兼并收購(gòu)概念理論之一概覽和購(gòu)買策略

1、1:Cost synergies are easy to obtain in American Mergers and Acquisition deals beca use（在美國(guó)兼并和收購(gòu)交易中很容易獲得成本協(xié)同效應(yīng)，因?yàn)椋篢hebuyercanfire（orlayoff）theemployeesoftheacquisitionwithlittlepenalty （買方可以彳艮 少的處罰解雇或辭退收購(gòu)的員工）Americaninvestorspaylittleattentiontoanti-competitionconcerns （美國(guó)投資者很少關(guān) 注反競(jìng)爭(zhēng)問題）Americanfirms

2、canbeacquiredcheaplybecauseofthelastfinancialcrisis （由于金融危 機(jī)，美國(guó)公司可以被廉價(jià)獲收購(gòu)）2:What is a key constraint in emerging market Mergers and Acquisitions （新興市場(chǎng) 兼并和收購(gòu)的關(guān)鍵約束是什么）？Familybusinessinvolvedinemergingmarkets （涉及新興市場(chǎng)的家族企業(yè)）Lackofforeignbuyers （缺乏外國(guó)買家）Locallendersprefernaturalresourcetransactions （當(dāng)?shù)氐馁J款人

3、更喜歡自然資源交 易）Localaccountingissuspect （本地會(huì)計(jì)是可疑的）3:AAcashAflow”AloanAiS現(xiàn)金流量”貸款是）：Aloanthatissecuredbythelikelysaleproceedsofinventoryandplant （貸款由可能出售 的存貨和設(shè)備收入擔(dān)保）Apopulardebtdeviceinmanyemergingmarkets （在許多新興市場(chǎng)流行的債務(wù)策略）Aloanthatseeksrepaymentprincipallyfromfutureearningssincetheborrowerlackssufficientco

4、llateral （由于借款人缺乏足夠的抵押品，主要從未來收益尋求還款的貸款）Noneoftheabove （以上都不是）4:The publicly-traded stock of an acquiring company trades at 15x earnings per shar e （EPS）, or a 15x P/E ratio. During the year, the company buys four smaller （but simi lar） businesses at a 10 x P/E ratio. This practice of buying firms at

5、 a lower P/E ratio is called收購(gòu)公司的公開交易股票以15倍的每股收益（EPS）或15倍的市盈率交易。 在這一年中，該公司以10倍的市盈率購(gòu)買了四家規(guī)模較?。ǖ嗨疲┑臉I(yè)務(wù)。這種 以較低的市盈率購(gòu)買公司的做法被稱為:Arbitrage （套利）QuantitativeFlexing （定量彎曲）P/ERatioaccretion （市盈率增長(zhǎng)）PositiveSynergy （積極的協(xié)同作用）ValueMultipleExpansion （價(jià)值倍數(shù)擴(kuò)展）5:Why does a management team want to grow a company（為什么管理團(tuán)

6、隊(duì)想要讓一家公司成長(zhǎng)）？Growthcompaniesreceivehighervaluemultiplesinthestockmarket （成長(zhǎng)型公司在股市 中獲得更高的估值倍數(shù)）Agrowingcompanyretainsthebestemployees（成長(zhǎng)型公司保留最優(yōu)秀的員工）Agrowthcompanyislesslikelytobeahostiletakeover （成長(zhǎng)型公司不太可能被敵意收購(gòu)）Growthcompaniesgeneratepositivecashflowandhighinternalrateofreturn （成長(zhǎng)型公 司產(chǎn)生正現(xiàn)金流和高內(nèi)部收益率）Grow

7、thcompaniesexpandinternationally（E.成長(zhǎng)型公司在國(guó)際上拓展）6:There are two kinds of buyer synergies in a Mergers and Acquisitions deal. Which kind is the easiest for the buyer to achieve（合并和收購(gòu)交易中有兩種買方協(xié)同效應(yīng)。買方最容易實(shí)現(xiàn)哪一種）？Revenuesynergy （收入?yún)f(xié)同）Costsynergy （成本協(xié)同）7:Why do China and many other emerging markets restrict

8、Mergers and Acquisitions（為什么中國(guó)和其他新興市場(chǎng)會(huì)限制兼并和收購(gòu)）？GovernmentsbelieveMergersandAcquisitionsisunproductive （政府認(rèn)為兼并和收購(gòu) 不具有生產(chǎn)力）Governmentsworriedaboutpossiblelayofffromcompetitorscombiningandpoliticalunrest （政府擔(dān)心可能因競(jìng)爭(zhēng)對(duì)手合并而導(dǎo)致裁員和政局動(dòng)蕩）Governmentsworryaboutlocalcapitalbeingdirectedoffshore （政府擔(dān)心本地資本被弓I 導(dǎo)到海外）8:

9、What percent of global Mergers and Acquisitions is emerging markets based （新興市場(chǎng)兼并和收購(gòu)占全球的百分比為多少）？10%15%30%25%9:If Thai Petrochemical （Thailand） acquires a United States petrochemical firm at a r easonable price, the P/E multiple of Thai Petrochemical might increase. Why （如泰 國(guó)石化以合理的價(jià)格收購(gòu)美國(guó)石化公司，泰國(guó)石化的P/E

10、倍數(shù)可能會(huì)增加。為什么）？PTTbecomesamoreriskycompanywithaU.S.deal.ThismeansthePTTstockismoreattractive（PTT通過美國(guó)交易成為風(fēng)險(xiǎn)更高的公司。這意味著PTT股票更具吸引力）U.S.firmshavelesspoliticalandcurrencyriskthanThaicompanies.ThismeansPTTstock ismoreattractive（美國(guó)公司的政治和貨幣風(fēng)險(xiǎn)要低于泰國(guó)公司。這意味著PTT股票更 具吸引力）10:Which growth tactic is more risky from an

11、operational point-of-view （從運(yùn)營(yíng)角度來 看，哪種增長(zhǎng)策略更具風(fēng)險(xiǎn)）？GrowingabusinessthroughMergersandAcquisitions（通過兼并和收購(gòu)發(fā)展業(yè)務(wù)）Growingabusinessthroughnewproductdevelopment（通過新產(chǎn)品開發(fā)拓展業(yè)務(wù)）11:In the years before the 2008 credit crisis, private equity represented the following percent of merger and acquisition deals （在2008年信貸

12、危機(jī)爆發(fā)前的幾年，私募股 權(quán)在以下合并和收購(gòu)交易中所占比例如下）：10%70%30%Notapplicablesinceprivateequityisaminorityinvestment （由于私募股權(quán)是少數(shù)投資，因此不適用）Noneoftheabove （以上都不是）12:In any given year, the volume of mergers and acquisitions is closely tied to （在任何一年，兼并和收購(gòu)的數(shù)量都與以下因素密切相關(guān)）：Lowstockprices-toprovidebuyerswithgoodvalues （低股價(jià)-為買家提供良好

13、的價(jià)值）Highstockprices-toassistbuyersinreducingearningsdilution （高股價(jià)-幫助買家減少收益稀釋）Highstockpricesandavailabledebtfinancing-toassistbuyersinraisingacquisitionfinan ce （高股價(jià)和可用的債務(wù)融資-協(xié)助買家籌集收購(gòu)融資）Optimisticviewsoncross-bordertradeflows （對(duì)跨境貿(mào)易流量持樂觀態(tài)度）Lowinterestrates-topromotedebtfinance （低利率-促進(jìn)債務(wù)融資）13:On a glo

14、bal basis, the merger and acquisition business is （在全球范圍內(nèi)，并購(gòu)業(yè)務(wù)是）：Ahigh-growthbusiness （高增長(zhǎng)業(yè)務(wù)）Adefensivebusiness （防御性業(yè)務(wù)）Acyclicalbusiness （周期性業(yè)務(wù)）Ahi-techbusiness （高科技業(yè)務(wù)）14:The Cpurpose C ofC acquisitions Cis Cto Cincrease Cthe C ac（i收購(gòu)的目的是增加收購(gòu)方的）：Revenue （收入）MarketShare （市場(chǎng)份額）NetIncome （凈收入）CommonStockValue （普通股票價(jià)值）AssetBase （資產(chǎn)基礎(chǔ)）15:Emerging markets （such as Thailand, China, and India） represent 80% of the worlds Cpopulation.C Cpproximately Cwhat Cpercentage C ofCthe