CARROLL SCHOOL OF MANAGEMENT: INTERNATIONAL CONSULTING PROJECT

CARROLL SCHOOL OF MANAGEMENT: INTERNATIONAL CONSULTING PROJECT
BOSTON COLLEGE CARROLL SCHOOL OF MANAGEMENT: INTERNATIONAL CONSULTING PROJECT 波士顿学院Carrol管理学院：ICP The Study on Valuation of Overseas Mergers & Acquisitions 海外并购估值研究 Thank you for the opportunity to present today.很感谢公司提供我们这个机会来汇报本次研究成果。

AGENDA目录 Team Introductions团队介绍 FDI外国直接投资 Valuation Models估值模型简述
Specific Industry Overviews And Case Studies行业概览及案例研究 Petrochemical石化行业 Finance金融行业 E-Commerce电子商务 Telecommunications电信行业 Biopharmaceutical生物制药行业 Legislations相关法案 Conclusion结论 For each specific industry section we will give a brief overview of the industry followed by case studies in that industry. 在行业案例研究部分，我们将首先简要介绍行业概况，接着案例研究部分。

TEAM INTRODUCTIONS团队介绍
Drew Eramo (Team Leader)团队负责人 Part-time MBA student兼职MBA学生 Current Position: Project Manager, United States Air Force现任职于美国空军，项目经理 Dan Landers (CCAFM Liaison)项目联络人 Part-time MBA Student兼职MBA学生 Current position: Communications Specialist Boston College, Lynch School of Education现任职于Lynch教育学院，波士顿学院联络专员 Sean Hannan (Project Coordinator) 项目协调人 Current Position: Territory Pricing Manager, General Electric现任通用电气公司，区域定价经理

TEAM INTRODUCTIONS团队介绍
Adam Christen Robert Schmelzer (Research Analyst) Full-time Law student法学院学生 M.P.A. Public Policy & International Economics Tsinghua University清华大学，公共管理学院，公共管理硕士 Jason Bucholz (Research Analyst) Full-time MBA student MBA学生 Jorge Luis Ulloa (Research Analyst) Full-time MBA / MSF student MBA/MSF（金融理学硕士） Shawn Butte (Research Analyst) Full-time Law Student 法学院学生

Foreign Direct Investment 外国直接投资

FOREIGN DIRECT INVESTMENT GLOBAL TRENDS NET INFLOWS 2008-2012FDI全球净流入情况
Foreign direct investment represents the net inflows of investment to acquire 10% or more of voting stock in a foreign company. This map shows the trends in FDI between 2008 and During this time, the European Union, United States, China, and Russia received the most FDI. FDI显示了收购国外企业超过10%股份或者更多有投票权股份的投资净流入。这张图显示了2008年至2012年FDI的情况。在此期间，欧盟、美国、中国和俄罗斯为其中最大的净流入国家。 There is no correlation between the countries that receive VC investment and those that receive foreign direct investment from larger investors. This is because VC firms do not provide firm-specific assets like technology. 国家之间并无有关风投或者从较大投资者接受国外直接投资的内在联系。这是因为风投公司不需要拥有像实体公司那样的资产如技术。 International VC is more likely than traditional international FDI to create economic growth and innovation. 全球风投相对于传统的国际对外直接投资更加能促进经济增长和创新。 ( Source: The World Bank

FOREIGN DIRECT INVESTMENT NET INFLOWS FDI净流入
In 2011, FDI in the EU sharply increased, while the US saw a small decrease. From 2010 to 2011, there has a global increase in FDI. During the financial crisis, there was a drastic decrease in global FDI, however this trend has reversed itself in both 2010 and 2011. 2011年，欧盟FDI显著增长，而美国出现了小幅下降。从2010年至2011年，全球FDI呈现增长。金融危机期间，全球FDI出现了明显的下降，然而这种趋势在2010年和2011年得到了扭转。 Source: The World Bank

FDI TRENDS BY INDUSTRY NET INFLOWS FDI行业净流入趋势（2007-2011）
(Millions USD) Within the Organisation for Economic Co-operation and Development, the trend for the petrochemcial, biopharmaceutical, and telecommunications industries is consistent with the global trends, as FDI is stabilizing or increasing since The FDI within the financial services industry are continuing to decrease with the OECD, although this appears to be “bottoming out,” as well. Overall, this data indicates that the climate for cross-border merger and acquisition deals is not as positive as it was prior to 2008, but that the climate is slowly improving towards those levels, especially in the case of the petrochemical, biopharmaceutical, and telecommunications industries. 自2009年开始，FDI逐渐稳定或者呈现上升，OECD（经合组织）中，石化行业、生物制药行业、电信行业与全球趋势一致，而金融服务行业则持续呈现下降趋势，虽然其走势显示已经接近低位。总之，数据显示了境外并购交易的环境不如2008年以前那么乐观，但是情况正缓慢恢复至之前的水平，尤其是在石化行业、生物制药行业和电信行业。 Source: OECD iLibrary

Valuation估值

TRADITIONAL VALUATION METHODS传统估值方法
Intrinsic Methods内在价值法 Relative Methods Dividend discount models股息折现模型 Discounted cash flow models 现金流量折现模型 Residual income models剩余收益模型 Asset-based models以资产为基础的估值模型 Calculation of Multiples 倍数法 Calculation of Ratios 比率法 Through our initial research and discussions with members of M&A teams, we have come to realize that most of the valuation methods utilized by leading firms when conducting international transactions are the traditional methods that we have all come to know through the study of finance. The main issue at hand when engaging in M&A activity is which specific method, if not all, will the company decide to proceed with. 通过与前期的并购小组的研究及讨论，我们意识到领导型企业在国际并购当中财务的估值方法大多数为传统型的估值方法。而涉及到并购交易的主要问题是采用何种方法？ If the company presents strong growth and is rather new to the market, then comps and precedent transactions would be a more effective way to value it. If on the other hand, the company has predictable and positive free cash flows projected over a 5 to 10 year period, then the two-stage DCF valuation model may be more appropriate for valuing the company. 如果为高增长且非成熟型的目标公司，可比交易案例或许不失为一个有效的估值方法。另一方面，公司可以通过预测未来5-10年的正现金流量，通过分段法现金流量折现估值模型评估目标公司的价值。 Most highly used methods in the industries we researched广泛应用于我们研究的行业中 Biotech生物技术 Petrochemicals石化 Telecom电信 Healthcare医疗保健 Technology技术

Analyzing P/E, P/B, P/CF & EV/EBITDA
Price to Earnings Ratio (P/E): A ratio used to compare a company’s current stock price to its per-share income. P/E（市盈率）比率：公司当前的每股股价与每股收益的比率 Price to Book Ratio (P/B): A ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share. P/B（市净率）比率：公司市值与账面价值的比率。此比率通过最近一季度每股账面价值除以当前每股股票结算价来计算 Price to Earnings Ratio (P/E): A ratio used to compare a company’s current stock price to its per-share income. Price to Book Ratio (P/B): A ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share. Textbook definitions taken from Investopedia.com – We will expand on the underlying factors for the effectiveness of using these formulas and the reasoning for investment bankers to prefer them over others.

Analyzing P/E, P/B, P/CF & EV/EBITDA
Price to Cash Flow Ratio (P/CF): A measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Similar to the price-earnings ratio, this measures provides an indication of relative value. P/CF（价格对现金流）比率：一种对公司未来财务状况的市场预期的方法。由于此种方法针对现金流，因而需剔除折旧及其他非现金因素的影响。与P/E（市盈率）类似，这种方法提供相对价值。 Enterprise Value/ EBITDA (EV/EBITDA): A ratio used to determine the value of a company. The enterprise multiple looks at a firm as a potential acquirer would, because it takes debt into account - an item which other multiples like the P/E ratio do not include. EV/EBITDA倍数：适用于判断公司的价值。潜在的并购方会关注企业的EV/EBITDA倍数，因为此方法考虑债务，而其他如市盈率等比率则不考虑 Price to Book Ratio (P/CF): A measure of the market's expectations of a firm's future financial health. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Similar to the price-earnings ratio, this measures provides an indication of relative value. Enterprise Value/ EBITDA (EV/EBITDA): A ratio used to determine the value of a company. The enterprise multiple looks at a firm as a potential acquirer would, because it takes debt into account - an item which other multiples like the P/E ratio do not include. Textbook definitions taken from Investopedia.com – We will expand on the underlying factors for the effectiveness of using these formulas and the reasoning for investment bankers to prefer them over others.

RATIO EFFECTIVENESS OVER 5 YEARS 5年内各比率的效用
This graph is taken from a Merrill Lynch report created in It shows the risk versus return characteristics of the most commonly used valuation ratios in the finance industry. We see where EV/EBITDA, price to cash flow, price to earning, price to book value. 此图为美林银行2005年的预测报告。它显示了金融行业最常被用于估值的指标的收益及其风险情况。我们可以看到EV/EBITDA, Price to cash flow, price to earning, price to book value的位置。

VALUATION OF A PHARMACEUTICAL CO. 生物制药企业的估值
Key Assumptions for DCF 主要假设 Sales were projected from 预测2012~2021年的销售收入 Terminal value assumes a 0% perpetuity growth rate假定永续期增长率为0% Cash flows are discounted back to the end of 2011 at 7.7%. This is the rate assumed to be the weighted average cost of capital未来现金流以7.7%折现至2011年末。此折现率为WACC The investment bank assessed the value of the pharmaceutical company’s shares using a sum-of-the-parts DCF analysis, in which the bank ascribed a value to each of the company’s business segments. Key assumptions in the DCF analysis include: (1) sales are projected through 2021, (2) terminal value assumes a 0% perpetuity growth rate, and (3) cash flows are discounted back to end-2011 at 7.7%, which we assume is the company’s approximate weighted average cost of capital. For drugs with patent protection, the bank modeled generic competition in the US after expiration of the compound patent (most products) or other relevant patent (e.g. use patent for Viagra, formulation patent for Detrol LA). 这家投行通过采用DCF模型对案例研究中的一家制药公司的股权估值情况，在这个模型当中，投行加总公司内部每一个业务板块的价值。主要假设包括：（1）至2021年的销售收入的预测；（2）假定永续期增长率为0%；（3）现金流以7.7%的WACC（加权平均资本成本）折现至2011年末。而那些有专利保护的药物的公司，在模型中，投行假定了美国市场专利，或者相关专利使用到期之后，同质化药物公司的竞争因素。

VALUATION OF AN ONLINE TRAVEL SITE 在线商旅网站公司估值
Key Assumptions for DCF 主要假设 Model assumes perpetual growth of 3%假设3%的永续增长率 Model assumes a weighted average cost of capital of 13% WACC为13% The model assumes an exit EBITDA multiple of 7x 退出EBITDA倍数为7倍 Valuation Projections 估值预测 With an estimated price of $25 per share预测每股价格为25美元 The company would trade at 11x estimated EBITDA预测公司的可交易的EBITDA倍数为11 The company would trade at 17x earnings per share预测公司将以17倍的EPS交易 19%/16% EBITDA/EPS CAGRS from 2012E – 2015E预计2012~2015年EBITDA/EPS的年复合增长率为19%/16% The investment bank’s fair-value estimate of $29 per share is based primarily on DCF analysis. At $29, TRIP would trade at 10X / 16X our 2013e EBITDA / EPS. The investment bank’s DCF assumes perpetual growth of 4% and a WACC of 13.5%.The model created by one of the major global investment banks. 基于DCF模型分析，投行预计这家公司的每股价值为29美元，而TRIP将以预计的2013年的10x/16x的EBITDA/EPS倍数交易。模型假定永续增速为4%，WACC为13.5%。（该投行为业内最大的跨国性投行之一）

Petrochemical Industry 石化行业

PETROCHEMICAL COMPETITIVE LANDSCAPE 石化行业竞争情况概览
Characterized by high energy prices and a shift toward new developing markets高能源价格、市场逐渐向发展中国家转移的特点 Two distinct types of firms legacy firms (industry leaders) and newcomers 两种不同类型：传统型公司（行业领导型者）和新进入公司 Legacy firms: traditional shareholder value creation strategy 传统型公司：传统型公司股东则通过已有的战略实现价值创造 Newcomers: monetization of resources and economic development strategy focusing on new regions and customers 新进入公司：聚焦新地区和新客户，实现资源的货币化和经济发展战略 Strategy of established legacy firms may be to acquire newcomers given access to markets by foreign governments 现有的传统型公司的战略可能通过收购新进入公司进入国外市场 A major shift in the competitive landscape of the worldwide chemical industry is under way as new players from oil- and gas-producing countries and the high-growth developing markets join the industry’s top ranks in sales. The new players focus on resource monetization and economic development, in contrast to the classic shareholder value-creating goals that have historically informed the strategies of top players. 当前世界化工产业的竞争格局正在发生转移，来自于石油天然气开采国与快速发展中国家的新企业加入了世界销售市场的前列。与传统企业创造价值不同的是，新企业致力于资源货币化及经济发展。 While newcomers may be better placed than incumbent chemical companies in Europe, North America, and Japan, the shift creates challenges for both groups. If the newcomers want to establish themselves as industry leaders in the coming years and fully realize the industry’s wealth-creating potential, they must evolve rapidly. They should move beyond simply monetizing their cost- and market- advantaged positions to build capabilities that will put them on more equal footing with legacy firms when it comes to management and innovation. At the same time, to assure continuing success in this new competitive market, legacy firms must reconsider their position in the industry and adapt their strategies and priorities. Newcomers and legacy firms that can take these steps will be well positioned to ride the global chemical industry’s continuing profitability. 新加入的企业和欧洲、北美及日本等已有化工企业都面临着挑战。新进企业若想成为行业领先企业，并且充分认识到产业创造财富的潜力，他们必须快速实现发展。他们必须构建与传统型企业相同的管理与创新能力，而不仅仅简单地依赖成本及市场资源的优化创造收益。同时，为确保在新的竞争市场中的成功地位，传统型企业必须重新定位自己，调整战略及优先事项。两者可通过采用这些方法在持续盈利的化工产业中占有一席之地。

VALUE OF PETROCHEMICAL INDUSTRY 石化行业估值
Capital markets see chemicals as a strong performer 资本市场认为化工产业是一个高收益产业 Compound annual growth rate of 5.8% for the industry（excluding the specialty fertilizer sector）行业年复合增长率为5.8%（不包括专业化工行业） Compound annual growth rate of 39.1% for the fertilizer sector alone 专业化工行业的年复合增长率为39.1% Compound Annual Growth Rates by firms within each segment 不同类型公司的年均复合增长率 Specialty: 8.8% 专业型：8.8% Diversified: 8.0% 多样化型：8.0% Commodity: 7.8% 大宗商品：7.8% The long-term data show that the perception of the chemical industry as sluggish and unattractive is unjustified. From a capital-markets perspective, the chemicals sector is a strong performer: shareholder returns for chemicals have performed in line with global markets over most of the past 16 years, and outperformed the market average since The exception is the period around 2000, when the dot-com bubble inflated technology stocks and the overall market. 长期起来，显示化工产业为不景气的、不具吸引力的数据是有失公允的。从资本市场的角度来看，化工产业仍然表现超凡：化工产业的股东收益与过去16年来全球市场的收益情况一致，且从2004年以来超过全球市场的收益情况。2000年的表现是例外，主要是因为网络股泡沫破裂蔓延至全行业。 The fertilizer sector has performed particularly strongly on total return to shareholders (TRS) since While overall chemicals, excluding fertilizer, showed a compound annual growth rate of 5.8 percent per year between 2006 and 2010, fertilizer achieved 39.1 percent. This has put fertilizer companies among the highest-valued chemical companies. 2006年起，专业化工行业的股东收益表现尤其卓越。当其他行业在年间达到了5.8%的年复合增长率时，专业化工行业则达到了39.1%。这也使得专业化工行业公司成为化工行业中具有价值较高的企业。 Furthermore, our research shows that ROIC performance became the key determinant of chemical-company valuation in capital markets and that capital markets have observed less differentiation in growth expectations for companies across the three sectors that the chemical industry is commonly segregated into: specialty, commodity, and diversified. Stated again, it is increasingly hard for chemical companies to make a credible argument about growth prospects to shareholders. 另外，我们的研究也显示出，ROIC（已投入资本回报率）的表现成为了资本市场对化工行业估值的重要决定因素，而资本市场中化工行业的专业化、商品型，及多样化产品类三大细分市场的增长预期之间的差异不大。再次重申，向股东证明化工企业的增长趋势无疑越来越难。 That does not mean the markets expect the industry to stagnate: on the contrary, the markets expect companies to maintain at least 4 to 5 percent annual growth in a global market growing overall at 3 percent. The overall capital-markets view is that the industry is mature and that it is unlikely that many companies will be able to create outstanding growth, but markets certainly like the shareholder returns it provides. 但这并不意味着市场将萎缩；相反，在全球市场增速预期为3%时，市场对这类型企业的年增速预期为4%-5%。资本市场认为化工行业虽然是成熟型市场，且大多数的企业不会出现大幅度的增长，但市场仍然相信其对股东创造的收益。

VALUE OF PETROCHEMICAL INDUSTRY 石化行业估值
While petrochemicals are no longer a growth industry, the mature industry is still a solid earner 虽然石化行业不再是一个高增长型行业，但其成熟的市场仍代表了稳固的收益 Considered third in the return to shareholders (RtS) below oil and gas, and electronics industries 被股东认为是第三高收益行业，仅次于石油和天然气、电子行业 Past performance (EV / revenue or income or ROI) is the top technique for valuing firms within the petrochemical industry 以往业绩（EV/收益，收入或投资收益率）是石化行业评估一家公司的最好方法 Value is highly correlated to return on invested capital and therefore utilized highly in valuation techniques 企业价值与投入资金的收益高度相关，因此ROIC常被用于企业估值 Capital market analysis shows that there is no value advantage in noncyclical special chemical firms 资本市场的分析显示，非周期型的专业化工企业不存在估值优势 Capital markets provide a valuable perspective on how the chemical industry should regard itself—whether it should still look at itself as a growth industry or rather as a middle-aged industry that is past its best days. The chemical industry has been a mature industry—although profitable, still growing, and earning its cost of capital—and the “growth industry” has passed to information technology and other sectors. This has led to much evaluation, as companies have attempted to find the right balance between taking an innovation stance—chemicals’ traditional method of growth—and focusing on maximizing cash out with their businesses, something that is often confusing as chemical products are vital to high growth sectors such as alternative fuels. 资本市场提供了一个从化工行业如何定位自己来看问题的角度---化工行业认为自身为增长型行业，还是较为偏向于已过繁荣期的中年企业?化工产业已经是一个成熟型行业，尽管它仍然盈利、增长，且收益超过资本成本，而‘增长型行业’的代表已经换做IT行业和其他行业。这也使得对石化行业的估值常常会显示出增长势头，如替代型能源，因为公司试图在创新与利润最大化之间找到平衡。 We researched the relative size of the two key components of capital-markets valuation, ROIC and growth expectations. To do this, we researched the correlation coefficient between valuation (with regard to its enterprise value to invested capital, or EV/IC, ratio) and operating profitability (ROIC before taxes). The research showed that in 2009, the correlation coefficient was at the very high level of 0.85, suggesting that the market was basing the largest portion of the valuation of chemical companies on income performance, with only a limited portion of the value attributed to variations in expectations for individual company growth. 我们研究了资本市场估值的两大重要因素，已投资资本回报率（ROIC）和预期增长。我们研究了估值（与已投入资本的企业价值，或者，企业价值/已投资资本，比率等）与经营利润（税前已投资资本回报率）之间的相关系数。一项研究显示，2009年这两者之间的相关系数高达0.85，显示了化工行业的估值结果很大程度上取决于收入的表现，而很小的一部分则取决于单个公司增长预期的偏差。

Macroeconomic Conclusions 宏观层面小结
Only a slight deviation exists in the growth rates of each segment regardless of the industry segment 行业内不同类型公司的增速差别甚小 Therefore there is no benefit to acquiring specialty chemical firms to add enterprise value 因此，无需通过并购专业型化工企业来实现企业价值的增加 Regardless of empirical results, legacy petrochemical firms appear to be acquiring new specialty firms for product diversification 无论实证的结果如何，传统型石化产业似乎仍旧通过并购新的专业化公司来实现其产品的多样化 Our research shows that capital markets do not regard chemical companies’ sector affiliation—specialty or commodity—as an indicator for superior or inferior performance. Stated again, although it is commonly believed that investors prefer noncyclical specialty stocks to commodities, there is no empirical basis for such a claim. What does stand out, however, is that capital markets are taking a conservative view of chemical companies’ ability to differentiate themselves with regard to growth and instead are focused on companies’ ROIC performance and its development over time. Markets are finely tuned to changes in the performance trajectories of individual companies, and winners must therefore remain on top of their game. The message from the capital markets that endures, however, is that ROIC performance matters above all. 我们的研究显示出，资本市场并不认为专业化或者商品类企业可以作为评断其是否为表现突出或者较差。尽管大家认为针对商品类公司的股票，投资者更偏好于非循环型的专业化公司的股票，但并无任何实证的数据来支撑这一结论。然而，唯一能证明的是，资本市场对化工企业不同意其增长的来源，而更在乎公司ROIC的表现及发展的观点持保守态度。市场较好的反映了单个公司绩效变化情况，胜利者因此也将继续处于行业的领先地位。然而，资本市场所释放的信息表明ROIC指标仍然最为重要。

CASE STUDY案例研究 North American Based Petrochemical Company Acquires Smaller Specialized German Chemical Manufacturer 北美石化公司收购德国小型专业化工制造商

ACQUISITION DETAILS案例相关信息
Acquisition by a leading petrochemical firm based in United States of a small specialized chemical manufacturer in Germany 美国一家大型石化企业收购德国一家小型专业化工制造企业 Cash based transaction purchasing all outstanding shares of stock 现金收购目标公司所有发行在外股票 In late 2006, the large petrochemical firm based in the United States (one of the top 10 petrochemical firms in the world) began negotiations with another top 10 firm to acquire one of its subsidiaries to diversify not only its product portfolio but also its geographic presence into new markets. 2006年，美国本土最大的石化企业（世界前十）与另一个前十的企业展开了就收购其中一家子公司的商谈，不仅可以多样化收购方的产品组合，还可以进入新的市场。 *

STRATEGIC RATIONALE战略原理
Large fluctuation in demand for petrochemical among largest customers 石化企业的大客户需求的大幅波动 Evenly distribute the demand through broad product lines 通过拓宽产品线以均衡分布市场需求 Broad product lines include a variety of uncorrelated production of specialty chemicals 范围更广的产品线包括多种无相关性的专业化工产品在内 Growth rate of specialty chemical aggregate at 5.2% 专业化工企业的增速约5.2% Product portfolio expansion into specialty chemicals 产品组合延伸至专业化工产品 Plastic polymers and celluloid 塑料聚合物和赛璐珞 Geographic expansion into Central and Eastern Europe 地域扩张至中、东欧地区 Fastest growing European market with specialty chemicals 欧洲专业化工市场的快速增长 The volatility in the markets and the financial crisis of 2007 seriously affected the petrochemical industry, reducing margins and creating excess capacity. Supply chain integration of these firms was a major factor in determining exposure to the crisis to individual firms within the industry. Therefore manufacturers of bulk chemicals were increasingly exposed to the crisis. Diversification of product lines and geography helped to diversify the risk faced by the large firms. With a variety of products and regional demands, the large firms could smooth demand over time and achieve economies of scale for products with similar chemical characteristics. This was the reason for the acquisition to begin. 市场的波动性及2007年发生的金融危机都严重影响了化工行业，如降低了行业毛利、产能过剩。产业链的整合决定了业内单个公司是否能不受金融危机的影响。因此，化学大宗商品的生产商更加暴露于危机之中。产品多样化和地域拓展都有助于这些公司在面对大企业时分化风险。产品的多样化及区域市场的需求都使得行业内的大企业能够处理长远的需求，使得同质化产品形成经济规模。这些是并购开始的原由。 The entrance into the market through the German specialty manufacturer meant that the larger US based firm could expand into other areas of the European Union (EU) through this geographic access point. The geography of particular interest was that of Central and Eastern Europe, in which many of the countries had recently (within the past 10 years) joined the EU. These countries represented significant growth potential for the US firms geographic expansion strategy. Additionally the product portfolio expansion meant that the firm could expand into the cellulostic industry, offering a more diverse product line to existing customers and open the potential for new customers. 通过德国专业化生产企业进入欧洲市场意味着收购方可以通过这个市场连接点进入欧盟市场。而目标市场更多看重的是近年来（过去10年里）加入欧盟的中东欧国家市场。这些市场将对收购方地域市场扩张战略起到重要作用。另外，产品组合的拓展也意味着收购方可以进入赛璐珞产品市场，提供现有消费者一个更多样化的产品选择，同时打开一个新的市场。资料： *

DUE DILIGENCE尽职调查 Special department established to handle all merger and acquisitions activities 组建专门的部门来处理并购活动 Previously the leading petrochemical firm had acquired more than 30 companies 收购方之前已收购了超过30家公司 The 30 companies represented a wide variety of international geographies and products 这30家企业有着广泛的国际市场和产品种类 Specific criteria must be met of all target firms: 目标公司须满足的特殊标准： The firm must interface directly with the market 公司必须直接与市场接轨 The firm must be earnings accretive by the end of year 2 公司必须在并购后的第二年实现盈利 The firm must provide long term growth opportunities, both geographic and product extension 公司须通过地理扩张及产品延伸，提供长期的增长机会 The US firms had previously engaged in a 10 year period of strategic expansion through acquisitions, doing so over the past 10 years and 30 companies, both domestically and internationally. Therefore a specific unit within the firm was established and maintained a series of best practices, financial models, and standard acquisition criteria with which to judge potential firms as they entered the “M&A pipeline”. Due to the robust market conditions of the petrochemical industry in the past, the firm was stable with cash and able to quickly acquire and integrate firms as new business units. 收购方过去的十年是战略扩张的十年，共收购了国内外30家公司。因此，公司内部负责并购事项的部门积累了丰富的经验，并且形成了一系列的最佳操作模式、财务模型，及标准化并购流程来评估目标公司是否适宜并购。基于化工行业在过去的活跃表现，这些公司拥有雄厚的资金，可用于快速并购整合一些公司成立新的业务单元。 Three of the most significant criteria upon which the potential acquired firms were judged were (1) customer interface – the firm must have an existing presence with a market directly and not through a third-party sales or re-sale process; (2) accretive to earnings by the end of year 2 – this was assisted in the M&A process internationally through primarily cash offers due to the lack of relevance or listing on domestic or international stock exchanges; (3) long-term growth potential – the firm to be acquired must show alignment to the long-term strategic vision of the acquiring firm. 评估目标公司是否适宜作为并购目标的三个主要标准为：1）客户渠道---公司已经有自己直接获得的市场，而非通过第三方销售或者再销售流程所占有的市场；2）收购后第二年开始盈利，由于缺乏相关性或者在国内、外证券交易市场上市，这个盈利的目标将在国际并购流程中之前的现金交易得以实现；3）长期的增长潜能---长远来看，目标公司须与收购方的战略目标一致。 *

ACQUISITION DETAILS交易相关信息
Acquired for $730 M (USD) in all cash offer $730 M现金收购 All cash due to unique challenges of stock offering across international markets 基于国际市场股份支付可能带来的不利影响而选择全现金支付交易方式 Due to listing on a stock exchange outside of the US, the payment was made in cash rather than stock 由于目标公司是美国国外市场的上市公司，因而采用现金而非股份支付方式 Eased the transaction process due to the simplified nature of a cash transaction 全现金交易简化了交易流程 As stated before, the deal was an all cash offer in order to alleviate stock offering issues across international markets. The all cash offering also provides increased incentive to sell based on sale profits not tied to future potential of the acquiring firm. It also may be increased incentive for the EU or other regulatory agencies to accept the deal (or not to block it) based on the tax income generated from the acceptance of the cash offer. 正如前面提及的，此项交易为全现金收购，以避免在国际市场以股份支付交易形式可能产生的问题。这种支付方式由于不需要与将来的销售利润挂钩而更吸引目标公司同意出售。同时，因为这种方式可以创造更多的纳税收入而更容易通过欧盟或者其他监管机构的审核。 While it was not stated how many installments of the cash payments, there were special clauses in the agreement that executives were required to stay with the acquiring firm for no less than 2 years and if they did leave they were unable to compete against the acquirer for no less than 5 years. Compensation and loyalty were built through earn-outs and matched to the 2 year integration plan. 此项交易并未公布交易对价支付分期情况，但与高管的协议中涉及的特殊条款要求高管继续留任至少2年，而且即便他们离职，他们在至少5年内不能从事与收购方业务相同的业务。从对赌协议到实现2年的整合计划，都提供了福利和佣金。

VALUE CHANGED价值变化 Value Gained获得:
IT systems reduction and implementation of standard ERP systems 优化了IT系统资源，及采用标准ERP系统 Termination of third-party contractors in favor of internal work (economies of scale and knowledge) 终止了与第三方承包商的合同，转向内部资源（经济规模及专业知识） Value Lost失去: Integration largely destroyed the acquired company’s corporate culture becoming a business unit within the larger firm 目标公司在收购后成为收购方公司的一个业务部门，很大程度上破坏了目标公司的企业文化 The loss of corporate culture led to human capital defecting to competitor firms 企业文化方面的损失使得部分目标公司员工转而投奔竞争对手 The integration took place with a business unit of the US based petrochemical firm. The German specialty chemical firm integrated into this business unit, greatly expanding its role within the larger US firm. There were multiple synergies including the economies of scale in production but also from increased sales through the portfolio of existing customers. Specifically though the two largest synergies were the IT systems with which the entire firm operated and the termination of redundant third-party contractors. The US firm believed that all of the synergy benefits with reduced costs from the termination of redundancies would result in accretive earnings to the acquirer. 整合通过收购方的一个业务单元来完成。目标公司整合入这个业务单元，且扩大了其对收购方的影响。此交易的协同效益不仅包括生产经济规模，也包括通过已有的客户组合提升了销售收入。最大的两大协同效益表现为整个公司的IT系统，和终止了与第三方的承包合同。收购方认为协同效应降低了成本、裁减了冗余，收购方可实现持续增长。

TARGET VALUATION目标公司估值
Forty-two financial metrics that must be calculated to make acquisition decision 用于估值的42个财务指标 Stages(key examples)步骤（主要示例） Metrics (key examples)指标（主要示例） Transaction Transaction proposal商业计划书 Executive leadership support领导者支持 Initiation agreement起草启动协议 Board approval高管层批准 Price/Earnings市盈率 Price/Book市净率 Due diligence Establish scope制定范围 Establish due diligence team组建尽调团队 Create data room (digital)创造数据室（数据化） Documentation management文件管理 Price/Cash Flow价格对现金流比率 PEG Ratio（PE/EPS）市盈率相对盈利增长比率 Implementation Establish implementation team 组建执行团队 Handoff from transaction team to implementation team两个团队的交接 Document management文件管理 The valuation process within the specialty M&A unit within the US firm took a highly structured approach to acquisitions. The unit did not make exceptions and instead applied the acquisition requirements in a standardized method. The process had three phases (transaction, due diligence, and implementation) and had 35 stages within each phase. Additionally many stages had sub-stages within. Therefore the process took years for a potential acquisition to complete。收购方的并购部门的估值流程采用了一个更结构化的方法。此部门并未做特殊化处理，相反，它们采用了更为标准的方法。此并购流程主要有三个阶段（交易、尽职调查和实施阶段），每个阶段有35个步骤。而且，每一步还有许多子步骤。因此，整个流程耗需耗时许多年来完成。 Price/Earnings (market equity value / net income to common shareholders)市盈率（市场权益价值/普通股股东净收入） Price/Book (market equity value / book value of equity)市净率（市场权益价值/权益账面价值） Price/Cash Flow (market equity value / after-tax cash flow)价格现金流比（市场权益价值/税后现金流） PEG Ratio - measures growth prospects (PE Ratio / Annual EPS Growth)市盈率比年每股收益增长率（市盈率/EPS年均增速） Additionally forty-two financial mechanisms were performed on the acquisition target to create metrics, all of which were utilized during the due diligence process. These metrics were performed in a diversity of terms including business functions and processes, staffing, strategic tactics and market presence, as well as IT systems integration, value assessments, and existing performance metrics. The due diligence process was considered thorough. 另外，并购中采用了42个评估指标。这些指标贯穿于整个流程包括业务职能及流程、员工、战略化战术及市场表现，还包括IT系统整合、价值评估，及已有的绩效评估指标。整个尽职调查非常详尽。

OTHER CONSIDERATIONS其他因素
The German firm acted as an entry into the entire market within the European Union 德国公司将作为收购方进入整个欧盟市场的敲门砖 This allowed geographic expansion beyond the country of entry 完成跨国地域市场的扩张 The acquisition diversified the product portfolio and expanded the customer base of the United States firm 收购方产品组合得以多样化，并且客户资源得以提升 Although entry into the market was made through the German firm, the North American firm was able to navigate throughout the European Union thanks to the entrance. This allowed the existing portfolio of chemical products to be marketed to a new geographic area that was previously difficult to attain. The acquisition therefore expanded both the product portfolio as well as the geographic reach of the North American firm. 通过收购目标公司，收购方完成了区域市场的扩张。收购方已有的化工产品组合可以在新的市场销售，而在以前这是很难达到的。因此并购不仅拓展了收购方的产品组合，也实现了收购方的地域扩张。

CONCLUSION结论 Currently there is no recorded increase in return to shareholders due to the merger 目前尚无消息显示因收购而引起的股东收益的增长 The German firm provided entry into new markets but the acquisition of the specialty chemical line provided no additions to value for the acquiring firm 虽然通过目标公司进入了新市场，但是收购专业化工企业并未增加收购方的价值 The empirical research appears to be accurate. The acquisition did allow the North American firm to enter into new markets and to gain a position in Europe, however according to enterprise value calculations and return on invested capital the firm gained no value by acquiring the new special chemical firm. This may change over time as the petrochemical industry matures further, however currently no value has been added. 实证研究的结果显示是正确的。并购使得收购方进入新的市场，并在欧洲获得一席之地，然而根据计算获得的企业价值及已投入资本回报率，收购方并未通过收购目标公司获得了价值上的增长。也许随着石化产业的进一步成熟，这种情况可能会改变，但就目前而言，交易并未增加收购方的企业价值。

Finance Industry 金融行业

FINANCE INDUSTRY OVERVIEW 金融行业概览
The US banking sector holds $14 T (USD) in assets and $1.5T (USD) in capital 美国银行业持有14万亿美元的资产及1.5万亿美元的资本 US has seen continued improvement since the financial crisis, opening the credit market and improving profitability 金融危机后，信用市场的恢复及盈利能力的提升，美国市场不断得到改善 Low interest rates, high unemployment and slow economic growth are being offset by loan growth 贷款增长抵消了低利率、高失业率和低经济增长的影响 The US banking sector finances individual consumers, businesses and the government with over 14 trillion dollars and assets and 1.5 trillion in capital. Since the financial crisis the financial industry credit availability has contracted, slowing economic growth. Since the crisis however, the US has seen a slow, steady recovery. Low interest rates, high unemployment and slow economic growth still limit a strong recovery but recent loan growth has helped offset these burdens. 美国银行行业提供个人、企业及政府融资服务超过14万亿的资产及1.5万亿的资金。由于金融危机，金融行业的信用额度被收缩，使得经济增长减缓。美国经济也因此呈现一个低俗的稳增长趋势。低利率、高失业率及低经济增长仍阻碍了市场的强劲复苏，但近期的贷款增加也抵消了部分这些因素带来的不利影响。

FINANCE INDUSTRY OVERVIEW 金融行业概览
2011: US deal activity down 10% from 2010 2011：美国金融行业交易活动较2010年下降10% Down 28% from pre-financial crisis level (2007) 较2007年金融危机前水平下降28% Significant factors create fear and uncertainty in the Financial Industry 激发金融行业的恐惧和不确定性的显著因素 Eurozone crisis欧元区危机 Increasing regulatory considerations逐渐强化的监管 Volatile credit and equity markets不稳定的信用及权益市场 In 2011, US deal activity decreased 10% from 2010, and 28% from before the financial crisis struck the US. The continuing global financial crisis has a significant impact on mergers and acquisitions. The financial crisis in the European Union has caused uncertainty within European banks, which makes them unlikely to receive any deals. However, they may pursue strategic divestitures of noncore business segments, which would increase opportunities for international acquisitions. In the US, new regulation, such as the Dodd-Frank Act, have been implemented, which will further increase the deal timelines. As the industry starts to see earnings and valuations stabilize, it is believed that deal activity will increase, though gradually, in the near future. 2011年，美国金融行业的交易活动较2010年下降了10%，较金融危机前下降了28%。持续的全球金融危机显著影响了并购活动。欧洲金融危机造成了欧洲银行业的不确定性，影响了这些欧洲银行决定在美国进行并购交易。然而，这些欧洲企业可能寻求战略性剥离非核心业务部门，从而增加了国际并购交易的机会。在美国，新监管条例，如Dodd-Frank法案，已经开始实施，它将延长未来并购交易的时间。由于行业开始呈现稳定的收益及估值，并购交易在不久的将来将逐渐复苏。 (Source: “Balancing uncertainty and opportunity: 2012 US financial services M&A insights.” March PwC’s Deals practice.

Dodd-Frank Bill Dodd-Frank法案
New regulation following the financial crisis has led to restrictions of size and scope of banking operations 金融危机后的一个新的监管条例，主要限制银行经营的规模及业务范围 Legislation has been approved by the United States Congress in 2010 however the rules will be determined by regulators over 5 years (2015) 2010年美国国会批准通过了该法案，然而详细条款将在5年内（2015年）完成 Regulators include the members of the Financial Stability Oversight Council: 该法案涉及到金融稳定监督委员会的成员： Commodity Futures Trading Commission商品期货交易委员会 United States Treasury美国财务部 Federal Deposit Insurance Corporation联邦存款保险公司 United States Securities and Exchange Commission美国SEC Federal Reserve联邦储备 The Dodd-Frank Bill represents the greatest impact to the United States financial services industry since the deregulation of the industry in the 1980s. The legislation does not impact the process of merger and acquisition activity directly through the new law, but it does indirectly impact the length of time the merger process could take as well as the regulation a foreign acquirer is subject to. Identification of the regulatory scope for the newly post-merged entity is critical to success. Therefore the time spent on identification of M&A targets (initiation) and due diligence is increased. The amount of the increase is dependent on the geographic location of the acquirer versus the target. An example of this is a United States firm acquiring a Canadian firm is already subject to Dodd-Frank regulation, however a Canadian firm acquiring a US firm is now subject to the regulation and must complete the regulatory requirements prior to final approval of the M&A deal. These regulatory requirements are comparable, although not identical to Basel II. The legislation was approved in 2010 following the financial crisis, however less than 25% of the legislation actually contained laws immediately implemented. The remaining 75% of the bill was composed of directives to the governmental agencies as members of the Financial Stability Oversight Council to be determined and implemented over the next five years. As of December 21, 2012, 56% of the Dodd-Frank Bill has been determined and either implemented or a timeline for implementation determined. Dodd-Frank法案是自20世纪80年代行业开放以来对美国金融服务行业的影响最大的法案。法案并不是通过新的法律直接影响并购活动，二是间接影响并购流程的时间以及外国收购方应遵循的监管。甄别新近完成并购交易的监管范围对交易的成功至关重要。因此,花在甄别并购目标和尽职调查上的时间增加了。增长的幅度取决于收购方与目标公司地理位置。这是一家美国公司收购加拿大公司已经采用该法案的例子，然而（例如）加拿大公司收购美国公司也应遵循该法案，且必须在并购交易最后批准前满足监管的要求。虽然与BASEL II存在差异，但两者之间是可比的。法案2010年批准通过，然而实际上只有不到1/4的条款已经开始执行。剩余的3/4的法案条款将由金融稳定监督委员会成员的政府机构在未来五年内予以发布并施行。截至2012年12月21日，该法案的56%的内容已经决定，并且施行或者已经决定了开始施行的时间进度。

CASE STUDY案例研究 American Bank Acquires Canadian bank’s US branches 一家美国银行收购加拿大一家银行的美国分行

FINANCE DETAILS相关信息 Acquisition by a leading US based bank of a large Canadian bank’s US branches 美国一家处于领先地位的银行收购加拿大一家大型银行的美国分行 The acquiring bank has performed admirably in expanding its franchise through opportunistic acquisitions and controlled credit risk ahead of the financial crisis 收购方通过机会并购及金融危机爆发前对信用风险的控制，很好地完成了其特许经营的扩张 A leading US bank acquired a leading Canadian Bank in an effort to both gain access to higher growth markets and because the acquisition was accretive to the growth characteristics of the company’s existing footprint. The acquiring bank had survived through the financial recession. 美国一家领军银行企业收购一家加拿大领军银行企业，双方旨在获取进入更高速增长的市场，因为此次收购将积累公司已有市场的增长。收购方度过了金融危机。 The acquiring bank has a strong reputation for having performed admirably in expanding its franchise through opportunistic acquisitions and controlled credit risk ahead of the financial crisis. 收购方通过机会并购扩张其分支机构的良好表现，及幸免于金融危机的影响在业界获得了很好的声誉。 *

Attractive Price 有吸引力的价格 Estimated as having a higher growth footprint than any of the banks covered by a leading investment bank 投行预测潜在市场的增长将超过其他任何银行 Gave acquiring company access to higher growth markets and is accretive to the growth characteristics of the company’s existing footprint 帮助收购方进入一个快速增长的市场，也将促进公司现有市场的增长 The acquirer was interested because of the attractive price. There was also a lot of growth potential as it was estimated as having a higher growth footprint than any of the banks covered by a leading investment bank. This acquisition also gave the acquiring company access to higher growth markets and is accretive to the growth characteristics of the company’s existing footprint. 收购方最开始感兴趣的是其有吸引力的价格。一家投行预计其潜在增长将超过其他任何银行。本次交易同样可以使收购方进入更快速增长的市场，且将有利于公司已有市场的增长。 *

Purchase price of ~.97x P/BV 购买价款为0.97倍市净率（P/BV） Strong growth through acquisitions, dependence on spread (Northeast, Midwest, the Southeast) 通过并购达到高增长，降低对现有东北、中西部及东南部市场的依赖程度 Seen for long term benefits, not short term 可预见性的长期利益 At a purchase price of ~.97x P/BV the acquiring bank received a good price for access to a desirable footprint. 收购方以0.97倍P/BV的购买价获得了进入想要进入的市场。 From an initial focus on Pennsylvania and New Jersey, the acquiring bank has expanded significantly in the last 10 years, adding franchises in the Washington, DC, and Baltimore areas, the Midwest, and the Southeast United States. This acquisition of the Canadian bank’s US branches added customers and revenue in the Southeast by introducing the much broader set of products and capabilities to the former existing branches, and adding new branches in major markets such as Atlanta to build critical mass. 从最初业务主要集中在Pennsylvania和新泽西市场，在过去的十年间，收购方显著拓展了其在华盛顿、巴尔的摩，中西部及东南部区域的分支机构。收购加拿大银行美国分行的业务，通过提供更广泛的产品组合、提升了已有的分行业务量，及拓展了在主要市场的分支机构如亚特兰大，增加了在东南地区的客户及收益。 (Source: A Leading Investment Bank)

STRATEGIC RATIONALE Growth Outlook增速展望
Projected Population Change 年预计人口变化率 Projected Household Income Change 年预计家庭收入变化率 Acquirer 收购方 1.17% 13.30% National Average 全国均值 3.85% 12.39% Coverage Average 保险覆盖率均值 4.09% 13.12% Acquiring 目标公司 6.61% 12.67% At a purchase price of ~.97x P/BV the acquiring bank received a good price for access to a desirable footprint. As the table shows, the acquirers footprint in the Midwest had well below average projections for population growth through The acquired bank, on the other hand, whose branches are primarily located in the Mid-Atlantic and Southeast, are located in markets where growth is projected to be well above average. Even considering this, however, the acquiring bank will still have a footprint with a below average population growth outlook through 2015. 通过0.97倍市净率（P/BV）），收购方银行获得了进入目标市场的机会。如表所示，至2015年，收购方中西部市场的业绩将大幅度低于全国人口增速的预测值。另一方面，目标公司的分行主要位于亚特兰大中部及美国东南部，预计这些地区的收入增速将好于行业均值。然而，考虑到这一点，收购方至2015年仍将有一个区域市场低于人口平均增速水平。 (Source: A Leading Investment Bank)

DUE DILIGENCE尽职调查 Economic issues经济问题 “Double-Dip” Recession二次衰退
Environmental, Social, & Governance Issues环境、社会及治理问题 Overall, would be most susceptible to a weakening economy which would drive headwinds from several sources including: low interest rates (margin pressure), declining demand for consumer and commercial loans, and increased credit issues on all lending. In addition, banks are also susceptible to increasing regulations, more stringent capital requirements, competition and volatile capital markets. Is it time to be expanding? 整体而言，通过许多渠道，例如低利息（毛利压力）、消费者持续下降的需求及商业贷款的减少，和信贷领域信用问题等，驱动疲软经济的增长极具有波动性。另外，银行也易于受到逐渐严格的监管、更严格的资本金需求、竞争及不稳定的资本市场的影响。现在是拓展的时机吗？ Other industry threats include double-dip recession contracting loan demand, increasing credit defaults and keeping interest rates lower for longer hurting margins. 其他行业的威胁包括经济的二次探底将收缩贷款需求、增加信用违约风险，及维持更长时间的低利率（进一步压缩企业的毛利）。 Following the financial crisis and subsequent fallout in , the entire banking industry has seen an elevated level of scrutiny related to both social and governance issues. 继金融危机及随后年的经济下滑，整个银行业已经升级了其在社会及治理层面的审核。 Environmental, Social, & Governance Issues:环境、社会及治理问题： higher potential costs of doing business from both regulatory requirements and litigation;因为监管要求及法律原因，导致经营的潜在成本增加； restrictions on the degree of capital deployment (both dividends and buybacks); 资本配置级别的限制； restrictions on types of business activities that can be undertaken (Dodd-Frank); 可能进行的业务活动的种类上的限制； operational restrictions on large banks that are considered systemically important to the economy. 被认为将会对社会经济产生重大影响的系统性风险的大型银行的经营上的限制。 (Source: a leading US investment bank) *

RESULT结果 Acquisition helped to expand into a market with growth potential 并购有助于拓展具有增长潜力的市场 Acquisition helped to expand services offered 并购助力所提供服务的延伸 Acquired organization still operates under original name to leverage brand value 目标公司维持原有企业名称继续存续，以保留其品牌价值 (Source: A Leading Investment Bank) Acquisition helped to expand into a market with growth potential并购有助于拓展具有增长潜力的市场 Acquisition helped to expand services offered并购有助于扩展其服务范围 Acquired organization still operates under original name to leverage brand value目标公司仍将维持原有的经营主体状态以保留其品牌价值 *

E-Commerce Industry 电子商务行业

E-COMMERCE INDUSTRY OVERVIEW 电子商务行业概览
US e-commerce sales grew 16.1% in 2011 2011年美国电子商务销售增长16.1% Business-to-business category made up 91% of total e-commerce sales B2B业务占电子商务销售总额的91% The e-commerce, industry is one of the fastest growing sectors of the economy. The industry is evolving very rapidly, so data collection and evaluation are particularly difficult. Consequently, one has to rely largely on surveys by both government and private agencies. 电子商务行业是社会经济中发展最为快速的行业之一。行业变革非常快速，以至于对数据的收集及评估较为困难。因而，很大程度上需要依赖来自政府及私营机构的调查报告。 In the US: 在美国： According to the US Census Bureau, the manufacturing sector is the largest contributor to e-commerce sales (42% of their total shipments), followed by merchant wholesalers (23.4% of their total sales). These two segments make up the business-to-business category. 根据美国调查局的结果显示，制造业是电子商务行业销售贡献最大的子行业（约占总发货量的42%），其次是批发商（约占总销售额的23.4%）。这两个子行业主要是B2B的业务模式。 Retailers and service providers generated just 4.0% and 2.3%, respectively, of their revenues online, a slightly higher percentage than they were in the prior year. The Bureau categorizes these two segments as business-to-consumer. 零售商及服务型企业的线上销售额分别为4%和2.3%，略高于他们去年的比例。调查局将这两个子行业定位为B2C模式。 The business-to-business category makes up 91% of total e-commerce sales, with the balance coming from the business-to-consumer category. The fastest-growing segments were manufacturing and services. [All the above data from the US Census Bureau relate to 2009, as published in May 2011., B2B业务约占电子商务销售总额的91%，剩余的部分为B2C业务。快速增长的子行业为制造业和服务业。

E-COMMERCE INDUSTRY OVERVIEW 电子商务行业概览
Key Drivers:主要因素 Adoption of smartphones, tablets and other mobile Internet devices 智能手机、平板电脑及其他移动网络设备的使用 Time savings and convenience省时便捷 Comparison shopping 比较型购物方式的出现 Entertainment娱乐 Travel 旅游 Payment Systems支付方式 Online Advertising线上广告 Key Drivers:关键驱动因素 Adoption of smartphones, tablets, and other mobile Internet devices (e-readers, kindle, etc.)智能手机、平板电脑，及其他移动网络设备的使用 comScore estimates that non-computer Internet traffic in the US in August 2011 was 6.8%, with smartphones accounting for two-thirds and tablets accounting for the remainder.（那其他移动上网设备的占比呢？）. Other countries with significant Internet traffic through non-computing devices include Singapore, the U.K., Japan, Australia, Canada, Spain, India, France and Brazil, in that order. comScore研究表明，2011年8月美国的非电脑上网流量约占6.8%；其中，智能手机占2/3，而平板电脑约占1/3。其他国家通过非电脑设备上网的包括新加坡、美国、日本、澳大利亚、加拿大、西班牙、印度、法国和巴西。 Other drivers include: 2. Time savings and convenience of online transactions.线上交易省时、便捷 3. Comparison shopping比较型购物 4. Entertainment娱乐 5. Payment Systems支付系统 6. Online Advertising在线广告 These drivers have positively impacted mergers and acquisitions in the e-commerce industry这些因素导致了行业内大部分的并购活动。

E-COMMERCE MERGERS AND ACQUISITIONS OVERVIEW 电子商务行业并购活动概览
Brick and mortar retailers acquiring internet retailers 实体企业并购网络零售商 Print catalogues acquiring online venues 通过商品目录开展销售的公司并购网络销售公司 Ecommerce transactions account for multichannel 92% of all deals in 2011 retail mergers and acquisitions market increased from 59% in More interesting, is the recent trend of brick and mortar retailers and product manufacturers/wholesalers acquiring pure play Internet retailers in their niche categories to bolster their online presence and expertise, and also to benefit from existing online infrastructures. 电子商务交易现在主导了多渠道零售业并购市场，2011年约占总交易量从2006年的59%提高到92%。然而，更为有趣的是当前实体零售商和产品制造/批发企业收购纯网络零售商以加强其网络及专业水平，同时也可从已有的线上设施获益。 Most ecommerce deals consist of Internet retailers acquiring other operators of Internet storefronts, which sell similar or complementary product lines. 许多电子商务交易包括零售商收购网络门店，这些店面或销售同类产品或充实其产品线。 Most private equity investors avoid multichannel retail buy outs for two reasons. First, many financial buyers fear the rapid transition from the catalog model to the Internet model. Second, while many buyout groups have an interest in ecommerce, most Internet retailers do not have sufficient size and scale to be feasible as buyout transactions. 许多PE投资者不愿意购买多渠道零售企业的原因有两个。首先，许多购买者害怕从产品目录型向网络模式的过渡；其次，当许多的收购方企业对电子商务有兴趣时，大多数的网络零售商却不足以成为收购对象。 Strategic buyers acquiring companies, titles and storefronts in similar product categories are able to leverage fulfillment, merchandising, management and house lists to meet target return on capital rates. 战略购买者收购具有类似产品种类的公司、品牌和店面，以有助于平衡履行、贸易化、管理层及上市，来达到资本回报率的目标。

CASE STUDY 案例研究 American E-Travel Agency Acquires European E-Travel Company 美国一家在线商旅服务公司收购欧洲一家在线商旅服务公司

E-COMMERCE DETAILS相关信息
Acquisition by a leading US based online travel agency (OTA) of a large OTA in Europe 美国一家行业领先的在线商旅服务公司收购欧洲一家大型在线商旅服务公司 100 million travelers have used the site 约1亿旅行者使用过该网站 The acquirer is one of the largest OTA’s in the industry 收购方是行业内最大的在线商旅服务公司之一 The acquired was among the largest OTA’s in Europe 目标公司是欧洲最大的在线商旅服务公司之一 Traditionally the acquirer had only focused on hotel rentals. This acquisition would allow it to offer vacation home rentals 收购方过去仅着重于酒店租赁业务。而此次收购将开发其渡假屋租赁业务 Vacation rentals is an $85 B (USD) industry in the US and Europe 2011年美国和欧洲假期租赁行业收入为850亿美元 A leading US online travel agency (OTA) acquired a leading British OTA in an effort to both expand its product line and its target market. 美国一家大型在线商旅服务公司收购英国一家大型在线商旅服务公司，旨在扩充产品线的同时扩大其目标市场。 The acquirer is one of the largest OTA’s in the industry. The acquired was among the largest OTA’s in Europe 100 million travelers have used the site.(Source: a travel journal) 收购方是业内最大的在线商旅服务公司之一。目标公司则为欧洲最大的在线商旅服务公司之一，拥有1亿旅游者曾经使用过该网站。 Traditionally the acquirer had only focused on hotel rentals. This acquisition would allow it to offer vacation home rentals. Vacation rentals is an $85 B (USD) industry in the US and Europe.This acquisition with a few other small acquisitions bring total market share to 43% in the Online Travel agency. 传统而言，收购方仅着重于酒店租赁业务。而此次收购却开拓了度假屋租赁业务。2011年，美国及欧洲这一业务的收入达850亿美元。以完成了许多小的并购的在线商旅公司的市场份额将达到43%。 (Source: A Leading Investment Bank) *

Offers vacation homes to both current market and European Market 向美国及欧洲市场提供渡假屋租赁服务 Positioned the company to become largest OTA community in market 使得收购方成为业内最大的在线商旅服务公司 Offers alternate services and consumer feedback to both American and European consumers to help in purchase decisions 在购买时，为美国和欧盟客户提供替代方案服务及客户反馈服务 The company being acquired offers vacation homes to both current market and European Market, vacation home rentals had not historically been a focus for the acquiring company. It also positioned the company（目标公司、收购方，还是收购后的整体公司？） to become the largest OTA community in the market. 目标公司将在当前市场和欧洲市场提供度假屋租赁业务，度假屋租赁业务之前并非收购方的重点。使得收购方成为市场中最大的在线商旅服务公司。 (Source: A Leading Investment Bank) *

INVESTMENT POSITIVES积极方面
Acquired company is a leader in travel review, with a large and rapidly-expanding addressable market. 目标公司是旅游行业的领先者，拥有大和快速扩张的可获取的市场规模 Moving into Europe gave the company the ability to extend presence on mobile devices, and into new geographies and languages. 进入欧洲市场提供了收购方在移动设备、新的地理区域及文化方面的展示机会 Currently under-monetized vacation rental business presents a long-term opportunity 渡假租赁业务虽然目前盈利较低，但是长期而言，却展现出盈利的可能 Here we see strong positives for the acquisition. (Source: A Leading Investment Bank) 在这里，我们看到了许多此次收购的有利方面。 Acquired company is a leader in travel review, with a large and rapidly- expanding addressable market. 目标公司在业内被认为是一个行业领导型企业，具有较大的、快速扩张的市场。 Moving into Europe gave the company the ability to extend presence on mobile devices, and into new geographies and languages. 进入欧洲市场使得收购方可以在这个市场销售其移动设备、提供新的业务覆盖市场及不同国家的旅游者。比如，法国、西班牙和葡萄牙的度假屋可以提供旅游者更多的旅行选择。 Currently under-monetized vacation rental business presents a long- term opportunity.当前，未集中化管理的度假屋业务已显示出长期的盈利机会。 *

INVESTMENT RISKS投资风险 Search Engine threats and OTA competitive threats
来自搜索引擎的威胁及在线商旅服务公司的竞争影响 Third-party measurement firms may misstate actual user, page view, or time spent information. 第三方评估公司可能错误计算实际使用者、网页浏览人数，或者所花费的时间等信息 Europe exposure and foreign currency fluctuations introduce uncertainty in future forecasts. 欧洲债务危机及外汇波动都将给未来预测带来不确定性 Current valuation of EBITDA appears rich relative to peers. 相对于业内竞争对手，当前的EBITDA估值相对较高 Many of the search engines that have historically lead people to the site are now beginning to offer their own travel options. With this threat is it a good time to expand? 许多以前提供旅行业务网站链接的搜索引擎网站开始提供他们自己的旅游方案。那么，现在是扩张的好时机吗？ There was also a concern whether or not the analytics on the site to be acquired were accurate. This would affect not only traffic but advertising dollars. This was a strong consideration that the company needed to take. 同时，目标公司所收集的数据是否准确也是一个问题。这不仅影响流量也影响广告量。这也是收购方担心的另一个问题。 Currency fluctuations across Europe were a concern. 亦对当前欧洲经济的波动存在担忧。 (Source: A Leading Investment Bank) *

DUE DILIGENCE尽职调查 Expanding is risky because of market factors
受市场因素的影响，扩张是有风险的 Economic uncertainty经济的不确定性 High competition in e-commerce sector电子商务领域的竞争激烈 Increased privacy and anti-competitive regulations逐渐强化的私隐及反竞争监管 Competition from search engines and other review sites affect company来自搜索引擎和其他点评网站的竞争影响这家公司 These considerations needed to be carefully thought through because they could potentially hurt the business and make this a bad deal. Economic uncertainty 这些因素应仔细考虑，因为他们可能潜在影响业务，影响交易是否成功。 Concerns surrounding the economy could have an adverse impact on revenue growth, especially in the (vacation rental） e-commerce industry where product is not absolutely necessary. 来自经济上的忧虑则可能会对收入增长起到反作用，尤其是产品并不是十分必需的电子商务行业。这两家公司并没有实际的产品。 High competition in e-commerce sector电子商务行业的竞争度高 There is increased competition from companies such as Facebook and Twitter and other well-funded private start-ups with disruptive new business models. 如FACEBOOK和TWITTER及其他刚起步的的私人企业这样的具有分裂型商业创业模式的公司之间的竞争日益激烈。 Regulatory scrutiny may accelerate管理审核强度可能提升 Regulators in the US and Europe are increasing anti-competitive business practices. Additionally, e-commerce companies face increased opposition from privacy groups and regulation could affect advancements and future business practices. They needed to think if expansion was right at this time.美国及欧洲的监管部门增加了反竞争业务条款。另外，电子商务公司面对来自私人团体日渐增加的反对，监管也可能影响先进性和将来的商务惯例。 (Source: A Leading Investment Bank) *

VALUATION估值 Discount Cash Flow (DCF) analysis 现金流量折现法
DCF assumes perpetual growth of 3%, a WACC of 13%, and an exit multiple of 7X EBITDA. DCF模型假设永续期3%的增长，13%的WACC，及7倍 EBITDA的退出倍数 Discounted cash flow and WACC Discount Cash Flow (DCF) analysis 现金流量折现法 DCF assumes perpetual growth of 3%, a WACC of 13%, and an exit multiple of 7X EBITDA. DCF模型假设永续期3%的增长，13%的WACC，及7倍 EBITDA的退出倍数 (Source: A Leading Investment Bank) *

VALUATION OF AN ONLINE TRAVEL SITE 在线商旅网站的估值
Key Assumptions for DCF 主要假设 Model assumes perpetual growth of 3%假设3%的永续增长率 Model assumes a weighted average cost of capital of 13% WACC为13% The model assumes an exit EBITDA multiple of 7x 退出EBITDA倍数为7倍 Valuation Projections 估值预测 With an estimated price of $25 per share预测每股价格为25美元 The company would trade at 11x estimated EBITDA预测公司的可交易的EBITDA倍数为11 The company would trade at 17x earnings per share预测公司将以17倍的EPS交易 19%/16% EBITDA/EPS CAGRS from 2012E – 2015E预计2012~2015年EBITDA/EPS的年复合增长率为19%/16% The investment bank’s fair-value estimate of $29 per share is based primarily on DCF analysis. At $29, TRIP would trade at 10X / 16X our 2013e EBITDA / EPS. The investment bank’s DCF assumes perpetual growth of 4% and a WACC of 13.5%.odel created by one of the major global investment banks. 基于DCF模型分析，投行预计这家公司的每股价值为29美元，而TRIP将以预计的2013年的10x/16x的EBITDA/EPS倍数交易。模型假定永续增速为4%，WACC为13.5%。（该投行为业内最大的跨国性投行之一）

Culture and product were a good fit to expand offerings
SYNERGIES协同效应 Both current services and new company appeal to same market of people who want to book travel online 当前的服务及新公司都将吸引网络预约旅程人员的市场 Both offer reviews that help consumers make informed choices 双方都提供评论服务，以帮助消费者做出选择 US vacationers visit Europe and European vacationers visit US 美国人去欧洲旅游，欧洲人去美国旅游 Here we see some of the synergies that supported the acquisition. 这里我们可以看一些此次收购的协同效应。 (Source: A Leading Investment Bank) Culture and product were a good fit to expand offerings 文化和产品很适合公司业务的扩张 *

CONCLUSION结论 Acquisition helped to expand into European Market
并购有助于进入欧洲市场 Acquisition helped expand vacation rental expansion 并购有助于扩大渡假租赁业务的扩张 Acquired organization still operates under original name to maintain brand value 目标公司仍保留原有企业名称，以维持其品牌价值 Acquisition helped to expand into European Market 并购有助于进入欧洲市场 Acquisition helped expand vacation rental expansion 并购有助于扩大渡假租赁业务的扩张 Acquired organization still operates under original name to maintain brand value 目标公司仍保留原有企业名称，以维持其品牌价值 (Source: A Leading Investment Bank) *

Telecommunications Industry 电信行业

TELECOM INDUSTRY OVERVIEW电信行业概览
Global Telecommunications industry revenue est. to reach $2.1 T (USD) in 2012. 预计2012年全球电信行业收益将达到2.1万亿美元 Est. avg. growth rate of 5.3% to $2.7 T (USD) by 2017. 预计行业年均增速为5.3%，公司全球范围内的收益于2017年达到2.7万亿美元 Asia seen as the key market with wireless revenue expected to grow 64%. 亚洲市场被视为主要的市场，且无线业务收益预计将增长64% 1990s M&A in driven by companies moving into deregulating markets. 20世纪90年代的并购潮主要表现为公司将业务转向开放型市场 Re-regulation in emerging state capitalist countries has led to legal and political road blocks 新兴的国有资本管制型国家（像中国这样的资产大多数有政府管理或监管的模式）的再规范，给法律及政治制造了障碍 Key Drivers of Telecom Financial Performance（影响电信行业财务状况的主要因素）: New Technologies （新技术），Mobile data technologies （移动数据技术的发展）， Synergies and Existing Network Capabilities （同步及现有网络的兼容能力）， Market Share (customer base) （市场占有率（主要是客户））。 The telecommunications industry has weathered the global financial crisis better than other industries. Despite the global economic downturn, the industry is showing signs of strength and growth. In 2012, global telecommunications industry revenue is estimated to reach $2.1 T (USD). By 2017, an estimated average growth rate of 5.3% is expected to bring the industry total up to $2.7 T (USD). In this growth trend, East Asia, with its rapidly growing consumer markets and developing interiors, is driving telecommunications industry growth. Indeed, wireless revenue is expected to grow by 64% in East Asia over the next five years. 电信行业在全球金融危机中的表现好于其他行业。尽管全球经济下滑，电信行业显示出强增长的信号。2012年，全球电信行业的收入预计将达到2.1万亿美元。到2017年，预计5.3%的年均增速将使得该行业收入达到2.7万亿美元。消费者市场快速增长的东亚及发展中国家驱动这电信行业的增长。事实上，东亚无线业务的收入预计在未来五年将增长64%(非年均增速）。 Beginning in the 1990s, large European telecom companies sought to gain market shares in emerging markets. In the US, the telecommunications industry saw many series of mergers consolidating the telecom industry to a small number of companies. More recently, emerging markets have begun to re-regulate markets that were previously being deregulated and opening-up to FDI. For example, telecom became a key “pillar industry” in China’s Science and Technology (S&T) policies in 2006 and was also noted at a key national interest industry in China’s 2008 Antimonopoly Law (AML). 20世纪90年代伊始，欧洲大型电信公司寻求获取新兴经济体的市场占有率。在美国，电信行业经历了一系列的电信行业的小规模企业的整合。而近来，新兴市场开始重新开始规范之前对国外直接投资开放的市场。比如，中国于2006年发布的《国家中长期科学和技术发展规划》中，电信行业被定位‘支柱型产业’，同时也被中国于2008年发布的反垄断法（AML）划入管理范畴。 How target telecom companies are evaluated has changed greatly over the past two decades with significant technological advances in the industry. Indeed, the creation of the smart phone and the increasing presence of mobile networks has forever changed the industry. A significant aspect affecting the value of potential target telecom companies has been the potential to enter emerging and often regulated markets. Furthermore, potential synergies with a bidding company’s existing infrastructure, IP, and services has made target companies more valuable. Other potential synergies include network infrastructure international telecommunication services, internet and IMS, customer relationships, operation scale and efficiency, and potential spin-off technologies. At a more fundamental level, telecom companies are often evaluated based on the following. 如何评估目标公司的价值因为技术先进性因素在过去20年里发生了较大的改变。事实上，智能手机的发明及移动网络日渐普遍已经彻底的改变了这个行业。影响目标公司潜在价值的一个显著方面已经成为进入新兴市场和监管型市场的潜力。另外，目标公司已有的基础设施、IP，和服务将带来的潜在的协同效应已经使得目标公司更具价值。其他潜在的协同效益包括网络基础设施、国际电信服务、网络及IMS、客户关系、经营规模和效率，及潜在的剥离技术。从更基础层面来看，评估电信公司主要基于以下几个方面： Market Potential市场潜力, Fixed Assets固定资产, Turnover收益, Market Capitalization.市值, Increased Competition竞争力提升, Economy of Scale经济规模, Cash on hand自有资金, Stable growth in profits稳定的利润增长, Potential Synergies潜在的协同效应 The Key Drivers of Telecom Financial Performance for Mobile Phones are 手机行业的绩效主要驱动因素： Market growth, penetration, affordability.市场：市场增长、覆盖率和可负担能力 Market share, net adds, churn开通用户：市场份额、净增量 Revenue per subscriber based on connection fee, airtime usage, usage tariff, revenue from IDD,这个’&’符号的英文说法)roaming and other services人均注册者收入：连接费、通话时间、通话费用、（International Direct Dialing) 国际长途直拨电话及漫游服务收入及其他服务收入 Efficiency based on Lines per employee效率：每雇员所能负责的每条线（不确定，应再完善） Cost Network, marketing, general administration, bad debt.成本：网络、营销、一般行政费用、坏账 Capital Expenditures  Network coverage and quality.资本支出：网络覆盖及质量 Source: Yang, Lee Hsieh,, ‘Singapore Telecommunications Limited: The Bid for Cable & Wireless HKT Limited”. Centre for Asian Business Cases. School of Business, The University of Hong Kong. 24 January 2012. 当前Metro PCS的市值为42亿美元（T-Mobile美国和Metro PCS分别为美国第四和第五大电信运营商）

The wire-line industry is showing a declining trend of consumer use 世界的电信行业正显示出消费者使用下降的趋势 More competitors such as cable companies and wireless service replacing landlines 有线及无线网络服务业务类竞争对手逐渐取代有线电话运营商 Companies are offering additional services, such as broadband internet 公司提供更多的服务，如宽带上网业务 The mobile industry has high penetration in many markets but emerging markets will have substantial growth in margins and profitability 电信行业在许多国家具有很高的覆盖率，然而市场利润的潜增长主要来自于新兴市场 Investing the 3G and 4G technology for improved data and video 3G和4G技术的研发，提供恶劣更好的数据及视频服务 Drive higher average revenue per unit (APRU) 提升了单位平均收益 The telecommunications industry can be split into two subgroups, wire-line and mobile. Wire-line services are currently above 95% penetration and have been slowly declining due to the developed mobile market. Competition in the wire-line business has also grown with cable providers and other services offering communication services. Traditional telecommunications companies have responded to these trends by offering additional services, such as broadband internet, with their landline service. 电信行业可以划分为两个子行业：有线和移动行业。服务当前拥有95%的市场覆盖率，而由于发达的移动市场，有线业务开始逐渐减缓。有线提供商及其他提供通信服务的公司之间的有线业务的竞争也加深。针对当前的趋势，传统的电信公司在固话服务的基础上，增加了额外的服务如宽带网络服务等。 The mobile industry shows high penetration in American and European markets which are delivering strong, predictable cash flows. While growth in these areas are limited, growth potential remains in emerging markets which are experiencing rapid subscriber and revenue growth. In all mobile markets, companies are interested in investing in greater technologies such as 3G and 4G service. These advanced networks can deliver faster data and video services which drive a higher average revenue per unit（PER CELL PHONE ）. 移动业务行业在美国和欧洲市场展示出了高覆盖率，呈现出了高、可预计现金流。这些领域的增长是有限的，潜在的增长仍然在新兴市场，这些市场正经历这快速增加的开通用户和收益增长。在所有的移动业务市场，公司感兴趣的是投资于更好的技术如3G和4G。这些先进的网络服务可以更快速的传输数据及视频，也带来了更高的每单位平均收益。 *

Nature of the subscriber varies based on the location and if the customer is private or corporate 开通用户的需求因所在地及是个人还是企业用户的不同而有所不同 Churn rate varies from 10%-35% by company. This is the attrition risk due to technological differences or trade name which varies greatly between companies 客户的流失率约在10%~35%。主要是由于技术上的差异或者公司间业务名称上的不同而导致的风险 High capital expenditure to build infrastructure of technological improvements causes investment periods to be longer than other industries 较高的提高技术的基础设施建设的资本支出使得电信行业的投资回报期要长于其他行业 Licenses, customer bases and trade names require a high rate of return 牌照、客户资源及商标要求电信行业达到更高的收益率 Potential synergies in the industry are attractive but are often difficult to achieve 具有吸引力的潜在协同效益，但是通常较难达到 Additional metrics factor into the valuation of telecommunications companies different from other industries. The types of customers a company sells to can greatly affect the valuation and forecasted revenues. The types of subscribers can change the profitability of the company with differences between behavior by locations and private consumer and corporate accounts. These differences affect the “churn rate” of telecommunications companies which measures the turnover of customers. This varies widely from 10% to 35% yearly attrition by company in the US depending on technological differences companies offer and trade names that consumers trust. 评估电信公司价值的附加指标与其他行业的有所不同。公司面对的客户种类在很大程度上将影响企业的价值及收益的预测。开通用户的类型在地域上的行为差异、个人使用和公司使用的不同都有可能影响公司的盈利性。这些差异会影响衡量电信公司客户转换的流失率指标。美国电信公司的流失率在10%~35%，取决于公司提供的技术和客户相信的品牌。 The telecommunications industry is very dynamic, driven by technological developments and changes in the competitive and regulatory environment. Due to the significant capital expenditure involved in building infrastructure, investment recovery periods tend to be longer than in many other industries. 电信行业非常活跃，受技术的发展和竞争及监管环境改变所影响。由于用于建设基础设施的高资本支出，投资回报期比其他行业要久。 In the telecommunications industry companies often have high capital expenditures on infrastructure. The technological environment is constantly changing which causes the financial analysis on acquisitions to predict longer periods of time to recover the investment compared to other industries. Additionally, licenses, customer bases and trade names are highly valued and require a higher rate of return. Synergies between companies can be forecasted to make deals extremely attractive and profitable but in practice the expected results are often difficult to achieve. 电信行业公司通常有用于基础设施的高资本支出。技术环境的不断改变，导致了财务分析预测收回投资的时间要长于其他行业。另外，牌照、客户资源及商标的高评估值，也要求高回报率。预测协同效应可以使得交易更具吸引力，更有盈利性，但是惯例上，预期的结果通常都很难达到。 *

CASE STUDY案例研究 American Telecommunications Company Acquires European Telecommunications Company 一家美国电信公司收购欧洲一家电信公司

ACQUISITION DETAILS相关信息
Acquirer: American telecommunications company with $120 B (USD) in revenue and $200 B (USD) Market Cap 收购方：1200亿美元的收益，市值为2000亿的美国电信公司 Target: Small, unique telecommunications company in Europe 目标公司：欧洲小型特有电信公司 Financial details kept confidential (privately held) 财务资料保密 Organic growth was too slow 有机增长太慢 Acquisition to gain a position in the geographic area needed with few options in the market 在当前市场选择较少的情况下，并购能够通过地域扩张获得一席之地 Competitive advantage in technology 技术上的竞争优势 The acquiring company is a large US based telecommunications company which has been a leader in the industry for decades. In this deal, the buyer paid cash because the buyer had a substantial amount of cash on hand and did not have to raise debt to finance this deal. This deal was one of many acquisitions made to expand their geographic diversity and customer portfolio. The main factors that will be highlighted in this case are the valuation process, known risks, synergies and cultural differences. 收购方是美国一家大型电信公司，引领美国市场约几十年。在本次交易中，收购方以现金支付交易，因为买方有大量的自有资金。买方不需要融资来完成交易。此次交易也是许多旨在实现地域扩张和客户组合多样化的众多收购交易中的一个。本案例强调的主要因素包括估值流程、已知风险、协同效应和文化差异。 The buyer targeted the European company for three reasons. First, the company realized that organic growth would be too slow and the opportunity that existed in this market would be missed by the time that means of development was forecasted to happen. Second, the company did not have any assets in the geographic area and needed to make an acquisition to have a position in the market. While the target company had a small portfolio of customers compared to the acquirer, it had a strong brand name in the area and was known for it’s superior service compared to its competitors. Third, the target company was able to provide the buyer with a competitive advantage in the developing technology of video communication. 收购方看中目标公司的三个原因如下：第一，收购方认为内增式增长太慢，且届时也可能会错过这种机会；第二，公司在这个市场并无任何资产，需要通过收购快速进入欧洲市场。目标公司的客户组合虽然小于收购方，但是它在本土市场拥有高的品牌价值，及优于与竞争对手的超强服务；第三，目标公司可以提供收购方更具竞争力的视频通讯的开发技术。 *

DUE DILIGENCE尽职调查 Valuation of assets and liabilities complicated due to different accounting practices 由于会计准则的不同，使得对资产及负债的估值变得复杂 Audit team found problems with financials 审计团队发现了财务问题 Some short term liabilities were bad debt 部分短期债务为坏账 Extensive audit of transactions 集中审计 CFO became the Transaction Manager 收购方的财务总监兼任此次交易的经理 Target company’s goal is to appear attractive 对目标公司而言，重要的是展现其优势 Facilities Inspection设备盘查 Management Interviews管理层访谈 Process Analysis流程分析 Corporate Culture企业文化 The due diligence done on this deal was much more extensive than domestic deals the company had done in the past due to accounting differences which will be discussed further on the next slide. In addition to the accounting differences, discrepancies initially found in the typical due diligence evaluation an external audit company was brought in by the acquirer to further research the target company’s financials. The audit done found that short term liabilities were actually bad debt and were unrecoverable. The audit team researched the individual revenue and recoverable entries and found that many of the entries were on the books as expected to be recovered but the likelihood of this happening was extremely low. Due to the fact that the financials were questionable the Transaction Manager selected to lead the analysis was a high-ranking financial manager. The timeline given to the group was 3-4 months and was considered short for the level of analysis desired. The decision to have a CFO be the leader of the acquisition team had negative consequences for the deal which will be discussed later in this case. 本交易执行的尽职调查比收购方过去在国内所做的收购案例更为广泛，主要是因为会计准则的差异。除了会计差异，外部审计公司在尽职调查评估中发现的差异也使得收购方更加关注目标公司的财务数据。审计发现了短期债务实际上为坏账且不可收回。涉及团队调查了每笔收入和可收回的会计处理，发现许多账面上的预计可收回的会计处理实际上发生的概率极低。由于财务数据产生的质疑，负责主导本次交易分析的经理为一个高级别的财务经理。这个团队仅拥有3-4个月的时间，时间太短。本次交易中，选择一位CFO作为收购团队的负责人对交易本身产生了负面的影响。 In addition to the financial due diligence the acquiring company also finds it’s important to inspect the facilities, talk to management of the target organization, and assess the corporate culture as best as possible. These four areas can prove to be problematic to the success of the deal if they are not analyzed and scrutenized as closely as the financials of the target company are. While it was not possible to hold interviews with employees or understand how the company functions on a day-to-day basis it was important to have a team of people who were able to assess these aspects with limited contact. Also, the target company will often attempt to change regular business practices that would make it appear less attractive to the buyer. The acquirer needs to keep this in mind and try to understand more about the culture of a company than what is immediately presented. 另外，收购方在财务尽调中也发现了尽可能检查设备、与目标公司管理层的访谈，及公司文化的重要性。如果没有分析并审查目标公司的这四个方面，这个成功的交易也可能会被证实为是存在问题的。如果不能完成雇员访谈，或者无法理解公司日常的运作职能，成立一个专门的团队在有限的接触下完成对这些方面的评估就很重要。同样，目标公司也将尝试改变日常的商业管理以降低对收购方的吸引力。收购方需要谨记此项，且试着更好地理解目标公司的文化。 *

ACCOUNTING DIFFERENCES会计准则的差异
Issues caused by different accounting practices---IFRS VS GAAP 国际会计准则和美国公认会计准则的差异导致的问题 GAAP IFRS Revenue Recognition 收入确认 Recognized after exchange 货物所有权让渡后确认收入 Types of revenue have different recognition rules based on reliability只要可计量，收入来源不同存在不同的确认方式 Asset Valuation 资产计价 Historical valuation Prohibits revaluation other than financial instruments 不同于金融资产，使用历史成本计价，不可重新计量 Permits revaluation in some cases 在某些案例中，存在重新计量 Intangible Assets 无形资产 Research, development and advertising costs are expensed and not assets 研发及广告支出确认为费用，而非资产 Research costs expensed Development costs can be assets if future benefit can be measured 研发成本可确认为资产，只要其导致的收益可计量 There are many differences between the two accounting practices. I will highlight three of the major differences that are most prominent. 这两个准则之间的差异较多。这里，我们只提及三个主要的： Under GAAP practices revenue is either realized or earned and is not recognized until the exchange has occurred. Under IFRS revenue transactions are more broad and include sales, rendering of services, contracts and others. Each type of revenue recognition has it’s own rules to determine if it can be measured reliably. IFRS also allows reasonable estimates of an items fair value (cost plus margin) as an acceptable alternative to fair value in some cases. The timing of revenue recognition can also differ greatly between the two methods for sales of services.美国GAAP：收入要么确认、要么获得，而非在转换发生时确认。而IFRS中，收入交易更为广泛，且包括销售、提供的服务、合同及其他。任何一种种类的收入确认都用其自身的规则来决定是否可以可靠计量。在某些案例中，IFRS同样允许一样产品按照（成本+毛利）公允价值的合理预估值替代公允价值。收入确认的时机也因为销售的两种方法的不同而不同。 Another issue was that the acquiring company also found that asset valuation was different between the two companies. Assets were found to be overvalued since they were not revalued to the proper market valuation. GAAP accounting uses historical values and prohibits revaluations aside from some financial instruments which are held at fair value. IFRS permits revaluation of assets in some cases and industries. This can cause significant differences in carrying values. 另一个问题在于收购方同样发现收购双方对资产的评估值不同。收购方认为资产被过高评估，因为他们并未反应正确的市场评估值。GAAP会计准则使用成本估值法，允许可以使用公允价值计价的金融工具的重新估值。IFRS在某些情况下，允许资产价值的再评估。这些不同都可能导致账面价值的极大差异。 Intangible assets such as R&D and advertising costs are recognized at fair value by GAAP . As these costs occur they are expensed and rarely recognized as assets. IFRS classifies costs associated with intangible assets into the research phase and the development phase separately. Research costs are expensed but development costs are capitalized if certain criteria (such as feasibility or intention to complete the asset, ability to use or sell the asset and availability of resource to complete the asset 参考中国会计准则) are met. IFRS only recognizes these items if the asset will have a economic benefit in the future and has measureable reliability. 如R&D的无形资产及广告成本在GAAP准则下已公允价值确认。这些成本发生的时候计入费用，极少确认为资产。IFRS则将这些成本分类为研究阶段和开发阶段。研究阶段成本费用化，但是开发成本只要满足条件（如可执行性、或者旨在完成一项资产、可用于使用或销售某项资产、完成某项资产的资源）可资本化。IFRS仅当资产在将来极可能产生经济效益并且可以可靠计量的情况才确认。 Other Differences (not associated with this case):其他差异（非本案例） Write-downs are treated differently. Under GAAP accounting once something has been written down it cannot be reversed but IFRS allows this to happen in specific cases. 减值的处理不同。GAAP准则中，一旦减值，不可转回；但是IFRS则可以转回。 Inventory costs differ in that IFRS does not use the last in, first out method while GAAP allows it. IFRS不采用LIFO来计量存货成本，而GAAP可以。 *

VALUATION估值 Net Asset-Based Valuation以净资产评估值为基础的方法
Revalue assets and liabilities 资产及负债的评估值 Only an indicator of current situation 仅作为当前情况的参考 Future cash flow based valuation 未来现金流预测为基础的估值 10 year future cash flow estimates considered growth potential, technology potential and product lifecycle 未来10年现金流的预测考虑了增长潜力、技术潜力及产品寿命等因素在内 Companies had different valuations based on their perspectives and forecasts 被评估公司的估值结果因方法及预测的不同而存在差别 Target had a minimum price it would accept which the acquirer felt was too high 收购方认为目标公司最低心理价位过高 Agree on value through mediator 通过调解，达成一致 A price was agreed on to move the deal forward but employees from both companies still did not accept the mediated price 因推进项目进程而达成一致的价格，双方的员工却仍然无法接受 The telecommunications industry has two methods they used for valuation. First they used a net asset based valuation where they used the audited financials and revalued them to help negotiate a fair price for the assets of the company. While this is a necessary part of the valuation of the target company it’s importance is minimal unless there are unexpected negative findings. This is only an indicator of the current situation and does not give the best valuation of a company because it does not consider the future. The preferred method for valuation was the future cash flow based valuation. A 10 year analysis of future cash-flows to value the target company. It also considered factors such as the industry grow rate, company growth rate, technology development and expected product lifecycle. 电信行业采用两种估值方法。第一，使用以净资产评估值为基础的方法，这种方法使用经审计的财务数据，重新评估以帮助双方达成一个更公平的目标公司的资产价值。这种方法是估值中必需的一部分，如果发现了一些未预料到的负面结果，则这种方法的重要性则大大降低。它只是当前状况下的一种指标，并不能提供目标公司的最好评估值，因为它不考虑将来。优先采用的评估方法是基于估值基础的未来现金流法。未来10年的现金流分析来评估目标公司价值。这种方法考虑了诸如产业增速、公司增速、技术发展及预期的产品生命周期等因素。 The two companies had a very difficult time reaching an agreement on value. The target company felt their valuation was much higher than the acquirer‘s analysis found and would not deviate from their view since they felt they knew their business and the local industry better than the acquirer. In addition to this the target company would not accept anything less than a certain percent premium over the market price. Even once a compromise was found though a mediator, employees on both sides did not accept the final outcome. This premium was for the strategic value of the deal and led to further debate on the valuation that was never truly resolved. 交易双方经过了很艰难的一段时间才就公司价值达成一致。目标公司认为公司的价值要远高于收购方的分析结果，他们不会改变对自己公司新业务及当地市场的看法。另外，目标公司不接受任何少于当前高于市场价值的溢价水平。甚至引入了外部调解人员作为折中，而双方公司的员工都对最终的价格不满意。这个溢价本身是此次交易的战略价值的体现，也导致了将来的争论且从未真正得到解决。 *

INTANGIBLE ASSETS评估无形资产
Three ways to value intangible assets 评估无形资产的三种方法 Income approach forecasts the future economic benefit of the asset 收益途径法：预测被评估资产未来所创造的收益 Multiple-Period excess earnings model removes value of known assets from the business value to find the excess 多期间超额收益法，企业经营价值与已分配价值资产之间的差额 Market approach compares the prices of similar assets for brand-name or intellectual property 市场途径法：比较商标及知识产权类似资产的交易价格 Cost approach estimates the value to create the asset over time 成本途径法：考虑了重新开发被评估知识产权等所花费的时间 There are three main means of valuating intangible assets. The income approach values intangible assets by forecasting the future economic benefits. In the telecommunications industry the multi-period excess earnings model is preferred. In this valuation method the present value of expected returns and other intangibles which have an assigned value are subtracted from the business value. The remaining value is the excess returns for intangible assets. 这有三种主要的评估无形资产的方法。收益途径法通过预测未来所创造的收益来评估无形资产。电信行业更偏向于多期间超额收益法。这种方法预期收益的现值和其他已分配价值的无形资产从评估值中已剔除。剩余的部分为无形资产的超额收益。 The market approach compares the asset with similar assets and assigns a value based on prices paid for something comparable. This method is generally used for assets including brand name and intellectual property. 市场途径法比较同类型的资产，并且基于已支付的可比价值来分配价值。这种方法通常用于包括商标及专利在内的资产的评估。 The cost approach is a fundamental approach where an estimate is given to the cost of developing the asset themselves. In building the customer base for example, costs would be estimated for marketing and adjusted for the time value of that investment. In this mentality, the asset should not be purchased for more the cost to create it. 成本途径法是一种基本的方法，它预计开发资产本身的成本。比如建立客户资源，将考虑营销成本及调整投资的时间价值。在这，购买这项资产的价值不应超过创造其的成本。 *

SYNERGIES协同效应 Expected to reduce workforce of acquired company by about 70% after restructuring complete 重组完成后，目标公司计划裁员70% Paid premium over market price for this synergy 已支付了协同效应的市场溢价 Expected improvement in profit margin 预期利润率的增长 Incorporate the new technology into product offerings and develop further 计划提供、开发新技术型产品 The main synergy the acquiring company intended to get from the deal was the cost savings on labor seen from combining the two companies. The premium paid for the company over the market price was justified based on the assumption that cuts to the workforce would be made which would improve profit margins. 收购方想实现的协同效应主要是劳动力成本的降低。支付给目标公司的溢价则基于收购后对目标公司的裁员的假设。 The acquiring company also found value in developing and offering the advanced videoconferencing technology though its entire business and could see a multiplied effect the target company would get from it based on its current scale and client base. 尽管，整个业务及目标公司就其当前的规模和客户资源将产生多层面的影响，但是，收购方同样发现了开发的价值和视频会议的先进技术。 *

RISKS风险 High level of competition in the industry 业内竞争激烈
Forecast price optimization 最优化定价方法难以预测 Cultural and Integration Risk 文化及整合风险 Strategic Risk 战略风险 Regulatory Risk 管制风险 Scenario analysis 情景分析 The biggest risk was the industry itself. The industry had matured and companies in it were in a constant price war for customers. The forecasts on how price optimization in the future were difficult to create and trust for accuracy. 最大的风险为产业本身。这是个成熟的行业，业内的公司不断打价格战。预计将来的价格最优化很难达到、也不尽准确。 The cultural differences between the two countries were known but the company did not know what effect those differences would have on the business. The business made efforts to integrate management and employees into the company as best it could but they could not know how well it would work. Specifically, the cultural values and business initiatives were very different and those difference could have very negative effects on the profitability of the deal. 虽然事先已意识到了交易双方的文化差异，但是公司并未预计到这种差异将对业务本身产生什么样的影响。收购方尽力去整合公司的管理及雇员，但也未知是否可行。尤其，文化价值及商业计划非常不同，而这些差异可能会对交易的盈利性形成非常负面的影响。 In this specific deal the regulatory risks were low. The deal was not large enough to earn increased regulatory attention and was allowed to proceed with little resistance. 此案例的监管风险低。交易本身并未大到足以引起监管部门的注意，因而遇到的阻力甚小。 There was extensive work done on scenario analysis to predict best case and worst case scenarios to find if the deal was a profitable decision. 收购方对交易做了情景分析，以发现此交易是否可盈利。 While it is difficult to quantify the monetary value of these risks they were a part of the scenario analysis. The potential effects, whether positive or negative, were considered. Factors like price optimization and competition could be assigned more specific values on factors such as culture but it was still speculation. 量化这些风险的资金价值很难时，他们是情景分析的一部分（他们有考虑到这个因素的影响，但并未将其作为情景分析的内容来分析）。无论是正面的还是负面的，都考虑了潜在的影响。向价格的最优化和竞争力等因素都可能有具体的价值，和文化因素，但这也仍然只是一种推断。 *

POST-ACQUISITION并购后 Social and managerial issues could not be fixed
社会及管理上的冲突无法解决 Communication styles and expectations were very different between the two companies and leaders would not cooperate on new objectives. 两家公司的沟通方式及预期存在很大的差异还有领导者无法就新的目标达成一致 Organizational psychologists used but not effective 聘用了组织管理心理学家，但是成效不大 Expected synergies were not achieved 协同效应未达到预期 Worse result than worst-case scenario due to management being overly optimistic 因为管理层对此次交易的预期过于乐观，结果比情景分析中最差情景预测更糟 Sold back to company for 20% of cost plus time and resources 以原交易对价的20%卖回给目标公司，再加上时间成本 Disruption in client relationships 客户关系的中断 Once the deal was done it was quickly found that the cultural differences were too great. The differences between communication styles, responsibilities, expectations and leadership were too great. Managers did not accept the new structure and changing strategies that the merger brought and the resulting dysfunction was never overcome. 当交易完成时，收购方很快就发现文化差异的影响巨大。沟通方式、责任、预期及领导上的差异都太大。经理们未能接受收购所带来的新架构及战略的改变，导致职能运转失效的结果也从未得到解决。 The pre-merger companies cannot assess cultural fit and while they recognized the possibility issues could occur did not anticipate how poorly the two companies would work with one another. The integration was expected to take roughly months but did not happen. The Organizational psychology experts were brought in to assess behavioral differences and mediate the workplace but the two companies never reached the point were they felt like they were one. The decision to buy company was made in spite of the known risks and against the recommendations of the acquirer’s M&A team. 收购前公司不能评估文化的适配性，当他们意识到这种问题发生的可能性，却并未预料到结果如此之差。计划整合将在12-18个月内完成，但实际并未发生。聘用了组织管理心里学家来评估行为差异，调解雇员的问题，但双方其实从未真正感到合为一体。尽管已知的风险及未采用收购方并购团队的建议，收购方仍然购买了目标公司。 The synergies that were expected to occur did not happen. More employees of the target company were found to be valuable than was expected. Deals were made to keep these key employees so they would not lose the most valued talent the target company had. Some valued employees chose to leave and took other key employees with them which led to decreased productivity and disruption in normal business operations. Additionally, the videoconferencing technology was offered but it needed much more development than was expected and the customers were not as interested in the product as expected. 预期的协同效应并未发生。许多目标公司的雇员实际上体现了更高的价值。交易本身欲留住这些关键员工，这样他们就不会失去重要的有价值的人才。目标公司一些有价值的雇员选择离开并带走了许多其他的关键雇员，严重降低了目标公司的生产力，也打断了其正常的业务运作。另外，视频会议技术比预计的需要更多的开发，而客户对这种技术的兴趣也不如预期。 With respect to the scenario analysis, the actual events were worse than the worst case scenario that they had planned on. While the acquirer knew there would be cultural and personality issues they would need to work through they believed in their management team and did not think the problems they had to overcome would be as persistent as they turned out to be. At the time of the acquisition this case was considered to be unrealistic. The worst scenario they thought could happen would be integration issues such as managers leaving, low morale and some customers upset but this was all seen as standard practice in mergers. While the management team knew it was possible for the acquisition to completely fail they were optimistic about the deal and didn’t consider this to be a realistic scenario at the time of the merger. They knew they needed to overcome some cultural differences and thought that their experienced management team could handle the transition. 关于情景分析，实际的情况比分析中的最差情形还要差。收购方已经知道收购后要解决文化及雇员性格上的差异问题，但却未意识到这个问题所造成的影响这么久。在并购的时候，这个交易就被认为是不现实的。他们所预计的可能发生的最差情景是整合的问题如管理层离职、士气低落，及部分客户可能会有所不安，但是这些都是一般并购中都会遇到的情形。当管理层知道交易可能会彻底失败时，他们对于交易又太过乐观而并未实际将其纳入情景分析中。他们也意识到需要克服许多文化上的差异，且认为凭借他们富有经验的管理团队应该可以应付。 In the end, aside from a massive loss of capital the acquirer also lost time and resources spent on the merger process. Many clients were unhappy since they were promised and offered enhanced service and new technologies for a few years and then lost those capabilities when the company was sold back. The company also lost respect in the business community. The investment was seen as a failure of the management team and strategy of the company which lowered investor confidence. 最后，在并购流程，在大量资本损失之余，收购方同样也损失了时间及资源。许多用户不高兴，因为他们之前几年受到的服务和新技术，在收购方售回给了目标公司。这项投资被认为是管理团队的失败，和公司的战略，这也降低了对投资者的信心。 *

LESSONS汲取经验 CFO should not have been the Project Manager
财务总监不应担任此项目负责人 Proper due diligence is very costly 全面尽职调查成本过高 Financials do not give the full picture 财务分析及估值并未有效发挥作用 Acquirer and target had different valuations 并购双方的估值结果不同 Corporate chemistry is key and often overlooked 维持企业发展的关键因素被过分高估了 M&A Deal may not produce expected synergies 协同效应未达到预期 This case highlights several important lessons to be learned from successful cross-border deals:这个案例强调了许多需从成功的境外并购中学习的经验： 1) The project manager selected for the acquisition was not the right person for this specific project. He was a very intelligent CFO but he did not have the people skills to work well with another culture and was not the best to assess the cultural fit of the target company. 选择的并购项目经理并非一个正确的人选。项目经理本身是一个非常能干的CFO，但是他并不具备很好地处理另一种文化的能力，也无法对文化本身做出最好的评估。 2) The due diligence on the deal was very costly in money, time and resources assigned to the analysis. The amount of time needed to audit individual transactions of the target company was much longer than expected since so may differences were found. Also, the normal analysis on financial statements took much longer due to the differences in accounting methods between the two companies. The due diligence team included the company’s own audit team and additional auditors that the acquirer brought in to give a more extensive audit than what was typically needed. 尽职调查在资金、时间及资源上都耗费巨大。由于发现的许多差异，审计每项交易的时间比预计的要久。另外，普通的对财务报表的分析也因为准则上的差异耗时比预计要长。尽调团队包括公司自己的审计团队和外部审计，以实行一个范围更广的审计。 3) The financial analysis of a deal does not fully explain if the deal will be successful. The valuations derived by both companies were very different and could not find an agreement without a third party mediator. Even then, managers from both companies still did not agree with the final valuation. While the audited numbers may be accurate and appear to be a good deal the corporate cultures need to be a good fit in order for the deal to be successful. 财务分析并未能全面解释交易是否成功。双方的估值非常不同，且仅通过第三方调解才达成一致。而两家公司的经理们仍然无法就最终的估值结果达成一致。审计数据可能是正确的，交易也是好的，企业文化也需要适应，才能促成交易的最终成功。 4) The synergies that were expected did not occur. The acquiring company estimated that it would cut more employees than it actually did after the acquisition. Many employees were found to be very valuable and could contribute to future growth and development. 预期的协同效应并未发生。收购方预计收购后将裁减更多的雇员。而许多雇员却在后来体现除了更高的价值，将对将来的增长和发展贡献更多。 *

Biopharmaceutical Industry 生物制药行业

BIOPHARMACEUTICAL INDUSTRY OVERVIEW 生物制药行业概览
Merger and Acquisition activity at 4 year high. 业内并购活动连续4年居高 Biopharmaceutical companies seek to replenish pipelines as patents expire (“patent cliff”). 当专利到期（‘专利悬崖’）时，生物制药企业寻求补充自己的产品线 Traditional leaders threatened by changes biotech companies, generics, and shrinking growth in mature markets. 传统的领导型企业受到了来自成熟市场生物技术企业、基因及渐缓的增速等的改变的威胁 Global merger and acquisition activity in the biopharmaceutical industry is at a 4 year high, as of Aug Many high profile patents are expected to expire in the near future, which is leaving many large companies looking for ways to replenish their product pipelines. Companies that have developed products in their internal pipeline are still looking for growth, which has also contributed to the high level of merger activity within the industry. Legislation that is likely to pass in 2012, will make it easier for companies to release drugs to the public, which will decrease developmental costs and increase the profitability of products, as patents are acquired before products are made available to the public. At the same time, however, patent expirations and governments under pressure to decrease healthcare costs present serious challenges to the high profit margins biopharmaceutical companies have become accustomed. Competition from generic drugs continue to put pressure on many biopharmaceutical companies. 截至2012年8月，全球生物制药行业的并购活动达到了4年里的最高。许多具有高利润的专利有效期预计在不久的将来将至，导致许多大型的公司寻求各种方法来补充自己的产品线。已经开发内部产品线的产品的企业也在寻求增长，这也就促进了产业的并购活动。可能于2012年通过的法规可能使公司的药品更加易于面世，将减少开发成本，提升产品的盈利能力，因为收购的专利使产品可以更快面世。然而同时，专利到期和来自官方要降低医疗保健成本的压力都是对高利润贡献的巨大挑战。生物制药公司已经开始适应。同质化药物之间的竞争持续影响许多生物制药公司。 Conventionally, a successful M&A in the biopharmaceutical industry has looked like this: the combined companies are able to decrease administrative, marketing, R&D costs, and cost of goods sold as percentages of profit to double their operating profit through combined sales forces, cutting down on overlap and excess capacity. This model is less realistic today with more firms competing in the industry and in which biotech companies have taken R&D outside of large biopharmaceutical companies while decreasing the cost of R&D. 传统而言，生物制药行业的一个成功的并购通常像这样：合并的公司有能力降低管理、营销、研发成本，及销售成本占比利润，以通过销售资源的合并、去除重叠业务，及产能过剩，以实现经营性利润的翻番。这个模型在现在是有欠实际的，因为许多业内的公司间的竞争，大型生物技术公司在降低研发成本时，剥离了研发这一板块。

以往行业收入增长最大的贡献来源为创新、实际价格的增长，及健康渠道三种 Over the years, real price increases, rewarding past innovation and changes in approaches (“pathways”) for treating patients, have been the most significant drivers of the biopharmaceutical industry’s growth. Less attention has been paid to managing the cost base. 过去，真实的价格上涨，回报了以往的创新及治疗病患方法的改良（pathways），已经明显带动了生物制药行业的增长。而较少于管理成本池。 However, the high growth and large profits enjoyed by the pharmaceutical industry may be over. Efforts by the governments in mature markets to contain healthcare spending is likely to continue even as the global economy improves. Governments in emerging markets may follow these practices to control spending. Some analysts predict that regulatory requirements linked to benefits, risks and the cost of products will increase. Meanwhile, the industry pipeline does not seem to indicate that it will deliver enough innovative products to compensate for such pressure. This has driven Mergers and Acquisition activity as firms seek to acquire new drug patents and grow in emerging markets. 然而，制药行业分享高增长和高收益的时期可能已结束。成熟市场的政府限制医疗健康支出的努力将继续，即便全球经济有所提升。新兴国家的政府可能遵循他们控制成本的惯例。一些分析家预测与收益、风险和产品成本相关的监管要求可能加强。同时，行业药品生产产品线似乎并未显示出将提供补偿此等压力的足够的创新产品。这也促进了并购活动，因为公司想要寻求新的药品专利，及扩大新兴市场。 Source: McKinsey & Co.

Previous trends of high-profile mergers has indicated that the industry has consolidated. On the contrary, certain analysis shows that the industry has become more fragmented: the number of companies competing for the potential profits has more than doubled. As a result of that fragmentation, big pharmaceutical companies must compete for parts of the value chain with specialized players—i.e., generics companies that excel at manufacturing; life-science service providers that offer flexible, specialized services (such as managing clinical trials) at scale; and biotechnology companies that generate innovative ideas and products. 行业高级别的并购趋势已经巩固。相反，某些分析显示行业将变得更加细分：可追逐潜在收益的公司的数量已翻番。由于细分的结果，大的制药公司必须打败专业化公司的价值链的某些环节，如擅长制造的同质化产品公司，提供规模化的灵活的、专业化服务的生命科学提供商，和产生创新想法和产品的生物技术公司。 The traditional model of large biopharmaceutical companies vertically controlling the industry has changed. Indeed, large biopharmaceutical companies are under rapidly increasing competition from generic drug produces while biotech companies are driving innovation and making in-house R&D more expensive and less worthwhile. 传统的大型生物制药型公司纵向并购的态势已经改变。事实上，大型生物制药公司正在经理快速的同质化药物生产的竞争压力，而生物技术公司正在经历创新和内部研发的高成本和低价值。 Source: McKinsey & Co.

Horizontal Consolidation横向联合 Vertical Fragmentation纵向细分 Patent Expiration (“patent cliff”)专利到期（‘专利悬崖’） Generic Drug Competition同质化药物之间的竞争 Mature  Emerging Markets成熟型市场转向新兴市场 Specialization and fragmentation in the industry is making R&D an expensive undertaking. 专业化及细分市场使得研发费用更高 Valuation估值 Starting Points: (1) main revenue driver, (2) sources of shareholder value 开始：（1）驱动收益的主要因素；（2）股东权益的来源 Existing, marketed products现存的、在市场上的产品 Drug Development Pipelines药物开发渠道 Existence of sales force able to sell its products退出销售使得生物只要公司开始销售其产品 Ability to add new products to the early stage pipeline 有能力生产新的产品 Mergers and acquisitions activity in the global biopharmaceutical industry has increased over the past year following a downward trend since While the industry has, in one way, consolidated as large biopharmaceutical companies merge with or purchase horizontal peers and competitors; the industry has also become more fragmented as biotechnology companies gain market share through R&D and generic drug makers contest markets as the patents for many key drugs are set to expire. At the same time, biopharmaceutical companies face challenges as governments, particularly in advanced economies, seek to limit healthcare spending. These challenges have caused companies to look towards expanding their presence in emerging markets and acquiring other companies to strengthen their patent portfolios. 2007年，全球生物制药行业的并购活动有所增加，2008年随之则出现下降趋势。一方面，因大型生物制药公司收购/购买横向领导型企业或竞争对手，行业开始整合。当生物技术公司通过研发和同质化产品充斥的市场获取市场份额。同时，生物制药公司面临的来自政府，尤其是先进的经济体，减少的医疗保健支出。这些挑战使得公司开始寻求新兴市场的扩张，及收购别的公司以加强自身的专利组合。 The starting points for valuing a biopharmaceutical company are (1) the main revenue drives and (2) the sources of shareholder value in the company. These include: existing, marketed products; drug development pipelines which are harder to quantify because of unpredictable sales of an undeveloped drug; and other factors that commonly affect a biopharmaceutical company’s ability to generate revenues, including the existence (or non existence) of a sales force able to sell the company’s products, and the company’s ability to add new products at the early stages of its drug development. 评估一家生物制药公司应这样开始：1）主要的收入来源；2）股东价值资源。这包括：已存的市场化产品、由于未开发的药物销售的不可预期导致的更难大量生产的药品发展产品线、共同影响生物制药公司产生利润的其他因素，包括已有（或者非已有的）的销售产品的销售渠道，公司在药物发展的初期获得产品的能力。

CASE STUDY案例研究 Japanese Biopharmaceutical Company Acquires Mid-Size European Biopharmaceutical Company 日本生物制药公司收购欧洲一家中型生物制药公司 This case study looks at the strategic rationale behind the acquisition of a smaller, but sizable, European biopharmaceutical company by a large Japanese biopharmaceutical company. The acquisition occurred recently as M&A activity began to pick up since the 2008 Global Financial Crisis. The acquisition was made for clear strategic reasons such as market access and patent purchasing. In light of the significant challenges and lower profit margins large biopharmaceutical companies are facing because of lower growth and higher competition in developed markets and the expiration of many of their key patents, this case study focuses on whether or not the target company was overvalued, and whether the premium paid for new markets and patents was justified given low risks and clear strategic rationale. 本案例的战略原理在于日本一家大型生物制药公司收购欧洲一家较小但具规模的生物制药公司。交易为近期发生，因为并购活动在2008年全球经济危机之后有所恢复。交易基于纯粹的战略目的，如市场进入、专利购买。大型生物制药公司正在面连明显的挑战及低利润空间的问题，因为发达市场的低增速和强竞争，及将到期的关键专利，本案例主要考虑目标公司是否被过高评估，支付新市场的溢价及提供的专利是否被证明风险很低及战略意图明显。

ACQUIRING AND TARGET COMPANIES交易双方
Acquirer: Large Japanese biopharmaceutical company. 收购方：日本一家大型生物制药公司 Strong domestic and US market presence, large cash reserves, generic drug pressure in domestic market, expiration of patents (“patent cliff”). 国内强增长及进入美国市场、大量的现金储备、国内市场同质化药物竞争的压力、专利到期（‘专利悬崖’） Target: European biopharmaceutical company. 目标公司：欧洲一家生物制药公司 Smaller portfolio, strong commercial capabilities, presence in emerging markets, generic drug division. 较小的产品组合、销售能力强、新兴国家的市场、同质化药物企业部门 The acquirer was a large Japanese-based biopharmaceutical company with a strong presence in its domestic market and in North American. Unlike many peer companies, the acquiring company had a large amount of cash-on-hand and a relatively small amount of debt. The acquiring company had over $10 B (USD) in cash reserves and less than $200 M (USD) in debt. Cash holding represented about a third of its equity value. On average, the biggest drug makers have $3.7 B (USD) more debt than cash. Going into the deal, the acquirer had a mature product portfolio and remains in a transition phase until its next earnings driver might be launched. Profits were driven by four key global products one of which would face competition from a generic form of the drug in the next couple of years. 收购方为日本一家大型生物制药公司，在其国内市场和北美市场有较大市场。与其他领军企业不同，收购方拥有大量的自有资金，而相对较小的债务。收购方拥有超过100亿美元的现金储备，和少于2亿美元的债务。自有资金约为权益价值的1/3。平均而言，比起现金，大型药品制造公司有3.7亿的负债。收购方有一个成熟的产品组合，且仍处于过渡阶段知道它的下一个利润驱动因素。影响利润的为四个主要的国际性产品，其中一个在未来几年内将面临同质化产品的竞争。 The target company was a mid-sized biopharmaceutical company with stronger commercial and marketing capabilities than the acquirer. The target company also had a presence in Europe and emerging markets, where its growth was particularly driven by Russian and South American sales. It had ~12,000 employees, reported sales of ~ €3 B with adjusted earnings EBITA of ~ €850 M in the year leading up to the acquisition. The target company historically focused development on generic and over‐the-counter drugs while it had more recently increased R&D on more innovative, and more profitable drugs. It had also successfully expanded into emerging market sales. 39% of profits were from sales in emerging markets. 目标公司为一家具有比收购方更强的销售及影响能力的中型生物制药公司。目标公司在欧洲和新兴市场同样有布局，而且这些增长尤其来自于俄罗斯和南美的销售。它有12000名雇员，30亿欧元的销售，调整后的EBITA值为8.5亿欧元（为收购交易的那年）。目标公司过去注重同类型药物的发展及非柜台药品交易，而它近来增加了研发的创新，及许多具有盈利性的药品。同时，它成功拓展了新兴市场的销售。39%的销售利润来自于新兴市场。 *

Acquisition Details & Strategic Rationale 相关信息 &战略原理
Cash purchase of $12 B (USD) (possible 30% premium) 120亿美金现金收购（溢价约30%） Investment vehicle: wholly-owned subsidy 投资目的：全资子公司 Subsumed 15 manufacturing facilities and ~12,000 employees 合计约15家制造工厂及12000名员工 New market presence/expand distribution 进入新市场/拓展销售渠道 Expand from 28 to 70 countries从28各国家增加到70个国家 Sustainable growth strategy. Combine target company’s infrastructure in high-growth emerging markets and the European market.持续增长战略。将目标公司在高速增长的新兴市场的基础设施与欧洲市场相结合 Acquired a “blockbuster” drug for an immediate and stable increase in cash flow. 收购‘重磅炸弹’药物，实现现金流的快速、稳步增长 Patent Acquisition/“Patent Cliff” 收购专利/‘专利悬崖’ The acquisition was financed in cash with the acquiring company’s cash reserves and an additional ~ ¥650 B in loans. The target company was purchased for ~ $12 B (USD) in cash and inclusive of the target company’s debt (~11 times higher than the target company’s EBITA of previous year). The target company was acquired from private equity investors and turned into a wholly-owned subsidy of the acquiring company. The acquisition include subsuming 15 manufacturing facilities and ~12,000 employees. Outstanding shares were 13,788,110. The acquisition did not include a specialized field as no synergies were seen between that division and the acquiring company’s capabilities and needs. 收购方的收购价款来自于自有现金和6.5亿日元的借款。交易对价为120亿的现金，剔除目标公司的资产（高于目标国内公司上年EBITA值的11倍）。目标公司被PE投资者收购，将其转变成为一家全资公司。收购包括15个制造设备和12000雇员。发行在外的股票有13,788,110份。合并并未包括专业型公司领域，因为没有协同效应发生。 The acquiring company had decreased in value as pricing pressure from generic drugs increased competition in its core domestic market (Japan). EBITA had decreased by ~21% in the year leading up to the acquisition. The acquiring company’s drug development pipeline would not be able to make up for these losses for some time. Furthermore, like many peer companies, the acquiring company would lose profits as many of its top selling drugs’ patents were set to expire (“patent cliff”). The entry of generic competition for acquirer’s most profitable drug also presented limitations to its future growth. 收购方价值下降，因为来自于同质化药物的定价压力加剧了在其核心国内市场（日本）行业竞争。EBITA下降了21%导致了收购交易的发生。收购方的药物研发产品线无法完成这种损失。另外，像许多同行一样，当许多顶尖出售的专利快要到期的药物专利（‘专利悬崖’），收购方可能会损失利润。获得收购方利润最高的药物的同类化竞争同样限制了未来的增长。 In order to address decreasing sales, the acquirer sought to acquire a company that would help it address (1) the threat from generic drug competition and (2) slowing sales in its established markets. Acquiring the target company would help solve these challenges by providing access to the European market and rapidly growing emerging markets while also providing the acquiring company with additional patents, a diversified drug portfolio, and generic drug capabilities. The deal would expand market presence from 28 to 70 countries while adding the stronger sales and marketing platform of the target company. Moreover, the acquisition brought in more than €2.8 B in cash from the acquired company, and the deal was predicted to enhance projected sales MRP (~ ¥1.3 B) by more than 30%. Likewise, the deal was expected to raise revenue by 30% and operating income by more than 40%. 为了强调下降的销售额，收购方寻求收购一家公司来帮助强调（1）同类化药物竞争的威胁；（2）在已有市场的销售额下降。通过提供进入欧盟市场和快速增长的新兴市场，同样也提供收购方额外的专利，一个多样化的药物组合，及同类化药物产能，收购目标公司将帮助解决上述这些问题。交易使得收购方市场将从28个增加至70个，目标公司的强销售及营销平台。因而，此次收购给目标公司带来了28亿欧元的现金，同时，预计本次交易将提供预测的13亿销售额，上涨约30%。同样，交易预计将筹到30%的收益，及增长40%的经营收入。 Integrating the target company as a wholly-owned subsidy was viewed as being preferable to retaining multiple smaller organizations around the globe. The execution risks alone for doing a string of smaller acquisitions are much higher than doing a single one. The acquirer had the chance to do careful due diligence focusing on operations, quality of personnel, and quality of management. All of these factors minimized integration risks down the road. 整合目标公司作为一家全资拥有的子公司被认为是全球范围内获得更多个小公司。单独从事较小的并购的执行风险要高于单独执行一个。收购方有机会获得机会来进行深入仔细的问题、关键人才，及管理的质量。这些因素降低了风险。 *

Valuation 估值 DCF (8% discount rate, 0% terminal growth rate)
现金流量折现法（8%的折现率、永续期增速为0% Free cash flow to equity analysis股权自由现金流量分析 Future sales growth, profit margins 未来销售增长、利润率 11x EBITA (possible 30% premium)11倍EBITA（约30%溢价） Net Asset-Based Valuation以净资产价值为基础的估值 Revalue assets and liabilities重新评估资产及负债 Only an indicator of current situation仅作为对当前经营状况的参考 Future cash flow based valuation以未来现金流为基础的估值 10 year future cash flow estimates and other factors未来10年的现金流预测值及其他因素 Strategic value of the deal—need for growth交易的战略价值---增长需求 Patent Cliff 专利悬崖 Generic Drugs同质化药物 Challenges in domestic market来自于国内市场的挑战 The acquirer used several methods to value the target company, including DCF (free cash flow to equity analysis), EBITA, future growth and sales projections, and a net asset-based valuation. The drivers in the valuation included existing fixed assets, existing marketed drugs, and particular focus on growth in emerging markets and its sales platform. Access to emerging markets and generic drug capabilities were highly valued. 收购方使用许多方法来评估目标公司的价值，包括DCF法、EBITA、未来增长及销售预期，及以净资产评估值为基础的方法。影响估值的因素包括已有的固定资产、已有的市场化药品，尤其注重新兴市场及其销售平台的增长。新兴市场和同类型药物的性能被过度高估。 Valuing target company’s pipeline and intangibles such as marketing platform and presence in emerging markets were ambiguous. Some analyst see a 30% premium having been paid for these benefits. 评估目标公司的产品线和无形资产如营销平台和在新兴市场的布局都较为宽泛。一些分析家认为已经有30%的溢价支付给了这些积极方面。 *

Valuation估值 Pipeline Valuation: 产品线估值 The market size市场规模
Effectiveness compared to existing drugs and treatments,相较于当前市场的药物及治疗方案的有效性 Cost of existing drugs and treatments,当前药物及治疗方案的成本 The market share the company already has in that segment 公司该业务已有的市场占有率 Risks to approval.证实风险 The acquiring company also considered the market size (e.g. how many people have the disease in question), effectiveness compared to existing drugs and treatments, cost of existing drugs and treatments, the market share the company already has in that segment: e.g. predecessor drugs and drugs sold by the same specialist sales force, and risks to approval. 收购方公司也考虑市场规模（如有多少人有疾病）、与已有的药物及疗效相比的效用、已有药物和治疗方案的成本、在此业务领域公司已有市场的占有率：如原有药物和由相同的销售专家们所售出的药物，及证实风险。 *

Synergies, Benefits, Rationale 协同效应、利益及原理
This acquisition was not a strict “synergy play.”此并购并非处于获取‘协同效应’ Driven by strategic rationale而是处于战略的需要 Expansion into new markets: Europe and emerging markets 进入新的市场：欧洲及新兴市场 Paid possible premium over market price支付了市场溢价 Incorporate commercial network 商业网络的合作 Product diversification and patent acquisition产品多样化及专利的收购 This acquisition was not synergy-driven. Rather, there was very strong strategic rationale that allowed the companies to combine their respective market presences and production capabilities. There were clear benefits behind this acquisition. First, there were obvious market benefits as the target company had a presence in markets the acquirer did not: specifically, Europe and emerging markets. Second, the target company had strong marketing and commercial capabilities that the acquiring company could use as a platform for its own drug line. Third, the target company had a viable generic drug line which would help hedge against market loss in the acquirer’s domestic market, where it faced increasing competition from generics. Fourth, the senior management of the companies had worked together in the past at a previous company and had a good working relationship. Fifth, there would be little overlap in operations and manufacturing. 并购并非受协同效益驱动。相反，强烈的战略需要使得公司整合各自的市场布局及产品产能。以下是是并购主要的一些好处：第一当目标公司拥有收购方没有的市场布局时，就存在了明显的市场收益，尤其在欧洲和新兴市场。第二，目标公司具有强营销和销售能力，这些可以使收购方为自己的药物产品线提供平台。第三，目标公司有可变的同类型产品线，使得套期保值来冲抵收购方竞争日益加剧的国内市场的损失。第四，高管在过去建立了良好的工作关系。第五，他们可能在经营及制造上有些重叠。 In sum, it incorporated a strong commercial network while combining market presences for true global reach particularly in high growth emerging markets acquired company was aggressively expanding into. 整体而言，它与一家商业银行合作，而实际上双方全球市场的合作尤其是在高增长的新兴市场的收购行为绝对是公司实现的积极扩张。 *

Risks风险 Possible 30% premium over market price约30%的市场溢价
Few new drugs in pipeline of target company目标公司产品线中的新药物较少 Money would have been better spent in R&D or doing buybacks资金本可以更好地用于研发或者回购 High level of competition in the industry业内竞争激烈 Forecast price optimization预测最优化价格 Concerns over target company cost base对目标公司成本的担忧 The main risk of this acquisition was whether the large amount of cash spent to acquire the target company could have been better spent on developing R&D, new drugs, and commercial capabilities endogenously. The question revolved around whether a large expenditure to acquire a company was comparatively worthwhile and whether the price paid was too high. The acquirer may have also considered making a vertical acquisition of biotech companies for patents and R&D capabilities instead of a horizontal acquisition. This concern is particularly salient because of the idea that some analysts believe the acquirer paid a 30% premium for the target company. It paid over 12 x EBITA and three times the annual revenue of the target company. Nevertheless, peer companies have been paying anywhere from x EBITA in other acquisitions. 并购的主要风险为用于支付价款的巨额资金可能更好地用于研发、新药品，及商业功能的内源性。收购公司的大量支出是否比较有价值，是否价格过高都存在疑问。收购方可能已经考虑了纵向并购生物技术公司的专利、研发能力，而非横向并购。因为一些分析师认为收购方支付30%的溢价的问题显得尤为重要。它支付了目标公司12倍的EBITA和3倍的年收入。然而，领军企业已经在其他的并购中支付了12-30倍的EBITA. *

Result结果 Projected 70% increase in sales over the next five years
预测了未来5年销售收入将增长70% New Market Access 进入新市场 Impressive sales in emerging markets新兴市场的销量惊人 Acquired valuable commercial platform and name recognition. 收购了目标公司有价值的商业销售平台及商标的确认 Net profit grew ~ 34% compared to decreases of ~ 17% two years before the acquisition and ~50% one year before. 净利润从合并前的-17%实现了34%的增长，较前年增长了50% Return to pre-financial crisis growth levels. 恢复到金融危机前的增长水平 Projections before the acquisition was in the works predicted net profits to decrease by 27% in the year after the acquisition. 而财务预测收购后的第一年，净利润较之上年同期下降27% One year after the acquisition, the combined company continues to meet it growth goals but this has largely been due to the success of its acquired reach into emerging markets. New profit gret by ~34% compared to decreases of ~17% two years before the acquisition and ~50% one year before the acquisition. However, the company still faces serious challenges with a number of its patents expiring and its drug development pipeline lacking clear profit-making drugs. The combined company cleared its profit forecast despite spending ¥14.7 B on R&D (11% more than budgeted). Including the target company acquisition, sales were effectively down 11.6% in the first half of Furthermore, the combined company missed the company’s growth target domestically due to increased competition from generics. While sales growth in emerging markets has clearly carried the company to increased growth, it remains unclear whether the acquisition, including the acquisition of patents and generic drug capabilities, will benefit the company in the years ahead. 收购后一年，合并公司继续满足它的增长目标，只是这很大程度上是由于收购方成功进入新兴市场。较收购前2年的下降17%，较并购前1年下降50%，新的利润增长了34%。然而，公司仍然面对严峻的挑战，因为专利即将到期，而药品的发展产品线缺乏可盈利的药物。尽管发飞了147亿日元（比预算上升了11%)的研发费用，新公司达到了销售预期目标。包括目标公司的收购在内，2012年上半年销售下降了11.6%。另外，新公司未完成国内市场的增长目标，因为来自同类型产品公司日渐加剧的竞争。当新兴市场的销售增长明显驱动了公司的增长的同时，它仍然不确定并购包括专利及同类型产品性能的合并是否可以在将来获利。 *

Take Away Biopharmaceutical companies must address threats to profit margins from increased competition in mature markets, patent expiration, and the rising cost of R&D. 生物制药公司的净利润须注意来自成熟市场的竞争、专利到期及逐渐增长的研发支出的影响 One Solution: Horizontal Acquisition解决方案：横向收购 Value of Target Company: 目标公司的估值 Consolidation, expansion to new markets, and patent diversification 合并、拓展新市场，及专利的多样化 Low debt, high cash on hand, existing relationship between senior management largely made the acquisition possible. 低负债、高自有资金、双方已存的高管之间的关系都促成了此次并购 Risk: Premium paid. Money could have been spent on internal R&D or vertical acquisitions of biotech companies. 风险：支付溢价。资金可用于内部研发支出，或者纵向收购生物技术公司 This case study reveals that market leaders in the biopharmaceutical industry are looking for ways to retain high profit margins. One solution has been to acquirer another biopharmaceutical company for horizontal integration. The need to shore-up patent portfolios as key patents will expire globally across the industry has driven acquisition activity. More importantly, this case study illustrates that expansion into emerging and as yet untapped markets may be more important to gaining and retaining profits. This is due to increased pressure by governments in mature markets to decrease the cost of health while opening the industry up to further generic drug competition. 案例反映了生物制药行业市场领导者保持高收益的方法。其中一个解决方案是横向整合另外一家生物制药行业。因为全球生物制药行业的关键专利将到期，加强专利组合，推动了并购活动的发展。更为重要的是，本案例揭示了拓展新兴市场和尚未开发的市场都对获取或维持利润很重要。这也是因为成熟市场日渐增加的限制医疗保健的成本的压力，当行业将进一步加剧同类化产品之间的竞争。 These reasons drove the company to look to make an acquisition. The target company’s presence in emerging markets and commercial capabilities made it the right choice for the acquirer. Indeed, growth in these emerging markets restored the company to strong profit levels in the year after the acquisition. Furthermore, there was little to no overlap between the acquiring and target companies while the senior management of the two companies had a previous working relationship. Lastly, the acquiring company had abnormally low levels of debt and a good amount of cash-on-hand. Combined, these factors allowed for a smooth acquisition with little problems because the companies could essentially combine with little reworking of existing structures. 这些因素使得公司考虑收购。目标公司在新兴市场的布局和销售能力证实收购是正确的决定。确实，在新兴市场的增长归还了收购前的强利润。另外，收购双方之间有一很小的重叠领域，当双方高管已经幽谷偶之前的合作关系。最后，收购方有非常低的债务水平，和非常巨额的自有资金数量。合并后，三个因素使的交易更为顺畅，因为公司可能考虑更小的对已有结构的改变的合并。 While there is debate over whether acquirer paid too high a premium for the target company (30% premium/12x EBITA), the acquirer had abnormally high levels of cash on hand and low levels of debt. While it may have better invested the money in internal R&D, it was too late to do that and growth in emerging markets has proven to have been a good investment as the company continues to lose ground in established markets and to generic competitors. 当辩论结束，收购方支付了巨额溢价（30%的溢价，或者12倍的EBITA），收购方有巨额的自有资金和低负债率。收购方的资金原本可以更好的用于内部研发，在新兴市场的发展倍证实是一项好投资，因为收购方在已建立市场的持续败退。 *

Legislations相关法案 Securities Act of 1933
Requires that any corporation that plans to issue stock must register the transaction 要求任何计划发行股票的公司必须予以申报 Securities Act of 1933 Requires any company intending to use stock in a transaction to publicly file要求意欲以股份支付交易对价的公司予以备案 Includes Anti-fraud provisions包括反欺诈条款 The Securities Exchange Act of 1934 Requires a filing of disclosure whenever any person acquires more than a 5% ownership of stock持有一家公司股权超过5%，必须举牌 The Williams Act of 1968 Protects industries from the creation of a monopoly through a merger保护因某项并购行为而导致的行业垄断 Anti-trust concerns if merger: 并购产业的反垄断问题 Reduces competition弱化竞争程度 Reduces options for consumers降低消费者的选择 The Hart-Scott Rodino Anti-trust Improvement Act of 1976 These are four of the major laws that impact the process of mergers in the US. 以下是美国并购流程中主要涉及的法律。 The securities act is intended to inform all potential investors if a company decides to issue stock. The issuer of stock must file a registration statement which describes the business of the issuer, the issue’s financial condition, the capitalization, the purposes for raising the new funds, etc. It is unlawful in the U.S. to offer to sell or offer to buy an security for which a registration has not been filed by the SEC. 证券法案要求计划发行股票的公司予以公告。发行股票的公司须予以申报，申报内容包括发行股票的公司的业务、其财务状况、资本情况、新融资举措的目的等等。在美国，提供出售或者购买任何一家未能在SEC申报的上市公司的股票都是不合法的。 The Securities Exchange Act of 1934 protects shareholders by requiring a buyer who wants to pay for a merger with stock to inform all shareholders. Corporations with assets greater than $10 million USD and more than 500 shareholders are required to register with the SEC-these are called reporting companies. SEA 1934法案要求欲以股票支付交易对价的收购方备案，以保护股东权益。资产超过1000亿美元，股东超过500名的公司需在SEC申报。这些被称为申报类公司。 The Williams Act of 1968 is intended to alert the marketplace of any potential shift in corporate control of a company. Any bidder who acquires more than 5% or more of a target firm’s shares, must notify the SEC by filing a 13(d) form. The buyer has 10 days after the acquisition of 5% to make the filing. The Williams Act only applies to bidders increasing ownership in a US company. 这个法案旨在警告市场一家公司的控制权的潜在变动。任何收购方收购超过5%甚至更多目标公司股份时，必须在SEC备案。买方需在获得目标公司5%股份之后的10天内予以相关申报。这个方法仅适用于增加对目标公司持股比重的美国企业。 The Hart-Scott Rodino Anti-trust Improvement Act of 1976 is anti-trust law that prevents mergers between companies that would reduce significantly competition or options for consumers in a particular industry. The act requires that “persons” (either individuals or corporations) exceeding a size threshold must report their intentions to acquire stock or assets in advance of doing so. After submitting the report, the persons must wait a prescribed period of time for either agency to challenge the deal. To be required to file, the buyer must have assets or sales greater than $100 million and/or target must have assets or sales greater than $10 million. HSR反垄断法1976年修改版是一项防止在某个行业因并购行为产生的显著降低行业竞争或者减少可供消费者选择的机会而导致的行业垄断行为的反垄断法案。该法案要求超过一定规模的‘法人’（可以是自然人，也可以是法人企业）对其打算收购目标公司股份或资产时，提前予以申报。在递交了此申报文件后，这个‘法人’必须等待相关机构的审核结果。而要进行申报的收购方的资产或者销售额必须超过1亿美元，以及/或者目标公司的资产或者销售额超过1000万美元。

Conclusion 结论

CONCLUSIONS结论 M&A valuation modeling is similar across industries however industry specific drivers influence final valuation 各国并购估值模型较为相似，而行业具体的驱动因素则会影响最终的估值 Sensitivity analysis is also important, only as good as drivers that support it 敏感性分析也很重要，只要有好的驱动因素来支持 The financial valuation is one component of a merger but cultural and strategic fit are additionally important 财务估值是并购中的一部分，但是文化和战略的合适组合也非常重要 Identified forces behind international mergers and acquisitions 国际并购案例如下 Exploiting market imperfections发现市场的不完美之处 Extension of intangible assets延展无形资产 Reduce risk through diversification通过多样化降低风险 Exploit differences in capital markets发现资本市场的差异 Exploiting market imperfections---E-commerce Extension of intangible assets---GAAP&IFRS Telecom case study Reduce risk through diversification--- Petrochemical & Biophamaceutical Exploit differences in capital markets—finance industry *

CONCLUSIONS结论 Understand laws and jurisdiction where the transaction takes place 了解交易所在地的法律及司法程序 Understand political and economies of the countries involved 了解交易涉及的国家的政治及经济 Critically important to understand these factors as early as possible in the M&A process in order to reduce time and cost 了解这些在M&A流程中的因素非常重要，以减少时间和成本 Culture can be a strategic asset. 文化可以是战略型资产。 Based on our six months of research, has been found to either support or kill a deal. 在6个月的研究中，文化对交易成功与否至关重要 *

CARROLL SCHOOL OF MANAGEMENT: INTERNATIONAL CONSULTING PROJECT

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