资本运营双语词汇

资本运营第2章并购的历史HISTORYOFMERGERS并购浪潮mergerwaves有价证券negotiablesecurities第一次并购浪潮firstwaves可转换债券convertiblesecurities横向并购horizontalmerger普通股commonstock纵向并购verticalmerger目标公司targetcompany混合并购conglomeratemerger收购公司acquiringcompany第二次并购浪潮secondwaves每股进阶效应pershareadvancedeffect合并combine股权收购shareacquisition垄断monopolize敌意收购hostileacquisition反托拉斯法antitrustlegislation利息interest谢尔曼法ShermanAct资产剥离assetstripping克莱顿法ClaytonAct白衣骑士whiteknight经济衰退economicrecession收购策略acquisitionstrategy控制效应controleffect反收购策略reversetakeoverstrategy财产税propertytax第四次并购浪潮fourthwaves第三次并购浪潮thirdwaves竞争性competitive多元化公司diversifiedfirm非竞争性noncompetitive多元化经营战略diversificationstrategy狙击者snipingranger主营业务mainbusiness绿票讹诈greenmail潜在互惠potentialmutual套利者arbitrager综合型企业integratedenterprise投资银行investmentbank市盈率earningsratio债务debt信贷市场creditmarket垃圾债券junkbond投资者investor袭击策略attackstrategy收购者financialbuyer防御策略defensestrategy每股收益率earningspershare第五次并购浪潮fifthwaves股票shares滚动收购rollingacquisition会计操纵账面收益accountingmanipulationpaperprofit战略并购管理层收购strategicmerger市场价值marketablevalueMBO(ManagementBuy-Out)股票价格shareprice道琼斯工业平均指数价值低估valueunderestimateDowJonesindustriesaverageindexFiveperiodsofhighmergeractivity,oftencalledmergerwaves,havetakenplaceinthehistoryoftheUnitedStates.美国历史上总共掀起过五次并购高潮，人们通常称之为并购浪潮。Thetermdiversifiedfirmsisgenerallyappliedtofirmsthathavesomesubsidiariesinotherindustriesbutamajorityoftheirproductionwithinoneindustrycategory.多元化公司通常是指这样一些企业：他们在其他行业有一些子公司，但大多数产品属于同一行业。Convertibledebenturesaredebtsecuritiesthatcanbeconvertedintoaspecificamountofcommonstock.可转换债券是一种可以兑换成特定数量的普通股的债务类证券。Theprice-earningsratio(P/Eratio)istheratioofthemarketpriceofafirmsstockdividedbytheearningsavailabletocommonstockholdersonaper-sharebasis.市盈率是公司股票的市场价格与普通股股东的每股收益之比。市盈率越高，根据对公司未来收益的预期，投资者愿意支付的股票价格就越高。Thestrategybehindroll-upswastocombinesmallercompaniesintoanationalbusinessandenjoyeconomiesofscalewhilegainingthebenefitsofbeingabletomarkettonationalasopposedtoregionalclients.滚动收购的目的是将小型企业合并成全国性企业，在取得向全国性而不是地区性客户营销机会的同时，还可以充分利用规模经济。Thislawalsoplacedlimitsonthevaluationofundervaluedassetsoftargetsthatweretobesoldathighervaluestogenerateincreasedearnings.如果收购公司准备高价出售目标公司被低估的资产已获取收益，那么在选择这些被低估资产的估值方法时就必须遵守税制改革法案所作出的限制性规定。themoreinvestorsarewillingtopayforafirm’sstockgiventheirexpectationsaboutthefirm’sfutureearnings.HighP/Eratiosforthemajorityofstocksinthemarketindicatewidespreadinvestoroptimism;suchwasthecaseinthebullmarketofthe1960s.市盈率越高，根据对公司未来收益的预期，投资者愿意支付的股票价格就越高。这表明投资者普遍持乐观态度，20世纪60年代的牛市就是这种情况。Earningspersharerisebecausethetargetearningsareaddedtotheacquiringfirm,butthetotalsharesoutstandinginitiallyremainthesame.由于目标公司的收入被并入收购公司中，而发行在外的总股数仍旧保持不变，收购公司的每股收益将会上升。By1908,andthecorporateraidhadgainedstatusasahighlyprofitablespeculativeactivity.Consequently,corporationsandspeculativepartnershipsplayedthetakeovergameasameansofenjoyingveryhighprofitsinashorttime.第四次并购浪潮的显著特征是敌意收购发挥了重要作用。到1908年时，敌意收购已经成为一种被人们接受的公司扩张形式。公司狙击成为一项高盈利的投机行为。Althoughthefifthmergerwavefeaturedmanylargemegamergers,therewerefewerhostiledealsandmorestrategicmergersoccurred.第五次并购浪潮以许多大型并购为特征，敌意收购相对较少，发生更多的是并购战略。资本运营第4章并购的战略MERGERSTRATEGY并购动机citedmotives勒纳指数lernerindex经营协同效应operatingsynergy垄断monopoly财务协同效应financialsynergy社会成本socialCosts规模经济economiesofscale生产者剩余producersurplus范围经济economiesofscope,消费者剩余consumersurplus货币市场currencymarket相关多元化relatedversus内部扩张internalgrowth合并consolidation业务扩张businessexpansion前向整合forwardintegration分销概念merchandisingconcept后向整合backwardintegration战略联盟strategicalliance自负假说hubrishypothesis合资jointventure交易成本transactionscosts协同收益synergisticgains个性化投入specializedinputs利润profit价格提升效应positivepriceeffects股东收益shareholderreturns赢者诅咒winnerscurse收益率rateofreturn代理权竞争Proxycontests汇率exchangerate财务会计准则委员会溢价premiumFinancialAccountingStandardsBoard净收购价值netacquisitionvalue多元化交易协同效应synerygdiversificationtransactions经济协同效应operatingsynergy盈利能力横向并购horizontalmergersprofitabilityoftherevenue纵向并购verticalmergers非相关多元化交叉营销cross-marketingunrelateddiversification管理费用分配spreadingoverhead跨国收购规模不经济scalediseconomies,cross-borderAcquisitions收购溢价acquisitionpremiums货币价值差异债务共同保险debtcoinsurancecurrencyvaluationdifferences经营多元化operatesdiversified分销网络集团分解deconglomerizationdistributionnetworkmerging投资组合化portfoliodiversifiedexpansion资本密集型企业多元化扩张capital-intensivecompany壁垒imposingbarriers跨区域银行共同保险效应thecoinsuranceeffectthesuperregionalbank有损接管bustuptakeover价值贴水横向整合horizontalintegrationdiversificationdiscount纵向整合verticalintegration滚动收购市场支配力marketpowerRoll-UpacquisitionprogramsThesynergyisreferstothetypeofreactionsthatoccurwhentwosubstancesorfactorscombinetoproduceagreatereffecttogetherthanthatwhichthesumofthetwooperatingindependentlycouldaccountfor协同效应是指两个物体或因素结合在一起产生综合效应，这种综合效应要比两者独立运作的效果之和更加显著。Financialsynergyreferstothepossibilitythatthecostofcapitalmaybeloweredbycombiningoneormorecompanies.财务协同效应是指合并一家或多家公司可能会降低资金成本。Cross-marketinghasthepotentialtoenhancetherevenuesofeachmergerpartner,therebyenablingeachcompanytoexpanditsrevenuesquickly.交叉营销有提升并购双方收入的潜力，因此能够使并购双方提高收入。Economiesofscopeistheabilityofafirmtoutilizeonesetofinputstoprovideabroaderrangeofproductsandservices.A范围经济是指企业利用一组投入要素生产出多种产品和服务的能力。Horizontalintegrationreferstotheincreaseinmarketshareandmarketpowerthatresultsfromacquisitionsandmergersofrivals.横向整合是指通过并购竞争对手来提高市场份额和市场支配力。Marketpower,whichissometimesalsoreferredtoasmonopolypower,isdefinedastheabilitytosetandmaintainpriceabovecompetitivelevels.市场支配力，有时候也称作垄断力量，被定义为制定并维持高于竞争水平的价格的能力。Verticalintegrationinvolvestheacquisitionoffirmsthatareclosertothesourceofsupplyortotheultimateconsumer.纵向整合是指收购那些靠近供应来源或者最终用户的企业。Thehubrishypothesisimpliesthatmanagersseektoacquirefirmsfortheirownpersonalmotivesandthatthepureeconomicgainstotheacquiringfirmarenotthesolemotivationoreventheprimarymotivationintheacquisition.自负假说意味着管理层可能会出于私人动机而进行收购，获得纯粹的经济收益就不是企业并购的唯一动机，或者甚至可能不是主要动机。Thewinner’scurseoftakeoversistheironichypothesisthatstatesthatbidderswhooverestimatethevalueofatargetwillmostlikelywinacontest.Thisisduetothefactthattheywillbemoreinclinedtooverpayandoutbidrivalswhomoreaccuratelyvaluethetarget.赢者诅咒是一个很有讽刺意义的假说，是指高估目标公司价值的出价方将最有可能赢得收购交易，因为与那些准确估计目标公司价值的及竞争对手相比，高估目标公司价值的出价方更愿意支付高的价格。资本运营第5章反收购的措施ANTITAKEOVERMEASURES预防性措施preventativemeasures经营战略businessstrategies主动性措施activemeasures税收处罚taxpenalties投资价值valueofinvestment对冲基金hedgefund时间效率timeefficiencies市场份额marketposition代理权proxy露华浓原则Revlonduties投资者investor锁定期权lockupoptions所有权ownership锁定交易lockuptransaction正相关positiverelationship终止酬金terminationfees驱鲨措施sharkrepellants停止酬金breakupfees轮换董事会staggeredboard最高酬金toppingfees优先股计划preferredstockplans一对一交易条款No-ShopProvisions弹出毒丸flip-overrights灼地防御scorchedearthdefense金融分析师financialanalysts一般发行generalissue固定收益证券fixed-incomesecurity不充分披露inadequatedisclosure财务杠杆financialleverage并购协议条款弹入毒丸flip-inpoisonpillsmergeragreementprovisions后端计划back-endplans管理者堑壕假说投票计划votingplansmanagemententrenchmenthypothesis永久性条款deadhand股东权益假说缓期性条款slowhandshareholderinterestshypothesis限时性条款nohandprovisions资产价值可嚼碎的毒丸chewablepillsthevalueofthefirm’sassets收购溢价takeoverpremiums空白支票优先股毒性卖权PoisonPutsblankcheckpreferredstock分级董事会classifiedboards票据购买权计划例外条款escapeclausesnotepurchaserightsplans灵活条款boardoutclauses超常收益公平价格条款fairpriceprovisionabnormalpositivereturns双重资本化dualcapitalization资本结构变化绿票讹诈greenmailcapitalstructurechanges金色股份goldenshares绝大多数条款金色降落伞goldenparachutessupermajorityprovision中止协议standstillagreement反绿票讹诈条款白衣骑士whiteknightantigreenmailprovisions白衣护卫whitesquire调整资本结构诉讼litigationcapitalstructurechanges反噬防御Pac-Mandefense股份回购商业目的validbusinessreasonstargetedsharerepurchasePreventativemeasuresaredesignedtoreducethelikelihoodofafinanciallysuccessfulhostiletakeover,whereasactivemeasuresareemployedafterahostilebidhasbeenattempted.预防性措施被用来减少发生意图在财务上取得成功的敌意收购的可能性，而主动性措施是在敌意收购报价出现之后才采取的措施。Themanagemententrenchmenthypothesisproposesthatnonparticipatingstockholdersexperiencereducedwealthwhenmanagementtakesactionstodeterattemptstotakecontrolofthecorporation.管理者堑壕假说指出，当管理层采取行动阻止控制企业的企图时，没有参与行动的股东的财富减少了。Theshareholderinterestshypothesis,sometimesalsoreferredtoastheconvergenceofinterestshypothesis,impliesthatstockholderwealthriseswhenmanagementtakesactionstopreventchangesincontrol股东权益假说，有时也成为利益收敛假说，是指当管理层采取行动防止控制权发生变化时，股东的财富会增加。Flip-inpoisonpillswereaninnovationdesignedtodealwiththeproblemofabidderwhowasimpactofthepillsimplybynotbuyingallofthetargefsoutstandingstock.弹入毒丸是一种创新，用来应付收购方不打算购买目标公司100%的股权的情况。针对弹出计划，收购方只要不买入目标公司的所有流通股就可以避免毒丸的影响。Poisonpillsareissuedbydistributingtocommonstockholdersadividendofonerightforeachshareofstocktheyown.Rightsholdersreceivetherighttopurchaseoneshareofstockduringtheexerciseperiod,whichistypicallytenyearsinlength.毒丸计划是通过向普通股股东持有的每份股票分配一份权力股息来实施的。权力股息持有者有权在实施阶段购买股票，实施阶段一般为10年。Poisonputsareauniquevariationonthepoisonpilltheme.Theyinvolveanissuanceofbondsthatcontainaputoptionexercisableonlyintheeventthatanunfriendlytakeoveroccurs.毒性卖权是毒丸计划体系中一个特别的变种。他们涉及发行含有卖权的债券，这些卖权在敌意收购发生时才会被执行。Thetermgreenmailreferstothepaymentofasubstantialpremiumforasignificantshareholder’sstockinreturnforthestockholder’sagreementthatheorshewillnotinitiateabidforcontrolofthecompany绿票讹诈是指向大股东的股票支付相当高的溢价，以换取他施不发动收购公司控制权的承诺。Astandstillagreementoccurswhenthetargetcorporationreachesacontractualagreementwithapotentialacquirerwherebythewould-beacquireragreesnottoincreaseitsholdingsinthetargetduringaparticulartimeperiod中止协议是指目标公司与潜在的收购者达成协议，规定这一收购者在未来的某一时期

内不会增加对目标公司的股票持有量。ThePac-Mandefense,itoccurswhenthetargetmakesanoffertobuytheraiderinresponsetotheraider’sbidfor.thetarget反噬防御是被目标公司采用的一种更富有传奇色彩的防御策略，它指的是目标公司以出价收购袭击者的方式来回应其对自己的收购企图。第7章杠杆收购LEVERAGEDBUYOUTS杠杆收购leveragedbuyout(LBO)资产资格评价qualifyingtheassets企业分解deconglomeration无资格的资产unqualifiedassets.退市divesting优惠利率primerate经济萧条recession买方期权calloptions大通证券公司chasesecurities库存股票treasurystock旧殖民信托公司oldcolonytrust债权人creditor古德温债券公司bond&goodwin垂直投资verticalstrip兼并mergers商业风险businessrisk现金股权收购all-cashtenderoffer利率风险interestrate竞标拍卖auction职位效应employmenteffects管理层所有权managerialownership资本支出capitalspending市盈率报价P/Esoffered反向杠杆收购recerseLBOs每股收益pershare,财富转移效应wealthtransfereffect效率收益efficiencygains隐形契约impliedcovenant信息不对称informationasymmetry夹层融资边际收入marginalrevenuemezzaninelayerfinancing边际成本marginalcost有资产担保的杠杆收购税收收益taxbenefitsasset-basedLBOs财务杠杆financialleverage退市业务股权资本equitycapitalgoingprivatetransactions现金流杠杆收购cash-flow市场疲软准权益条件equitykickerweakmarketconditions权证warrants萨班斯-奥克斯利法案S资本再造recapitalizationarbanesOxleyAct.资产担保的借款asset-basedlending管理层收购担保负债secureddebtmanagementbuyout(MBO)无担保负债unsecureddebt退市溢价优先级债务seniordebtgoingprivatepremiums中期债务intermediate-termdebt次级从属负债从属负债subordinateddebtjuniorsubordinateddebt债务资本debtcapitalAleveragedbuyout(LBO)isafinancingtechniqueusedbyavarietyofentities,includingthemanagementofacorporation,oroutsidegroups,suchasothercorporations,partnerships,individuals,orinvestmentgroups.杠杆收购是一种被各类实体广泛采用的融资技术，这些实体包括公司内部管理层或者外部组织，比如其他公司、合伙人、个人投资者或者集团投资者。TheMBOisatypeofLBOthatoccurswhenthemanagementofacompanydecidesitwantstotakeitspubliclyheldcompany,oradivisionofthecompany,private.管理层收购是这样一种杠杆收购，即公司管理层决定将其管理的公司或公司的某个部门退市。Thetargetcompany’sassetsareoftenusedtoprovidecollateralforthedebtthatisgoingtobeincurredtofinancetheacquisition.Thus,thecollateralvalueoftheseassetsneedstobeassessed.目标公司的资产在收购中被用作债务融资的抵押品。因此需要评估这些资产的抵押价值。这种类型的借款通常被称作有资产担保的借款。Muchoftheprotectionprovidedbythecovenantagreementsisintheformofapoisonputallowingthebondholderstosellthebondsbacktotheissueratanagreed-uponprice.在合约中采用毒药卖权的形式能够提供更大程度的保护，这个卖方期权能够让债券持有人以商定的价格把债券卖还给发行人。Businessriskreferstotheriskthatthefirmgoingprivatewillnotgeneratesufficientearningstomeettheinterestpaymentsandothercurrentobligationsofthefirm.商业风险是指公司私有化，无法产生足够的收入来偿还利息和其他短期负债的风险。Interestrateriskistheriskthatinterestrateswillrise,thusincreasingthefirm’scurrentobligations.Thisisimportanttofirmsthathavemorevariableratedebt.利率风险是指利率上升，导致公司短期偿债义务增加的风险。ThesemanagersinanMBOmayinvestsomeoftheirowncapitalinthedeal,butoftenotherequitycapitalisprovidedbyinvestorswhilethebulkofthefundsareborrowed.在管理层收购中，管理者会投入一部分自由资金，其他资金由投资者提供，大部分资金是通过负债借来的。Whenacompanyincreasesitsdegreeoffinancialleverage,thatis,increasestheamountofdebtrelativetoequityinitscapitalstructure,itsubstituteslower-costdebtcapitalforequitycapitalanditsweightedaveragecostofcapitalusuallydeclines.当一家公司增加财务杠杆，即在资本结构中增加负债相对于权益的比例时，可以用成本更低的债务资本来取代权益资本，从而使公司资本的加权平均成本下降。Seniordebtconsistsofloanssecuredbyliensonparticularassetsofthecompany.优先级债务是以公司特定资产的留置权作为担保的负债。第10章公司重组CORPORATERESTRUCTURING公司重组corporaterestructuring追踪股票 targetedstock剥离divestitures资源清算 resourcesliquidation股权出售equitycarve-outs主动破产 voluntarybustups分立spinoffs公司分立 spinoffofcellular股份置换splitoffs剥离曲线 divestiturecurve.股本分散splitups综合效用原则兑换exchangeoffergeneralutilitiesdoctrine负协同效应reversesynergy员工持股计划最低收益率hurdlerateemployeestockoptionplans核心业务corebusiness标准行业分类贴现率discountrate.Standardindustrialclassification(SIC)防御性分立defensivespinoffs股东财富效应非自愿分立involuntaryspinoffsshareholderwealtheffects认股权证treatmentofwarrants防御性自愿出售的财富效应可转换证券convertiblesecuritiesWealtheffectsofvoluntarydefensive债券责任bondliabilitiesSelloffs价格效应priceeffects负债义务股权出售equitycarve-outsAllocationofdebtobligations公开发行publicofferingsAdivestitureisasaleofaportionofthefirmtoanoutsideparty.剥离是指将公司的一部分出售给外界。Inanexchangeoffernewsharesinasubsidiaryareissuedandshareholdersintheparentcompanyaregiventheoptiontoeitherholdontotheirsharesorexchangethesesharesforanequityinterestinthenewpubliclyheldsubsidiary.兑换是指子公司会发行新的股份，母公司的股东可以选择是继续保留原来的股份还是将自己的股份换成新上市子公司的股份。Inthatinorderthegetthenewlyissuedshares,parentcompanyshareholdershavetopartwiththeirshares.在兑换中，为了获得新发行的股票，母公司的股东必须放弃原有的股份。Theprocessofdivestituresisaformofcontractionforthesellingcompanybutameansofexpansionforthepurchasingcorporation.剥离的过程对于出售企业来讲，是一种经营收缩的方式，而对于购买方来讲，是一种经营扩张的方式。Amajormotivatingfactorfordivestituresandspinoffsisthebeliefthatreversesynergymayexist.Divestitures,spinoffs,andequitycarve-outsarebasicallya“downsizing”oftheparentfirm.剥离和分立的主要动因是许多人认为存在负协同效应，剥离、分立和资产分拆基本上都是在缩减母公司的规模与作为母公司的一份子相比，规模缩小后的公司更经济、更灵活。Atrackingortargetedstockisanequityissuethatrepresentsaninterestintheearningsofadivisionofacompany.Italsoissometimescalledletterstockoralphabetstock.追踪股票或者称为目标股票是一种代表对一