|
留学生论文Literature Review写作范文-合并和收购的影响。本文是一篇留学生论文的文献综述部分，主要内容内容是讲述研究者一直在分析合并和收购的特点以及过去几年对这两个实体发展的影响。实际上，Weston等人认为，该领域的专家和研究人员提供了大量与该主题相关的记录。公司遵循与合并和收购相关的发展政策有很多原因。这不仅可以快速快速地进入本地和国际市场，还可以实现快速加速。它还可能接触知名品牌，应用知识和技能，并在不浪费时间的情况下扩大规模和范围。在与房地产相关的领域，参与者（房地产公司）可能希望促进一个共同组织，以个人为基础为企业提供资金。它还可以考虑与国内市场的建筑企业建立合资企业，以便按照Jensen所述的保证测量和突出条件执行合资企业。以下内容就是一篇留学生论文的Literature Review部分，供参考。 
Chapter – 2: Literature Review 文献综述
2.1. Introduction 引言
Investigators have been analyzing amalgamations and takeovers in the context of their characteristics and the impact on the development of both the entities over the past several years. In actuality, Weston et al. (2004) opine that the experts and researchers in the field have provided a large quantity of records related to the topic. There are many reasons why companies follow development policies related to amalgamations and takeovers. This permits rapid acceleration in addition to having a quick and instant approach to markets, both local and international. It is also likely to touch renowned brands, apply knowledge and skill, and widen the dimension and extent without losing time. In the sphere related to real estate, a participant (real estate firm) may want to promote a mutual organization for funding ventures on an individual basis. It may also consider entering into a joint venture with a construction enterprise in the domestic market so as to execute the venture as per assured measurements and highlighted conditions as stated by Jensen (2006).
Clients are reassured when they involve themselves with big enterprises, which have a great degree of brand reputation and remembrance. During these times, they articulate their backing, not merely as clients but also as financers as they buy stakes so as to invest money in the enterprise. It also possible for a company to advance by augmenting returns or managing expenses which in turn can be attained by reorganizing and reconfiguring finances apart from using creative methods and reengineering. Some enterprises may also purchase brands, goods, and utilities to expand the goods portfolio of the enterprise.
当客户与大企业接触时，他们会感到放心，因为大企业拥有很高的品牌声誉和记忆。在这段时间里，他们表达了自己的支持，不仅是作为客户，也是作为出资人购买股份，以便将资金投资于企业。公司也有可能通过增加回报或管理费用来取得进展，而这反过来又可以通过重组和重新配置财务而不是使用创新方法和重组来实现。一些企业还可能购买品牌、商品和公用事业，以扩大企业的商品组合。
The capability of an enterprise to undertake a development policy by reallocating its resources in creating different facets of its presence was maintained by Hogarty (2000). This could be denoted by its production unit, R&D, and through creating and promoting its brands and setting up more projects in parallel or varied spheres. Firms may also purchase extant enterprises or amalgamate with others to attain their objectives. Amalgamations and takeovers assist in accelerating development as the roles pertaining to infrastructure, branding, and manufacturing are clearly set up. Superior mediums which endorse development comprise of contracts, treaties, and agreements for varied ventures for a pre-determined time.
Hogarty保持了企业通过重新分配资源以创造其存在的不同方面来实施发展政策的能力。这可以通过其生产部门、研发部门、创建和推广其品牌以及在平行或不同领域设立更多项目来体现。企业也可以购买现有企业或与其他企业合并以实现其目标。合并和收购有助于加快发展，因为与基础设施、品牌和制造业相关的角色已经明确确立。支持开发的高级媒介包括预定时间内各种企业的合同、条约和协议。
All across the world, international corporates and enterprises are entering into purchases of and amalgamations with new firms, forming joint ventures and such equivalent associations on a common basis. Nearly fifty percent of the contracts pertaining to amalgamations and takeovers in India have been initiated by global enterprises. In 2005 alone, India witnessed global contracts of around 58 percent, a number which was double compared to Japan’s agreements at 21 percent.
在世界各地，跨国公司和企业正在与新公司进行收购和合并，共同组建合资企业和类似的协会。在印度，近50%的合并和收购合同是由全球企业发起的。仅在2005年，印度就见证了约58%的全球合同，与日本21%的协议相比，这个数字翻了一番。
Internationally, amalgamations and takeovers entail dogmatic frameworks particular to a specific nation and the labor unions of the enterprises. Post the 1990s, economic revolutions have been occurring globally and this has seen a growing attraction for amalgamations and takeovers. The financial segment witnessed a newness which saw modifications being made to possession and trade regulations, an increase in the disposable earnings and as a result, the capacity to discover newer marketplaces and newer chances. Firms are now fully utilizing the reduced interest rates and cost of capital. This has assisted several enterprises in broadening their scope of operations at the domestic and global levels through partnerships, associations, amalgamations, and takeovers. Additionally, the presence of many global media enterprises which publish information pertaining to contracts and partnerships on a large extent-particularly in segments related to production, cars, retail and others.
在国际上，合并和收购需要特定国家和企业工会的教条框架。20世纪90年代后，全球范围内发生了经济革命，这对合并和收购越来越有吸引力。金融部门经历了一个新的时代，对占有和交易规则进行了修改，可支配收入增加，因此有能力发现新的市场和新的机会。公司现在正在充分利用降低的利率和资本成本。这有助于一些企业通过伙伴关系、协会、合并和收购，扩大其在国内和全球层面的业务范围。此外，许多全球媒体企业在很大程度上发布与合同和伙伴关系相关的信息，特别是在与生产、汽车、零售和其他相关的领域。
On the other hand, it is extremely crucial for companies to ensure specific advisory metrics before they perform their functions related to amalgamations and takeovers, especially in huge markets which have not been discovered. Amalgamations and takeovers also have the ability to shift the stakeholder worth affirmatively or adversely, which may result in a scenario, which eats away into the prosperity.
When local takeovers in addition to global amalgamations get transformed into deficit-making and zero-worth developing patterns, all of these experience impediments. When stakeholders are not going to benefit from such projects, the costs of shares decline and thus, such agreements must consider all the primary essentials before opting for the linked choices. The influence of amalgamations and takeovers may be favorable or harmful to the development and this may take a long time and also be extremely costly for a total revival from an impediment.
另一方面，公司在履行与合并和收购相关的职能之前，尤其是在尚未发现的巨大市场中，确保特定的咨询指标至关重要。合并和收购也有能力肯定或否定利益相关者的价值，这可能会导致一种破坏繁荣的局面。
当本地收购和全球合并转变为亏损和零价值发展模式时，所有这些都会遇到障碍。当利益相关者无法从此类项目中受益时，股份成本会下降，因此，此类协议在选择相关选择之前必须考虑所有主要要素。合并和收购的影响可能对开发有利，也可能有害，这可能需要很长时间，而且对于从障碍中完全复苏来说，成本也非常高昂。
The existing segment also highlights the investigations and examinations undertaken on the topic by analysts. One needs to have sufficient data evaluation and also conduct hypothetical tests while assessing the influence of amalgamations and takeovers. Adequate links should also be deduced to comprehend the reason and impact correlations in amalgamations and takeovers in context to the criteria such as development of trade, stakeholder worth, productivity, and general performance. As the current study is linked to the influence of international amalgamations and takeovers, it is crucial to analyze the global amalgamations. Global partners who function from India while being based in the European Union framework have been examined depending on specific extant data. Additionally, domestic amalgamations and takeovers have also been analyzed.
现有部分还强调了分析人员就这一主题进行的调查和审查。在评估合并和收购的影响时，需要进行充分的数据评估，并进行假设测试。还应推导出充分的联系，以理解合并和收购中的原因和影响与贸易发展、利益相关者价值、生产力和总体绩效等标准的相关性。由于目前的研究与国际合并和收购的影响有关，因此分析全球合并至关重要。根据现有的具体数据，对在欧盟框架内从印度运作的全球合作伙伴进行了审查。此外，还对国内合并和收购进行了分析。
2.2. Theoretical Background: Mergers & Acquisitions (M&As)理论背景：并购
2.2.1. Definition 定义
Amalgamations and takeovers can be superiorly comprehended as development polices to enhance the income of the enterprise and also, its capital foundation. Sometimes, for two enterprises, with similar or dissimilar trade functions, to amalgamate on specific ranks is a superior trade choice. An amalgamation of this type assists in imparting a blend of experience and finances. A commercial amalgamation of this type functions as a solitary body between edifying impacts and worth values of a commercial amalgamation and takeover (Jensen and Ruback, 2003). Though the phrases ‘amalgamations’ and ‘takeovers’ are frequently employed collectively, they are two extremely varied procedures.
兼并和收购可以被更好地理解为提高企业收入和资本基础的发展政策。有时，对于具有相似或不同贸易职能的两个企业来说，在特定级别上合并是一种优越的贸易选择。这种类型的融合有助于传授经验和财务知识。这种类型的商业合并在商业合并和收购的启发性影响和价值价值之间发挥着孤立的作用。尽管“合并”和“接管”这两个短语经常被集体使用，但它们是两种极其不同的程序。
Amalgamations describe the merging of two different enterprises into a single entity. The two enterprises join each other, and shift all their resources and functions into a new one. This procedure includes the merging of all types of resources-employees, manufacturing facilities, and functions into the new entity that is shaped. The new entity shaped out of this has its individual distinctiveness, edifying representation, and groups of convictions. It is pointless to state that they are possessed by both the parties which share their resources to develop the new identity (Huang and Walkling, 2007).
合并是指将两个不同的企业合并为一个实体。这两家企业相互结合，将所有资源和职能转移到一个新的企业。该程序包括将所有类型的资源、员工、制造设施和职能合并到已形成的新实体中。由此形成的新实体有其独特性、启发性的代表性和信念群体。声明他们被双方拥有是毫无意义的，双方共享他们的资源来发展新的身份。
A takeover is considered as the purchasing-out procedure of an enterprise by another with the goal to stimulate management of its assets, investments, and functions. Takeovers occur when a firm purchases a major share of another firm’s stakes, assets, and liabilities (Weston et al., 2004). Firms experience a supplementary benefit when this occurs as they get the management apart from the functioning assets, in contrast to when they purchase merely the stakes, in which scenario they have to only compete with the other shareholders. Purchasing assets includes more expenses and offers an extensive capital foundation (Singal, 2006). Now let us consider acquisitions. This phrase also has been employed for many perspectives and is understood also. Takeover is a vague expression and though it may denote a context similar to acquisitions; the two are actually varied types of trade agreements (Jensen, 2006). A takeover is when a purchase is conducted without acquiesce or permission of the enterprise being taken over. Takeovers come with an adverse action that entails the attaining of another firm with the intent to ‘manage’ it. When an enterprise desires to take over another firm, it tries to purchase all its shareholders. Takeovers are the ones which do not have the approval of the firm being purchased and they are often nearly undertaken as a hostile proposal. This now clearly explains the different expressions and implications attached to amalgamations, acquisitions, takeovers, partnerships, and associations and how their context is based in the situation in which they are being applied.
收购被认为是一个企业被另一个企业收购的过程，目的是刺激其资产、投资和职能的管理。当一家公司购买另一家公司股份、资产和负债的主要份额时，就会发生收购。当这种情况发生时，公司将管理层从正常运作的资产中分离出来，而不是仅仅购买股份，在这种情况下，公司只需与其他股东竞争，公司就会获得额外的利益。购买资产包括更多费用，并提供了广泛的资本基础。现在让我们考虑收购。这个短语也被用于许多角度，也被理解。收购是一个模糊的表达，尽管它可能表示与收购类似的背景；这两者实际上是不同类型的贸易协议。收购是指未经被收购企业的默许或许可而进行的收购。收购伴随着一种不利的行为，这意味着收购另一家公司，意图“管理”它。当一家企业希望收购另一家公司时，它会试图收购所有股东。收购是指未经被收购公司批准的收购，通常几乎被视为恶意收购。现在，这清楚地解释了合并、收购、收购、合伙和协会所附带的不同表述和含义，以及它们的背景是如何基于应用它们的情况的。
2.2.2. Types of Mergers & Acquisitions 并购类型
Mergers can occur at parallel, perpendicular, or multinational levels. Each kind of amalgamation has not only its own typical characteristics but also a distinct impact on the work processes and trade functions.
并购可以发生在平行、垂直或跨国层面。每种合并不仅有其自身的典型特征，而且对工作流程和贸易职能也有着明显的影响。
Horizontal Mergers 横向并购
When two enterprises or enterprises that have parallel trades, which amalgamate to develop an entirely novel trade enterprise, it is known as a parallel merger. The enterprises which enter into a parallel amalgamation combine their assets as individual enterprises to shape a novel entity. These enterprises are thus capable of making a more robust enterprise which has a wider capital base and greater resources. The rationale behind this is to acquire a larger market share and become a dominant force in the market (Shleifer and Vishny, 2009).
当两个企业或拥有横向贸易的企业合并，发展出一个全新的贸易企业时，称为平行合并。进行平行合并的企业将其资产合并为单个企业，形成一个新的实体。因此，这些企业能够打造一个更强大的企业，拥有更广泛的资本基础和更多的资源。这背后的理由是获得更大的市场份额，成为市场的主导力量。
Such parallel amalgamations provide several benefits. They enable larger presence and greater range in addition to optimal performance ability to the novel entity. The two previously distinct entities now have the benefit of augmented resources capable of executing procedures in a superior method to ensure consistent supply of goods, which are of much better quality (Mitchell and Mulherin, 2006). Even in India there are a few instances of parallel amalgamations, for instance, the amalgamation between Indian carriers’ which occurred between Lufthansa and Swiss International apart from Air France and KLM (Bottazzi et al., 2001).
这种横向并购提供了几个好处。除了新实体的最佳性能能力之外，它们还可以实现更大的存在和更大的范围。这两个以前不同的实体现在有了更多的资源，能够以更好的方法执行程序，以确保质量更好的货物的持续供应。即使在印度，也有一些类似合并的例子，例如，除了法航和荷兰皇家航空公司，汉莎航空和瑞士国际航空公司之间的印度航空公司合并。
The United Kingdom (UK) has witnessed several parallel amalgamations. In reality, the results of several investigations have depicted that nearly 60 percent of all amalgamation agreements which have occurred post-2001 have been parallel amalgamations (Firth, 2000). The same notion is also put forth by Berndt (2001). He also states that most of the amalgamations which happened post-deregulation and liberalization of the economy were parallel in character. Another instance of a parallel amalgamation like the one of Birla Cement and Larsen & Toubro (L&T) is related to the cement sector. Additionally, the amalgamation of Kingfisher Airlines and Air Deccan in addition to the one between Jet Airways and Air Sahara depict parallel amalgamations in the airlines sector. The Tatas and the Birlas are two huge corporate entities, which have amalgamated in the telecommunications sector.
英国经历了几次横向并购。事实上，几项调查的结果表明，2001年后发生的所有合并协议中，近60%是横向并购。Berndt也提出了同样的概念。他还表示，在放松管制和经济自由化之后发生的大多数合并在性质上是平行的。另一个类似Birla水泥和Larsen&Toubro并购的例子与水泥行业有关。此外，翠鸟航空公司和德干航空公司的并购，以及捷特航空公司和撒哈拉航空公司之间的并购，描绘了航空业的横向并购。Tatas和Birlas是两个大型企业实体，它们在电信行业并购。
Vertical Mergers 纵向并购
A perpendicular amalgamation is one in which enterprises which are elements in a supply chain or which function as utility suppliers or subsidies in the equivalent type of trade resolve to become one entity. It is noticed that such amalgamations occur when firms resolve to augment their forte in the supply aspect (Agrawal et al., 2002).
纵向并购是指作为供应链中的要素或在同等类型的贸易中充当公用事业供应商或补贴的企业决心成为一个实体。值得注意的是，当企业决心增强其在供应方面的优势时，就会发生这种合并。
Perpendicular amalgamations manage to keep rivals away by maintaining stress and managing their supply firms. The perpendicular amalgamation is thus capable of seizing a bigger market share for their goods while the supply group fails to back the goods of other contenders. This plan assists the enterprises to closely react to their clients’ needs. The element pertaining to the rivals is capable of keeping the prices from rising as the supplies are not reimbursed for (leanmergers.com). Logically, the outcome of this action is an extremely robust management and more revenues as the firms attain an upper hand over their contenders.
纵向并购通过保持压力和管理其供应公司来避免竞争对手。因此，纵向并购能够为他们的产品抢占更大的市场份额，而供应集团无法支持其他竞争者的产品。该计划有助于企业对客户的需求做出密切反应。与竞争对手有关的因素能够防止价格上涨，因为供应没有得到补偿。从逻辑上讲，这一行动的结果是，随着公司在竞争对手中占据上风，管理层极为稳健，收入也会增加。
An instance of perpendicular amalgamation is the one between Ford and Vauxhall who are car producers, who have acquired or purchased automobile enterprises. When Ford purchased Hertz, it was an instance of a perpendicular amalgamation (Loughran and Vijh, 2007). Another example of a perpendicular amalgamation in the telecommunication industry is that of Reliance Communication Ltd’s purchase of Flag Telecom.
纵向并购的一个例子是福特和沃克斯豪尔之间的合并，他们是汽车生产商，收购或收购了汽车企业。当福特收购赫兹时，这是一个纵向并购的例子。电信行业纵向并购的另一个例子是Reliance Communication Ltd收购Flag Telecom。
Conglomerate Mergers 混合并购
Multinational amalgamations occur amongst two entirely varied enterprises. Such enterprises are participants at distinct degrees and have no equivalents in the good variety, markets, clients, supply chain, or any other criterion. Multinational amalgamations occur amongst such enterprises and a novel association is shaped in addition to new trade contracts. Multinational amalgamations show only one line of power or authorization, which manages the trade functions from a solitary aspect of knowledge, resources, client power, and market experience which guarantee enhanced trade after the multinational trade which occurred before (Asquith et al., 2003). Multinational amalgamations are executed so as to diffuse the dangers over an extensive base and thus avoid any chief impediment for the enterprise (Huang and Walkling, 2007).
混合并购发生在两个完全不同的企业之间。这类企业是不同程度的参与者，在良好的品种、市场、客户、供应链或任何其他标准方面没有对等的。混合并购发生在这些企业之间，除了新的贸易合同外，还形成了一个新的协会。混合并购只显示出一条权力或授权线，它从知识、资源、客户权力和市场经验的单独方面管理贸易职能，这保证了在之前发生的跨国贸易之后加强贸易。实施混合并购是为了在广泛的基础上分散危险，从而避免企业的任何主要障碍。
Financial Acquisitions 财务收购
Monetary attainments are related to the capital and fiscal aspect of trade plans such as Management Buyouts (MBOs) or Leveraged Buyouts (LBOs). Such purchases are not considered in the same context as amalgamations and takeovers (Travos, 2007).
货币成就与管理层收购或杠杆收购等贸易计划的资本和财政方面有关。此类收购与合并和收购不在同一背景下。
2.2. Stimulus for Amalgamations 合并的刺激因素
A large chance to develop the value of mergers is when incentives for the same are anticipated or envisaged by investors. Investigators such as Asquith et al. (2003), Agrawal et al. (2002), and André et al. (2004) have developed comprehensive data related to the topic pertaining to the incentives for mergers. Mergers must be discouraged by varied reasons such as a superior geographic market, varied economies, superior capabilities and price efficient conduct, widening of the trade, the synergy incorporated, and shifting assets to superior administrators so as to maximize the assets and create superior results, which is the chief objective.
当投资者预期或设想了合并的激励措施时，就有很大机会发挥合并的价值。Agrawal等调查人员已经开发了与兼并激励相关主题的全面数据。必须以各种理由阻止合并，如优越的地理市场、多样的经济、优越的能力和价格效率行为、贸易的扩大、合并的协同效应以及将资产转移给优越的管理者，以最大限度地利用资产并创造优越的结果，这是主要目标。
It has been proved that mergers and amalgamations are distinctive mediums related to financing in the context of advancement by many investigators. The chief idea or objective behind attaining a profitable investment would be important, particularly if such a concept is considered. In the event of the presence of incentives such as professions or sometimes pure respect improvement occurrences, the possibilities of investments becoming valuable, particularly when there are totally varied incentives for the varied enterprise to triumph and create the line of business. In the event of mergers, at the point when the primary incentive shapes the real advantageous investment, one has to consider the reason why the merger may seem to be priceless. A primary reason may be the lack of the expanding capability to access an unexploited market. One may anticipate a merger so as to achieve these objectives in an effortless manner (Gugler et al., 2003).
事实证明，在许多调查人员的推动下，合并和兼并是与融资相关的独特媒介。实现有利可图的投资背后的主要想法或目标很重要，特别是如果考虑到这一概念的话。如果存在职业或有时纯粹的尊重改善等激励措施，投资的可能性就会变得有价值，特别是当各种企业获得成功和创造业务线的激励措施完全不同时。在合并的情况下，当主要激励因素决定了真正的优势投资时，我们必须考虑合并似乎是无价之宝的原因。主要原因可能是缺乏进入未开发市场的扩张能力。人们可能会期待合并，以轻松的方式实现这些目标。
For a triumphant merger, one should ascertain aspects of robust revenues and synergies. The focus in this matter should also lie on comprehending the incentives for cross-border mergers. It is noticed that dissimilar to domestic mergers for cross-border mergers, one needs to develop an incentive evaluation (Conn et al., 2001). The FDI incentives would resort to internalization, ownership, and position advantages as good instances as mentioned by Moeller et al. (2004).
对于一个成功的合并，我们应该确定强劲的收入和协同效应。这一问题的重点还应在于理解跨国并购的动机。值得注意的是，与跨国并购的国内并购不同，需要制定激励评估。如Moeller等人所述，FDI激励措施将诉诸于内部化、所有权和位置优势。
In the context of cross-border mergers, a merger is not likely to have unique ownership advantages. On the other hand, locational advantages may be unclear. Thus, in lieu of purchasing an enterprise in a totally varied geographical market, there are many idea-procedures which happen constantly. The majority of crucial internalization advantages in the instance of cross-border mergers are when products are sold overseas by one nation to another.
在跨国并购的背景下，并购不太可能具有独特的所有权优势。另一方面，区位优势可能并不明确。因此，代替在完全不同的地理市场上购买企业，有许多想法程序不断发生。在跨国并购的情况下，最关键的内部化优势是产品由一个国家销往海外。
In the event of the incentives, the OLI framework provides a backdrop for the objective of cross-border mergers, but other factors are also very crucial. It is considered by Chen and Findley (2002) that there is a speed if the retrieval to international markets since those from Greenfield investment cannot be equaled.
在激励措施的情况下，OLI框架为跨国并购的目标提供了背景，但其他因素也非常重要。Chen和Findley认为，如果国际市场的检索速度无法与绿地投资的检索速度相媲美，那么检索速度就会很快。
By the end of the initial ten years of the 21st century, the waves in mergers were analyzed by Danzon et al. (2004). This was later referred to as the ‘Cross Border’ wave. In contrast to other waves of the century, Evenett explained the trends of the merger wave to be distinct. The utility segment displays how the merger wave comprises of more mergers since specific elements had become components of the ‘Cross Border’ and more so, with the liberalization effects in addition to the industrial monetary facet, this has additionally intensified privatization. There had to be a greater milieu to assist cross-border mergers. With the chief investment, the incentives had to be linked to the dogmatic surrounding to guarantee an element of the merger wave as depicted by Evenett. For other such grounds, cross-border mergers rise as depicted by Nicholson and McCullough (2002).
到21世纪头十年结束时，Danzon等人分析了合并浪潮。这后来被称为“跨境”浪潮。与本世纪的其他浪潮相比，埃文特解释说，合并浪潮的趋势截然不同。公用事业部门展示了合并浪潮是如何包括更多的合并，因为特定的要素已经成为“跨境”的组成部分，更重要的是，除了工业货币方面的自由化效应，这进一步加剧了私有化。必须有更大的环境来协助跨国并购。对于首席投资，激励措施必须与教条的环境相联系，以确保埃文特所描绘的合并浪潮中的一个要素。由于其他原因，如Nicholson和McCullough所描述的，跨国并购也在上升。
When the researcher has to handle the theoretical information pertaining to mergers, he tries to present an expansive literature for better understanding. In the context of mergers, a maximized direct policy contention seems to be the most superior and is accountable for the impact of the mergers.
当研究者必须处理与合并有关的理论信息时，他试图提供一个广泛的文献以更好地理解。在合并的背景下，最大化的直接政策竞争似乎是最优越的，并对合并的影响负责。
A reasonable facet of the investigation discusses how both, markets and clients in the market commence many types of mergers. There has also been a theoretical investigation relating to ideas such as benefit predictions, envisaged variations in the outlays, diversified and varied quantum, in addition to who will eventually gain or lose on account of mergers. These theoretical investigations found their crux in oligopoly markets. Oligopoly markets have been the only crucial markets to utilize the rationale behind mergers opine Conn et al. (2001).
So as to manage such market situations, a firm which enjoys a monopoly generally cannot enter into a merger. In a merger of firms, there would be no impact on the market outcomes. In varied production scenarios, the strengths of demand and cost in varied types of oligopoly markets function in different ways while the emphasis of the literature is on studying mergers.
调查的一个合理方面讨论了市场和客户如何开始多种类型的合并。此外，还开展了一项理论研究，涉及利益预测、预计支出变化、多样化和多样化的数量，以及谁最终会因合并而获利或亏损。这些理论研究发现了寡头垄断市场的症结所在。Conn等人认为，寡头垄断市场是利用兼并背后的理论基础的唯一关键市场。
为了管理这种市场状况，享有垄断地位的公司通常不能进行合并。在企业合并中，不会对市场结果产生影响。在不同的生产场景中，不同类型的寡头市场的需求和成本优势以不同的方式发挥作用，而文献的重点是研究兼并。
2.3. Cross-Frontier 跨境
There are several literatures which pertain to theories related to mergers. In reality, none of these literatures actually differentiate that in the management of international merger procedures there must be variations. To achieve cross-border mergers several simultaneous investigations have been undertaken, which complement that there are several literatures dealing with the impacts of these mergers. In terms of globalization, it relies so this is a close expansion and additionally it fulfills international economy apart from varied types of market endeavours to expand international firms of their functions. With consistent methods related to cross-border mergers there is relevant contention for the perusal of “Indianization” of different segments as described by Ozawa (2002). On account of the absence of attempts in merging administrative techniques, business is the driving aspect behind communication and culture which is why different cross-border mergers were unsuccessful states Finkelstein (2009). Every type of merger is impacted by these matters instead of cross-border agreements which may be dominant. A further peril is that cross-border contracts are entered into merely to gain benefits. To regard the facets of wondering literature there are subjects and anxieties in context of the methods which incorporate cross-border mergers that have been completed.
有几篇文献涉及与合并相关的理论。事实上，这些文献中没有一篇真正区分国际并购程序的管理必然存在差异。为了实现跨国并购，同时进行了几项调查，补充了一些关于这些合并影响的文献。就全球化而言，它依赖于这样一种紧密的扩张，此外，它实现了国际经济，除了各种类型的市场努力，以扩大国际公司的职能。对于与跨国并购相关的一致方法，Ozawa所述的不同部门的“印度化”研究存在相关争议。由于在并购管理技术方面缺乏尝试，商业是沟通和文化背后的驱动因素，这也是Finkelstein不同跨境并购失败的原因。每种类型的并购都受到这些事项的影响，而不是可能占主导地位的跨境协议。另一个危险是，签订跨境合同仅仅是为了获得利益。关于疑问文献的各个方面，在已经完成的跨国合并方法的背景下，存在着主题和焦虑。
For cross-border mergers, informative differences are real in the hypothetical model facet as stated by Estrin (2009). In the process of achieving merger benefits, jargon, cultural problems, and official systems are cited as types of primary obstacles. The capabilities to draw attention of skills from other enterprises have been provided to differences useful influence procedures, attainment of communal mergers in firms and the particular speed. Generally, between the links amongst the merging methods of firms informative differences are the source of distrust, to which the triumph can be impeded by the communication matters. There is no clear theoretical model on the other hand, which is related to the impediments which harm the efficiency; despite it being a hypothetical exemplar. In contrast to domestic mergers, for a successful cross-border merger, however, this proves that the closer the facets, the more the obstacles, and these are limited to specific countries since many of these obstacles are linked to the regulatory and informative systems prevalent there. According to the origin of enterprises in context to the obstacles, there exist behavioral national variations which need to be expected and depend on the country. By being a source of synergy, informative differences can enhance merger ability in addition to generating benefits as opined by Fama (2009). However, impediments can be built by this, for expanded manner of spreading that is more possible. Instead of any of the domestic mergers participating in cross-border mergers as to gain more useful outlooks for the firms a theoretical exemplar method has been developed by Bjorvatn (2001) for the profit of handling cross-border mergers. By allowing varied mediums of entry in addition to cross-border mergers and for assessing and impacting triumph of cross-border mergers in addition to assessing entry outlays these are the primary variables, he employed to follow Fama (2001). Greenfield investment has been shifted into avenues which are minimally attractive by entry outlays, by methods using cross-border mergers augmented to the degree of revenue. On the other hand, in that market for achieving success as expected facets domestic mergers are regarded to be linked to a rise in the entry expenses. In contrast to the domestic ones in envisaging cross-border mergers success focus on hesitancy which is the outcome in this scenario. While choosing the expected outputs in addition to the entry outlays, the cross-border mergers can also provide access benefits to the distinctive market. In this regard, for both domestic and cross-border mergers, there is present, a theoretical merger literature. In terms of price uncertainty and demand exemplar depending on the matter of the doubt as put forth by Das and Sengupta (2001) both in domestic and cross-border mergers is the correct method.
对于跨境并购，Estrin所述的假设模型方面的信息差异是真实的。在实现合并利益的过程中，术语、文化问题和官方制度被列为主要障碍。已经提供了吸引其他企业注意技能的能力，以区别有用的影响程序、实现企业的共同合并以及特定的速度。一般来说，在企业合并方法之间的联系之间，信息差异是不信任的根源，沟通问题可能会阻碍这种信任的成功。另一方面，没有明确的理论模型，这与损害效率的障碍有关；尽管它是一个假设的例子。然而，与国内并购相比，对于成功的跨国并购而言，这证明了越接近的方面，障碍越多，而且这些障碍仅限于特定国家，因为其中许多障碍与当地普遍的监管和信息系统有关。根据企业的起源和障碍，存在着需要预期并取决于国家的行为国家差异。Fama认为，信息性差异作为协同作用的来源，除了产生效益外，还可以增强合并能力。然而，这可能会造成障碍，因为扩大传播的方式更为可能。Bjorvatn开发了一种理论示例方法，用于处理跨境合并，而不是任何参与跨境合并的国内合并，以获得对公司更有用的前景。除了跨境并购之外，通过允许不同的进入媒介，除了评估进入费用之外，通过评估和影响跨境并购的成功，这些是主要变量，他采用了Fama的理论。绿地投资已被转移到对进入支出吸引力最小的渠道，通过使用跨境合并的方法增加收入。另一方面，在这个市场上，要想实现预期的成功，国内并购被认为与进入费用的上升有关。与国内公司相比，跨国并购的成功取决于犹豫，这是这种情况下的结果。在选择进入支出之外的预期产出的同时，跨境并购也可以为独特的市场提供准入利益。在这方面，对于国内和跨国并购，目前都有理论上的并购文献。就价格不确定性和需求而言，根据Das和Sengupta在国内和跨国并购中提出的疑问，举例说明是正确的方法。
2.4. Experiential Study 研究经验
M&As are expansion strategies that corporates adopt to increase scale and market share rapidly. They are also used to diversify business interests or acquire technological capability, capital, expertise, or enter new markets. From the business perspective, growth is seen in terms of capital, profits, and shareholder value, operations become more efficient, and business registers improved performance. One of the major benefits of M&A transactions is the decrease in costs as resources are shared and processes are streamlined. There have been many instances of companies taking the M&A route to save costs like Wells Fargo, whose acquisition of First Interstate in 2006 resulted in cost savings of USD 1 Billion (Jensen and Ruback, 2003).
并购是企业为了快速扩大规模和市场份额而采取的扩张策略。它们也被用于使商业利益多样化或获得技术能力、资本、专业知识或进入新市场。从商业角度来看，资本、利润和股东价值都在增长，运营效率更高，企业业绩也有所改善。并购交易的一个主要好处是，随着资源共享和流程简化，成本降低。有很多公司采取并购的方式来节省成本，比如富国银行，2006年收购第一州际公路，节省了10亿美元的成本。
With the restructuring of processes and systems that follow a merger, companies become more efficient and effective as the organization’s operational dynamics are realigned and streamlined. The benefits of operating on a large scale, reduction or elimination of wasteful and duplicating processes, the sharing of personnel and other resources all lead to high savings and better performance. The sharing of resources including capital infusion reduces costs and facilitates growth and with open lines of communication, a company can maximize its return on investments. Large-scale operations give companies larger purchasing power and rates for material in bulk can be contracted at far cheaper rates than if supplied to separate companies. M&As deliver value in terms of cost savings, operational efficiencies, large-scale economies, increased market share, diversified product lines, and expertise and technology.
随着合并后流程和系统的重组，随着组织运营动态的重新调整和精简，公司变得更加高效和有效。大规模运营的好处，减少或消除浪费和重复的流程，共享人员和其他资源，都会带来高节约和更好的绩效。包括资本注入在内的资源共享降低了成本，促进了增长，通过开放的沟通渠道，公司可以最大化其投资回报。大规模运营给了公司更大的购买力，散装材料的价格可以比单独供应给公司的价格便宜得多。并购在成本节约、运营效率、大规模经济、增加市场份额、多样化产品线以及专业知识和技术方面带来价值。
Bradley and colleagues (2008) observed that mergers and acquisitions in allied industries also create effective synergies for companies to cut costs and increase returns. Large-scale operations lead to better economical management which gives companies a better chance to compete in the market as they can deliver value to the customer by providing better products and services at cheaper costs. As mentioned earlier, M&A deals increase customer base and market share leading to increased revenues and profits. It also helps eliminate unhealthy competition as the new merged enterprise now strives for dominance instead of competing with each other as they did before the merger like the successful Hindalco-Novelis acquisition.
Bradley及其同事观察到，联合行业的兼并和收购也为公司降低成本和提高回报创造了有效的协同效应。大规模运营带来了更好的经济管理，这使公司有更好的机会在市场上竞争，因为他们可以以更低的成本提供更好的产品和服务，从而为客户带来价值。如前所述，并购交易增加了客户基础和市场份额，从而增加了收入和利润。这也有助于消除不健康的竞争，因为新合并的企业现在正在争取主导地位，而不是像成功收购Hindalco Novelis那样在合并前相互竞争。
Acquiring a company is the quickest and most effective way to enter a new market or increase market share and standing in a current area and location of operations. A company can grow at a faster rate and be market ready virtually by Day One whereas in a Greenfield project, a company might have to strive for years to start production and penetrate the market. A merger also effectively deals with competition as shared resources, expertise and technology coupled with the economies of scale make them competitive and help increase market share.
收购一家公司是进入新市场或增加市场份额并立足于当前运营领域和地点的最快捷、最有效的方式。一家公司可以以更快的速度增长，并在第一天就可以进入市场，而在绿地项目中，一家公司可能需要努力数年才能开始生产并进入市场。合并也有效地应对了竞争，因为共享的资源、专业知识和技术以及规模经济使它们具有竞争力，并有助于提高市场份额。
To be considered successful, mergers and acquisitions either register higher revenues or effectively reduce costs. There has been a lot of research indicating that cost saving rates has been higher than increased revenue figures in M&A deals. This is not to say that companies have not grown in terms of revenue. It merely indicates that the rate of growth is not matched by the rate of savings. Operational efficiencies, cost savings, and increased revenue are the three vital objectives of a merger (Jarell and colleagues, 2008).
为了被认为是成功的，兼并和收购要么带来更高的收入，要么有效地降低成本。大量研究表明，并购交易中的成本节约率高于收入增长率。这并不是说公司的收入没有增长。这仅仅表明增长率与储蓄率不匹配。运营效率、成本节约和收入增加是合并的三个重要目标。
Andrade and colleagues (2001) have researched and studied the success of mergers and acquisitions in India and whether the stated objectives of the M&A have been met. Between 2005 and 2008, 26 M&A deals were struck with international companies from 13 different countries. Their study revealed that most mergers did not register high profits or top-line growth. Some companies showed negative rates of return and thus the objective of increasing revenues taking the M&A route was not successful. Similar results have been recorded in the US although 107 mergers that took place in the US in 2000 showed higher valuations and asset increases. Shareholder value and company valuations in India did not increase as substantially as they did in M&A deals that took place in the UK (Anandan and colleagues, 2008).
Andrade及其同事研究了印度并购的成功，以及并购的既定目标是否实现。2005年至2008年间，来自13个不同国家的国际公司达成了26项并购交易。他们的研究表明，大多数合并没有带来高利润或高利润增长。一些公司表现出负回报率，因此通过并购途径增加收入的目标并不成功。尽管2000年在美国发生的107宗合并显示出较高的估值和资产增长，但美国也出现了类似的结果。印度的股东价值和公司估值并没有像英国发生的并购交易那样大幅增长。
The main motivational drivers for mergers and acquisitions are market dominance and efficiency whilst growth of shareholder wealth though a prime factor is not impacted as heavily and sometimes falls. Research indicates that valuations are less when larger multinational companies pick up controlling stake.
兼并和收购的主要动机是市场支配地位和效率，而股东财富的增长虽然是一个主要因素，但受到的影响并不大，有时还会下降。研究表明，当大型跨国公司获得控股权时，估值会降低。
2.5. The Indian Merger Environment 印度并购环境
This study examines the M&A environment in India and also studies previous research on M&A analysis of firms in Europe. A major portion of this study is devoted to the understanding of mergers and acquisitions in the EU. With the opening up of economies globally and governments announcing policies to attract FDI and amending rules and regulations for foreign companies to do business, a lot of international M&A deals have been witnessed in Europe. A lot of research and information is available on business collaborations in Europe along with the entry of cross-border companies. These studies are detailed and comprehensive accompanied by detailed analysis (Chaudhri, 2002).
本研究考察了印度的并购环境，并研究了先前对欧洲企业并购分析的研究。本研究的主要部分致力于了解欧盟的并购。随着全球经济的开放，各国政府宣布了吸引外国直接投资的政策，并修改了外国公司开展业务的规则和条例，欧洲出现了大量国际并购交易。随着跨国公司的进入，关于欧洲商业合作的研究和信息很多。这些研究详细而全面，并附有详细分析。
A lot of mergers in Europe took place at the turn of the millennium. Bridgeman (2000) observes that the UK, France, and Germany have been aggressive in conducting M&A deals across the world. International companies have entered their markets with heavy investments and taken over local companies as well but these countries impose restrictions on certain industries and sectors. Luxembourg, for one, however, does not have any restrictions. The European Union Merger Control Act was formulated in September 2000 to assess and evaluate mergers and acquisitions as Europe tried to centralize operations to facilitate transnational transactions. This Act was amended in 2004 and 2008. The objective to bring about uniformity in procedures across Europe for business though noble is contentious as there are many differences between the richer nations and countries not doing as well. There are also policy shifts and business conditions that create issues related to the venture and investors are often forced to rethink their options (Bridgeman). Mani (2005) observes that the nations who are far more economically developed hold the edge in cross-border negotiations.
欧洲的许多兼并发生在千禧年之交。布里奇曼（2000）观察到，英国、法国和德国在全球范围内进行并购交易时一直很积极。国际公司以大量投资进入其市场，并收购了当地公司，但这些国家对某些行业和部门施加了限制。然而，卢森堡没有任何限制。2000年9月制定了《欧洲联盟兼并控制法》，以评估和评估欧洲试图集中经营以促进跨国交易的兼并和收购。该法案于2004年和2008年进行了修订。虽然高尚，但在整个欧洲实现商业程序统一的目标仍存在争议，因为富裕国家和不富裕国家之间存在许多差异。政策转变和商业条件也会导致与风险投资相关的问题，投资者往往被迫重新考虑他们的选择。Man观察到，经济发达得多的国家在跨境谈判中占据优势。
The European Merger Control Act came into force on 21st September, 2000 and further amendments were carried out in 2004 and 2008, but these were only enacted on 21st December 2009 giving the European Commission more discretionary powers (Anandan and colleagues, 2008). Mergers across borders demand that cultural and social uniqueness and sensitivity have to be factored in and this is controlled by the EC Authority. The amendment in 2008 was to create and empower the EC Authority to be able to function as a single window facilitator and ensure social and economic ends were met and local interests protected through each venture (Rice). The European Commission Green Paper (2001) has also highlighted the amendments led by the Act but there still are a lot of problems and procedures that are yet to be sorted out by the Act especially those to do with applications and filings. These gaps and ambiguities create roadblocks in M&A transactions especially when international companies merge with domestic companies to create powerful alliances and companies such as the P&O-Stena and American Airlines-British Airways in the UK which faced problems due to differences in policies (Bridgeman, 2002). The European Commission’s success with the single window facilitation for mergers and acquisitions in Europe is still to be proven.
《欧洲并购控制法》于2000年9月21日生效，2004年和2008年进行了进一步修订，但这些修订仅于2009年12月21日颁布，赋予了欧盟委员会更多的自由裁量权。跨国兼并要求考虑到文化和社会的独特性和敏感性，这由欧共体管理局控制。2008年的修正案旨在创建并授权欧共体管理局，使其能够作为单一窗口促进者发挥作用，并确保通过每一次创业实现社会和经济目标，保护当地利益。欧盟委员会绿皮书也强调了该法案所导致的修正案，但该法案仍有许多问题和程序有待解决，特别是与申请和备案相关的问题和程序。这些差距和歧义在并购交易中造成了障碍，特别是当国际公司与国内公司合并以建立强大的联盟时，以及英国的P&O-Stena和美国航空英国航空公司等公司因政策差异而面临问题时。欧盟委员会在欧洲并购单一窗口便利化方面的成功仍有待证明。
The EC intervention to facilitate and fast-track procedures for mergers in Europe was a noble intention especially the amendments in 2008, which empowered the commission considerably (Basant, 2000). There are about 200 mergers that have benefited from this Act. In fact after the amendments in 2008, mergers increased from 10% to 15%. Thus, the issues before the 2008 Amendments and after need to be studied in conjunction to understand benefits, valuations, and profitability impact on the host nation. Many deals may have been affected adversely or may not have been affected as such due to the expectation of the changes in policy. Deals require clarity, timing, focus, and policy and any variable that could be affected due to ambiguity of policies or lack of trust is bound to affect the merger. The European framework is a structure, which is far more rigid and severe than the US’s as illustrated by the GE-Honeywell experience and alliances in aviation. These strictures impact profitability in Europe and investors end up with lower margins.
欧盟委员会为促进和快速执行欧洲合并程序而进行的干预是一个崇高的意图，特别是2008年的修正案，这大大增强了委员会的权力。大约有200家公司从该法案中受益。事实上，在2008年的修正案之后，合并从10%增加到15%。因此，需要结合2008年修正案之前和之后的问题进行研究，以了解利益、估值和盈利能力对东道国的影响。由于政策变化的预期，许多交易可能受到不利影响或可能没有受到影响。交易需要明确、时间、重点和政策，任何因政策不明确或缺乏信任而受到影响的变量都必然会影响合并。欧洲的框架是一个结构，它远比美国的框架更为严格，GE霍尼韦尔在航空领域的经验和联盟就说明了这一点。这些限制影响了欧洲的盈利能力，投资者最终的利润率较低。
The Merger Control Act however, remains a structure that any nation can learn from and adapt to suit its own conditions and environment. Mehta and Samant (2007) suggest that this Act could be adapted to suit India in the current business environment. A reduction in companies going in for restructuring or strategic alignments has put pressure on countries with extended and cumbersome policies as companies prefer to shif.
然而，《兼并控制法》仍然是一个任何国家都可以借鉴和适应其自身条件和环境的结构。Mehta和Samant建议，可以对该法案进行修改，以适应当前商业环境中的印度。参与重组或战略调整的公司数量减少，给那些政策冗长、繁琐的国家带来了压力，因为这些国家的公司更倾向于回避。本站提供各国个专业留学生论文Literature Review写作指导服务，如有需要可咨询本平台。
|
