在合并的欲望涌动：并购趋势与分析外文翻译.docVIP

本科毕业论文外文翻译 外文题目： Surge inurge to merge: MA Trends and Analysis 出 处： Journal of Applied Corporate Finance 作 者： Michael J.Mauboussin 原文： Surge in the Urge to Merge: MA Trends and Analysis by Michael J. Mauboussin, Legg Mason Capital Management* We may be at the front end of another mergers and acquisition (MA) boom. Historically,upswings in deal activity have coincided with improvements in the economy and the stock market. Figure 1 shows the relationship between deal volume and the price level of the SP 500 Index over the past 15 years. Te strong rally in equities of the March 2009 lows, sharply improved credit conditions, solid non-fnancial corporate balance sheets, and companies seeking to enhance their strategic positions all point to more deals. Notably, research shows that companies making acquisitions in the early part of the cycle deliver better returns to their shareholders, on average, than those that act toward the end of the cycle. Source: Bloomberg, Reuters estimates; data through 2009. After reaching an all-time high in 2007, MA activity tumbled during the next two years, refecting the financial and economic tumult. While 2008’s deal volume was respectable given the stock market’s sharp decline, the deals were heavily skewed toward the frst half of the year. Announced activity was weak in 2009, but the fourth quarter was the strongest of the year, refecting the improvement in equity and credit markets. For all of 2009, global MA volume was roughly $2 trillion, about half of the average level over the past five years. During the deep recession of the past two years, falling earnings and limited access to capital made executives more risk averse. As a result, frms slashed expenses, squeezed their balance sheets, and reined in growth initiatives. Tis has allowed companies to generate healthy free cash fows and to sustain strong fnancial positions. While consumer and government debt may b