Mergers and acquisitions are two of the most misunderstood words in the business world. Both terms often refer to the joining of two companies, but there are key differences involved in when to use them.
在商業世界裏，合併與收購是兩個最被曲解的概念。兩者常提及兩個公司結合在一起，當要運用前開兩個概念，會牽涉關鍵之差異。
A merger occurs when two separate entities combine forces to create a new, joint organization. Meanwhile, an acquisition refers to the takeover of one entity by another. Mergers and acquisitions may be completed to expand a company’s reach or gain market share in an attempt to create shareholder value.
合併發生在當兩個法律實體被迫去創設一個新的、共同的組織。同時，收購係由一個法律實體去兼併（接管）另一個。併購可以企圖創造股東價值而藉擴張一個公司達成或取得市場分配來完成。
Legally speaking, a merger requires two companies to consolidate into a new entity with a new ownership and management structure (ostensibly with members of each firm). The more common distinction to differentiating a deal is whether the purchase is friendly (merger) or hostile (acquisition). Mergers require no cash to complete but dilute each company's individual power.
In practice, friendly mergers of equals do not take place very frequently. It's uncommon that two companies would benefit from combining forces with two different CEOs agreeing to give up some authority to realize those benefits. When this does happen, the stocks of both companies are surrendered, and new stocks are issued under the name of the new business identity.實務上，雙方同等地之友性併購並不經常發生。兩個公司藉由兩個執行長合意拋棄一些權限將股票變賣套現而從結合力中獲利係非尋常的。
Typically, mergers are done to reduce operational costs, expand into new markets, boost revenue and profits. Mergers are usually voluntary and involve companies that are roughly the same size and scope.
合併典型上不減少其營運成本，擴張至新市場，增加營收及歲入。合併通常是自願的，同時涉及規模相當之兩公司。
Due to the negative connotation, many acquiring companies refer to an acquisition as a merger even when it is clearly not.
歸因於負面之意涵，許多正在進行收購程序的公司，將收購合併與收購之差異
Mergers vs. Acquisitions: An Overview綜覽收購
Mergers and acquisitions are two of the most misunderstood words in the business world. Both terms often refer to the joining of two companies, but there are key differences involved in when to use them.
在商業世界裏，合併與收購是兩個最被曲解的概念。兩者常提及兩個公司結合在一起，當要運用前開兩個概念，會牽涉關鍵之差異。
A merger occurs when two separate entities combine forces to create a new, joint organization. Meanwhile, an acquisition refers to the takeover of one entity by another. Mergers and acquisitions may be completed to expand a company’s reach or gain market share in an attempt to create shareholder value.
合併發生在當兩個法律實體被迫去創設一個新的、共同的組織。同時，收購係由一個法律實體去兼併（接管）另一個。併購可以企圖創造股東價值而藉擴張一個公司達成或取得市場分配來完成。
KEY TAKEAWAYS關鍵重點
A merger occurs when two separate entities combine forces to create a new, joint organization.合併發生於兩個獨立的公司結合成一個、共同的法人。
An acquisition refers to the takeover of one entity by another.收購係一個公司接管另一個。
The two terms have become increasingly blended and used in conjunction with one another.兩者之關係或地位逐漸交融，同時被另一個一道利用。
Mergers合併
Legally speaking, a merger requires two companies to consolidate into a new entity with a new ownership and management structure (ostensibly with members of each firm). The more common distinction to differentiating a deal is whether the purchase is friendly (merger) or hostile (acquisition). Mergers require no cash to complete but dilute each company's individual power.
法律上來說，一個合併程序係要求兩個公司合併成一個帶著有新所有權及經營結構（明顯帶著原公司的成員）之新公司。更多共通之差異，藉以區隔一個交易中之買方是友性或敵意收購。合併無需以現金為之，但會削弱每一公司之實權。
In practice, friendly mergers of equals do not take place very frequently. It's uncommon that two companies would benefit from combining forces with two different CEOs agreeing to give up some authority to realize those benefits. When this does happen, the stocks of both companies are surrendered, and new stocks are issued under the name of the new business identity.
實務上，雙方同等地之友性併購並不經常發生。兩個公司藉由兩個執行長合意拋棄一些權限將股票變賣套現而從結合力中獲利係非尋常的。當這事發生，兩公司的股票變成無價值，同時新公司將以其名義發行新股票。
Typically, mergers are done to reduce operational costs, expand into new markets, boost revenue and profits. Mergers are usually voluntary and involve companies that are roughly the same size and scope.
合併典型上不減少其營運成本，擴張至新市場，增加營收及歲入。合併通常是自願的，同時涉及規模相當之兩公司。
Due to the negative connotation, many acquiring companies refer to an acquisition as a merger even when it is clearly not.
歸因於負面之意涵，許多正在進行收購程序的公司，將收購提成是合併，甚至是它很明顯不是。
In an acquisition, a new company does not emerge. Instead, the smaller company is often consumed and ceases to exist with its assets becoming part of the larger company.
再一個收購案中，並不出現一個新公司。取而代之，較小的公司經常被消滅，同時帶著其資產停止存續而成為較大公司的部分。
