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Mergers and Acquisitions
并购
Mergers and acquisitions are a big part of the corporate finance world.
并购是公司财务的一大部分。
A merger is when two or more companies combine their operations.
合并就是两个或更多的公司共同经营。
Generally the combined company is able to negotiate lower prices with suppliers because of its bigger size and market.
通常来说，合并的公司能够凭借其更大的规模和市场与供应商协商以获得更低的价格。
Jobs are sometimes also cut in mergers to save money.
合并后的企业也会裁员以节约资金。
The idea is to increase the value of the combined company for shareholders.
合并的目的是为了增加公司股东的利益。
But that does not always happen.
但这不是必然的。
Some experts suggest that only one merger in three creates big gains for shareholders.
一些专家提出，只有三分之一并购后的企业能使其股东获得巨额利润。
At the same time, mergers can reduce competition,resulting in higher prices.
同时，合并会削弱竞争，导致价格提升。
The simplest way for companies to combine is through an acquisition.
对公司而言，最简单的合并方法就是收购。
One company buys another.
一个公司收购另一个。
Companies may take a large part or a small part in guiding the policies of the businesses they acquire.
公司对其所收购公司的经营决策起着或大或小的作用。
Some investors buy controlling shares of stock in companies but leaving their management teams in place.
有的投资者收购公司的控制股份但是会保留原有的管理团队。
