金融 财务 外文翻译 外文文献 英文文献 跨国并购财务风险分析.pdf

文献出处：

作者：托马斯.曼特肯
国籍：美国
出处：《银行和金融期刊》，2009(33),640-641,650.

我国企业跨国并购财务风险分析及防范
—以中国移动并购巴科泰尔为例
外文翻译
原文1

Cross-bordermergersandacquisitions:

theEuropean–USexperience

1.Factorsmotivatingcross-borderacquisitions

InherextensivediscussionofthemergerandacquisitionprocessMcDonaghBengtsson

(1990)proposesthatthefollowingfactorsmotivatemanycompaniestoacquireforeignfirms:the

desiretospreadproductsanddiversifyrisksgeographically;togainback-upproducts;toexploit

synergies;andtoattaineconomiesofscale.However,shecautionsthatworkforceproblems,poor

facilities,aswellassocialandtechnologicaldifferencesmayexposetheacquiringcompanyto

newrisks.Otherstudiesintheareaofcross-borderacquisitionsattributethepatternofacquisitions

toseveralcompetingfactors,bothfavorableandunfavorable.Thediscussionthatfollowssurveys

asamplingofthesefactors,examiningfirstthefavorableacquisitionvariables(i.e.variablesthat

appeartoinfluencethefirm’sconcernedwithcross-borderdeals),thentheunfavorableones.We

payparticularattentiontothosefactorsmoredirectlyrelatedtothecountriesunderstudy.

1.1.Favorableacquisitionfactors

Althoughthereareanumberoffactorsthatfavoracquisitionactivity,wefocusonthosethat

seemtoaffectcross-borderacquisitionsbetweentheUSandtheEU.Thesefactorsinclude

exchangerates,diversification,andeconomicconditionsinthehomecountry,aswellas

technologyandhumanresources.

1.1.1.Exchangerates

1
Currentandforecastedfutureexchangeratesaffectthehomecurrencyequivalentof

acquisitionprices,aswellasthepresentvalueoffuturecashflowsaccruingtotheacquiredfirm;

therefore,thedominanteffectinanyparticularcaseisultimatelyanempiricalquestion.Existing

studies,predictably,arriveatdifferentconclusionsconcerningtheroleofexchangerates.For

example,FrootandStein(1991)proposethat,whilethereisarelationshipbetweentheexchange

ratesandacquisitionactivity,thereisnoevidencethatachangeintheexchangerateimprovesthe

positionofforeignacquirersrelativetotheirUScounterparts.Theycontendthatwhenthedollar

depreciates,theUSbecomes