外文翻译跨境合并和收购欧洲美国的经验Word文档下载推荐.docx

外文翻译跨境合并和收购欧洲美国的经验Word文档下载推荐.docx

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TheEuropean—USexperience

Author:

R.J.Kish.

Nationality:

America

Source:

JournalofMultinationalFinancialManagement1998（8）

434-43

Originaltext：

Factorsmotivatingcross-borderacquisition

InherextensivediscussionofthemergeandacquisitionprocessMcDonoughBergson（1990）proposesthatthefollowingfactorsmotivatemanycompaniestoacquirefirms:

thedesiretospreadproductsanddiversifyrisksgeographically;

togainback-upproducts;

toexploitsynergies;

andtoattaineconomiesofscale.However,shecautionsthatworkforceproblem,poorfacilities,aswellassocialandtechnologicaldifferencemayexposetheacquiringcompanynewrisks.Otherstudiesintheareaofcross-borderacquisitionsattributethepatternofacquisitionstoseveralcompetingfactors,bothfavorableandunfavorable.Thediscussionthatfollowssurveysasamplingofthesefactors,examiningfirstfavorableacquisitionvariable（i.e.variablethatappeartoinfluencethefirm’sconcernedwithcross-borderdeals）,thentheunfavorableones.Wepayparticularattentiontothosefactorsmoredirectlyrelatedtothecountriesunderstudy

Favorableacquisitionfactors

Althoughthereareanumberoffactorsthatfavoracquisitionactivity,wefocusonthosethatseemtoaffectcross-borderacquisitionsbetweentheUSandEU.Thesefactorsincludeexchangeratesdiversifications,andeconomicconditionsinthehomecountry,aswellastechnologyandhumanresource.

Exchangerates

Currentsandforetastedfutureexchangeratesaffectthehomecurrencyequivalentofacquisitionprices,aswellasthepresentvalueoffuturecashflowsaccruingtotheacquiredfirm;

Therefore,thedominanteffectinanyparticularcaseisultimatelyanempiricalquestion.Existingstudies,predictably,arriveatdifferentconclusionsconcerningtheroleofexchangerates.Forexample,footandStein（1991）proposethat,whilethereisarelationshipbetweentheexchange-ratesandacquisitionactivity,thereisnoevidencethatachangeintheexchangerateimprovethepositionofforeignacquirersrelativetotheirUScounterparts.Theycontendthatwhenthedollardepreciates,theUSbecomesacheaperplaceforanyfirmtodobusiness—foreignordomestic.Inaddition,theydownplaytherelationshipbetweenforeignacquisitionandexchangerates,arguingthatimprovedcapitalmobilityleadstoequalized,risk-adjustedreturnsoninternationalinvestments.Goldberg（1993）reachesdifferentconclusions.ShefindsthatadepreciatedUSdollarreducesFDIinAmericanbusinesses.Shealsocontendsthatthereverseholdstrue,thatis,fthedollarisstrong,oneobservesanincreaseinforeignacquisitionofUSfirmsandadownwardtrendinUSacquisitionofforeignfirms.However,HarrisandRavenscraft（1991）presentempiricalevidencethatisincontrasttoGoldberg’sfindings.Inparticular,theycontendthatdepreciateddollarincreasesthenumberofforeignacquisitionofUSfirms.

Diversification

Thisargumentisbasedontheempiricalobservationthatcovarianceofreturnsacrossdifferenteconomy.Itfollowsthattheprospectiveacquiringcompanymustfirstdecideonitsdesiredlevelsofriskandreturn.Onlythenshoulditattempttoacquireongoingforeignconcerns,companiesmaybeabletocircumventtariffandnon-tariffbarriers,therebyimprovingtheirrisk-returntrade-offbyloweringthelevelofunsystematicrisk.

Economicconditionsintheacquiringfirm’shomecountryshouldfacilitatecross-borderacquisitionsasameansforincreasingdemandandlevelsofdiversification.Ontheotherhand,adverseeconomicconditions,suchasaslump,recession,orcapitalmarketconstraints,maycauseprospectiveacquiringfirmstoconcentrateontheirdomesticbusinesswhilepostponinganyinternationalstrategicmoves.

Acquisitionoftechnologicalandhumanresources

Ifafirmfallsbehindintheleveloftechnologicalknowledgenecessarytoefficientlyinitsindustry,anditisunableorunwillingtoobtaintherequiredtechnologythroughresearchanddevelopment,thenitmayattempttoacquireaforeignfirmwhichistechnologicallymoreadvanced.Intheirstudy,Cebenoyanetal.（1992）supportthispoint,showingthattheexpansionintonewmarketthroughacquisitionsallowsfirmstogaincompetitiveadvantagefromthepossessionofspecialresources.

Unfavorableacquisitionfactors

Thefactorsdiscussedthusfargenerallytendtoencouragefirmstomakecross-borderacquisitions.Incontrastthereareothervariablesthatoftenappeartorestraincross-bordercombination.Theseincludeinformationasymmetry,monopolisticpower,aswellasgovernmentrestrictionsandregulations.

Informationasymmetry

Roll（1986）contendsthatinformationaboutaprospectivetargetfirm（e.g.marketshare,sales,andcashflowforecasts）iscrucialinthedeci