【正文】 s the crux of the SMP test of the acquisition. To justify the cost of the deal, Northrop Grumman needed not just to maintain Ryan’s leadership in UAVs, but also to grow the business sufficiently to have an impact on the parent pany’s overall SMP. This is exactly what Northrop Grumman has done. Among the pany’s 2021 contracts were $ billion for X47B Joint Unmanned Combat Air Systems. That single contract was 外文文獻(xiàn)翻譯 4 more than enough to justify the $140 million cost for acquiring Ryan. Other UAV business has followed, and the ‘‘Global Hawk’’ UAV has played a critical role in the Iraq War. In terms of shareholder returns, it is difficult to separate out the impact of the Ryan acquisition from the string of other, mostly larger acquisitions that Northrop Grumman has pleted since 1999. But the pany’s revenues have increased an average of percent annually since 1999, and ine has increased by percent annually (to $ billion). The stock price has risen at an average annual rate of 12 percent. Today, Northrop Grumman is the secondbiggest US defense contractor (behind Lockheed Martin). Meanwhile, oncetiny Ryan began generating annual revenues more than ten times its acquisition price – a clear ‘‘SMP win.’’ The acquisition price became irrelevant when considered against the amount of new business generated by the deal. Yes, acquirers may pay a steep acquisition premium in today’s marketplace, but as the Northrop Grumman/Ryan deal clearly illustrates, there are properties for which you should pay such a premium, assuming that you have a clear view of the strategic market position that you are trying to build. Successful acquirers focus on understanding the strategic value of an asset, measured in terms of either stronger SMP and increased revenues, or higher profitability for the bined anization – a value that is often very different from a fair price based on multiples of historic earnings, or cash flow. You can use acquisitions to create value for your shareholders if you know where value hides. 外文文獻(xiàn)翻譯 5 通過并購創(chuàng)造價值 斯圖爾特 每個成功的公司感覺 到 相同的增長 要務(wù) ，所以幾乎所有人都正在尋找業(yè)務(wù)不斷增長、 利潤豐厚的 公司 將 它們 添加到 自己 的投資組合公司。 這就是壞消息。諾斯羅普格魯曼公司在重要 項目 的利潤率仍然貧血，收入 從 1996 年的86 億 美 元 下降到 1999 年 的 76 億美元 。但讓我們應(yīng)用 SMP 原理的 四個問題 來 測試上文所述 并且用 母公司的觀點審議這一交易 看看 。 所以減少制造成本以及對生產(chǎn)線的功能支持是的可能性極小。為了證明交易成本的合理 ,諾斯羅普但自 1999 年以來每年公司的收入 平均 增加了 %，其中 凈收入每年增長了 % （ 達(dá)到 億美元）。