Unit 18 Takeovers, Mergers and Buyouts 2014-12-23 1

学习目标 本单元的要点是 依据定义，成功的公司能赚很多钱，然后他们又把钱花掉。一种可能是投资到研究和开发，如果成功的话，又会得到更多的现金收入；另外一种可能是把钱用在收购其他公司上，这也可能带来更大的收益。本单元讨论的是合并和收购的方式，以及通过这些方式发展的好处和坏处。课文是关于杠杆收购，这样做的结果通常是大公司又被拆分。

Background 1.收购，兼并和收购的含义 兼并（Merge）通常是指一家企业以现金、证券或其它形式购买取得其他企业的产权，使其他企业丧失法人资格或改变法人实体，并取得对这些企业决策控制权的经济行为。 收购(Purchase)是指企业用现金、债券或股票购买另一家企业的部分或全部资产或股权，以获得该企业的控制权。收购的对象一般有两种：股权和资产。 收购股权与收购资产的主要差别在于：收购股权是收购一家企业的股份，收购方成为被收购方的股东，因而要承担该企业的债权和债务；而收购资产则仅是一般资产的买卖行为，由于在收购目标公司资产时并未收购其股份，收购方无需承担其债务。

2.收购与兼并的异同点 （1）相同点: 1.基本动因相似。 2.二者都以企业产权为交易对象。 （2）不同点： 1.在兼并中，被合并企业作为法人实体不复存在；而在收购中，被收购企业可仍以法人实体存在，其产权可以是部分转让。 2.兼并后，兼并企业成为被兼并企业新的所有者和债权债务的承担者，是资产、债权、债务的一同转换；而在收购中，收购企业是被收购企业的新股东，以收购出资的股本为限承担被收购企业的风险。 3.兼并多发生在被兼并企业财务状况不佳、生产经营停滞或半停滞之时，兼并后一般需调整其生产经营、重新组合其资产；而收购一般发生在企业正常生产经营状态，产权流动比较平和。 由于在运作中它们的联系远远超过其区别，所以兼并、合并与收购常作为同义词一起使用，统称为“购并”或“并购”，泛指在市场机制作用下企业为了获得其他企业的控制权而进行的产权交易活动。我们在以后讨论中就不再强调三者的区别，并把并购的一方称为“买方”或并购企业，被并购一方称为“卖方”或目标企业。

3.并购动机 企业并购的动因 （1）企业发展动机。 ① 并购可以让企业迅速实现规模扩张。企业的经营与发展处于动态的环境之中，企业在发展的同时，竞争对手也在谋求发展。因此，企业在发展过程中必须把握好时机，尽可能抢在竞争对手之前获取有利地位。可口可乐收购哥伦比亚影业，仅仅在一年后，哥伦比亚就为可口可乐带来了9 000万美元的利润，由此不仅实现了规模扩张，还为企业带来了可观的利润。 ② 并购可以突破行业壁垒和规模的限制，迅速实现发展。企业进入一个新的行业往往会遇到各种各样的壁垒，包括资金、技术、渠道、顾客、经验等。可口可乐收购哥伦比亚影业，就克服了饮料业进入电影业的行业壁垒。 ③ 并购可以主动应对外部环境变化。 （2）发挥协同效应。 （3）加强市场控制能力。 （4）获取价值被低估的公司。 （5）降低经营风险。

Takeovers, mergers and buyouts Passage Takeovers, mergers and buyouts   ① One indication that people who warn against takeovers might be right is the existence of leveraged buyouts. ② In the 1960s, a big wave of takeovers in the US created conglomerates-collections of unrelated business combined into a single corporate structure. It later became clear that many of these conglomerates consisted of too many companies and not enough synergy. After the recession of the early 1980s, there were many large companies on the US stock market with good earnings but low stock prices. Their assets were worth more than the companies’ market value. ③ Such conglomerates were clearly not maximizing stockholder value. The individual companies might have been more efficient if liberated from central management. Consequently, raiders were able to borrow money, buy badly-managed, inefficient and underpriced corporations, and then restructure them, split them up, and resell at a profit.

④ Conventional financial theory argues that stock markets are efficient, meaning that all relevant information about companies is built into their share prices. Raiders in the 1980s discovered that this was quite simply untrue. Although the market could understand data concerning companies ’ earnings, it was highly inefficient in valuing assets, including land, buildings and pension funds. Assets-stripping-selling off the assets of poorly performing or under-valued companies-proved to be highly lucrative. ⑤ Theoretically, there was little risk of making a loss with a buyout, as the debts incurred were guaranteed by the companies’ assets. The ideal targets for such buyouts were companies with huge cash reserves that enabled the buyer to pay the interest on the debt, or companies with successful subsidiaries that could be sold to repay the principal, or companies in field that are not sensitive to a recession, such as food and tobacco.

⑥ Takeovers using borrowed money are called ‘leveraged buyouts’ or ‘‘LBOs’. Leverage means having a large proportion of debt compared to equity capital. (Where a company is bought by its existing managers, we talk of a management buyout or MBO.)Much of the money for LBOs was provided by the American investment bank Drexel Burnham Lambert, where Michael Milken was able to convince investors that the high returns on debt issued by risky enterprises more than compensated for their riskiness, as the rate of default was lower than might be expected. He created a huge and liquid market of up to 300 billion dollars for ‘junk bonds ’. (Milken was later arrested and charged with 98 different felonies, including a lot of insider dealing, and Drexel Burnham Lambert went bankrupt in 1990.)

⑦ Raiders and their supporters argue that the permanent threat of takeover is a challenge to company managers and directors to do their jobs better, and that well-run business that are not undervalued are at little risk. The threat of raids forces companies to put capital to productive use. Fat or lazy companies that fail to do this will be taken over by raiders who will use assets more efficiently, cut costs, and increase shareholder value.

① 有一种迹象表明, 对收购提出警告的人可能是正确的, 那就是杠杆收购的存在。 ② 在二十世纪六十年代, 美国大量收购浪潮造就了企业集团--不相关业务的集合组合成单一的公司结构。后来, 人们清楚地发现, 这些企业集团中有许多是由太多的公司组成的, 而且没有足够的协同作用。在二十 ③ 世纪八十年代代初的经济衰退之后, 美国股票市场上有许多大公司盈利良好, 但股价却很低。他们的资产价值超过了公司的市值。 这类企业集团显然没有最大化股东价值。如果从中央管理层解放出来, 个别公司的效率可能会更高。因此, 掠夺者能够借钱、购买管理不善、效率低下和低估的公司, 然后重组它们, 分拆它们, 并以利润转售。

④ 传统的金融理论认为, 股票市场是有效的, 这意味着所有有关公司的信息都被建立在他们的股价中。入侵者在二十世纪八十年代发现这是相当简单的不真实的。尽管市场可以了解有关公司收入的数据, 但对资产 (包括土地、建筑物和养老基金) 的估价效率极低。资产剥离--出售业绩不佳或估值不足的公司的资产--被证明是非常有利可图的。 ⑤ 从理论上讲, 收购失败的风险很小, 因为这些公司的资产保证了债务的发生。这类收购的理想目标是拥有巨额现金储备的公司, 使买方能够支付债务利息, 或有成功子公司的公司可以出售以偿还本金, 或在外地的公司不敏感经济衰退, 如食品和烟草。

⑥ 使用借来的钱的收购被称为 "杠杆收购" 或 "杠杆收购"。杠杆意味着与股本资本相比有很大比例的债务。(如果公司是由其现有的经理购买的, 我们谈论的是管理层收购或 MBO。杠杆收购的大部分资金是由美国投资银行德雷克塞尔. 兰伯特提供的, 在那里, Michael 米尔肯能够说服投资者, 高风险企业发行的债务回报率超过了他们的风险补偿率, 因为默认值低于预期。他为 "垃圾债券" 创造了高达3000亿美元的巨大流动性市场。(米尔肯后来被逮捕并被指控犯有98种不同的重罪, 包括大量内幕交易, 德雷克塞尔. 兰伯特于1990年破产。 ⑦ 入侵者及其支持者认为, 长期的收购威胁对公司经理和董事来说是一个挑战, 他们的工作做得更好, 没有被低估的经营良好的企业几乎没有风险。袭击的威胁迫使公司将资金投入生产使用。不这样做的肥胖或懒惰公司将被掠夺者接管, 他们将更有效地使用资产, 降低成本, 增加股东价值。

Discussion Can you give an example of a enterprise acquisitions or mergers of other companies ?(Such as Chinese enterprises' overseas mergers and acquisitions e.g.Li ka-shing's investment in Europe ，Huawei's overseas mergers and acquisitions)

课文词汇 Words and Expressions arbitrageur n.从事套利（套汇）者 asset-stripping n.资产剥除（低价收买财政困难的公司），拆卖资产 backward integration 后向整合 competitive advantage 竞争优势 consensus n.一致同意 conventional adj.惯例的，常规的 diversification n.多元化，多样化 forward integration 前向整合 generous adj.慷慨的，大方的 horizontal integration 横向整合 hostile takeover 敌意收购

课文词汇 incur v.发生，招致 indication n.指示，迹象，暗示 leveraged buyout or LBO 杠杆收购 lucrative adj.有利的 management buyout or MBO 管理层收购 maximize vt.使……最大化 predator n.掠食者，肉食动物 raid n.袭击 raider n.企图收购者 stockholder value 股东价值 synergy n.(=synergism) 协同，配合，企业合并后的协同优势或协同作用

Leveraged Buyouts SUMMARIZE THE ARTICLE（课文压缩）   The existence of leveraged buyouts 杠杆收购的存在可能证明 may make the idea of warning against 了那些反对收购的想法是 takeovers right. 对的。 Leveraged buyouts 杠杆收购/融资收购 Takeovers 收购

 The big wave of takeovers in 1960s 20世纪60年代，美国的收购 created conglomerates ,but it later be 潮促进了综合大企业产生， clear that many of these not enough 但是后来事实却证明，这样 synergy. After the recession of the 的企业并没有显示出很充分 early 1980s,there were many large 的协同作用。20世纪 80年 companies on the US stock market 代的经济衰退之后，美国 with good earnings but low stock 的股票市场上出现了很多收 prices . 入良好但股价较低的大企业。 Takeovers 收购 Conglomerate 综合企业 Synergy 协同作用

 Such conglomerates were clearly 这样的综合企业显然并没有 not maximizing stockholder value. 将股东价值最大化，如果这 The individual companies may be 些企业能够独立，也许会更 more efficient if they become 加有效率。因此，扰乱市场 independent.So the raiders can borrow , 者可以借钱，然后购买那些 buy badly-managed but under-priced 经营不善的但是被低估了的 companies,and then recombine them, 公司，接着重组这些公司， split them up,and resell them at a profit. 最后重新出售并赚取利润。 Conglomerate 综合企业 Stockholder value 股东价值 Raider 市场扰乱者

④ Traditional financial theory believe 传统的金融学理论认为：股 that stock markets are efficient 票市场是有效的——公司的 -----their share prices can reflect all 股票价格可以反映公司的所 relevant information about companies. 有的相关信息。但是20世 But in the 1980s,raiders found it untrue 纪80年代的市场扰乱者却 ----- the market is extremely inefficient 发现这一理论并不是完全地 in valuing assets such as land, 符合事实——市场在评价包 buildings and pension funds. What’s 括土地，建筑物以及退休基金 more ,asset-stripping proved to be 在内的资产时是极其低效的。 highly profitable. 另外，资产倒卖是十分获利的。 Traditional financial theory 传统金融理论 Stock market 股票市场 Asset-stripping 资产倒卖

⑤ Theoretically,the risk of making a 理论上讲，收购失败的风 loss with a buyout is little, as the debt 险是非常小的，因为公司 incurred were secured by the companies ’ 的债务支出是有公司资产 assets. 做担保的。 Debt incurred 债务支出

⑥ The goal of such buyouts are companies 这种收购理想目标有三种： with huge cash reserves that enabled 具有大量现金储备以便购 the buyer to pay the interest on the 买者能支付债务利息的公 debt, or companies with successful 司；拥有成功的子公司可 subsidiaries that could be sold to repay 以出售以偿还本金的公司； the principal, or companies in fields that 属于诸如食物，药草等对萧 are not sensitive to a recession, such as 条不敏感的行业的公司。 food and tobacco. Cash reserves 现金储备 Subsidiaries 子公司

⑦ Leveraged buyouts (LBOs) is takeovers 杠杆收购是利用债务进行 using borrowed money. Compared to 的收购，相较于权益资本 equity capital, it have a large 而言，它有很大比例的债 proportion of debt.Michael Milken 迈克尔·米肯能够说服投资 can convince investors that the 者相信垃圾证券的回报是 returns on “junk bonds” outweigh the 远高于其风险的，因为违约 riskiness, as the default rate is lower 率是低于预期的。 than expected. Leveraged buyouts 杠杆收购 Junk bonds 垃圾债券 Default rate 违约率

⑧ Raiders and their supporters believe 扰乱市场者极其支持者认 that the threat of takeovers is a 为:收购带来的威胁为企业 challenge to the managers and directors 的管理者以及经理层带来了 and the threat can force companies to 挑战。当然，这种威胁和挑 put capital to productive use. If the 战会促使企业将资本投入 companies fail to do this, they will be 到富有生产力的用途上，不 taken over by raiders who can use assets 能做到这一点的企业将会 more efficiently and increase 被更加有效率的，能够增加 shareholder value. 股东价值的市场扰乱者接管。 Threat of takeovers 收购的威胁 Use 使用

Discussion ---What is leverage buyout? What are the advantages of leveraged buyout to takeover the company?

Unit 19 Takeovers, mergers and buyouts 难点注释 1.The individual companies might have been more efficient if liberated from central management. 连词if 引起的从句省略了they had been,因为主句的谓语动词用了虚拟语气形式。本句译成：如果它们从集中管理中解放出来，各独立的公司的效率可能会更高。 2.Raiders in the 1980s discovered that this was quite simply untrue. 本剧中的this 指上面一句提到的“股票市场是有效率的”，全句的意思是：80年代的扰乱市场者发现这并不符合事实。

Unit 19 Takeovers, mergers and buyouts 3.Although the market could understand data concerning companies’ earnings, it was highly inefficient in valuing assets, including land, buildings and pension funds. 本句中的it 代替market.全句译成：虽然市场能解读有关公司收入的数据，但是它在评价包括土地，建筑物和退休基金在内的资产时却是低效率的。

Unit 19 Takeovers, mergers and buyouts 4.The ideal targets for such buyouts were companies with huge cash reserves that enabled the buyer to pay the interest on the debt, or companies with successful subsidiaries that could be sold to repay the principal, or companies in fields that are not sensitive to a recession, such as food and tobacco. 本句的表语部分有三个companies引起的短语，各自有限定它们的介词短语和定语从句。全句译为：这种收购的理想目标是具有大量现金储备使购买者能支付债务利息的公司，或是具有成功的子公司可以出售以偿还本金的公司，或是属于诸如食物和烟草一样的对萧条不敏感的行业的公司。

Unit 19 Takeovers, mergers and buyouts 5.Much of the money for LBOs was provided by the American investment bank Drexel Burnham Lambert, where Michael Milken was able to convince investors that the high returns on debt issued by risky enterprises more than compensated for their riskiness, as the rate of default was lower than might be expected. 本句中where 引起的从句修饰德崇证券公司，该从句所带的宾语从句的结构是that returns compensated for riskiness,意思是“高回报不仅补偿了风险”。本句译成：杠杆收购的许多钱由美国投资银行德崇证券公司提供，该银行的迈克尔·米肯能够说服投资者相信，对有风险的企业发行的债务的高回报补偿了他们的风险，因为拖欠债务的比率比预期的要低。

Unit 19 Takeovers, mergers and buyouts 6。Fat or lazy companies that fail to do this will be taken over by raiders who will use assets more efficiently, cut costs, and increase shareholder value. 本句的fat 和lazy 含有比喻的意思， to do this 指上面一句所说的“把资本用在生产上”。本句译成：没能做到这一点的那些臃肿和懒惰的公司将被能更有效地使用资本，削减费用和增加股东价值的扰乱市场者所接管。

Unit 19 Takeovers, mergers and buyouts 难点注释 1.Furthermore, many German commentators claimed that workers are at least as important as shareholders, and that companies are places where people work rather than assets to be bought and sold. 本句的两个that……从句都是宾语，其中第二个从句还含有where引起的定语从句。全句的意思是：而且，许多评论员声称，工人至少和股东一样重要，公司是人们工作的地方，而不是购买和出售的资产。

Unit 19 Takeovers, mergers and buyouts 2.Most British commentators, on the contrary, claimed that the German search for consensus was really just a way of resisting change and inevitable global trends. 本句的结构与上一句相同，of 短语限定“方式”。本句译成：相反，大多数英国评论员声称，德国人的追求共识实际上只不过是抵制变化和不可避免的全球化趋势的一种方式。

Unit 19 Takeovers, mergers and buyouts 3.When Vodafone increased its offer price sufficiently, several of these investors accepted the bid, often because they already possessed Vodafone shares. 本句中的sufficiently 修饰increased its offer price,意思是“充分地提高它的报价”。句子译成：当沃达丰公司充分提高它的报价时，这些投资者中一些人接受了投标，因为他们已经拥有了沃达丰的股份。

Unit 19 Takeovers, mergers and buyouts 练习答案 1a.词汇 1.to innovate (innovation) 2.to diversity (diversification) 3.to merge (a merger) 4.a raid 5.a takeover bid 6.horizontal integration 7.vertical integration 8.backward integration 9.forward integration 10.synergy

Unit 19 Takeovers, mergers and buyouts 练习答案 1c.讨论 1.A （if the reason behind the takeover is precisely to get rid of bad managers); B (if you believe that top executives are important to a company) 2.A 3.B 4.B 5.B 6.A 7.C 8.B 9.A 10. C 11.A 12.C 13.A or B (this is not an argument for acquiring companies with better or cheaper products, or with products that are successful in small market segments, but an argument against increasing a company’s size on the expectation that this alone will lead to success.) 14.A 15.B

Unit 19 Takeovers, mergers and buyouts 练习答案 2c.写作 1.for example 2.Furthermore 3.Yet 4.in other words 5.on the contrary 6.Moreover 7.for instance 8.Even though 9.i.e. 10.however 11.Neverheless 12.Although 13.because 14.Consequently