关于美国建筑业收购兼并后的经营表现的假设【外文翻译】.doc

本科毕业论文外文翻译 外文题目： Post-operating performance of construction mergers and acquisition of the United States of America Hypotheses 出 处： NRC Research Press Web site at http://cjce.nrc.ca 作 者： Jongsoo Choi and Donald Harmatuck 原 文： Post-operating performance of construction mergers and acquisition of the United States of America Hypotheses Jongsoo Choi and Donald Harmatuck I. Hypothesis Hypothesis I: do mergers and acquisitions generate synergistic gains? The empirical research findings tend to support no synergistic gains from MA activities. For example, Kusewitt (1985) argued that the financial performance of an acquirer would suffer in the long run if the price paid for acquisitions was more than they were worth, even taking into account any synergistic benefits. Similarly, Sirower (1997) rigorously examined the premium paid on MA transactions and showed that synergy could not be realized if one considers the amount of premium paid. Also, Hensey (2000, pp. 36– 37) stated the following regarding synergy gains in MA transactions: “when a firm seeks an acquisition, the hoped for synergies and efficiencies that the acquisition may appear to bring will often disappear into the mist, and frequently being under the same corporate “roof” bring new and predictable conflicts.” Theoretically, there may exist a variety of sources of synergy gains, as noted in an earlier section. Most construction firms that have engaged in MA activities expected synergistic gains when implementing MA transactions. For example, many construction firms have engaged in multiple MA transactions. If firms had experienced loss in the earlier transactions, they would not jump into the game again. The implication is that there may be a sort of synergy that is realized through MA transactions. If the MA transactions generate any synergistic gains, they would be realized in the form of improved operating