acquisition是什么意思

并购Combine Purchasement

merger and acquisition?

take overcompany b is taking over company a

acquisition n.采集, 收集, 取得, 获得获得物[人][pl.]学识; 技能【无】探测; 发现; 捕获; 截获; 目标定位; 天线定向征购(土地等), 采购He is a valuable acquisition to the team. 他是球队中一个不可多得的(新)队员。editor n.编者; 编辑, 校订者社论撰写人;编辑程序影片剪辑装置chief editor (=editor in chief) 主编; 总编辑city editor [英]商业金融栏编辑; [美]本地新闻编辑主任

并购的内涵非常广泛，一般是指兼并（Merger）和收购（Acquisition）。兼并 —又称吸收合并，即两种不同事物，因故合并成一体。指两家或者更多的独立企业，公司合并组成一家企业，通常由一家占优势的公司吸收一家或者多家公司。收购 — 指一家企业用现金或者有价证券购买另一家企业的股票或者资产，以获得对该企业的全部资产或者某项资产的所有权，或对该企业的控制权。与并购意义相关的另一个概念是合并（Consolidation）——是指两个或两个以上的企业合并成为一个新的企业，合并完成后，多个法人变成一个法人。

先读读英语解释：At most publishing houses, an acquisitions editor is a specialized editor who is responsible for finding and acquiring new manuscripts. This type of editor may be responsible for sorting through unsolicited manuscripts, contacting existing writers about new projects, or exclusively interacting with agents, depending on the publishing house.有翻译成策划编辑的，相对而言比较贴切。

范围和局限性，本研究提出了一些额外的渠道，进一步的研究。具体来说，这将是有吸引力的调查公司进行并购，以获得更细粒度的数据结构的特遣队earnouts 。这种研究可以审查具体业绩基准使用，时间期限可变的付款，以及任何必要的支持合同条款执行这些特遣队合同。扩展获得初级，公司的具体数据和目标公司的收购也将是宝贵的。因为我们的文件上保持沉默，最终的业绩和其他组织的后果使用特遣队支付，扩展考虑这些问题将是很宝贵。这种研究可能会增加大量的深入研究的基础上公司的外资进入市场的选择的分析，增加企业的治理结构决定考试的合同异质基本这些条目模式

一、并购释义： “并购”指的是两家或者更多的独立企业，公司合并组成一家企业，通常由一家占优势的公司吸收一家或者多家公司。 与并购意义相关的另一个概念是合并（Consolidation）——是指两个或两个以上的企业合并成为一个新的企业，合并完成后，多个法人变成一个法人。企业并购概念： 企业并购（Mergers and Acquisitions， M&A）包括兼并和收购两层含义、两种方式。国际上习惯将兼并和收购合在一起使用，统称为M&A，在我国称为并购。即企业之间的兼并与收购行为，是企业法人在平等自愿、等价有偿基础上，以一定的经济方式取得其他法人产权的行为，是企业进行资本运作和经营的一种主要形式。 产生并购行为最基本的动机就是寻求企业的发展。寻求扩张的企业面临着内部扩张和通过并购发展两种选择。内部扩张可能是一个缓慢而不确定的过程，通过并购发展则要迅速得多，尽管它会带来自身的不确定性。二、并购的实质： 并购的实质是在企业控制权运动过程中，各权利主体依据企业产权作出的制度安排而进行的一种权利让渡行为。 并购活动是在一定的财产权利制度和企业制度条件下进行的，在并购过程中，某一或某一部分权利主体通过出让所拥有的对企业的控制权而获得相应的受益，另一个部分权利主体则通过付出一定代价而获取这部分控制权。企业并购的过程实质上是企业权利主体不断变换的过程。三、并购的形式：1、兼并（公司合并）： 兼并，又称吸收合并，即两种不同事物，因故合并成一体。2、收购： 收购，指一家企业用现金或者有价证券购买另一家企业的股票或者资产，以获得对该企业的全部资产或者某项资产的所有权，或对该企业的控制权。（1）资产收购；（2）股权收购。四、并购类型： 根据并购的不同功能或根据并购涉及的产业组织特征，可以将并购分为三种基本类型：1、横向并购： 横向并购的基本特征就是企业在国际范围内的横向一体化。2、纵向并购： 纵向并购是发生在同一产业的上下游之间的并购。纵向并购的企业之间不是直接的竞争关系，而是供应商和需求商之间的关系。 因此，纵向并购的基本特征是企业在市场整体范围内的纵向一体化。3、混合并购： 混合并购是发生在不同行业企业之间的并购。从理论上看，混合并购的基本目的在于分散风险，寻求范围经济。 在面临激烈竞争的情况下，我国各行各业的企业都不同程度地想到多元化，混合并购就是多元化的一个重要方法，为企业进入其他行业提供了有力，便捷，低风险的途径。

预付土地租赁费的现金

中国和美国的并购有哪些不同？

Bolt-on acquisitions are usually smaller companies with very little financial and administrative infrastructure. They are typically operated by the company owner and have hit a tipping point where they can"t grow anymore due to lack of capital, scale, or management expertise. They may have unsophisticated financial systems, IT, and internal controls, but are usually excellent operating companies with good customer relationships

呃,呃的意思,呃甚么意思,呃的读音,呃的解释,汉字呃的意思.基本解释è {{e4}} 新华字典 > 口部 > 汉字呃的意思汉字呃是甚么意思汉字呃甚么意思. 汉字呃. 呃拼音 è

家 ＃参考！ ＃参考！ ＃参考！ ＃参考！ ＃参考！ ＃参考！ 4 。投资 其他投资子公司 2005 2004 2005 2004 Non-current/current （请删除酌情而定） ＃编号！ ＃参考！ ＃参考！ ＃参考！ 股票成本： -引 -U nquoted Impairement损失 市场价值投资的引用： 股票市值： 引用 转移投资 在2005年1月1 购置在这一年里 处置在这一年里 Impairement损失 在2005年12月31 运动impairement损失 在2005年1月1 减值损失在这一年里 逆转impairement损失 翻译的差异（如有的话） 在2005年12月31 归入： 非流动资产 流动资产 投资细节： 子公司 名称的相关主要营业地的投资成本的有效资产举行引/ Unquoted股票 公司的活动纳入2005 2004 2005 2004 （ 84692418具体说明） 其他投资 公司名称地点投资成本 纳入2005年2004年 天空远景国际有限公司英属维尔京群岛468,000.00 联合国Cybre发展有限公司香港300,000.00 5 。同仁，共同控制的实体 投资同伙 投资于共同控制实体 贷款的同伙 细节的重要助手，共同控制的实体： 同伙 公司名称有效广场举行股权 纳入2005年2004年 共同控制实体 公司名称有效广场举行股权 纳入2005年2004年 财务信息的同伙和集团的利益共同控制的实体如下： 协会共同控制的实体 资产负债表 非流动资产 流动资产 总资产 流动负债 非流动负债 负债总额 结果 收入 费用 利润纳税后 特等特等

M&A（mergers and acquisitions）coordination effect并购协同效应

跨国并购Cross border mergers and acquisitions

拼写错误的单词没法翻译：接受需要剧变，他的大部分取代原来的高级工作人员与更有经验的管理人员。第一次，他委托管理方面的业务专业人员，并引导自己的精力到产品的开发。新版本的甲骨文数据库程序7 ，发布于1992年，席卷了外地和甲骨文业界领先的数据库管理软件。仅在两年该公司的股票又重新取得了很多以前的值。 即使甲骨文的命运再次上升，埃里森遭受了一系列的个人灾难。元朗一个发烧友的艰苦的户外活动，埃里森严重受伤而身体冲浪和山地车。他从大手术，并继续比赛他78英尺的游艇， Sayonara ，并在实践特技继承的私人飞机，其中包括退役战斗机。 1998年，埃利森和Sayonara赢得了悉尼至霍巴特的比赛，克服近飓风沉没其他5艘，溺死6人。埃里森是一个主要支持者，宝马甲骨文车队，这一直是重要力量，在美洲杯的竞争。他自己的游艇，旭日，超过450英尺长，是最大的私人拥有的船只在世界上。 甲骨文公司的财富继续增加整个90年代。美国的银行，航空公司，汽车公司和零售巨头都是依赖于甲骨文的数据库程序。在埃里森的领导下，成为甲骨文公司的先驱，提供商业应用软件在因特网上。甲骨文公司受益巨大从电子商务的增长，其纯利润增加了百分之七十六在一个季度到2000年。随着股市的其他高科技公司波动，甲骨文举行了其价值，其最大股东，创始人兼首席执行官拉里埃利森，接近长期珍视的目标，超过了微软的比尔盖茨成为首富的世界。 从2004年开始，埃里森规定，增加甲骨文的市场份额通过一系列的战略收购。甲骨文公司花费超过250亿美元，仅在三年购买羊群的公司和大型和小型，决策者的软件，用于管理数据，身份，零售库存和物流。第一次重大收购仁科，购买了在2004年底为103亿美元。没有更早的油墨干燥处理仁科埃里森捏造比竞争对手SAP收购零售软件开发商Retek公司。在一年后，甲骨文还收购竞争对手Siebel系统。埃利森阻力他疯狂购买与收购的商务智能软件供应商Hyperion解决方案在2007年。 今天，劳伦斯埃里森其主要伍德赛德家中，加利福尼亚州。他担任甲骨文公司78年至96年，并进行了两次效力为董事会主席， 1990年至1992年，再次1995年至2004年。自成立以来，他一直甲骨文的唯一的行政首长。

corporate profile企业简介 企业形象双语对照例句:1.Rajeev talwar, executive director at dlf, says such high-profile international acquisitions boost a company"s corporate profile overseas, making it easier to raise financing and find partners for future acquisitions. dlf执行董事拉吉夫塔瓦尔（rajeev talwar）表示，这种高调的国际收购可以提升一家公司在海外的企业形象，让日后的收购融资和寻找合作伙伴变得更容易。2.At oracle he was vp, global strategic accounts and is still listed in oracle japan"s corporate profile, where he"s been a director since 2005. 自2005年起，阿部开始在甲骨文日本公司担任总监，离职前，他是全球战略客户部副总裁，并且迄今仍赫然出现在甲骨文日本公司的公司简介中。

In our country, with the deepening of economic reform and industrial restructuring continues to progress, China has set off a wave of mergers and acquisitions. By the U.S. sub-loan crisis of the financial crisis, has quickly spread to all countries in the world, China has been seriously affected. But the financial crisis is not only a challenge to the Chinese, as well as opportunities. For outstanding power companies, is expanding its M & A target company"s own best time-scale. M & A as a major investment in complex activities, behind a huge risk. So far about 70% in the M & A transactions have ended in failure. Mergers and acquisitions face a high failure rate, analysis of its causes are related to mergers and acquisitions in the process of financial risk. In this paper, "On the M & A financial risk management" in the title of mergers and acquisitions in the source of financial risk and control as the main content, mergers and acquisitions designed to put forward practical recommendations to control financial risk. Specific idea of writing this article as follows: Introduction, the main study described in this article the background and significance of research at home and abroad, research focus and topics. Second, mergers and acquisitions and financial risk, first of all mergers and acquisitions on the financial risks were defined, and then an analysis of mergers and acquisitions lead to financial risk factors, and mergers and acquisitions described the characteristics of financial risk. Third, mergers and acquisitions of financial risk and the causes of the type of analysis, financial risk will be divided into three types, the three articles were discussed in detail the risks. Fourth, mergers and acquisitions of financial risk control strategy, mergers and acquisitions on the financial risk management objectives and principles, in the first three parts of the analysis of mergers and acquisitions based on the control of financial risks and countermeasures. In this paper, based on reality, the first issue of the research reviewed, through analysis, the following conclusions: First, the financial risk throughout the whole process of mergers and acquisitions, it must be to reduce the risk of a comprehensive analysis of M & A process financial risks. II. In order to more effectively control financial risk, should enhance the market environment, legal environment for mergers and acquisitions, such as awareness of risk. Third, to expand the financing channels, and optimize the financing structure有道词典里查的

收购兼并merger and acquisition

1. 答案是 A 这是同位语从句中 虚拟语气的用法 省略了should2. B3.C4.A

在全球化的背景下，中国企业跨国并购日益频繁In the present background of globalization, the cross-border mergers & acquisitions of Chinese business enterprises have been developed rapidly. 本文运用SWOT系统分析法，剖析中国企业跨国并购所具有的内在优势、劣势以及外部环境所带来的机会与威胁This paper first focused on the internal strength and weakness, and also the opportunities and threats that depending on the external environment through the way of systematic SWOT analysis. 并利用SWOT战略矩阵分析得出中国企业跨国并购的篡略Then, concluded the strategy of the cross-border mergers & acquisitions of Chinese companies by using the method of SWOT matrix analysis.中国企业应该坚持走出去的发展战略，充分发挥自身优势、制定可行的发展战略 The Chinese business enterprises ought to adhere to the "go global" strategy, take full advantage of their autologous strengths and formulate feasible development plans.借助政府和中介机构，防范并购风险和整合风险It is also significant to control and integrate the risk of mergers & acquisitions with the help of the government and other medium organizations.中国企业在跨国并购之后在国外市场的SWOT分析The SWOT Analysis Of the Oversea Market After the Cross-Border M & G of Chinese Business Enterprises关键词 ：跨国并购，SWOT分析，企业Keyword: cross-border mergers & acquisitions, SWOT, business enterprise

现金净流量

学而时习之，不亦说乎“学而时习之，不亦说乎”出自于孔子的《论语》，千古名句，代代相传。作品名称学而时习之，不亦说乎？外文名称Practical applications on a regular basis help theoretical acquisitions in a pleasant way.作品别名学而时之，不亦悦乎？创作年代春秋作品出处《论语·学而》快速导航出处拼音译文原文注释孔子孔丘 （公元前551年9月28日～前479年4月11日），字仲尼，华夏人，春秋时期鲁国人。孔子是中国古代伟大的思想家和教育家，儒家学派创始人，世界最著名的文化名人之一。编订了中国第一部编年体史书《春秋》对历史人物和事件往往寓有褒贬而不直言，这种写法称为“春秋笔法”，指藏在心里不说出来的言论。据有关记载，孔子出生于鲁国陬邑昌平乡（今山东省曲阜市东南的南辛镇鲁源村）。孔子逝世时，享年72岁，葬于曲阜城北泗水之上，即今日孔林所在地。孔子的言行思想主要载于语录体散文集《论语》及先秦和秦汉保存下的《史记·孔子世家》。孔子出处《论语·学而》孔子曰：“学而时习之，不亦说（yuè）乎？有朋自远方来，不亦乐乎？人不知而不愠，不亦君子乎？”孔子讲学图有子曰：“其为人也孝弟，而好犯上者，鲜矣；不好犯上，而好作乱者，未之有也。君子务本，本立而道生。孝弟也者，其为仁之本与？”子曰：“巧言令色，鲜矣仁。” 曾子曰：吾日三省吾身。为人谋而不忠乎？与朋友交而不信乎？传不习乎？孔子曰：道千乘之国，敬事而信，节用而爱人，使民以时。子曰：弟子入则孝，出则悌，谨而信，泛爱众而亲仁，行有余力，则以学文。子夏曰：贤贤易色，事父母，能竭其力。事君，能致其身。与朋友交，言而有信。虽曰未学，吾必谓之学矣。子曰：君子不重则不威，学则不固。主忠信，无友不如己者，过则勿惮改。曾子曰：慎终追远，民德归厚矣。子禽问于子贡曰：“夫子至于是邦也，必闻其政。求之与？抑与之与？”子贡曰：“夫子温良恭俭让以得之。夫子求之也，其诸异乎人之求之与？” 子曰：父在，观其志。父没，观其行。三年无改于父之道，可谓孝矣。有子曰：礼之用，和为贵。先王之道斯为美。小大由之，有所不行。知和而和，不以礼节之，亦不可行也。有子曰：信近于义，言可复也。恭近于礼，远耻辱也。因不失其亲，亦可宗也。子曰：君子食无求饱，居无求安。敏于事而慎于言，就有道而正焉。可谓好学也已。子贡曰：“贫而无谄，富而无骄。何如？”子曰：“可也。未若贫而乐，富而好礼者也。”子贡曰：“诗云：如切如磋，如琢如磨。其斯之谓与？”子曰：“赐也，始可与言诗已矣。告诸往而知来者。” 子曰：“不患人之不己知，患不知人也。”

常用金融英语词汇 　　在金融行业怎么能不掌握一些基本的英语词汇呢，下面我整理了关于常用金融英语词汇，希望能给大家提供一些帮助。 　　acquiring company 收购公司 　　bad loan 呆帐 　　chart of cash flow 现金流量表 　　clearly-established ownership 产权清晰 　　debt to equity 债转股 　　diversity of equities 股权多元化 　　economy of scale 规模经济 　　emerging economies 新兴经济 　　exchange-rate regime 汇率机制 　　fund and financing 筹资融资 　　global financial architecture 全球金融体系 　　global integration， globality 全球一体化，全球化 　　go public 上市 　　growth spurt (经济的)急剧增长 　　have one"s "two commas" 百万富翁 　　hedge against 套期保值 　　housing mortgage 住房按揭 　　holdings 控股，所持股份 　　holding company 控股公司 　　initial offerings 原始股 　　initial public offerings 首次公募 　　innovative business 创新企业 　　intellectual capital 智力资本 　　inter-bank lending 拆借 　　internet customer 网上客户 　　investment payoff period 投资回收期 　　joint-stock 参股 　　mall rat 爱逛商店的年轻人 　　means of production 生产要素 　　(the)medical cost social pool for major diseases 大病医疗费用社会统筹 　　mergers and acquisitions 并购 　　mobile-phone banking 移动电话银行业 　　moods 人气 　　net potato 网虫 　　non-store seling 直销 　　offering 新股 　　online-banking 网上银行业 　　online-finance 在线金融 　　online client (银行的")网上客户 　　paper profit 帐面收益 　　physical assets 有形资产 　　project fund system 项目资本金制度 　　pyramid sale 传销 　　recapitalize 资产重组 　　regional corrency blocks 地区货币集团 　　regulate 调控 　　sell off 变现 　　share(stock) option 期权，股票认购权 　　smart card 智能卡 　　slash prices 杀价 　　spare capacity 闲置的生产能力 　　strong growth 强劲的增长势头 　　switch trade 转手贸易 　　take…public 上市 　　tap the idle assets 盘活存量资产 　　transaction (银行的) 交易 　　transfer payment from the exchequer 财政转移支付 　　venture-capital 风险资本 　　virtual bank 虚拟银行 　　wire transfer 电子转帐 ;

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acquisition[英][ˌækwɪˈzɪʃn][美][ˌækwɪˈzɪʃən]n.获得; 购置物; 获得物; 收购; 复数：acquisitions以上结果来自金山词霸例句:1.Express scripts announced the acquisition in july 2011. 快捷药方公司在2011年7月宣布了收购计划。2.Making a success of any acquisition will be a huge challenge. 任何收购要想取得成功都将是一个巨大的挑战。

acquisition采集双语对照词典结果：acquisition[英][ˌækwɪˈzɪʃn][美][ˌækwɪˈzɪʃən]n.获得; 购置物; 获得物; 收购; 复数：acquisitions以上结果来自金山词霸例句:1.Express scripts announced the acquisition in july 2011. 快捷药方公司在2011年7月宣布了收购计划。-----------------------------------如有疑问欢迎追问！满意请点击右上方【选为满意回答】按钮

多的是，不是么？

mergers and acquisitions公司并购，简称M＆A

融资收购

金融控股公司就是投行吗？？如果是的，下面的文章就是你要的Investment banks help companies and governments raise money by issuing and selling securities in the capital markets (both equity and debt), as well as providing advice on transactions such as mergers and acquisitions. Until the late 1980s, the United States and Canada maintained a separation between investment banking and commercial banks.A majority of investment banks offer strategic advisory services for mergers, acquisitions, divestiture or other financial services for clients, such as the trading of derivatives, fixed income, foreign exchange, commodity, and equity securities.Trading securities for cash or securities (i.e., facilitating transactions, market-making), or the promotion of securities (i.e., underwriting, research, etc.) is referred to as the "sell side."Dealing with the pension funds, mutual funds, hedge funds, and the investing public who consume the products and services of the sell-side in order to maximize their return on investment constitutes the "buy side". Many firms have buy and sell side componentsOrganizational structure of an investment bank[edit] The main activities and unitsOn behalf of the bank and its clients, the primary function of the bank is buying and selling products. Banks undertake risk through proprietary trading, done by a special set of traders who do not interface with clients and through Principal Risk, risk undertaken by a trader after he buys or sells a product to a client and does not hedge his total exposure. Banks seek to maximize profitability for a given amount of risk on their balance sheet.An investment bank is split into the so-called Front Office, Middle Office, and Back Office.[edit] Front Office * Investment banking is the traditional aspect of investment banks which involves helping customers raise funds in the Capital Markets and advising on mergers and acquisitions. These jobs tend to be extremely competitive and difficult to land. Investment banking may involve subscribing investors to a security issuance, coordinating with bidders, or negotiating with a merger target. Other terms for the investment banking division include mergers and acquisitions (M&A) and corporate finance. The investment banking division (IBD) is generally divided into industry coverage and product coverage groups. Industry coverage groups focus on a specific industry such as healthcare, industrials, or technology, and maintain relationships with corporations within the industry to bring in business for a bank. Product coverage groups focus on financial products, such as mergers and acquisitions, leveraged finance, equity, and high-grade debt. * Investment management is the professional management of various securities (shares, bonds, etc.) and other assets (e.g. real estate), to meet specified investment goals for the benefit of the investors. Investors may be institutions (insurance companies, pension funds, corporations etc.) or private investors (both directly via investment contracts and more commonly via collective investment schemes eg. mutual funds). The Investment management division of an investment bank is generally divided into separate groups, often known as Private Wealth Management and Private Client Services. Asset Management deals with institutional investors, while Private Wealth Management manages the funds of high net-worth individuals. * Sales & Trading In the process of market making, traders will buy and sell financial products with the goal of making an incremental amount of money on each trade. Sales is the term for the investment banks sales force, whose primary job is to call on institutional and high-net-worth investors to suggest trading ideas (on caveat emptor basis) and take orders. Sales desks then communicate their clients" orders to the appropriate trading desks, who can price and execute trades, or structure new products that fit a specific need. * Structuring has been a relatively recent division as derivatives have come into play, with highly technical and numerate employees working on creating complex structured products which typically offer much greater margins and returns than underlying cash securities. The necessity for numerical ability has created jobs for physics and math Ph.D.s who act as quants. * Merchant banking is a private equity activity of investment banks.[1] Examples include Goldman Sachs Capital Partners and JPMorgan One Equity Partners. Sometimes, merchant banking is a part of Alternative Investment division. * Research is the division which reviews companies and writes reports about their prospects, often with "buy" or "sell" ratings. While the research division generates no revenue, its resources are used to assist traders in trading, the sales force in suggesting ideas to customers, and investment bankers by covering their clients. There is a potential conflict of interest between the investment bank and its analysis in that published analysis can affect the profits of the bank. Therefore in recent years the relationship between investment banking and research has become highly regulated requiring a Chinese wall between public and private functions. * Strategy is the division which advises external as well as internal clients on the strategies that can be adopted in various markets. Ranging from derivatives to specific industries, strategists place companies and industries in a quantitative framework with full consideration of the macroeconomic scene. This strategy often affects the way the firm will operate in the market, the direction it would like to take in terms of its proprietary and flow positions, the suggestions salespersons give to clients, as well as the way structurers create new products.[edit] Middle Office * Risk Management involves analyzing the market and credit risk that traders are taking onto the balance sheet in conducting their daily trades, and setting limits on the amount of capital that they are able to trade in order to prevent "bad" trades having a detrimental effect to a desk overall. Another key Middle Office role is to ensure that the above mentioned economic risks are captured accurately (as per agreement of commercial terms with the counterparty), correctly (as per standardized booking models in the most appropriate systems) and on time (typically within 30 minutes of trade execution). In recent years the risk of errors has become known as "operational risk" and the assurance Middle Offices provide now includes measures to address this risk. When this assurance is not in place, market and credit risk analysis can be unreliable and open to deliberate manipulation. * Finance areas are responsible for an investment bank"s capital management and risk monitoring. By tracking and analyzing the capital flows of the firm, the Finance division is the principal adviser to senior management on essential areas such as controlling the firm"s global risk exposure and the profitability and structure of the firm"s various businesses. In the United States and United Kingdom, a Financial Controller is a senior position, often reporting to the Chief Financial Officer. * Compliance areas are responsible for an investment bank"s daily operations" compliance with FSA regulations and internal regulations. Often also considered a back-office division.[edit] Back Office * Operations involves data-checking trades that have been conducted, ensuring that they are not erroneous, and transacting the required transfers. While some believe it provides the greatest job security with the bleakest career prospects of the divisions within an investment bank, many have outsourced operations. It is however a critical part of the bank that involves managing the financial information of the bank and ensures efficient capital markets through the financial reporting function. In recent years due to increased competition in finance related careers, college degrees are now mandatory at most Tier 1 investment banks. A finance degree has proved significant in understanding the depth of the deals and transactions that occur across all the divisions of the bank. * Technology refers to the IT department. Every major investment bank has considerable amounts of in-house software, created by the Technology team, who are also responsible for Computer and Telecommunications-based support. Technology has changed considerably in the last few years as more sales and trading desks are using electronic trading platforms. These platforms can serve as auto-executed hedging to complex model driven algorithms.An investment bank can also be split into private and public functions with a Chinese wall which separates the two to prevent information from crossing. The private areas of the bank deal with private insider information that may not be publicly disclosed, while the public areas such as stock analysis deal with public information.[edit] EmploymentIn the United Kingdom more graduates apply to investment banks than for any other career because of the exciting city based work, good compensation benefits package and prestige of firms such as UBS, Credit Suisse, Goldman Sachs, Morgan Stanley, Merrill Lynch, and JP Morgan.Similarly, the same trend seemed to apply to Singapore where careers with such banks are deemed prestigious.[edit] Size of industryGlobal investment banking revenue increased for the fifth year running in 2007, to $84.3 billion.[2] This was up 21% on the previous year and more than double the level in 2003. Despite a record year for fee income, many investment banks have experienced large losses related to their exposure to US sub-prime securities investments.The US was the primary source of investment banking income in 2007, with 53% of the total, a proportion which has fallen somewhat during the past decade. Europe (with Middle East and Africa) generated 32% of the total, slightly up on its 30% share a decade ago. Asian countries generated the remaining 15%. Over the past decade, fee income from the US increased by 80%. This compares with a 217% increase in Europe and 250% increase in Asia during this period.Investment banking is one of the most global industries and is hence continuously challenged to respond to new developments and innovation in the global financial markets. Throughout the history of investment banking, it is only known that many have theorized that all investment banking products and services would be commoditized. New products with higher margins are constantly invented and manufactured by bankers in hopes of winning over clients and developing trading know-how in new markets. However, since these can usually not be patented or copyrighted, they are very often copied quickly by competing banks, pushing down trading margins.[citation needed]For example, trading bonds and equities for customers is now a commodity business[citation needed], but structuring and trading derivatives is highly profitable[citation needed]. Each OTC contract has to be uniquely structured and could involve complex pay-off and risk profiles. Listed option contracts are traded through major exchanges, such as the CBOE, and are almost as commoditized as general equity securities.In addition, while many products have been commoditized, an increasing amount of profit within investment banks has come from proprietary trading, where size creates a positive network benefit (since the more trades an investment bank does, the more it knows about the market flow, allowing it to theoretically make better trades and pass on better guidance to clients).The fastest growing segment of the investment banking industry are private investments into public companies (PIPEs, otherwise known as Regulation D or Regulation S). Such transactions are privately negotiated between companies and accredited investors. These PIPE transactions are non-rule 144A transactions. Large buldge bracket brokerage firms and smaller boutique firms compete in this sector. Special purpose acquisition companies (SPACs) or blank check corporations have been created from this industry.[edit] Vertical integrationIn the US, the Glass-Steagall Act, initially created in the wake of the Stock Market Crash of 1929, prohibited banks from both accepting deposits and underwriting securities which led to segregation of investment banks from commercial banks. Glass-Steagall was effectively repealed for many large financial institutions by the Gramm-Leach-Bliley Act in 1999.Another development in recent years has been the vertical integration of debt securitization[citation needed]. Previously, investment banks had assisted lenders in raising more lending funds and having the ability to offer longer term fixed interest rates by converting the lenders" outstanding loans into bonds. For example, a mortgage lender would make a house loan, and then use the investment bank to sell bonds to fund the debt, the money from the sale of the bonds can be used to make new loans, while the lender accepts loan payments and passes the payments on to the bondholders. This process is called securitization. However, lenders have begun to securitize loans themselves, especially in the areas of mortgage loans. Because of this, and because of the fear that this will continue, many Investment Banks have focused on becoming lenders themselves,[3] making loans with the goal of securitizing them. In fact, in the areas of commercial mortgages, many investment banks lend at loss leader interest rates[citation needed] in order to make money securitizin

资本运作的主要方式 　　资本运作又称资本运营，是指利用市场法则，通过对资本本身的技巧性运作或资本的科学运动，实现价值增值、效益增长的一种经营方式;即是以利润最大化和资本增值为目的，以价值管理为特征，将企业的各类资本，不断地与其它企业、部门的资本进行流动与重组，实现生产要素的优化配置和产业结构的动态重组，以达到企业自有资本不断增加这一最终目的的运作行为。 　　1.资产置换(Replacement of Assets) 　　资产置换是指上市公司控股股东以优质资产或现金置换上市公司的呆滞资产，或以主营业务资产置换其非主营业务资产等情况，资产置换包括整体资产置换和部分资产置换。 　　资产置换以后，上市公司的产业结构会发生变化或调整，资产状况一般将得以改善。 　　2.回购协议(Repo，Repurchase Agreement) 　　回购协议有两种，一是债券质押式回购交易，一是债券买断式回购。 　　回购协议是指由借贷双方签订协议，规定借款方通过向贷款方暂时出售一笔特定的金融资产(证券)而换取相应的即时可用资金，并承诺在一定期限后按约定价格购回这笔金融资产(证券)。其中的回购价格一般为售价加利息，这样就在事实上偿付融资本息。 　　回购协议实质上是一种短期抵押融资方式，那笔被借款方先售出后又购回的金融资产(证券)即是融资抵押品或担保品。回购协议分为债券回购和股票回购两种。两种形式都是融资的手段，而且一贯都被认为是比较安全且回报高而快的方式。 　　3.债权转股权(Debt for Equity Swap) 　　所谓债转股实际上就是将债务转换为股权，使债权人成为企业的股东，而企业则由债务人变成持股人的公司。债权转股权一般有三种途径:(1)直接把对企业的债权转换为对企业的股权。(2)将债权出售给第三方，第三方再将这笔债权转为股权。(3)将股权交给第三方管理，再从第三方获得股息和分红。 　　一般来说银行、非银行金融机构、企业、自然人等都可以充当债权人。 　　下面举出的德隆的运作案例并非传统意义上的债转股，它并没有变更权益关系，但本质上却是利用关联公司的错综复杂的关系对债转股的另一种更高明的应用。 　　1996年2月新疆屯河、新疆德隆参与注册成立新疆金融租赁公司。其中，新疆德隆和新疆屯河各出资700万元，各占新疆金融租赁12.73%股权。6月，新疆屯河上市。10月，新疆德隆成为新疆屯河第三大股东，持股10.185%。 　　1997年4月，德隆通过新疆金融租赁首次发现了新中国第一只为期3年的一亿元特种金融债券，年利率11%。为该特种金融债券提供担保的两家公司均是德隆系公司:其中之一是新疆德隆，其质押的是所持有的新疆屯河8.19%即1410.18万股法人股及其质权登记日后的分红派息;另一家则是乌鲁木齐德隆房地产开发公司，抵押的是其下属的城市大酒店的部分楼层。如下图: 　　新疆德隆对新疆金融租赁的`担保，其结果有两种，一种是债权人对新疆金融租赁的债权转变为其对新疆屯河的股权，另一种则是对新疆金融租赁自身的股权，使债权人直接成为新疆金融租赁公司的(间接)股东。 　　首先看第一种情况:新疆德隆对新疆金融租赁的担保是采用股权质押的方法，其质押标的物是新疆屯河8.19%的法人股与质权登记日后的分红派息。由此，如若新疆金融租赁无法偿还债务，由新疆德隆来偿还，新疆德隆如果由于种种原因不能或不愿偿还，则债权人有权利对其质押品进行占用与处理，而其质押品却是股权，那么最后债权人对于新疆金融租赁的债权就转换为对其的股权;第二种情况继续使用第一种情况的假设，即新疆金融租赁无法偿还债务，而德隆亦不能或不愿偿还，最终使得债权人对新疆金融租赁的债权转变为对新疆屯河的股权，由于新疆屯河是新疆金融租赁的大股东，成为新疆屯河的股东，那么实际上也就是新疆金融租赁的间接股东。 　　从德隆的手法来看，实在是非常巧妙，本来新疆金融租赁对于债权人的债务是要负责任的，但却最后使得债权变股权，由债权人自负责任。另外，两家担保公司所担保的方式也有微妙但本质却相差甚远的区别，新疆德隆采用质押方法，最坏的结果就是失去对新疆屯河的一部分股权，而不用背负债务，由债权人自负盈亏;而德隆对于其房地产这个实业部分却采用抵押方式，德隆依然对其拥有占有权。 　　债转股是解决企业债务问题、对企业实施重组的一个重要方法，如果运用得当，不仅能够避免企业因资不抵债而遭破产的厄运，也能够使债权人减少损失，从而给债权债务双方一个共同解决问题的机会。当然，在本例中，这种方法事实上是为企业融资提供渠道，如若企业无法上市或无法配股融资，那么该方法就无疑是上策。 　　债权转股权的另外一种方法是:易股方案。具体来说就是母公司利用所持有的子公司的股票来交换自己的债务，即债务易股;对于债权人来说，即用对母公司的债权来交换对子公司的股权。 　　4.杠杆收购(LBO，Leveraged Buy-Outs) 　　杠杆收购是企业兼并的一种特殊形式，其实质在于举债收购，即收购者利用杠杆原理，用少量自有资金，以被收购企业的资产和将来的盈利能力作为担保从而筹集大量资金用于收购行为进而控制或重组目标公司的一种资本运作方式。 　　在收购活动中，收购方需要大量的资金才能运作，尽快筹集一定数量的资金成为收购方亟待解决的问题，而如果由收购方自己从外部融资支付收购价款，这无疑与直接支付被收购方价款是一样的，而LBO的特色就在于买方收购股权的资金，主要以目标公司的各种资产作抵押，由目标公司向金融机构及其他来源贷得，而买方只支付一、两成的现金。这样做的后果就是公司的资本结构中债务资本占了绝大部分，收购方的偿债压力极大，而债务资本的提供方即债权人一般要求较高的利率作为补偿，且附有苛刻条件。一旦经营不善，或是收购前规划和收购后现金流规划出了问题，收购方极有可能被债务压垮而破产。而这种高度负债的收购方式，需要收购者做出精确的计算，使得收购后公司的收支处于杠杆的平衡点即收购后公司的收入刚好支付因收购而产生的高比例负债。 　　5.战略并购(Strategic Mergers and Acquisitions) 　　战略并购是并购双方以各自核心竞争优势为基础，出于企业的自身发展战略需要，为达到公司发展战略目标，通过优化资源配置的方式在适度的范围内继续强化企业核心竞争力，并产生一体化协同效应，创造大于各自独立价值之和的新增价值的并购活动。如:横向合并、纵向合并、市场占有率增长、产品或市场保护、生产能力提高、财务协同、专业合作和多元化经营等，均属战略并购范畴。 　　以上可看出，战略并购至少应包括四方面内容。第一:战略并购以企业发展战略为目标，通过并购达到既定目标或为达到战略目标而选择手段，属于长期战略考虑。第二:以增强企业核心竞争力为基础，使并购后的企业形成更强的竞争优势。第三:产生协同效应，其主要体现在生产协同、经营协同、财务协同、人才与技术协同。第四:战略并购与财务并购有很大区别。并购学术界把整合并购于一体为前提进而谋求企业价值增值的活动，称为战略并购;而把不涉及整合并购公司于一体，直接谋求并购企业增值的称为财务并购。 　　战略并购后期整合非常关键，整合的好，效果非常突出且对于企业来说在确定其优势产业、占领市场将发挥重大作用。 　　另外，战略并购根本目的在于追求竞争上的长期战略优势，使公司适应不断变化的环境，而并非单纯追求规模扩大和财务上的短期盈利。这必然说明公司不仅要关注并购本身，还要更多关注并购后整合工作的顺利完成。 　　6.资产证券化(Asset Securitization) 　　资产证券化是在资本市场上进行直接融资的一种方式，资产证券化发行人将缺乏流动性但能够产生未来可回收的现金流的资产(即基础资产，underlying asset)在资本市场中通过向投资者发行资产支持证券进行融资，它与债券和股票等金融产品的不同之处在于资产证券化产品的还款来源是一系列未来可回收的现金流，而产生这些现金流的资产可以作为基础抵押资产对资产证券化产品起到支持作用。因此，资产证券化的实质是出售未来可回收的现金流从而获得融资，其最大作用是提高资产的流动性。 　　资产证券化运用组合基础资产的现金流来发行证券，因此一般又被称为资产支持证券(Asset-Backed Securities，ABS)。现在几乎任何金融资产―只要具有可预测和可回收的未来现金流，都可被用做资产证券化的基础资产。 　　资产证券化使投资者选择的投资方式增多，企业融资渠道扩展，使其可不通过传统占主导地位的银行而获得融资。 ;

　　采购，是指企业在一定的条件下从供应市场获取产品或服务作为企业资源，以保证企业生产及经营活动正常开展的一项企业经营活动。那么你知道采购用英语怎么说吗?下面来学习一下吧。 　　采购的英语说法1： 　　purchase 　　采购的英语说法2： 　　Procurement 　　采购的相关 短语 ： 　　采购部 Purchasing Department ; Procurement Department 　　采购合同 contract for purchase ; purchasing contract ; procurement contract 　　政府采购 government procurement ; government purchase ; government purchasing 　　采购专员 Sourcing Specialist ; Purchasing Specialist ; Procurement Specialist ; Buyer 　　采购者 buyers ; Purchasers ; Procurement 　　采购单 purchase order ; P/O purchase order ; shopping list 　　绿色采购 green procurement ; Green Purchasing ; Green Purchase ; green public procurement 　　设备采购 Procuring Equipment ; Equipment Procurement ; equipment purchasing ; Anlagenbeschaffung 　　询价采购 request for quotation ; Purchasing Inquiry ; Inquiry Purchasin 　　采购的英语例句： 　　1. We"ll buy everything you produce, provided of course the price is right. 　　当然了，倘若价格合适，我们将采购你们的全部产品。 　　2. The streets were full of Christmas shoppers. 　　街上挤满了为 圣诞节 采购的人。 　　3. Goods are open to free purchase. 　　自由采购商品. 　　4. We do our shopping on Saturdays. 　　我们星期六去采购东西. 　　5. To buy things cheaply from a poor country is to connive in its poverty. 　　低价从贫穷国家采购是加重其贫穷的不义之举。 　　6. Since 1978, the amount of money available to buy books has fallen by 17%. 　　自1978年以来，可用于采购图书的经费已经减少了17%。 　　7. Russia was cutting procurement of new weapons "by about 80 per cent", he said. 　　他说，俄罗斯新武器的采购量将削减“大约80%”。 　　8. Mr Hand said the company would make further bolt-on acquisitions in the US. 　　汉德先生声称该公司将在美国作进一步的追加采购。 　　9. China has sent two large purchasing groups to the U.S. since last year. 　　去年以来,中国向美国派去两个庞大的采购团. 　　10. On 1 October the US suspended a proposed $574 million aid package for 1991. Of this amount, $250 million is for military purchases. 　　10月1号，美国暂停了拟议中的一项1991年度总计5.74亿美元的一揽子援助方案，这其中有2.5亿美元是用于军事采购的。 　　11. They are also attempting to keep the car buyer as a long-term customer by offering after-sales service. 　　他们也正试图通过提供售后服务来使该汽车采购商成为长期客户。 　　12. Anyone who goes food shopping without a list is sure to forget the things they really need. 　　任何人如果采购食物时没列清单的话，肯定会忘了真正需要的东西。 　　13. He is in charge of the procurement of materials. 　　他负责物资的采购。 　　14. We want to encourage them to group together to act as a big purchaser. 　　我们想鼓励他们组成一个大的采购团。 　　15. Buying in bulk is more economical than shopping for small quantities. 　　批量采购要比零买实惠很多。

在截至2009年2月28日的财政年度的经营活动净现金流量为反映净收入为7300000美元，由一个非现金和2300000美元的非经营性收费的调整，主要包括无形资产和两个收购美元进行期间，连接1600000商誉减值，主要与域名收购连接金额为600000美元的无形资产摊销，增益消灭负债金额在700000美元，由于放弃收购款项同样作为一个结果，再与卖方在我们收购。影响在截至2009年2月28日的财政年度中包括的金额为12000000美元的预付的由于量的增加期间收到学费的学生增加经营现金流量增加的主要因素，在我们的所得税增加的金额为2300000美元，在美元与应计工资及奖金，企业并购应连接1800000金额的应计费用及其他流动负债的增加额。

(Dow Chemical Company和它的会员(「TDCC」)渴望卖某些财产与它的全球性影片被涂上的金属基体(工程学碾压)产品系列相关，不包括制造业财产。)

企业并购（Mergers and Acquisitions， M&A）包括兼并和收购两层含义、两种方式。国际上习惯将兼并和收购合在一起使用，统称为M&A，在我国称为并购。即企业之间的兼并与收购行为，是企业法人在平等自愿、等价有偿基础上，以一定的经济方式取得其他法人产权的行为，是企业进行资本运作和经营的一种主要形式。企业并购主要包括公司合并、资产收购、股权收购三种形式。方法公司并购的方法：(1)公司并购办理时用现金或证券购买其他公司的资产;(2)公司并购办理购买其他公司的股份或股票;(3)对其他公司并购公司股东发行新股票以换取其所持有的股权，从而取得其他公司的资产和负债。”条件公司并购包括以下主要条件：（1）公司并购当事人的地位协议，包括名称（姓名），住所，姓名，职务，国籍的法律代表等;（2）公司并购购买或认购股份和股本提高价格;（3）实施的性能模式的协议期限;（4）权利和义务的协议当事方;（5）违约责任，解决争端;（6）在签署协议的时间和地点。

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Retail trade is through the sale of industrial and agricultural producers will direct the production of the products sold to residents living consumption as a social group or sold for public consumption of the commodity marketing industry. No one engaged in by a producer to consumer product marketing activities of individuals or companies, from wholesalers, middlemen or to purchase goods manufacturers and direct sales to consumers. This article from the corporate mergers and acquisitions point of view, China"s retail industry from the status quo, particularly in foreign investment in the form of threats to China"s analysis of the reasons for the retail industry mergers and acquisitions, and on this basis of China"s retail sector to do an analysis .

货币银行学 Money and Banking 管理信息系统 System of Management Information 宏观经济学 Macroeconomics 运筹学 Operational Research 策略管理 Strategic Management 保险学 Insurance 银行会计 Bank Accounting 管理会计 Managerial Accounting 运筹学 Operational Research 国际贸易 International Trade 财务管理 Financial Management 国际金融 International Finance 租赁与信托 Hiring and Affiancing 证券投资学 Security Analysis and Investment 商业银行实务 Practice of Business Bank 国际结算 International Balance 项目评估 Projects Appraisal 金融市场学 Financial Marketing 人力资源管理 Human Resource Management 财务报告分析 Analysis of Financial Statement 财务案例分析 Case Analysis of FinancialManagement acquiring company 收购公司 bad loan 呆帐 chart of cash flow 现金流量表 clearly-established ownership 产权清晰 debt to equity 债转股 diversity of equities 股权多元化 economy of scale 规模经济 emerging economies 新兴经济 exchange-rate regime 汇率机制 fund and financing 筹资融资 global financial architecture 全球金融体系 global integration, globality 全球一体化，全球化 go public 上市 growth spurt （经济的）急剧增长 have one"s "two commas" 百万富翁 hedge against 套期保值 housing mortgage 住房按揭 holdings 控股，所持股份 holding company 控股公司 initial offerings 原始股 initial public offerings 首次公募 innovative business 创新企业 intellectual capital 智力资本 inter-bank lending 拆借 internet customer 网上客户 investment payoff period 投资回收期 joint-stock 参股 mall rat 爱逛商店的年轻人 means of production 生产要素 (the)medical cost social pool for major diseases 大病医疗费用社会统筹 mergers and acquisitions 并购 mobile-phone banking 移动电话银行业 moods 人气 net potato 网虫 non-store seling 直销 offering 新股 online-banking 网上银行业 online-finance 在线金融 online client （银行的）网上客户 paper profit 帐面收益 physical assets 有形资产 project fund system 项目资本金制度 pyramid sale 传销 recapitalize 资产重组 regional corrency blocks 地区货币集团 regulate 调控 sell off 变现 share(stock) option 期权，股票认购权 smart card 智能卡 slash prices 杀价 spare capacity 闲置的生产能力 strong growth 强劲的增长势头 switch trade 转手贸易 take…public 上市 tap the idle assets 盘活存量资产 transaction （银行的） 交易 transfer payment from the exchequer 财政转移支付 venture-capital 风险资本 virtual bank 虚拟银行 wire transfer 电子转帐

[1]Shimizu，K.，Hitt，M.A.，Vaidyanath，D,Pisano，V.Theoretical Foundations of Cross-border Mergers and Acquisitions：A Review of Current Research and Recommendations for the Future.Journal of International Management,2004,(10):307-353.[2]Fred Weston,Juan Siu,Brian ohnson.Takeovers,Restructuring&CorporateGovernance.Prentice Hall:New Jersey,2000

"We will not have problems in attracting new people, " the mayor said Friday.应该用后者，因为problem是可数名词的。trouble,difficulty可代替problems,因为它们是不可数名词。也有人用have a problem (in)

看看施奈德的历史吧。The history of Schneider ElectricThe iron and steel industry, heavy machinery, and ship building in the 19th century. Electricity and automation management in the 20th century. In 170 years of existence, Schneider Electric has risen to numerous challenges and made major strategic choices to become a leader. 19th century • 1836: The Schneider brothers took over the Creusot foundries (71), which were in difficulty. Two years later, they created Schneider & Cie. • 1891: Having become an armaments specialist, Schneider innovated by launching itself into the emerging electricity market. First half of the 20th century • 1919: Installation of Schneider in Germany and Eastern Europe via the European Industrial and Financial Union (EIFU). In the years that followed, Schneider associated with Westinghouse, a major international electrical group. The Group enlarged its activity to manufacturing electrical motors, electrical equipment for power stations and electric locomotives. • Post war: Schneider gradually abandoned armaments and turned to construction, iron and steel works and electricity. The company was completely reorganised in order to diversify and open up to new markets. Late 20th century • 1981-1997: Schneider Electric continued to focus on the electrical industry by separating from its non-strategic activities. This policy was given concrete form through strategic acquisitions: Telemecanique in 1988, Square D in 1991 and Merlin Gerin in 1992 became part of the Schneider Electric Group. • 1999: Development of Ultra Terminal with the acquisition of Lexel, European N°2 in electrical distribution. In May 1999 the Group was renamed Schneider Electric, to more clearly emphasise its expertise in the electrical field. The Group engaged in a strategy of accelerated growth and competitiveness. • 2000-2005: Organic growth and pursuing its policy of acquiring companies that allow Schneider Electric to position itself on new market segments: man-machine dialogue, UPS - uninterruptible power supply, movement control, Voice Data Image, Sensing Technology, Building Automation and security, (Digital, Crouzet, Clipsal, MGE UPS Systems, TAC, Kavlico, Andover Controls …).

1998无可置疑是合并的年.一起在曾经总共为2.25美元万亿和建立world"s最大的交易中更多公司沿公司筑堤和world"s石油大王们.面对坠落石油价格的,石油巨人埃克森和美孚寻求通过一$250bn取得规模经济.合并.有几个在合并和获得的增加后面因素.首先,全球化的加速的速度已经在中离开极端寻找海外获得公司

Tsingtao Brewery to determine the development strategy of the following:First, the use of beer around the small and medium-sized enterprises seeking partners recession, as well as the areas of mergers and joint government encouragement and promotion, acquisitions, mergers and strategic significance of the regional beer companies, to further improve the production base of national strategic layout, improve the country"s marketing network to increase market share; the second is to further strengthen international cooperation, to learn advanced production and management experience, to raise the level of production skills and management, in particular the level of brand management; The third is to use information technology as a breakthrough, increasing productivity and management level.Tsingtao Brewery in order to achieve "bigger and stronger" to take the horizontal integration of development strategies. Horizontal integration strategy is an enterprise merger at the same stage of production and operation of one or more companies to achieve long-term goals for their ways. This merger will enable enterprises to enhance production capacity and expand market share, providing the capital utilization rate, reducing the pressure of competition, enterprise productivity and the rapid growth of market share, at the same time it does not deviate from the scope of the operation of enterprises and the core technology, thereby management will not cause too much of a problem. And horizontal integration as a result of the advantages brought about largely from the business of mergers and reorganization of existing capacity, so the risk is relatively small.1, in order to achieve the rapid expansion of mergers and acquisitions. Mergers and the market is entering a new field of the most convenient, the most direct and shortest way to take time, is the simplest means of expanding the business. Through mergers, not only in production technology, but also in the overall distribution channels can be useful to receive some of the others.2, give full play to the brand. Tsingtao Brewery has a very good brand reputation, through horizontal merger peer companies, to take full advantage of the brand advantage.3, low-cost expansion mode. Acquisition in order to save costs, Tsingtao Brewery object in the choice of mergers, more inclined to the basic conditions for those who can, but the poor economic returns of enterprises, this can reduce the purchase price in negotiations to reduce the cost of horizontal integration.4, regional distribution is reasonable. Through Figure 3, we can see that the acquisition and merger Tsingtao mainly beer consumption in the ability of the south-eastern coast, especially north and east China不过说实话，这么长的文章，你不给分，是没有人会给你用人工翻译的

雅思单词有：1、Acquisition：得到；获得。2、Adequate：刚够的；适量。3、Adhere：粘；附着。4、Adjust：调整；使适合。5、Approach：靠近；接近。6、Approve：批准；同意；通过。7、Arbitrate：仲裁；公断。8、Head over heels：从头到脚。9、Chill out：别烦躁！冷静点。10、In a row：连续的。

我们掌握几个有可能会影响到结果的因素。为了了解企业在金融资源（金融资源可以影响到企业采取战略举措的能力和动机）方面的差异，以及投资者的预期，我们计算slack及财务能力变量。Slack，代表企业在短期内满足需要的能力，它是营运资本与资产的比率。财务能力，代表企业获取资本的长期能力，是企业的债务与所有者权益的比率。通过计算企业总资产的自然对数，我们得出企业规模。此外，我们还掌握了其他所采取的举措，包括：资产剥离（？不好意思，我是学金融的，可是实在没见过这个词在经济学上有什么含义，在这里猜的），国际化，新产品数量，已完成的兼并及协商好的战略联盟等。资产剥离，是业绩不佳的企业在准备提升业绩时常采取的一种措施，但是也有可能对企业造成一定的损害(Morrow, Johnson, and Busenitz, 2004)。资产剥离的衡量，通常是在好转年度时总资产减少的比率。在国际市场上增加销售量，是企业提升业绩的另一种战略性选择。国际化的衡量指标是好转年度时国际销售增量的比率。最后，我们深入了解了企业采取的所有战略举措（新产品，兼并，战略联盟），而不考虑其价值或易效仿性。从效果上看，掌握了这些举措，也有利于对一项有价值且不易被效仿的战略举措的评估进行有效性检查。它们进一步支持了模型的可信度（注：感觉这一句有点前言不搭后语），因为业绩不佳的企业所采取的举措，其数量和多样性均有可能影响投资者对这些举措的评价。

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Green purchase shop (imagine composition) One day in the future, a country of a specific city appeared a strange stores - green plants acquisitions shop. On the wall of the outside stores, stick a striking notice: Our special acquisitions green plants, all of the green plants plants complete all net, high prices for, no less than the normal plants 1000 yuan/strains, precious not less than 10,000 yuan/plant, plant seeds of plants not less than 1000 yuan/grains. With over to reap, no time limit, the more the better. The shop after opening, for a long time have no customers, because who also don"t believe, the world will have such good. Until one day, a poor boy scruffy netherwhelp passing this shop, he saw notices, thought: anyway, I do nothing, to pull out some plants to luck, replace strolled around the streets, maybe there will be unexpected harvest? So he came to the wild, optional pulled some plants with carts, dragging came to shop. Into stores, inside the empty, the house looks unfathomable, one eye don"t see the end. Blue lamplight, tan walls, very frightening. Suddenly, the wall opened a door, exposed a ShuiLian gates. Poor boy wonder reagent, didn"t know what was about to happen, he even some regret his boring move. Suddenly, ShuiLian out from a weirdo, about 5, 6 meters high, all over with the fire burning. Speaking voice like big bell as vigorous and louder: "young man, come with me." He slightly hesitated, still not consciously follow giants walked into ShuiLian door. After a ShuiLian gate, it do not have a hole, everything is so strange, one also did not know. Walked for a long time, he saw a fortress, with several large circle juxtaposed gantrywhileworking respectively, the pit pit hangs ordinary plants, precious plants, plant seeds several brand. Pit filled with white mist the same things, could not see depth. "Take your things lost go in." As one giant hole said. According to the giant"s request, young people will plant cast into the hole. The miracle appear, big pit white mist slowly recede, the blue mist rises. Soon, a large wooden box from blue mist slowly float out, box open, inside filled up with $100 bills. This strange sight dumbfounded. The young man "This is you sell the money and take it plant." A young man, he faced winced, picked up the box, rotating ran out of the ShuiLian door and ran out of the shop, returned to his place. He got a great deal of money, became a millionaire. The news spread quickly, and the city erupted near the big movement collected green plants. The shop is closed, lockout, everyone out. Streets, parks, mountain forest, the field, everywhere is the green plants, dig land all be opened, revealing new soil. No days, the streets, the park"s plants have no, mountain light, barren field. Another few days passed, the surrounding cities also action, soon, the whole country, the whole world all action, into the action. Search plant Green purchase store the world also bloom file. Less than two years, the whole earth never find a plant, a star seeds of plants. Beautiful earth on land disappeared, do not exist already forest, field, grasslands, all the land is desert and bald mountain, the land, FeiShaZouShi everywhere, bones in the air yellow sand fog. Don"t know when I, all over the world all the green purchase shop disappeared unnoticed. Because no plants, animals, are starting to large Numbers of starvation, people also can with dead animals for food. Soon, a large animal gradually lost him, people started looking for all can fill the stomach thing, when Marine animals after been eaten, mosquitoes, earthworms, worm and wait became the best of food. A mosquito price is equivalent to ten kilograms gold, in order to compete for a dead earthworms, two groups of people even move up guns. Not long ago, the whole earth even a mosquito also can not find. When people couldn"t find any food, people eat people phenomenon will soon appear, women, children, old people became the object was first to eat, and then, adult male people began to shoot each other. Population reduced sharply dog-eat-dog phenomenon to appear later, less than three months, there would be only a bony bodies with. When the world sink ausgestorben later, who is a fine night, earth ushered in a few flying saucer, flying saucer on fire out several giants, their holding hundred-dollar green plants. If the earth and man"s word, they must have one eye can recognize that these giant is green purchase store clerk. Soon, the earth regained vitality, however, live on earth, is some body burning flame giant. Only the pile of moreso recording the history of human existence

acquiring company 收购公司 bad loan 呆帐 chart of cash flow 现金流量表 clearly-established ownership 产权清晰 debt to equity 债转股 diversity of equities 股权多元化 economy of scale 规模经济 emerging economies 新兴经济 exchange-rate regime 汇率机制 fund and financing 筹资融资 global financial architecture 全球金融体系 global integration, globality 全球一体化，全球化 go public 上市 growth spurt （经济的）急剧增长 have one"s "two commas" 百万富翁 hedge against 套期保值 housing mortgage 住房按揭 holdings 控股，所持股份 holding company 控股公司 initial offerings 原始股 initial public offerings 首次公募 innovative business 创新企业 intellectual capital 智力资本 inter-bank lending 拆借 internet customer 网上客户 investment payoff period 投资回收期 joint-stock 参股 mall rat 爱逛商店的年轻人 means of production 生产要素 (the)medical cost social pool for major diseases 大病医疗费用社会统筹 mergers and acquisitions 并购 mobile-phone banking 移动电话银行业 moods 人气 net potato 网虫 non-store seling 直销 offering 新股 online-banking 网上银行业 online-finance 在线金融 online client （银行的）网上客户 paper profit 帐面收益 physical assets 有形资产 project fund system 项目资本金制度 pyramid sale 传销 recapitalize 资产重组 regional corrency blocks 地区货币集团 regulate 调控 sell off 变现 share(stock) option 期权，股票认购权 smart card 智能卡 slash prices 杀价 spare capacity 闲置的生产能力 strong growth 强劲的增长势头 switch trade 转手贸易 take…public 上市 tap the idle assets 盘活存量资产 transaction （银行的）交易 transfer payment from the exchequer 财政转移支付 venture-capital 风险资本 virtual bank 虚拟银行 wire transfer 电子转帐