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1、此文档是毕业设计外文翻译成品（ 含英文原文+中文翻译），无需调整复杂的格式！下载之后直接可用，方便快捷！本文价格不贵,也就几十块钱！一辈子也就一次的事！外文标题：Theory and Evidence on Mergers and Acquisitions by Small and Medium Enterprises外文作者：Weitzel, G.U，McCarthy, K.J文献出处: International Journal of Entrepreneurship and Innovation Management, Vol. 14, Nos. 2/3, 2018 (如觉得年份太老，可
2、改为近2年，毕竟很多毕业生都这样做)英文6174单词，38533字符(字符就是印刷符)，中文9501汉字。（如果字数多了，可自行删减，大多数学校都是要求选取外文的一部分内容进行翻译的。）Theory and Evidence on Mergers and Acquisitions by Small and Medium EnterprisesAbstract：The theory of mergers and acquisitions (M&As) has been developed almost exclusively from the study of large deals by la
3、rge firms. In this paper we argue that the behaviour and success of M&As by small and medium sized enterprises (SMEs) may be significantly different. Accordingly, we revisit established M&A theories, and develop a theoretical framework, and several testable hypotheses, regarding the distinctive feat
4、ures of SME M&As. Our empirical results support our expectations and show that, compared to large firms, acquiring SMEs: rely more intensively on external growth via M&As; are more likely to be withdrawn, suggesting that SMEs are more flexible, and more able to avoid deals that turn sour; and, final
5、ly, SME M&As are more likely to be financed with equity rather than debt, indicating that the influential financial pecking order theory is of less relevance to SMEs.Keywords: mergers, acquisitions, small and medium sized enterprises1IntroductionThere is a long tradition of academic research on merg
6、ers and acquisitions (M&A) within finance, business and economics. 1 Since the very beginning, this has considered questions relating to performance evaluation and has been concerned, primarily, with issues relating, for example, to what sort of returns mergers generate, and for whom. The focus of t
7、his research, however, has been on the role of the larger M&A events, and precious little attention has been devoted to the question of small and medium sized enterprises (SMEs). Probably the most prominent reason for this is because most SMEs are not publicly quoted -a fact which makes it difficult
8、 to obtain reliable data on their general activity, let alone to evaluate their M&A performance records2. And yet size does matter in mergers and acquisitions (see e.g., Moeller et al., 2004; 2005) and SMEs are anything but insignificant. In the European context, SMEs are thought to represent about
9、99% of all firms, to employ between them about 65 million people, and to drive innovation and competition. At a global level, SMEs may even be responsible for between 40% to 50% of world GDP (European Commission, 2005) .In this paper we attempt to include this important but long ignored sector of th
10、e economy, by explicitly considering the activity of the small and medium sized entrepreneurial firm within the M&A industry. We present direct and indirect evidence which suggests not only that the behaviour and financial success of mergers by SMEs may significantly differ from larger public firms,
11、 but also that the underlying merger theories which motivate these ventures might need to be revisited to account for this discrepancy. The existing evidence on mergers and acquisitions has been almost exclusively developed on the basis of large public firms and this, we suggest, needs to be correct
12、ed. This paper makes a modest attempt at rectifying this long held bias. It does so by: firstly, studying and selecting the relevant merger theories; secondly, by translating these into a number of testable hypotheses on SME M&As; and, finally, by empirically considering and commenting upon the appl
13、icability of these theories to the special case of SME M&As.In doing so, we find that, compared to large firms, acquiring SMEs are:(1) more likely to rely on M&A as an external growth option; (2) more likely withdraw from a deal, a finding which, we suggest, implies that SMEs are more flexible, and
14、better able to avoid deals that turn sour; and (3) that SME M&As are more likely to be financed with equity over debt, indicating that the pecking order theory is of less relevance to SMEs. The paper is structured as follows: Section Two begins by overviewing the literature on mergers, and by develo
15、ping a number of hypotheses on how these might relate to SMEs.1 Section Three introduces the data and methodology, which we employ for testing, and Section Four discusses the results and major implications of our research. Section Five concludes the discussion by drawing implications, and by suggest
16、ing some potential avenues for future research on SME mergers and acquisitions.2Literature and HypothesesTo understand the role of the SME within the M&A industry we explore a number of questions. We begin by asking who are the small and medium sized entrepreneurial firms of interest to our research? Secondly, we ask why these SMEs merge, and why we should expect them to perform differently to larger firms? Next, we consider how we expect them to per
