经济财务-外文翻译-外文文献-英文文献-跨国并购.doc

Author:R.J.Kish.Nationality:AmaricaOriginateform:JournalofMultinationalFinancialManagement1998(8)434–43作者：基什国籍：美国出处：《跨国公司财务管理》，第8卷，第四期，1998年11月，434-437原文1Cross-bordermergersandacquisitions:theEuropean–USexperience1.Factorsmotivatingcross-borderacquisitionsInherextensivediscussionofthemergerandacquisitionprocessMcDonaghBengtsson(1990)proposesthatthefollowingfactorsmotivatemanycompaniestoacquireforeignfirms:thedesiretospreadproductsanddiversifyrisksgeographically;togainback-upproducts;toexploitsynergies;andtoattaineconomiesofscale.However,shecautionsthatworkforceproblems,poorfacilities,aswellassocialandtechnologicaldifferencesmayexposetheacquiringcompanytonewrisks.Otherstudiesintheareaofcross-borderacquisitionsattributethepatternofacquisitionstoseveralcompetingfactors,bothfavorableandunfavorable.Thediscussionthatfollowssurveysasamplingofthesefactors,examiningfirstthefavorableacquisitionvariables(i.e.variablesthatappeartoinfluencethefirm’sconcernedwithcross-borderdeals),thentheunfavorableones.Wepayparticularattentiontothosefactorsmoredirectlyrelatedtothecountriesunderstudy.1.1.FavorableacquisitionfactorsAlthoughthereareanumberoffactorsthatfavoracquisitionactivity,wefocusonthosethatseemtoaffectcross-borderacquisitionsbetweentheUSandtheEU.Thesefactorsincludeexchangerates,diversification,andeconomicconditionsinthehomecountry,aswellastechnologyandhumanresources.1.1.1.ExchangeratesCurrentandforecastedfutureexchangeratesaffectthehomecurrencyequivalentofacquisitionprices,aswellasthepresentvalueoffuturecashflowsaccruingtotheacquiredfirm;therefore,thedominanteffectinanyparticularcaseisultimatelyanempiricalquestion.Existingstudies,predictably,arriveatdifferentconclusionsconcerningtheroleofexchangerates.Forexample,FrootandStein(1991)proposethat,whilethereisarelationshipbetweentheexchangeratesandacquisitionactivity,thereisnoevidencethatachangeintheexchangerateimprovesthepositionofforeignacquirersrelativetotheirUScounterparts.Theycontendthatwhenthedollardepreciate