外文文献
Mergers and Acquisitions Basics :All You Need To Know
Introduction to Mergers and Acquisitions
The first decade of the new millennium heralded an era of global mega-mergers. Like the mergers and acquisitions (M&As) frenzy of the 1980s and 1990s, several factors fueled activity through mid-2007: readily available credit, historically low interest rates, rising equity markets, technological change, global competition, and industry consolidation. In terms of dollar volume, M&A transactions reached a record level worldwide in 2007. But extended turbulence in the global credit markets soon followed.
The speculative housing bubble in the United States and elsewhere, largely financed by debt, burst during the second half of the year. Banks, concerned about the value of many of their own assets, became exceedingly selective and largely withdrew from financing the highly leveraged transactions that had become commonplace the previous year. The quality of assets held by banks through out Europe and Asia also became suspect, reflecting the global nature of the credit markets. As credit dried up, a malaise spread worldwide in the market for highly leveraged M&A transactions.
By 2008, a combination of record high oil prices and a reduced availability of credit sent mo st of the world’s economies into recession, reducing global M&A activity by more than one-third from its previous high. This global recession deepened during the first half of 2009—despite a dramatic drop in energy prices and highly stimulative monetary and fiscal policies—extending the slump in M&A activity.
In recent years, governments worldwide have intervened aggressively in global credit markets (as well as in manufacturing and other sectors of the economy) in an effort to restore business and consumer confidence, restore credit market functioning, and offset
deflationary pressures. What impact have such actions had on mergers and acquisitions? It is too early to tell, but the implications may be significant.
M&As are an important means of transferring resources to where they are most needed and of removing underperforming managers. Government decisions to save some firms while allowing others to fail are likely to disrupt this process. Such decisions are often based on the notion that some firms are simply too big to fail because of their potential impact on the economy—consider AIG in the United States. Others are clearly motivated by politics. Such actions disrupt the smooth functioning of markets, which rewards good decisions and penalizes poor ones. Allowing a business to believe that it can achieve a size ―too big t o fail‖ may create perverse incentives. Plus, there is very little historical evidence that governments are better than markets at deciding who should fail and who should survive.
In this chapter, you will gain an understanding of the underlying dynamics of M&As in the context of an increasingly interconnected world. The chapter begins with a discussion of M&As as change agents in the context of corporate restructuring. The focus is on M&As and why they happen, with brief consideration given to alternative ways of increasing shareholder value. You will also be introduced to a variety of legal structures and strategies that are employed to restructure corporations.
Throughout this book, a firm that attempts to acquire or merge with another company is called an acquiring company, acquirer, or bidder. The target company or target is the firm being solicited by the acquiring company. Takeovers or buyouts are generic terms for a change in the controlling ownership interest of a corporation.
Words in bold italics are the ones most important for you to understand fully;they are all included in a glossary at the end of the book. Mergers and Acquisitions as Change Agents
Businesses come and go in a continuing churn, perhaps best illustrated by the ever-changing composition of the so-called Fortune 500—the 500 largest U.S. corporations. Only 70 of the firms on the original 1955 list of 500 are on today’s list, and some 2,000 firms have appeared on the l ist at one time or another. Most have dropped off the list either through merger, acquisition, bankruptcy, downsizing, or some other form of corporate restructuring. Consider a few examples: Chrysler, Bethlehem Steel, Scott Paper, Zenith, Rubbermaid, Warner Lambert. The popular media tends to use the term corporate restructuring to describe actions taken to expand or contract a firm’s basic operations or fundamentally change its asset or financial structure. ···································································································
Synergy
Synergy is the rather simplistic notion that two (or more) businesses in combination will create greater shareholder value than if they are operated separately. It may be measured as the incremental cash flow that can be realized through combination in excess of what would be realized were the firms to remain separate. There are two basic types of synergy: operating and financial.
Operating Synergy (Economies of Scale and Scope)
Operating synergy comprises both economies of scale and economies of scope, which can be important determinants of shareholder wealth creation. Gains in efficiency can come from either factor and from improved managerial practices.
Spreading fixed costs over increasing production levels realizes economies of scale, with scale defined by such fixed costs as depreciation of equipment and amortization of capitalized software; normal maintenance spending; obligations such as interest expense, lease payments, and long-term union, customer, and vendor contracts; and taxes. These costs are fixed in that they cannot be altered in the short run. By contrast, variable costs are those that change with output levels.
Consequently, for a given scale or amount of fixed expenses, the dollar value of fixed expenses per unit of output and per dollar of revenue decreases as output and sales increase.
To illustrate the potential profit improvement from economies of scale, let’s consider an automobile plant that can assemble 10 cars per hour and runs around the clock—which means the plant produces 240 cars per day. The plant’s fixed expenses per day are $1 million, so the average fixed cost per car produced is $4,167 (i.e., $1,000,000/240). Now imagine an improved assembly line that allows the plant t o assemble 20 cars per hour, or 480 per day. The average fixed cost per car per day falls to $2,083 (i.e., $1,000,000/480). If variable costs (e.g., direct labor) per car do not increase, and the selling price per car remains the same for each car, the profit improvement per car due to the decline in average fixed costs per car per day is $2,084 (i.e., $4,167 – $2,083).
A firm with high fixed costs as a percentage of total costs will have greater earnings variability than one with a lower ratio of fixed to total costs. Let’s consider two firms with annual revenues of $1 billion and operating profits of $50 million. The fixed costs at the first firm represent 100 percent of total costs, but at the second fixed costs are only half of all costs. If revenues at both firms increased by $50 million, the first firm would see income increase to $100 million, precisely because all of its costs are fixed. Income at the second firm would rise only to $75 million, because half of the $50 million increased revenue would h ave to go to pay for increased variable costs.
Using a specific set of skills or an asset currently employed to produce a given product or service to produce something else realizes economies of scope, which are found most often when it is cheaper to combine multiple product lines in one firm than to produce them in separate firms. Procter & Gamble, the consumer products giant, uses its highly regarded consumer marketing skills to sell a full range of personal care as well as pharmaceutical products. Honda knows how to enhance
internal combustion engines, so in addition to cars, the firm develops motorcycles, lawn mowers, and snow blowers. Sequent Technology lets customers run applications on UNIX and NT operating systems on a single computer system. Citigroup uses the same computer center to process loan applications, deposits, trust services, and mutual fund accounts for its bank’s customers.Each is an example of economies of scope, where a firm is applying a specific set of skills or assets to produce or sell multiple products, thus generating more revenue.
Financial Synergy (Lowering the Cost of Capital)
Financial synergy refers to the impact of mergers and acquisitions on the cost of capital of the acquiring firm or newly formed firm resulting from a merger or acquisition. The cost of capital is the minimum return required by investors and lenders to induce them to buy a firm’s stock or to lend to the firm.
In theory, the cost of capital could be reduced if the merged firms have cash flows that do not move up and down in tandem (i.e., so-called co-insurance), realize financial economies of scale from lower securities issuance and transactions costs, or result in a better matching of investment opportunities with internally generated funds. Combining a firm that has excess cash flows with one whose internally generated cash flow is insufficient to fund its investment opportunities may also result in a lower cost of borrowing. A firm in a mature industry experiencing slowing growth may produce cash flows well in excess of available investment opportunities. Another firm in a high-growth industry may not have enough cash to realize its investment opportunities. Reflecting their different growth rates and risk levels, the firm in the mature industry may have a lower cost of capital than the one in the high-growth industry, and combining the two firms could lower the average cost of capital of the combined firms.
Diversification
Buying firms outside a company’s current primary lines of business is
called diversification, and is typically justified in one of two ways. Diversification may create financial synergy that reduces the cost of capital, or it may allow a firm to shift its core product lines or markets into ones that have higher growth prospects, even ones that are unrelated to the firm’s current products or markets. The extent to which diversification is unrelated to an acquirer’s current lines of business can have significant implications for how effective management is in operating the combined firms.
·················································································A firm facing slower growth in its current markets may be able to accelerate growth through related diversification by selling its current products in new markets that are somewhat unfamiliar and, therefore, mor risky. Such was the case when pharmaceutical giant Johnson &Johnson announced its ultimately unsuccessful takeover attempt of Guidant Corporation in late 2004. J&J was seeking an entry point for its medical devices business in the fast-growing market for implantable devices, in which it did not then participate. A firm may attempt to achieve higher growth rates by developing or acquiring new products with which it is relatively unfamiliar and then selling them in familiar and less risky current markets. Retailer JCPenney’s acquisition of the Eckerd Drugstore chain or J&J’s $16 billion acquisition of Pfizer’s consumer health care products line in 2006 are two examples of related diversification. In each instance, the firm assumed additional risk, but less so than unrelated diversification if it had developed new products for sale in new markets. There is considerable evidence that investors do not benefit from unrelated diversification.
Firms that operate in a number of largely unrelated industries, such as General Electric, are called conglomerates. The share prices of conglomerates often trade at a discount—as much as 10 to 15 percent—compared to shares of focused firms or to their value were they broken up. This discount is called the conglomerate discount or
diversification discount. Investors often perceive companies diversified in unrelated areas (i.e., those in different standard industrial classifications) as riskier because management has difficulty understanding these companies and often fails to provide full funding for the most attractive investment opportunities.Moreover, outside investors may have a difficult time understanding how to value the various parts of highly diversified businesses.Researchers differ on whether the conglomerate discount is overstated.
Still, although the evidence suggests that firms pursuing a more focused corporate strategy are likely to perform best, there are always exceptions.
Strategic Realignment
The strategic realignment theory suggests that firms use M&As to make rapid adjustments to changes in their external environments. Although change can come from many different sources, this theory considers only changes in the regulatory environment and technological innovation—two factors that, over the past 20 years, have been major forces in creating new opportunities for growth, and threatening, or making obsolete, firms’ primary lines of business.
Regulatory Change
Those industries that have been subject to significant deregulation in recent years—financial services, health care, utilities, media, telecommunications, defense—have been at the center of M&A activity because deregulation breaks down artificial barriers and stimulates competition. During the first half of the 1990s, for instance, the U.S. Department of Defense actively encouraged consolidation of the nation’s major defense contractors to improve their overall operating efficiency.
Utilities now required in some states to sell power to competitors that can resell the power in the utility’s own marketplace respond with M&As to achieve greater operating efficiency. Commercial banks that have moved beyond their historical role of accepting deposits and g
ranting loans are merging with securities firms and insurance companies thanks to the Financial Services Modernization Act of 1999, which repealed legislation dating back to the Great Depression.The Citicorp–Travelers merger a year earlier anticipated this change, and it is probable that their representatives were lobbying for the new legislation. The final chapter has yet t o be written: this trend toward huge financial services companies may yet be stymied by new regulation passed in 2010 in response to excessive risk taking.
The telecommunications industry offers a striking illustration. Historically, local and long-distance phone companies were not allowed t o compete against each other, and cable companies were essentially monopolies. Since the Telecommunications Act of 1996, local and long-distance companies are actively encouraged to compete in each other’s markets, and cable companies are offering both Internet access and local telephone service. When a federal appeals court in 2002 struck down a Federal Communications Commission regulation prohibiting a company from owning a cable television system and a broadcast TV station in the same city, and threw out the rule that barred a company from owning TV stations that reach more than 35 percent of U.S.households, it encouraged new combinations among the largest media companies or purchases of smaller broadcasters.
Technological Change
Technological advances create new products and industries. The development of the airplane created the passenger airline, avionics, and satellite industries. The emergence of satellite delivery of cable networks t o regional and local stations ignited explosive growth in the cable industry. Today, with the expansion of broadband technology, we are witnessing the convergence of voice, data, and video technologies on the Internet. The emergence of digital camera technology has reduced dramatically the demand for analog cameras and film and sent household names such as Kodak and Polaroid scrambling to adapt. The growth of
satellite radio is increasing its share of the radio advertising market at the expense of traditional radio stations.
Smaller, more nimble players exhibit speed and creativity many larger, more bureaucratic firms cannot achieve. With engineering talent often in short supply and product life cycles shortening, these larger firms may not have the luxury of time or the resources to innovate. So, they may look to M&As as a fast and sometimes less expensive way to acquire new technologies and proprietary know-how to fill gaps in their current product portfolios or to enter entirely new businesses. Acquiring technologies can also be a defensive weapon to keep important new technologies out of the hands of competitors. In 2006, eBay acquired Skype Technologies, the Internet phone provider, for $3.1 billion in cash, stock, and performance payments, hoping that the move would boost trading on its online auction site and limit competitors’ access to the new technology. By September 2009, eBay had to admit that it had been unable to realize the benefits of owning Skype and was selling the business to a private investor group for $2.75 billion.
Hubris and the “Winner’s Curse”
Managers sometimes believe that their own valuation of a target firm is superior to the market’s valuation. Thus, the acquiring company tends to overpay for the target, having been overoptimistic when evaluating https://www.doczj.com/doc/1112319876.html,petition among bidders also is likely to result in the winner overpaying because of hubris, even if significant synergies are present. In an auction environment with bidders, the range of bids for a target company is likely to be quite wide, because senior managers t end to be very competitive and sometimes self-important. Their desire not to lose can drive the purchase price of an acquisition well in excess of its actual economic value (i.e., cash-generating capability). The winner pays more than the company is worth and may ultimately feel remorse at having done so—hence what has come to be called the winner’s curse.
Buying Undervalued Assets (The Q-Ratio)
The q-ratio is the ratio of the market value of the acqui ring firm’s stock to the replacement cost of its assets. Firms interested in expansion can choose to invest in new plants and equipment or obtain the assets by acquiring a company with a market value less than what it would cost to replace the assets (i.e., q-ratio＜1). This theory was very useful in explaining M&A activity during the 1970s, when high inflation and interest rates depressed stock prices well below the book value of many firms. High inflation also caused the replacement cost of assets to be much higher than the book value of assets. Book value refers to the value of assets listed on a firm’s balance sheet and generally reflects the historical cost of acquiring such assets rather than their current cost.
When gasoline refiner Valero Energy Corp. acquired Premcor Inc. in 2005, the $8 billion transaction created the largest refiner in North America. It would have cost an estimated 40 percent more for Valero to build a new refinery with equivalent capacity.
Mismanagement (Agency Problems)
Agency problems arise when there is a difference between the interests of incumbent managers (i.e., those currently managing the firm) and the firm’s shareholders. This happens when management owns a small fraction of the outstanding shares of the firm. These managers, who serve as agents of the shareholder, may be more inclined to focus on their own job security and lavish lifestyles than on maximizing shareholder value. When the shares of a company are widely held, the cost of such mismanagement is spread across a large number of shareholders, each of whom bears only a small portion. This allows for toleration of the mismanagement over long periods. Mergers often take place to correct situations in which there is a separation between what managers and owners (shareholders) want. Low stock prices put pressure on managers to take actions to raise the share price or become the target of acquirers, who perceive the stock to be undervalued and who are usually intent on removing the underperforming management of the target firm.
Agency problems also contribute to management-initiated buyouts, particularly when managers and shareholders disagree over how excess cash flow should be used.Managers may have access to information not readily available to shareholders and may therefore be able to convince lenders to provide funds to buy out shareholders and concentrate ownership in the hands of management.
From: Donald DePamphilis. Mergers and acquisitions basics:All you need to know America :Academic Press. Oct，2010，P1-10
外文文献中文翻译
并购基础知识：一切你需要知道的
并购
新千年的第一个十年,预示着全球大规模并购时代的到来。如同在20世纪80年代和90年代的并购狂热，有几个因素推动着这一活动持续至2007年中期：容易获得信贷，利率处于历史低位，股市兴起，技术变革，全球竞争和行业整合。在成交金额方面，2007年在全球范围内并购交易达到创纪录的水平。但是，持续的全球信贷市场动荡随后而来。
今年下半年，在美国和其他地方，主要依靠债务融资的投机性住房泡沫破灭。银行由于担心自己的多种资产价值，变的非常有选择性，基本上取消了高杠杆交易的融资，而前一年此融资行为已经司空见惯。银行在欧洲和亚洲持有的资产的质量也开始遭到质疑。反映了信贷市场的全球性质。由于信贷枯竭，萎靡不振蔓延在全球高杠杆的并购交易的市场中。
到2008年，创纪录的高油价和减少信贷供应量让世界上大多数国家的经济陷入了衰退，全球并购活动从以前的高量减少了三分之一以上。在2009年上半年，尽管能源价格大幅下降以及高刺激性的货币和财政政策出台，全球衰退更加严重，使得并购活动持续低迷。
近年来，世界各国政府已积极介入全球信贷市场（以及在制造业和其他经济领域），努力恢复行业和消费者信心，恢复信贷市场的运作，并抵消通缩压力。这些措施对并购有什么影响，尚言之过早，但其影响可能是显着的。
并购是一种将资源转移到最需要的地方以及去除表现不佳的经理人的重要的手段。然而政府决定拯救一些企业，同时允许一些企业破产可能会破坏这一过程。这样的决定往往是基于一些企业仅仅是太大而不能倒闭的观念，因其对美国经济的潜在影响（如美国的AIG）。而其他人显然是出于政治动机。这些措施扰乱市场优胜劣汰的平稳运作。让企业相信，它可以达到“太大而不能倒闭”规模，可能会造成反常的动机。此外，很少有历史证据表明，政府比市场能更好的决定谁应该失败，谁应该生存。
在本章中，您将了解在相互联系日益紧密的世界的背景下的并购的基本动态。本章首先讨论了在企业重组背景下并购作为变革推动者的议题。重点是并购活动以及他们发生原因，简要考虑其他增加股东价值的替代方法。还将向您介绍
各种用于重组公司的法律结构和策略。
在这本书中，一个公司试图收购或与另一家公司合并称为收购公司，收购方或投标方。目标公司或目标公司是被收购公司请求收购的公司。接管或收购是改变控制一家公司的所有权的通用术语。
粗体斜体字是你需充分了解的最重要的部分，他们都包含本书结尾部分的词汇表里。
企业并购作为变革的推动者
各企业你方唱罢我登场，所谓的“财富”500强（美国500家最大公司）的构成变化也许是最好的说明。只有70家在1955年500强名单上的公司仍出现在名单上，大约2000家企业在曾经在名单上出现过。大部分公司通过兼并，收购，破产，裁员，或一些其他形式的企业重组已经不在名单上。例如：克莱斯勒，伯利恒钢铁公司，斯科特纸业，天顶，乐伯美，华纳兰伯特。大众媒体倾向于使用企业重组这个词来描述企业为扩大或缩小企业的基本业务或从根本上改变其资产或金融结构而采取的措施。
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协同效应
协同效应是相当简单的概念，即两个（或更多）企业组合会创造比他们分开经营的更大的股东价值。它可以通过资金流量净增额衡量，资金流量净增额为合并后的资金流量超出独立经营的资金流量的量。有两种基本类型的协同效应：经营性的和财务性的。
经营协同效益（规模经济）
经营协同效应包括规模经济和范围经济，这是可以为股东创造财富的重要决定因素。效率的提高可以来自任何一个因素以及管理的改善。
将固定成本分摊到更大的产量上，则实现规模经济，规模由固定费用界定如设备的折旧，资本化软件的摊销，正常维护费用；其他义务如利息，租赁费，以及长期协会，客户，供应商合同和税收。这些成本是固定的，在短期内不会改变。与此相反，可变成本是指那些随产量变化而变化的成本。因此，对于特定规模和数量的固定成本，每单位产量和每单位收益的固定成本费用随着产量和销售的增加而降低。
为了说明从规模经济的潜在利润改善，让我们考虑一个每小时可生产10辆车、且昼夜不停运转的汽车厂，这意味着该工厂每天生产240辆汽车。工厂每天
的固定费用是 100万美元，因此，生产每辆汽车的平均固定成本为$4,167（即$1,000,000/ 240）。现在想象一个改进的组装生产线，可以使工厂每小时组装20辆，或每天480辆。每天每车的平均固定成本下降为2083美元（即$1,000,000/ 480）。如果每车可变成本（如，直接劳工）不增加，每辆汽车的售价相同，由于平均固定成本降低，每天每车的效益增加为2084美元（即， $4,167 - $2,083）。
固定成本占总成本百分比高的企业将比低的企业将会有更大的盈利变化。让我们考虑年收入10亿美元和年营业利润5000万美元的两家公司。在第一家公司的固定成本占总成本的100％，但在第二家公司的固定费用只占总成本的一半。如果在这两家公司的收入增加了5000万美元，第一家收入将增加到1亿美元，正是因为所有费用都是固定的。在第二家公司的收入将仅增加到7500万美元，因为增加的5000万美元的收入的一半用于支付增加的可变成本。
使用特定的技能或现有的资产生产特定产品或服务来生产其他的产品，则实现了范围经济。当在同一公司内综合具备多种生产线比在不同公司生产更为经济时，这种方式最为常见。消费产品生产巨头，宝洁公司，利用其高度重视消费者的营销技巧销售全系列的个人护理产品和医药产品。本田知道如何提升内燃机性能，所以在除了汽车，该公司开发了摩托车，割草机和吹雪机。Sequent科技公司可以使客户在同一电脑系统上运行UNIX和NT操作系统的应用程序。花旗集团使用同一计算机中心处理其银行客户的贷款申请，存款，信托服务，和共同基金帐户。每一个例子都是范围经济，公司使用特定的技能或资产来生产或销售多种产品，从而获得更多的收入。
财务协同效应（降低资本成本）
财务协同效应是兼并和收购对收购公司或对由兼并或收购而成立的新公司的资本成本的影响。资本成本是促使投资者或借贷方购买公司股票或借款给公司的必要最低回报。
从理论上讲，，如果合并后的公司的现金流量未接连上下波动（即，所谓的共同保险），就可以降低资金成本，可从较低有价证券保险和交易成本实现金融规模经济或，或实现投资机会与内部资金之间的更好匹配。存在过多现金流的公司与内部现金流不足以为投资机会融资的公司合并会产生较低的借贷成本。成熟行业内的工资经历缓慢的增长会产生过多的现金流，超过其有效投资机会需求。高速发展的行业内的公司可能不具备足够的现金来捕捉投资机会。考虑到其不同的增长率和风险等级，成熟行业内的公司的资本成本比高速增长行业的低，合并
这两个公司会降低合并后公司的平均资本成本。
多元化
收购本公司主要业务范围外的公司称为多元化，由两种方式之一证明合理的。多元化可能会产生减少资本成本的金融效应或允许公司转变其核心生产线或者市场，从而具备更高增长前景，这些生产线或市场甚至与公司当前产品和市场没有联系。与收购方当前业务范围无关的多元化的范围可明显折射出合并后的公司的运营如何有效的管理。
······························公司在当前市场中发展缓慢，可能会通过相关的多元化在有些陌生的市场中销售新产品加速发展，由此也带来更多风险。2004年制药巨头强生公司宣布其试图收购佳腾公司最终未果，就是这种情形。强生公司为其医疗设备在快速增长的植入设备的市场中寻求切入点，最终未能进入。公司可通过开发或获得其相对陌生的新产品并在其熟悉的和风险较小的当前市场中销售来获得较高的增长率。实现更高的增长率。零售商JCPenney的收购爱克德连锁药店或强生公司于2006年以$160亿美元收购辉瑞消费保健品生产线就是相关多元化是两个例子。在每个实例中，公司承担了额外的风险，，但如果已经为新市场开发新产品，其风险较非相关多元化小。有大量证据表明，投资者未能从非相关多元化中受益。
公司经营一些的很大程度上不相关的行业，如通用电气（General Electric），被称为多元化企业。与专业性公司的股价或与其分散经营的公司的股价相比，多元化企业的股价往往交易折扣高达10％至15％。此折扣称为多元化企业折让。投资者通常认为多元化企业风险更大，因为管理者往往难以把握这些公司，经常无法为最有吸引力的投资机会提供充足资金。另外，外部投资者可能会难以理解如何判定高度多元化业务的不同部分的价值。研究者也对于企业多元化折让是否被夸大上意见不一。
尽管有证据表明，公司追求更专业性的企业战略有可能获得最好也业绩，但仍有例外。
战略调整
战略调整的理论表明，公司利用并购做出迅速的调整应对其外部环境改变。尽管变化会来自多个方面，此理论只考虑在调控环境下和科技创新下的变化，这两个因素在过去20年的时间是创造新的发展机会，威胁或淘汰公司基本业务的主要力量
调控变化
近年来，金融服务，医疗保健，公用事业，媒体，电信等行业面临的管制明显减少，这些行业处于并购活动的中心，因为放松管制打破了人为障碍并刺激竞争。例如，20世纪90年代上半叶，美国国防部积极鼓励整合全国主要的国防承包商，以提高其整体运营效率。
现在，要求一些州的公用事业将电力出售给能够在公用事业的自行销地区再次出售的竞争者，以取得更好的运营效率。由于1996年颁布的《金融服务现代化法案》（此法案撤销了可回溯到大萧条时期的立法），商业银行也超出了其存贷款的历史角色与证券公司和保险公司合并。一年前合并的花旗集团与圣保罗旅行者保险公司预见到这一点，有可能他们的代表对此立法进行了游说。最后的篇章还未揭开，组建大金融服务公司的趋势会受到2010通过的新法规的阻碍，此法规的通过是由于考虑到所承担的过多风险。
电信行业提供了一个鲜明的例子。以往不允许本地和长途电话公司许互相竞争，电缆电报公司实质上处于垄断地位。1996年《电信法》颁布，积极鼓励本地和长途电话公司，进入对方的市场、展开竞争，电缆电报公司也提供互联网和本地电话服务。2002年，联邦上诉法院驳回了联邦通信委员会的禁止公司在同一城市内同时拥有有线电视系统和电视广播站的规定，废除了禁止公司拥有能影响到美国35%的家庭电视台的规则，鼓励最大的媒体公司之间的合并或并购较小的广播公司。
技术变革
技术进步产生新的产品和行业。飞机的发展催生了客运航空公司，航空电子设备，卫星工业。区域和地方电缆工业的卫星传送的出现引发了爆炸性增长。今天，随着宽带技术的发展，互联网上汇集了声音、数据和视频技术。数码相机技术的出现，模拟相机和胶卷的需求急剧下降，使得家喻户晓的柯达和宝丽来仓促应对。卫星广播的发展增加其在无线电广播广告市场的份额，蚕食传统广播电台。
更小，更灵活的参与者展现出很多更大，更官僚作风的公司无法匹及的速度和创造力。由于缺乏技术人才，产品使用周期缩短，这些较大公司缺少足够的时间和资源来创新。因此，他们可能会将并购视为快速，有时更为经济的获得新的科技和专利技术的方式，以弥补其当前产品组合的不足，或者进入了全新的行业。获取技术，也可以作为避免重要的技术落入竞争者之手的防御性措施。。在2006年，eBay以31亿美元现金、股票和业绩偿付方式收购互联网电话提供商Skype
科技，希望此举将推动其在线拍卖网站的交易和限制竞争对手获得此项新技术。2009年9月，eBay不得不承认，它一直无法实现拥有的Skype带来的利益，正将此业务以27.5亿美元出售给私人投资集团。
骄傲自大和“赢家的诅咒”
经理人有时会认为自己对目标公司的估价是优于市场的估价。因此，收购公司容易为目标公司支付过多，评估协作效应时过于乐观。投标人之间的竞争，由于骄傲自大，也可能导致花冤枉钱，即使存在显着的协同效应。在投标人参与的拍卖环境中，为目标公司的出价范围可能相当广泛，由于高层管理者容易形成激烈竞争，有时妄自尊大。他们不想失败的意愿会推动收购价格超过其实际经济价值（即现金产生能力）。胜出者的付出超过公司的价值，最终可能会感到懊悔，由此称为赢家的诅咒。
购买被低估的资产（Q比例）
Q-比例是收购公司的股票的市值与其资产的重置成本之间的比值。希望扩张的公司可以投资新厂和设备或者收购市值小于资产重置成本的公司（即Q比例小于1），获得资产。此理论有助于解释20世纪70年代的并购活动，当时的高通货膨胀和利率压低了很多公司股票价格，使其低于账面价值。高通货膨胀率也使得资产重置成本远高于其账面价值。账面价值是指公司的资产负债表上列出的资产的价值，一般反应了获得以上资产的实际成本，而不是当前的成本。
当汽油炼油商瓦莱罗能源公司于2005年收购Premcor公司，此价值8亿美元的交易创建了北美最大的炼油企业。估计瓦莱罗建立一个新的具有同等能力的炼油厂将多花费40%。
管理不善（代理问题）
代理问题是由现任经理人（即那些目前管理公司的人）和公司股东之间的利益产业引起的。当管理层拥有该公司已发行股份的一小部分时会发生这种情况。这些作为股东代理人的经理人可能会更倾向于关注自己的工作安全和奢侈的生活方式，而不是股东价值最大化。当一个公司的股票被广泛的持有，这样的管理不善成本分散于大量的股东，每个人只承担一小部分。这样的经营不善会被长期容忍。当经理人和股东之间的需求产生分离时，往往会采取并购来纠正这种情形。低的股票价格迫使经理人采取措施提升股价或成为收购方的目标，收购者意识到股价下跌且通常意图去除目标公司表现不佳的经理人。
代理问题也会引起管理层发起的收购，尤其是当经理人与股东在对超额现金
流的使用不一致时，经理人可能获得对股东不易获知的信息，因此可能说服贷款人提供资金购买股权及将所有权集中在管理层手中。
来源：唐纳德·德帕姆菲利斯 . 并购基础：一切你需要知道的，美国：学术出版社.2010年10月，P1-10
转型衰退时期的土木工程研究 Sergios Lambropoulosa[1], John-Paris Pantouvakisb, Marina Marinellic 摘要 最近的全球经济和金融危机导致许多国家的经济陷入衰退，特别是在欧盟的周边。这些国家目前面临的民用建筑基础设施的公共投资和私人投资显著收缩，导致在民事特别是在民用建筑方向的失业。因此，在所有国家在经济衰退的专业发展对于土木工程应届毕业生来说是努力和资历的不相称的研究，因为他们很少有机会在实践中积累经验和知识，这些逐渐成为过时的经验和知识。在这种情况下，对于技术性大学在国家经济衰退的计划和实施的土木工程研究大纲的一个实质性的改革势在必行。目的是使毕业生拓宽他们的专业活动的范围，提高他们的就业能力。 在本文中，提出了土木工程研究课程的不断扩大，特别是在发展的光毕业生的潜在的项目，计划和投资组合管理。在这个方向上，一个全面的文献回顾，包括ASCE体为第二十一世纪，IPMA的能力的基础知识，建议在其他：显著增加所提供的模块和项目管理在战略管理中添加新的模块，领导行为，配送管理，组织和环境等；提供足够的专业训练五年的大学的研究；并由专业机构促进应届大学生认证。建议通过改革教学大纲为土木工程研究目前由国家技术提供了例证雅典大学。 1引言 土木工程研究（CES）蓬勃发展，是在第二次世界大战后。土木工程师的出现最初是由重建被摧毁的巨大需求所致，目的是更多和更好的社会追求。但是很快，这种演变一个长期的趋势，因为政府为了努力实现经济发展，采取了全世界的凯恩斯主义的理论，即公共基础设施投资作为动力。首先积极的结果导致公民为了更好的生活条件（住房，旅游等）和增加私人投资基础设施而创造机会。这些现象再国家的发展中尤为为明显。虽然前景并不明朗（例如，世界石油危机在70年代），在80年代领先的国家采用新自由主义经济的方法（如里根经济政策），这是最近的金融危机及金融危机造成的后果（即收缩的基础设施投资，在技术部门的高失业率），消除发展前途无限的误区。 技术教育的大学所认可的大量研究土木工程部。旧学校拓展专业并且新的学校建成，并招收许多学生。由于高的职业声望，薪酬，吸引高质量的学校的学生。在工程量的增加和科学技术的发展，导致到极强的专业性，无论是在研究还是工作当中。结构工程师，液压工程师，交通工程师等，都属于土木工程。试图在不同的国家采用专业性的权利，不同的解决方案，，从一个统一的大学学历和广泛的专业化的一般职业许可证。这个问题在许多其他行业成为关键。国际专业协会的专家和机构所确定的国家性检查机构，经过考试后，他们证明不仅是行业的新来者，而且专家通过时间来确定进展情况。尽管在很多情况下，这些证书虽然没有国家接受，他们赞赏和公认的世界。 在试图改革大学研究（不仅在土木工程）更接近市场需求的过程中，欧盟确定了1999博洛尼亚宣言，它引入了一个二能级系统。第一级度（例如，一个三年的学士）是进入
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Optimum blank design of an automobile sub-frame Jong-Yop Kim a ,Naksoo Kim a,*,Man-Sung Huh b a Department of Mechanical Engineering,Sogang University,Shinsu-dong 1,Mapo-ku,Seoul 121-742,South Korea b Hwa-shin Corporation,Young-chun,Kyung-buk,770-140,South Korea Received 17July 1998 Abstract A roll-back method is proposed to predict the optimum initial blank shape in the sheet metal forming process.The method takes the difference between the ?nal deformed shape and the target contour shape into account.Based on the method,a computer program composed of a blank design module,an FE-analysis program and a mesh generation module is developed.The roll-back method is applied to the drawing of a square cup with the ˉange of uniform size around its periphery,to con?rm its validity.Good agreement is recognized between the numerical results and the published results for initial blank shape and thickness strain distribution.The optimum blank shapes for two parts of an automobile sub-frame are designed.Both the thickness distribution and the level of punch load are improved with the designed blank.Also,the method is applied to design the weld line in a tailor-welded blank.It is concluded that the roll-back method is an effective and convenient method for an optimum blank shape design.#2000Elsevier Science S.A.All rights reserved. Keywords:Blank design;Sheet metal forming;Finite element method;Roll-back method
文献出处: Comell B., Financial risk control of Mergers and Acquisitions [J]. International Review of Business Research Papers, 2014, 7(2): 57-69. 原文 Financial risk control of Mergers and Acquisitions Comell Abstract M&A plays a significant part in capital operation activities. M&A is not only important way for capital expansion, but also effective method for resource allocation optimization. In the world around, many firms gained high growth and great achievement through M&A transactions. The cases include: the merger between German company Daimler-Benz and U.S. company Chrysler, Wal-Mart’s acquisition for British company ADSA, Exxon’s merger with Mobil and so on. Keywords: Enterprise mergers and acquisitions; Risk identification; Risk control 1 Risk in enterprise mergers and acquisitions May encounter in the process of merger and acquisition risk: financial risk, asset risk, labor risk, market risk, cultural risk, macro policy risk and risk of laws and regulations, etc. 1. 1 Financial risk Refers to the authenticity of corporate financial statements by M&A and M&A enterprises in financing and operating performance after the possible risks. Financial statements is to evaluate and determine the trading price in acquisition of important basis, its authenticity is very important to the whole deal. False statements beautify the financial and operating conditions of the target enterprise, and even the failing companies packing perfectly. Whether the financial statements of the listed companies or unlisted companies generally exists a certain degree of moisture, financial reporting risk reality In addition, the enterprise because of mergers and acquisitions may face risks, such as shortage of funds, a decline in margins has adverse effects on the development of enterprises.
项目成本控制 一、引言 项目是企业形象的窗口和效益的源泉。随着市场竞争日趋激烈，工程质量、文明施工要求不断提高，材料价格波动起伏，以及其他种种不确定因素的影响，使得项目运作处于较为严峻的环境之中。由此可见项目的成本控制是贯穿在工程建设自招投标阶段直到竣工验收的全过程，它是企业全面成本管理的重要环节，必须在组织和控制措施上给于高度的重视，以期达到提高企业经济效益的目的。 二、概述 工程施工项目成本控制，指在项目成本在成本发生和形成过程中，对生产经营所消耗的人力资源、物资资源和费用开支，进行指导、监督、调节和限制，及时预防、发现和纠正偏差从而把各项费用控制在计划成本的预定目标之内，以达到保证企业生产经营效益的目的。 三、施工企业成本控制原则 施工企业的成本控制是以施工项目成本控制为中心，施工项目成本控制原则是企业成本管理的基础和核心，施工企业项目经理部在对项目施工过程进行成本控制时，必须遵循以下基本原则。 3.1 成本最低化原则。施工项目成本控制的根本目的，在于通过成本管理的各种手段，促进不断降低施工项目成本，以达到可能实现最低的目标成本的要求。在实行成本最低化原则时，应注意降低成本的可能性和合理的成本最低化。一方面挖掘各种降低成本的能力，使可能性变为现实；另一方面要从实际出发，制定通过主观努力可能达到合理的最低成本水平。 3.2 全面成本控制原则。全面成本管理是全企业、全员和全过程的管理，亦称“三全”管理。项目成本的全员控制有一个系统的实质性内容，包括各部门、各单位的责任网络和班组经济核算等等，应防止成本控制人人有责，人人不管。项目成本的全过程控制要求成本控制工作要随着项目施工进展的各个阶段连续 进行，既不能疏漏，又不能时紧时松，应使施工项目成本自始至终置于有效的控制之下。 3.3 动态控制原则。施工项目是一次性的，成本控制应强调项目的中间控制，即动态控制。因为施工准备阶段的成本控制只是根据施工组织设计的具体内容确
外文翻译 原文 Foreign T rade o f China Material Source:W anfang Database Author:Hitomi Iizaka 1.Introduction On December11,2001,China officially joined the World T rade Organization(WTO)and be c a me its143rd member.China’s presence in the worl d economy will continue to grow and deepen.The foreign trade sector plays an important andmultifaceted role in China’s economic development.At the same time, China’s expanded role in the world economy is beneficial t o all its trading partners. Regions that trade with China benefit from cheaper and mor e varieties of imported consumer goods,raw materials and intermediate products.China is also a large and growing export market.While the entry of any major trading nation in the global trading system can create a process of adjustment,the o u t c o me is fundamentally a win-win situation.In this p aper we would like t o provide a survey of the various institutions,laws and characteristics of China’s trade.Among some of the findings, we can highlight thefollowing: ?In2001,total trade to gross domestic pr oduct(GDP)ratio in China is44% ?In2001,47%of Chinese trade is processed trade1 ?In2001,51%of Chinese trade is conduct ed by foreign firms in China2 ?In2001,36%of Chinese exports originate from Gu an gdon g province ?In2001,39%of China’s exports go through Hong Kong to be re-exported elsewhere 2.Evolution of China’s Trade Regime Equally remarkable are the changes in the commodity composition of China’s exports and imports.Table2a shows China’s annu al export volumes of primary goods and manufactured goods over time.In1980,primary goods accounted for 50.3%of China’s exports and manufactured goods accounted for49.7%.Although the share of primary good declines slightly during the first half of1980’s,it remains at50.6%in1985.Since then,exports of manufactured goods have grown at a much
企业并购文献综述总表 作者时间文章名字视角理论方法 实证 结论(应用) 样本期 限 数量所用模型 贺虹吕凡2008.01 对并购协同 效应含义及 计算方法的 认识 协同效应 的含义及 计算方法 规范我国并购协同效应的计 算可以从企业价值评估 和业绩评价的理论方法 着手，例如EVA、BSC、 DCF、股价收益评估、财 务数据等 朱宝宪吴亚君2004.09 企业协同效 应的计算 国内外协 同效应的 实证研究 中的计算 方法 规范协同效应的多种计算方 法发展较成熟的是在异 常累计基础上计算以及 从业绩改变角度着手衡 量，评价新模型和国内 的两种方法在计算的合 理性以及准确性上则需 要做进一步的探讨。 1
夏新平宋光耀1999.03 企业并购中 协同效应的 计算 内部、外部 计算模型 对协同效 应的计算 规范两种模型各有利弊，不 能忽视企业的市场价值 及交易成本，必须使用 正确的折现率和恰当的 考察时间点，排除非并 购因素对净增加现金流 和股票交易价格的影 响。另外，对并购前后 的市盈率的变化还有待 进一步的研究. 董运宝2006年并购的协同 效应分析并购协同 效应的概 念、内容 规范并购的协同效应包括 了经营、管理、财务、 无形资产及产业协同。 我国目前产业结构不合 理，公司治理结构不健 全，组织管理方式落后， 企业资本结构不合理， 这些问题都有待于在并 购中，通过发挥协同效 应的作用加以改善。 2
张秋生周琳2003.06 企业并购协 同效应的研 究与发展 国内外协 同效应理 论研究 规范研究协同效应的微观运 作机理，应用价值评估 的理论与方法量化，结 合我国企业并购的实际 情况，实证检验若干影 响协同效应实现的关键 因素。 方芳闫晓彤2002年中国上市公 司并购绩效 与思考 上市公司 财务和会 计数据 核心 竞争 理论 实证2000年 发生并 购公司 的1999 年-2001 年的财 务数据 80 横向并 购：46 纵向并 购：10 混合并 购：24 对每个样本3年选 取9个指标：每股 现金流量、每股收 益、资产负债率、 主营业务利润率、 净资产收益率、销 售净利润率、总资 产报酬率、流动比 率、速动比率。 将指标按并购前一 年、并购当年、并 购后一年分别做因 子分析 横向并购的绩效明显优 于纵向和混合并购。并 购作为提高企业竞争力 和产业整合手段正在发 挥着巨大的作用。但但 目前上市公司的并购过 程存在着很多问题 3
专业资料 学院： 专业：土木工程 姓名： 学号： 外文出处：Structural Systems to resist (用外文写) Lateral loads 附件：1.外文资料翻译译文；2.外文原文。
附件1：外文资料翻译译文 抗侧向荷载的结构体系 常用的结构体系 若已测出荷载量达数千万磅重，那么在高层建筑设计中就没有多少可以进行极其复杂的构思余地了。确实，较好的高层建筑普遍具有构思简单、表现明晰的特点。 这并不是说没有进行宏观构思的余地。实际上，正是因为有了这种宏观的构思，新奇的高层建筑体系才得以发展，可能更重要的是：几年以前才出现的一些新概念在今天的技术中已经变得平常了。 如果忽略一些与建筑材料密切相关的概念不谈，高层建筑里最为常用的结构体系便可分为如下几类： 1.抗弯矩框架。 2.支撑框架，包括偏心支撑框架。 3.剪力墙，包括钢板剪力墙。 4.筒中框架。 5.筒中筒结构。 6.核心交互结构。 7. 框格体系或束筒体系。 特别是由于最近趋向于更复杂的建筑形式，同时也需要增加刚度以抵抗几力和地震力，大多数高层建筑都具有由框架、支撑构架、剪力墙和相关体系相结合而构成的体系。而且，就较高的建筑物而言，大多数都是由交互式构件组成三维陈列。 将这些构件结合起来的方法正是高层建筑设计方法的本质。其结合方式需要在考虑环境、功能和费用后再发展，以便提供促使建筑发展达到新高度的有效结构。这并
不是说富于想象力的结构设计就能够创造出伟大建筑。正相反，有许多例优美的建筑仅得到结构工程师适当的支持就被创造出来了，然而，如果没有天赋甚厚的建筑师的创造力的指导，那么，得以发展的就只能是好的结构，并非是伟大的建筑。无论如何，要想创造出高层建筑真正非凡的设计，两者都需要最好的。 虽然在文献中通常可以见到有关这七种体系的全面性讨论，但是在这里还值得进一步讨论。设计方法的本质贯穿于整个讨论。设计方法的本质贯穿于整个讨论中。 抗弯矩框架 抗弯矩框架也许是低，中高度的建筑中常用的体系，它具有线性水平构件和垂直构件在接头处基本刚接之特点。这种框架用作独立的体系，或者和其他体系结合起来使用，以便提供所需要水平荷载抵抗力。对于较高的高层建筑，可能会发现该本系不宜作为独立体系，这是因为在侧向力的作用下难以调动足够的刚度。 我们可以利用STRESS，STRUDL 或者其他大量合适的计算机程序进行结构分析。所谓的门架法分析或悬臂法分析在当今的技术中无一席之地，由于柱梁节点固有柔性，并且由于初步设计应该力求突出体系的弱点，所以在初析中使用框架的中心距尺寸设计是司空惯的。当然，在设计的后期阶段，实际地评价结点的变形很有必要。 支撑框架 支撑框架实际上刚度比抗弯矩框架强，在高层建筑中也得到更广泛的应用。这种体系以其结点处铰接或则接的线性水平构件、垂直构件和斜撑构件而具特色，它通常与其他体系共同用于较高的建筑，并且作为一种独立的体系用在低、中高度的建筑中。
翻译文献：INVESTIGATION ON DYNAMIC PERFORMANCE OF SLIDE UNIT IN MODULAR MACHINE TOOL （对组合机床滑台动态性能的调查报告） 文献作者：Peter Dransfield, 出处：Peter Dransfield, Hydraulic Control System-Design and Analysis of TheirDynamics, Springer-Verlag, 1981 翻译页数：p139—144 英文译文： 对组合机床滑台动态性能的调查报告 【摘要】这一张纸处理调查利用有束缚力的曲线图和状态空间分析法对组合机床滑台的滑动影响和运动平稳性问题进行分析与研究，从而建立了滑台的液压驱动系统一自调背压调速系统的动态数学模型。通过计算机数字仿真系统，分析了滑台产生滑动影响和运动不平稳的原因及主要影响因素。从那些中可以得出那样的结论，如果能合理地设计液压缸和自调背压调压阀的结构尺寸. 本文中所使用的符号如下： s1-流源，即调速阀出口流量； S el—滑台滑动摩擦力 R一滑台等效粘性摩擦系数： I1—滑台与油缸的质量 12—自调背压阀阀心质量 C1、c2—油缸无杆腔及有杆腔的液容； C2—自调背压阀弹簧柔度； R1, R2自调背压阀阻尼孔液阻， R9—自调背压阀阀口液阻 S e2—自调背压阀弹簧的初始预紧力； I4, I5—管路的等效液感 C5、C6—管路的等效液容： R5, R7-管路的等效液阻； V3, V4—油缸无杆腔及有杆腔内容积； P3, P4—油缸无杆腔及有杆腔的压力 F—滑台承受负载， V—滑台运动速度。本文采用功率键合图和状态空间分折法建立系统的运动数学模型，滑台的动态特性可以能得到显著改善。
提高塔式复合人工湿地处理农村生活污水的 脱氮效率1 摘要： 努力保护水源，尤其是在乡镇地区的饮用水源，是中国污水处理当前面临的主要问题。氮元素在水体富营养化和对水生物的潜在毒害方面的重要作用，目前废水脱氮已成为首要关注的焦点。人工湿地作为一种小型的，处理费用较低的方法被用于处理乡镇生活污水。比起活性炭在脱氮方面显示出的广阔前景，人工湿地系统由于溶解氧的缺乏而在脱氮方面存在一定的制约。为了提高脱氮效率，一种新型三阶段塔式混合湿地结构----人工湿地（thcw）应运而生。它的第一部分和第三部分是水平流矩形湿地结构，第二部分分三层，呈圆形，呈紊流状态。塔式结构中水流由顶层进入第二层及底层，形成瀑布溢流，因此水中溶解氧浓度增加，从而提高了硝化反应效率，反硝化效率也由于有另外的有机物的加入而得到了改善，增加反硝化速率的另一个原因是直接通过旁路进入第二部分的废水中带入的足量有机物。常绿植物池柏（Taxodium ascendens），经济作物蔺草（Schoenoplectus trigueter），野茭白（Zizania aquatica），有装饰性的多花植物睡莲（Nymphaea tetragona），香蒲（Typha angustifolia）被种植在湿地中。该系统对总悬浮物、化学需氧量、氨氮、总氮和总磷的去除率分别为89%、85%、83%、83% 和64%。高水力负荷和低水力负荷（16 cm/d 和32 cm/d）对于塔式复合人工湿地结构的性能没有显著的影响。通过硝化活性和硝化速率的测定，发现硝化和反硝化是湿地脱氮的主要机理。塔式复合人工湿地结构同样具有观赏的价值。 关键词： 人工湿地；硝化作用；反硝化作用；生活污水；脱氮；硝化细菌；反硝化细菌 １. 前言 对于提高水源水质的广泛需求，尤其是提高饮用水水源水质的需求是目前废水深度处理的技术发展指向。在中国的乡镇地区，生活污水是直接排入湖泊、河流、土壤、海洋等水源中。这些缺乏处理的污水排放对于很多水库、湖泊不能达到水质标准是有责任的。许多位于中国的乡镇地区的社区缺乏足够的生活污水处理设备。由于山区地形、人口分散、经济基础差等原因，废水的收集和处理是很成问题的。由于资源短缺，经济欠发达地区所采取的废水处理技术必须低价高效，并且要便于施用，能量输入及维护费用较低，而且要保证出水能达标。建造在城市中基于活性污泥床的废水集中处理厂，对于小乡镇缺乏经济适用性，主要是由于污水收集结构的建造费用高。 1Ecological Engineering，Fen xia ，Ying Li。
国内外企业并购动因理论文献综述 摘要：本文总结了国内和国外学者关于企业并购动因理论的研究，并对两者的动因理论进行了比较。相对于国外发达国家的理论，我国的并购动因具有浓厚的中国特色，但另一方面，表明国外关于并购动因所提出的理论已逐渐适合中国的企业。 关键词：企业并购动因理论 并购（mergers and acquisition）包括兼并和收购，两者有一定的区别和联系。但是，随着全球化经济大发展，实业界的创新活动层出不穷，企业兼并和企业收购的界限越来越模糊。正如温斯顿说讲:“传统的主题已经扩展到包括接管以及相关的公司重组、公司控制、企业所有权结构变更等问题上,为简便起见，我们把它们统称为并购(M&A)”。 并购在当今世界扮演者越来越重要的角色。施蒂格勒(G. J. Stigler)经过研究认为：没有一个美国大公司不是通过某种适度、某种方式的兼并而成长起来的，几乎没有一家大公司主要是靠内部扩张成长起来。从19世纪末英、美等西方国家发生的第一次企业并购高潮算起，历经五次企业并购高潮，至今已有近百年的历史。企业并购理论也成为目前西方经济学最活跃的研究领域之一，在该领域的研究主要集中在并购动因研究和并购绩效研究两方面，两者共同成为理解企业并购经济合理性和制定公共政策的基础。在该文中，主要总结并购动因方面的文献。 一、国外企业并购动因的研究 企业并购动因的复杂性和多变性难以用一种经济理论解释清楚，不同地区、不同历史时期企业并购的产生和发展都有深刻的社会、政治、经济等原因；对于不同企业来说，他进行并购活动的原因不同，甚至同一企业在不同时期的并购也有不同的原因。对于并购动因问题，西方学者进行了广泛而深入的研究，提出了多种并购动因理论。Berkovitch 和narayanan(1993)将并购的动因归结于协同效应（synergy）,代理问题(agency)，管理者自负(hubris),并通过实证分析表明，以协同效应为目标的并购将带来正的效应，以代理问题为目标的并购，将带来负的效应。Kode ,Ford, Sutherland(2003)认为并购的动因在于协调效应，并提出了评价并购协同效应的模型。K. D. Brouthers等(1998)认为，并购动机可以分为经济动机、个人动机和战略动机三类。其中，经济动机包括扩大营销规模、增加利润、降低风险、防御竞争对手等子项目9项，个人动机包括增加管理特权等子项目4项，战略动机包括提高竞争力、追求市场力量等4项。这些研究都为并购的动因的理论发展作出了巨大的贡献。 威斯通等（1998）可以看成是国外对企业并购理论研究的集大成者。按照威斯通的理论和其它文献的研究成果，我们可以将企业并购的动因归为两大类：第一类是并购赞成论，包括效率理论（管理协同效应理论、经营协同效应理论、财务协同效应理论、多样化经营理论、价值低估理论）、信息与信号理论、代理成本理论。第二类是并购怀疑论，包括管理主义、自负假说、闲置现金流量理论、市场势力理论。 （一）、并购赞成论 1.效率理论（Efficiency Theory） 效率理论认为并购活动能够给社会收益带来一个潜在的增量，而且对交易的参与者来说无疑能提高各自的效率。这一理论包含两个基本的要点：（1）公司并购活动的发生有利于改进管理层的经营业绩；（2）公司并购将导致某种形式的协同（Synergy）效应。该理论主要包括管理协同效应理论、经营协同效应理论、财务协同效应理论、纯粹多样化经营理论、价值低估理论5个理论。 （1）管理协同（management synergy）效应理论
学校 毕业设计（论文）附件 外文文献翻译 学号： xxxxx 姓名： xxx 所在系别： xxxxx 专业班级： xxx 指导教师： xxxx 原文标题： Building construction concrete crack of prevention and processing 2012年月日 .
建筑施工混凝土裂缝的预防与处理1 摘要 混凝土的裂缝问题是一个普遍存在而又难于解决的工程实际问题，本文对混凝土工程中常见的一些裂缝问题进行了探讨分析，并针对具体情况提出了一些预防、处理措施。 关键词：混凝土裂缝预防处理 前言 混凝土是一种由砂石骨料、水泥、水及其他外加材料混合而形成的非均质脆性材料。由于混凝土施工和本身变形、约束等一系列问题，硬化成型的混凝土中存在着众多的微孔隙、气穴和微裂缝，正是由于这些初始缺陷的存在才使混凝土呈现出一些非均质的特性。微裂缝通常是一种无害裂缝，对混凝土的承重、防渗及其他一些使用功能不产生危害。但是在混凝土受到荷载、温差等作用之后，微裂缝就会不断的扩展和连通，最终形成我们肉眼可见的宏观裂缝，也就是混凝土工程中常说的裂缝。 混凝土建筑和构件通常都是带缝工作的，由于裂缝的存在和发展通常会使内部的钢筋等材料产生腐蚀，降低钢筋混凝土材料的承载能力、耐久性及抗渗能力，影响建筑物的外观、使用寿命，严重者将会威胁到人们的生命和财产安全。很多工程的失事都是由于裂缝的不稳定发展所致。近代科学研究和大量的混凝土工程实践证明，在混凝土工程中裂缝问题是不可避免的，在一定的范围内也是可以接受的，只是要采取有效的措施将其危害程度控制在一定的范围之内。钢筋混凝土规范也明确规定：有些结构在所处的不同条件下，允许存在一定宽度的裂缝。但在施工中应尽量采取有效措施控制裂缝产生，使结构尽可能不出现裂缝或尽量减少裂缝的数量和宽度，尤其要尽量避免有害裂缝的出现，从而确保工程质量。 混凝土裂缝产生的原因很多，有变形引起的裂缝：如温度变化、收缩、膨胀、不均匀沉陷等原因引起的裂缝；有外载作用引起的裂缝；有养护环境不当和化学作用引起的裂缝等等。在实际工程中要区别对待，根据实际情况解决问题。 混凝土工程中常见裂缝及预防: 1.干缩裂缝及预防 干缩裂缝多出现在混凝土养护结束后的一段时间或是混凝土浇筑完毕后的一周左右。水泥浆中水分的蒸发会产生干缩，且这种收缩是不可逆的。干缩裂缝的产生主要是由于混凝土内外水分蒸发程度不同而导致变形不同的结果：混凝土受外部条件的影响，表面水分损失过快，变形较大，内部湿度变化较小变形较小，较大的表面干缩变形受到混凝土内部约束，产生较大拉应力而产生裂缝。相对湿度越低，水泥浆体干缩越大，干缩裂缝越易产 1原文出处及作者：《加拿大土木工程学报》
204/JOURNAL OF BRIDGE ENGINEERING/AUGUST1999
JOURNAL OF BRIDGE ENGINEERING /AUGUST 1999/205 ends.The stress state in each cylindrical strip was determined from the total potential energy of a nonlinear arch model using the Rayleigh-Ritz method. It was emphasized that the membrane stresses in the com-pression region of the curved models were less than those predicted by linear theory and that there was an accompanying increase in ?ange resultant force.The maximum web bending stress was shown to occur at 0.20h from the compression ?ange for the simple support stiffness condition and 0.24h for the ?xed condition,where h is the height of the analytical panel.It was noted that 0.20h would be the optimum position for longitudinal stiffeners in curved girders,which is the same as for straight girders based on stability requirements.From the ?xed condition cases it was determined that there was no signi?cant change in the membrane stresses (from free to ?xed)but that there was a signi?cant effect on the web bend-ing stresses.Numerical results were generated for the reduc-tion in effective moment required to produce initial yield in the ?anges based on curvature and web slenderness for a panel aspect ratio of 1.0and a web-to-?ange area ratio of 2.0.From the results,a maximum reduction of about 13%was noted for a /R =0.167and about 8%for a /R =0.10(h /t w =150),both of which would correspond to extreme curvature,where a is the length of the analytical panel (modeling the distance be-tween transverse stiffeners)and R is the radius of curvature.To apply the parametric results to developing design criteria for practical curved girders,the de?ections and web bending stresses that would occur for girders with a curvature corre-sponding to the initial imperfection out-of-?atness limit of D /120was used.It was noted that,for a panel with an aspect ratio of 1.0,this would correspond to a curvature of a /R =0.067.The values of moment reduction using this approach were compared with those presented by Basler (Basler and Thurlimann 1961;Vincent 1969).Numerical results based on this limit were generated,and the following web-slenderness requirement was derived: 2 D 36,500a a =1?8.6?34 (1) ? ??? t R R F w ?y where D =unsupported distance between ?anges;and F y =yield stress in psi. An extension of this work was published a year later,when Culver et al.(1973)checked the accuracy of the isolated elas-tically supported cylindrical strips by treating the panel as a unit two-way shell rather than as individual strips.The ?ange/web boundaries were modeled as ?xed,and the boundaries at the transverse stiffeners were modeled as ?xed and simple.Longitudinal stiffeners were modeled with moments of inertias as multiples of the AASHO (Standard 1969)values for straight https://www.doczj.com/doc/1112319876.html,ing analytical results obtained for the slenderness required to limit the plate bending stresses in the curved panel to those of a ?at panel with the maximum allowed out-of-?atness (a /R =0.067)and with D /t w =330,the following equa-tion was developed for curved plate girder web slenderness with one longitudinal stiffener: D 46,000a a =1?2.9 ?2.2 (2) ? ? ? t R f R w ?b where the calculated bending stress,f b ,is in psi.It was further concluded that if longitudinal stiffeners are located in both the tension and compression regions,the reduction in D /t w will not be required.For the case of two stiffeners,web bending in both regions is reduced and the web slenderness could be de-signed as a straight girder panel.Eq.(1)is currently used in the ‘‘Load Factor Design’’portion of the Guide Speci?cations ,and (2)is used in the ‘‘Allowable Stress Design’’portion for girders stiffened with one longitudinal stiffener.This work was continued by Mariani et al.(1973),where the optimum trans-verse stiffener rigidity was determined analytically. During almost the same time,Abdel-Sayed (1973)studied the prebuckling and elastic buckling behavior of curved web panels and proposed approximate conservative equations for estimating the critical load under pure normal loading (stress),pure shear,and combined normal and shear loading.The linear theory of shells was used.The panel was simply supported along all four edges with no torsional rigidity of the ?anges provided.The transverse stiffeners were therefore assumed to be rigid in their directions (no strains could be developed along the edges of the panels).The Galerkin method was used to solve the governing differential equations,and minimum eigenvalues of the critical load were calculated and presented for a wide range of loading conditions (bedding,shear,and combined),aspect ratios,and curvatures.For all cases,it was demonstrated that the critical load is higher for curved panels over the comparable ?at panel and increases with an increase in curvature. In 1980,Daniels et al.summarized the Lehigh University ?ve-year experimental research program on the fatigue behav-ior of horizontally curved bridges and concluded that the slen-derness limits suggested by Culver were too severe.Equations for ‘‘Load Factor Design’’and for ‘‘Allowable Stress Design’’were developed (respectively)as D 36,500a =1?4?192(3)? ?t R F w ?y D 23,000a =1?4 ?170 (4) ? ? t R f w ?b The latter equation is currently used in the ‘‘Allowable Stress Design’’portion of the Guide Speci?cations for girders not stiffened longitudinally. Numerous analytical and experimental works on the subject have also been published by Japanese researchers since the end of the CURT project.Mikami and colleagues presented work in Japanese journals (Mikami et al.1980;Mikami and Furunishi 1981)and later in the ASCE Journal of Engineering Mechanics (Mikami and Furunishi 1984)on the nonlinear be-havior of cylindrical web panels under bending and combined bending and shear.They analyzed the cylindrical panels based on Washizu’s (1975)nonlinear theory of shells.The governing nonlinear differential equations were solved numerically by the ?nite-difference method.Simple support boundary condi-tions were assumed along the curved boundaries (top and bot-tom at the ?ange locations)and both simple and ?xed support conditions were used at the straight (vertical)boundaries.The large displacement behavior was demonstrated by Mi-kami and Furunishi for a range of geometric properties.Nu-merical values of the load,de?ection,membrane stress,bend-ing stress,and torsional stress were obtained,but no equations for design use were presented.Signi?cant conclusions include that:(1)the compressive membrane stress in the circumfer-ential direction decreases with an increase in curvature;(2)the panel under combined bending and shear exhibits a lower level of the circumferential membrane stress as compared with the panel under pure bending,and as a result,the bending moment carried by the web panel is reduced;and (3)the plate bending stress under combined bending and shear is larger than that under pure bending.No formulations or recommendations for direct design use were made. Kuranishi and Hiwatashi (1981,1983)used the ?nite-ele-ment method to demonstrate the elastic ?nite displacement be-havior of curved I-girder webs under bending using models with and without ?ange rigidities.Rotation was not allowed (?xed condition)about the vertical axis at the ends of the panel (transverse stiffener locations).Again,the nonlinear distribu-