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1、本科毕业论文（设计）外文翻译原文：ReasonsforfailureinmergersandacquisitionsMergersandacquisitionshavebeenusedasatoolforfacilitatingcorporateexternalexpansionsthroughthecontrolofsharesandassetsinanothercompany,orbyconsolidatingresourcesandoperationstogainfullandeffectivecontrolofthemarket,under
2、takejointstrategicopportunitiesandhedgingagainstbusinessrisk.Theacquiringcompanyperformsacapitalbudgetinganalysistoensurethatitwillearntherequiredrateofreturn,andbeyondthat,specialconsiderationsforlegal,tax,accountingandfinancialissuesarebroughtintoperspectivewhendeterminingva
3、luethatwillbeadded.MergersandacquisitionsareanintegralpartofSouthAfricancorporatelife,anditisthereforerelevantforustoanalyzethereasonsforfailureinM&A's,andhowtosetthetermsforasuccessfulmergeroracquisition.Asthesametime,aspartofduediligence,howthesetermsgetwronglyappliedormisju
4、dgedintheeventofabusinessdealcomingtofailure.Insummary,mergersandacquisitionsareprimarilyaimedatfacilitatingcorporateexpansions,allowformarketdominanceandbusinessriskdiversification.Mergersandacquisitionsaremotivatedbythedesiretoacquiremoreopportunitiesthattheacquiringcompanyd
5、oesnotpossessinfullorinpartthroughdirectorindirectparticipationintheacquiredbusiness.Failureattributabletoanyoftheopportunitiesdrivingthebusinessacquisitiondecisioncanresultinaninvestmentbecomingnon-viableandfailingtorealizeexpectedsynergiesformaximizingpost-acquisitionreturns
6、.Reasonsformergersandacquisitionsarethefollowing:Operatingeconomies,managerialskills,andtaxconsiderations-assessedlosses,useofexcessliquidity,diversification,lowerfinancingcosts,replacementcostsandtechnologyintegration.Someofthesefactorsareexplainedinthisresearchcontextwherede
7、emedrelevanttothecontentofthisresearch.Theneedtocontributesomeanalyticalthinkingandcriticaljudgmenttowardsthestudyonmaximizationofcorporatereturnsthroughdiversificationofinvestmentrisk,toenablethespreadofriskbetweendiversifiedbusinessinterestshasbeenthekeymotivatorforthisstudy
8、onMergersandacquisitions.Theproblemassociatedwithfailuretoach
