英语翻译ABC Learning center是一个典型的以合并收购起步和发展,最后倒闭的例子.首先,ABC是以Plat

英语翻译
ABC Learning center是一个典型的以合并收购起步和发展,最后倒闭的例子.
首先,ABC是以Platform acquisition(平台收购)作为起点的.用这种方式收购扩展的,是基于Childcare的行业特点.Childcare在澳洲数量很多,但是很分散,规模较小.ABC开始什么都不是,首先收购第一家Childcare,算是进入这个行业,然后不断收购,进行扩张,形成规模,最后成为有327家中心的大公司.
可是为什么最后会倒闭呢?首先看一下deal structure(收购的方式).ABC是用债务收购的,那么在收购之后,必须提高利润（双倍以上）去偿还债务和支持运营.但是Childcare的行业利润较小,很难在短时间内将利润提高.再加上ABC的收购非常频密,那就意味着,新的中心还没能创造利润,新的债务就增加了.
要命的是,ABC竟然还用债务来填现金的缺口.这与雷曼有点相似,同样是用债务来填现金和利润的不足.虽然现金储备在公司估价中一直不被重视,但是往往企业倒闭的源头就是现金不足.现金永远是成本最低,风险最低的资金来源,不然为什么经济危机后,那么多人不再投资股票等,宁愿拿着现金?缺乏现金的发展和扩张是非持续发展的.
至于ABC有没有Fraud(欺诈),那还要进一步调查,等报告出来才知道,但个人认为还是有可能的,因为:
1.ABC迟迟不交税,还被发现隐瞒不报税.
2.07年的营运现金是$207 million,但08年上半年却是$20 million的现金赤字.这让人怀疑是不是将不该是07年的项目,调到07年,为的是夸大现金.
3.创始人及CEO在08年9月辞职,问题才暴露出来.是不是将问题延后到辞职后才暴露?但Eddy Groves还说公司欠他$3.3 million.我看清算官不倒追他返还不应得利,他应该偷笑了,还说公司欠他钱.

ABC Learning center is a typical start to mergers and acquisitions and development,and finally fail.
First of all,ABC is a Platform acquisition (platform acquisition) as a starting point.Acquired in this way extended,is based on the Childcare industry characteristics.Childcare in Australia a lot of volume,but it is scattered,small.ABC began to nothing,the first acquisition of the first Childcare,is going on in this industry,and then continuously acquired for expansion,scale,and finally become 327 centers of large companies.
But why the last close?First of all,look at the deal structure (acquisitions).ABC is using debt to purchase,then acquisition should boost profits (more than double) to repay debt and support operations.But the Childcare industry profits small,it is difficult to improve profits in a short time.Coupled with the acquisition of ABC is frequent,it means not to create new profit centers,new debt on the increase.
The problem is,ABC actually has the cash to use debt to fill the gap.This is somewhat similar to Lehman,as is the debt to fill the shortage of cash and profits.Although the valuation of the company's cash reserves have been neglected,but often the source of business failures is lack of cash.Cash is always the lowest cost,lowest risk sources of funding,or why economic crisis,many people will not invest in stocks,preferring to hold cash?Development and expansion of cash-strapped non-sustainable development.
The ABC has not Fraud (fraud),that will further the investigation,so the report came out before that,but personally think that it is possible,because:
1.ABC reluctant to pay tax,was also found hidden tax.
2.07 years of operating cash is $ 207 million,but the first half of 2008 is $ 20 million cash deficit.That people should not be suspected than 07 projects,transferred in 2007,is exaggerated for the cash.
3.Founder and CEO resigned in September 2008,the problem was exposed.The problem is not postponed to resign after the exposure?But Eddy Groves said the company owed him $ 3.3 million.I do not Daozhui liquidation officer should not benefit his return,he should be lucky,said the company owed him money.