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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-borderacquisitionInherextensivediscussionofthemergeandac
2、quisitionprocessMcDonoughBergson(1990)proposesthatthefollowingfactorsmotivatemanycompaniestoacquirefirms:thedesiretospreadproductsanddiversifyrisksgeographically;togainback-upproducts;toexploitsynergies;andtoattaineconomiesofscale.However,shecautionsthatworkforc
3、eproblem,poorfacilities,aswellassocialandtechnologicaldifferencemayexposetheacquiringcompanynewrisks.Otherstudiesintheareaofcross-borderacquisitionsattributethepatternofacquisitionstoseveralcompetingfactors,bothfavorableandunfavorable.Thediscussionthatfollowssur
4、veysasamplingofthesefactors,examiningfirstfavorableacquisitionvariable(i.e.variablethatappeartoinfluencethefirm’sconcernedwithcross-borderdeals),thentheunfavorableones.WepayparticularattentiontothosefactorsmoredirectlyrelatedtothecountriesunderstudyFavorableacqu
5、isitionfactorsAlthoughthereareanumberoffactorsthatfavoracquisitionactivity,wefocusonthosethatseemtoaffectcross-borderacquisitionsbetweentheUSandEU.Thesefactorsincludeexchangeratesdiversifications,andeconomicconditionsinthehomecountry,aswellastechnologyandhumanre
6、source.ExchangeratesCurrentsandforetastedfutureexchangeratesaffectthehomecurrencyequivalentofacquisitionprices,aswellasthepresentvalueoffuturecashflowsaccruingtotheacquiredfirm;12Ⅲ-Therefore,thedominanteffectinanyparticularcaseisultimatelyanempiricalquestion.Exi
7、stingstudies,predictably,arriveatdifferentconclusionsconcerningtheroleofexchangerates.Forexample,footandStein(1991)proposethat,whilethereisarelationshipbetweentheexchange-ratesandacquisitionactivity,thereisnoevidencethatachangeintheexchangerateimprovetheposition
8、offoreignacquirersrelativetotheirUScounterparts.Theycontendthatwhenthedollardepreciates,theUSbecomesacheaperplaceforanyfirmtodobusiness—foreignordomestic.Inaddition,t
