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1、Ⅲ.外文翻译12Ⅲ-外文原稿之一Cross-bordermergesandacquisitions:TheEuropean—USexperienceAuthor:R.J.Kish.Nationality:AmericaSource:JournalofMultinationalFinancialManagement1998(8)434-43Originaltext：Factorsmotivatingcross-borderacquisitionInherextensivediscussionofthemergeandacquisitionprocessMcDonoughBergso
2、n(1990)proposesthatthefollowingfactorsmotivatemanycompaniestoacquirefirms:thedesiretospreadproductsanddiversifyrisksgeographically;togainback-upproducts;toexploitsynergies;andtoattaineconomiesofscale.However,shecautionsthatworkforceproblem,poorfacilities,aswellassocialandtechnologicaldifferen
3、cemayexposetheacquiringcompanynewrisks.Otherstudiesintheareaofcross-borderacquisitionsattributethepatternofacquisitionstoseveralcompetingfactors,bothfavorableandunfavorable.Thediscussionthatfollowssurveysasamplingofthesefactors,examiningfirstfavorableacquisitionvariable(i.e.variablethatappear
4、toinfluencethefirm’sconcernedwithcross-borderdeals),thentheunfavorableones.WepayparticularattentiontothosefactorsmoredirectlyrelatedtothecountriesunderstudyFavorableacquisitionfactorsAlthoughthereareanumberoffactorsthatfavoracquisitionactivity,wefocusonthosethatseemtoaffectcross-borderacquisi
5、tionsbetweentheUSandEU.Thesefactorsincludeexchangeratesdiversifications,andeconomicconditionsinthehomecountry,aswellastechnologyandhumanresource.ExchangeratesCurrentsandforetastedfutureexchangeratesaffectthehomecurrencyequivalentofacquisitionprices,aswellasthepresentvalueoffuturecashflowsaccr
6、uingtotheacquiredfirm;12Ⅲ-Therefore,thedominanteffectinanyparticularcaseisultimatelyanempiricalquestion.Existingstudies,predictably,arriveatdifferentconclusionsconcerningtheroleofexchangerates.Forexample,footandStein(1991)proposethat,whilethereisarelationshipbetweentheexchange-ratesandacquisi
7、tionactivity,thereisnoevidencethatachangeintheexchangerateimprovethepositionofforeignacquirersrelativetotheirUScounterparts.Theycontendthatwhenthedollardepreciates,theUSbecomesacheaperplaceforanyfirmtodobusiness—foreignordomestic.Inaddition,t
