企业兼并后财务状况分析【外文翻译】

《企业兼并后财务状况分析【外文翻译】》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、本科毕业论文（设计）外文翻译原文：FirmFinancialPerformanceFollowingMergers2.Hypotheses2.1.Long-termperformanceplansTheinterestsofmanagersandstockholderscanpotentiallybealignedbymanagementcompensationplans.Long-termperformanceplansmaylengthenamanager’sdecision-makinghoriz

2、onsincetheperformanceplancompensationisdeferreduntiltheendoftheawardperiodandforfeitedifthemanagerleavesduringtheperiod.Managerswhoarecompensatedonlybyasalaryandbonusprogrammayhaveashorterdecisionmakinghorizon.SmithandWatts(1982)suggestthatshort-termbonu

3、sesgivemanagersincentivestochoosenegativenetpresentvalueprojectsthatimposeexpensesafterthemanagerretiresandtoturndownpositivenetpresentvalueprojectswithalonghorizon.ThehorizonissueisfurtherexaminedbyNarayanan(1985)whosemodelshowsthatmanagersselectproject

4、syieldingshort-termprofitstoenhancetheperceptionoftheirabilityquicklyandthusearnhigherwages.Thismightbedonebymanagerseventhoughtheprojectisnottheonewiththehighestnetpresentvalue.Tehranian,TravlosandWaegelein(1987)provideevidencethatfirmswithlong-termperf

5、ormanceplansexperiencemorepositiveabnormalreturnsatmergerannouncementsthanfirmswithouttheseplans.Thus,ourfirsthypothesisisthatfirmswhocompensatetheirmanagerswithlong-termperformanceplanswillexperiencemorepositivepost-mergerfinancialperformancethanfirmsth

6、atdonothavetheseplans.2.2.MethodofpaymentTheinfluenceofmethodofpaymentonpost-mergerfinancialperformanceisambiguous.Corporatefinancetheorysuggeststhatthemethodusedtofinanceacorporateacquisitionshouldproducedifferentvaluationeffectsonthebiddingfirms’stockp

7、ricesbecauseofsignalingeffects.Thesignallinghypothesisrestsontheassumptionthatmanagershaveinsideinformationregardingthetruevalueofthefirm.Thishypothesispredictsthatmanagers,actinginthebestinterestofexistingstockholders,wouldpreferacashofferiftheybelievet

8、heirfirmisundervaluedandacommonstockofferifovervalued(seeMyersandMajluf,1984;andDeAngelo,DeAngeloandRice,1984).Marketparticipantsmightthereforeinterpretacashofferasgoodnewsandacommonstockofferasbadnews.Empiricalevidence(Tr