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1、外文翻譯Valuecreationdestructionincrossbderacquisitions:anempiricalanalysisoffeignacquisitionsofU.S.firmsMaterialSource:StrategicManagementJournalAuth:AnjuSethKeanP.SongR.RidsonPettitWeconductaninvestigationofthesourcesofgai

2、nslossesincrossbderacquisitionsinlightofdifferentmotivesfundertakingthesetransactions:synergyseekingmanagerialismhubris.Wefindthatthedataareconsistentwiththeexpectationthatmultiplesourcesofvaluecreationexistinsynergistic

3、crossbderacquisitions:assetsharingreverseinternalizationofvaluableintangibleassetsfinancialdiversification.Gainsaccruetobidderfirmshareholdersonlyftheleastfungibleofthesesourcesofgainsi.e.reverseinternalization.Fvaluedes

4、troyingacquisitionsthatareexpectedtobedrivenbymanagerialismwefindthatthedataareconsistentwithonlyoneofthesourcesofvaluedestructionthatweexaminei.e.riskreduction.Intheseacquisitionstheevidencealsosuggeststhattherelativesi

5、zeofthetargettothebiddermitigatesthenegativeeffectsofriskreduction.Ourresultsunderscetheimptanceofconsideringtheimplicationsofalternativebehavialassumptionsinempiricalstrategycontentresearch.Thelastdecadehaswitnessedasur

6、geoftakeoveractivitybyfeignfirmsofU.S.cpations.FexampleW.T.Grimm’s2000MergerstatReviewreptsthatthenumberoftheseacquisitions(fbrevitywerefertotheseascrossbderacquisitions1)increasedfrom197to959inthe15yearperiodbetween1985

7、1999theirvalueincreasedfrom$10.9billionto$272.1billion.Crossbderacquisitionsaccountedf6percentoftakeoveractivityintheUnitedStatesin1985by1999thisshareroseto19percent.Inlightoftheburgeoningimptanceofthephenomenonrecentres

8、earchinthestrategyinternationalbusinessfinancefieldshasattemptedtodescribeexplainvariousaspectsofthisactivity.Theresearchindicatesthattheaveragecrossbderacquisitionreflectsanincreaseofabout7.5percentinthevalueofthecombin

9、edfirmsrelativetotheirpreacquisitionvalue(seeEunKolodnyScheraga1996SethSongPettit2000).Howeverthereislimitedevidenceonwhythesevalueincreasesacterizecrossbderacquisitionsi.e.whatsourcesofthisassumptionisinfactsupptedbythe

10、empiricalevidence.SpecificallySSP(2000)examinetheextenttowhichcrossbderacquisitionsareacterizedbythesynergyhypothesisvs.themanagerialismhypothesisthehubrishypothesis.Themanagerialismmotivesuggeststhatmanagersofacquiringf

11、irmsembarkonacquisitionstomaximizetheirownutilityattheexpenseoftheshareholdersofthefirm.Thehubrishypothesissuggeststhatbiddingfirmmanagersmakemistakesinevaluatingtargetfirmsbutundertakeacquisitionspresumingthattheirvalua

12、tionsarecrect.SSP(2000)findthatthesynergyhypothesisistheprimaryexplanationfvalueincreasingacquisitionsalthoughthehubrishypothesisappearstocoexistwiththesynergyfthissample.Valuereducingacquisitionsappeartobeprimarilydrive

13、nbymanagerialismratherthanhubris.Inlightoftheabovethemotivationfthisstudyisasfollows.Weconjecturethattheassumptionthatthesynergyhypothesishomogeneouslyacterizesallacquisitionsinthesamplemayunderlietheweakmixedresultsofpr

14、eviousstudiesonthesourcesofgainsincrossbderacquisitions.AsHattenSchendel(1977)BassCattinWittink(1978)pointoutcrosssectionalregressionmethodologyassumesthattherelationshipsofinterestarehomogeneousacrossallfirmsinthesample

15、.Howeverifthereareavarietyofbehavialmotivesthatunderliecrossbderacquisitionactivitythisassumptionislikelytobeviolatedtheempiricalresultsfromaregressionanalysisbecomedifficulttointerpret.Fexampleinternalizationinthepresen

16、ceofmarketfrictionsisanimptanttheeticalexplanationofsynergisticgainsincrossbderacquisitions(butonethathasreceivedsurprisinglylittleempiricalsuppt).Ifanempiricaltestofthishypothesisisconductedbyregressingaproxyfinternaliz

17、ationontotalgainsfthefullsampleitmaywellbethatnosystematicpatternisrevealedifinfactasignificantproptionofthesampleisacterizedbyvaluedestructionratherthanvaluecreation.Thispaperdescribesourinvestigationofthesourcesofgains

18、incrossbderacquisitionswhereinweconsiderdifferentunderlyingbehavialassumptionsregardingdecisionmaking.SpecificallyinlightoftheresultsreptedbySSP(2000)wedistinguishempiricallyamongcrossbderacquisitionsthatarelikelytobeact

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