【正文】 such as a slump, recession, or capital market constraints, may cause prospective acquiring firms to concentrate on their domestic business while postponing any international strategic moves. Acquisition of technological and human resourcesIf a firm falls behind in the level of technological knowledge necessary to efficiently in its industry, and it is unable or unwilling to obtain the required technology through research and development, then it may attempt to acquire a foreign firm which is technologically more advanced. In their study, Cebenoyan et al.(1992) support this point, showing that the expansion into new market through acquisitions allows firms to gain petitive advantage from the possession of special resources.Unfavorable acquisition factorsThe factors discussed thus far generally tend to encourage firms to make crossborder acquisitions. In contrast there are other variables that often appear to restrain crossborder bination. These include information asymmetry, monopolistic power, as well as government restrictions and regulations.Information asymmetryRoll (1986) contends that information about a prospective target firm (. market share, sales, and cash flow forecasts) is crucial in the decisionmaking process of acquiring firm. If the necessary information is not available, Roll (1986) argues that the prospective acquiring firm may be forced to delay or discontinue its plants, even though the foreign firm appears to be an attractive target. In contrast, Stoughton (1988) argues that information effects are not always harmful. He points out that the prospective acquirer may be able to obtain information about the target firm that is available to other market participants.Monopolistic powerIf a firm enjoys monopolistic power (a difficult prospect in the US, due to antitrust laws), then entry into the industry bee more difficult for potential petitors, domestic or foreign. Moreover, a monopolist is much more likely to resist a takeover attempt. Other barriers to entry that make crossborder acquisition especially difficult within a monopolistic environment include extensive outlays for research and development, capital expenditures necessary to establish greenfield production facilities, and/or product difference through a massive advertising campaign. Government reconstructions and regulations Most governments have some form of takeover regulations in place. In many instances, government approval is mandatory before an acquisition by a foreign firm can occur. In addition, there may exist government restrictions on capital repatriations, dividend payouts, interpany interest payments, and other remittances. Scholes and Wolfsan (1990) for example, discuss periods in the US where regulatory events discouraged acquisition activity。其他關(guān)于企業(yè)跨國并購的研究中把跨境并購形式產(chǎn)生的原因歸因于以下幾個競爭因素，包括有利的和不利的。同時，我們也會特別關(guān)注那些對研究范圍中的國家有直接聯(lián)系的因素。從現(xiàn)有的研究中可以看出，研究者們對于匯率的作用各執(zhí)己見，尚未達(dá)成共識。相反，他們認(rèn)為這對國際投資環(huán)境是十分有利的，在提高資本流動性和均衡性的同時也降低了投資的風(fēng)險。然而，Harris and Ravens craft(1991)所得出的實驗結(jié)論與戈德堡的觀點又是相悖的。與收購相關(guān)的其他需要考慮的問題都被放在這之后。例如經(jīng)濟下滑、衰退、尚未完全開放的資本市場經(jīng)濟很可能會導(dǎo)致將來企業(yè)在收購時只關(guān)注國內(nèi)的業(yè)務(wù)而忽視了國際戰(zhàn)略措施。到目前為止我們所討論的因都是鼓勵企業(yè)間進(jìn)行跨國并購活動的。如果這些必要的信息無從獲得的話，Roll (1986)認(rèn)為盡管這家外國公司看起來十分具有誘惑力，潛在收購方可能還是會被迫推遲或終止這項收購計劃。并且，壟斷者會更容抵制這類收購的企圖。此外，也可能存在政府限制資本返還，派發(fā)福利，公司內(nèi)部的利息支付和其他匯款的情況。這些改變增加了美國內(nèi)外企業(yè)并購交易者的成本。Scholes and Wolfsan (1990)的研究卻包括了1968年到1987年大部分的行業(yè)。匯率影響目標(biāo)企業(yè)當(dāng)前和未來現(xiàn)金量的現(xiàn)值。T’s acquisition of NCR, and losses began to mount, ATamp。這是協(xié)同效應(yīng)的陷阱，模型的分析結(jié)果，可以事前預(yù)測管理者在什么時候以及多達(dá)程度上達(dá)不到他們要求的目標(biāo)。為什么收購后的風(fēng)險會增加？最初管理者為了增加從資源分配的決策中獲取高回報的機會采取高風(fēng)險的并購整合計劃。大量的證據(jù)表明，管理者經(jīng)常會違反經(jīng)濟合理性假說。Brockner(1986)等人認(rèn)為承諾現(xiàn)象至少在一定程度上是肯定的，“決策者通常不愿意承認(rèn)他們?yōu)榱诉x擇行動策略而進(jìn)行事先分配資源的舉動是徒勞的(自我辯解假說)” 管理者通常是不愿承認(rèn)失敗的，并會通過延長時間來證明他們的決定最終是合理的。承諾升級理論也是從前景理論的觀點演變而來前景理論認(rèn)為當(dāng)人們失敗時會采取帶有風(fēng)險的行動，反而在成功時采取風(fēng)險規(guī)避的態(tài)度，這就是經(jīng)典的賭徒心理?？紤]到保值的因素，管理者僅僅會認(rèn)為采取高風(fēng)險的