跨国并购英文文献

1Author:R.J.Kish.Nationality:AmaricaOriginateform:JournalofMultinationalFinancialManagement1998(8)434–43作者�基什国籍�美国出处�《跨国公司财务管理》�第8卷�第四期�1998年11月�434-437原文1Cross-bordermergersandacquisitions:theEuropean–USexperience1.Factorsmotivatingcross-borderacquisitionsInherextensivediscussionofthemergerandacquisitionprocessMcDonaghBengtsson(1990)proposesthatthefollowingfactorsmotivatemanycompaniestoacquireforeignfirms:thedesiretospreadproductsanddiversifyrisksgeographically;togainback-upproducts;toexploitsynergies;andtoattaineconomiesofscale.However,shecautionsthatworkforceproblems,poorfacilities,aswellassocialandtechnologicaldifferencesmayexposetheacquiringcompanytonewrisks.Otherstudiesintheareaofcross-borderacquisitionsattributethepatternofacquisitionstoseveralcompetingfactors,bothfavorableandunfavorable.Thediscussionthatfollowssurveysasamplingofthesefactors,examiningfirstthefavorableacquisitionvariables(i.e.variablesthatappeartoinfluencethefirm’sconcernedwithcross-borderdeals),thentheunfavorableones.Wepayparticularattentiontothosefactorsmoredirectlyrelatedtothecountriesunderstudy.1.1.FavorableacquisitionfactorsAlthoughthereareanumberoffactorsthatfavoracquisitionactivity,wefocusonthosethatseemtoaffectcross-borderacquisitionsbetweentheUSandtheEU.Thesefactorsincludeexchangerates,diversification,andeconomicconditionsinthehomecountry,aswellastechnologyandhumanresources.1.1.1.ExchangeratesCurrentandforecastedfutureexchangeratesaffectthehomecurrencyequivalentofacquisitionprices,aswellasthepresentvalueoffuturecashflowsaccruingtotheacquiredfirm;therefore,thedominanteffectinanyparticularcaseisultimatelyanempiricalquestion.Existingstudies,predictably,arriveatdifferentconclusionsconcerningtheroleofexchangerates.For2example,FrootandStein(1991)proposethat,whilethereisarelationshipbetweentheexchangeratesandacquisitionactivity,thereisnoevidencethatachangeintheexchangerateimprovesthepositionofforeignacquirersrelativetotheirUScounterparts.Theycontendthatwhenthedollardepreciates,theUSbecomesacheaperplaceforanyfirmtodobusiness—foreignordomestic.Inaddition,theydownplaytherelationshipbetweenforeignacquisitionsandexchangerates,arguingthatimprovedcapitalmobilityleadstoequalized,risk-adjustedreturnsoninternationalinvestments.Goldberg(1993)reachesdifferentconclusions.ShefindsthatadepreciatedUSdollarreducesFDIinAmericanbusinesses.Shealsocontendsthatthereverseholdstrue,thatis,ifthedollarisstrong,oneobservesanincreaseinforeignacquisitionofUSfirmsandadownwardtrendinUSacquisitionsofforeignfirms.However,HarrisandRavenscraft(1991)presentempiricalevidencethatisincontrasttoGoldberg’sfindings.Inparticular,theycontendthatadepreciateddollarincreasesthenumberofforeignacquisitionsofUSfirms.1.1.2.DiversificationThisargumentisbasedontheempiricalobservationthatthecovarianceofreturnsacrossdifferenteconomies,evenwithinthesameindustries,islikelytobesmallerthanwithinasingleeconomy.Itfollowsthattheprospectiveacquiringcompanymustfirstdecideonitsdesiredlevelsofriskandreturn.Onlythenshoulditattempttoidentifycountries,industries,andspecificfirmsthatfallwithinitsriskclass.Inaddition,byacquiringongoingforeignconcerns,companiesmaybeabletocircumventtariffandnon-tariffbarriers,therebyimprovingtheirrisk–returntradeoffbyloweringthelevelofunsystematicrisk.71.1.3.EconomicconditionsinthehomecountryFavorablecyclicalconditionsintheacquiringfirm’shomecountryshouldfacilitatecross-borderacquisitionsasameansforincreasingdemandandlevelsofdiversification.Ontheotherhand,adverseeconomicconditions,suchasaslump,recession,orcapitalmarketconstraints,maycauseprospectiveacquiringfirmstoconcentrateontheirdomesticbusinesswhilepostponinganyinternationalstrategicmoves.1.1.4.AcquisitionoftechnologicalandhumanresourcesIfafirmfallsbehindintheleveloftechnologicalknowledgenecessarytocompeteefficientlyinitsindustry,anditisunableorunwillingtoobtaintherequiredtechnologythroughresearchanddevelopment,thenitmayattempttoacquireaforeignfirmwhichistechnologicallymore3advanced.Intheirstudy,Cebenoyanetal.(1992)supportthispoint,showingthattheexpansionintonewmarketsthroughacquisitionsallowsfirmstogaincompetitiveadvantagefromthepossessionofspecializedresources.1.2.UnfavorableacquisitionfactorsThefactorsdiscussedthusfargenerallytendtoencouragefirmstomakecrossborderacquisitions.Incontrast,thereareothervariablesthatoftenappeartorestraincross-bordercombinations.Theseincludeinformationasymmetry,monopolisticpower,aswellasgovernmentrestrictionsandregulations.1.2.1.Informationasymmetry.Roll(1986)contendsthatinformationaboutaprospectivetargetfirm(e.g.marketshare,sales,cashflowforecasts)iscrucialinthedecision-makingprocessofanacquiringfirm.Ifthenecessaryinformationisnotavailable,Roll(1986)arguesthattheprospectiveacquiringfirmmaybeforcedtodelayordiscontinueitsplans,eventhoughtheforeignfirmappearstobeanattractivetarget.Incontrast,Stoughton(1988)arguesthatinformationeffectsarenotalwaysharmful.Hepointsoutthattheprospectiveacquirermaybeabletoobtaininformationaboutthetargetfirmthatisnotavailabletoothermarketparticipants.1.2.2.Mono