外文文献MergersandAcquisitionsBasics:AllYouNeedToKnowIntroductiontoMergersandAcquisitionsThefirstdecadeofthenewmillenniumheraldedaneraofglobalmega-mergers.Likethemergersandacquisitions(M&As)frenzyofthe1980sand1990s,severalfactorsfueledactivitythroughmid-2007:readilyavailablecredit,historicallylowinterestrates,risingequitymarkets,technologicalchange,globalcompetition,andindustryconsolidation.Intermsofdollarvolume,M&Atransactionsreachedarecordlevelworldwidein2007.Butextendedturbulenceintheglobalcreditmarketssoonfollowed.ThespeculativehousingbubbleintheUnitedStatesandelsewhere,largelyfinancedbydebt,burstduringthesecondhalfoftheyear.Banks,concernedaboutthevalueofmanyoftheirownassets,becameexceedinglyselectiveandlargelywithdrewfromfinancingthehighlyleveragedtransactionsthathadbecomecommonplacethepreviousyear.ThequalityofassetsheldbybanksthroughoutEuropeandAsiaalsobecamesuspect,reflectingtheglobalnatureofthecreditmarkets.Ascreditdriedup,amalaisespreadworldwideinthemarketforhighlyleveragedM&Atransactions.By2008,acombinationofrecordhighoilpricesandareducedavailabilityofcreditsentmostoftheworld'seconomiesintorecession,reducingglobalM&Aactivitybymorethanone-thirdfromitsprevioushigh.Thisglobalrecessiondeepenedduringthefirsthalfof2009—despiteadramaticdropinenergypricesandhighlystimulativemonetaryandfiscalpolicies—extendingtheslumpinM&Aactivity.Inrecentyears,governmentsworldwidehaveintervenedaggressivelyinglobalcreditmarkets(aswellasinmanufacturingandothersectorsoftheeconomy)inanefforttorestorebusinessandconsumerconfidence,restorecreditmarketfunctioning,andoffsetdeflationarypressures.Whatimpacthavesuchactionshadonmergersandacquisitions?Itistooearlytotell,buttheimplicationsmaybesignificant.M&Asareanimportantmeansoftransferringresourcestowheretheyaremostneededandofremovingunderperformingmanagers.Governmentdecisionstosavesomefirmswhileallowingotherstofailarelikelytodisruptthisprocess.Suchdecisionsareoftenbasedonthenotionthatsomefirmsaresimplytoobigtofailbecauseoftheirpotential...
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