译文（字数 4369）：

唐纳德· 德帕姆菲利斯

并购基础：一切你需要知道的

美国：学术出版社.2010年10月，P1-10

并购基础知识一切你需要知道的

并购

    新千年的第一个十年,预示着全球大规模并购时代的到来。如同在20世纪80年代和90年代的并购狂热，有几个因素推动着这一活动持续至2007年中期：容易获得信贷，利率处于历史低位，股市兴起，技术变革，全球竞争和行业整合。在成交金额方面，2007年在全球范围内并购交易达到创纪录的水平。但是，持续的全球信贷市场动荡随后而来。

今年下半年，在美国和其他地方，主要依靠债务融资的投机性住房泡沫破灭。银行由于担心自己的多种资产价值，变的非常有选择性，基本上取消了高杠杆交易的融资，而前一年此融资行为已经司空见惯。银行在欧洲和亚洲持有的资产的质量也开始遭到质疑。反映了信贷市场的全球性质。由于信贷枯竭，萎靡不振蔓延在全球高杠杆的并购交易的市场中。

外文原文（字符数 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.