跨国合并的决定因素以及中国企业兼并的成就【外文翻译】

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1、外文翻译DeterminantsofCross-BorderMerger&AcquisitionPerformanceofChineseEnterprisesMaterialSource:PapersofBeijingForum2007Author:WuChangqiInthepastthirtyyearsChinahasexperiencedarapideconomicgrowth.Inthatperiod,alargenumberofChineseenterpriseshavegrownupandgainedcompetiveness,afewhaveev

2、enventuredabroadtosearchfornewsourcesofgrowth.Onewayofinternationalexpansionistoacquireexistingbusinessesabroad,socalledcross-bordermergersandacquisitions(M&A).Althoughthenumberwaslowandthescalesweresmallintherecentpast,thetrendisclearlypickingup.Itwarrantsacloselookatthisphenomenon

3、togainabetterunderstandingonthismatter.Cross-borderM&Areferstoacorporateactionofpurchasingthesharesorassetsofanothercompanyinaforeigncountry.Obviously,crossborderM&Aisatransactionofcontrolrightsbetweencompaniesintwoormorecountries.Althoughthegoalsofcross-borderM&Aareoftensaidtobecre

4、atingvaluefortheshareholdersofacquiringcompanies,theresultsarefarapartfromthestatedobjective.Systematicstudiesshowaconsiderablenumberofcross-bordermergersandacquisitionsendupinfailure.Inadditiontodifferencesinmarketenvironmentsbetweenhomeandhostcountries,thecompetitiveandcomparative

5、advantagesoftheacquiringcompaniesareconsideredmoreimportant.Thoseadvantagesincludecorporategovernance,topmanagementtermcompetence,learningability,amongothers.Therefore,it’snecessarytotakealookatthefirmspecificfactorsthatinfluencetheperformanceofcross-boarderM&A.Themainpurposeofthiss

6、tudyistoidentifythefactorsthatinfluencetheoutcomesofcross-borderM&AmadebyChinesefirmsinrecentyears,particularly,economicperformanceoftheacquiringfirms.Thescaleofcross-bordermergersandacquisitionsbyChinesefirmshasincreasedsteadilyinrecentyears.AccordingtotheUnitedNationConferenceonTr

7、adeandDevelopment,cross-bordermergersandacquisitionsbyChinesefirmstotaledUS$8.139billionintheperiodof1988to2003,mostofwhichoccurredafter1997.Whiletheaverageamounteachyearwasonly$216millionbetween1988and2003,itreachedthelevelof$1.647billionin2003.Thereareafewwellpublicizedcases:Shang

8、haiElectricGrouppur