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时间:2021-09-08 21:00 来源: Essay代写

摘要:本文是留学生Mba Essay范文,主要内容是讲述关于并购的相关定义与原则,包括吸收合并或合并建立。......

合并是指两种“吸收合并”或“合并建立”。吸收合并发生在一家公司购买另一个和吸收所有的股票,从而建立存在兼并发生所发生两家公司合并,创建一个新的公司,合并后的公司解散。此外,吸收合并作为事实上的收购。因此,“整合”也可以用来指由一个机构合并。在收购中,兼并公司可能试图收购目标公司的某些股票或资产。因此,这里有两种类型的收购:

首先,资产收购,发生在公司收购全部或部分目标企业的资产,目标企业作为法人实体的过程后。第二,当公司收购目标公司相当多的股票时,他们在目标公司中提供管理影响力。 

此外,并购可以被称为'敌对'或'友好'。当目标公司的董事会同意时,交易是友好的。相反,当交易违背目标公司董事会的意愿时,交易被认为是敌对的。最后但并非最不重要的一点是,并购也可以分为跨国公司或国内企业,以涉及的公司在何处或从事其工作。在国内并购中,涉及的企业来自同一国家,在同一经济区域或国家内经营。因此,跨国并购是两家公司都位于不同的国家,或是两家公司在相同的经济工作,但他们属于不同的国家。

 

The literature has observed and increasing investigation about MA in the las two decades Appelbaum et al., 2007 in response to a lot of MA activities along side with the complex situation that appear from the interaction of two parties (Gaughan, 2002). Definition of M&A, in a broad sense, may be implied to many different type of transactions from alliences, purchase, cooperation, joint ventures, management buy-out nad buy-in, change of legal form and even restructuring (Picot, 2002, p.15). However, , Nakamura (2005) argues that using broad definitions could cause confusion and incorrectly comprehend everything from strategic alliances to pure mergers. Therefore, a narrower sense of M&A definition is adopted as below. Merger is the creation of new holding company by combining of two firms (European Central Bank, 2000, Gaughan, 2002, Jagersma, 2005). Acquisition is purchasing shares or assets from another company in order broaden the influence of the management(European Central Bank, 2000, Chunlai Chen and Findlay, 2003), when mutual agreement might not be necessary.

 

Types of M&A

 

According to Nakamura (2005, p.18) Mergers are referred to as two types of 'merger by absorption' or 'merger by establishment' (Chunlai Chen and Findlay, 2003, Nakamura, 2005). The absorbing merger happens when one company buys all the stocks of another and the absorbed company stops from existing whereas Establishment merger happens when both firms merge to create a new one while the combined firms are dissolved (Chunlai Chen and Findlay, 2003). Moreover, Nakamura (2005) considered the merger by absorption as as de facto acquisition. Thus the term 'consolidation' could also be used to refer to merger by an establishment (Gaughan, 2002). In acquisition, the acquiring company may try to acquire certain shares or assets of the target company. As a result, here are two type of acquisitions:

 

Firstly, the assets acquisition (Chunlai Chen and Findlay, 2003) which occurs when a firm buys all or part of the target firm's assets while the target firm stays as a legal entity after the process. Secondly, the share acquisition when a firm buys a significant share of stocks in the target firm which provides them managerial influence in the target company. Moreover, depending on the amount of acquired share of stocks then the acquisition is again classified into three types: (1) majority (50-99%), (2) minority (less than 50%) and (3) complete take over (100% of target's issued shares) (Chunlai Chen and Findlay, 2003, Nakamura, 2005). In fact, acquisitions and mergers are distinct with different outcomes regarding tax liabilities, legal obligations and acquisition procedures (Marren, 1993). However, there is not attempt to separate the acquisition transaction from the merger when speaking about the final outcomes when companies combine together. M&A can be named Vertical, Horizontal or Conglomerate (Gaughan, 2002, Chunlai Chen and Findlay, 2003). In horizontal mergers and acquisitions, the acquiring firms and the target firms are competing companies in the same field. Chunlai Chen and Findlay (2003) argues, because of the international restructuring of many industries, horizontal M&A observed a rapid growth in recent years in response to liberalization and technological change. These figures are seen in industries like automobile, petroleum and pharmaceutical. A good example of mergers and acquisition in this category is the US76 Billion Dollars Merger between two enormous pharmaceutical companies, Smithkline Beecham and Glaxo (MANDA, 2007). Smithkline Beecham's former CEO Jan Leschly, said, the aim of this transaction was R&D synergy in order grab opportunities to drive high revenues since new technologies are emerging rapidly in this particular industry (Carey, 2000 in Harvard Business Review, 2001). However, the combination of companies in buyer-seller or client-supplier relationships is the Vertical merger and acquisition. Transaction cost and uncertainty is being reduced when the two involved firms downstream and upstream linkage within the value chain and to create benefits in the economic scope (Chunlai Chen and Findlay, 2003). Lastly, firms may try to reduce risks and achieve economies of scope by practicing conglomerate M&A where the involving firms have different types of businesses. A good example is when General Foods in 1985 was acquired by Philip Morris for value of US5.6 Billion Dollars (Gaughan, 2002). Furthermore, Mergers and acquisitions can be called 'hostile' or 'friendly'(Chunlai Chen and Findlay, 2003). The transaction is friendly when the board of executive of the target firm agrees to it. On the contrary, the transaction is considered hostile when it is done against the wishes of the target company board. Last but not least, M&A can be also classified as cross-border or domestic with regards to where the involved firms are based or operate their work. In Domestic M&A the involved companies come from the same country and operate within that same economical region or country. Accordingly, the cross-border M&A are two companies are situated in different economies, or the two companies are working in the same economy but they belong to different countries (Chunlai Chen and Findlay, 2003).

 

Harvard Business Review, 2001. Harvard Business Review on Merger and Acquisition.

 

U.S.A: Harvard Business school Publishing Corporation

 

Motives and objectives of M&A:

 

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