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ID:457852
大小:54.50 KB
页数:8页
时间:2017-08-04
《全球化与跨国并购的盈利能力【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、外文翻译原文Globalizationandprofitabilityofcross-bordermergersandacquisitionsMaterialSource:EconomicTheory(2008)35:241–266Author:Pehr-JohanNorbäck·LarsPerssonAbstractThispaperstudieshowthesurplusgeneratedbytheglobalizationprocessisdividedbetweenMNEsandownersofdomesticassets.Weconstructanoligopolymo
2、delwherethequilibriumacquisitionpattern,theacquisitionpriceandfirms’greenfieldinvestmentsareendogenouslydetermined.Acquisitionentryisshowntobemorelikelywhenthecomplementaritybetweendomesticandforeignassetsishigh.However,weshowthatsuchacquisitionsmighthavealowprofitability,sincethebiddingcompe
3、titionoverthedomesticassetsisthensofiercethatthefirmsinvolvedwouldbebetteroffnotstartingabiddingwar.Risksassociatedwithdifferententrymodesarealsoexamined.KeywordsFDI.Mergersandacquisitions.Greenfieldinvestments.InvestmentliberalizationIntroductionOneofthemostprominentfeaturesoftheglobalizatio
4、nprocessistheemergenceofnewinvestmentopportunitiesindevelopingandtransitioncountriesforleadingfirmsindevelopedcountries,referredtoasMultinationalEnterprises(MNEs),duetolargeprivatizationsandderegulationprograms1andtheincreaseinlocaldemand.Indeed,theincreaseinforeigndirectinvestment,bothinthef
5、ormofcross-borderacquisitionsanddenovoentry(greenfield),hasbeenstronginthelastdecade:intheearly1990s,thevalueofinwardFDIindevelopingcountrieswasabout$50billionandintheearly2000s,itexceeded$200billion.2ItisexpectedtoincreaseevenfurtherduetotheopeningofhugemarketsinChina,IndiaandtheformerSoviet
6、Union.Forinstance,inChina,twothirdsofthe$400billionmarketvalueofthecompanieslistedontheShanghaiandShenzhenstockexchangesareheldbyprovinces,citiesorthecentralgovernment.OnMay1,2005,theChinaSecuritiesRegulatoryCommissionissuedguidelinesforhowtosellthesestocks.Aspartofatrialprogram,thestatewills
7、tartsellingsharesinasmallnumberoflistedcompanies.ThisdevelopmentisexpectedtoleadtoalargeincreaseinprofitflowsforMNEs.ThepurposeofthispaperistostudyhowthesurplusesgeneratedbythispartoftheglobalizationprocessaredividedbetweenMNEsandownersofdome
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