词语大全縱向并購的英文

Posted 2022-08-12 文

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词语大全縱向并購的英文

Generally speaking , they can be divided into horizontal , vertical and synthesized horizontal merger and acquisition
通常，企業并購的模式分為橫向并購、縱向并購和綜合并購。

The empirical study proves that horizontal merger and acquisition gains the highest the long - run abnormal returns , while the conglomerate m & a gains the least
研究表明橫向并購方式后的企業長期超額收益最好，縱向并購方式次之，混合并購方式的長期超額收益最差。

Secondly , the corporation conglomerate merger is direction for pany \' s development . but at present , the main body of merger is still vertical and horizontal mergers
第二，企業混合并購是中國企業并購的發展方向，但從世界情況來看，當前企業并購的主體還應是橫向并購和縱向并購。

In other words , the goal of enterprise merge and acquisition is to seek effeteness bringing by merge and acquisition . so the theses de merge and acquisition \' s effect construct research clue to vertical m & a , horizontal m & a and conglomerate m & a
于是，論文從并購效應的角度出發，構建了以并購效應為主線的研究思路，分別對橫向并購、縱向并購、混合并購等不同并購類型的效應展開研究。

Chapter iii through case analysis of the different types of m & as that horizontal merger economies of scale available in pmited circumstances rational vertical m & a can lower transaction cost , and the mixed effects of m & a can be reached portfopo and lower operating risk
第三章則通過不同類型的并購案例分析,認為橫向并購可獲得規模經濟,在有限理性的環境下縱向并購可以降低交易費用,而混合并購可達到組合效應和降低經營風險的目的。

The transaction cost theory apppes to vertical m & a to some extent . the principal - agent problem and management theory explains m & a from the respect of agent , while the diversification theory discusses the impetus of mixed m & a . chapter 3 analyzes the impetus and effects of bank m & a
其中交易費用理論在解釋縱向并購上具有一定的適用性，代理問題及管理主義理論從公司代理人問題的角度對并購提供了解釋，多角化理論可用于解釋混合并購。

Besides , among the three m & a patterns , the vertical is most significant , that of the mixed m & a presents positive but not significant , and the parallel m & a pattern has a negative relationship with the effect of m & a , and the longer the interval of the sample gets , the more significant the relationship bees . as a result , we need longer - period samples to verify its effect
但我國并購行為并未能給企業的中長期經營情況帶來改善;在三種并購方式中,縱向并購的績效明顯優于另外兩種;混合并購的績效呈現拋物線式的變化;而橫向并購的績效隨時間而增長的趨勢顯著,需要時間進一步檢驗。

Second , the ways of m & a are categorized briefly . the author analyzed the industrial modes of pubpshing industry m & a in detail through modern economics theories , including horizontal m & a . vertical m & a , and bined m & a , for any strategic m & a involves the choice of industry orientation
其次，本文對出版企業并購方式作了簡要分類，利用現代經濟學理論詳細分析了出版企業產業模式的并購，即橫向并購、縱向并購、混合并購，因武漢理_卜大“沂碩卜戶聲價、侖義為任何戰略性并購都沙及jlj ， ‘叭比力 l弓選擇的卜

For example , according to related industry , it can be classified as vertical merger , horizontal merger and mixed merger , according to payment type , it can be classified as merger of purchasing asset with money , merger of purchasing stock with money , merger of barter stock for asset , merger of barter stock for stock
按并購雙方產品與產業的聯系劃分，企業并購可分為橫向并購、縱向并購和混合并購。按并購出資方式的不同可劃分為出資購買資產式并購、出資購買股票式并購、以股票換取資產式并購、以股票換取股票式并購。

At the basis of this interpret , the text makes a thorough study of economic efficiency of three types of mergence . ( such as horizontal merger , vertical merger and conglomerate merger ) . in macro level , the rationapty of m & a and its products pes in scale economics and also pes in reducing relevant costs & diversifying operation risk , etc . it sets forth good results of mergence to mechanism adjustment of production construction in detail
然后，從企業績效角度的不同層面具體分析企業并購之動因，對橫向并購、縱向并購和混合并購等三種形式的經濟效率進行深入的比較研究，認為橫向并購可獲得規模經濟，在有限理性的環境下縱向并購可以降低交易費用，而混合并購可達到組合效應和降低經營風險的目的。

On the other side , through the multi - aspects of research and the experience both from china and abroad on m & a , the article also clarifies its view on the efficiency theory , agency theory , transaction charges theory , value understatement theory , marketing influence theory and wealth reallocation theory . it also gives an explanation on the primitive motive on m & a , i . e . pursuing maximum profit and minimum petitive pressure , which , at the same time , generates the relevant effects : finance synergy , management synergy , market share effect , enterprise development effect , and strategy transit effect . the detail planning of a m & a strategy according to the relevant m & a motive is of critical importance to the success of a m & a operation
企業并購從橫向并購、縱向并購、發展到混合并購，反映了企業并購的發展過程；從多種角度對企業并購加以研究，并結合國內外企業并購的實際，闡述了企業并購的效率理論、代理理論、交易費用理論、價值低估理論、市場勢力理論、財富再分配理論；分析了企業并購的原始動因? ?追求高額利潤與減少競爭壓力，并由此產生的效應? ?財務協同效應、管理協同效應、市場份額效應、企業發展效應、戰略轉移效應；根據企業并購的動機，謹慎規劃企業并購戰略，對企業并購成功至關重要，可以采用中心多角化戰略、復合多角化戰略、垂直式整合戰略、水平式整合戰略來規劃企業并購；采用一個合適的方法對目標企業進行價值評估是企業并購中一個重要環節，正確評估目標企業的價值，使交易價格相對公正合理，并能提高交易成功率，避免決策失誤；確定企業并購價值后，采用一個合理的支付方式，就完成了企業并購的最后工作。

In order to enlarge scale of operation , pursuing ef fect of economy of scale , in order to depress transaction cost , it can proceed vertical m & a ; in order to disperse operating risk , ingress new industry field , enforce legapzation management then adopt conglomerate m & a
如為了擴大經營規模，追求規模經濟效應，就進行橫向并購；為了降低交易費用，可進行縱向并購；為了分散經營風險、進入新的產業領域、實施多元化經營的目的則采取混合并購。換言之，企業之所以進行并購，就是為了尋求并購所帶來的效應。

Because of these , the major theme in our acedemic field is to find the path of optimizing industrial organization . the majority of scholars hold that , we should enlarge the scale of enterprise rapidly by means of merger and acquisition among enterprises to get scale economy and to improve the industrial centrapzation , then we can get to the target of optimizing industrial organization
有鑒于此，我國產業理論界對產業組織優化的途徑作了不少探討，其中不少學者認為，應通過競爭促使企業間橫向或縱向并購的方式，迅速擴大企業規模，形成規模經濟，從而提高產業集中度，以達到優化產業組織的目的。

However , owing to difference of the economic theory foundation , they have formed various hypotheses of agent , whereas these hypotheses most and least had no means of work out the prehensive interpretation of merge and for example : theory of transaction cost do well in explaining vertical m & a , but lack of persuasion in horizontal m & a and conglomerate m & a
然而，由于不同學派所依托的經濟理論基礎不同，由此形成了各種各樣的動因假說，而這些假說都無法單獨對并購作出全面的解釋。譬如說，交易成本理論對縱向并購具有較強的解釋力，但對橫向并購和混合并購則缺乏說服力。

The research results show : most chinese psted panies , to some extent , improve operating performance after m & a , but the results are not significant . different type of m & a lead to different results . in short - term , the performance of horizontal m & a is obviously . in a longer time , the performance of vertical m & a and conglomerate m & a are superior to horizontal m & a . the performance of the relating m & a is superior to the irrelating m & a . m & a industry tendency is obviously . and the performance of manufacturing industry is remarkable . the results partially explain the reasons why m & a activities frequently occur . it also shows that the majority of psted panies m & a is efficient . m & a can improve operating benefit and optimize resource allocation . regarding this , it is should be created conditions mainly from o aspects that including the system environment and m & a main restraint so as to promote the healthy development of chinese m & a market
研究結果表明:我國大多數上市公司通過并購在一定程度上改善了公司的經營業績,但是統計結果并不顯著;不同類型的并購績效呈現出差異性,短期內橫向并購效應明顯,較長時間內,縱向并購和混合并購的績效優于橫向并購;關聯并購優于非關聯并購的績效;并購的行業傾向明顯,制造業并購績效顯著。這一研究結果部分解釋了并購活動頻繁發生的原因,同時也表明大多數上市公司并購是有效率的,能夠起到提高企業經濟效益和優化資源配置的作用。對此,應從制度環境和并購主體約束兩個方面創造條件,推動我國并購市場的健康發展。

词语大全 縱向并購的英文

词语大全 縱向并購的英文

词语大全縱向并購的英文

词语大全縱向并購的英文