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.doc

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.Theycontendthatwhenthedollardepreciates,theUSbecomesacheaperplaceforanyfirmtodobusiness—foreignordom