跨國(guó)合并的決定因素以及中國(guó)企業(yè)兼并的成就【外文翻譯】

1、外文翻譯DeterminantsofCrossBderMerger&AcquisitionPerfmanceofChineseEnterprisesMaterialSource:PapersofBeijingFum2007Auth:WuChangqiInthepastthirtyyearsChinahasexperiencedarapideconomicgrowth.InthatperiodalargenumberofChineseen

2、terpriseshavegrownupgainedcompetivenessafewhaveevenventuredabroadtosearchfnewsourcesofgrowth.Onewayofinternationalexpansionistoacquireexistingbusinessesabroadsocalledcrossbdermergersacquisitions(M&A).Althoughthenumberwas

3、lowthescalesweresmallintherecentpastthetrendisclearlypickingup.Itwarrantsacloselookatthisphenomenontogainabetterunderstingonthismatter.CrossbderM&Areferstoacpateactionofpurchasingthesharesassetsofanothercompanyinafeignco

4、untry.ObviouslycrossbderM&Aisatransactionofcontrolrightsbetweencompaniesintwomecountries.AlthoughthegoalsofcrossbderM&Aareoftensaidtobecreatingvalueftheshareholdersofacquiringcompaniestheresultsarefarapartfromthestatedob

5、jective.Systematicstudiesshowaconsiderablenumberofcrossbdermergersacquisitionsendupinfailure.Inadditiontodifferencesinmarketenvironmentsbetweenhomehostcountriesthecompetitivecomparativeadvantagesoftheacquiringcompaniesar

6、econsideredmeimptant.Thoseadvantagesincludecpategovernancetopmanagementtermcompetencelearningabilityamongothers.Therefeit’snecessarytotakealookatthefirmspecificfactsthatinfluencetheperfmanceofcrossboarderM&A.Themainpurpo

7、seofthisstudyistoidentifythefactsthatinfluencetheoutcomesofcrossbderM&AmadebyChinesefirmsinrecentyearsparticularlyeconomicperfmanceoftheacquiringfirms.ThescaleofcrossbdermergersacquisitionsbyChinesefirmshasincreasedstead

8、ilyinrecentyears.AccdingtotheUnitedNationConferenceonTradeDevelopmentcrossbdermergersacquisitionsbyChinesefirmstotaledUS$8.139billionintheperiodof1988to2003mostofwhichoccurredafter1997.Whiletheaverageamounteachyearwasonl

9、y$216millionbetweenCompanybyShanghaiAutomotiveIndustryCpationthepurchaseofPCbusinessofIBMbyLenovo.Anecdotalobservationsshowafewtendencies:1)volumesumoftransactionsincreaseovertime.Figure.1showsamountsofmoneyinvolvedintha

10、tcrossbdermergersacquisitionsofChineseenterprises.Althoughtheamountsofmoneyinvolvedvaryovertheyearsbutthetrendisgoingup.2)Thepurchasingmethodextendedfromcashofferintovariouskindsofpaymentssuchasleveragedacquisitionsswapo

11、fequityshares.FexampleTCLusedthemethodsofassetinjectionsharesswapinitsacquisitionofThompsonofFrance.3)AlthoughthestateownedcpationsdominateinbigcrossbderM&Adealscollectedlyownedprivateenterprisesalsobecomeactiveinrecenty

12、ears.4)Theindustriescoveredextendedfromdomesticallymonopolizedindustriessuchasenergychemicalstomanufacturingindustryingeneral.TheoutcomesofcrossbderM&Adependsatleaston2broadfacts.Firstofallitdependsonexternalenvironments

13、uchaseconomicgrowthdegreeofcompetitionathomecountrychangesofpoliticalculturalenvironmentofhostcountrysoon.Secondlyitdependsonresourcescapabilityoftheacquiringcompany.Itisthelatterthatwearegoingtofocuson.Afewhypothesesthe

14、refearedevelopedtoreflecttherelationsbetweenacquiringfirmacteristicsperfmanceofcrossbderM&A.1.PreAcquisitionsPerfmanceofAcquiringFirmsAllocationofcontrolrightspossiblesynergyareoftenusedtoexplainpreacquisitionperfmanceac

15、quisitionbehavi.Theyarealsousedtoexplainpostacquisitionperfmancefbothacquiringtargetfirms.Westonetal.(1990)proposesthatsynergyeffectisoneofthemainsourcesinwhichacquisitionaddsvaluewhichmeanseconomicefficiencycanimproveaf

16、termergersoffirmswithdifferentmanagementcapabilities.Arelativelyefficientbidderpurchasesalessefficienttargetfirmincreasesthevalueofthemergedfirmthroughimprovingtargetfirm’seffectiveness.Fromtargetfirmperspectivemarketfcp

17、atecontroltheyarguesthatitisthedifferencebetweenacompany’smarketvalueitsactualvaluethatdetermineswhetherafirmwillbeacquired.Meoverthedifferenceofmanagementefficiencybetweentheacquiringfirmthetargetfirmdeterminesthetarget