外文翻譯--跨國并購風險的緩解

1、<p><b>　　外文翻譯</b></p><p><b>　　原文</b></p><p>　　Mitigating risks in cross-border acquisitions</p><p>　　In the past 20 years, the volume of cross-border ac

2、quisitions for corporate assets has increased nearly three times faster than the volume of domestic acquisitions. Compared to domestic acquisitions, cross-border acquisitions present greater challenges for a buyer becaus

3、e of institutions and cultural values that are unfamiliar to a foreign corporation. Firms acquiring assets in a foreign country may face different accounting practices and disclosure requirements, which hamper the due di

4、ligence p</p><p>　　Acquiring firms can reduce investment uncertainty by structuring the payments so they are contingent on performance of the assets. This paper analyzes two alternative contingent payments.F

5、irst, buyers can pay with stock, sharing the risk of the acquisition with the sellers as they will retain an equity position in the acquirer. Second, acquiring firms can use earn out payments contingent on the performanc

6、e of the assets being acquired (Kohers and Ang, 2000).</p><p>　　Buyers and sellers can operate assets together in an equity joint venture (JV) to improve the exchange of information on the quality of the ass

7、ets. Nanda and Williamson (1995) describe several JVs that were conceived as a mechanism to exchange information conducive to an eventual acquisition. In a sample of predominantly domestic JVs, Mantecon and Chatfield (20

8、07) find that JVs can be mechanisms to transfer assets in the presence of valuation uncertainty. </p><p>　　The purpose of this article is to understand which of these mechanisms for reducing uncertainty is m

9、ore beneficial to acquirers of cross-border corporate assets. I hypothesize that the use of earnouts and stock as a method of payment and the formation of equity JVs conducive to acquisitions should be more valuable when

10、 investment uncertainty is more severe. This article contributes to the existing literature by testing this hypothesis in a sample of 30,783 acquisitions announced from 1985 to 200</p><p>　　The results show

11、that the valuation effects to acquirers in cross-border deals depend on the information obtained about the assets before the acquisition. Buyers experienced large gains in the acquisition of assets that were operated in

12、a JV, suggesting that acquirers profited from the information obtained while jointly operating the assets. I hypothesize that these gains should be positively associated with the degree of uncertainty being resolved. Con

13、sistent with this hypothesis, acquirers exp</p><p>　　Mechanisms to ameliorate investment risk in cross-border acquisitions.Although the evidence on the valuation effects to acquirers of cross-border acquisit

14、ions remains inconclusive, these buyers face higher levels of uncertainty for several reasons. The due diligence process is complicated by different accounting and disclosure requirements. Assimilation of assets is also

15、more difficult because of cultural differences that determine how business is conducted. In addition, legal systems with diffe</p><p>　　How can buyers reduce the uncertainty associated with crossborder acqui

16、sitions? Reuer (2005) suggests the use of contingent payments and operational relationships. The use of stock as currency can be a contractual tool to reduce investment risk because it has a contingent-pricing effect (Ha

17、nsen, 1987). The target firm, accepting stock, signals positive information on the value of the acquirer and on the assets being transferred. Buyers in turn signal their own quality as they prefer to use their</p>

18、<p>　　Acquiring firms can also reduce uncertainty by using earnout payments. Reuer et al. (2004) find that US firms use more contingent payouts when purchasing assets in high-tech and services industries for a samp

19、le of 3098 deals in the period 1995–1998. Kohers and Ang (2000) analyze 938 mergers with earnout payments. They report that earnouts facilitate the transactions in the presence of high information asymmetries.</p>

20、<p>　　Buyers face higher levels of uncertainty in cross-border acquisitions. This article contributes to the extant literature by analyzing different mechanisms buyers can use to reduce investment uncertainty in a

21、large sample of cross-border acquisitions of assets located in 128 countries. The results from this analysis indicate that buyers experienced lower gains when the assets were located in a different country. The findings

22、suggest that these inferior gains can be explained by more severe agency</p><p>　　Author: Tomas Mantecon</p><p>　　Nationality: Amarica</p><p>　　Originate form: Journal of Banking &a

23、mp; Finance,2009(33),640-641,650.譯文2</p><p><b>　　跨國并購風險的緩解</b></p><p>　　在過去的20年中，企業(yè)資產(chǎn)的跨國收購量比國內(nèi)并購數(shù)量增加了近3倍。與國內(nèi)并購相比，跨國并購面臨一個更大的挑戰(zhàn) 由于買方對外國公司的機構和文化價值觀不熟悉。公司并購國外企業(yè)資產(chǎn)可能面對不同的會計方法和披露要求，這阻礙了盡職

24、調(diào)查的過程。決定如何指定商業(yè)策略和經(jīng)營業(yè)務的文化特殊性使得進入買方內(nèi)部資產(chǎn)業(yè)務結構更為復雜。收購公司也可能會遇到不同產(chǎn)權保護制度的法律，這一因素增加了未來現(xiàn)金流量的不確定性?？鐕①徶懈蟪潭鹊牟淮_定性減少了作為交換的資產(chǎn)價值（阿克洛夫，1970；斯蒂格利茨，2000），并作為跨國并購表現(xiàn)欠佳的解釋體現(xiàn)出來（Denis等人，2002年；Moeller和Schlingemann，2005）。 在這篇文章中，我會分析一些買家可以改善這些交易

25、固有風險的不同方案。這一分析重要性是讓那些希望在國外市場擴大業(yè)務的企業(yè)理解最佳進入策略。 </p><p>　　收購公司調(diào)整投資結構可以減少不確定性，所以他們?nèi)Q于資產(chǎn)的績效。 本文分析了兩種可供選擇的有支出。第一，買家可以通過用股票支付與被并購方同時分擔并購風險，因為這樣可以使并購方和被并購方在并購活動中保持同等風險地位。第二，企業(yè)可以對所并購的資產(chǎn)進行分期付款（Kohers和Ang，2000）。</p&

26、gt;<p>　　買家和賣家可以在一個合資企業(yè)（JV）中將資產(chǎn)運作聯(lián)合在一起，以提高資產(chǎn)信息交流的質量。Nanda和Williamson (1995)描述被看作是一種機制的合資企業(yè)有利于交流信息直至最終并購購。例子中，Mantecon和Chatfield（2007年）發(fā)現(xiàn)，國內(nèi)主要的合資企業(yè)，合資公司可以作為一種轉移資產(chǎn)估值存在的不確定性。</p><p>　　本文的目的是要了解哪些機制可以減少不確

27、定性從而使得更為有利地行并購境外合資企業(yè)。本人假設，當投資更有價值的不確定性更加嚴重這種使用分期付款和股票作為支付方式和公平形成的合資企業(yè)投資應該是有利于收購，文章從1985年到2005宣布收購的30783個樣本示例有助于現(xiàn)有文獻的檢驗這一假說。這個樣本的收購方來自75個國家，涉及6824個跨境的資產(chǎn)收購的來自128個國家。</p><p>　　研究結果表明，并購活動中的估值影響取決于對獲得的信息資產(chǎn)收購前。并購

28、方在該合資企業(yè)經(jīng)營資產(chǎn)中取得了巨大的收益，這表明并購雙方在共同獲得信息去經(jīng)營資產(chǎn)的并購中獲利。筆者認為，這些成果應積極地與不確定性得到解決的程度聯(lián)系起來。根據(jù)這一假說，在合資企業(yè)中取得較大收益的并購方所在的國家擁有較高水平的投資風險和更高水平的估值不確定性。這些結果表明，合資企業(yè)可以作為一個減少與跨界在嚴重的估值和收購國家的投資風險不確定性的過渡性使用機制。</p><p>　　改善投資機制跨境風險。雖然估值對跨

29、國并購者的影響的證據(jù)仍沒有定論，但是這使買家面對更高水平的不確定性。原因有以下幾個：盡職調(diào)查過程由于不同的會計和信息披露要求而變得復雜；資產(chǎn)同化也由于決定企業(yè)如何經(jīng)營的文化差異而變得更加困難； 此外，對少數(shù)股東不同級別的保護法律制度和強制合同執(zhí)行都增加了未來現(xiàn)金流量的難度值。</p><p>　　并購者如何才能減少與跨境相關的不確定性收購？ Reuer（2005）建議使用的分期付款和業(yè)務關系。作為貨幣使用的股票可

30、以是一個合同工具來降低投資風險，因為它有一個分期定價效應（Hansen，1987）。目標公司如果接受股票，并購者和被并購的資產(chǎn)表示看好。并購者則相反，如果并購者選擇用股票收購說明他們高估了被收購企業(yè)及其資產(chǎn)（邁爾斯和麥吉羅夫，1984）。因此，最終的市場反應對并購中股票支付的使用取決于并購方和目標并購企業(yè)的信息不對稱程度以及作為其相對的議價地位。</p><p>　　收購公司也可以通過使用分期付款來減少并購價格的

31、不確定性。Reuer等發(fā)現(xiàn)，在1995-1998年期間的3098個樣本中，美國企業(yè)在購買高科技資產(chǎn)和服務性領域的交易時更多使用分期付款。 Kohers 和Ang（2000）分析938個并購使用分期付款。他們認為，分期付款為交易信息中存在較大不對稱性提供了便利。 </p><p>　　并購者跨國的并購中面對著更高水平的不確定性。本文通過分析現(xiàn)存的128個國家的資產(chǎn)跨國并購樣本文獻有助于并購者可以使用不同的機制，減少

32、投資的不確定性。從這一分析的結果表明，當并購資產(chǎn)均位于在不同的國家時候，并購者獲得較少的收益。研究結果表明，可以由跨國并購的并購者中存在的較嚴重的代理問題來解釋這些偏低的收益。結果表明，在跨國并購中獲取較大收益的并購是在一個共同經(jīng)營資產(chǎn)收購的合資企業(yè)中的。這些較大收益的收購不能被解釋為是受上市的影響，或者由于合營企業(yè)合同中嵌入看漲期權的存在，或通過對目標公司小股東的剝奪。該研究結果顯示，分期付款與國內(nèi)并購的較大收獲有直接關系，但沒有跡象

33、表明在跨國并購中并購者受益于這些策略。結果表明，在合資企業(yè)所發(fā)生的信息交流提高了跨國并購交易的價值，通過存在著的較高的不確定性、估值水平和國家投資風險體現(xiàn)出來。因此，合資企業(yè)是一個降低跨境并購所固有風險的有效機制。</p><p>　　作者：托馬斯.曼特肯</p><p><b>　　國籍：美國</b></p><p>　　出處：《銀行和金融期