外文翻譯--中國企業(yè)跨國并購績效的決定因素-其他專業(yè)-資料下載頁
2025-01-19 09:52本頁面
【導(dǎo)讀】公司，我們收購前的性能和國有股比例對收購公司的表現(xiàn)產(chǎn)生積極的影響。在過去的30年里，中國經(jīng)歷了快速的經(jīng)濟增長。在此期間，大量的中國企業(yè)。國際化擴張的方式之一就是收購現(xiàn)有企業(yè)，在國外，所謂的跨國兼并和收購。雖然這個數(shù)字是低，規(guī)模小的，但最近比過去的趨勢明顯加快。象值得密切關(guān)注，以便更好地了解在這個問題上。系統(tǒng)研究表明，有相當數(shù)量的跨國兼并和收購以失敗而告終。近年來，中國企業(yè)的跨國兼并和收購的規(guī)模穩(wěn)步上升。根據(jù)聯(lián)合國貿(mào)易與發(fā)。2021年，其中大部分是1997年后發(fā)生。雖然平均金額每年只有億美元，1988. 所有這些情況表明，中國企業(yè)的跨。因此，它必須有一個很好的理解中國和國際。的關(guān)系，中國企業(yè)海外并購和決定因素之間的關(guān)系。本文擬作出貢獻是解釋企業(yè)層面的海外并購，中國企。在第2條中的跨境并購活動的中國企業(yè)的特點進行了討論?？鐕①彽某晒辽?大因素。公司的管理效率之間的差異，確定目標公司的收購后的表現(xiàn)。
【正文】 scribes that the relationship between shareholders and managers as a principalagent relationship. The principal and agent have different and often conflict interests. A manager considers his own interest first when making decisions that may not at the best of interest of shareholders. Jensen amp。 Meckling (1983)define a firm as a nexus of contracts, contending that agency cost is unavoidable in public panies. One kind of agency costs is associated with the magnitude of free cash flow that refers to the amount of cash leftin the pany after covering the need of all investment projects with positive present value. Large amounts of free cash flow can cause higher agency cost when corporate governance of acquiring pany is imperfect. When a pany has a large free cash flow but no or just a little debt, shareholders and managers may face a serious conflict in interests regarding dividend policy. In order to maximize their interests, managers prefer not distributing the free cash as dividend payout and to keep free cash flow within the pany. Therefore they can use that cash not only for their personal private benefits or overinvestment, but also for pensation of possible losses in the future(Jensen, 1986). If there is no good control system in place to ensure efficiency in operations, free cash flow may lead to high agency cost. Under that circumstance, acquisition cannot be a sound decision. On the other hand, free cash flow is redistributable financial resource thus released in acquisitions, and put it into more productive use. Jensen also predicts the characteristics of the free cash flow concentrated industries, showing that the free cashflow can be a serious problem for panies with large amounts of free cash flow and low growth prospect, and especially essential for panies doomed to shrink. These panies face the most serious situation for wasting cash on investments in non profitable projects. We argue free cash flow can cause the same agency cost in China’ s publicly listed panies. Dividend payout lowers the resources under manager’ s control。 therefore managers prefer using free cash 過程管理材料 4 本科畢業(yè)論文外文翻譯 10 flow to invest instead of dividend payment, even though such investment may not generate positive returns to shareholders. Therefore, we hypothesize that acquiring pany with sufficient cash flow before acquisition has poor post acquisition performance. Hypothesis 2: Preacquisition free cash flow Chinese pany (the acquirer) and its acquisition performance are negatively related. References [1] Eisenhardt, ., 1989. Agency Theory: An Assessment and Review. The Academy of Management Review, 14(1): 5774. [2] Feng, Genfu and Linjiang Wu, 2021. Empirical Study of Performance of Mergers and Acquisitions of Chinese Public Companies. EconomicResearch, 1, in Chinese [3] .Fowler, K. L. amp。 Schmidt, D. R., 1989. Determinants of tender offer postacquisition financial performance. Strategic Management Journal, 10(4): 339. [4] Franks, J., R. Harris amp。 S. Titman, 1991. The postmerger shareprice performance of acquiring firms. Journal of Financial Economics, 29. . [5] Haleblian, J. amp。 S. Finkelstein, 1999. The influence of anizational acquisition experience on acquisition performance: A behavioralperspective. Administrative Science Quarterly, 44 (1): 29. [6] Harrison J. S., M. A. Hitt, R. E. Hoskisson amp。 R. D. Ireland, 1991. Synergies and Post Acquisition Performance: Differences Versus Similaritiesin Resource Allocations. Journal of Management, 17: 173190. [7] Hayward, M. L. A., 2021. When do firms learn from their acquisition experience? Evidence from 1990— 1995. Strategic Management Journal,23 (1): 21. [8] Hitt, M., Harrison, J., Ireland, R. D., amp。 Best, A., 1998. Attributes of Successful and Unsuccessful Acquisitions of US Firms. British Journal ofManagement, 9 (2): 91.
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