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Mergers and Acquisitions
并購
Mergers and acquisitions are a big part of the corporate finance world.
并購是公司財務的一大部分。
A merger is when two or more companies combine their operations.
合并就是兩個或更多的公司共同經營。
Generally the combined company is able to negotiate lower prices with suppliers because of its bigger size and market.
通常來說，合并的公司能夠憑借其更大的規模和市場與供應商協商以獲得更低的價格。
Jobs are sometimes also cut in mergers to save money.
合并后的企業也會裁員以節約資金。
The idea is to increase the value of the combined company for shareholders.
合并的目的是為了增加公司股東的利益。
But that does not always happen.
但這不是必然的。
Some experts suggest that only one merger in three creates big gains for shareholders.
一些專家提出，只有三分之一并購后的企業能使其股東獲得巨額利潤。
At the same time, mergers can reduce competition,resulting in higher prices.
同時，合并會削弱競爭，導致價格提升。
The simplest way for companies to combine is through an acquisition.
對公司而言，最簡單的合并方法就是收購。
One company buys another.
一個公司收購另一個。
Companies may take a large part or a small part in guiding the policies of the businesses they acquire.
公司對其所收購公司的經營決策起著或大或小的作用。
Some investors buy controlling shares of stock in companies but leaving their management teams in place.
有的投資者收購公司的控制股份但是會保留原有的管理團隊。
