经济财务-外文翻译-外文文献-英文文献-跨国并购.doc

Author::AmaricaOriginateform: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1Cross-bordermergersandacquisitions:theEuropean–-borderacquisitionsInherextensivediscussionofthemergerandacquisitionprocessMcDonaghBengtsson(1990)paniestoacquireforeignfirms:thedesiretospreadproductsanddiversifyrisksgeographically;togainback-upproducts;toexploitsynergies;,shecautionsthatworkforceproblems,poorfacilities,-petingfactors,,examiningfirstthefavorableacquisitionvariables(’sconcernedwithcross-borderdeals),,wefocusonthosethatseemtoaffectcross-,diversification,onditionsinthehomecountry,,ruingtotheacquiredfirm;therefore,,predictably,,FrootandStein(1991)proposethat,whilethereisarelationshipbetweentheexchangeratesandacquisitionactivity,,esacheaperplaceforanyfirmtodobusiness—,theydownplaytherelationshipbetweenforeignacquisitionsandexchangerates,arguingthatimprovedcapitalmobilityleadstoequalized,risk-(1