Dealmakers are worried that bond market turmoil and global instability could hit mergers and acquisitions in 2016 after deals reached an all-time high this year, surpassing 2007’s peak.

交易撮合者担心，债市动荡和全球不稳定可能会影响2016年的并购活动，今年的并购交易达到空前高位，超过2007年的峰值水平。

Driven by a surge of tie-ups in the pharmaceuticals, energy and consumer sectors, the total value of announced transactions has climbed to $4.6tn, compared with $4.3tn eight years ago, according to Thomson Reuters data.

根据汤森路透(Thomson Reuters)的数据，受到制药、能源和消费行业并购急剧增加的推动，已宣布并购交易总额升至4.6万亿美元，高于8年前的4.3万亿美元。

Many of these deals have been for tens or hundreds of billions of dollars, including blockbuster tie-ups between drugmakers Pfizer and Allergan, brewers AB InBev and SABMiller, and oil majors Royal Dutch Shell and BG Group.

其中很多交易规模达到数百亿甚至数千亿美元，这些大规模并购包括制药商辉瑞(Pfizer)和艾尔建(Allergan)、酿酒企业百威英博(AB InBev)和南非米勒啤酒(SABMiller)以及石油巨擘荷兰皇家壳牌(Royal Dutch Shell)和英国天然气集团(BG Group)。

Hunger for growth in a weak economic environment, cheap financing and continued pressure from activist shareholders to boost returns drove many companies to combine.

在疲弱经济环境下对增长的渴望、廉价融资以及维权股东继续施压提高回报，推动很多公司合并。

Dealmakers have said these fundamentals remain broadly intact for 2016. However, many have also warned of growing fears among their peers that a fresh terror attack, like that in Paris last month, or another financial crisis could tarnish business confidence and bring the M&A run to an end.

交易撮合者表示，2016年，这些基本面因素仍会大体存在。然而，很多企业也警告称，业内同行日益担心：一场像上月巴黎那样的新的恐怖袭击或者又一场金融危机可能损害企业信心，终结本轮并购行情。