外部并购

对于急待成长的中国汽车企业来说，企业成长的方式，除了内部扩张和外部并购之外，还有第三条道路，那就是建立战略联盟。

To China 's auto enterprises which grows urgently , establishing strategic alliances is a third way of development in addition to internal expansion and external acquisition .

另外，作为一种强有力的外部手段，并购还能够解决公司治理问题，从而降低代理成本。

In addition , as a powerful external means , M & A also can solve the company governance problem , thus reduce agency cost .

中国钢铁企业急需大规模重组来抵抗外部竞争。通过并购重组来做大做强企业，淘汰落后产能，在国际铁矿石采购上能有更大的发言权。

To do bigger and stronger through mergers and acquisitions business , eliminate backward production capacity , in the international iron ore procurement can have a greater voice .

它必须要符合很多条件，比如，业绩，成长性，市场环境，政策支持，外部刺激，潜在并购可能等等。

It must want to accord with a lot of conditions , for instance , outstanding achievement , growing sex , market environment , policy support , exterior and exciting , buy a likelihood to wait a moment potentially .

而并购是外部扩张的一种主要形式，通过外部并购具有相应资源的企业，进一步有效重组、整合后可获得核心竞争力。

But M & A also is a kind of main form of external expansion , By the latter way , reorganization and integration of the corresponding resources could get new core competence effectively .