外文翻译跨境合并和收购欧洲美国经验.docVIP

Ⅲ.外文翻译 外文原稿之一 Cross-border merges and acquisitions: The European—US experience Author: R.J.Kish. Nationality: America Source: Journal of Multinational Financial Management 1998(8) 434-43 Original text： Factors motivating cross-border acquisition In her extensive discussion of the merge and acquisition process McDonough Bergson (1990) proposes that the following factors motivate many companies to acquire firms: the desire to spread products and diversify risks geographically; to gain back-up products; to exploit synergies; and to attain economies of scale. However, she cautions that workforce problem, poor facilities, as well as social and technological difference may expose the acquiring company new risks. Other studies in the area of cross-border acquisitions attribute the pattern of acquisitions to several competing factors, both favorable and unfavorable. The discussion that follows surveys a sampling of these factors, examining first favorable acquisition variable (i.e. variable that appear to influence the firm’s concerned with cross-border deals), then the unfavorable ones. We pay particular attention to those factors more directly related to the countries under study Favorable acquisition factors Although there are a number of factors that favor acquisition activity, we focus on those that seem to affect cross-border acquisitions between the US and EU. These factors include exchange rates diversifications, and economic conditions in the home country, as well as technology and human resource. Exchange rates Currents and foretasted future exchange rates affect the home currency equivalent of acquisition prices, as well as the present value of future cash flows accruing to the acquired firm; Therefore, the dominant effect in any particular case is ultimately an empirical question. Existing studies, predictably, arrive at different conclusions concerning the role of exchange rates. For example, foot and Stein (1991) propose that, while there is