资源描述：
《MERGERS AND ACQUISITIONS【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、外文翻译原文MERGERSANDACQUISITIONSMaterialSource:QuantitativeCorporateFinance[M].NewYork,N.Y.:Springer,c2007.Author:JohnB.Guerard,Jr.andEliSchwartz.Asaneffectivemeansofresourceallocation,Merger&Acquisitionplaysaveryimportantroleintheprocessofenterprises’growth.Itcanrapid
2、lyenlargetheenterprises’scalesandimprovetheircorecompetence,aswellastheirmarketsharethroughthiswayofexternalgrowth.ListedcompaniesarethemostactiveonesamongthoseenterpriseswhoinvolvedinM&A.Acompanycangrowbytakingovertheassetsorfacilitiesofanotherfirm.Thevariousmetho
3、dsbywhichonefirmobtainsor“marriesinto”thebusiness,assets,orfacilitiesofanothercompanyaremergers,combinations,oracquisitions.1Thesetermsarenotusedrigidly.Ingeneral,however,amergersignifiesthatonefirmobtainsanotherbyissuingitsstockinexchangeforthesharesbelongingtoown
4、ersoftheacquiredfirm,orbuysanotherfirmwithcash.CompanyXgivessomeofitssharestoCompanyYshareholdersfortheoutstandingYstock.Whenthetransactioniscomplete,CompanyXownsCompanyYbecauseithasall(oralmostall)of,theYstock.CompanyY’sformerstockholdersarenowstockholdersinCompan
5、yX.Inacombination,anewcorporationisformedfromtwoormorecompanieswhowishtocombine.Thesharesofthenewcompanyareexchangedforthoseoftheoriginalcompanies.Thedifferencebetweenacombinationandamergerliesmoreinlegaldistinctionsthaninanydiscernibledifferencesintheeconomicorfin
6、ancialresult.Inpractice,thetermsmergerorcombinationareoftenusedinterchangeably.Anacquisitionusuallyreferstoatransactioninwhichonefirmbuysthemajorassetsorthecontrollingsharesofanothercompany.Onoccasion,onecorporationhaspurchasedanothercorporation’ssubsidiaries.Anacq
7、uisitiondiffersfromamergerinthatgenerally(butnotalways)cashisusedratherthananexchangeofsecurities.Afirmwhicheitherbytheexchangeofsecuritiesorpurchaseownsorcontrolssubsidiarycompaniesbutdoesnotengageinactivitiesofitsowniscalledaholdingcompany.Theholdingcompanydiffer
8、sfromaparentcompanyinthattheparentcompanyhasproductionfunctionsofitsownwhereasaholdingcompanyexistsmainlytocontrolorcoordinateitssubsidiaries.Non
