Companies that engaged in mergers and acquisitions last year outperformed the market by more than three percentage points%, according to new research that shows deals on the whole created value despite recent publicity over the failure of some high-profile megadeals.
一项最新研究显示，去年参与并购的公司表现超出整体市场三个多百分点，虽然近期一些有影响的超大规模并购案陷入失败并引起关注，但并购活动在整体上还是创造了价值。
According to the latest deal-performance report from professional-services firm Towers Watson and City University London's Cass Business School, acquirers outperformed the MSCI World Index by an average 3.2 percentage points in 2009, a modest rise from the 2.7 percentage points by which deal makers beat the index in 2008.
专业服务 公司韬睿惠悦(Towers Watson)与伦敦城市大学(City University London)卡斯商学院(Cass Business School)联合发布的最新并购-表现报告显示，2009年收购方表现平均超出摩根士丹利资本国际世界指数(MSCI World Index)3.2个百分点，较2008年超出的2.7个百分点小幅上升。
'In previous cycles, M&A has been value-destructive and there is a perception that for many companies, that is still the case,' said Marco Boschetti, head of international consulting at Towers Watson. 'However, our findings show that, despite some headline-grabbing failures, M&A deals do on the whole create value.'
韬睿惠悦国际咨询业务负责人博斯凯蒂(Marco Boschetti)说，在以前的周期里，并购带来的都是价值毁损，而有些人认为很多公司仍然属于这种情况；但我们的研究发现，虽然一些失败的并购案吸引了眼球，但并购交易在总体上还是创造了价值。
Towers Watson and Cass Business School compared the share price of all acquirers in deals valued at over $100 million six months before the announcement to their share price upon completion. The average change in value for those companies was then juxtaposed with the movement of the MSCI World Index over the same period.
韬睿惠悦和凯斯商学院比较了所有估值超过1亿美元的并购案中，收购方在消息宣布前六个月的股价和交易完成之时的股价，然后把这些公司的平均价值变动幅度与摩根士丹利资本国际世界指数同期变动幅度作比较。
The value produced by mergers and acquisitions has come under closer scrutiny recently amid much publicity over the failure of some high-profile deals. Earlier this month, Gerald Levin, the former boss of Time Warner Inc., publicly apologized for his part in the ill-feted $350 billion merger between AOL and Time Warner 10 years ago. Royal Bank of Scotland Group PLC's 71 billion ($102 billion) acquisition of Dutch financial-services company ABN Amro NV at the peak of the market in October 2007 is widely considered to have been a major factor in RBS's collapse the following year.
近期由于一些有影响的并购案没有成功并引起人们的广泛关注，合并、收 购能产生多大的价值，遂成人们更加仔细研究的课题。10年前，美国在线(AOL)与时代华纳(Time Warner Inc.)合并，价值3,500亿美元，结果并不成功；本月早些时候，时代华纳前负责人列文(Gerald Levin)还为他在这桩合并案中起到的作用公开道歉。2007年10月市场触顶期，苏格兰皇家银行集团(Royal Bank of Scotland Group PLC)斥资710亿欧元（合1,020亿美元）收购荷兰银行(ABN Amro NV)的交易被普遍认为是它次年股价崩溃的一个主要因素。
Among the most successful deals last year was BlackRock Inc.'s takeover of U.K. rival Barclays Global Investors from Barclays PLC. The U.S. asset manager outperformed the MSCI World Index by 51.5 percentage points following its acquisition. U.S. pharmaceuticals company Merck & Co., meanwhile, beat the index by 15.9 percentage points following the acquisition of peer Schering Plough; and Swiss cement-maker Holcim Ltd. outperformed the market by 16.3 percentage points following its acquisition of rival Cemex SA's Australian operations.
去年最成功的交易包括贝莱德(BlackRock Inc.)从巴克莱集团(Barclays PLC)手中收购英国竞争对手Barclays Global Investors。收购结束后，这家美国资产管理公司的表现超出摩根士丹利资本国际世界指数51.5个百分点。美国制药企业默克公司(Merck & Co.)在收购同业先灵葆雅公司(Schering Plough)后，表现超出这一指数15.9个百分点。瑞士水泥生产商豪瑞(Holcim Ltd.)收购对手Cemex SA的澳大利亚部门后，表现超出整体市场16.3个百分点。
'The historical data suggests that companies are getting better at M&A,' Mr. Boschetti said. 'The quality of due diligence is better, there is more pressure from shareholders to do good deals and companies understand the importance of integration and retaining key talent.'
博斯凯蒂说，历史数据表明，企业越来越擅长于做并购交易；尽职调查质量越来越好，股东要求做好交易的压力越来越大，而企业也明白实施整合并留住关键人才的重要性。
The research also found that cross-border deals had a considerably lower success rate last year than did domestic deals. While domestic deals outperformed the market by 7 percentage points, acquirers on cross-border deals underperformed the market by 5.2 percentage points. This was reflected by the fact that those parts of the world dominated by domestic deals--North America, Asia-Pacific and Latin America--outperformed the market, while Europe, where the majority of deals crossed borders, underperformed.
研究还发现，去年跨境交易的成功比例比境内交易低很多。境内 交易收购方的表现超出大市7个百分点，跨境交易却落后5.2个百分点。一个可以反应这一现象的事实是，境内交易占主导的地方──北美、亚太和拉美──表现 超出大市，而多数交易为跨境进行的欧洲，表现落后于大市。