Section outline

  • General

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  • 商业增长和扩大

    Business Growth and Expansion
    ::商业增长和扩大

     

    A corporate merger involves two private firms joining together. An acquisition refers to one firm buying another firm. In either case, two formerly independent firms become one firm. Antitrust laws seek to ensure active competition in markets, sometimes by preventing large firms from forming through mergers and acquisitions, sometimes by regulating business practices that might restrict competition, and sometimes by breaking up large firms into smaller competitors.
    ::公司合并涉及两家私营公司合并,收购是指一家公司收购另一家公司,在任何一种情况下,两家以前独立的公司成为一家公司。 反托拉斯法试图确保市场的积极竞争,有时通过阻止大公司通过兼并和收购形成,有时通过监管可能限制竞争的商业惯例,有时通过将大公司分成较小的竞争者。

    Universal Generalizations
    ::普遍化

    • Businesses can grow by reinvesting their profits into new plants, equipment and people.
      ::企业可以通过将利润再投资到新的工厂、设备和人员中来增长。
    • Business mergers can be both positive and negative.
      ::企业兼并既可以是积极的,也可以是消极的。
    • Multinationals can introduce opportunities in foreign nations.
      ::多国公司可以在外国创造机会。

    Guiding Questions
    ::问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问

    1. How can reinvestment lead to economic growth?
      ::如何使再投资导致经济增长?
    2. Explain how mergers can lead to a stronger industry?
      ::解释兼并如何导致一个更强大的产业?
    3. Discuss the reasons for mergers, as well as the positive and negative aspects of mergers.
      ::讨论兼并的理由以及兼并的积极和消极方面。

    Reinvesting
    ::重新投资

    A business can grow through reinvesting a portion of its profits, by improving or adding to its factories, hiring additional labor, or purchasing technology. The cash flow, or the real measure of a business’s profits, can help to produce additional products through reinvestment, which in turn can generate additional sales and a larger cash flow during the next sales period.  As long as the company remains profitable, and as long as the reinvested cash flow is larger than the depreciation (wear and tear) on the equipment, the company will continue to grow.
    ::一个企业可以通过再投资其利润的一部分,通过改善或增加工厂、雇用额外劳动力或购买技术来增长。 现金流,或者企业利润的实际量度,可以通过再投资来帮助生产更多产品,而再投资反过来又可以在下一个销售期产生更多的销售和更大的现金流。 只要公司继续盈利,只要再投资的现金流动量大于设备折旧(疲软和撕裂 ) , 公司就会继续增长。

    Video: What are Mergers and Acquisitions?
    ::视频:什么是合并和收购?

    Mergers
    ::兼并

    Another method of expanding a company is to have it merge with another firm to form a single large corporation.  There are several reasons why companies may merge: 1) to make the company larger (2) to become more efficient  (3) to acquire a new product line  (4) to catch up or even eliminate their rivals and finally (5) to lose its corporate identity.
    ::扩大公司的另一个方法是使其与另一家公司合并,组成一个单一的大型公司,公司可以合并有若干原因sad1) 使公司规模更大(2) 更有效率(3) 获得新的产品系列(4) 以赶上甚至消除竞争对手,最后(5) 丧失其公司身份。 

    (Source: )

    Types of Mergers
    ::合并类型

    There are two types of mergers. The first type is known as a horizontal merger which occurs when two or more firms that produce the same kind of product join together. A company may do this to grow larger, to become more efficient, to acquire new product lines, to eliminate a rival, or to lose its corporate identity.
    ::第一种是横向兼并,在生产同类产品的两家或两家以上公司联合起来时,即横向兼并。 一家公司可以扩大规模,提高效率,获得新产品种类,消除竞争对手,或者失去公司身份。

    The second kind of merger is a vertical merger which involves different steps of manufacturing. These companies join together to protect themselves against the possible loss of suppliers and streamline the manufacturing process.
    ::第二种合并是纵向合并,涉及不同的制造步骤,这些公司联合起来,保护自己免受供应商可能丢失的影响,简化制造过程。

    Another type of merger is known as a conglomerate , which is a firm that owns at least four businesses that make unrelated products. The companies that are a part of the conglomerate make it possible for the corporation to protect itself through diversification. If one company in the conglomerate is not doing as well in the marketplace, the other companies may be able to help protect the rest of the conglomerate's profits.
    ::另一种合并形式被称为联合企业集团,它拥有至少四家生产不相干产品的企业。 作为联合企业一部分的公司使得公司有可能通过多样化来保护自己。 如果联合企业中的一家公司在市场上表现不佳,其他公司也许能够帮助保护联合企业的其余利润。

    Corporate Mergers
    ::公司兼并

    A corporate merger occurs when two formerly separate firms combine to become a single firm. When one firm purchases another it is called an acquisition . An acquisition may not look like a simple merger, since the newly purchased firm may continue to be operated under its former company name. Mergers can also be lateral , where two firms of similar sizes combine to become one. However, both mergers and acquisitions lead to two formerly separate firms being under common ownership, and so they are commonly grouped together.
    ::公司合并发生时,两家以前独立的公司合并为一家公司;当一家公司购买另一家公司时,它被称为收购;收购可能看起来不简单,因为新购买的公司可能继续以其前公司的名称经营;合并也可能是横向的,两家规模类似的公司合并为一家,但兼并和收购导致两家以前独立的公司被共同拥有,因此它们通常被组合在一起。

    Since a merger combines two firms into one, it can reduce the extent of competition between firms. Therefore, when two U.S. firms announce a merger or acquisition where at least one of the firms is above a minimum size of sales (a threshold that moves up gradually over time, and was at $70.9 million in 2013), or certain other conditions are met, they are required under law to notify the U.S. Federal Trade Commission (FTC). The left-hand panel of  2 (a) shows the number of mergers submitted for review to the FTC each year from 1999 to 2012. Mergers were very high in the late 1990s, diminished in the early 2000s, and then rebounded somewhat in a cyclical fashion. The right-hand panel of  2 (b) shows the distribution of those mergers submitted for review in 2012 as measured by the size of the transaction. It is important to remember that this total leaves out many small mergers under $50 million, which only need to be reported in certain limited circumstances. About a quarter of all reported merger and acquisition transactions in 2012 exceeded $500 million, while about 11 percent exceeded $1 billion.
    ::由于兼并将两家公司合并为一家,这可以降低两家公司之间的竞争程度。 因此,当两家美国公司宣布兼并或收购时,其中至少有一家公司处于最低销售规模以上(这一门槛随着时间逐步上升,2013年达到7 090万美元),或满足某些其他条件时,它们必须依法通知美国联邦贸易委员会(FTC),左手小组的2 (a) 显示1999年至2012年每年提交FTC审查的兼并数量,1990年代后期兼并数量非常高,2000年代初有所下降,随后以周期性方式反弹。2 (b) 的右手小组显示2012年提交审查的兼并的分布情况,按交易规模衡量。必须记住,这一总数使许多小兼并低于5 000万美元,仅在某些有限的情况下需要报告。在2012年报告的兼并和收购交易中,约有四分之一在5亿美元以上,约11%超过10亿美元。 

    Figure 2 (a) The number of mergers in 1999 and 2000 were relatively high compared to the annual numbers seen from 2001–2012. While 2001 and 2007 saw a high number of mergers, these were still only about half the number of mergers in 1999 and 2000. (b) In 2012, the greatest number of mergers submitted for review was for transactions between $100 and $150 million.

    The laws that gives the government the power to block certain mergers, and even in some cases to break up large firms into smaller ones, are called antitrust laws . Before a large merger happens, the antitrust regulators at the FTC and the U.S. Department of Justice can allow the merger, prohibit it, or allow it if certain conditions are met. One common condition is that the merger will be allowed if the firm agrees to sell off certain parts. For example, in 2006, Johnson & Johnson bought Pfizer’s “consumer health” division, which included well-known brands like Listerine mouthwash and Sudafed cold medicine. As a condition of allowing the merger, Johnson & Johnson was required to sell off six brands to other firms, including Zantac® heartburn relief medication, Cortizone anti-itch cream, and Balmex diaper rash medication, to preserve a greater degree of competition in these markets.
    ::赋予政府阻止某些兼并甚至在某些情况下将大公司分成小公司的权力的法律被称为反托拉斯法。 在大规模兼并发生之前,联邦贸易委员会和美国司法部的反托拉斯监管机构可以允许兼并、禁止并购,或者在满足某些条件的情况下允许兼并。 一个共同条件是,如果公司同意出售某些部分,将允许兼并。 例如,2006年,约翰逊和约翰逊购买了普菲泽的“消费者健康”部门,其中包括著名的品牌,如利斯特林(Listerine ) 、 萨法氏冷药。 作为允许兼并的条件,约翰逊和约翰逊被要求向其他公司出售6个品牌,包括Zantacá 心脏灼伤减痛药、Cortizone 反犹太奶油和Balmex尿片失常药,以便在这些市场上保持更大程度的竞争。

    The U.S. government approves most proposed mergers. In a market-oriented economy, firms have the freedom to make their own choices. Private firms generally have the freedom to:
    ::美国政府批准大部分拟议的合并。 在市场经济中,公司有做出自己选择的自由。 私人公司一般有以下自由:

    • expand or reduce production
      ::扩大或减少生产
    • set the price they choose
      ::设定他们选择的价格
    • open new factories or sales facilities or close them
      ::开放新工厂或新销售设施或关闭新工厂或销售设施
    • hire workers or to lay them off
      ::雇用工人或解雇工人
    • start selling new products or stop selling existing ones
      ::开始销售新产品或停止销售现有产品

    If the owners want to acquire a firm or be acquired, or to merge with another firm, this decision is just one of many that firms are free to make. In these conditions, the managers of private firms will sometimes make mistakes. They may close down a factory which, it later turns out, would have been profitable. They may start selling a product that ends up losing money. A merger between two companies can sometimes lead to a clash of corporate personalities that makes both firms worse off. But the fundamental belief behind a market-oriented economy is that firms, not governments, are in the best position to know if their actions will lead to attracting more customers or producing more efficiently.
    ::如果所有者想要收购公司或被收购,或与另一家公司合并,这一决定只是公司可以自由做出的许多决定之一。在这些条件下,私人企业的经理有时会犯错误。他们可能关闭一家工厂,后来发现,工厂本来是盈利的。 他们可能开始出售最终导致资金损失的产品。 两家公司的合并有时会导致公司人格的冲突,使两家公司更加糟糕。 但面向市场的经济背后的基本信念是公司,而不是政府,最能够知道它们的行动是否会吸引更多的客户或提高生产效率。

    Indeed, government regulators agree that most mergers are beneficial to consumers. As the Federal Trade Commission has noted on its website (as of November, 2013): “Most mergers actually benefit competition and consumers by allowing firms to operate more efficiently.” At the same time, the FTC recognizes, “Some [mergers] are likely to lessen competition. That, in turn, can lead to higher prices, reduced availability of goods or services, lower quality of products, and less innovation. Indeed, some mergers create a concentrated market, while others enable a single firm to raise prices.” The challenge for the antitrust regulators at the FTC and the U.S. Department of Justice is to figure out when a merger may hinder competition. This decision involves both numerical tools and some judgments that are difficult to quantify. The following Clear It Up helps explain how antitrust laws came about.
    ::事实上,政府监管者同意多数兼并有利于消费者。 正如联邦贸易委员会在其网站(截至2013年11月)上所指出的 :“ 多数兼并实际上有利于竞争和消费者,允许公司更有效地运作 ” 。 与此同时,公平贸易委员会承认,“一些[兼并 有可能削弱竞争。 这反过来可能导致价格上升、商品和服务供应减少、产品质量降低和创新程度降低。 事实上,一些兼并创造了集中的市场,而另一些则使得一家公司能够提高价格 ” 。 公平贸易委员会和美国司法部的反托拉斯监管者面临的挑战是找出兼并何时会阻碍竞争。 这一决定既涉及数字工具,也涉及难以量化的一些判决。 以下的“清一行动”有助于解释反托拉斯法是如何产生的。

    Clear It Up :  What is U.S. Antitrust Law?
    ::美国反托拉斯法是什么?

    In the closing decades of the 1800s, many industries in the U.S. economy were dominated by a single firm that had most of the sales for the entire country. Supporters of these large firms argued that they could take advantage of economies of scale and careful planning to provide consumers with products at low prices. However, critics pointed out that when the competition was reduced, these firms were free to charge more and make permanently higher profits, and that without the goading of competition, it was not clear that they were as efficient or innovative as they could be.
    ::在1800年代的近几十年中,美国经济的许多行业都由一家拥有整个国家大部分销售量的公司主宰,这些大公司的支持者认为,他们可以利用规模经济和谨慎规划,以低价向消费者提供产品。 但是,批评家指出,当竞争减少时,这些公司可以免费收取更多的费用并永久提高利润,如果没有竞争的迷恋,则不清楚它们是否具有尽可能高的效率或创新性。

    In many cases, these large firms were organized in the legal form of a “trust,” in which a group of formerly independent firms were consolidated together by mergers and purchases, and a group of “trustees” then ran the companies as if they were a single firm. Thus, when the U.S. government passed the Sherman Antitrust Act in 1890 to limit the power of these trusts, it was called an antitrust law. In an early demonstration of the law’s power, the U.S. Supreme Court in 1911 upheld the government’s right to break up Standard Oil, which had controlled about 90% of the country’s oil refining, into 34 independent firms, including Exxon, Mobil, Amoco, and Chevron. In 1914, the Clayton Antitrust Act outlawed mergers and acquisitions (where the outcome would be to “substantially lessen competition” in an industry), price discrimination (where different customers are charged different prices for the same product), and tied sales (where purchase of one product commits the buyer to purchase some other product). Also in 1914, the Federal Trade Commission (FTC) was created to define more specifically what competition was unfair. In 1950, the Celler-Kefauver Act extended the Clayton Act by restricting vertical and conglomerate mergers. In the twenty-first century, the FTC and the U.S. Department of Justice continue to enforce antitrust laws.
    ::在许多案例中,这些大公司都是以法律形式的“托拉斯”组织起来的。 在这种 " 托拉斯 " 中,一批前独立公司通过合并和购买合并合并合并在一起,而一批“受托人”则将公司管理起来,似乎它们只是一家单一公司。 因此,当美国政府于1890年通过《谢尔曼反托拉斯法》以限制这些托拉斯的权力时,它被称为反托拉斯法。 在法律权力的早期展示中,美国最高法院于1911年维护了政府拆解标准石油的权利。 标准石油已经控制了该国大约90%的石油提炼,并被分成34家独立公司,包括埃克森、莫比勒、阿莫科和Chevron。 1914年,《克莱顿反托拉斯法》禁止合并和收购(结果将是“大幅度降低竞争 ” ) , 价格歧视(在不同的客户对同一产品收取不同价格的情况下 ) , 以及捆绑销售(购买一种产品的买主承诺购买其他产品 ) 。 1914年,联邦贸易委员会(IC-Juster ) 创建了更具体地界定什么竞争。 在1950年,Cell-Creal Acal Acreal 和Creal Flatistral 。

    New Directions for Antitrust
    ::反托拉斯新方针

    Defining a market is often controversial. For example, Microsoft in the early 2000s had a dominant share of the software for computer operating systems. However, in the total market for all computer software and services, including everything from games to scientific programs, the Microsoft share was only about 16% in 2000. A narrowly defined market will tend to make concentration appear higher, while a broadly defined market will tend to make it appear smaller.
    ::界定市场常常引起争议。 比如,2000年代初,微软在计算机操作系统的软件中占有主导份额。 然而,在所有计算机软件和服务(包括从游戏到科学程序等所有东西)的总市场中,微软的份额在2000年只有大约16%。 狭义界定的市场往往使集中程度显得更高,而广义界定的市场则使其看起来更小。

    There are two especially important shifts affecting how markets are defined in recent decades: one centers on technology and the other centers on globalization. In addition, these two shifts are interconnected. With the vast improvement in communications technologies, including the development of the Internet, a consumer can order books or pet supplies from all over the country or the world. As a result, the degree of competition many local retail businesses face has increased. The same effect may operate even more strongly in markets for business supplies, where so-called “business-to-business” websites can allow buyers and suppliers from anywhere in the world to find each other.
    ::近几十年来,影响市场定义的转变有两个特别重要的转变:一个是技术中心,另一个是全球化中心。此外,这两种转变是相互联系的。随着通信技术的巨大进步,包括互联网的发展,消费者可以从国家或世界各地订购书籍或宠物。结果,许多本地零售企业的竞争程度有所加剧。 在商业供应市场中,同样的效果可能更加明显,所谓的“企业对企业”网站可以让世界任何地方的买家和供应商互相发现。

    Globalization has changed the boundaries of markets.  Now, many industries find that their competition comes from the global market. A few decades ago, three companies, General Motors, Ford, and Chrysler, dominated the U.S. auto market. By 2007, however, these three firms were making less than half of U.S. auto sales, and facing competition from well-known car manufacturers such as Toyota, Honda, Nissan, Volkswagen, Mitsubishi, and Mazda.
    ::全球化改变了市场界限。 如今,许多产业发现它们的竞争来自全球市场。 几十年前,三家公司 — — 通用汽车、福特和克莱斯勒(General Motors、福特和克莱斯勒(Chrysler) — — 主导了美国汽车市场。 然而,到2007年,这三家公司的汽车销售额还不到美国汽车销售额的一半,并面临着丰田、丰田、丰田、尼桑、大众汽车、三菱和马兹达等著名汽车制造商的竞争。

    Because attempting to define a particular market can be difficult and controversial, the Federal Trade Commission has begun to look less at market share and more at the data on actual competition between businesses. For example, in February 2007, Whole Foods Market and Wild Oats Market announced that they wished to merge. These were the two largest companies in the market that the government defined as “premium natural and organic supermarket chains.” However, one could also argue that they were two relatively small companies in the broader market for all stores that sell groceries or specialty food products.
    ::由于试图确定一个特定市场可能困难而有争议,联邦贸易委员会开始较少关注市场份额,而更多地关注企业间实际竞争的数据。 例如,2007年2月,全食品市场和野燕市场宣布它们希望合并。 它们是政府定义为“天然和有机垄断连锁”的两大市场公司。 然而,人们也可以争辩说,它们在所有销售食品或特殊食品的商店的大市场上都是两个相对较小的公司。

    Rather than relying on a market definition, the government antitrust regulators looked at detailed evidence on profits and prices for specific stores in different cities, both before and after other competitive stores entered or exited. Based on that evidence, the Federal Trade Commission decided to block the merger. After two years of legal battles, the merger was eventually allowed in 2009 under the conditions that Whole Foods sell off the Wild Oats brand name and a number of individual stores to preserve competition in certain local markets.
    ::政府的反托拉斯监管者没有依靠市场定义,而是研究了不同城市具体商店的利润和价格的详细证据,无论是在其他竞争性商店进入或退出之前和之后的利润和价格,根据这一证据,联邦贸易委员会决定阻止合并。 经过两年的法律斗争,2009年最终允许合并,条件是批发食品公司出售野燕品牌和一些个别商店,以维护某些当地市场的竞争。

    This new approach to antitrust regulation involves detailed analysis of specific markets and companies, instead of defining a market and counting up total sales. A common starting point is for antitrust regulators to use statistical tools and real-world evidence to estimate the demand curves and supply curves faced by the firms that are proposing the merger. A second step is to specify how competition occurs in this specific industry. Some possibilities include competing to cut prices, to raise output, to build a brand name through advertising, and to build a reputation for good service or high quality. With these pieces of the puzzle in place, it is then possible to build a statistical model that estimates the likely outcome for consumers if the two firms are allowed to merge. Of course, these models do require some degree of subjective judgment, so they can become the subject of legal disputes between the antitrust authorities and the companies that wish to merge.
    ::反托拉斯监管的这一新做法涉及对具体市场和公司进行详细分析,而不是界定市场和计算总销售额。一个共同的起点是反托拉斯监管机构利用统计工具和真实世界证据来估计提出合并的公司所面临的需求曲线和供应曲线。第二步是具体说明这一具体行业的竞争如何发生。一些可能性包括竞相降低价格、提高产出、通过广告建立品牌名、建立良好服务或高质量声誉。有了这些拼图,就有可能建立一个统计模型,估计如果允许两家公司合并,消费者可能获得的结果。当然,这些模型确实需要一定程度的主观判断,因此它们可以成为反托拉斯当局与希望合并的公司之间法律纠纷的主题。

    Regulating Anticompetitive Behavior
    ::管制反竞争行为

    The U.S. antitrust laws reach beyond blocking mergers that would reduce competition to include a wide array of anticompetitive practices. For example, it is illegal for competitors to form a cartel that colludes to make pricing and output decisions as if they were a monopoly firm. The Federal Trade Commission and the U.S. Department of Justice prohibit firms from agreeing to fix prices or output, rigging bids, or sharing or dividing markets by allocating customers, suppliers, territories, or lines of commerce.
    ::美国反托拉斯法超越了阻止将减少竞争的兼并,包括一系列反竞争做法。 例如,竞争者组成卡特尔,串通定价和产出决策,仿佛它们是一个垄断公司,这是非法的。 联邦贸易委员会和美国司法部禁止公司同意确定价格或产出,操纵投标,或通过分配客户、供应商、领土或商业渠道分享或分割市场。

    In the late 1990s, for example, the antitrust regulators prosecuted an international cartel of vitamin manufacturers that  included the Swiss firm Hoffman-La Roche, the German firm BASF, and the French firm Rhone-Poulenc. These firms reached agreements on how much to produce, how much to charge, and which firm would sell to which customers. The high-priced vitamins were then bought by firms like General Mills, Kellogg, Purina-Mills, and Proctor and Gamble, which pushed up the prices more. Hoffman-La Roche pleaded guilty in May 1999 and agreed both to pay a fine of $500 million and to have at least one top executive serve four months of jail time.
    ::例如,在1990年代后期,反托拉斯监管者起诉了一家维生素制造商国际卡特尔,其中包括瑞士公司Hoffman-La Roche、德国公司BASF和法国公司Rhone-Poulenc。 这些公司就生产多少、收费多少和向哪家公司出售哪些客户达成了协议。 高价维生素随后被Mills将军、Kellogg、Purina-Mills以及Proctor和Gamble等公司购买,这些公司进一步抬高了价格。 霍夫曼-La Roche于1999年5月认罪,同意支付5亿美元的罚款,并至少让一个顶级执行官服四个月的牢狱。

    Under U.S. antitrust laws, a monopoly itself is not illegal. If a firm has a monopoly because of a newly patented invention, for example, the law explicitly allows a firm to earn higher-than-normal profits for a time as a reward for innovation. If a firm achieves a large share of the market by producing a better product at a lower price this behavior is not prohibited by antitrust law.
    ::根据美国反托拉斯法,垄断本身不是非法的。 比如,如果公司因新专利发明而垄断,法律明确允许公司在一段时间内赚取高于正常的利润,作为对创新的奖励。 如果公司通过以较低价格生产更好的产品而获得市场的一大份额,反托拉斯法并不禁止这种行为。

    Restrictive Practices
    ::限制性做法

    Antitrust laws include rules against restrictive practices —practices that do not involve outright agreements to raise price or to reduce the quantity produced, but that might have the effect of reducing competition. Antitrust cases involving restrictive practices are often controversial because they delve into specific contracts or agreements between firms that are allowed in some cases but not in others.
    ::反托拉斯法包括禁止限制性惯例的规则,这些惯例并不涉及直接协议来提高价格或减少生产的数量,但可能产生减少竞争的效果,涉及限制性惯例的反托拉斯案件往往引起争议,因为它们涉及某些情况下允许但另一些情况下不允许的具体合同或公司之间的协议。

    For example, if a product manufacturer is selling to a group of dealers who then sell to the general public it is illegal for the manufacturer to demand a minimum resale price maintenance agreement, which would require the dealers to sell for at least a certain minimum price. A minimum price contract is illegal because it would restrict competition among dealers. However, the manufacturer is legally allowed to “suggest” minimum prices and to stop selling to dealers who regularly undercut the suggested price. If you think this rule sounds like a fairly subtle distinction, you are right.
    ::例如,如果一个产品制造商向一批经销商出售,然后向一般公众出售,制造商要求一份最低转售价格维持协议是非法的,该协议要求经销商至少以某种最低价格出售,最低价格合同是非法的,因为它会限制经销商之间的竞争,然而,在法律上允许制造商“提出”最低价格,并停止向经常降低建议价格的经销商出售。如果你认为这一规则听起来相当微妙,你是对的。

    An exclusive dealing agreement between a manufacturer and a dealer can be legal or illegal. It is legal if the purpose of the contract is to encourage competition between dealers. For example, it is legal for the Ford Motor Company to sell its cars to only Ford dealers, for General Motors to sell to only GM dealers, and so on. However, exclusive deals may also limit competition. If one large retailer obtained the exclusive rights to be the sole distributor of televisions, computers, and audio equipment made by a number of companies, then this exclusive contract would have an anticompetitive effect on other retailers.
    ::制造商和经销商之间的独家经营协议是合法或非法的,如果合同的目的是鼓励经销商之间的竞争,则该合同是合法的,例如,福特汽车公司将其汽车出售给只有福特的经销商是合法的,一般汽车公司出售给只有GM的经销商也是合法的,然而,独家经营协议也可能限制竞争,如果一个大零售商获得作为由若干公司制作的电视、计算机和音频设备的唯一经销商的独家经营权,那么这一独家合同就会对其他零售商产生反竞争的影响。

    Tying sales happen when a customer is required to buy one product only if the customer also buys a second product. Tying sales are controversial because they force consumers to purchase a product that they may not actually want or need. Further, the additional, required products are not necessarily advantageous to the customer. Suppose that to purchase a popular DVD, the store required that you also purchase a portable TV of a certain model. These products are only loosely related, thus there is no reason to make the purchase of one contingent on the other. Even if a customer was interested in a portable TV, the tying to a particular model prevents the customer from having the option of selecting one from the numerous types available in the market. A related, but not identical, concept is called bundling, where two or more products are sold as one. Bundling typically offers an advantage for the consumer by allowing them to acquire multiple products or services for a better price. For example, several cable companies allow customers to buy products like cable, internet, and a phone line through a special price available through bundling. Customers are also welcome to purchase these products separately, but the price of bundling is usually more appealing.
    ::套期销售只有在客户需要购买一种产品时,客户才必须购买第二种产品。 套期销售具有争议性,因为他们迫使消费者购买一种他们实际上并不想要或需要的产品。 此外,额外的所需产品不一定对客户有利。 假设购买流行的DVD,商店需要你购买一种特定型号的便携式电视机。这些产品只是松散的,因此没有理由将购买一个条件附加在另一个条件上。即使客户对便携式电视感兴趣,但套期销售使客户无法选择从市场上多种类型的产品中选择一种。一个相关但并不完全相同的概念被称作捆绑,其中两种或两种以上的产品被作为一个销售。捆绑通常给消费者带来优势,允许他们以更好的价格获得多种产品或服务。 比如,几个有线公司允许客户购买电缆、互联网等产品,并通过捆绑的特殊价格购买一条电话线。 客户也欢迎单独购买这些产品,但捆绑的价格通常更具有吸引力。

    In some cases, tying sales and bundling can be viewed as anticompetitive. However, in other cases, they may be legal and even common. It is common for people to purchase season tickets to a sports team or a set of concerts so that they can be guaranteed tickets to the few contests or shows that are most popular and likely to sell out. Computer software manufacturers may often bundle a number of different programs even when the buyer only wants  a few of the programs. Think about the software that is included in a new computer purchase, for example.
    ::在某些情况下,搭售和捆绑可以被视为反竞争,但在另一些情况下,它们可能是合法的,甚至很常见。人们通常会购买体育队或一系列音乐会的赛季票,以便保证他们能拿到最受欢迎和最有可能出售的少数竞赛或表演的票。计算机软件制造商往往会把一些不同的程序捆绑在一起,即使买主只想要其中的几个程序。例如,想想新计算机采购中包括的软件。

    Recall that predatory pricing occurs when the existing firm (or firms) reacts to a new firm by dropping prices very low until the new firm is driven out of the market, at which point the existing firm raises prices again. This pattern of pricing is aimed at deterring the entry of new firms into the market. In practice, it can be hard to figure out when pricing should be considered predatory. Say that American Airlines is flying between two cities, and a new airline starts flying between the same two cities at a lower price. If American Airlines cuts its price to match the new entrant, is this predatory pricing? Or is it just market competition at work? A commonly proposed rule is that if a firm is selling for less than its average variable cost—that is, at a price where it should be shutting down—then there is evidence for predatory pricing. C alculating in the real world what costs are variable and what costs are fixed is often not obvious, either.
    ::回顾当现有公司(或公司)对新公司作出反应时,就会发生掠夺性定价,在新公司被挤出市场之前,将价格降低到非常低的水平,然后新的公司又再次抬高价格。这种定价模式的目的是阻止新公司进入市场。在实践中,很难确定何时应该将定价视为掠夺性。 说美国航空公司在两个城市之间飞行,而一家新航空公司开始以较低的价格在同一两个城市之间飞行。 如果美国航空公司为了与新入侵者相对应而削减价格,这是这种掠夺性定价吗?还是只是市场竞争在起作用? 通常提出的一条规则是,如果公司出售的价格低于其平均可变成本,也就是说,以应该关闭的价格出售,那么就有掠夺性定价的证据。 在现实世界中,什么成本是可变的,什么成本是固定的,也往往不明显。

    Case Study:  Did Microsoft ® engage in anticompetitive and restrictive practices?
    ::案例研究:微软公司是否从事反竞争和限制性做法?

    The most famous restrictive practices case of recent years was a series of lawsuits by the U.S. government against Microsoft—lawsuits that were encouraged by some of Microsoft’s competitors. All sides admitted that Microsoft’s Windows program had a near-monopoly position in the market for the software used in general computer operating systems. All sides agreed that the software had many satisfied customers. All sides agreed that the capabilities of computer software that was compatible with Windows—both software produced by Microsoft and that produced by other companies—had expanded dramatically in the 1990s. Having a monopoly or a near-monopoly is not necessarily illegal in and of itself, but in cases where one company controls a great deal of the market, antitrust regulators look at any allegations of restrictive practices with special care.
    ::近年来最著名的限制性做法案例是美国政府针对微软公司的一些竞争者鼓励的微软公司诉讼的一系列诉讼。 所有各方都承认微软的Windows程序在一般计算机操作系统所用软件的市场上拥有近乎垄断的地位。 所有各方都同意软件有许多满意的客户。 所有各方都同意,与微软公司和其他公司生产的软件的微软软件相兼容的计算机软件能力在1990年代急剧扩大。 垄断或近乎垄断本身不一定是非法的,但在一家公司控制大量市场的情况下,反托拉斯监管者会特别小心地看待任何限制性做法的指控。

    The antitrust regulators argued that Microsoft had gone beyond profiting from its software innovations and its dominant position in the software market for operating systems, and it had tried to use its market power in operating systems software to take over other parts of the software industry. For example, the government argued that Microsoft had engaged in an anticompetitive form of exclusive dealing by threatening computer makers that, if they did not leave another firm’s software off their machines (specifically, Netscape’s Internet browser), then Microsoft would not sell them its operating system software. Microsoft was accused by the government antitrust regulators of tying together its Windows operating system software where it had a monopoly, with its Internet Explorer browser software, where it did not have a monopoly, and thus using this bundling as an anticompetitive tool. Microsoft was also accused of a form of predatory pricing; namely, giving away certain additional software products for free as part of Windows.  This was a way of driving out the competition from other makers of the software.
    ::反托拉斯监管者认为微软已经超越了从软件创新及其在操作系统软件市场上的支配地位中获益的利润,并试图利用其操作系统软件的市场实力来接管软件行业的其他部分。 比如,政府辩称微软参与了威胁计算机制造者的反竞争独家交易形式,即如果他们不将另一家公司的软件从机器(具体而言,Netscape的互联网浏览器)上丢弃,微软就不会出售其操作系统软件。 微软被政府反托拉斯监管者指责将拥有垄断权的视窗操作系统软件与互联网探索者浏览器软件捆绑在一起,并因此使用这种捆绑作为反竞争工具。 微软还被指控是一种掠夺性定价形式,即将某些额外的软件产品免费作为视窗的一部分。 这是将软件其他制造者的竞争排除在外的一种方法。

    In April 2000, a federal court held that Microsoft’s behavior had crossed the line into unfair competition, and recommended that the company be broken into two competing firms. However, that penalty was overturned on appeal.  In November 2002 Microsoft reached a settlement with the government that it would end its restrictive practices.
    ::2000年4月,一家联邦法院认定微软的行为已经越过了界线,进入了不公平竞争,并建议将公司分为两家竞争公司。 但是,这一处罚在上诉中被推翻。 2002年11月,微软与政府达成解决方案,要求结束其限制性做法。

    The concept of restrictive practices is continually evolving as firms seek new ways to earn profits and government regulators define what is permissible and what is not. A situation where the law is evolving and changing is always somewhat troublesome since laws are most useful and fair when firms know what they are in advance. In addition, since the law is open to interpretation, competitors who are losing out in the market can accuse successful firms of anticompetitive restrictive practices and try to win through government regulation what they have failed to accomplish in the market. Officials at the Federal Trade Commission and the Department of Justice are, of course, aware of these issues, but there is no easy way to resolve them.
    ::限制性做法的概念在不断演变,因为公司寻求新的利润方式,政府管理者界定哪些是允许的,哪些是不允许的。法律的演变和变化总是有些麻烦,因为当公司事先知道法律最有用和最公平的时候,法律是事先知道的。此外,由于法律可以解释,在市场上输掉的竞争者可以指责成功的公司采取反竞争的限制性做法,并试图通过政府监管来赢得他们在市场上未能完成的工作。当然,联邦贸易委员会和司法部的官员知道这些问题,但解决这些问题没有容易的办法。

    To read more about the anticompetitive practices associated with Microsoft in the early 2000s, read the following articles:
    ::欲进一步了解2000年代初期与微软有关的反竞争做法,可阅读以下条款:

    Video: What is a Multinational Corporation?
    ::录像:什么是多国公司?

    Multinationals
    ::多国

    When a large corporation has manufacturing or service companies in various countries it becomes known as a multinational .  These companies become a part of the country’s GDP, circular flow, and business cycle. They are subject to the laws, taxes, customs, and culture of the various nations where they do business. Multinationals can be both a blessing and a curse to various nations.
    ::当一家大公司在不同国家拥有制造或服务公司时,它就被称为多国公司。 这些公司成为国家GDP、循环流动和商业周期的一部分。 它们受不同国家的法律、税收、习俗和文化的制约。 多国公司可以成为不同国家的祝福和诅咒。

     

    Multinationals
    ::多国

    Positive
    ::阳

    • Move resources
      ::移动资源
    • Provide goods/services
      ::提供货物/服务
    • Bring in financial capital
      ::带来金融资本
    • May be conglomerates
      ::可能是联合企业集团
    • Bring in technology
      ::引进技术
    • Create new jobs
      ::创建新任务
    • Produce tax revenues
      ::产生税收收入

     

    Negative
    ::负

    • Abuse their power
      ::滥用权力
    • Pay low wages
      ::低工资工资工资
    • Export scarce resources
      ::出口稀缺资源
    • Interfere in the local economy
      ::地方经济中的干涉
    • Demand concessions
      ::需求特许权
    • Uneven development
      ::发展不平衡
    • Low cost production
      ::低成本生产
    • Unfair competition with developed countries
      ::与发达国家的不公平竞争

    Summary
    ::摘要

    A corporate merger involves two private firms joining together. An acquisition refers to one firm buying another firm. In either case, two formerly independent firms become one firm. Antitrust laws seek to ensure active competition in markets, sometimes by preventing large firms from forming through mergers and acquisitions, sometimes by regulating business practices that might restrict competition, and sometimes by breaking up large firms into smaller competitors.
    ::公司合并涉及两家私营公司合并,收购是指一家公司收购另一家公司,在任何一种情况下,两家以前独立的公司成为一家公司。 反托拉斯法试图确保市场的积极竞争,有时通过阻止大公司通过兼并和收购形成,有时通过监管可能限制竞争的商业惯例,有时通过将大公司分成较小的竞争者。

    The forces of globalization and new communications and information technology have increased the level of competition faced by many firms by increasing the amount of competition from other regions and countries.
    ::全球化的力量以及新的通信和信息技术增加了来自其他区域和国家的竞争,增加了许多公司面临的竞争程度。

    Answer the self check questions below to monitor your understanding of the concepts in this section.
    ::回答下面的自我核对问题,以监测你对本节概念的理解。

    Self Check Questions
    ::自查问题

    1. How can a firm generate additional funds to grow and expand?
    ::1. 公司如何为增长和扩大筹集更多资金?

    2. What are the five reasons firms may merge?
    ::2. 公司可能合并的五个原因是什么?

    3. What is the difference between a horizontal and vertical merger?
    ::3. 横向和纵向合并有什么区别?

    4. What is a conglomerate?
    ::4. 什么是联合企业?

    5. What is a multinational? Which companies are multinational? What are the most positive and negative aspects of a multinational?
    ::5. 什么是多国?哪些公司是多国公司?多国公司最积极和最消极的方面是什么?

    6. Look up 5 corporations and determine if they are multinationals. List which countries they operate in.
    ::6. 查查5家公司,确定它们是否是跨国公司,列出在哪些国家开展业务。

    7. Use the internet to research a multinational. Determine if it is a positive or negative influence on the country that it is currently operating in.
    ::7. 利用互联网研究多国公司,确定它是否对其目前经营的国家具有积极或消极影响。

    8. Use the internet to search for companies that have recently merged. What type of merger was it? Why did they merge? What will happen to the company now? Are there any negative consequences to the merger? Did the government have to approve the merger?
    ::8. 利用互联网寻找最近合并的公司:是哪类合并?为什么合并?公司现在将会发生什么情况?合并是否会有什么消极后果?政府是否必须批准合并?