在合并的欲望涌動：并購趨勢與分析外文翻譯-文庫吧
2025-04-17 13:40 本頁面
【正文】 o properly evaluate a deal’s economic value, the stock price change following an announcement is often an excellent barometer of a deal’s merit. On this point, however, the evidence is far from reassuring. Research shows that roughly twothirds of public Mamp。A transactions destroy shareholder value for the acquiring panies. In addition, the market’s initial reaction to a deal is a reasonably unbiased predictor of longterm value creation. Mark Sirower and Sumit Sahni, consultants versed in Mamp。A economics, looked at the persistence of returns for deals that the market initially deemed favorable or unfavorable. While the initial response wasn’t always the final say, about onehalf of deals with positive initial reaction stayed favorable one year later, while roughly twothirds of deals with initial negative reactions remained unfavorable. One important reason that so many Mamp。A deals fail to create value for buyers is that acquirers tend to overpay for targets. A host of factors might explain this tendency, 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 premiums 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 panies that do deals early in an acquisition wave generally enjoy shareprice rises, while those that buy later tend to sufer stockprice 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 Mamp。A announcement Buyers acting roughly twothirds through the wave see average declines of approximately 3%. Returns actually improve somewhat later in the wave, but are still vastly below those of the earlymovers. Te professors defned an acquisition wave as any sixyear period where the peak year of acquisition activity was twice as high as the base year, and where there was a subsequent decline of greater than 50%. Te sample included over 3,000 panies in a wide range of industries from 1984 through 2020. 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 buyer can fnd a suitable target. Further, panies that move early can generally do deals at cheaper prices— usually against a background of economic growth— than panies that act late in the cycle. Finally, benefits to moving early are most pronounced for industries that are growing and stable. Underperformance for late movers is generally the result of taking strategic action based on the previous action of other firms. While early movers can scan the landscape for the besttargets, late movers act less rationally and with greater haste,often leading them to acquire suboptimal targets at elevated prices. Bandwagon
畢業(yè)設(shè)計相關(guān)推薦
鄂ICP備17016276號-1