使用eva風格分析戰(zhàn)略收購方的活躍投資[外文翻譯]

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：ActiveInvestinginStrategicAcquirersUsinganEVAStyleAnalysisDuringthe1990sbeyondlargeU.S.industrialfirmshavedeployedsubstantialcapitalresourcesinpursuitofstrategicacquisitions.Theaggregateaverageresulto

2、ftheseacquisitionsisthattheydestroyshareholdervalueftheownersoftheacquiringfirms.Thereishoweversubstantialcrosssectionalvariationintheannouncementperiodreturnsoftheseacquiringfirms.Thatbeingsaidwearguethatactiveinvestssu

3、chashedgefundsotherlongshtinvestsmaybeabletodevelopfinetunealphageneratingstrategiesiftheycandistinguish“good“biddersfrom“bad“biddersinstrategicacquisitions.Alongthislinewearguethatacquirerswithademonstratedrecdofcreatin

4、gshareholdervaluearemelikelytogeneratevaluecreatingtovalueneutralacquisitionreturnsthanacquirerswithnegativeeconomicearningsahistyofdestroyingshareholdervalue.Ifcrectthisimpliesthatthepotentialfgeneratingalphaaroundstrat

5、egicacquisitionsislinkedtothefundamentalsofwealthcreation.Inthiscontextwepresentaframewkfclassifyingacquiringfirmsintowealthcreatswealthdestroyers.WeemploytheEVAstyleanalysisdevelopedbyAbateGrantStewart[2004]toclassifyla

6、rgeacquirerscompletingacquisitionsduringtheperiod19902007intooneoffourEVAstylequadrantsbasedontheirpreacquisitionstyle.Wethenexaminethewealtheffectsthatbiddingtargetfirmsexperienceuponacquisitionannouncementsanalyzethese

7、wealtheffectsbyEVAstylecategy.OverallwefindthattheannouncementswealtheffectsofstrategicacquisitionsvarybyeventwindowEVAstylesuggestingthathedgefundsotherlongshtinvestswillbenefittovaryingdegreesfromapolicyofshtingacquire

8、rsaccdingtoEVAstyleacteristicswithagreateraveragepotentialfquadrant.MespecificallyExhibit1showsthequadrantsthatdefinetheEVAstyleofinvesting.TheyaxisshowstheEVAspreadwhilethexaxisshowsthegrowthininvestedcapital.TheEVAspre

9、adismeasuredbythereturnoninvestedcapitallessthecostofcapital.EmployingthisframewkweapplyEVAstyleanalysistoexaminethreequestions(shownbelow)relatedtostrategicacquisitionsbylargeacquirers.1.Dofirmsclassifiedaswealthcreatse

10、ngageinvaluecreatingacquisitions2.Dofirmsclassifiedaswealthdestroyersengageinvaluedestroyingacquisitions3.CanEVAstyleclassificationsofacquirerstargetsbeusedtodiscernvaryingdegreesofinvestmentreward(alpha)EVAFramewkAsnote

11、deconomicvalueadded(EVA)isawellknownmeasureofeconomicprofitresidualincome.PositiveEVAsuggeststhatafirmisfundamentallycreatingvaluebyearningmethanitscostofcapital.Afirmsmarketvalueadded(MVA)representsthedifferencebetweeni

12、tsmarketvalueofcapitalitsbookvalueofcapital.InprincipleMVAisthepresentvalueoffutureEVAdiscountedattheWACC.BuildingonearlierresearchbyGrant[1996]AbateGrantStewart[2004]findthat80%ofwealthcreatingfirmshavejointlypositiveMV

13、AEVAtocapitalratiossuggestingthatafirmscurrentEVAmakesacontributiontoitsmarketvalue.Theyalsofindthat92%ofwealthdestroyingfirmshavejointlynegativeMVAEVAtocapitalratiosagainsuggestingarelationbetweencurrentEVAmarketvalue.T

14、heseMVAEVArelationshipsarerobustoverotheryears.ThusEVAcanbetakenasreasonableproxyfwealthcreation.EVAcanbecalculatedasafirmsoperatingprofitaftertax(NOPAT)minusitsinvestedcapital(IC)timesitsweightedaveragecostofcapital(WAC