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跨国并购 [复制链接]

Rank: 8Rank: 8

发表于 2013-4-27 14:51:03 |显示全部楼层
译者: 爱尔兰UCD  赖小琪
The Popularity of Merger and Acquisition Strategies
并购策略的盛行
The acquisition strategy has been a popular strategy among U.S. firms for many years. Some believe that this strategy played a central role in an effective restruturing of U.S. business during the 1980s and 1990s and into the 21st century. Increasingly, acquisition strategies are becoming more popular with firms in other nations and economic regions, including Europe. In fact, about 40 to 45 percent of the acquisitions in recent years have been made across country borders( i.e., a firm headquartered in one country acquiring a firm headquartered in another country). For example, 40 percent of Wal-Mart’s international growth had come through acquisitions, and management remains open to further acquisitions.
        收购策略一直在美国公司中流行多年。 有人认为这种策略在1980 至1990甚至在21世纪对美国企业的重组起着主要作用。 收购策略在其他国家和经济地区,包括欧洲,都越来越盛行。实际上,近年来大约百分之四十到百分之四十五的收购都是跨国完成的(即一个总部在一国的公司收购总部在另一国的公司)。 比如说,沃尔玛百分之四十的国际增长都是通过收购实现的,并且它的管理层一直对今后的进一步并购持欢迎的态度。
Five waves of mergers and acquisition took place in the 20th century, with the last two occurring in the 1980s and 1990s. There were 55,000 acquisitions valued at 1.3 trillion dollars in the 1980s, and acquisitions in the 1990s exceeded 11 trillion dollars in value. World economies, particularly the U.S. economy, slowed in the new millennium, reducing the number of mergers and acquisitions completed. The annual value of mergers and acquisitions peaked in 2000 at about 3.4 trillion dollars and fell to about 1.75 trillion in 2001. However, as the worldwide economy improved, the global volume of announced acquisition agreements was up 41 percent from 2003 to 1.85 trillion dollars for 2004, the highest level since 2000, and the pace in 2005 was significantly above the level of 2004.
五大并购浪潮发生在20世纪,另外还有最后的大两浪潮发生在八十年代和九十年代。 二十世纪八十年代发生了总值为一万三千亿美元的55000起收购,而九十年代则发生了总值超过十一万亿的收购。 全球经济,特别是美国的经济,在新世纪增长减缓,这减少了其间的并购。2000年的年并购量达到顶峰,总值为三万四千亿美元,然而到了2001却下降到了大约一万七千五百美元。然而,由于全球经济不断增长,2004年全球的收购协议相对于2003年而言增长了百分之四十一,达一万八千五百亿美元。这是自2000年以来史上最这几年来最高水平的收购量。另外,2005的收购进度远远高于2004年。
Although the frequency of acquisitions has slowed,their number remains high. In fact, an acquisition strategy is sometimes used because of the uncertainty in competitive landscape. A firm may make an acquisition to increase its market power because of a competitive threat, to enter a new market because of the opportunity available in that market, or to spread the risk due to the uncertain environment. In addition, as volatility brings undesirable changes to its primary markets, a firm may acquire other companies to shift its core business into different markets. Such options may arise because of industry or regulatory changes. For instance, Clear Channel Communications built its business by buying radio stations in many geographic markets when te Telecommunications Act of 1996 changed the regulations regarding such acquisitions. However, more recently Clear Channel has been suggested to have too much market power and is now likely to split into three different businesses.
尽管收购的频率已经减缓,数目却维持在高峰。实际上,并购策略有时被采用是由于竞争性环境中存在不确定性。 公司可能由于竞争的威胁而进行收购来增加他的市场控制力量。企业进入某个新的市场可能是因为那个市场存在着机会,或者是由于不确定的环境而进行风险的分散。另外,由于市场的不定性带来公司主要市场的不利变化,企业可能通过收购别的公司来将其核心业务转移到不同的市场里。 这种抉择很可能由于产业或者管理政策的改变而产生。比如说,当1996年法案改变了关于收购的相关规定以后,Clear Channel Communications 公司通过购买各个区域市场的无线电站来建立其业务。 然而,最近,它曾被提议拥有太大的市场影响力,所以它现在把它的企业分裂为三个不同的公司。
The strategic management process calls for an acquisition strategy to increase a firm’s strategic competitiveness as well as its returns to shareholders. Thus, an acquisition strategy should be used only when the acquiring firm will be able to increase its value through owership of an acquired firm and the use of its assets.
战略性管理过程要求用收购策略来增加企来战略性竞争力以及股东的收益。 因此,只有当收购方能够能过拥有被收购方的所有权以及有效运用被收购方的资产来增加其资产时,收购方才能使用收购箕策略。
However, evidence suggests that, at least for the acquiring firms, acquisition strategy may not always result in these desireable outcomes. Researches have found that shareholders of acquired firms often earn above-average returns from an acquisition, while shareholders of acquiring firms are less likely to do so, typically earning  returns from the transaction that are close to zero. In the latest acquisition boom between 1998 and 2000, acquiring firm shareholders experienced significant losses relative to the losses in all of the 1980s. Acquiring firm shareholders lost 0.12 dollar on average for the dollar spent. This may suggest that for large firms, it is now more difficult to create sustainable value by using an acquisition strategy to buy publicly traded companies. In approximately two-thirds of all acquisitions, the acquiring firm’s stock price falls immediately after the intended transaction is announced. This negative response is an indication of investors’ skepticism about the likelihood that the acquirer will be able to achieve the synergies required to justify the premium.
然而,相关证据显示,收购策略可能并不一定产生上述的有利结果,至少对于收购方而言是如此。调查发现,被收购方的股东往往从收购中赚取高于平均水平的收益,而收购方的股东则不然,更多的却是从收购中赚取接近零的收益。在1998年到2000年的最新的并购浪潮中,并购方的股东,相对于十九世纪八十年代而言,经历了惨痛的损失。收购方的股东损平均每花出一美元损失0.12美元。这可能表明,对于大公司而言,现在想通过收购的策略来购买上市公司以创造持续的盈利变得越来越困难。在接近三分之二的收购里,收购方的股票价格在收购交易公布以后立即下跌。这种消极的反应其实是一种警示,暗示了投资者可能怀疑收购方能否实现公司间的协同以创造溢价。

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