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1、本科毕业论文外文翻译本科毕业论文外文翻译外文题目：外文题目： SurgeSurge inurgeinurge toto merge:merge: M data through 2009.After reaching an all-time high in 2007, M&A activity tumbled during the next two years, refecting the financial and economic tumult. While 2008s deal volume was respectable given the stock markets sharp dec
2、line, the deals were heavily skewed toward the frst half of the year. Announced activity was weak in 2009, but the fourth quarter was the strongest of the year, refecting the improvement in equity and credit markets. For all of 2009, global M&A volume was roughly $2 trillion, about half of the avera
3、ge level over the past five years.During the deep recession of the past two years, falling earnings and limited access to capital made executives more risk averse. As a result, frms slashed expenses, squeezed their balance sheets, and reined in growth initiatives. Tis has allowed companies to genera
4、te healthy free cash fows and to sustain strong fnancial positions. While consumer and government debt may be of concern, the balance sheets of many companies are solid. As the recovery gains momentum, companies are again setting their eyes on growth. M&A activity tends to rise and fall along with t
5、he stock market, and almost every company is either involved in a deal, or afected by one, at some point. For instance, research suggests that roughly 2-3 percent of public companies are acquired in any given year. Often, a move by one competitor triggers cascading moves by its competitors hoping to
6、 sustain their competitive position. Mergers and acquisitions play a large role in shaping competitive landscapes and can have a large impact on corporate value. Many companies and investors do not have a frm grasp on how M&A deals create or destroy shareholder value. Companies do deals for a host o
7、f reasons, including the pursuit of growth, diversifcation of their businesses, or to consolidate an industry. And companies often feel compelled to do a deal simply because other companies in their industry are doing them. Generally, companies, investment bankers, and investors assume that deals th
8、at add to earnings per share are virtuous. But for an acquirer there is ultimately only one test of a deals merits: whether it creates shareholder value. Since investors have a strong incentive to properly evaluate a deals economic value, the stock price change following an announcement is often an
9、excellent barometer of a deals merit.On this point, however, the evidence is far from reassuring. Research shows that roughly two-thirds of public M&A transactions destroy shareholder value for the acquiring companies. In addition, the markets initial reaction to a deal is a reasonably unbiased pred
10、ictor of long-term value creation. Mark Sirower and Sumit Sahni, consultants versed in M&A economics, looked at the persistence of returns for deals that the market initially deemed favorable or unfavorable. While the initial response wasnt always the final say, about one-half of deals with positive
11、 initial reaction stayed favorable one year later, while roughly two-thirds of deals with initial negative reactions remained unfavorable.One important reason that so many M&A deals fail to create value for buyers is that acquirers tend to overpay for targets. A host of factors might explain this te
12、ndency, including an overly optimistic assessment of market potential, overestimation of synergies, poor due diligence, and hubris. But while deals are harmful for the shareholders of acquirers on average, some buyers do create value. Acquirers can increase their chance of success by paying low prem
13、iums and executing on operational improvement. Te research points to another reason some acquirers succeed: good timing. A recent study by three professors of management showed that companies that do deals early in an acquisition wave generally enjoy share-price rises, while those that buy later ten
14、d to sufer stock-price declines. Acquirers at the beginning of a wave see their shares increase more than 4% above what would be expected, based on past performance and market trends, over the three weeks following the M&A announcement Buyers acting roughly two-thirds through the wave see average de
15、clines of approximately 3%. Returns actually improve somewhat later in the wave, but are still vastly below those of the early-movers.Te professors defned an acquisition wave as any six-year period where the peak year of acquisition activity was twice as high as the base year, and where there was a
16、subsequent decline of greater than 50%. Te sample included over 3,000 companies in a wide range of industries from 1984 through 2004. All returns were adjusted for market factors.There are several benefts to acting early in a cycle, including choosing from a greater pool of potential targets and the ability to buy assets cheaply. Naturally, the larger the number of potential acquisition candidates, the more likely it is that a
