资源描述：
《外文翻译---通过并购创造价值》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、外文文献翻译CreatingvaluethroughacquisitionsStuartE.Jackson,(2007),"Creatingvaluethroughacquisitions",JournalofBusinessStrategy,Vol.28Iss:6pp.40–41Acautiontoreaderswholikenothingbetterthanaheadline-grabbing,out-of-the-blueacquisition:I’mnotoneofyou.Infact,asar
2、ule,Iamanadvocateoforganicgrowth,ofgrowingoutfromthecoreofthebusinessinwaysthatbuildonestablishedstrengths.ThatstrategyisattheheartofadisciplinethatIcall‘‘strategicmarketpositioning,’’orSMP,whichisaboutdefendingandgrowingyourcompany’sweightedshareofthest
3、rategicmarketsegmentsthatdefinecompetitiveadvantagewithinyourindustry.Thismaybedefinedbygeography,customerdemographic,channelfocus,andsoon–thecriticaldimensionsofscaleforyourparticularbusiness.Itisnotabout‘‘growthforgrowth’ssake，butaboutcombiningthefunda
4、mentalprinciplesofcustomerpreferenceandproducereconomicswiththegoalofachievingstrongmarketpositionsandhigherprofitabilitythroughthegoalofachievingstrongmarketpositionsandhigherprofitabilitythroughselectivegrowth..Statedsimply,youarefarmorelikelytoincreas
5、ethevalueofyourcompanyifyoucanfindawaytoexpandyourexistingbusinessandachieveincreasedbenefitsofscaleorscopewithinyourexistingstrategicsegments.Onehugeproblemwithmostofthoseheadline-grabbingdeals:itishardtocreatevalueforshareholdersgiventhepriceofacquisit
6、ionstoday.Everysuccessfulcorporationisfeelingthesamegrowthimperatives,soalmostallofthemarelookingforgrowing,profitablecompaniestoaddtotheirportfoliosofbusinesses.Meanwhile,would-beacquirersfacestiffcompetitionfromfinancialbuyers.equityfirmslookingforgood
7、companiestobuy.Thesefinancialbuyerswerenotinthegame20yearsago,orevenadecadeago.Itcantakeonlyoneortwosuchbuyerswithaninflatedsenseoftheirownmanagementcapabilitiestodrivethecostofapotentialacquisitionpastwhatyoushouldbewillingtopayforit.Thecombinationofthe
8、sefactorsmeansthatvaluationsofgoodcompanies,andevensomenot-so-goodcompanies,havebeensteadilycreepingupwardsincethemarketrecoverybeganin2001.Theupshot?Youmayhavetopaytentimescashflowor20timesnetearnings,oreven-9-外文文献翻译more,
