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1、浙江理工大学经济管理学院本科毕业论文我国企业跨国并购财务风险分析及防范—以中国移动并购巴科泰尔为例07会计4班D07520412陶梦娜外文翻译原文1Cross-bordermergersandacquisitions:theEuropean–USexperience1.Factorsmotivatingcross-borderacquisitionsInherextensivediscussionofthemergerandacquisitionprocessMcDonaghBengtsson(1990)p
2、roposesthatthefollowingfactorsmotivatemanycompaniestoacquireforeignfirms:thedesiretospreadproductsanddiversifyrisksgeographically;togainback-upproducts;toexploitsynergies;andtoattaineconomiesofscale.However,shecautionsthatworkforceproblems,poorfacilities,a
3、swellassocialandtechnologicaldifferencesmayexposetheacquiringcompanytonewrisks.Otherstudiesintheareaofcross-borderacquisitionsattributethepatternofacquisitionstoseveralcompetingfactors,bothfavorableandunfavorable.Thediscussionthatfollowssurveysasamplingoft
4、hesefactors,examiningfirstthefavorableacquisitionvariables(i.e.variablesthatappeartoinfluencethefirm’sconcernedwithcross-borderdeals),thentheunfavorableones.Wepayparticularattentiontothosefactorsmoredirectlyrelatedtothecountriesunderstudy.1.1.Favorableacqu
5、isitionfactorsAlthoughthereareanumberoffactorsthatfavoracquisitionactivity,wefocusonthosethatseemtoaffectcross-borderacquisitionsbetweentheUSandtheEU.Thesefactorsincludeexchangerates,diversification,andeconomicconditionsinthehomecountry,aswellastechnologya
6、ndhumanresources.1.1.1.ExchangeratesCurrentandforecastedfutureexchangeratesaffectthehomecurrencyequivalentofacquisitionprices,aswellasthepresentvalueoffuturecashflowsaccruingtotheacquiredfirm;therefore,thedominanteffectinanyparticularcaseisultimatelyanempi
7、ricalquestion.Existing13浙江理工大学经济管理学院本科毕业论文studies,predictably,arriveatdifferentconclusionsconcerningtheroleofexchangerates.Forexample,FrootandStein(1991)proposethat,whilethereisarelationshipbetweentheexchangeratesandacquisitionactivity,thereisnoevidencetha
8、tachangeintheexchangerateimprovesthepositionofforeignacquirersrelativetotheirUScounterparts.Theycontendthatwhenthedollardepreciates,theUSbecomesacheaperplaceforanyfirmtodobusiness—foreignordomestic.Inaddition
