外文翻译--跨国并购风险的缓解

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1、原文Mitigatingrisksincross-borderacquisitionsInthepast20years,thevolumeofcross-borderacquisitionsforcorporateassetshasincreasednearlythreetimesfasterthanthevolumeofdomesticacquisitions.Comparedtodomesticacquisitions,cross-borderacquisitionspresentgreat

2、erchallengesforabuyerbecauseofinstitutionsandculturalvaluesthatareunfamiliartoaforeigncorporation.Firmsacquiringassetsinaforeigncountrymayfacedifferentaccountingpracticesanddisclosurerequirements,whichhampertheduediligenceprocess.Theinternalizationof

3、assetsintothebuyeroperationalstructureisfurthercomplicatedbyculturalpeculiaritiesthatdeterminehowstrategiesareformulatedandbusinessisconducted.Acquiringfirmsmayalsoencounterlegalsystemswithdifferentprotectionofpropertyrights,afactorthataddsuncertaint

4、ytofuturecashflows.Thegreaterlevelofuncertaintyincross-borderacquisitionsreducesthevalueoftheassetsbeingexchanged(Akerlof1970;Stiglitz,2000)andappearsasanexplanationtothepoorperformanceofacquirersincross-borderacquisitions(Denisetal.,2002;MoellerandS

5、chlingemann,2005).Inthisarticle,Iwillanalyzedifferentalternativesinwhichbuyerscanamelioratetherisksinherentinthesetransactions.Thisanalysisisimportantforunderstandingtheoptimalentrystrategiesforfirmsthatwanttoexpandtheiroperationsinforeignmarkets.Acq

6、uiringfirmscanreduceinvestmentuncertaintybystructuringthepaymentssotheyarecontingentonperformanceoftheassets.Thispaperanalyzestwoalternativecontingentpayments.First,buyerscanpaywithstock,sharingtheriskoftheacquisitionwiththesellersastheywillretainane

7、quitypositionintheacquirer.Second,acquiringfirmscanuseearnoutpaymentscontingentontheperformanceoftheassetsbeingacquired(KohersandAng,2000).Buyersandsellerscanoperateassetstogetherinanequityjointventure(JV)toimprovetheexchangeofinformationonthequality

8、oftheassets.NandaandWilliamson(1995)describeseveralJVsthatwereconceivedasamechanismtoexchangeinformationconducivetoaneventualacquisition.InasampleofpredominantlydomesticJVs,ManteconandChatfield(2007)findthatJVscanbemechanismstotransferassetsinthepres