Thenewrulesofattraction.docx

推荐理由：具有各异特征的五次并购浪潮席卷而过，眼下新一轮浪潮正蠢蠢欲动。实际上，企业并购是一项复杂性与技术性并存的专业投资活动，又是一项高收益与高风险伴生的业务。在国际上，并购是私募投资的一种惯用手段，并购活动中涉及很多知识面，因此被称为“财力与智力的高级结合”。提到并购，其中风险与机遇并存，各方不同立场的声音此起彼伏，但谁也无法真正说服对方，而你站在哪一方呢？本文结合并购的发展现状，回顾了并购历史上一些国际知名企业并购成功或失败的案例，犀利的观点和精准的文笔或许会为你拨云见日。The New Rules of AttractionNovember 15, 2014From The EconomistThe latest boom in dealmakingappears more sensible than itspredecessors. But valuations are creeping into the danger zone1.BRUCE WASSERSTEIN was probably the most famous mergers and acquisitions(MA) banker on Wall Street in the 1980s and 1990s. Yet “Bid ‘em up Bruce”（抬价布鲁斯）, who died in 2009, was ambivalent（矛盾的）about his trade. The best rainmakers were capable men, he once wrote, but dealmaking also attracted “hustlers and swaggering mediocrities（耍诡计骗钱的蠢才和耀武扬威的庸才）”. And whereas takeovers made the business world more dynamic, they also led to “pain, dislocations（混乱）and blunders（失误）”.2.Whether dealmaking is sensible is once more an important question, because MA are back with a vengeance（程度更深地）, after a lull（平静时期） following the financial crisis. Worldwide, $3.6 trillion of deals（交易） have been announced this year, reckons Bloomberg, an information provider, approaching the peak reached in 2007. In pharmaceuticals and among media firms the activity is frantic. Deals worth more than $10 billion are again common. America and Britain, with their open markets for corporate control, account for a disproportionate（不成比例）share of the action.So do cross-border deals, which have risen from a sixth of activity in the mid-1990s to 43% today.3.Long experience ofbooms and slumps（经济萧条）in MA has made investors wary. Veteran fund managers and academics argue that deals satisfy executives’ vanity（高管们的虚荣心） and enrich their bankers, but destroy value for shareholders（股东）. Reflecting this worry, when a firm announces an acquisition（收购） its shares have tended to fall, as investors fret that the premiumit is paying will exceed the benefit from the synergies（协同作用、协同增效作用，人或公司共同协作所产生的效果优于各自单独行动的效果