[雙語(yǔ)翻譯]企業(yè)并購(gòu)?fù)馕姆g--企業(yè)并購(gòu)中的管理績(jī)效審計(jì)

1、2300 英文單詞， 英文單詞，12400 英文字符，中文 英文字符，中文 3650 字 文獻(xiàn)出處： 文獻(xiàn)出處：Dobre F, Brad L, Ciobanu R, et al. Management Performance Audit in Mergers and Acquisitions ☆[J]. Procedia Economics & Finance, 2012, 3(1):309-314.Management pe

2、rformance audit in mergers and acquisitionsFlorin Dobre, Laura Brad , Radu Ciobanu , Eugeniu Turlea , Florentin CaloianAbstractSeveral rapid changes had taken placed in companies involved in a M&A process, especially

3、 when managerial practices are encountered. Consequently, the management performance audit is an efficient analysed tool that quantifies how the economic resources were used by shareholders. While the number of M&A h

4、as increased constantly, expect the financial crisis period, not a proper documentation about the link between the M&A process and the managerial audit could be found. The aim of this paper is to examine if corporate

5、 takeovers lead to an increase in firm performance and whether the company manager has an important role. By auditing the manager’s performance we can establish if he took the best decisions in order to increase the shar

6、eholders wealth and if he put their wiling’s into practice. The managers performance can be measured either by quantitative or by qualitative variables. Our study aims to establish if there is a post-takeover long-term p

7、erformance for the companies supposed to a merger and acquisition process. The results indicate an improvement of financial indicators, as the impact of managerial audit performance cannot be denied.Keywords: takeover, M

8、anagement performance audit, Acquisitions, Accounting, firm performance1. IntroductionRecent studies try to find out if acquisitions and takeovers provide real benefits for the target firms. As a fact, this research poin

9、ts out if acquisitions and takeovers can improve a company performance and, if the managers have something to do with the performance incensement or if the increased post-takeover performance is only due to its correlati

10、on to the market. Secondly, the key determinants for this post takeover performance were tested using a classical regression model and a panel data one.Most merger and acquisition M&A studies have examined only the s

11、hort-term market reaction to mergers and acquisitions announcements. This study examines the long-term operating performance, taking into consideration only the successful acquisitions and takeovers, leaving behind the t

12、ender offers that were only a simple intention.2. Literature reviewMost of the recent studies examine only the post-takeover performance regardless of the manager's contribution in obtaining those. For instance, Mage

13、nheim and Mueller 1988 examined the longer-term market reaction over a 60-month period after the acquisition and concluded that target firms performance is deteriorated. As a consequence, the gains of the target sharehol

14、ders were only a simple transfer of wealth from the shareholders of the acquiring firm.In another study, Healy, Palepu and Ruback 1992 examined post-merger performance using the operating cash flow return for 50 target a

15、nd acquirer firms in years surrounding the M&A transaction, completed between 1979 to mid-1984. The authors found out that the firms involved have significant improvements in post-merger asset productivity and moreov

16、er, there are significant differences in performance as it is affected by the industry where the company acts. Consequently, the industry sector was included in our study in order to determine if this can be a The indica

17、tor “different president from CEO”, took 1 if the difference was obvious, otherwise it took 0, while the second dummy variable was quantify as follow: 1 if the company is acting in the industry area and 0 if it is acting

18、 in the service area.Not only the financial indicators are important, but also the sample which we used in order to establish the individual influences and the collectivity one of financial indicators as our dependent va

19、riable was considered the return on equity.The data was collected from 25 companies that were supposed to a takeover process from 2005-2011 from the Romania Market. The data collected was extracted from company’s financi

20、als’ statements not only for the period when the process took place, but also for the previous one. The purpose was to identify if the takeover process has a positive or a negative influence upon the profitability of the

21、 company.This table presents the descriptive statistics for the variable used in the model. The database consists of a number of 25 companies that were the subject of a takeover bid. These were all the takeover transacti

22、on from the Romanian capital market between 2005 and 2011 that ended with a change in the control of that company. Most of these companies are relatively small and are highly influenced by market. Also they are tradable

23、only on the RASDAQ market and are characterized by lack of liquidity and this can explain the abnormal high or low values of some variables.For our panel model, a three year time period was used, one before and one after

24、 the takeover process. Both models used a linear relationship between the total equity of the company and the independent variables, but they differ when the interpretation is encounter.0 pt Here introduce the paper, and

25、 put a nomenclature if necessary, in a box with the same font size as the rest of the paper. The paragraphs continue from here and are only separated by headings, subheadings, images and formulae. The section headings ar

26、e arranged by numbers, bold and 10 pt. Here follows further instructions for authors.4. Results and interpretationThe results of our research were divided in two sections as two different models were provided. The first

27、one is a classical regression model and its characteristics are summarized in the following equation:Due to the elements incorporated above, we can realize an economical interpretation. As a fact, the increasing of turn