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1、外文文献翻译CreatingvaluethroughacquisitionsStuartE.Jackson,(2007),"Creatingvaluethroughacquisitions",JournalofBusinessStrategy,Vol.28Iss:6pp.40–41Acautiontoreaderswholikenothingbetterthanaheadline-grabbing,out-of-the-blueacquisition:I’mnotoneofyou.Infact,asarule,Iamanadvocateoforganic
2、growth,ofgrowingoutfromthecoreofthebusinessinwaysthatbuildonestablishedstrengths.ThatstrategyisattheheartofadisciplinethatIcall‘‘strategicmarketpositioning,’’orSMP,whichisaboutdefendingandgrowingyourcompany’sweightedshareofthestrategicmarketsegmentsthatdefinecompetitiveadvantagew
3、ithinyourindustry.Thismaybedefinedbygeography,customerdemographic,channelfocus,andsoon–thecriticaldimensionsofscaleforyourparticularbusiness.Itisnotabout‘‘growthforgrowth’ssake，butaboutcombiningthefundamentalprinciplesofcustomerpreferenceandproducereconomicswiththegoalofachieving
4、strongmarketpositionsandhigherprofitabilitythroughthegoalofachievingstrongmarketpositionsandhigherprofitabilitythroughselectivegrowth..Statedsimply,youarefarmorelikelytoincreasethevalueofyourcompanyifyoucanfindawaytoexpandyourexistingbusinessandachieveincreasedbenefitsofscaleorsc
5、opewithinyourexistingstrategicsegments.Onehugeproblemwithmostofthoseheadline-grabbingdeals:itishardtocreatevalueforshareholdersgiventhepriceofacquisitionstoday.Everysuccessfulcorporationisfeelingthesamegrowthimperatives,soalmostallofthemarelookingforgrowing,profitablecompaniestoa
6、ddtotheirportfoliosofbusinesses.Meanwhile,would-beacquirersfacestiffcompetitionfromfinancialbuyers.equityfirmslookingforgoodcompaniestobuy.Thesefinancialbuyerswerenotinthegame20yearsago,orevenadecadeago.Itcantakeonlyoneortwosuchbuyerswithaninflatedsenseoftheirownmanagementcapabil
7、itiestodrivethecostofapotentialacquisitionpastwhatyoushouldbewillingtopayforit.Thecombinationofthesefactorsmeansthatvaluationsofgoodcompanies,andevensomenot-so-goodcompanies,havebeensteadilycreepingupwardsincethemarketrecoverybeganin2001.Theupshot?Youmayhavetopaytentimescashflowo
8、r20timesnetearnings,oreven-4-外文文献翻译more,
