1、Good is good, but better carries it.精益求精，善益求善。Unit18MergersandAcquisitions兼并與收購-Unit18MergersandAcquisitions兼并與收購BackgroundATypicalLeveragedBuyout一個典型的杠桿收購案例背景介紹兼并與收購(M&A)無疑是資本市場上最驚心動魄、最易引發人的成就感的活動之一，每一次較大的兼并與收購活動都會引起市場各方的震動。特別是近十年來更是兼并與收購業務大行其道的時期。隨著市場競爭的加劇，兼并與收購或被兼并與收購對公司來說都是可能的，有時它的成功并不完全取決于對等雙方或

2、各方的真正實力，技術因素往往起著關鍵的作用。在當今市場上，投資銀行已經成為兼并與收購活動的主要參與者之一。兼并與收購業務是投資銀行收入的主要來源之一，也是投資銀行提高自身競爭能力的主要途徑，而投資銀行參與兼并與收購活動的方式也日益多樣化。本章主要內容包括兩部分：第一部分是對兼并與收購業務的具體介紹與論述，包括：兼并與收購的基本業務類型，如：橫向收購、縱向收購、混合收購、管理層收購(MBO)和杠桿收購(LBO)等；反收購措施(如“白衣騎士”、“毒丸”防御等)在敵意收購中的應用；并購融資來源以及各種可能情況下的利弊：投資銀行在兼并與收購業務中的作用、費用結構和收入來源。l第二部分是一個典型的杠桿收

3、購案例。正如文中所言“研究一個典型的杠桿收購的全過程是有指導意義的。我們所使用的例子是建立在假設基礎上的，它并不說明任何特定的杠桿收購，而是旨在抓住典型的公司合并過程的本質。把握本質要求把問題做一些簡化_旦不失其現實意義”。通過這個假設的但十分詳細、具體的杠桿收購過程，讀者能以最簡單、最典型的方式把握兼并與收購業務中最本質的東西。The1980swasoneofthemostintenseperiodsforM&AactivityinAmericanshistory.Theprimereasonsforthisweretwofold:TheReaganadministrationencoura

4、gedthetrendbynotpursuingmanypotentialinfringementoftheShermanAnti-TrustActandalsohelpeditimmeasurablybypassingindirectlytoinvestorswhobecameinvolved.Theresultshelpedchangethefaceandhistory,ofAmericanfinanceandengenderedsomeofthemostemotionaldiscussionsurroundingtheinvestmentbankingindustrysincethe19

5、30s.The1980swasoneofthemostintenseperiodsforM&AactivityinAmericanshistory.在美國歷史上，20世紀80年代是兼并和收購的一個高峰時期。Theprimereasonsforthisweretwofold:TheReaganadministrationencouragedthetrendbynotpursuingmanypotentialinfringementoftheShermanAnti-TrustActandalsohelpeditimmeasurablybypassingindirectlytoinvestorswh

6、obecameinvolved.其主要原因是：里根政府對破壞謝爾曼反托拉斯法案的活動不做深入追究，并且通過立法保證間接流向并購投資者的稅收利益合法化，從而極大地推動了這一趨勢的發展。TheresultshelpedchangethefaceandhistoryofAmericanfinanceandengenderedsomeofthemostemotionaldiscussionsurroundingtheinvestmentbankingindustrysincethe1930s.結果推動了美國金融業面貌和歷史的改變，并釀成了30年代以來對投資銀行業最為激烈的爭論。Priortothe19

7、80s,mergersandacquisitionssimplymeantthatonecompanywouldattempttotakeoveranotherbygainingenoughofitscommonstocktogaincontrol.Inthesimplestsense,mergermeanttwocompaniesbecomingonewiththeacquirerbeinginthecommandingposition.Thegovernmentonlybecameinvolvedifthedealwasdeemedinimicaltocompetitionorifthep

8、otentialacquirerwasforeign,seekingcontrolofacompanyorindustrydeemedvitaltothenationaldefense.Priortothe1980s,mergersandacquisitionssimplymeantthatonecompanywouldattempttotakeoveranotherbygainingenoughofitscommonstocktogaincontrol.20世紀80年代以前，并購活動只意味著一家公司通過獲取另一家公司足夠的普通股來取得對該公司的控制權，最終實現接管。Inthesimplest

9、sense,mergermeanttwocompaniesbecomingonewiththeacquirerbeinginthecommandingposition.簡單地說，兼并意味著兩家公司合并為一體，并由收購方占據領導地位。Thegovernmentonlybecameinvolvedifthedealwasdeemedinimicaltocompetitionorifthepotentialacquirerwasforeign,seekingcontrolofacompanyorindustrydeemedvitaltothenationaldefense.只有在對競爭不利或是外國公

10、司企圖控制對國防至關重要的公司或行業時，政府才會進行干預。DifferentFormsofMergersMergerscomeinoneofseveraldistinctformsAhorizontalmergerbringstogethertwocompaniesinasimilarindustry-twosteelcompaniesforexample.Averticalmergerbringstogethertwocompaniesinrelatedindustries.Asteelcompanytakingoveranenergyproducersuchasacoalminewould

11、beanexample.Anautomobileproducertakingoverapartsmanufacturerisanother.Ineithercase,themergerisdesignedtoproduceasynergybetweenthetwocompaniesthatdidnotexistbefore.Thehorizontalmergershouldproducegreatereconomiesofscalewhiletheverticalshouldproducegreaterqualityandefficiency,avoidingduplicationofprod

12、uctsandproduction.Bothbringtogethercompaniesrelatedeitherdirectlyorindirectly.Mergerscomeinoneofseveraldistinctforms.兼并有幾種不同的形式Ahorizontalmergerbringstogethertwocompaniesinasimilarindustry-twosteelcompaniesforexample.。橫向兼并將兩家相同行業的公司(例如兩家鋼鐵公司)合為一體。Averticalmergerbringstogethertwocompaniesinrelatedind

13、ustries.縱向兼并是針對相關行業的兩家公司而言的。Asteelcompanytakingoveranenergyproducersuchasacoalminewouldbeanexample.例如，一家鋼鐵公司兼并一個諸如煤礦之類的能源供應者就屬于縱向兼并。Anautomobileproducertakingoverapartsmanufacturerisanother.又如，一家汽車制造公司兼并一個零部件制造商。Ineithercase,themergerisdesignedtoproduceasynergybetweenthetwocompaniesthatdidnotexistbe

14、fore.無論哪種情形，兼并的目的都是希望能夠產生出兩個公司間以前并不存在的協同效應。Thehorizontalmergershouldproducegreatereconomiesofscalewhiletheverticalshouldproducegreaterqualityandefficiency,avoidingduplicationofproductsandproduction.橫向兼并可以形成更大規模的經濟實體，而縱向兼并可以產生更高的質量與效率，避免產品和生產的重復。Bothbringtogethercompaniesrelatedeitherdirectlyorindire

15、ctly.兩種兼并都可以將直接或間接聯系的公司組合到一起。Anothertypeofmergerortakeoverasthecasemaybe,isthemergeroftwounrelatedcompanies.Thisisknownastheconglomeratemerger:acompanypurposelybuyinganothernotengagedinthesamebusinessatall.Thissortofmergerandthecompaniesitcreatesconglomerates-wereoriginallyconceivedtoserveasahedgeag

16、ainstchangingeconomicclimates.Thelargerconglomeratesshelteramultitudeofunrelatedcompaniesundertheircorporateumbrellasinmuchthesamefashionthatadiversifiedinvestorwillamassaportfolioofcommonstocks,assumingthatdiversificationhedgesagainstbusinessrisk.Ifpartsoftheenterprisefarepoorly,othersshouldbehavec

17、ounter-cyclically,helpingtokeepearningsonanevenkeel.Thisassumesthattheportfolioofcompanieswasacquiredwithaspecificdiversificationmodelinthefirstplace.Anothertypeofmergerortakeoverasthecasemaybe,isthemergeroftwounrelatedcompanies.另一類型的兼并，或事實上的接管案例，是兩家沒有聯系的公司的結合。Thisisknownastheconglomeratemerger:acom

18、panypurposelybuyinganothernotengagedinthesamebusinessatall.這就是廣為人知的混合兼并一家公司有意地并購另一家完全不同行業的公司。Thissortofmergerandthecompaniesitcreatesconglomerates-wereoriginallyconceivedtoserveasahedgeagainstchangingeconomicclimates.這種兼并以及由此而產生的集團企業的目的是規避經濟氣候變化的風險。Thelargerconglomeratesshelteramultitudeofunrelatedc

19、ompaniesundertheircorporateumbrellasinmuchthesamefashionthatadiversifiedinvestorwillamassaportfolioofcommonstocks,assumingthatdiversificationhedgesagainstbusinessrisk.這種膨脹的集團公司將大量不相關行業的企業收羅于它的旗幟之下，其做法如同個體投資者積聚普通股的投資組合，以多樣化來分散商業風險。我們把巨型提煉一下：Thelargerconglomeratesdointhesamefashionthatadiversifiedinve

20、stordoesAdointhesamefashionthatBdo:A和B的做法是一樣的。Shelter.underonesumbrellas:把收羅于某人的旗幟之下Ifpartsoftheenterprisefarepoorly,othersshouldbehavecounter-cyclically,helpingtokeepearningsonanevenkeel.如果一部分企業經營不良，而另一些企業則可能呈現相反情況，這樣可以使收益保持平穩。farewell/better：tobesuccessful,farebadly/poorly：unsuccessfulAlthoughChic

21、agohasfaredbetterthansomecities,unemploymentremainsaproblemKeel:onanevenkeel:steady,withoutanysuddenchangeskeepsomething/getsomethingbackonanevenkeel:使某物保持平穩Thisassumesthattheportfolioofcompanieswasacquiredwithaspecificdiversificationmodelinthefirstplace.但這需要公司組合首先是一個特定的多樣化模式。Assume:假定，假設；以為先決條件Assu

22、methat:Yourtheoryassumesthatwearewillingtopayforservicesbytaxation.你的理論以我們愿意通過稅收方式來支付服務費用為前提條件AsM&Aactivityhasbecomemoreextensiveandcomplicated,theterminologysurroundingithasbecomeequallycomplex.Duringthe1980s,themostcommontermusedinterchangeablywithmergerwasleveragedbuyoutorLBO.Althoughthistyperefe

23、rstoaspecificmethodofacquiringacompany,theterm,implyingextensiveborrowing,becamesynonymouswiththedecadeofeasymoneyandhighleverageingeneral.Essentially,itmeansthepurchaseofonecompanybyotherusingmainlyborrowedfunds.Thesourcesofthisborrowedmoneywillbediscussedlater.AsM&Aactivityhasbecomemoreextensivean

24、dcomplicated,theterminologysurroundingithasbecomeequallycomplex.隨著并購活動目趨廣泛與復雜，有關的專用術語也同樣變得復雜起來。Duringthe1980s,themostcommontermusedinterchangeablywithmergerwasleveragedbuyoutorLBO.80年代最慣常的通用并購術語是杠桿收購。Althoughthistypereferstoaspecificmethodofacquiringacompany,theterm,implyingextensiveborrowing,became

25、synonymouswiththedecadeofeasymoneyandhighleverageingeneral.雖然它專指一種并購公司的方式，但卻被廣義地借用，成為這一時期拆借活錢和高財務杠桿的代名詞。Essentially,itmeansthepurchaseofonecompanybyotherusingmainlyborrowedfunds.Thesourcesofthisborrowedmoneywillbediscussedlater.的基本含義是一家公司主要通過借入資金購買另一家公司。這種借款的來源將在以后討論。Generally,mostM&Aactivityinvolve

26、sonecompanybuyinganother,takingitoutofthepublicmarketplace.Onoccasion,themanagementofacompanywillitselftenderfortheoutstandingsharesofacompany,accomplishingthesameends.Thistypeofprivatizationisreferredtoasamanagementbuyout,orMBO.Usually,borrowedmoneyagainisthesourceoffundforthebuyout,usuallycomingfr

27、omcommercialbanksratherthanbondofferings.Onoccasion,abuyoutoriginatesfromworkerswhobuytheirowncompanyundertheassumptionthattheycanrunitbetterthanmanagementoroutsiders.Generally,mostM&Aactivityinvolvesonecompanybuyinganother,takingitoutofthepublicmarketplace.總體上說，大多數并購活動都是一家公司對另一家公司進行購買，使后者從公共市場中脫離出來

28、。Onoccasion,themanagementofacompanywillitselftenderfortheoutstandingsharesofacompany,accomplishingthesameends.一些情況下，公司的管理層會自行收購本公司發行在外的股票，以達成同樣的結果。Thistypeofprivatizationisreferredtoasamanagementbuyout,orMBO.這種私有化的形式被稱為管理層收購。Usually,borrowedmoneyagainisthesourceoffundforthebuyout,usuallycomingfromco

29、mmercialbanksratherthanbondofferings.通常，借款仍是收購資金的來源。這些借款一般來自于商業銀行而非發行債券。Onoccasion,abuyoutoriginatesfromworkerswhobuytheirowncompanyundertheassumptionthattheycanrunitbetterthanmanagementoroutsiders有時接管也源于工人購買自己的公司，因為他們認為自己能比管理層或外人經營得更好。Acquisitionsareclassifiedaseitherfriendlyorhostile,dependingupon

30、thereactionofthetargetcompanysdirectorstotheproposedbid.Ifmanagementremainsopposedandattemptstodissuadeshare-holdersfromacceptingtheofferoftheacquirer,theproposedpurchasepriceisknownasahostileoffer,asopposedtoafriendlyofferiftheyagreetothetermsandconditions.Butitshouldnotbeassumedthatallhostilebidsw

31、illbesuccessful.Targetcompaniescanmountexpensivedefensestowardoffunwantedsuitors,althoughthecostscanbequitehigh.Someofthosedefensesarealsoproductsofthe1980sandareequallyormorefamousthansomeofthefinancialengineeringtechniquesdevelopedduringthesameperiod.Acquisitionsareclassifiedaseitherfriendlyorhost

32、ile,dependinguponthereactionofthetargetcompanysdirectorstotheproposedbid.根據被收購公司的董事們對收購方報價的不同反應，收購分為善意和敵意兩類。ThereactionofAtoB:A對于B的反應Ifmanagementremainsopposedandattemptstodissuadeshare-holdersfromacceptingtheofferoftheacquirer,theproposedpurchasepriceisknownasahostileoffer,asopposedtoafriendlyoffer

33、iftheyagreetothetermsandconditions.如果管理層堅持反對，并試圖勸阻股東接受收購者的出價，這個報價就被認為是敵意的。它是相對于管理層同意交易條件的善意報價而言的。Dissuadesbfromdoingsth:勸阻某人做某事Butitshouldnotbeassumedthatallhostilebidswillbesuccessful.但并不能認為所有敵意的報價都可能獲得成功。Targetcompaniescanmountexpensivedefensestowardoffunwantedsuitors,althoughthecostscanbequitehig

34、h.目標公司會不惜以極大代價著手防御，以趕走不受歡迎的求購者。Mount:toincreasegradually.Wardsthoff:todosthtopreventsomethingsuchasanillness,danger,orattackfromharmingyou.躲避，避開某種危險wardoffunwantedpeople:避開不受歡迎的人Suitors:求購者=acquirerSomeofthosedefensesarealsoproductsofthe1980sandareequallyormorefamousthansomeofthefinancialengineering

35、techniquesdevelopedduringthesameperiod.這類保護措施中的一些是20世紀80年代的產品，比起這一時期金融工程技術的發展來的一些保護措施，其知名度很相似或者要要更有名一些（有過之而無不及）。Companiesnotabletodefendthemselvesfromhostilesuitorssometimesactivelyseekawhiteknighttocometotheirrescue.Theknightisacompanyorinvestorwhowillintervenewithacounterbidbutwhodoesnotplananydra

36、sticchangesinthecompanysmanagementstructure.Insomecases,thewhiteknightisemployedpurelyasadefensemechanism,notactuallywishingtocontrolthetargetcompany.Ifthedealdoesgothough,itisreferredtoasawhiteknighttransaction.If,however,thetargetcompanywantsnopartofanysortofmerger,itmayemployothertypesofdefensesu

37、singcapitalmarketsinstruments。Companiesnotabletodefendthemselvesfromhostilesuitorssometimesactivelyseekawhiteknighttocometotheirrescue.在敵意收購者面前不具備自我保護能力的公司，有時會主動地尋找白馬王子來援救它們。Awhiteknight:白馬王子。指目標公司為對抗敵意收購而另外尋找的善意收購者Theknightisacompanyorinvestorwhowillintervenewithacounterbidbutwhodoesnotplananydrast

38、icchangesinthecompanysmanagementstructure.這個白馬王子是愿以一個反報價的方式進行干預的公司或投資者，它不準備使該公司的管理層結構發生太大變化。Insomecases,thewhiteknightisemployedpurelyasadefensemechanism,notactuallywishingtocontrolthetargetcompany.在一些情況下，這些白馬王子只被當作純粹的“防御機制”，它并不是真正要控制目標公司。Ifthedealdoesgothough,itisreferredtoasawhiteknighttransaction

39、.假若這一辦法的確被實施，就稱之為白馬王子交易。If,however,thetargetcompanywantsnopartofanysortofmerger,itmayemployothertypesofdefensesusingcapitalmarketsinstruments.不過，如果目標公司絲毫也不愿接受任何形式的兼并，它可以利用資本市場工具采取另外形式的防衛。Perhapsthebest-knownanti-takeoverdefenseusedduringthe1980swasthepoisonpilldefense.Apoisonpillwasapackageofdebtorp

40、referredequityofferingsthatwouldbeissuedimmediatelyifanunwantedsuitorbeganaccumulatingthetargetcompanysstock.Theadditionalburdenthatthedebtand/orpreferredwouldplaceonthecompanysearningswouldintheoryactasdeterrenttoanunwantedsuitorbecauseinwouldreducetheafter-taxreturnbyaddingheavilytothecompaniesdeb

41、t-to-equityratio.Perhapsthebest-knownanti-takeoverdefenseusedduringthe1980swasthepoisonpilldefense.80年代最為著名的反接管防御措施是毒丸防御。Apoisonpillwasapackageofdebtorpreferredequityofferingsthatwouldbeissuedimmediatelyifanunwantedsuitorbeganaccumulatingthetargetcompanysstock.這里的“毒丸”指，當不受歡迎的收購者開始收購目標公司的股票時，可以立即發行的一

42、大堆債券或優先股。Theadditionalburdenthatthedebtand/orpreferredwouldplaceonthecompanysearningswouldintheoryactasdeterrenttoanunwantedsuitorbecauseitwouldreducetheafter-taxreturnbyaddingheavilytothecompaniesdebt-to-equityratio.這些債券或優先股落到公司利潤上作為新增的負擔，理論上能起到阻止求購者的作用，因為公司的負債權益比率會因此大增，這樣就會降低其稅后利潤。Deterrent:制止物，威懾

43、物Anyoneaccumulatingmorethan5percentofacompanyscommonstockmustregistertheholdingwiththeSEC,soitisunlikelythatanunwantedsuitorwouldremainanonymousforlong.Shelfregistrationscouldbefiledlistingdebtandpreferred,onlytobeusedifatakeoverwasdetectedbythetargetcompany.Otherwise,theycouldconvenientlyremainonth

44、eshelf.Ofcourse,actuallymountingapoisonpillcanbeveryexpensiveandifsuccessfulcanpresentthecompanywithrefinancingproblemsafterthefactasitattemptstorestructureitself.Anyoneaccumulatingmorethan5percentofacompanyscommonstockmustregistertheholdingwiththeSEC,soitisunlikelythatanunwantedsuitorwouldremainano

45、nymousforlong.任何人只要持有一家公司5的普通股，就必須在證券交易委員會登記，所以收購者不可能長時間地隱藏自己。Shelfregistrationscouldbefiledlistingdebtandpreferred,onlytobeusedifatakeoverwasdetectedbythetargetcompany.Otherwise,theycouldconvenientlyremainontheshelf.公司可以向證券交易委員會進行債券或優先股的預先注冊。一旦目標公司發現接管跡象，就發行債券或優先股。平時可以把它束之高閣，Ofcourse,actuallymounti

46、ngapoisonpillcanbeveryexpensiveandifsuccessfulcanpresentthecompanywithrefinancingproblemsafterthefactasitattemptstorestructureitself.當然，真正實施毒丸防御的代價很大。即使成功，也會在公司重組時暴露出重新融資的困難。Poisonpillsneedtobeusedwithcarebecausetheycanbelethalforthecompanythatemploysthemasapurgativeaswellasfortheproposedacquirer.Th

47、eyalsoillustratethatnotalltakeoversarenecessarilyaccomplishedbyconsensusandthattheycanbedetrimentaltothefinancialhealthoftheacquirerand/ortheacquiredcompanies.Thus,thereisanadditionalelementofriskinthemarketplacewhentakeoversareintheairthatisnotevidentduringmorenormalperiods.Poisonpillsneedtobeusedw

48、ithcarebecausetheycanbelethalforthecompanythatemploysthemasapurgativeaswellasfortheproposedacquirer.使用“毒丸”時要小心，因為對收購公司以及把它作為瀉藥而使用的目標公司來說，都可能是致命的。Lethal:=fatal致命的belethalto/for:對來說是致命的Purgative:瀉藥Theyalsoillustratethatnotalltakeoversarenecessarilyaccomplishedbyconsensusandthattheycanbedetrimentaltoth

49、efinancialhealthoftheacquirerand/ortheacquiredcompanies.它也表明，并不是所有的接管行為都是合作完成的，強制接管行為對求購者和被收購公司的財務健康都有損害。Consensus:共同意見，一致看法，共識Thus,thereisanadditionalelementofriskinthemarketplacewhentakeoversareintheairthatisnotevidentduringmorenormalperiods.thereisanadditionalelementofriskinthemarketplace市場存在了一個新

50、增的風險因素Intheair:usedtosaythatsomethinghasnotbeendecidedyet.不確定的whentakeoversareintheair當接管是不確定的，thatisnotevidentduringmorenormalperiods在近乎正常時期時，接管謠言是無法證實的譯文：這樣，當處于接管謠言無法證實的近乎正常時期時，市場存在了一個新增的風險因素。MergeractivityisregulatedbytheSecuritiesandExchangeCommissionwhichderivesitsauthorityfromtheWilliamsAct,pa

51、ssedbyCongressin1976.Specifically,theSEChasauthorityovertenderoffersmadebyapotentialacquirerforthestockofatargetcompany.Forinstance,apotentialbuyerofacompanysstockmustnotpurchasestockofthecompanyinthemarketwhilethetenderperiodisvalid.Thatperiodis20businessdaysinwhichtheacquirermustkeepitsofferopenwh

52、ilealsoallowingshareholderstenderingtheirsharestowithdrawtheirsharesiftheywish.MergeractivityisregulatedbytheSecuritiesandExchangeCommissionwhichderivesitsauthorityfromtheWilliamsAct,passedbyCongressin1976.兼并行為受證券交易委員會的規范，這一授權源于國會在1976年通過的威廉姆斯法案。Specifically,theSEChasauthorityovertenderoffersmadebya

53、potentialacquirerforthestockofatargetcompany.具體來說，證券交易委員會對潛在收購者向目標公司收購股票的要約收購具有權威。Tenderoffer:嘗試收購一家公司的部分或全部股權的一種方式，公開邀請目標公司的鼓動按建議的收購價出售股票，建議收購價通常高于市場價格。Forinstance,apotentialbuyerofacompanysstockmustnotpurchasestockofthecompanyinthemarketwhilethetenderperiodisvalid.例如，在要約收購有效期內，一個潛在的股票購買者不能在市場上買進該公

54、司的股票。Thatperiodis20businessdaysinwhichtheacquirermustkeepitsofferopenwhilealsoallowingshareholderstenderingtheirsharestowithdrawtheirsharesiftheywish.這個有效期為20個營業日。在這期間，收購者必須一直公開它的報價，并允許持股人在自愿的情況下接受報價撤回他們的股份，Tender:投標，接受要約收購，實物交割之通知在不同的語境中有不同的含義，差異相當的大。在證券市場，該詞指所有證券以同一價格配售，也可指接受收購要約而交出股票。在這里指接受報價交出股票

55、，撤消股份。在貨幣市場，此詞可以指出價購買國庫券。在商品和期貨市場，這個詞指商品期貨合約提出事物交割的意向通知。Junkbondfinancingsareanintegralpartofthemergertrend,althoughcertainlynotinallcases.Whenacompanyborrowsheavilyonthebondmarkettofinancepartofitsacquisition,itmayloweritscreditratingintheprocess.Theadditionalinterestpaymentsmaysubstantiallylowerit

56、sdebtratiostothepointwhereitscontinuingfinancialviabilityisseriouslyjeopardized,atleasttemporarily.Holdersoftheacquirersdebt,mayfindthatthenewdebthaserodedthequalityoftheiroriginalholdings.Thedebtwillbepricedbythemarkettoyieldthesameasotherjunkbonds,presentinginvestorswithsubstantiallosses.Inorderto

57、preventagainstsuddendowngradingsofthissort,manyinvestorshavepressedforredemptionstobewrittenintotheirnewbondsatnewissueallowingforeventrisk.Eventriskisdefinedasadditionaldefaultriskincurredbyacompanythatborrowsheavilytofinanceanacquisition.Ifeventriskoccurs,investorswanttherighttoredeemthebondsatapr

58、edeterminedpricetotheissuingcompany.Junkbondfinancingsareanintegralpartofthemergertrend,althoughcertainlynotinallcases.雖然并非所有合并案例都使用垃圾債券融資，但它是兼并潮流中不可缺少的一部分。Whenacompanyborrowsheavilyonthebondmarkettofinancepartofitsacquisition,itmayloweritscreditratingintheprocess.在一家公司為籌措部分收購資金而在債券市場上大舉借款過程中，它的信用等級

59、可能因此降低。Theadditionalinterestpaymentsmaysubstantiallyloweritsdebtratiostothepointwhereitscontinuingfinancialviabilityisseriouslyjeopardized,atleasttemporarily.附加的利息支付可能極大地降低其債務比率，以致達到其持續財務生存能力受到嚴重威脅的地步，至少暫時如此。Viable:切實可行的Financialviability:財務生存能力Holdersoftheacquirersdebt,mayfindthatthenewdebthaserode

60、dthequalityoftheiroriginalholdings,收購者債務的持有者發現，新的債務已經損害了原來持有的債務的質量。Thedebtwillbepricedbythemarkettoyieldthesameasotherjunkbonds,presentinginvestorswithsubstantiallosses.這些債券會被市場定價，產生和其他垃圾債券同樣的收益，而給投資者造成巨大的損失。Inordertopreventagainstsuddendowngradingsofthissort,manyinvestorshavepressedforredemptionsto