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1、外文文献翻译:原文+译文原文ThestudyonfundoperationandriskmanagementofmergersandacquisitionsHaslemAAbstractInternationalmergersandacquisitionsfundfirstappearedintheUnitedStates,andthenspreadtoEuropeandJapan・NowM&Ahasdevelopedintoamaturemarket,themainstreamformofprivateequityfunds.AsofJanuary2012
2、,globalmergersandacquisitionsfundcapitalreservesof$367billion,totalprivateequityfundcapitalreserveratioof40%,2.3timesforventurecapitalfundcapitalreserves.FrombrokersinvolvedinmergersandacquisitionsfundAngle,thispaperintroducethebasicoperationmodeofthebuy-outfunds,focusingonpricingm
3、echanismhascarriedontheanalysisandresearch,alsonotetheM&Arisks,combinedwiththecurrentproblemsinmergersandacquisitionsrelatedpolicySuggestionsareputforwanlKeywords:M&Afund,operationform,M&Arisk1IntroductionAcquisitionreferstoacompanyachievedacertaindegreeofcontroloverothercompaniest
4、hroughpropertyrightstransactions,inordertoachievecertaineconomicobjectivesofeconomicbehavior.Underthebackgroundofeconomictransformation,throughmergersandacquisitionstodevelopemergingindustryisofgreatsignificancetothedevelopmentofthecompany.Oneistorealizethequickaccesstoenterprisegr
5、owth,breakthroughthebarrierstoenterthebestchoiceoftheemergingindustries.Itistohelpindustryconsolidation,perfectingtheproductlayout,producescaleeffectandsynergisticeffect，improvetheefficiencyofmanagement,andrealizethestrategicdevelopmentgoal.Threeistheenterprisetochoosehighqualityta
6、rgets,complementaryadvantages,atthesametimetoobtaininvestmentreturns.AccordingtotheAngleofindustrydivision,canbedividedintothreetypes:oneishorizontalmergersandacquisitions:referstothesamebelongstoanindustryortrade,productionandsalesofsimilarproductsofenterprisesbetweenthepurchasebe
7、havio匚Itsaimistoeliminatecompetition,expandmarketshare,increasetheacquisitionofthecompany'smonopolypowerortoformscaleeffect.Generallyoccurinthecompetitionbetweenenterprises,isoneofthemostoftenusedincorporatemergersandacquisitions,themostdirectimpactonindustrydevelopment.Thesecondis
8、thelongitudinalmergersanda
