企業(yè)兼并后財(cái)務(wù)狀況分析【外文翻譯】

1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：FirmFinancialPerfmanceFollowingMergers2.Hypotheses2.1.LongtermperfmanceplansTheinterestsofmanagersstockholderscanpotentiallybealignedbymanagementcompensationplans.Longtermperfmanceplansmaylengthenaman

2、ager’sdecisionmakinghizonsincetheperfmanceplancompensationisdeferreduntiltheendoftheawardperiodffeitedifthemanagerleavesduringtheperiod.Managerswhoarecompensatedonlybyasalarybonusprogrammayhaveashterdecisionmakinghizon.S

3、mithWatts(1982)suggestthatshttermbonusesgivemanagersincentivestochoosenegativepresentvalueprojectsthatimposeexpensesafterthemanagerretirestoturndownpositivepresentvalueprojectswithalonghizon.Thehizonissueisfurtherexamine

4、dbyNarayanan(1985)whosemodelshowsthatmanagersprojectsyieldingshttermprofitstoenhancetheperceptionoftheirabilityquicklythusearnhigherwages.Thismightbedonebymanagerseventhoughtheprojectisnottheonewiththehighestpresentvalue

5、.TehranianTravlosWaegelein(1987)provideevidencethatfirmswithlongtermperfmanceplansexperiencemepositiveabnmalreturnsatmergerannouncementsthanfirmswithouttheseplans.Thusourfirsthypothesisisthatfirmswhocompensatetheirmanage

6、rswithlongtermperfmanceplanswillexperiencemepositivepostmergerfinancialperfmancethanfirmsthatdonothavetheseplans.2.2.MethodofpaymentTheinfluenceofmethodofpaymentonpostmergerfinancialperfmanceisambiguous.Cpatefinancetheys

7、uggeststhatthemethodusedtofinanceamergerfinancialperfmance.Whenamergerisfriendlybothsidesusuallyreachagreementonthetermsthisshouldsignalawillingnesstowktogether.Integratingthecombinedcompanyshouldbelessstressful.Withhost

8、iletakeoversoftenthereisabiddingwarthattakesplacetoacquirethecompany.Thebadfeelingsthatcouldhavedevelopedduringthetakeoverattemptcouldresultinproblemswiththeintegrationofthetwocompanies.Thefourthhypothesisisthatfirmswhoc

9、ombinethroughafriendlytakeoverwillhavemepositivepostmergerfinancialperfmancethanfirmswhocombinethroughahostiletakeover.2.5.IndustryrelatednessItisunclearwhattheimpactonpostmergerfinancialperfmancewillbeiftheacquiringtarg

10、etfirmsareindissimilarindustries.Firmsinsimilarindustriesmightachievesynergiescostsavingsbyeliminatingoverlappingareas.Howeveritmightbemedifficulttocombinesimilarcompaniesbecauseitcouldmeanassetsalesplantclosingssignific

11、antlayoffswhichcouldleadtoreducedemployeemale.Firmsindissimilarindustriesmightbeabletoexploitjointmarketingarrangementsfproductsthatcouldbecomplementary.Thiscouldleadtoincreasedperfmanceofthecombinedcompany.Againitisanem

12、piricalquestion.3.Datamethodologyresearchissues3.1.SampleionDatawerecollectedfromtheperiodicalMergers&Acquisitions’rosterofthelargestM&Atransactionsfthecalendaryears1975to1990(bothyearsinclusive).TransactionsinvolvedM&As

13、thatwerebetweenU.S.firmsthatwerepubliclytradedhaddataonStard&Po’sCOMPUSTATtapes.NonU.S.privatefirmswereeliminatedsincefinancialinfmationisnotavailablefthem.Becauseourstudyexaminesthepostmergerperfmanceofcombinedfirmsonly

14、afteraninitialmergerweeliminatedacquiringfirmsthatwerepreviouslyincludedinthesample.Wealsoeliminatedmergersinvolvingfirmsinfinancialregulatedindustries(railroadsutilities)becausetheyaresubjecttospecialaccountingregulatyr