在合并的欲望涌動并購趨勢與分析【外文翻譯】_第1頁
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1、本科畢業(yè)論文外文翻譯本科畢業(yè)論文外文翻譯外文題目：外文題目：SurgeSurgeinurgeinurgetotomerge:merge:Mdatathrough2009.Afterreachinganalltimehighin2007M&Aactivitytumbledduringthenexttwoyearsrefectingthefinancialeconomictumult.While2008’sdealvolumewasresp

2、ectablegiventhestockmarket’ssharpdeclinethedealswereheavilyskewedtowardthefrsthalfoftheyear.Announcedactivitywasweakin2009butthefourthquarterwasthestrongestoftheyearrefectingtheimprovementinequitycreditdealsearlyinanacqu

3、isitionwavegenerallyenjoysharepriceriseswhilethosethatbuylatertendtosuferstockpricedeclines.Acquirersatthebeginningofawaveseetheirsharesincreasemethan4%abovewhatwouldbeexpectedbasedonpastperfmancemarkettrendsoverthethree

4、weeksfollowingtheM&AannouncementBuyersactingroughlytwothirdsthroughthewaveseeaveragedeclinesofapproximately3%.Returnsactuallyimprovesomewhatlaterinthewavebutarestillvastlybelowthoseoftheearlymovers.Teprofesssdefnedanacqu

5、isitionwaveasanysixyearperiodwherethepeakyearofacquisitionactivitywastwiceashighasthebaseyearwheretherewasasubsequentdeclineofgreaterthan50%.Tesampleincludedover3000companiesinawiderangeofindustriesfrom1984through2004.Al

6、lreturnswereadjustedfmarketfacts.Thereareseveralbeneftstoactingearlyinacycleincludingchoosingfromagreaterpoolofpotentialtargetstheabilitytobuyassetscheaply.Naturallythelargerthenumberofpotentialacquisitioncidatesthemelik

7、elyitisthatabuyercanfndasuitabletarget.Furthercompaniesthatmoveearlycangenerallydodealsatcheaperprices—usuallyagainstabackgroundofeconomicgrowth—thancompaniesthatactlateinthecycle.Finallybenefitstomovingearlyaremostprono

8、uncedfindustriesthataregrowingstable.Underperfmanceflatemoversisgenerallytheresultoftakingstrategicactionbasedonthepreviousactionofotherfirms.Whileearlymoverscanscanthelscapefthebesttargetslatemoversactlessrationallywith

9、greaterhasteoftenleadingthemtoacquiresuboptimaltargetsatelevatedprices.Bwagonpressuresmotivatethelatemoverstofocusonsocialcues.Asaresulttheyassumeothercompanieshavesuperiinfmationplungeintodealswithoutfullyconsideringthe

10、strategicimplications.Bwagonpressuresalsohelpexplainwhyreturnsimprovelateinthewave.TepressuressubsideastheM&Aboomsimmersoutallowingfrmstocompletemerationalassessmentsofacquisitiontargetstheirvalues.Evensothelatestmoverss

11、tillgenerateshareholderreturnsthatlagthosemadebyearlymovers.Finallythefmoffinancingplaysaroleindeterminingshareholderreturnsfacquirerslaterinthecycle.Companiesthatfinancetheirdealsprimarilywithcashseesmallerdeclinesinthe

12、irsharesthancompaniesthatusetheirownequity.SettingtheStageTherearetwobasictypesofacquirers:strategicfinancial.StrategicbuyersarecompaniesthatuseM&Aasatooltoimplementcpateobjectives.Themostcommonrationalesfdoingdealsinclu

13、deindustrycapacityreductionproductmarketlineextensiongeographicrollupindustryconvergenceM&Aasresearchdevelopment.Strategicbuyersgenerallyassumethattheycanrealizesignificantoperationalsynergieswhichjustifesthepremiumtheyp

14、ayftheirtargets.Financialbuyersaretypicallyprivateequityfrmsthatacquirecompaniesbusinessunitsassetsseektoimprovetheiroperatingperfmance.Tesubstantialuseofdebt—privateequityfrmstypicallyuse$34dollarsofdebtfevery$1ofequity

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