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一、扩张(Expansion)。扩张即兼并与收购(M＆A)。其中,兼并主要指任何一项由两个或多个实体形成一个经济单位的交易。兼并有涉及到两个从事同类业务活动的企业的横向兼并,涉及到某项生产活动的不同阶段的纵向兼并和涉及到从事不同类型经营活动的企业的混合兼并。 二、售出(Sell-offs)。在售出中,主要有分立(Spin-offs)和剥离(Diverstiture)两种类型。分立是从母公司中独立出来,成为一个独立的新的法律实体,它的股份按比例分配给母公司的股东。剥离是将企业的一部分出售给第三方;剥离的另一种变形方式,是将企业的一部分权益通过发行股票的方式,出售给企业外部人士。
First, expansion (Expansion). Expansion that mergers and acquisitions (M & A). Among them, the merger mainly refers to any one by two or more entities form an economic unit of the transaction. Mergers involve the horizontal mergers involving two firms engaged in similar operations involving the vertical mergers at different stages of a production activity and the mergers involving firms engaged in different types of operations. Second, sold (Sell-offs). In the sale, there are two types of separation (Spin-offs) and stripping (Diverstiture). Discrepancy is separated from the parent company to become an independent new legal entity whose shares are pro-rata to the shareholders of the parent company. The divestiture is to sell part of an enterprise to a third party. Another way of exfoliation is to sell a part of the equity of an enterprise to outsiders of the enterprise by issuing shares.