縱向並購 的英文怎麼說
中文拼音 [zōngxiàngbànggòu]
縱向並購
英文
vertical merger and acquisitions-
The transaction cost theory applies 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並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並購提供了解釋，多角化理論可用於解釋混合併購。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 comprehensive 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，由於不同學派所依託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並購作出全面的解釋。譬如說，交易成本理論對縱向並購具有較強的解釋力，但對橫向並購和混合併購則缺乏說服力。Second, the ways of m & a are categorized briefly. the author analyzed the industrial modes of publishing industry m & a in detail through modern economics theories, including horizontal m & a. vertical m & a, and combined m & a, for any strategic m & a involves the choice of industry orientation
其次，本文對出版企業並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並購，即橫向並購、縱向並購、混合併購，因武漢理_卜大「沂碩卜戶聲價、侖義為任何戰略性並購都沙及jlj ， 『叭比力} l弓選擇的卜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 competitive 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
企業並購從橫向並購、縱向並購、發展到混合併購，反映了企業並購的發展過程；從多種角度對企業並購加以研究，並結合國內外企業並購的實際，闡述了企業並購的效率理論、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；分析了企業並購的原始動因? ?追求高額利潤與減少競爭壓力，並由此產生的效應? ?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；根據企業並購的動機，謹慎規劃企業並購戰略，對企業並購成功至關重要，可以採用中心多角化戰略、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並購；採用一個合適的方法對目標企業進行價值評估是企業並購中一個重要環節，正確評估目標企業的價值，使交易價格相對公正合理，並能提高交易成功率，避免決策失誤；確定企業並購價值后，採用一個合理的支付方式，就完成了企業並購的最後工作。Secondly, the corporation conglomerate merger is direction for company ' s development. but at present, the main body of merger is still vertical and horizontal mergers
第二，企業混合併購是中國企業並購的發展方向，但從世界情況來看，當前企業並購的主體還應是橫向並購和縱向並購。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 rationality of m & a and its products lies in scale economics and also lies in reducing relevant costs & diversifying operation risk, etc. it sets forth good results of mergence to mechanism adjustment of production construction in detail
然後，從企業績效角度的不同層面具體分析企業並購之動因，對橫向並購、縱向並購和混合併購等三種形式的經濟效率進行深入的比較研究，認為橫向並購可獲得規模經濟，在有限理性的環境下縱向並購可以降低交易費用，而混合併購可達到組合效應和降低經營風險的目的。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
按並購雙方產品與產業的聯系劃分，企業並購可分為橫向並購、縱向並購和混合併購。按並購出資方式的不同可劃分為出資購買資產式並購、出資購買股票式並購、以股票換取資產式並購、以股票換取股票式並購。Generally speaking, they can be divided into horizontal, vertical and synthesized horizontal merger and acquisition
通常，企業並購的模式分為橫向並購、縱向並購和綜合併購。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
研究表明橫向並購方式后的企業長期超額收益最好，縱向並購方式次之，混合併購方式的長期超額收益最差。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
於是，論文從並購效應的角度出發，構建了以並購效應為主線的研究思路，分別對橫向並購、縱向並購、混合併購等不同並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 limited circumstances rational vertical m & a can lower transaction cost, and the mixed effects of m & a can be reached portfolio and lower operating risk
第三章則通過不同類型的並購案例分析，認為橫向並購可獲得規模經濟，在有限理性的環境下縱向並購可以降低交易費用，而混合併購可達到組合效應和降低經營風險的目的。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 becomes. as a result, we need longer - period samples to verify its effect
但我國並購行為並未能給企業的中長期經營情況帶來改善;在三種並購方式中，縱向並購的績效明顯優于另外兩種;混合併購的績效呈現拋物線式的變化;而橫向並購的績效隨時間而增長的趨勢顯著，需要時間進一步檢驗。分享友人