as in the parent company. There are positive cash flow effects in carve-outs, but spinoffs do not result in initial changes in parent company cash flows.
Carve-outs are more expensive to implement and are subject to greater securities law disclosure requirements.
股权出售与分立之间存在许多重大的差异。

股权出售会引入新的股东，而分立后企业的股东仍然是母公司原来的股东，股权出售会带来正的现金流入，但是分立在最初并不会改变母公司的现金流。

但是实施股权出售的成本更高，并且要收到更加严格的证券法披露规则的约束。

8. This growth was partly fueled by investors’ pressure to release internal values that are
unrealized in the company’s stock price.
分立的发展在一定程度上市因为投资者想要实现公司股价中没有反应出来的公司的内在价值。

9. This effect was greater for larger carve-outs relative to smaller transactions. One interesting
finding of this study was that carve-outs tended not to remain public very long after the transaction.
股权出售交易的规模越大，股价上涨的效应越明显。

摩根研究还发现了一个有意思的特点，那就是交易完成后不久，被出售的股份就不再在市场上流通了。

10.The term mezzanine layer financing is often applied to this financing because it has both
debt and equity characteristics; although it is clearly debt, it is equity like in that lenders typically receive warrants that may be converted into equity in the target.
夹层融资通常是指兼具负债特征和权益特征的一种融资方式，尽管带有非常明显的负债特征，但是也具有类似于权益的特征，债权人拥有能够转化成目标公司权益的权证。

11. V oluntary liquidations may be contrasted with divestitures. A divestiture is generally a single
transaction in which a certain part of the firm is sold, whereas a voluntary liquidation is a series of transactions in which all the firm’s assets are sold in separate parcels.
对资源清算和剥离进行比较。

剥离同行是一笔单独的交易，把公司的某个部分出售，而资源清算是一系列的交易，把公司所有资产分别打包出售。