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论文作者:www.51lunwen.org论文属性:作业 Assignment登出时间:2013-09-07编辑:yangcheng点击率:2552
论文字数:1067论文编号:org201309062157486451语种:英语 English地区:中国价格:免费论文
摘要:本文所指动因正是微观层面上的重组动因。其实宏观层次上的重组动因和微观层次上的动因是相互联系的,微观层面上的动因要受到宏观层面动因的影响不同的经济体制和经济环境会使企业重组动机各显不同,而各企业不同的发展背景、经营特征、战略选择也会使重组动因表现出各种各样。
第一次浪潮发生在自由竞争资本主义向垄断资本主义过度阶段的19世纪50年代至80年代,以大公司间横向兼并为特征。
( 1 ) The first wave occurred in the free competition capitalism to monopoly capitalism over stages in the 1850s to the 1980s , and a large horizontal merger is characterized by inter-company .
第二次浪潮发生在加世纪加年代,以大集团纵向组合为主导进行产业重组。
( 2 ) The second wave occurred in the Canadian century plus years , and a large vertically integrated group led by the industrial restructuring .
第三次浪潮发生在第二次世界大战后的50年代至60年代,以混合兼并为特点。主要特征是:著名跨国公司通过多元化发展和多角化并购,进行全方位的品牌市场扩张,混合并购成为企业兼并的主流,产品全球化发展靠品牌效应。
( 3 ) The third wave occurred in the 1950s after World War II to the 1960s, characterized by a mixed merger . Main features are : the famous multinational diversified development and diversification through acquisitions, a full range of brand market expansion, mergers and acquisitions as mergers mixed mainstream products by brand effect of globalization .
第四次浪潮始于70年代中期,延续了整个80年代,其中在1984一1985年达到高潮,具有杠杆收购特色,以金融运作为主进行资本重组。其特点是大公司内部的结构调整,并购对象主要是多元化产业发展的大公司,并购后进行非主导产业转 让,在企业内部进行大规模的优化重组,以提高主导产业的资产质量。
( 4 ) The fourth wave began in the mid-1970s , and continued throughout the 1980s , which in 1984 reached a climax in 1985 , with the characteristics of leveraged buyouts , mainly to recapitalize financial operations . It features a large internal company restructuring , mergers and acquisitions mainly targeted at the development of a large diversified industrial companies , mergers and acquisitions after the transfer of the non-dominant industries , large-scale in-house optimization and reorganization , in order to improve the asset quality of leading industries . At the same time there has been leveraged acquisitions , the resulting "big fish eat little fish " phenomenon. In the 1980s, mergers and leveraged financing total value of 235 billion yuan the company , related to the company 2800 .