Accretive Acquisition指的是什么类型的并购?

Accretive Acquisition指的是什么类型的并购?

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增利型并购,指可以增加收购方公司每股收益的并购活动。由于预期在并购完成后会增加公司未来的利润,即支付并购费用和整合费用后利润还会增长,因此这类并购会导致股价上升,受到投资者的追捧。投资百科中对其的英文释义如下:An accretive acquisition increases the acquiring company's earnings per share (EPS). Accretive acquisitions tend to be favorable for the company's market price because the price paid by the acquiring firm is lower than the boost that the new acquisition is expected to provide to the acquiring company's EPS. 


实现增利型并购一般要求被收购方盈利状况较好、收购价格合理,且并购后整合费用可控。通常在收购方公司的市盈率高于被收购方公司市盈率时增利型并购容易实现。增利型并购只是短期效应,可以导致公司股价在短期内有积极表现,长期股价走势要视并购后是否会产生协同效应、增加公司核心竞争力、实现业绩持续增长来定。


例如,2014年Facebook斥资20亿美元收购Oculus rift 即属于增利型收购,收购完成后,收购方Facebookd的价值迅速实现了增长。


以下为相关示例:

An accretive acquisition increases the synergy between the acquired and the acquirer. This synergy occurs when the combination of two organizations produces a combined value that is greater than the sum of the separate parts. So, value in an accretive acquisition is generated because the buyer of a smaller company is able to add the acquired business's pro-forma EBITDA/earnings ratio to its own EBITDA/earnings ratio, where EBITDA is earnings before interest, taxes, depreciation, and amortization.

增值收购增加了被收购方与收购方之间的协同作用。当两个组织的组合产生的合并价值大于其各个部分单独相加之和时,就会发生这种协同作用。因此,增利型并购的价值就产生了,因为较小公司的购买者能够将被收购业务的预估EBITDA /收益比率添加到其自身的EBITDA /收益比率中,其中EBITDA是税息折旧及摊销前利润。

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