unit 18 mergers and acquisitions兼并与收购

Unit 18 Mergers and Acquisitions兼并与收购BackgroundA Typical Leveraged Buyout—一个典型的杠杆收购案例背景介绍兼并与收购(M&A)无疑是资本市场上最惊心动魄、最易引发人的成就感的活动之一，每一次较大的兼并与收购活动都会引起市场各方的震动。

特别是近十年来更是兼并与收购业务大行其道的时期。

随着市场竞争的加剧，兼并与收购或被兼并与收购对公司来说都是可能的，有时它的成功并不完全取决于对等双方或各方的真正实力，技术因素往往起着关键的作用。

在当今市场上，投资银行已经成为兼并与收购活动的主要参与者之一。

兼并与收购业务是投资银行收入的主要来源之一，也是投资银行提高自身竞争能力的主要途径，而投资银行参与兼并与收购活动的方式也日益多样化。

本章主要内容包括两部分：第一部分是对兼并与收购业务的具体介绍与论述，包括：兼并与收购的基本业务类型，如：横向收购、纵向收购、混合收购、管理层收购(MBO)和杠杆收购(LBO)等；反收购措施(如“白衣骑士”、“毒丸”防御等)在敌意收购中的应用；并购融资来源以及各种可能情况下的利弊：投资银行在兼并与收购业务中的作用、费用结构和收入来源。

l 第二部分是一个典型的杠杆收购案例。

正如文中所言“研究一个典型的杠杆收购的全过程是有指导意义的。

我们所使用的例子是建立在假设基础上的，它并不说明任何特定的杠杆收购，而是旨在抓住典型的公司合并过程的本质。

把握本质要求把问题做一些简化——_{旦不失其现实意义”。

通过这个假设的但十分详细、具体的杠杆收购过程，读者能以最简单、最典型的方式把握兼并与收购业务中最本质的东西。

The 1980s was one of the most intense periods for M&A activity in Americans history .The prime reasons for this were two fold: The Reagan administration encouraged the trend by not pursuing many potential infringement of the Sherman Anti-Trust Act and also helped it immeasurably by passing indirectly to investors who became involved. The results helped change the face and history, of American finance and engendered some of the most emotional discussion surrounding the investment banking industry since the 1930s.The 1980s was one of the most intense periods for M&A activity in Americans history. 在美国历史上，20世纪80年代是兼并和收购的一个高峰时期。

The prime reasons for this were two fold: The Reagan administration encouraged the trend by not pursuing many potential infringement of the Sherman Anti-Trust Act and also helped itimmeasurably by passing indirectly to investors who became involved. 其主要原因是：里根政府对破坏《谢尔曼反托拉斯法案》的活动不做深入追究，并且通过立法保证间接流向并购投资者的税收利益合法化，从而极大地推动了这一趋势的发展。

The results helped change the face and history of American finance and engendered some of the most emotional discussion surrounding the investment banking industry since the 1930s. 结果推动了美国金融业面貌和历史的改变，并酿成了30年代以来对投资银行业最为激烈的争论。

Prior to the 1980s, mergers and acquisitions simply meant that one company would attempt to take over another by gaining enough of its common stock to gain control. In the simplest sense, merger meant two companies becoming one with the acquirer being in the commanding position. The government only became involved if the deal was deemed inimical to competition or if the potential acquirer was foreign, seeking control of a company or industry deemed vital to the national defense.Prior to the 1980s, mergers and acquisitions simply meant that one company would attempt to take over a nother by gaining enough of its common stock to gain control. 20世纪80年代以前，并购活动只意味着一家公司通过获取另一家公司足够的普通股来取得对该公司的控制权，最终实现接管。

In the simplest sense, merger meant two companies becoming one with the acquirer being in the commanding position.简单地说，兼并意味着两家公司合并为一体，并由收购方占据领导地位。

The government only became involved if the deal was deemed inimical to competition or if the potential acquirer was foreign, seeking control of a company or industry deemed vital to the national defense.只有在对竞争不利或是外国公司企图控制对国防至关重要的公司或行业时，政府才会进行干预。

Different Forms of MergersMergers come in one of several distinct forms A horizontal merger brings together two companies in a similar industry--two steel companies for example. A vertical merger brings together two companies in related industries. A steel company taking over an energy producer such as a coal mine would be an example. An automobile producer taking over a parts manufacturer is another. In either case, the merger is designed to produce a synergy between the two companies that did not exist before. The horizontal merger should produce greater economies of scale while the vertical should produce greater quality and efficiency, avoiding duplication of products and production. Both bring together companies related either directly or indirectly.Mergers come in one of several distinct forms. 兼并有几种不同的形式A horizontal merger brings together two companies in a similar industry--two steel companies for example.。

横向兼并将两家相同行业的公司(例如两家钢铁公司)合为一体。

A vertical merger brings together two companies in related industries. 纵向兼并是针对相关行业的两家公司而言的。

A steel company taking over an energy producer such as a coal mine would be an example. 例如，一家钢铁公司兼并一个诸如煤矿之类的能源供应者就属于纵向兼并。

An automobile producer taking over a parts manufacturer is another. 又如，一家汽车制造公司兼并一个零部件制造商。

In either case, the merger is designed to produce a synergy between the two companies that did not exist before. 无论哪种情形，兼并的目的都是希望能够产生出两个公司间以前并不存在的协同效应。

The horizontal merger should produce greater economies of scale while the vertical should produce greater quality and efficiency, avoiding duplication of products and production. 横向兼并可以形成更大规模的经济实体，而纵向兼并可以产生更高的质量与效率，避免产品和生产的重复。