外文翻譯--跨國(guó)并購(gòu)風(fēng)險(xiǎn)的緩解

1、<p><b>　　外文翻譯</b></p><p><b>　　原文</b></p><p>　　Mitigating risks in cross-border acquisitions</p><p>　　In the past 20 years, the volume of cross-border ac

2、quisitions for corporate assets has increased nearly three times faster than the volume of domestic acquisitions. Compared to domestic acquisitions, cross-border acquisitions present greater challenges for a buyer becaus

3、e of institutions and cultural values that are unfamiliar to a foreign corporation. Firms acquiring assets in a foreign country may face different accounting practices and disclosure requirements, which hamper the due di

4、ligence p</p><p>　　Acquiring firms can reduce investment uncertainty by structuring the payments so they are contingent on performance of the assets. This paper analyzes two alternative contingent payments.F

5、irst, buyers can pay with stock, sharing the risk of the acquisition with the sellers as they will retain an equity position in the acquirer. Second, acquiring firms can use earn out payments contingent on the performanc

6、e of the assets being acquired (Kohers and Ang, 2000).</p><p>　　Buyers and sellers can operate assets together in an equity joint venture (JV) to improve the exchange of information on the quality of the ass

7、ets. Nanda and Williamson (1995) describe several JVs that were conceived as a mechanism to exchange information conducive to an eventual acquisition. In a sample of predominantly domestic JVs, Mantecon and Chatfield (20

8、07) find that JVs can be mechanisms to transfer assets in the presence of valuation uncertainty. </p><p>　　The purpose of this article is to understand which of these mechanisms for reducing uncertainty is m

9、ore beneficial to acquirers of cross-border corporate assets. I hypothesize that the use of earnouts and stock as a method of payment and the formation of equity JVs conducive to acquisitions should be more valuable when

10、 investment uncertainty is more severe. This article contributes to the existing literature by testing this hypothesis in a sample of 30,783 acquisitions announced from 1985 to 200</p><p>　　The results show

11、that the valuation effects to acquirers in cross-border deals depend on the information obtained about the assets before the acquisition. Buyers experienced large gains in the acquisition of assets that were operated in

12、a JV, suggesting that acquirers profited from the information obtained while jointly operating the assets. I hypothesize that these gains should be positively associated with the degree of uncertainty being resolved. Con

13、sistent with this hypothesis, acquirers exp</p><p>　　Mechanisms to ameliorate investment risk in cross-border acquisitions.Although the evidence on the valuation effects to acquirers of cross-border acquisit

14、ions remains inconclusive, these buyers face higher levels of uncertainty for several reasons. The due diligence process is complicated by different accounting and disclosure requirements. Assimilation of assets is also

15、more difficult because of cultural differences that determine how business is conducted. In addition, legal systems with diffe</p><p>　　How can buyers reduce the uncertainty associated with crossborder acqui

16、sitions? Reuer (2005) suggests the use of contingent payments and operational relationships. The use of stock as currency can be a contractual tool to reduce investment risk because it has a contingent-pricing effect (Ha

17、nsen, 1987). The target firm, accepting stock, signals positive information on the value of the acquirer and on the assets being transferred. Buyers in turn signal their own quality as they prefer to use their</p>

18、<p>　　Acquiring firms can also reduce uncertainty by using earnout payments. Reuer et al. (2004) find that US firms use more contingent payouts when purchasing assets in high-tech and services industries for a samp

19、le of 3098 deals in the period 1995–1998. Kohers and Ang (2000) analyze 938 mergers with earnout payments. They report that earnouts facilitate the transactions in the presence of high information asymmetries.</p>

20、<p>　　Buyers face higher levels of uncertainty in cross-border acquisitions. This article contributes to the extant literature by analyzing different mechanisms buyers can use to reduce investment uncertainty in a

21、large sample of cross-border acquisitions of assets located in 128 countries. The results from this analysis indicate that buyers experienced lower gains when the assets were located in a different country. The findings

22、suggest that these inferior gains can be explained by more severe agency</p><p>　　Author: Tomas Mantecon</p><p>　　Nationality: Amarica</p><p>　　Originate form: Journal of Banking &a

23、mp; Finance,2009(33),640-641,650.譯文2</p><p><b>　　跨國(guó)并購(gòu)風(fēng)險(xiǎn)的緩解</b></p><p>　　在過去的20年中，企業(yè)資產(chǎn)的跨國(guó)收購(gòu)量比國(guó)內(nèi)并購(gòu)數(shù)量增加了近3倍。與國(guó)內(nèi)并購(gòu)相比，跨國(guó)并購(gòu)面臨一個(gè)更大的挑戰(zhàn) 由于買方對(duì)外國(guó)公司的機(jī)構(gòu)和文化價(jià)值觀不熟悉。公司并購(gòu)國(guó)外企業(yè)資產(chǎn)可能面對(duì)不同的會(huì)計(jì)方法和披露要求，這阻礙了盡職

24、調(diào)查的過程。決定如何指定商業(yè)策略和經(jīng)營(yíng)業(yè)務(wù)的文化特殊性使得進(jìn)入買方內(nèi)部資產(chǎn)業(yè)務(wù)結(jié)構(gòu)更為復(fù)雜。收購(gòu)公司也可能會(huì)遇到不同產(chǎn)權(quán)保護(hù)制度的法律，這一因素增加了未來現(xiàn)金流量的不確定性?？鐕?guó)并購(gòu)中更大程度的不確定性減少了作為交換的資產(chǎn)價(jià)值（阿克洛夫，1970；斯蒂格利茨，2000），并作為跨國(guó)并購(gòu)表現(xiàn)欠佳的解釋體現(xiàn)出來（Denis等人，2002年；Moeller和Schlingemann，2005）。 在這篇文章中，我會(huì)分析一些買家可以改善這些交易

25、固有風(fēng)險(xiǎn)的不同方案。這一分析重要性是讓那些希望在國(guó)外市場(chǎng)擴(kuò)大業(yè)務(wù)的企業(yè)理解最佳進(jìn)入策略。 </p><p>　　收購(gòu)公司調(diào)整投資結(jié)構(gòu)可以減少不確定性，所以他們?nèi)Q于資產(chǎn)的績(jī)效。 本文分析了兩種可供選擇的有支出。第一，買家可以通過用股票支付與被并購(gòu)方同時(shí)分擔(dān)并購(gòu)風(fēng)險(xiǎn)，因?yàn)檫@樣可以使并購(gòu)方和被并購(gòu)方在并購(gòu)活動(dòng)中保持同等風(fēng)險(xiǎn)地位。第二，企業(yè)可以對(duì)所并購(gòu)的資產(chǎn)進(jìn)行分期付款（Kohers和Ang，2000）。</p&

26、gt;<p>　　買家和賣家可以在一個(gè)合資企業(yè)（JV）中將資產(chǎn)運(yùn)作聯(lián)合在一起，以提高資產(chǎn)信息交流的質(zhì)量。Nanda和Williamson (1995)描述被看作是一種機(jī)制的合資企業(yè)有利于交流信息直至最終并購(gòu)購(gòu)。例子中，Mantecon和Chatfield（2007年）發(fā)現(xiàn)，國(guó)內(nèi)主要的合資企業(yè)，合資公司可以作為一種轉(zhuǎn)移資產(chǎn)估值存在的不確定性。</p><p>　　本文的目的是要了解哪些機(jī)制可以減少不確

27、定性從而使得更為有利地行并購(gòu)境外合資企業(yè)。本人假設(shè)，當(dāng)投資更有價(jià)值的不確定性更加嚴(yán)重這種使用分期付款和股票作為支付方式和公平形成的合資企業(yè)投資應(yīng)該是有利于收購(gòu)，文章從1985年到2005宣布收購(gòu)的30783個(gè)樣本示例有助于現(xiàn)有文獻(xiàn)的檢驗(yàn)這一假說。這個(gè)樣本的收購(gòu)方來自75個(gè)國(guó)家，涉及6824個(gè)跨境的資產(chǎn)收購(gòu)的來自128個(gè)國(guó)家。</p><p>　　研究結(jié)果表明，并購(gòu)活動(dòng)中的估值影響取決于對(duì)獲得的信息資產(chǎn)收購(gòu)前。并購(gòu)

28、方在該合資企業(yè)經(jīng)營(yíng)資產(chǎn)中取得了巨大的收益，這表明并購(gòu)雙方在共同獲得信息去經(jīng)營(yíng)資產(chǎn)的并購(gòu)中獲利。筆者認(rèn)為，這些成果應(yīng)積極地與不確定性得到解決的程度聯(lián)系起來。根據(jù)這一假說，在合資企業(yè)中取得較大收益的并購(gòu)方所在的國(guó)家擁有較高水平的投資風(fēng)險(xiǎn)和更高水平的估值不確定性。這些結(jié)果表明，合資企業(yè)可以作為一個(gè)減少與跨界在嚴(yán)重的估值和收購(gòu)國(guó)家的投資風(fēng)險(xiǎn)不確定性的過渡性使用機(jī)制。</p><p>　　改善投資機(jī)制跨境風(fēng)險(xiǎn)。雖然估值對(duì)跨

29、國(guó)并購(gòu)者的影響的證據(jù)仍沒有定論，但是這使買家面對(duì)更高水平的不確定性。原因有以下幾個(gè)：盡職調(diào)查過程由于不同的會(huì)計(jì)和信息披露要求而變得復(fù)雜；資產(chǎn)同化也由于決定企業(yè)如何經(jīng)營(yíng)的文化差異而變得更加困難； 此外，對(duì)少數(shù)股東不同級(jí)別的保護(hù)法律制度和強(qiáng)制合同執(zhí)行都增加了未來現(xiàn)金流量的難度值。</p><p>　　并購(gòu)者如何才能減少與跨境相關(guān)的不確定性收購(gòu)？ Reuer（2005）建議使用的分期付款和業(yè)務(wù)關(guān)系。作為貨幣使用的股票可

30、以是一個(gè)合同工具來降低投資風(fēng)險(xiǎn)，因?yàn)樗幸粋€(gè)分期定價(jià)效應(yīng)（Hansen，1987）。目標(biāo)公司如果接受股票，并購(gòu)者和被并購(gòu)的資產(chǎn)表示看好。并購(gòu)者則相反，如果并購(gòu)者選擇用股票收購(gòu)說明他們高估了被收購(gòu)企業(yè)及其資產(chǎn)（邁爾斯和麥吉羅夫，1984）。因此，最終的市場(chǎng)反應(yīng)對(duì)并購(gòu)中股票支付的使用取決于并購(gòu)方和目標(biāo)并購(gòu)企業(yè)的信息不對(duì)稱程度以及作為其相對(duì)的議價(jià)地位。</p><p>　　收購(gòu)公司也可以通過使用分期付款來減少并購(gòu)價(jià)格的

31、不確定性。Reuer等發(fā)現(xiàn)，在1995-1998年期間的3098個(gè)樣本中，美國(guó)企業(yè)在購(gòu)買高科技資產(chǎn)和服務(wù)性領(lǐng)域的交易時(shí)更多使用分期付款。 Kohers 和Ang（2000）分析938個(gè)并購(gòu)使用分期付款。他們認(rèn)為，分期付款為交易信息中存在較大不對(duì)稱性提供了便利。 </p><p>　　并購(gòu)者跨國(guó)的并購(gòu)中面對(duì)著更高水平的不確定性。本文通過分析現(xiàn)存的128個(gè)國(guó)家的資產(chǎn)跨國(guó)并購(gòu)樣本文獻(xiàn)有助于并購(gòu)者可以使用不同的機(jī)制，減少

32、投資的不確定性。從這一分析的結(jié)果表明，當(dāng)并購(gòu)資產(chǎn)均位于在不同的國(guó)家時(shí)候，并購(gòu)者獲得較少的收益。研究結(jié)果表明，可以由跨國(guó)并購(gòu)的并購(gòu)者中存在的較嚴(yán)重的代理問題來解釋這些偏低的收益。結(jié)果表明，在跨國(guó)并購(gòu)中獲取較大收益的并購(gòu)是在一個(gè)共同經(jīng)營(yíng)資產(chǎn)收購(gòu)的合資企業(yè)中的。這些較大收益的收購(gòu)不能被解釋為是受上市的影響，或者由于合營(yíng)企業(yè)合同中嵌入看漲期權(quán)的存在，或通過對(duì)目標(biāo)公司小股東的剝奪。該研究結(jié)果顯示，分期付款與國(guó)內(nèi)并購(gòu)的較大收獲有直接關(guān)系，但沒有跡象

33、表明在跨國(guó)并購(gòu)中并購(gòu)者受益于這些策略。結(jié)果表明，在合資企業(yè)所發(fā)生的信息交流提高了跨國(guó)并購(gòu)交易的價(jià)值，通過存在著的較高的不確定性、估值水平和國(guó)家投資風(fēng)險(xiǎn)體現(xiàn)出來。因此，合資企業(yè)是一個(gè)降低跨境并購(gòu)所固有風(fēng)險(xiǎn)的有效機(jī)制。</p><p>　　作者：托馬斯.曼特肯</p><p><b>　　國(guó)籍：美國(guó)</b></p><p>　　出處：《銀行和金融期