[雙語翻譯]跨國收購?fù)馕姆g--英國收購者的跨境收購和金融杠桿（節(jié)選）

1、3200 英文單詞， 英文單詞，1.9 萬英文字符，中文 萬英文字符，中文 5500 字文獻(xiàn)出處： 文獻(xiàn)出處：Agyei-Boapeah H. Cross-border acquisitions and financial leverage of UK acquirers[C]//Accounting Forum. Elsevier, 2015, 39(2): 97-108.Cross-border acquisitions and

2、financial leverage of UK acquirersHenry Agyei-BoapeahBased on a sample of 782 acquisitions by UK firms during 1982–2009, this paper examines the impact of cross-border acquisitions on financial leverage. The paper shows

3、that cross-border acquisitions have a negative impact on the financial leverage of acquiring firms. However, the negative impact of cross-border acquisitions disappears when acquirers choose targets from developed countr

4、ies, and also when the acquisitions are undertaken by multinational firms. Collectively, the findings imply that exposure to foreign markets reduces the borrowing ability of acquiring firms especially when they choose ta

5、rgets from developing countries, and when they have no previous experience in foreign markets.Keywords: Financial leverage; Cross-border acquisitions; Internationalisation; MUK1. IntroductionRecent years have witnessed a

6、 tremendous growth in cross-border mergers and acquisitions (M Stiebale Jensen Mittoo & Zhang, 2008). Accordingly, this paper distinguishes between the cross-border acquisitions effect on the leverage of those firm

7、s that acquire targets from developed countries, and those acquiring firms with targets from developing countries.Finally, the paper considers how the cross-border leverage effect may vary between multinational and domes

8、tic corporations that undertake acquisitions. This paper argues that since multinational corporations already have some foreign market experience, they may be in a better position to manage the additional opportunities a