管理層收購與日本的企業(yè)重組[外文翻譯]

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1、外文翻譯ManagementBuyoutsandRestructuringJapaneseCorporationsMaterialSource:http://www.sciencedirect.com/Author:MikeWright,MotoyaKitamuraandRobertE.HoskissonJapan’slongperiodofeconomicgrowthcametoanendintheearly1990s.Thepooreconomicgrowth,aswellasgreaterglobalcompetitionandexcessiveenterprisedebtputpres

2、sureonlargecorporationstorestructure.However,non-performingloansamongbanksandfinancialinstitutionsrestrictedthetraditionalflowofcapitaltoJapanesefirms.IntheUSandEuropebuyoutshavebecomewellestablishedasavehicletofacilitatecorporaterestructuring.NowbuyoutsareemerginginJapan,providingameansforJapanesec

3、orporationstorestructureinordertofaceuptothechallengesofdifficulteconomicconditionsandincreasingcompetitivepressures.OneexampleoccurredinOctober1998when,inresponsetoexternalpressurestorestructure,theseniormanagementofSumitomoCorporation,oneoftheleadingcompaniesintheSumitomokeiretsu,developedareformp

4、ackagetoimproveperformance.Partofthisstrategyinvolvedexitingfromnon-corebusinesses.Onebusinessviewedasnon-corewithlowgrowthprospects,andthereforeacandidatefordisposal,wasSumishoAlis.TakenoriFukui,SumishoAlis’spresident,proposedabuyout.Heusedhisretirementfundstopurchaseequityinthebusinessandtherefore

5、hasagreaterincentivetoperformthanhehadasasalariedmanager.However,MrFukuistressesthepositivesideofthechange.HiscompanyisnowfreetoexplorenewbusinessopportunitiesthatwereimpossiblewhenitwaspartoftheSumitomokeiretsu.Table1.TrendsinbuyoutsinJapanYearNumberValue(billionyen)199895.119991931.820001140.42001

6、22116.5Althoughrareatthetime,buyoutslikethatofSumishoAlisarebecomingmorecommoninJapan.AsnotedinTable1,theyear1998markedthedefactobirthofthebuyoutmarketinJapanwithninetransactionsincludingseverallandmarkcases—thefirstbuyoutsfromreceivershipandthefirstleveragedbuyoutwherethebuyoutcompany’scashflowproj

7、ectionwastakenascollateral.In2001thenumberofdealsreachedarecord22andthetotalvaluejumpedalmostthreetimesoverthepreviousyearfromY=40billiontoY=116billion.Inthisarticleweexaminetheroleofbuyoutsasanimport