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并购的历史 HISTORY OF MERGERS 并购浪潮 merger waves 第一次并购浪潮 first waves 横向并购 horizontal merger 纵向并购 vertical merger 混合并购 conglomerate merger 第二次并购浪潮 second waves 合并 combine 垄断 monopolize 反托拉斯法 antitrust legislation 谢尔曼法 Sherman Act 克莱顿法 Clayton Act 经济衰退 economic recession 控制效应 control effect 财产税 property tax 第三次并购浪潮 third waves 多元化公司 diversified firm 多元化经营战略 diversification strategy 主营业务 main business 潜在互惠 potential mutual 综合型企业 integrated enterprise 市盈率 earnings ratio 信贷市场 credit market 投资者 investor 收购者 financial buyer 每股收益率 earnings per share 股票 shares 会计操纵 accounting manipulation 账面收益 paper profit 市场价值 marketable value 股票价格 share price 价值低估 value underestimate 有价证券 negotiable securities 可转换债券 convertible securities 普通股 common stock 目标公司 target company 收购公司 acquiring company 每股进阶效应 per share advanced effect 股权收购 share acquisition 敌意收购 hostile acquisition 利息 interest 资产剥离 asset stripping 白衣骑士 white knight 收购策略 acquisition strategy 反收购策略 reverse takeover strategy 第四次并购浪潮 fourth waves 竞争性 competitive 非竞争性 noncompetitive 狙击者 sniping ranger 绿票讹诈 greenmail 套利者 arbitrager 投资银行 investment bank 债务 debt 垃圾债券 junk bond 袭击策略 attack strategy 防御策略 defense strategy 第五次并购浪潮 fifth waves 滚动收购 rolling acquisition 战略并购 strategic merger 管理层收购 MBO(Management Buy-Out) 道琼斯工业平均指数 Dow Jones industries average index  Five periods of high merger activity, often called merger waves, have taken place in the history of the United States. 美国历史上总共掀起过五次并购高潮，人们通常称之为并购浪潮。 The term diversified firms is generally applied to firms that have some subsidiaries in other industr