【正文】 被放在這之后。相反，他們認為這對國際投資環(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險。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。 Therefore, the dominant effect in any particular case is ultimately an empirical question. Existing studies, predictably, arrive at different conclusions concerning the role of exchange rates. For example, foot and Stein (1991) propose that, while there is a relationship between the exchangerates and acquisition activity, there is no evidence that a change in the exchange rate improve the position of foreign acquirers relative to their US counterparts. They contend that when the dollar depreciates, the US bees a cheaper place for any firm to do business—foreign or domestic. In addition, they downplay the relationship between foreign acquisition and exchange rates, arguing that improved capital mobility leads to equalized, riskadjusted returns on international investments. Goldberg (1993) reaches different conclusions. She finds that a depreciated US dollar reduces FDI in American businesses. She also contends that the reverse holds true, that is, f the dollar is strong, one observes an increase in foreign acquisition of US firms and a downward trend in US acquisition of foreign firms .However, Harris and Ravens craft (1991) present empirical evidence that is in contrast to Goldberg’s findings. In particular, they contend that depreciated dollar increases the number of foreign acquisition of US firms. DiversificationThis argument is based on the empirical observation that covariance of returns across different economy. It follows that the prospective acquiring pany must first decide on its desired levels of risk and return. Only then should it attempt to acquire ongoing foreign concerns, panies may be able to circumvent tariff and nontariff barriers, thereby improving their riskreturn tradeoff by lowering the level of unsystematic risk.Economic conditions in the acquiring firm’s home country should facilitate crossborder acquisitions as a means for increasing demand and levels of diversification. On the other hand, adverse economic conditions, 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