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1、本科毕业论文（设计）外文翻译原文：ReasonsforfailureinmergersandacquisitionsMergersandacquisitionshavebeenusedasatoolforfacilitatingcorporateexternalexpansionsthroughthecontrolofsharesandassetsinanothercompany,orbyconsolidatingresourcesandoperationstogainfullandeffectivecontrolof
2、themarket,undertakejointstrategicopportunitiesandhedgingagainstbusinessrisk.Theacquiringcompanyperformsacapitalbudgetinganalysistoensurethatitwillearntherequiredrateofreturn,andbeyondthat,specialconsiderationsforlegal,tax,accountingandfinancialissuesarebroughtin
3、toperspectivewhendeterminingvaluethatwillbeadded.MergersandacquisitionsareanintegralpartofSouthAfricancorporatelife,anditisthereforerelevantforustoanalyzethereasonsforfailureinM&A's,andhowtosetthetermsforasuccessfulmergeroracquisition.Asthesametime,aspartofduedi
4、ligence,howthesetermsgetwronglyappliedormisjudgedintheeventofabusinessdealcomingtofailure.Insummary,mergersandacquisitionsareprimarilyaimedatfacilitatingcorporateexpansions,allowformarketdominanceandbusinessriskdiversification.Mergersandacquisitionsaremotivatedb
5、ythedesiretoacquiremoreopportunitiesthattheacquiringcompanydoesnotpossessinfullorinpartthroughdirectorindirectparticipationintheacquiredbusiness.Failureattributabletoanyoftheopportunitiesdrivingthebusinessacquisitiondecisioncanresultinaninvestmentbecomingnon-via
6、bleandfailingtorealizeexpectedsynergiesformaximizingpost-acquisitionreturns.Reasonsformergersandacquisitionsarethefollowing:Operatingeconomies,managerialskills,andtaxconsiderations-assessedlosses,useofexcessliquidity,diversification,lowerfinancingcosts,replaceme
7、ntcostsandtechnologyintegration.Someofthesefactorsareexplainedinthisresearchcontextwheredeemedrelevanttothecontentofthisresearch.Theneedtocontributesomeanalyticalthinkingandcriticaljudgmenttowardsthestudyonmaximizationofcorporatereturnsthroughdiversificationofin
8、vestmentrisk,toenablethespreadofriskbetweendiversifiedbusinessinterestshasbeenthekeymotivatorforthisstudyonMergersandacquisitions.Theproblemassociatedwithfailuretoach
