外文翻译 (4).docx

中国地质大学长城学院本科毕业论文外文资料翻译 系 别： 经济系 专 业： 会计学 姓 名： 刘姝君 学 号： 013121418 2016 年 4 月 30 日外文资料翻译译文第一章 并购的概述并购的类型是什么？寻求公司组织的增长可以沿着三条路径中的一条路径，放在第一位的是有机增长路径，其它两个是根据他们的技能设定现金流和前进目标。很多公司做了所有的方面。有些公司决定他们不想做并购，因为他们现在没有足够的资金或者技能使他们向前发展迈进。有些公司认为并购是唯一的出路，并且选择拥有公司的一部分，他们需要的不是控制，而是公司快速的移动发展。这里有许多不同的实体可供购买。通过购买竞争对手来巩固市场份额是一个成熟的市场策略。两家公司在做法方面删除去掉降低整体的成本基础外将会有很大相同的一部分。这些都是我们所说的成本协同效应。一些公司正在寻求地域扩张，他们热衷于进入一个增长的行业或者经济体，例如印度、巴西和俄罗斯的企业。这种类型的收购将很可能让每个人达到带来新的业务联系，知识和技能的目的，这可能有极少数的成本协同效应。合并的主要目的是投资，提升销售和获得“收入的协同效应”，从而创造更多的利润。购买企业其他业务的原因包括：为公司旗下带来新产品和服务。该产品可能与采购公司的范围相辅相成，可以很容易地通过既定的销售渠道销售给现有的客户。需要不断的保持领先是收购另一种常见的驱动程序。研发是非常昂贵的，所以另一个选择就是让别人在市场上创造新的技术，然后购买它的早期阶段，用来开发和利用其内部潜在的东西。表1.1 并购策略并购策略 综合思考市场产能过剩地理扩张产品、服务或市场拓展购买研发购买能力或技术 标准化流程-交付成本协同效应 了解文化和走向 重组 在新地区推出关键工艺和产品 了解新产品，服务或市场提供收入的协同效应 迅速采取行动，保持知识和创建一个新的文化 迅速采取行动，保持知识和人们在整合，激励人们保持好沟通 如果并购是成功的话，必须在沟通和整合的过程中体现购买的战略原因。（表1.1）例如，购买研发或技术专例，可能包含大量的成本和收益的协同效应，但目标是增长、业务整合的收入和利润的改善。不同的购买原因，要求采取不同的策略，也有不同的方式接近的整合。这一过程可能是相似的，但在每一种情况下，活动、行动和结果将是非常不同的。我们需要支付多少钱？“不要购买，除非你明确知道为什么买和回报是什么。”益百利董事长约翰.和平。公司收购其他公司，这样他们就可以引进新技术、新技能、新产品和新的客户。获得另一个业务帮助他们巩固市场地位，增加收入，确保未来的稳定。在并购成功过程中至关重要的是在一开始推翻原来的价格。通常公司为上市公司支付40%的溢价，有时可能更多。并购成功率下降百分之八十的并购失败！“成功或失败，是被学者定义的，协同作用的存在意味着合并后的公司将提高其性能，在合并时公司以更快的速度分别经营。”这就是协同的价值-2005年10月斯特恩商务学院Aswath Damodaran。有一个与股价和财务信息的公司和交易的数据库。衡量成功的唯一明智的方法是从外部看股价是否因为购买而增长。有些并购是注定要失败的。付出太多，却没有什么可以做。为了纠正这点，付出适当的金额（或接近它），因为两家公司的短期和长期的增长，突然集成就变得非常重要。估计这些成本实现多少会使雷代亚尔定价改进，制作好的协同效应。通过兼并保持普雷代亚尔成本/协同模式。有资金进行整合。必须作出如何在哪里使用它提供最大的利益的决定。关键是要评估该做什么，不要试图做任何事情。成功的定义“什么是成功？” 商业上的成功：创造长期价值。集成：我们是否保持了我们想要的？产品：我们得到了我们所有的新产品（收购和遗留）市场？企业合并减缓了这个过程吗？布伦特施蒂费尔执行总裁，全球企业发展与全球产品组合、施蒂费尔实验室，公司有很多方法来定义合并的成功。创建一个衡量标准，不要让其他人认为成功应该是什么样子的。让他们所有人都能看到一套明确的标准。这些将用来指导集成主管和经营两家公司。搜索和目标：如果另一家公司购买？有些公司知道他们想购买，并在交易前有并购团队跟踪目标公司几个月或几年，等待合适的时机和价格。一些选择现货交易和收购获得，其他依靠银行提供建议获得。总有一个他们建议的理由，但他们可能没有把您的最佳利益放在心上。尽职调查：调查目标，并且试着去理解它。历史上这是对风险的管理。风险可能是公司历史发展中的一个大的漏洞，欠钱或者是即将被起诉。例如，现在人们把它作为一个完整的搜索目标的企业，如果能够完全理解我们的购买，我们接受。不幸的是，这并不总是可能的。在第一天或者之后的日子经常会有惊喜。谈判和交易结构：这通常包括律师在内可能是一个忙碌的时期，可能耗尽整个团队。记住，不要付出太多。离开一个交易总是很困难。巴克莱银行在收购荷兰银行做了大量的工作，最终还是选择离开。他们在报纸上被预定未能购买数月后，荷兰银行最终被苏格兰皇家银行收购。我们不知道他们知道了什么，但这可能是他们的正确决定。虽然在目前看来这是不太好，但只有时间会告诉你，这是一个明智的决定。100天计划：这是采取我们最初的协同效应的过程（收入和成本），并将其转变成一个更全面和综合的计划。把第一次尝试获得具体的项目写在纸上，包括行为和活动，连同具体的业务和功能的成本/收益估计。整合：这是我们100天计划的交付。就是关于动员员工到所需的团队，提供所需的业务。灵活性：在整合过程中，总是需要灵活的。问题会出现，计划需要改变。然而，要保持足够的灵活性来确保人们了解他们的方向和目标。场景A：“计划”尽可能早地整合。如果没有计划，交货无法启动，时间都将丢失。这造成了不确定性，并导致利润损失。有一个权衡，早期规划可以创造更好的整合交付。如果这笔交易不会发生（巴克莱收购荷兰银行），那么大量的资金被浪费了，而规划整合从来没有发生过。场景B：要考虑到交易可能不会发生的几率，尽早开始规划。场景C：一些公司正在捆绑与交易处理（交易前），不要去想，一旦他们拥有它，他们将与该公司做什么。作为一般原则，即收购和整合之间的时间越长，购买和集成，它会变得更糟糕。人准备改变，那准备的第一天就是给他们最好的时间，不要让他们挂了好几个月。一些公司会在整合前一年等待，为了更充分地了解他们新获得的业务，从而更好的处理整合。这通常适用于大型企业购买非常小的公司，其中没有为小到完全消耗掉的可能性。他们故意拖延，试图阻止这家小公司的损失。一些公司通过整合前等待，然后发现他们无法整合。 Centrica买了AA，并没有集成。这是一个独立单元的事实，然而，使它更容易在以后卖掉（在近两倍的购买价格，使之成为一个600英镑利润）。整合必须是一个有意识的，而不是组织不力的后果，思考和规划前收购后要等待一定时间期限的决定。作为交易从一个阶段进行到下一个阶段，所涉及的人可能会有所不同，但可以保证的信息、习流经过程和反馈到随后合并的信息是很重要的。如果不这样做，将被整合脱节，速度较慢，最有可能的失败。下一个并购行动将不会更好，也没有人会明白其中的原因是什么。例如，并购中一个关键问题就是要为一个公司付出合适的价格。这真的只能是预处理组与后处理组和协同效应，可用于定价模型是真实的和可交付成果的完成。整合团队可以把这个周期自己学习到的，有助于一个良好的收购从开始到结束都提高的整体机会。有些公司支付的时间一次又一次。他们总是过于雄心勃勃，因为他们不需要涉及知道理解业务和提供它的需要。成功的关键是要在开始就思考整个并购的生命周期，从中了解公司内部的知识，用以帮助我们学习和更好的价格完成未来交易。战略并购过程看过并购交易过程的具体细节，我们现在需要注意整体战略以及这是如何反应在一体化进程中的。我们需要： 重新购买的原因（地理、技术、扩张、防御）。 查看金融业务案例（成本和收益）。 集成计划。两个实体将如何被放在一起？合并将会获得什么？思维的差距会导致在交付的协同和整合的差距将变得艰难或变得不可能。我们需要人更多的思考，IT，管理和流程，人们集中他们的注意力和减少不确定因素。这样将有助于更好的交付和结果。外文原文CHAPTER 1 M&A OVERVIEW CHAPTER SUMMARYWHAT TYPES OF M&A ARE THERE?Organizations looking for growth can go down one of three paths - organic growth must be the first and other two and move forward depending on their skill set, cash flow and aims. Many companies do all three. Some decide they dont want to do M&A now because they dont have the funds or the skills/capability to move forward. Some decide M&A is the only way forward and that owning part of a company does not provide them with the control they need to move forward fast enough.There are a number of different entities available to buy. In a mature marketplace one strategy is to consolidate the market by buying competitors. There will be a large overlap in what the two companies do, but this can be removed, reducing the overall cost base. These are what we refer to as the cost synergies.Some companies are looking for geographic expansion - they are keen to enter into a growth sector or economy, like India, Brazil or Russia, for example. This type of purchase will bring the bussiness new contacts, knowledge and skills and the aim will most probably be to keep everyone and everything. There may be very few cost synergies. The main aim of the merger is to invest, to cross-/up-sell and to reap “revenue synergies” thus creating more profit.Other reasons for purchasing a business can include the desire to bring a new product or service under the company umbrella. The product may be complementary to the buying companys range and can easily be sold to existing customers through established sales channels.The need to continually keep ahead of the game is another common driver for acquisition. R&D is very costly, so an option is to let others in the market create the new technology then buy it at an early stage with a view to developing and exploiting the potential in-house.Table 1.1 M&A strategyM&A strategyIntegration thinkingMarketOvercapacityGeographicExpansionProduct, service or market extensionBuying R&DBuying competence or technologyStandardize processes deliver cost synergiesUnderstand cultures and move towards oneRestructureRoll out key processes and products across new regionsUnderstand new product, service or market Deliver revenue synergiesMove quickly to retain knowledge and people Create a new cultureMove quickly to retain knowledge and peopleIncentivize people to stay Great communications during integrationThe strategic reason for the purchase must be reflected in both the communication and integration process if the M&A is to be a success.(Table 1.1).Buying R&D or technological expertise, for example, may contain large amounts of cost and revenue synergies, though the aim is growth. The business is integrating for revenue and profit improvement.A different reason for purchase calls for a different strategy and also a different way of approaching the integration. The process may be similar, but the activity, action and outcome will be very different in each case.HOW MUCH SHOULD WE PAY ?“Dont buy unless youre clear on why and on the return.”John Peace, Chairman, ExperianCompanies acquire other companies so that they can bring in new technology, new skills, new products and new customers.Acquiring another business helps them consolidate their position in the market, increase revenue and ensure future stability. Gutting the price right at the outset is critical if the M&A process is to succeed. Often companies pay a 40% premium for publicly listed companies, sometimes more.MOST MERGERS FALLEighty per cent of mergers fail !“Success or failure, defined by the academics : The existence of synergy implies that the combied firm will improve its performance, at a faster rate after the merger than when the firms are operating separately.”The Value of Synergy, Aswath Damodaran, Stern School of Bussiness, October 2005There is a database with the share price and financial information for companies and deals. The only sensible way to measure success from an outside view is to see if the share price increases because of the purchase.Some Are Doomed to FailureSome mergers are doomed to failure. Pay too much, and there is nothing that can be done to rectify this. Pay the right amount( or close to it), and suddenly the integration becomes very important, for the short and long term growth of both companies.Making good estimates of the synergies and how much these will cost to implement will enable improved predeal pricing. The predeal cost/synergy model stays through the merger and dictionale.There is a pot of money for integration. Decisions must be made on how and where to spend it to deliver most benefit. The key is to evaluate what to do and dont try to do everything.DEFINE SUCCCESS“What is success:Commercial success:Creating long term value.Integration: Did we keep the people we wanted to keep?Products: Did we get all of our new products ( acquired and lagacy ) to market ？Did the merger slow this process?”Brent Stiefel, Executive Vice President, Global Corporate Development & Global Product Portfolio, Stiefel Laboratories, Inc. There are many ways to define success in a merger. Create a yardstick to be measured by; dont let anyone else say what success should look like. Come to a clear set of criteria, laying them open for all to see. These will then be used to guide the integration director and managers in both companies.Search & Target: Should another company be bought? Some companies know they want to buy and have pre-deal M&A teams that track target companies for months or years, waiting for the right time and price. Some spot a bargain and acquire. Others rely on banks to make suggestions. There is always a reason for their suggestion, and they may not have your best interest at heart. Due Diligence: Investigate the target and try to understand it. Historically this has been about risk management. The risks might be that the company has a large black hole in its books, owes money or is just about to be sued, for example. People now think of it as being a fuller search of the target businesses. If it were possible to fully understand our purchase, we would. Unfortunately this is not always possible. There are often surprises on day 1 or after. Negotiations & Deal Structure: This often involves the lawyers and can be a hectic period, which exhausts the whole team. Remember, dont pay too much. Its always tough to walk away from a deal. Barclays, having done a lot of work on the acquisition of ABN Amro, eventually walked away. They were slated in the newspapers for failing to buy for months afterwards. We dont know what they knew. It may have been the right decision for them. ABN Amro was finally acquired by Royal Bank of Scotland. Only time will tell if this was a wise decision, but at the moment its not looking too good.100 Day Planning: This is the process of taking our initial synergy (revenue and cost) and turning it into a fuller and comprehensive plan for integration with a first stab at getting specific projects down on paper, including actions and activities, together with specific business and functional cost/benefit estimates. Integration: This is the delivery of our 100 day plan. Its about mobilizing people into the required teams to deliver the changes needed to move the business forward. Flexibility: There is always a need to be flexible during the integration. Problems will crop up and plans will need to change. Be rigid enough, however, to ensure people know their direction and goals. Scenario A: Always “plan” the integration as early as possible. Without the plan, delivery cannot start and time is lost. This creates uncertainty and leads to loss of profit. There is a trade-off; early planning can create improved integration delivery. If the deal does not take place (Barclays buying ABN Amro) then a lot of money has been wasted planning an integration that never took place. Scenario B: Start planning as early as possible given the small chance the deal may not take place. Scenario C: Some companies are tied up with the deal process (pre-deal) and do not think about what they will do with the company once they own it. As a general principle the longer the time that elapses between purchase and integration, the worse it will be. People are ready for change on day 1. That is the best time to give it to them; dont leave them hanging for months. Some companies will wait up to one year before integration, to more fully understand their newly acquired business and so better handle the integration. This generally applies to mega corporates buying very small ones where there is the potential for the small to be completely consumed. They deliberately delay in an attempt to stop the small company becoming lost. Some companies wait before integrating by accident and then find they cannot integrate. Centrica bought The AA, and did not integrate. The fact that it was a standalone unit, however, made it easy to sell off years later (at nearly twice the purchase price, making them a £600m profit). The decision to wait a given time period after acquisition before integrating must be a conscious one, rather than the consequence of poor organization, thinking and planning. As the deal progresses from one stage to the next, the people involved may vary but it is important to ensure the information and learning flows through the processes and is fed back into any subsequent merger. If this is not done, the integration will be disjointed, slower and most probably a failure. The next M&A action will be no better, and no one will understand why. One of the key things in M&A, for example, is to pay the right price for a company. This can only really be done if the pre-deal team is linked to the post-deal team and the synergies to be used in the pricing model are real and deliverable. The integration team can bring their learning to this cycle and can help to improve the overall chance of a good acquisition from start to finish.There are some companies that pay over the odds time and time again. They are constantly overambitious because they are not involving the people who know and understand the business and need to deliver it. The key to success is to start thinking about the whole M&A life cycle, taking knowledge from inside the company to help us learn and better price future deals.STRATEGIC M&A PROCESS Having looked at the nuts and bolts of the M&A deal process, we now need to pay attention to the overall strategy and how this is reflected in the integration process. We need to: Revisit the reason for the purchase (geographic, technological, expansion, defensive) Look at the financial business case (the costs and benefits) Plan the integration. How will the two entities be put together? What will be gained from the amalgamation? Gaps in thinking will lead to gaps in delivery of the synergies and integration will become tough or impossible. We need to think about the people, IT, management and process, where people are focusing their attention and where the uncertainty is. This will enable better deliv