跨国并购的创造价值和摧毁作用：美国公司国外购并的经验统计分析法外文翻译.docVIP

外文翻译 Value creation and destruction incross-border acquisitions: an empirical analysis of foreign acquisitions of U.S. firms Material Source:Strategic Management Journal Author: Anju Seth,Kean P. Song and R. Richardson Pettit We conduct an investigation of the sources of gains and losses in cross-border acquisitions in light of different motives for undertaking these transactions: synergy-seeking, managerialism and hubris. We find that the data are consistent with the expectation that multiple sources of value creation exist in synergistic cross-border acquisitions: asset sharing, reverse internalization of valuable intangible assets, and financial diversification. Gains accrue to bidder firm shareholders only for the least fungible of these sources of gains, i.e., reverse internalization. For valuedestroying acquisitions that are expected to be driven by managerialism, we find that the data are consistent with only one of the sources of value destruction that we examine, i.e., risk reduction. In these acquisitions, the evidence also suggests that the relative size of the target to the bidder mitigates the negative effects of risk reduction. Our results underscore the importance of considering the implications of alternative behavioral assumptions in empirical strategy content research. The last decade has witnessed a surge of takeover activity by foreign firms of U.S. corporations.For example, W. T. Grimm’s 2000 Mergerstat Review reports that the number of these acquisitions (for brevity, we refer to these as crossborder acquisitions1) increased from 197 to 959 in the 15-year period between 1985 and 1999, and their value increased from $10.9 billion to $272.1 billion. Cross-border acquisitions accounted for 6 percent of takeover activity in the United States in 1985; by 1999, this share rose to 19 per cent. In light of the burgeoning importance of the phenomenon, recent research in the strategy, international business, and finance fields has a