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1、本科毕业论文（设计）外文翻译原文：ThechoiceofpaymentmethodinEuropeanM&AGlobalM&Aactivityhasgrowndramaticallyoverthelasttenyears,bringingwithitmajorchangesintheorganizationandcontrolofeconomicactivityaroundtheworld.Yet,thereismuchabouttheM&Aprocessthatwedonotfullyunderstand,includingthech
2、oiceofpaymentmethod.GiventhelargesizeofmanyM&Atransactions,thefinancingdecisioncanhaveasignificantimpactonanacquirer’sownershipstructure,financialleverage,andsubsequentfinancingdecisions.Thefinancingdecisioncanalsohaveseriouscorporatecontrol,riskbearing,taxandcashflowimp
3、licationsforthebuyingandsellingfirmsandshareholders.InmakinganM&Acurrencydecision,abidderisfacedwithachoicebetweenusingcashandstockasdealconsideration.Giventhatmostbiddershavelimitedcashandliquidassets,cashoffersgenerallyrequiredebtfinancing.Asaconsequence,abidderimplici
4、tlyfacesthechoiceofdebtorequityfinancing,whichcaninvolveatradeoffbetweencorporatecontrolconcernsofissuingequityandrisingfinancialdistresscostsofissuingdebt.Thus,abidder’sM&Acurrencydecisioncanbestronglyinfluencedbyitsdebtcapacityandexistingleverage.Itcanalsobestronglyinf
5、luencedbymanagement’sdesiretomaintaintheexistingcorporategovernancestructure.Incontrast,asellercanbefacedwithatradeoffbetweenthetaxbenefitsofstockandtheliquidityandriskminimizingbenefitsofcashconsideration.Forexample,sellersmaybewillingtoacceptstockiftheyhavealowtaxbasis
6、inthetargetstockandcandefertheirtaxliabilitiesbyacceptingbidderstockaspayment.Ontheotherhand,sellerscanprefercashconsiderationtosidesteptheriskofbecomingaminorityshareholderinabidderwithconcentratedownership,therebyavoidingtheassociatedmoralhazardproblems.Unfortunately,d
7、uetodatalimitations,thissellertradeoffcannotbeeasilymeasured.Underexistingtheoriesofcapitalstructure,debtcapacityisapositivefunctionoftangibleassets,earningsgrowthandassetdiversificationandanegativefunctionofassetvolatility.Firmswithgreatertangibleassetscanborrowmorepriv
8、atelyfrombanksandpubliclyinthebondmarket.Sincelargerfirmsaregenerallymorediversified,weexpectthemtohave
