企業(yè)并購(gòu)?fù)馕姆g-并購(gòu)基礎(chǔ)知識(shí)：一切你需要知道的(節(jié)選)

3200單詞，萬(wàn)英文符，字出處：Mergersandacquisitionsbasics:AllAmerica:AcademicOct2010，P1-10外文文獻(xiàn)MergersandBasics:AllYouToKnowDePamphilistoandAcquisitionsthemillenniumaneraofglobaltheacquisitionsfrenzytheandseveralfueledactivitymid-2007:readilycredit,historicallyinterestequitymarkets,technologicalchange,globalcompetition,andindustryInofdollarvolume,M&AworldwideinButturbulenceintheglobalmarketsfollowed.theStateslargelybyburstduringthehalfofconcernedaboutthevalueofmanyownbecameexceedinglyselectiveandfromthehighlyleveragedtransactionsthatcommonplaceyear.ofassetsbybanksoutEuropeandAsiaalsosuspect,theglobalofthemarkets.Asdriedup,malaisespreadworldwidethehighlyleveragedM&Aaofoilpricesreducedavailabilityofof’seconomiesintoglobalM&Aactivitybymorefromglobalrecessiondeepenedduringtheof—inenergyandhighlystimulativeandfiscalpoliciestheslumpM&Aactivity.Inrecentgovernmentsintervenedaggressivelyglobalcreditmarkets(asasmanufacturingoftheeconomy)anrestoreconsumerrestorecreditdeflationarysuchonandacquisitions?Itistooearlytell,buttheimplicationsM&Asareimportantmeansofresourcestowheremostneededofremovingdecisionstofirmswhileallowingothersfaillikelytothisprocess.SuchdecisionsoftenonnotionfirmsaresimplybigfailoftheirpotentialtheAIGintheStates.areclearlybypolitics.disruptsmoothfunctioningofmarkets,whichdecisionsones.atothatitcanatofail‖maycreateperverseislittlehistoricalthatarethanshouldfailandwhosurvive.Inchapter,willofunderlyingdynamicsM&Asincontextofincreasinglyinterconnectedworld.beginswithdiscussionM&AschangeincontextofTheisM&Asandwhybriefconsiderationgivenalternativewaysofvalue.willalsobeaofstructuresthatareemployedcorporations.book,afirmthatacquireormergewithcompanyiscalled,acquirer,or.orfirmbeingsolicitedbythecompany.orbuyoutsaregenericforinthecontrollingownershipofcorporation.Wordsbolditalicstheimportantforyoufully;theyinaatendbook.andAcquisitionscomeandcontinuingchurn,perhapsillustratedbythecompositionofthe—500largestU.S.70thefirms1955ofareonlist,haveonlistatonetimeanother.Mostdroppedoffthelistmerger,bankruptcy,orsomeformofcorporaterestructuring.fewSteel,Zenith,Rubbermaid,Lambert.Thepopularmediatotermcorporaterestructuringtodescribetakentoexpanda’sorchangeitsstructure.Synergyistherathersimplisticnotiontwo(orbusinessesinwillcreategreatervalueifoperatedseparately.ItmaytheincrementalcashflowthatrealizedexcessofwhatrealizedthefirmstoTherearetypesandfinancial.(EconomiesofScaleScope)comprisesbotheconomieseconomiesofwhichcanbeimportantofwealtheitherandfromimprovedmanagerialpractices.Spreadingfixedproductionlevelsofscale,definedbyfixedcostsasdepreciationofandamortizationofsoftware;normalspending;obligationsinterestleaseandlong-termunion,customer,andvendorcontracts;andcostsareinthatcannottherun.variablearechangeoutputgivenscaleorfixeddollarvalueoffixedexpensesofoutputdollarofrevenueasoutputandincrease.Toillustratethepotentialfromlet’sanautomobileassemble10carsandrunsaroundtheclockwhichmeanstheplantproduces’sday$1soaveragefixedproducedis(i.e.,$1,000,000/240).Nowlinetheplanttassemble20or480day.Thefixedfallsto(i.e.,$1,000,000/480).Ifvariablecosts(e.g.,labor)cardonotincrease,thesellingpricecarremainstheeachcar,improvementcartheaveragefixedcostspercarperdayis$2,084(i.e.,$2,083).AfirmfixedcoststotalwillhavegreatervariabilityonewithratiooffixedLetandprofitsofmillion.fixedcostsatfirmrepresentcosts,secondhalfofallcosts.Iffirmsincreasedmillion,thefirmwouldincometomillion,preciselyallofitssecondfirmwouldrise$75million,becausehalfofthemillionincreasedwouldhavegotopayforincreasedspecificofskillsorangivenproductortosomethingelseof,whichfoundmostoftenitiscombinemultipleproductlinesfirmtoseparate&Gamble,thehighlyregardedconsumermarketingfullrangeofcarepharmaceuticalknowsengines,additioncars,thefirmdevelopsblowers.TechnologyrunapplicationsonUNIXNTonaCitigroupthesamecenterdeposits,trustandmutualfunditsEachisanexampleofofwhereafirmapplyingspecificsetofskillsassetstoproduceorsellgeneratingmoreFinancialSynergy(LoweringtheCostCapital)Financialsynergyrefersofmergersacquisitionsoncostofacquiringfirmornewlyformedfirmaorcostofcapitalistheandtotoafirm’sstocktolendtoIntheory,thecostofcouldifthemergedfirmscashflowsnotmovein(i.e.,financialeconomiesfromlowersecuritiesandcosts,orabettermatchingoffunds.CombiningfirmthathasflowsonewhoseinternallycashinsufficienttoitsinvestmentalsoinacostofAfirmmatureindustryslowinggrowthmayproduceflowsinexcessofAnotherinaindustrymaynotenoughcashtoReflectingtheirdifferentgrowthratesandrisktheinmaturemaycostofcapitalonethecombiningthefirmsloweraveragecostofcapitalofthefirms.Buyingfirmsiscalledtypicallyjustifiedinoneoftwoways.maycreatefinancialreducesthecostofitmayallowafirmtoshiftitsproductorthathavegrowthprospects,eventhatareunrelatedto’stounrelatedan’slinesimplicationsforeffectivemanagementinfirms.Afirmfacinggrowthinitstogrowththroughrelateddiversificationbycurrentinnewmarketsareunfamiliartherefore,morrisky.SuchthepharmaceuticalJohnsonitsultimatelyoflateJ&Jwasseekinganentrypointinfast-growingmarketimplantabledevices,whichitnotAfirmtoachievehigheroracquiringwhichitisrelativelyunfamiliarsellingthemfamiliarandlessriskymarkets.Retailer’softheEckerd’sbillion’shealthcarelinein2006twoofrelatedInthefirmassumedrisk,butlesssothanunrelatedifitnewproductssalenewisevidenceinvestorsdonotfromunrelatedthatinofunrelatedascalledconglomeratessharepricesofconglomeratesaasto15percentcomparedtooffirmsorvaluewerediscountiscalledtheconglomerateordiversification.InvestorscompaniesdiversifiedinunrelatedindifferentstandardindustrialasriskiermanagementhastheseandfailstofullfundingthemostattractivemaydifficulttimevaluetheofhighlydiversifiedonwhetherStill,theevidencefirmsmorecorporatelikelyperformbest,thereareexceptions.hestrategicrealignmenttheorysuggestsuseM&Asadjustmentsinexternalenvironments.Althoughdifferentsources,thisconsidersonlyinregulatoryinnovationtwofactorsthe20beenmajorforcesinnewforthreatening,or’linesofRegulatorybeensubjecttosignificantderegulationinrecentyears—financialutilities,telecommunications,—centerofM&Aactivitybecausederegulationstimulatescompetition.thehalfoftheinstance,theofactivelyofmajortoimproveoverallefficiency.nowrequiredinsomestatestosellpowercompetitorsthatcaninutilitymarketM&AstoachieveCommercialbanksthatmovedbeyondhistoricalroleofandfirmsandcompaniesthankstotheFinancialofwhichrepealedlegislationdatingbacktoGreatDepression.TheCiticorpayearearlieranticipatedchange,itrepresentativeswerelobbyingforthechapterhasyettthistrendtowardfinancialservicesmaystymiedbynewregulation2010inresponserisktelecommunicationsillustration.localandlong-distancephonecompaniesnotagainsteachweremonopolies.theTelecommunicationsActoflocalandlong-distanceactivelyin’scompaniesofferingInternetaccessandlocaltelephonefederalCommunicationsCommissionregulationprohibitingcompanyfromacableandTVstationthecity,andthrewtheacompanyfromowningTVthatreachthanpercentofitnewamongthelargestcompaniesorofTechnologicaladvancescreatenewdevelopmentofairplanetheairline,avionics,andemergencesatellitedeliverynetworkstregionalandlocalstationsignitedexplosivegrowthintheToday,theexpansionoftechnology,ofdata,andvideotechnologiesontheInternet.emergenceofdigitalcamerahasdramaticallytheanalogcamerasandfilmandnamessuchPolaroidtoadapt.growthofitsofradioadvertisingmarketatofstations.speedandcreativitybureaucraticfirmsengineeringtalentofteninshortproductshortening,thesefirmsmaynothavetheluxuryofthetoSo,maylookM&Asassometimeswayacquireandknow-howfillcurrentproductportfoliosortoentirelybusinesses.Acquiringcanalsoaweaponimportantnewoutofthehandsofcompetitors.IneBaySkypeTechnologies,theInternetprovider,forbillionstock,andhopingthatthewouldboostonlineauctionsitelimit’tothetechnology.SeptemberadmititbeenthebenefitsofowningSkypewassellingtheaprivate$2.75andthe’s”Managersthattheirvaluationofatargetistothemarkettooverpayfortheoveroptimisticwhensynergies.CompetitionbiddersalsoistoinoverpayingbecauseofifsignificantInanauctionenvironmentbidders,theofcompanylikelytoquitewide,becauseseniormanagerstendcompetitiveandsometimesself-important.Theirdesirelosedriveofanacquisitionexcessofitseconomic(i.e.,ThewinnerpaysmorethecompanyandremorseatdonehencewhathastheUndervalued(TheQ-Ratio)q-ratioratiomarketfirm’sstocktothereplacementcostofitsFirmstoplantsandequipmentorobtaintheassetsbyamarketvaluelessthanwhatitwouldcosttheassetsq-ratio1).theorywasinexplainingM&Aactivityduringthewheninflationratesstockbelowthevalueoffirms.inflationalsocausedthereplacementcostofassetstohigherthevalueofassets.BookvaluerefersvalueonabalancesheetgenerallyreflectshistoricalcostassetsrathertheirValeroEnergyCorp.Premcor2005,the$8billiontransactioncreatedtheinNorthAmerica.ItwouldhaveanmoreforbuildnewrefineryMismanagementProblems)problemsarisethereadifferencebetweentheinterestsofincumbentmanagers(i.e.,thefirm)andtheafractionoftheoffirm.managers,whoserveasagentsofthemaytoontheirownjoblavishthanmaximizingthesharesofcompanywidelythecostofmismanagementlargenumberofofbearsonlysmallportion.allowsfortolerationofthemismanagementMergersoftentocorrectsituationswhichthereisabetweenwhatownerswant.pricesputpressuretotakethepriceorbecomeofwhoperceivethestocktoundervaluedwhousuallyintentonremovingofAgencyalsocontributetomanagement-initiatedbuyouts,whenhowshouldbeused.Managersmayinformationnotreadilyavailabletooutownershipthemanagement.中文翻譯并購(gòu)基礎(chǔ)知：一切你需知道的DePamphilis介紹合和收購(gòu)新千年的第一個(gè)十年,示著全球大規(guī)模并購(gòu)時(shí)代的到來(lái)。如同20紀(jì)80年代和90年代的并購(gòu)狂熱有幾個(gè)因素推動(dòng)著這一活動(dòng)持續(xù)至007年中期容易獲得信貸，利率處于歷史低位，股市興起，技術(shù)變革，全球競(jìng)爭(zhēng)和行業(yè)整合。在成交金額方面2007年在全球范圍內(nèi)并購(gòu)交易達(dá)到創(chuàng)紀(jì)錄的水平但是持續(xù)的全球信貸市場(chǎng)動(dòng)蕩隨后而來(lái)。今年下半年美國(guó)和其他地方依靠債務(wù)融資的投機(jī)性住房泡沫破滅。銀行由于擔(dān)心自己的多種資產(chǎn)價(jià)值變的非常有選擇性基本上取消了高杠桿交易的融資而前一年此融資行為已經(jīng)司空見慣銀行在歐洲和亞洲持有的資產(chǎn)的質(zhì)量也開始遭到質(zhì)疑反映了信貸市場(chǎng)的全球性質(zhì)由于信貸枯竭萎靡不振蔓延在全球高杠桿的并購(gòu)交易的市場(chǎng)中。到2008年紀(jì)錄的高油價(jià)和減少信貸供應(yīng)量讓世界上大多數(shù)國(guó)家的經(jīng)濟(jì)陷入了衰退，全球并購(gòu)活動(dòng)從以前的高量減少了三分之一以上。在009年上半年，盡管能源價(jià)格大幅下降以及高刺激性的貨幣和財(cái)政政策出臺(tái)，全球衰退更加嚴(yán)重，使得并購(gòu)活動(dòng)持續(xù)低迷。近年來(lái)世界各國(guó)政府已積極介入全球信貸市（以及在制造業(yè)和其他經(jīng)濟(jì)領(lǐng)域努力恢復(fù)行業(yè)和消費(fèi)者信心，恢復(fù)信貸市場(chǎng)的運(yùn)作，并抵消通縮壓力。這些措施對(duì)并購(gòu)有什么影響，尚言之過早，但其影響可能是顯著的。并購(gòu)是一種將資源轉(zhuǎn)移到最需要的地方以及去除表現(xiàn)不佳的經(jīng)理人的重要的手段然而政府決定拯救一些企業(yè)同時(shí)允許一些企業(yè)破產(chǎn)可能會(huì)破壞這一過程這樣的決定往往是基于一些企業(yè)僅僅是太大而不能倒閉的觀念因其對(duì)美國(guó)經(jīng)濟(jì)的潛在影響（如美國(guó)的其他人顯然是出于政治動(dòng)機(jī)。這些措施擾亂市場(chǎng)優(yōu)勝劣汰的平穩(wěn)運(yùn)作讓企業(yè)相信可以達(dá)“太大而不能倒閉規(guī)模，可能會(huì)造成反常的動(dòng)機(jī)此外很少有歷史證據(jù)表明政府比市場(chǎng)能更好的決定誰(shuí)應(yīng)該失敗，誰(shuí)應(yīng)該生存。在本章中，您將了解在相互聯(lián)系日益緊密的世界的背景下的并購(gòu)的基本動(dòng)態(tài)本章首先討論了在企業(yè)重組背景下并購(gòu)作為變革推動(dòng)者的議題重點(diǎn)是并購(gòu)活動(dòng)以及他們發(fā)生原因簡(jiǎn)要考慮其他增加股東價(jià)值的替代方法還將向您介紹各種用于重組公司的法律結(jié)構(gòu)和策略。在這本書中一個(gè)公司試圖收購(gòu)或與另一家公司合并稱為收購(gòu)公司收購(gòu)方或投標(biāo)方目標(biāo)公司或目標(biāo)公司是被收購(gòu)公司請(qǐng)求收購(gòu)的公司接管或收購(gòu)是改變控制一家公司的所有權(quán)的通用術(shù)語(yǔ)。粗體斜體字是你需充分了解的最重要的部分們都包含本書結(jié)尾部分的詞匯表里。企業(yè)并作為變革的動(dòng)者各企業(yè)你方唱罷我登場(chǎng)，所謂的“財(cái)富500強(qiáng)（美500家最大公司）的構(gòu)成變化也許是最好的說明。只有0家在195500強(qiáng)名單上的公司仍出現(xiàn)在名單上大約2000家企業(yè)在曾經(jīng)在名單上出現(xiàn)過大部分公司通過兼并收購(gòu)破產(chǎn)，裁員，或一些其他形式的企業(yè)重組已經(jīng)不在名單上。例如：克萊斯勒，伯利恒鋼鐵公司，斯科特紙業(yè)，天頂，樂伯美，華納蘭伯特。大眾媒體傾向于使用企業(yè)重組這個(gè)詞來(lái)描述企業(yè)為擴(kuò)大或縮小企業(yè)的基本業(yè)務(wù)或從根本上改變其資產(chǎn)或金融結(jié)構(gòu)而采取的措施。協(xié)同效協(xié)同效應(yīng)是相當(dāng)簡(jiǎn)單的概念即兩（或更多企業(yè)組合會(huì)創(chuàng)造比他們分開經(jīng)營(yíng)的更大的股東價(jià)值它可以通過資金流量?jī)粼鲱~衡量資金流量?jī)粼鲱~為合并后的資金流量超出獨(dú)立經(jīng)營(yíng)的資金流量的量有兩種基本類型的協(xié)同效應(yīng)經(jīng)營(yíng)性的和財(cái)務(wù)性的。經(jīng)營(yíng)協(xié)同效益（規(guī)模經(jīng)濟(jì)）經(jīng)營(yíng)協(xié)同效應(yīng)包括規(guī)模經(jīng)濟(jì)和范圍經(jīng)濟(jì)是可以為股東創(chuàng)造財(cái)富的重要決定因素。效率的提高可以來(lái)自任何一個(gè)因素以及管理的改善。將固定成本分?jǐn)偟礁蟮漠a(chǎn)量上則實(shí)現(xiàn)規(guī)模經(jīng)濟(jì)規(guī)模由固定費(fèi)用界定如設(shè)備的折舊，資本化軟件的攤銷，正常維護(hù)費(fèi)用；其他義務(wù)如利息，租賃費(fèi)，以及長(zhǎng)期協(xié)會(huì)客戶供應(yīng)商合同和稅收這些成本是固定的短期內(nèi)不會(huì)改變。與此相反可變成本是指那些隨產(chǎn)量變化而變化的成本因此對(duì)于特定規(guī)模和數(shù)量的固定成本單位產(chǎn)量和每單位收益的固定成本費(fèi)用隨著產(chǎn)量和銷售的增加而降低。為了說明從規(guī)模經(jīng)濟(jì)的潛在利潤(rùn)改善，讓我們考慮一個(gè)每小時(shí)可生產(chǎn)10輛車、且晝夜不停運(yùn)轉(zhuǎn)的汽車廠，這意味著該工廠每天生240輛汽車。工廠每天的固定費(fèi)用是100萬(wàn)美元，因此，生產(chǎn)每輛汽車的平均固定成本為$4,167（即$1,000,000/240在想象一個(gè)改進(jìn)的組裝生產(chǎn)線，可以使工廠每小時(shí)組20輛，或每480。每天每車的平均固定成本下降為2083美元（$1,000,000/480果每車可變成本（如，直接勞工）不增加，每輛汽車的售價(jià)相同，由于平均固定成本降低，每天每車的效益增加為美元（即，$4,167-$2,083固定成本占總成本百分比高的企業(yè)將比低的企業(yè)將會(huì)有更大的盈利變化我們考慮年收入10億美元和年?duì)I業(yè)利潤(rùn)5000美元的兩家公司第一家公司的固定成本占總成本的1，但在第二家公司的固定費(fèi)用只占總成本的一半。如果在這兩家公司的收入增加了000萬(wàn)美元，第一家收入將增加到1億美元，正是因?yàn)樗匈M(fèi)用都是固定的在第二家公司的收入將僅增加到500萬(wàn)美元因?yàn)樵黾拥?000萬(wàn)美元的收入的一半用于支付增加的可變成本。使用特定的技能或現(xiàn)有的資產(chǎn)生產(chǎn)特定產(chǎn)品或服務(wù)來(lái)生產(chǎn)其他的產(chǎn)品實(shí)現(xiàn)了范圍經(jīng)濟(jì)在同一公司內(nèi)綜合具備多種生產(chǎn)線比在不同公司生產(chǎn)更為經(jīng)濟(jì)時(shí)，這種方式最為常見。消費(fèi)產(chǎn)品生產(chǎn)巨頭，寶潔公司，利用其高度重視消費(fèi)者的營(yíng)銷技巧銷售全系列的個(gè)人護(hù)理產(chǎn)品和醫(yī)藥產(chǎn)品田知道如何提升內(nèi)燃機(jī)性能，所以在除了汽車，該公司開發(fā)了摩托車，割草機(jī)和吹雪機(jī)Sequent科技公司可以使客戶在同一電腦系統(tǒng)上運(yùn)行UNIX和NT作系統(tǒng)的應(yīng)用程序花旗集團(tuán)使用同一計(jì)算機(jī)中心處理其銀行客戶的貸款申請(qǐng)存款信托服務(wù)和共同基金帳戶每一個(gè)例子都是范圍經(jīng)濟(jì)公司使用特定的技能或資產(chǎn)來(lái)生產(chǎn)或銷售多種產(chǎn)品，從而獲得更多的收入。財(cái)務(wù)協(xié)效應(yīng)（降低本成本財(cái)務(wù)協(xié)同效應(yīng)是兼并和收購(gòu)對(duì)收購(gòu)公司或?qū)τ杉娌⒒蚴召?gòu)而成立的新公司的資本成本的影響本成本是促使投資者或借貸方購(gòu)買公司股票或借款給公司的必要最低回報(bào)。從理論上講果合并后的公司的現(xiàn)金流量未接連上下波動(dòng)（即，所謂的共同保險(xiǎn)可以降低資金成本，可從較低有價(jià)證券保險(xiǎn)和交易成本實(shí)現(xiàn)金融規(guī)模經(jīng)濟(jì)或或?qū)崿F(xiàn)投資機(jī)會(huì)與內(nèi)部資金之間的更好匹配存在過多現(xiàn)金流的公司與內(nèi)部現(xiàn)金流不足以為投資機(jī)會(huì)融資的公司合并會(huì)產(chǎn)生較低的借貸成本熟行業(yè)內(nèi)的工資經(jīng)歷緩慢的增長(zhǎng)會(huì)產(chǎn)生過多的現(xiàn)金流，超過其有效投資機(jī)會(huì)需求。高速發(fā)展的行業(yè)內(nèi)的公司可能不具備足夠的現(xiàn)金來(lái)捕捉投資機(jī)會(huì)慮到其不同的增長(zhǎng)率和風(fēng)險(xiǎn)等級(jí)成熟行業(yè)內(nèi)的公司的資本成本比高速增長(zhǎng)行業(yè)的低合并這兩個(gè)公司會(huì)降低合并后公司的平均資本成本。多元化收購(gòu)本公司主要業(yè)務(wù)范圍外的公司稱為多元化，由兩種方式之一證明合理的元化可能會(huì)產(chǎn)生減少資本成本的金融效應(yīng)或允許公司轉(zhuǎn)變其核心生產(chǎn)線或者市場(chǎng)從而具備更高增長(zhǎng)前景這些生產(chǎn)線或市場(chǎng)甚至與公司當(dāng)前產(chǎn)品和市場(chǎng)沒有聯(lián)系收購(gòu)方當(dāng)前業(yè)務(wù)范圍無(wú)關(guān)的多元化的范圍可明顯折射出合并后的公司的運(yùn)營(yíng)如何有效的管理。公司在當(dāng)前市場(chǎng)中發(fā)展緩慢能會(huì)通過相關(guān)的多元化在有些陌生的市場(chǎng)中銷售新產(chǎn)品加速發(fā)展由此也帶來(lái)更多風(fēng)險(xiǎn)2004年制藥巨頭強(qiáng)生公司宣布其試圖收購(gòu)佳騰公司最終未果就是這種情形強(qiáng)生公司為其醫(yī)療設(shè)備在快速增長(zhǎng)的植入設(shè)備的市場(chǎng)中尋求切入點(diǎn)最終未能進(jìn)入公司可通過開發(fā)或獲得其相對(duì)陌生的新產(chǎn)品并在其熟悉的和風(fēng)險(xiǎn)較小的當(dāng)前市場(chǎng)中銷售來(lái)獲得較高的增長(zhǎng)率現(xiàn)更高的增長(zhǎng)率。零售商的收購(gòu)愛克德連鎖藥店或強(qiáng)生公司于2006年以$160億美元收購(gòu)輝瑞消費(fèi)保健品生產(chǎn)線就是相關(guān)多元化是兩個(gè)例子每個(gè)實(shí)例中，公司承擔(dān)了額外的風(fēng)險(xiǎn)如果已經(jīng)為新市場(chǎng)開發(fā)新產(chǎn)品，其風(fēng)險(xiǎn)較非相關(guān)多元化小。有大量證據(jù)表明，投資者未能從非相關(guān)多元化中受益。公司經(jīng)營(yíng)一些的很大程度上不相關(guān)的行業(yè)，如通用電氣（General被稱為多元化企業(yè)與專業(yè)性公司的股價(jià)或與其分散經(jīng)營(yíng)的公司的股價(jià)相比多元化企業(yè)的股價(jià)往往交易折扣高達(dá)10％至15此折扣稱為多元化企業(yè)折讓投資者通常認(rèn)為多元化企業(yè)風(fēng)險(xiǎn)更大因?yàn)楣芾碚咄y以把握這些公司經(jīng)常無(wú)法為最有吸引力的投資機(jī)會(huì)提供充足資金另外外部投資者可能會(huì)難以理解如何判定高度多元化業(yè)務(wù)的不同部分的價(jià)值究者也對(duì)于企業(yè)多元化折讓是否被夸大上意見不一。盡管有證據(jù)表明公司追求更專業(yè)性的企業(yè)戰(zhàn)略有可能獲得最好也業(yè)績(jī)但仍有例外。戰(zhàn)略調(diào)戰(zhàn)略調(diào)整的理論表明，公司利用并購(gòu)做出迅速的調(diào)整應(yīng)對(duì)其外部環(huán)境改變。盡管變化會(huì)來(lái)自多個(gè)方面此理論只考慮在調(diào)控環(huán)境下和科技創(chuàng)新下的變化這兩個(gè)因素在過去20年的時(shí)間是創(chuàng)造新的發(fā)展機(jī)會(huì)脅或淘汰公司基本業(yè)務(wù)的主要力量調(diào)控變近年來(lái)，金融服務(wù)，醫(yī)療保健，公用事業(yè)，媒體，電信等行業(yè)面臨的管制明顯減少這些行業(yè)處于并購(gòu)活動(dòng)的中心因?yàn)榉潘晒苤拼蚱屏巳藶檎系K并刺激競(jìng)爭(zhēng)例如20世紀(jì)90年代上半葉美國(guó)國(guó)防部積極鼓勵(lì)整合全國(guó)主要的國(guó)防承包商，以提高其整體運(yùn)營(yíng)效率?，F(xiàn)在求一些州的公用事業(yè)將電力出售給能夠在公用事業(yè)的自行銷地區(qū)再次出售的競(jìng)爭(zhēng)者