The passage tells a story of the new breed of CEOs, who viewed acquisitions as the basis for maintaining heady growth rates and now face a situation where the growth slows down, the regulations is tightened after Enron, and Wall Street turns a cold eye to them, while they have a hard time and have to pay huge debts related to their acquisitions that happened in the 1990s of the acquisition sprees.

Among those companies, things vary from one to another, those like George-Pacific Group who spent freely when times were fat are now weighed down with stiff interest payments and heavy debt loads; those whose problems stem from acquisitions that haven’t worked, such as Conseco Inc., are selling assets to bring down debt.

这篇课文讲的是新一代的首席执行官，他们把购并交易视为维持公司迅猛扩张的基础，目前他们面临这样一种局面：经济增长放慢，“安然事件”之后管理增强，以及华尔街对他们的冷落，同时，他们的前途艰难，并且不得不支付在上世纪购并热潮中为购并而举借的巨额债务。

陷入困境的公司情况各不相同，那些在资金充裕时大手大脚花钱的公司，如佐治亚·太平洋集团公司，现在在还本付息的重压下喘不过气来；那些其问题源自被并购来但未产生效益的公司，比如说康赛科公司，在变卖资产来降低债务。

• Briefing
• 1
• 2
• 3
• 4
• 5
• 6
• 7
• 8
• 9
• 10
• 11
• 12
• 13
• 14
• Summary