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1、本科毕业论文（设计）外文翻译原文：ThechoiceofpaymentmethodinEuropeanM&AGlobalM&Aactivityhasgrowndramaticallyoverthelasttenyears,bringingwithitmajorchangesintheorganizationandcontrolofeconomicactivityaroundtheworld.Yet,thereismuchabouttheM&Aprocessthatwedonotfullyunderstand,includingthechoiceofpay
2、mentmethod.GiventhelargesizeofmanyM&Atransactions,thefinancingdecisioncanhaveasignificantimpactonanacquirer’sownershipstructure,financialleverage,andsubsequentfinancingdecisions.Thefinancingdecisioncanalsohaveseriouscorporatecontrol,riskbearing,taxandcashflowimplicationsforthebuy
3、ingandsellingfirmsandshareholders.InmakinganM&Acurrencydecision,abidderisfacedwithachoicebetweenusingcashandstockasdealconsideration.Giventhatmostbiddershavelimitedcashandliquidassets,cashoffersgenerallyrequiredebtfinancing.Asaconsequence,abidderimplicitlyfacesthechoiceofdebtoreq
4、uityfinancing,whichcaninvolveatradeoffbetweencorporatecontrolconcernsofissuingequityandrisingfinancialdistresscostsofissuingdebt.Thus,abidder’sM&Acurrencydecisioncanbestronglyinfluencedbyitsdebtcapacityandexistingleverage.Itcanalsobestronglyinfluencedbymanagement’sdesiretomaintai
5、ntheexistingcorporategovernancestructure.Incontrast,asellercanbefacedwithatradeoffbetweenthetaxbenefitsofstockandtheliquidityandriskminimizingbenefitsofcashconsideration.Forexample,sellersmaybewillingtoacceptstockiftheyhavealowtaxbasisinthetargetstockandcandefertheirtaxliabilitie
6、sbyacceptingbidderstockaspayment.Ontheotherhand,sellerscanprefercashconsiderationtosidesteptheriskofbecomingaminorityshareholderinabidderwithconcentratedownership,therebyavoidingtheassociatedmoralhazardproblems.Unfortunately,duetodatalimitations,thissellertradeoffcannotbeeasilyme
7、asured.Underexistingtheoriesofcapitalstructure,debtcapacityisapositivefunctionoftangibleassets,earningsgrowthandassetdiversificationandanegativefunctionofassetvolatility.Firmswithgreatertangibleassetscanborrowmoreprivatelyfrombanksandpubliclyinthebondmarket.Sincelargerfirmsaregen
8、erallymorediversified,weexpectthemtohave
