经济财务 外文翻译 外文文献 英文文献 跨国并购.docx

经济财务 外文翻译 外文文献 英文文献 跨国并购.docx

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Author:

R.J.Kish.

Nationality:

Amarica

Originateform:

JournalofMultinationalFinancialManagement1998（8）434–43

作者：

基什国籍：

美国

出处：

《跨国公司财务管理》，第8卷，第四期，1998年11月，434-437

原文1

Cross-bordermergersandacquisitions:

theEuropean–USexperience

1.Factorsmotivatingcross-borderacquisitions

InherextensivediscussionofthemergerandacquisitionprocessMcDonaghBengtsson（1990）proposesthatthefollowingfactorsmotivatemanycompaniestoacquireforeignfirms:

thedesiretospreadproductsanddiversifyrisksgeographically;togainback-upproducts;toexploitsynergies;andtoattaineconomiesofscale.However,shecautionsthatworkforceproblems,poorfacilities,aswellassocialandtechnologicaldifferencesmayexposetheacquiringcompanytonewrisks.Otherstudiesintheareaofcross-borderacquisitionsattributethepatternofacquisitionstoseveralcompetingfactors,bothfavorableandunfavorable.Thediscussionthatfollowssurveysasamplingofthesefactors,examiningfirstthefavorableacquisitionvariables（i.e.variablesthatappeartoinfluencethefirm’sconcernedwithcross-borderdeals）,thentheunfavorableones.Wepayparticularattentiontothosefactorsmoredirectlyrelatedtothecountriesunderstudy.

1.1.Favorableacquisitionfactors

Althoughthereareanumberoffactorsthatfavoracquisitionactivity,wefocusonthosethatseemtoaffectcross-borderacquisitionsbetweentheUSandtheEU.Thesefactorsincludeexchangerates,diversification,andeconomicconditionsinthehomecountry,aswellastechnologyandhumanresources.

1.1.1.Exchangerates

Currentandforecastedfutureexchangeratesaffectthehomecurrencyequivalentofacquisitionprices,aswellasthepresentvalueoffuturecashflowsaccruingtotheacquiredfirm;therefore,thedominanteffectinanyparticularcaseisultimatelyanempiricalquestion.Existingstudies,predictably,arriveatdifferentconclusionsconcerningtheroleofexchangerates.For

example,FrootandStein（1991）proposethat,whilethereisarelationshipbetweentheexchangeratesandacquisitionactivity,thereisnoevidencethatachangeintheexchangerateimprovesthepositionofforeignacquirersrelativetotheirUScounterparts.Theycontendthatwhenthedollardepreciates,theUSbecomesacheaperplaceforanyfirmtodobusiness—foreignordomestic.Inaddition,theydownplaytherelationshipbetweenforeignacquisitionsandexchangerates,arguingthatimprovedcapitalmobilityleadstoequalized,risk-adjustedreturnsoninternationalinvestments.Goldberg（1993）reachesdifferentconclusions.ShefindsthatadepreciatedUSdollarreducesFDIinAmericanbusinesses.Shealsocontendsthatthereverseholdstrue,thatis,ifthedollarisstrong,oneobservesanincreaseinforeignacquisitionofUSfirmsandadownwardtrendinUSacquisitionsofforeignfirms.However,HarrisandRavenscraft（1991）presentempiricalevidencethatisincontrasttoGoldberg’sfindings.Inparticular,theycontendthatadepreciateddollarincreasesthenumberofforeignacquisitionsofUSfirms.

1.1.2.Diversification

Thisargumentisbasedontheempiricalobservationthatthecovarianceofreturnsacrossdifferenteconomies,evenwithinthesameindustries,islikelytobesmallerthanwithinasingleeconomy.Itfollowsthattheprospectiveacquiringcompanymustfirstdecideonitsdesiredlevelsofriskandreturn.Onlythenshoulditattempttoidentifycountries,industries,andspecificfirmsthatfallwithinitsriskclass.Inaddition,byacquiringongoingforeignconcerns,companiesmaybeabletocircumventtariffandnon-tariffbarriers,therebyimprovingtheirrisk–returntradeoffbyloweringthelevelofunsystematicrisk.7

1.1.3.Economicconditionsinthehomecountry

Favorablecyclicalconditionsintheacquiringfirm’shomecountryshouldfacilitatecross-borderacquisitionsasameansforincreasingdemandandlevelsofdiversification.Ontheotherhand,adverseeconomicconditions,suchasaslump,recession,orcapitalmarketconstraints,maycauseprospectiveacquiringfirmstoconcentrateontheirdomesticbusinesswhilepostponinganyinternationalstrategicmoves.

1.1.4.Acquisitionoftechnologicalandhumanresources

Ifafirmfallsbehindintheleveloftechnologicalknowledgenecessarytocompeteefficientlyinitsindustry,anditisunableorunwillingtoobtaintherequiredtechnologythroughresearchanddevelopment,thenitmayattempttoacquireaforeignfirmwhichistechnologicallymore

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advanced.Intheirstudy,Cebenoyanetal.（1992）supportthispoint,showingthattheexpansionintonewmarketsthroughacquisitionsallowsfirmstogaincompetitiveadvantagefromthepossessionofspecializedresources.

1.2.Unfavorableacquisitionfactors

Thefactorsdiscussedthusfargenerallytendtoencouragefirmstomakecrossborderacqui