外文翻译--跨境合并和收购：欧洲、美国的经验

外文原稿之一

Cross-border merges and acquisitions:

The European—US experience

Author: R.J.Kish.

Nationality: America

Source: Journal of Multinational Financial Management 1998(8)

434-43

Original text：

Factors motivating cross-border acquisition

In her extensive discussion of the merge and acquisition process McDonough Bergson (1990) proposes that the following factors motivate many companies to acquire firms: the desire to spread products and diversify risks geographically; to gain back-up products; to exploit synergies; and to attain economies of scale. However, she cautions that workforce problem, poor facilities, as well as social and technological difference may expose the acquiring company new risks. Other studies in the area of cross-border acquisitions attribute the pattern of acquisitions to several competing factors, both favorable and unfavorable. The discussion that follows surveys a sampling of these factors, examining first favorable acquisition variable (i.e. variable that appear to influence the firm’s concerned with cross-border deals), then the unfavorable ones. We pay particular attention to those factors more directly related to the countries under study

Favorable acquisition factors

Although there are a number of factors that favor acquisition activity, we focus on those that seem to affect cross-border acquisitions between the US and EU. These factors include exchange rates diversifications, and economic conditions in the home country, as well as technology and human resource.

Exchange rates

Currents and foretasted future exchange rates affect the home currency equivalent of acquisition prices, as well as the present value of future cash flows accruing to the acquired firm;

Therefore, the dominant effect in any particular case is ultimately an empirical question. Existing studies, predictably, arrive at different conclusions concerning the role of exchange rates. For example, foot and Stein (1991) propose that, while there is a relationship between the exchange-rates and acquisition activity, there is no evidence that a change in the exchange rate improve the position of foreign acquirers relative to their US counterparts. They contend that when the dollar depreciates, the US becomes a cheaper place for any firm to do business—foreign or domestic. In addition, they downplay the relationship between foreign acquisition and exchange rates, arguing that improved capital mobility leads to equalized, risk-adjusted returns on international investments. Goldberg (1993) reaches different conclusions. She finds that a depreciated US dollar reduces FDI in American businesses. She also contends that the reverse holds true, that is, f the dollar is strong, one observes an increase in foreign acquisition of US firms and a downward trend in US acquisition of foreign firms .However, Harris and Ravens craft (1991) present empirical evidence that is in contrast to Goldberg’s findings. In particular, they contend that depreciated dollar increases the number of foreign acquisition of US firms.

Diversification

This argument is based on the empirical observation that covariance of returns across different economy. It follows that the prospective acquiring company must first decide on its desired levels of risk and return. Only then should it attempt to acquire ongoing foreign concerns, companies may be able to circumvent tariff and non-tariff barriers, thereby improving their risk-return trade-off by lowering the level of unsystematic risk.

Economic conditions in the acquiring firm’s home country should facilitate cross-border acquisitions as a means for increasing demand and levels of diversification. On the other hand, adverse economic conditions, such as a slump, recession, or capital market constraints, may cause prospective acquiring firms to concentrate on their domestic business while postponing any international strategic moves.

Acquisition of technological and human resources

If a firm falls behind in the level of technological knowledge necessary to efficiently in its industry, and it is unable or unwilling to obtain the required