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1、外文文献MergersandAcquisitionsBasics:AllYouNeedToKnowIntroductiontoMergersandAcquisitionsThefirstdecadeofthenewmillenniumheraldedaneraofglobalmega-mergers.Likethemergersandacquisitions(M&As)frenzyofthe1980sand1990s,severalfactorsfueledactivitythroughmid-2007:readilyavailab
2、lecredit,historicallylowinterestrates,risingequitymarkets,technologicalchange,globalcompetition,andindustryconsolidation.Intermsofdollarvolume,M&Atransactionsreachedarecordlevelworldwidein2007.Butextendedturbulenceintheglobalcreditmarketssoonfollowed.Thespeculativehous
3、ingbubbleintheUnitedStatesandelsewhere,largelyfinancedbydebt,burstduringthesecondhalfoftheyear.Banks,concernedaboutthevalueofmanyoftheirownassets,becameexceedinglyselectiveandlargelywithdrewfromfinancingthehighlyleveragedtransactionsthathadbecomecommonplacethepreviousy
4、ear.ThequalityofassetsheldbybanksthroughoutEuropeandAsiaalsobecamesuspect,reflectingtheglobalnatureofthecreditmarkets.Ascreditdriedup,amalaisespreadworldwideinthemarketforhighlyleveragedM&Atransactions.By2008,acombinationofrecordhighoilpricesandareducedavailabilityofcr
5、editsentmostoftheworld’seconomiesintorecession,reducingglobalM&Aactivitybymorethanone-thirdfromitsprevioushigh.Thisglobalrecessiondeepenedduringthefirsthalfof2009—despiteadramaticdropinenergypricesandhighlystimulativemonetaryandfiscalpolicies—extendingtheslumpinM&Aacti
6、vity.Inrecentyears,governmentsworldwidehaveintervenedaggressivelyinglobalcreditmarkets(aswellasinmanufacturingandothersectorsoftheeconomy)inanefforttorestorebusinessandconsumerconfidence,restorecreditmarketfunctioning,andoffsetdeflationarypressures.Whatimpacthavesuchac
7、tionshadonmergersandacquisitions?Itistooearlytotell,buttheimplicationsmaybesignificant.M&Asareanimportantmeansoftransferringresourcestowheretheyaremostneededandofremovingunderperformingmanagers.Governmentdecisionstosavesomefirmswhileallowingotherstofailarelikelytodisru
8、ptthisprocess.Suchdecisionsareoftenbasedonthenotionthatsomefirmsaresimplytoobigtofailbecauseoftheirpotentialimpactont
