譯文（字數 4369）：

唐納德· 德帕姆菲利斯

并購基礎：一切你需要知道的

美國：學術出版社.2010年10月，P1-10

并購基礎知識一切你需要知道的

并購

    新千年的第一個十年,預示著全球大規模并購時代的到來。如同在20世紀80年代和90年代的并購狂熱，有幾個因素推動著這一活動持續至2007年中期：容易獲得信貸，利率處于歷史低位，股市興起，技術變革，全球競爭和行業整合。在成交金額方面，2007年在全球范圍內并購交易達到創紀錄的水平。但是，持續的全球信貸市場動蕩隨后而來。

今年下半年，在美國和其他地方，主要依靠債務融資的投機性住房泡沫破滅。銀行由于擔心自己的多種資產價值，變的非常有選擇性，基本上取消了高杠桿交易的融資，而前一年此融資行為已經司空見慣。銀行在歐洲和亞洲持有的資產的質量也開始遭到質疑。反映了信貸市場的全球性質。由于信貸枯竭，萎靡不振蔓延在全球高杠桿的并購交易的市場中。

外文原文（字符數 17422）：

Donald DePamphilis. 

Mergers and acquisitions basics:All you need to know

America :Academic Press. Oct，2010，P1-10

Mergers and Acquisitions Basics 

All You Need To Know

By 2008, a combination of record high oil prices and a reduced availability of credit sent most of the world’s economies into recession, reducing global M&A activity by more than one-third from its previous high. This global recession deepened during the first half of 2009—despite a dramatic drop in energy prices and highly stimulative monetary and fiscal policies—extending the slump in M&A activity.

In recent years, governments worldwide have intervened aggressively in global credit markets (as well as in manufacturing and other sectors of the economy) in an effort to restore business and consumer confidence, restore credit market functioning, and offset deflationary pressures. What impact have such actions had on mergers and acquisitions? It is too early to tell, but the implications may be significant.