讲义第二部分--并购.pptVIP

Merger and Acquisition并购 引言 MAs refer to 并购指 Traditional mergers and acquisitions传统的兼并和收购 Takeovers 接管 Corporate restructuring 公司重组 Corporate control公司控制 Changes in the ownership structure of firms 公司所有权结构的更替 影响兼并的因素 Technology技术 Globalization全球化 Deregulation放松管制 Efficiency of operations 运作效率 Changes in industry organization产业组织的变化 Entrepreneurship企业家 Economic and financial environment 经济、金融环境 术语 Merger兼并 Negotiated deals 经过协商的买卖 Mutuality of negotiations 磋商的互相关性 Mostly friendly 大部分是友好的 Tender offers股权收购 Offer made directly to the shareholders 直接由股东出价 Hostile when offer made without approval of the board当出价没有经过董事会同意时会引起敌意 Restructuring — changes to improve operations, policies, and strategies 重组－－提高运作效率、政策和战略的组织变化 兼并类型 Horizontal mergers 横向兼并 Combination between firms in same business activity 从事同样业务的公司之间的合并 Rationale 基本原理 Economies of scale and scope规模效应 Synergies such as combining of best practices合成效应 Government regulation due to potential anticompetitive effects 针对潜在垄断的政府管制 Vertical mergers纵向兼并 Combinations between firms at different stages 不同生产链的公司之间的合并 Rationale is information and transaction efficiency 基本原理是信息和交易效率 Conglomerate mergers 混和兼并 Combination of firms in unrelated types of business activity从事不相关业务的公司之间的合并 历史上并购运动的共性 Periods of high economic growth 高经济成长 Favorable stock price levels and financial conditions 有利的股价和金融情况 Response to economic, technological, and regulatory changes对经济，技术 和法规变化的反应 1895-1904 并购运动 Mainly horizontal mergers 主要是横向兼并 Major changes in economic infrastructure and production technologies Transcontinental railroad completion resulting in national economic markets 铁路 Use of electricity and increased use of coal and oil products 电的使用 Motivating factors 激励因素 Economies of scale 规模效应 Merging for national markets 全国市场 Professional promoters and underwriters 专业的承销人 Success due to astute business leadership (Livermore, 1935) 成功 Rapid technological and managerial improvements 管理和科技的提高 Development of new