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本科毕业论文外文翻译 外文题目： Mergers and Acquisitions 出 处： The National Interest—Summer200 作 者： Richard Rosecrance 原文： Mergers and Acquisitions. ------------------------------------Richard Rosecrance Talk about empire has become a cliche. Historians and economists busy themselves comparing Americas contemporary rolewith Rome, Napoleonic Erance and imperial Britain. They assume that empire is the only model for a state seeking to project power and influence—ignoring alternatives from the business world. After all, businesses confront many of the same difficulties that states face. When competitors emerge, firms undergo pressure. A corporation may reduce the cost of its products by cutting the costs of raw materials and labor, increasing sales and finding new technological fixes—just as a state might try to increase economic growth, enhance productivity or develop new weapons systems. But if a company reaches the Hmits of its economic market, it may consider a merger with like-minded companies to cope with a competitor. States reaching the limits of their viability as self-sufficient actors can adopt merger strategies, too. Indeed, to preserve its global influence throughout the course of the 21st century, this is a path the United States must consider. Why do companies pursue mergers? Mergers give companies greater flexibility.They achieve greater scale without increasing production. If new products are involved in the merger, a combined firm can avoid anti-trust problems. Larger scale allows a company to maintain its position in the industry. Usually it can invest in new products, run higher advertising budgets and sometimes achieve lower prices. A large producer can get raw materials at reduced cost. Wal-Mart, the contemporary exemplar of corporate expansion, has not shrunk from plunging into new markets and cutting prices—thereby forcing the merger bet