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1、外文翻译原文MERGERSANDACQUISITIONSMaterialSource:QuantitativeCorporateFinance[M]・NewYork,N.Y.:Springer,c2007・Author:JohnB.Gucrard,Jr.andEliSchwartz・Asaneffectivemeansofresourceallocation,Merger&Acquisitionplaysaveryimportantroleintheprocessofenterprisesgrowthltcanrapidlyenlargetheenterprises，scal
2、esandimprovetheircorecompetenee,aswe11astheirmarketsharethroughthiswayofexternalgrowth・ListedcompaniesarethemostactiveonesamongthoseenterpriseswhoinvolvedinM&A.Acompanycangrowbytakingovertheassetsorfacilitiesofanotherfirm・Thevariousmethodsbywhichonefirmobtainsorumarriesinto”thebusiness,asse
3、ts,orfacilitiesofdnothercompanyaremergers,combinations,oracquisitions・!Thesetermsarenotusedrigid!y.Ingeneral,however,amergersignifiesthatonefirmobtainsanotherbyissuingitsstockinexchangeforthesharesbelongingtoownersoftheacquiredfirm,orbuysanotherfirmwithcash・CompanyXgivessomeofitssharestoCom
4、panyYshareholdersfortheoutstandingYstock・Whenthetransactioniscomplete,CompanyXownsCompanyYbecauseithasalloralmostallof,theYstock・CompanyY,sformerstockholdersarenowstockholdersinCompanyX.Inacombination,anewcorporationisformedfromtwoormorecompanieswhowishtocombine・Thesharesofthenewcompanyarce
5、xchangedforthoseoftheoriginalcompanies・Thedifferencebetweenacombinationandamergerliesmoreinlegaldistinctionsthaninanydiscernibledifferencesintheeconomicorfinancialresult・Inpractice,thetermsmergerorcombinationareoftenusedinterchangeably.Anacquisitionusuallyreferstoatransactioninwhichonefirmb
6、uysthemajorassetsorthecontrollingsharesofanothercompany.Onoccasion,onecorporationhaspurchasedanothercorporation"ssubsidiaries・AnacquisitiondiffersfromamergerinthatgenerallybutnotalwayscashisusedratherthananexchangeofAfirmwhicheitherbytheexchangeofsecuritiesorpurchaseownsorcontrolssubsidiary
7、companiesbutdoesnotengageinactivitiesofitsowniscalledaholdingcompany.Theholdingcompanydiffersfromaparentcompanyinthattheparentcompanyhasproductionfunctionsofitsownwhereasaholdingcompanyexistsmainlytocontrolorcoordinateitssubsidiaries・Nonewnetfinancialhol
