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文献出处：

作者：托马斯.曼特肯

国籍：美国

出处：《银行和金融期刊》，2009(33),640-641,650.

我国企业跨国并购财务风险分析及防范

—以中国移动并购巴科泰尔为例

外文翻译

原文1

Cross-bordermergersandacquisitions:

theEuropean–USexperience

1.Factorsmotivatingcross-borderacquisitions

InherextensivediscussionofthemergerandacquisitionprocessMcDonaghBengtsson

(1990)proposesthatthefollowingfactorsmotivatemanycompaniestoacquireforeignfirms:the

desiretospreadproductsanddiversifyrisksgeographically;togainback-upproducts;toexploit

synergies;andtoattaineconomiesofscale.However,shecautionsthatworkforceproblems,poor

facilities,aswellassocialandtechnologicaldifferencesmayexposetheacquiringcompanyto

newrisks.Otherstudiesintheareaofcross-borderacquisitionsattributethepatternofacquisitions

toseveralcompetingfactors,bothfavorableandunfavorable.Thediscussionthatfollowssurveys

asamplingofthesefactors,examiningfirstthefavorableacquisitionvariables(i.e.variablesthat

appeartoinfluencethefirm’sconcernedwithcross-borderdeals),thentheunfavorableones.We

payparticularattentiontothosefactorsmoredirectlyrelatedtothecountriesunderstudy.

1.1.Favorableacquisitionfactors

Althoughthereareanumberoffactorsthatfavoracquisitionactivity,wefocusonthosethat

seemtoaffectcross-borderacquisitionsbetweentheUSandtheEU.Thesefactorsinclude

exchangerates,diversification,andeconomicconditionsinthehomecountry,a