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商务英语真题集 第四辑 套1---PART TWO

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发表于 2011-10-21 11:32 | 显示全部楼层 |阅读模式
ACQUISITION
When should a company consider acquisition as a way forward?
从标题和副标题知道这篇文章讲的是收购,具体说来是讲公司选择收购的原因。全文一共八段,除了第一段是总概括,后面七段一共说明了收购需要考虑的6个原因,几乎每段对应一个,而且非常直接。
There are many circumstance in which a company may wish to take over another organization through an acquisition.
有许多情况关于一个公司希望通过并购来接管另一个公司。
   The need to keep up with a changing environment often dominates thinking about acquisitions. One compelling reason to develop by acquisition is the speed with which it allows the company to enter new product or market area. In some cases, a market is changing so fast that acquisition becomes the only way of successfully breaking into it. This is particularly true of e-commerce.
这需要跟随变化的环境随时主导并购的想法。一个关于并购令人信服的原因是加快允许公司进入新产品市场或者市场领域的速度。在一些情况下,市场变化如此迅速,并购成为成功进入市场的唯一途径。这就是特别真实的电子商务。
   The strength of competitors may influence a company to choose acquisition as a way forward. In markets that are static and where market shares of companies are reasonably steady. It can be difficult for a company to break into the market, since its presence may create excess capacity. If, however, the company enters by acquisition, the risk of reaction from industry rivals is reduced.
竞争中的强度可能影响公司选择并购作为一个前进道路。在稳定的市场上,并且各公司所占市场份额合理稳定的市场上,对一个公司来说打入市场非常困难。因为它的存在会造成能力过剩。然而,如果公司通过并购来进入市场,对对手的行为作出反应的风险就降低了。
   The same arguments also apply when an established supplier in an industry acquires a competitor. This may either be to gain the competitor’s market share or, in some cases, to shut down its capacity in order to restore a situation where supply and demand are more balanced.
There may be financial motives for acquisition. If the share value of a company is high. The motive may be to spot and acquire a firm with a low share value. Indeed, this is one of the major reasons for the more speculative acquisitions that take place. An extreme example is asset stripping, where the main motive for the acquisition is short-term gain by buying up undervalued assets and selling them on bit by bit.
同样的争论也适用于当一个建立在工业的供应商收购竞争对手时,可能不因获得了竞争者的市场份额而且在许多情况下,关闭了它的能力为了使供应和需求恢复到更为平衡的状况。这里可能会有对于收购的经济动机,如果公司的股票价值处于高位,动机可能被发现并且收购一个低价值股票的公司。实际上,这是为了更多投机性并购发生的主要原因之一。一个极端的例子是评估陷阱,并购的主要动机是短期通过购买低估的资产同时一点一点销售它来获利。
There may also be resource considerations. There may be a lack of resources or skills to compete successfully, so they must be acquired. For example, a company may be taken over for its research and development expertise. It may also be that it has knowledge of a particular type of production system, business process or market need. In an international context, acquisition is often a means of gaining market knowledge.
这里也可能有为了资源而考虑的收购。可能是缺乏技术或者技能上的资源来成功的竞争。因此他们必须收购。比如,公司可能因其研发专家而被接管。这可能也是因为其与具有特殊类型产品的系统、商业过程或者市场需求的知识,在国际环境下,并购经常是过去市场知识的手段。
Sometimes there are reasons of cost efficiency which make acquisition look attractive. A cost efficiency could arise from the fact that an established company may already be very experienced and have achieved efficiencies which another company would find difficult to achieve quickly by internal means. The necessary development and organizational learning would be too slow. In consumer goods industries, cost efficiency is usually the reason for an acquisition.
有时候是成本效益的原因。这使得并购看起来很具吸引力。成本效益能够从建立的公司可能已经拥有的经验和取得的效益这些事实产生,这是另一个公司通过内部手段很难寻找快速达到的。必要的发展和组织学习将会很慢。在消费者商品产业,成本效益通常是并购的原因。
Acquisition can also be driven by the expectations of key shareholders.Shareholders usually expect to see continuing growth, and acquisition may be a quick way to deliver this growth. But there are considerable dangers than an acquisition can lower share price rather than increase it. It may be that the parent company may not have sufficient understanding of the acquired business, and this could remove value. This is more likely when the decision to acquire is speculative as opposed to strategic. There are some shareholders who favor acquisition simply to bring a short-term boost to share value.
并购也可以被主要股东的期望所驱使。股东通常希望看到不断地增长,而且并购可能是一个传递这种增长的快速方法。但是对并购来说降低股价比升高它有更大的危险。这可能是母公司没有足够的了解并购企业,这能够消除价值。当当并购的决定是投机的时候,更像作为反对策略。有许多股东喜爱并购只是带来对股价的短期促进。
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