在合并的欲望涌動(dòng)：并購(gòu)趨勢(shì)與分析外文翻譯(已修改)
2025-06-01 13:40 本頁(yè)面
【正文】 本科畢業(yè)論文外文翻譯 外文題目： Surge inurge to merge: Mamp。A Trends and Analysis 出 處： Journal of Applied Corporate Finance 作 者： Michael 原文： Surge in the Urge to Merge: Mamp。A Trends and Analysis by Michael J. Mauboussin, Legg Mason Capital Management* We may be at the front end of another mergers and acquisition (Mamp。A) boom. Historically,upswings in deal activity have coincided with improvements in the economy and the stock market. Figure 1 shows the relationship between deal volume and the price level of the Samp。P 500 Index over the past 15 years. Te strong rally in equities of the March 2020 lows, sharply improved credit conditions, solid nonfnancial corporate balance sheets, and panies seeking to enhance their strategic positions all point to more deals. Notably, research shows that panies making acquisitions in the early part of the cycle deliver better returns to their shareholders, on average, than those that act toward the end of the cycle. Source: Bloomberg, Reuters estimates。 data through 2020. After reaching an alltime high in 2020, Mamp。A activity tumbled during the next two years, refecting the financial and economic tumult. While 2020’s deal volume was respectable given the stock market’s sharp decline, the deals were heavily skewed toward the frst half of the year. Announced activity was weak in 2020, but the fourth quarter was the strongest of the year, refecting the improvement in equity and credit markets. For all of 2020, global Mamp。A volume was roughly $2 trillion, about half of the average 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 panies to generate healthy free cash fows and to sustain strong fnancial positions. While consumer and government debt may be of concern, the balance sheets of many panies are solid. As the recovery gains momentum, panies are again setting their eyes on growth. Mamp。A activity tends to rise and fall along with the stock market, and almost every pany is either involved in a deal, or afected by one, at some point. For instance, research suggests that roughly 23 percent of public panies are acquired in any given year. Often, a move by one petitor triggers cascading moves by its petitors hoping to sustain their petitive position. Mergers and acquisitions play a large role in shaping petitive landscapes and can have a large impact on corporate value. Many panies and investors do not have a frm grasp on how Mamp。A deals create or destroy shareholder value. Companies do deals for a host of reasons, including the pursuit of growth, diversifcation of their businesses, or to consolidate an industry. And panies often feel pelled to do a deal simply because other panies in their industry are doing them. Generally, panies, investment bankers, and investors assume that deals that add to earnings per share are virtuous. But for an acquirer there is ultimately only one test of a deal’s merits: whether it creates shareholder value. Since investors have a strong incentive t
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