并购支付方式在欧洲的选择-毕业外文翻译

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1、外文翻译并购支付方式在欧洲的选择!姓名：主力军学号：120107246原文：ThechoiceofpaymentmethodinEuropeanM&AGlobalM&Aactivityhasgrowndramaticallyoverthelasttenyears,bringingwithitmajorchangesintheorganizationandcontrolofeconomicactivityaroundtheworld.Yet,thereismuchabouttheM&Aprocessthatwedonotfullyunde

2、rstand,includingthechoiceofpaymentmethod.GiventhelargesizeofmanyM&Atransactions,thefinancingdecisioncanhaveasignificantimpactonanacquirer’sownershipstructure,financialleverage,andsubsequentfinancingdecisions.Thefinancingdecisioncanalsohaveseriouscorporatecontrol,riskbear

3、ing,taxandcashflowimplicationsforthebuyingandsellingfirmsandshareholders.InmakinganM&Acurrencydecision,abidderisfacedwithachoicebetweenusingcashandstockasdealconsideration.Giventhatmostbiddershavelimitedcashandliquidassets,cashoffersgenerallyrequiredebtfinancing.Asaconse

4、quence,abidderimplicitlyfacesthechoiceofdebtorequityfinancing,whichcaninvolveatradeoffbetweencorporatecontrolconcernsofissuingequityandrisingfinancialdistresscostsofissuingdebt.Thus,abidder’sM&Acurrencydecisioncanbestronglyinfluencedbyitsdebtcapacityandexistingleverage.I

5、tcanalsobestronglyinfluencedbymanagement’sdesiretomaintaintheexistingcorporategovernancestructure.Incontrast,asellercanbefacedwithatradeoffbetweenthetaxbenefitsofstockandtheliquidityandriskminimizingbenefitsofcashconsideration.Forexample,sellersmaybewillingtoacceptstocki

6、ftheyhavealowtaxbasisinthetargetstockandcandefertheirtaxliabilitiesbyacceptingbidderstockaspayment.Ontheotherhand,sellerscanprefercashconsiderationtosidesteptheriskofbecomingaminorityshareholderinabidderwithconcentratedownership,therebyavoidingtheassociatedmoralhazardpro

7、blems.Unfortunately,duetodatalimitations,thissellertradeoffcannotbeeasilymeasured.Underexistingtheoriesofcapitalstructure,debtcapacityisapositivefunctionoftangibleassets,earningsgrowthandassetdiversificationandanegativefunctionofassetvolatility.Firmswithgreatertangibleas

8、setscanborrowmoreprivatelyfrombanksandpubliclyinthebondmarket.Sincelargerfirmsaregenerallymorediversifi