The Art of M&A Structuring

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出版者:McGraw-Hill
作者:Alexandra Reed Lajoux
出品人:
页数:350
译者:
出版时间:2004-02-20
价格:USD 54.95
装帧:Hardcover
isbn号码:9780071410649
丛书系列:
图书标签:
  • 并购
  • 结构化
  • 交易
  • 投资银行
  • 公司法
  • 财务建模
  • 尽职调查
  • 谈判
  • 估值
  • 风险管理
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具体描述

Real-world guidance to help you determine the most advantageous structure for a merger, acquisition, or buyout. M&A activity is on the rise again, but the rules of mergers, acquisitions, and buyouts have changed dramatically since the last M&A craze. Today more than ever, a thorough understanding of the intertwined legal, accounting, and tax codes is vital for dealmakers looking to both minimize risk and maximize the potential for short - and long-term profitability. The "Art of M&A Structuring" uses the trademark Q&A format of McGraw-Hill's popular "Art of M&A series" to illuminate the key aspects of this hot-button topic.Let this clear, straightforward treatise provide you with the structural knowledge you need on every important M/A/B aspect: Legal - securities laws; asset versus stock transactions; spin-offs, split-offs, and split-ups; off-balance sheet entities; earnouts; 'alternative' M&A structures. Accounting - Latest FASB statements and SEC disclosure requirements; impact of deal structure on reported earnings; compensation and benefits issues. Tax - tax-efficient structures; taxable, tax-free, and tax-deferred transactions; 'Morris Trust' rules. The key to the success of any M/A/B transaction lies in the details."The Art of M&A Structuring" shows you how to keep details from becoming dealbreakers. Let it help you determine the best approach for measuring and mitigating foreseen and unforeseen risks - and concluding each deal to the satisfaction and benefit of everyone involved. 'M&A is a complex arena. Any given transaction can have literally hundreds of 'moving parts' that must be taken into account as one seeks the best structure for a particular deal. This book identifies the principal elements to be found in an M/A/B structure, and shows their interrelationships' - From Chapter 1.Mergers, acquisitions, and buyouts have always been among the most complex, fragile, and perilous of business transactions. To add to the confusion, regulators have responded to calls for greater transparency by eliminating key methodologies often used to hide financial risk, such as poolings of interest, and overhauling structuring techniques such as special purpose entities. "The Art of M&A Structuring" succeeds at shedding much-needed light on a constantly changing area that continues to be murky at best. Drawing on its authors' unquestioned M/A/B knowledge and experience as well as input from top practitioners and thought leaders, this well-organized, easy-to-follow reference guide asks and answers every vital question.Nowhere else will you find such a detailed yet easy-to-understand roadmap, with clear answers to common questions including: 'What structuring tools can be used to bridge the buyer-seller valuation gap?' 'How can I mitigate my tax liability in a taxable transaction?' 'How can I avoid 'losing my shirt' in a minority investment?" "What pitfalls must I avoid in negotiating a strategic alliance?" "What should I know before buying a company out of bankruptcy?" For successful completion of an M/A/B deal, success in the meticulous deal planning and structuring is increasingly necessary to satisfy the numerous, often-conflicting goals of buyers, sellers, investors, and lenders.Whether you are looking for a detailed introduction to this endlessly fascinating field or are currently involved in any of today's myriad and unforgiving types of M/A/B transactions, let "The Art of M&A Structuring" help you to eliminate unwelcome surprises - and structure a deal that works well today as it passes the critical test of time.

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这本书的笔触非常犀利,尤其是在批判那些过于教条化、缺乏弹性的交易模式时,毫不留情。它似乎在鼓励读者去挑战那些被行业奉为圭臬的“最佳实践”,去探寻那些更具创新性和适应性的解决方案。我感觉作者拥有极强的批判性思维,他总能指出隐藏在光鲜外表下的潜在陷阱。比如,对于某些激进的杠杆收购(LBO)结构,书中不仅展示了其潜在的高回报,更毫不回避地揭示了其在高利率或经济衰退期的脆弱性。这种平衡的视角,让读者在学习如何构建强大结构的同时,也学会了如何预设风险的“安全阀”。这本书的排版和图表设计也值得称赞,复杂的流程图和决策树清晰地勾勒出各种结构路径的选择点,极大地增强了可读性和实用性。对于那些希望在高级并购领域有所建树的专业人士来说,这本书无疑是一本必须时常翻阅的案头参考书,它总能在你迷茫时提供一个坚实的理论支点。

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这本书简直是一部对现代商业运作的深度剖析,特别是它对那些错综复杂、往往让人望而生畏的交易结构的梳理,简直是教科书级别的存在。我必须说,作者在搭建整个叙事框架时展现出了非凡的洞察力,他没有停留在金融模型的那一层冰冷数字上,而是深入挖掘了驱动这些结构诞生的商业逻辑、法律约束以及人性博弈。比如,书中对反向收购(Reverse Acquisition)中那些微妙的会计处理和市场信号的解读,我以前总是觉得很晦涩,但通过作者的层层剥茧,那种原本隐藏在财务报表背后的战略意图变得清晰可见。更让我印象深刻的是,作者似乎非常懂得如何将那些高度专业化的术语转化为易于理解的语言,这对于那些刚刚踏入私募股权或企业并购领域的新手来说,无疑是一盏明灯。它不仅仅是关于“如何做”的指南,更重要的是关于“为何如此做”的哲学探讨,让你在面对下一个重大交易时,能够超越表面的条款,看到全局的图景。这本书的价值在于,它提供了一套结构化的思考工具,帮助读者在瞬息万变的交易环境中保持清晰的头脑和严谨的分析路径。

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我过去阅读过不少关于企业估值和尽职调查的资料,但很少有能像这本书一样,将“结构设计”这一环看得如此之重。它细致入微地探讨了不同交易主体设立的考量,从有限合伙企业(LP)到特殊的目的载体(SPV),每一种选择背后的税务影响、控制权分配和未来退出策略的考量都被剖析得淋漓尽致。特别是关于跨境交易中,如何利用不同司法管辖区的法律差异来优化风险敞口和税负效率的部分,简直是匠心独运。我尤其欣赏作者没有采取一刀切的立场,而是不断强调“没有绝对最佳结构,只有最适合当前目标的结构”。这种务实且灵活的论述风格,让我感受到了作者在实际操作中积累的丰富经验。这本书的行文节奏把握得非常好,既有高屋建瓴的理论概括,又不乏充满细节的案例剖析,读起来一点也不觉得枯燥,反而有一种“抽丝剥茧”的快感,仿佛自己正在主导一次重大的交易谈判。

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这本书给我的最大震撼在于,它彻底改变了我对“交易完成”的认知。许多人认为并购交易的成功就在于签署买卖协议的那一刻,但本书却花费大量篇幅强调了交易后的整合与结构固化的长期效应。作者对“锁定机制”(Lock-up Provisions)和“业绩保证”(Earn-outs)的分析,展现了一种超越短期利益的远见。他们探讨的不仅仅是钱怎么分,更是如何通过结构设计来协调新旧管理团队的利益冲突,确保业务平稳过渡。我个人对其中关于“少数股东保护条款”的章节特别有感触,它以一种近乎人道的视角,审视了在资本游戏中如何平衡效率与公平。这种对交易细节的深度挖掘,使得这本书超越了纯粹的金融工具书,而更像是一部关于商业伦理和长期价值创造的实践指南。阅读过程中,我不得不频繁地停下来,回想我参与过的那些失败或不尽如人意的项目,对照书中的分析,才恍然大悟,许多问题的根源恰恰在于最初结构设计上的疏漏。

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阅读这本著作,给我带来了一种“拨云见日”的体验,尤其是在处理那些涉及多方利益主体、权责关系复杂的交易时。作者对于“控制权溢价”和“流动性折价”的精妙结合分析,极大地深化了我对资本市场定价机制的理解。他巧妙地将法律条文、会计准则与市场情绪三者编织在一起,构建了一个多维度的分析框架。我特别欣赏书中关于“阶段性退出策略”的构建,它不是简单地罗列几种退出方式,而是探讨了如何通过初始的股权结构设计,为后续每一步的资本运作预留出最优化的空间。这需要极高的前瞻性和对未来市场不确定性的预判能力。整本书读下来,感觉就像上了一堂由顶级交易律师和资深投资银行家联袂主讲的高级研讨会,收获的不仅是知识,更是一种处理复杂商业问题的思维模式。对于任何一个身处金融、法律或企业战略核心的决策者而言,这本书提供的结构性智慧是无可替代的宝贵财富。

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