Unit 18 Mergers and Acquisitions兼并与收购Word下载.docx
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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。
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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。
The1980swasoneofthemostintenseperiodsforM&
AactivityinAmericanshistory.Theprimereasonsforthisweretwofold:
TheReaganadministrationencouragedthetrendbynotpursuingmanypotentialinfringementoftheShermanAnti-TrustActandalsohelpeditimmeasurablybypassingindirectlytoinvestorswhobecameinvolved.Theresultshelpedchangethefaceandhistory,ofAmericanfinanceandengenderedsomeofthemostemotionaldiscussionsurroundingtheinvestmentbankingindustrysincethe1930s.
The1980swasoneofthemostintenseperiodsforM&
AactivityinAmericanshistory.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。
Theprimereasonsforthisweretwofold:
TheReaganadministrationencouragedthetrendbynotpursuingmanypotentialinfringementoftheShermanAnti-TrustActandalsohelpeditimmeasurablybypassingindirectlytoinvestorswhobecameinvolved.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。
TheresultshelpedchangethefaceandhistoryofAmericanfinanceandengenderedsomeofthemostemotionaldiscussionsurroundingtheinvestmentbankingindustrysincethe1930s.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。
Priortothe1980s,mergersandacquisitionssimplymeantthatonecompanywouldattempttotakeoveranotherbygainingenoughofitscommonstocktogaincontrol.Inthesimplestsense,mergermeanttwocompaniesbecomingonewiththeacquirerbeinginthecommandingposition.Thegovernmentonlybecameinvolvedifthedealwasdeemedinimicaltocompetitionorifthepotentialacquirerwasforeign,seekingcontrolofacompanyorindustrydeemedvitaltothenationaldefense.
Priortothe1980s,mergersandacquisitionssimplymeantthatonecompanywouldattempttotakeoveranotherbygainingenoughofitscommonstocktogaincontrol.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。
Inthesimplestsense,mergermeanttwocompaniesbecomingonewiththeacquirerbeinginthecommandingposition.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。
Thegovernmentonlybecameinvolvedifthedealwasdeemedinimicaltocompetitionorifthepotentialacquirerwasforeign,seekingcontrolofacompanyorindustrydeemedvitaltothenationaldefense.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。
DifferentFormsofMergers
MergerscomeinoneofseveraldistinctformsAhorizontalmergerbringstogethertwocompaniesinasimilarindustry--twosteelcompaniesforexample.Averticalmergerbringstogethertwocompaniesinrelatedindustries.Asteelcompanytakingoveranenergyproducersuchasacoalminewouldbeanexample.Anautomobileproducertakingoverapartsmanufacturerisanother.Ineithercase,themergerisdesignedtoproduceasynergybetweenthetwocompaniesthatdidnotexistbefore.Thehorizontalmergershouldproducegreatereconomiesofscalewhiletheverticalshouldproducegreaterqualityandefficiency,avoidingduplicationofproductsandproduction.Bothbringtogethercompaniesrelatedeitherdirectlyorindirectly.
Mergerscomeinoneofseveraldistinctforms.兼并有几种不同的形式
Ahorizontalmergerbringstogethertwocompaniesinasimilarindustry--twosteelcompaniesforexample.。
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。
Averticalmergerbringstogethertwocompaniesinrelatedindustries.纵向兼并是针对相关行业的两家公司而言的。
Asteelcompanytakingoveranenergyproducersuchasacoalminewouldbeanexample.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。
Anautomobileproducertakingoverapartsmanufacturerisanother.又如,一家汽车制造公司兼并一个零部件制造商。
Ineithercase,themergerisdesignedtoproduceasynergybetweenthetwocompaniesthatdidnotexistbefore.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。
Thehorizontalmergershouldproducegreatereconomiesofscalewhiletheverticalshouldproducegreaterqualityandefficiency,avoidingduplicationofproductsandproduction.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。
Bothbringtogethercompaniesrelatedeitherdirectlyorindirectly.
两种兼并都可以将直接或间接联系的公司组合到一起。
Anothertypeofmergerortakeoverasthecasemaybe,isthemergeroftwounrelatedcompanies.Thisisknownastheconglomeratemerger:
acompanypurposelybuyinganothernotengagedinthesamebusinessatall.Thissortofmergerandthecompaniesitcreatesconglomerates--wereoriginallyconceivedtoserveasahedgeagainstchangingeconomicclimates.Thelargerconglomeratesshelteramultitudeofunrelatedcompaniesundertheircorporateumbrellasinmuchthesamefashionthatadiversifiedinvestorwillamassaportfolioofcommonstocks,assumingthatdiversificationhedgesagainstbusinessrisk.Ifpartsoftheenterprisefarepoorly,othersshouldbehavecounter-cyclically,helpingtokeepearningsonanevenkeel.Thisassumesthattheportfolioofcompanieswasacquiredwithaspecificdiversificationmodelinthefirstplace.
Anothertypeofmergerortakeoverasthecasemaybe,isthemergeroftwounrelatedcompanies.另一类型的兼并,或事实上的接管案例,是两家没有联系的公司的结合。
Thisisknownastheconglomeratemerger:
acompanypurposelybuyinganothernotengagedinthesamebusinessatall.这就是广为人知的混合兼并——一家公司有意地并购另一家完全不同行业的公司。
Thissortofmergerandthecompaniesitcreatesconglomerates--wereoriginallyconceivedtoserveasahedgeagainstchangingeconomicclimates.这种兼并以及由此而产生的集团企业的目的是规避经济气候变化的风险。
Thelargerconglomeratesshelteramultitudeofunrelatedcompaniesundertheircorporateumbrellasinmuchthesamefashionthatadiversifiedinvestorwillamassaportfolioofcommonstocks,assumingthatdiversificationhedgesagainstbusinessrisk.这种膨胀的集团公司将大量不相关行业的企业收罗于它的旗帜之下,其做法如同个体投资者积聚普通股的投资组合,以多样化来分散商业风险。
我们把巨型提炼一下:
Thelargerconglomeratesdointhesamefashionthatadiversifiedinvestordoes
AdointhesamefashionthatBdo:
A和B的做法是一样的。
Shelter….underone’sumbrellas:
把…收罗于某人的旗帜之下
Ifpartsoftheenterprisefarepoorly,othersshouldbehavecounter-cyclically,helpingtokeepearningsonanevenkeel.如果一部分企业经营不良,而另一些企业则可能呈现相反情况,这样可以使收益保持平稳。
farewell/better:
tobesuccessful,
farebadly/poorly:
unsuccessful
AlthoughChicagohasfaredbetterthansomecities,unemploymentremainsaproblem
Keel:
onanevenkeel:
steady,withoutanysuddenchanges
keepsomething/getsomethingbackonanevenkeel:
使某物保持平稳
Thisassumesthattheportfolioofcompanieswasacquiredwithaspecificdiversificationmodelinthefirstplace.但这需要公司组合首先是一个特定的多样化模式。
Assume:
假定,假设;
以…为先决条件Assumethat:
Yourtheoryassumesthatwearewillingtopayforservicesbytaxation.你的理论以我们愿意通过税收方式来支付服务费用为前提条件
AsM&
Aactivityhasbecomemoreextensiveandcomplicated,theterminologysurroundingithasbecomeequallycomplex.Duringthe1980s,themostcommontermusedinterchangeablywithmergerwasleveragedbuyoutorLBO.Althoughthistypereferstoaspecificmethodofacquiringacompany,theterm,implyingextensiveborrowing,becamesynonymouswiththedecadeofeasymoneyandhighleverageingeneral.Essentially,itmeansthepurchaseofonecompanybyotherusingmainlyborrowedfunds.Thesourcesofthisborrowedmoneywillbediscussedlater.
AsM&
Aactivityhasbecomemoreextensiveandcomplicated,theterminologysurroundingithasbecomeequallycomplex.随着并购活动目趋广泛与复杂,有关的专用术语也同样变得复杂起来。
Duringthe1980s,themostcommontermusedinterchangeablywithmergerwasleveragedbuyoutorLBO.80年代最惯常的通用并购术语是杠杆收购。
Althoughthistypereferstoaspecificmethodofacquiringacompany,theterm,implyingextensiveborrowing,becamesynonymouswiththedecadeofeasymoneyandhighleverageingeneral.虽然它专指一种并购公司的方式,但却被广义地借用,成为这一时期拆借活钱和高财务杠杆的代名词。
Essentially,itmeansthepurchaseofonecompanybyotherusingmainlyborrowedfunds.
Thesourcesofthisborrowedmoneywillbediscussedlater.的基本含义是一家公司主要通过借入资金购买另一家公司。
这种借款的来源将在以后讨论。
Generally,mostM&
Aactivityinvolvesonecompanybuyinganother,takingitoutofthepublicmarketplace.Onoccasion,themanagementofacompanywillitselftenderfortheoutstandingsharesofacompany,accomplishingthesameends.Thistypeofprivatizationisreferredtoasamanagementbuyout,orMBO.Usually,borrowedmoneyagainisthesourceoffundforthebuyout,usuallycomingfromcommercialbanksratherthanbondofferings.Onoccasion,abuyoutoriginatesfromworkerswhobuytheirowncompanyundertheassumptionthattheycanrunitbetterthanmanagementoroutsiders.
Generally,mostM&
Aactivityinvolvesonecompanybuyinganother,takingitoutofthepublicmarketplace.总体上说,大多数并购活动都是一家公司对另一家公司进行购买,使后者从公共市场中脱离出来。
Onoccasion,themanagementofacompanywillitselftenderfortheoutstandingsharesofacompany,accomplishingthesameends.一些情况下,公司的管理层会自行收购本公司发行在外的股票,以达成同样的结果。
Thistypeofprivatizationisreferredtoasamanagementbuyout,orMBO..这种私有化的形式被称为管理层收购。
Usually,borrowedmoneyagainisthesourceoffundforthebuyout,usuallycomingfromcommercialbanksratherthanbondofferings.通常,借款仍是收购资金的来源。
这些借款一般来自于商业银行而非发行债券。
Onoccasion,abuyoutoriginatesfromworkerswhobuytheirowncompanyundertheassumptionthattheycanrunitbetterthanmanagementoroutsiders有时接管也源于工人购买自己的公司,因为他们认为自己能比管理层或外人经营