RiskAnalysisOfEnterpriseMergerAndAcquisition企业并购的风险分析毕业论文外文文献翻译及原文

毕业设计（论文）

外文文献翻译

文献、资料中文题目：企业并购的风险分析

文献、资料英文题目：Risk analysis of enterprise merger

and acquisition

文献、资料来源：

文献、资料发表（出版）日期：

院（部）：

专业：

班级：

姓名：

学号：

指导教师：

翻译日期： 2017.02.14

有关企业并购的毕业论文外文翻译

原文：

Security V endors Say MergerWill Give Them More Financial Heft

LAST MONTH, Secure Computing Corp agreed to acquire messaging security vendor Cipher Trust Inc. For $273.6 million. The merged company will sell a range of enterprise gateway security appliances handle threats at the network edge and at the application level .

John McNulty，CEO of San Jose-based secure computing and Jay Chaudhry, founder and CEO of Alpharetta, Ga.-based Cipher Trust, spoke with Computerworld about their plans. Excerpts follow:

Why did Secure Computing and Cipher Trust join forces?

McNULTY: We just see a great opportunity to establish an enterprise gateway security company.[And] the senior team at Secure had been stretched as the company has grown.

CHAUDHRY: There are some 800 security start-ups. Most of them are doing point pr- oducts, and customers are getting tired of it.

These companies bring a lot of innovation because of their focus. But they don’t quite have the financial strength or scale to be viable players. Cipher Trust and Secure Computi- ng combined will keep the focus and innovation of a start-up, but our size and financial st- rength is that of a large company.

How do you expect Microsoft’s entry into the security tools business to affect your plans?

McNULTY:Microsoft clearly is a huge factor. But Microsoft’s expertise is at the desktop.

That is not an area we play in. It’s where you see the likes of Symantec, McAfee and Trend Micro. That is where Microsoft is going to have the biggest impact. Microsoft doesn’t sell Appliances. So this is not something that we fear.

What about the moves by network equipment vendors like Cisco to get into the security business?

CHAUDHRY:If you look at where the Ciscos of the world are playing, it’s at the network level. But if you look at the application gateway level, that is a newly emerging ma

rket—and so is the Web gateway market.

Our belief is that with our focus and with our innovation, we are going to be moving forward with some leading-edge solutions.

DO you agree with analysts who say users now will be more interested in integrated products than best-of-breed tools?

CHAUDHRY: In the last six or seven years, there has been a debate over best-of breed vs. integrated products . [Some companies] have been making a big deal about best

of breed. I think both approaches have issues.

We’re seeing customers out there who have 10 to 15 boxes doing just the enterprise

e-mail gateway. So they do want an integrated solution, but they aren’t willing to take chances with second-and third-tier solutions. Where the market is moving is where you need the best-of breed technology. But if you can deliver it in an integrated solution, that is when you win.

How have the threats that users face changed in recent years?

McNULTY: Most of the things we are intensely worried about today didn’t exist 10 years ago. The threat has changed from the kid in the basement trying to impress his friends by defacing a Web site to organized crime and to very competent computer experts trying to steal and to commit crimes.

The FBI’s most recent report said that the cost of fraud on the Internet to American businesses was $67 billion. That’s just the tip of the iceberg, because it’s only the amount that people want to own up to. Signature-based defenses designed to prevent [trouble] after the horse has escaped the barn are ancient technology.

Jaikumar Vijayan，Security Vendors Say Merger Will Give Them More Financial Heft[J]，Computerworld，2006(22)

2：

Introduction

Real estate finance institutions as well as the mortgage banking landscape have undergone a profound restructuring since the late 1980s. The industry continues tochange rapidly. This change is driven by technological innovation, deregulation, and an increasing competition within the sector triggered by non-bank financial intermediaries (see Bank for International Settlements, 2001; Belaisch et al., 2001;Smith and Walter, 1998)). Individual real estate institutions have increasingly responded to these developments by climbing aboard the mergers and acquisitions (M&A) treadmill. Consolidation activity among mortgage banks and other real estate The current issue and full text archive of this journal is available at finance institutions has increased significantly during the last decade, and particularly within the last three years. Despite the consolidation, hardly any empirical research analyses the value implications of M&A activity in the real estate finance sector up to now.To uncover the capital markets’ reaction to the announcements of M&A transactions in the real estate finance industry, we study a data set of 69 international transactions that occurred between 1995 and 2002. Our findings suggest that mergers and acquisitions between real estate finance institutions create value on average. Significant positive cumulated abnormal returns can be observed for the target firms, while shareholder value is neither created nor significantly destroyed on the part of the acquiring companies. This result contrasts with empirical evidence from US bank M&A during the 1990s.

We start our analysis by providing a short review of the extensive prior research on M&A in the related financial institutions sector. Section three presents the data sample and the statistical methodology that we employed. In section four we discuss the results. Section five summarizes the findings and draws conclusions.

Prior research

Evidence on the wealth effects of real estate finance mergers is very limited. In a sample of real estate investment trust (REIT) transactions that took place between 1977 and 1983

Allen and Sirmans (1987) found an increase in shareholder wealth upon the announcement of a merger both for the acquired and acquiring firms. However, this positive assessment does not hold over time. Based on a sample of REIT mergers in the period between 1988 and 1994, Campbell et al. (1998) found large negative returns for the acquirers. Campbell et al. (2001) analyzed the stock market reaction to 85 REIT mergers and observed significantly negative but small stock market returns.

Journal of Property Investment & Finance

Vol. 24 No. 1, 2006

Emerald Group Publishing

Dirk Schiereck and Markus Mentz

译文：

企业并购的风险分析

摘要

世界五次大规模并购浪潮充分促进了企业的成长和壮大。但企业兼并失败的比率非常高。本文中，在企业兼并的动因分析的基础上，我们进一步深入分析企业兼并的风险以启发盲目实施兼并的中国企业。

关键词：并购动因，风险，规模经济，范围经济

自20世纪初，世界五次大型并购浪潮充分促进了企业的成长和壮大。目前世界上几乎所有的大型企业都通过并购成长起来。目前，尽管一些中国企业采取兼并使他们尽快变得更强更大，但我们认为许多大打折扣的企业并购在中国和其他国家不应该被遗忘。美国的经验表明，至少有一半以上的兼并活动是不成功的。然而，鉴于西方企业兼并的历史，在企业兼并的动因分析的基础上，进一步深入分析企业兼并的风险以启发盲目实施兼并的中国企业。

1.企业并购的动因

西方企业并购的历史,经历了从主横向兼并到主纵向兼并和主混合合并的发展过程，发生在20世纪80年代和90年代的最后两个合并浪潮曾提出了多样化的趋势，三种类型没有区别清楚。尽管西方学者到海外并且深入研究了企业兼并问题，但到现在为止，还没有形成系统的理论框架。在这里，根据西方企业并购的历史，我们主要分析了企业并购的主要动因。

1.1规模经济效应

所谓规模经济是指，在指定的技术条件下，单位产品的平均成本将随着产出规模的增加而减少。经济规模效应的主要根源在以下几个方面。首先，随着产出规模的增加，固定费用分摊更多的产出，即单位变动成本不改变，单位平均成本将随着产出的增加而减少。其次，随着产出规模的增加，劳动分工更加仔细，当一个人反复做同一工作，他们必将积累经验和提高劳动技能，相应地也会提高劳动生产率。第三，企业规模的增加可以提高企业的信用等级和企业市场地位，并加强企业与供应商和消费者的议价能力。第四，随着企业规模的增加，“大规模储备”可以减少。在工业生产中，由于设备故障和预定服务的需求，适当的设备储备可以确保生产过程的来连续和设备的定期维修和故障设备的更换。然而，储备所需的设备没有改变企业在一定范围内的规模。

一个需要某些特殊设备的大型企业，与只使用一个特殊设备的小型企业一样，他们都需要一套备用设备，以确保持续生产。事实上，一些企业实行横向合并，以获得大范围的规模经济效应。

1.2交易成本

所谓交易成本是指需要支付给市场机制组织的成本，其中包括金钱，时间和精力的交易支出。一般的交易成本可分为两类。一个是谈判成本，包括搜寻成本，信息成本和谈判签订交易合同，协议支付。另一种是合同价，是指为防止一方打破合同或协议的项目所支付的费用成本。关于交易成本的原因，威廉姆森从三个方面做了分析。一个是人类有限的理性思考，也就是因为人们会受不完全信息和知识缺乏的影响，因此他们不能客观，准确地分析和判断事物，使交易双方不能事先签署一个完整的合同终止以上两种行为。二是人类的机会主义

国际工商管理杂志2008年4的97行动，即人们可能会为实现自己的利益最大化而采取损害别人利益的行动。不完全合同的存在，将进一步加剧人们的机会主义行动。三是资本的特殊性，即在不影响资本价值的前提下可以用于不同的目的和不同的用户。在交易活动或彼此的控制中，交易一方或双方有一个高度相互依赖性，这样的交易就有高度的资本特殊性。高度的资本特殊性使拥有特殊资本的一方很难退出交易，因为特殊资本用于其他方面时，他的价值会达到下限值。很明显，内部市场交易（即垂直并购）可以充分节约交易成本。在实践中，一些企业实行纵向合并只是为了节约大范围的交易成本。

1.3范围经济效应

范围经济效应是指由该企业在同一时间提供多方面的产品或服务（不包括垂直合并）诱发的有关费用比由该企业生产的每一个产品或服务引起的成本较低的情况。范围经济效应的产品基于一种或几种在同一时间可以由多方面的产品或服务共享的资源，如技术、生产线、销售渠道、品牌、信誉、管理和文化资源。在实践中，一些企业实行多元化并购只是为了获取更大程度的范围经济效应。

1.4分散风险

当企业提供多种的非相关产品或服务，生命周期、依赖资源、使用技术、涉及的细分市场的不同，以及国家政策的变化和国际市场波动的影响，使风险在不同的产品或服务中多元化。在实践中，一些企业实施非相关的混合并只是为了分散风险。

1.5提升企业核心竞争力