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Indeed, after a decade of record merger activity, the abrupt collapse of high- fliers such as Tyco, WorldCom, and Enron has thrown a monkey wrench into a deal machine that was already depressed by the recession and stock market downturn. "The fallout from Enron is having a chilling effect on the urge to merge," notes Morgan Stanley Dean Witter & Co. strategist Joseph P. Quinlan. He points out that the $18 billion in announced deals in January was the lowest level since 1995. To get a deal done today, investment bankers say companies must be willing to pay more in cash, take on less debt, and avoid the aggressive accounting employed by the likes of Enron.

The main idea of the paragraph

The abrupt collapse of celebrated acquisitive companies has dealt a heavy blow to the merger, because investment bankers require that companies pay more cash and take on less debt when they try to get a deal done.

大腕并购公司的突然垮塌给并购活动带来当头一击，因为投资银行要求并购公司如要并购则应更多地使用现金，少举些债。

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