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1、本科毕业论文（设计）外文翻译原文：ReasonsforfailureinmergersandacquisitionsMergersandacquisitionshavebeenusedasatoolforfacilitatingcorporateexternalexpansionsthroughthecontrolofsharesandassetsinanothercompany,orbyconsolidatingresourcesandoperationstogainfullandeffectivecont
2、rolofthemarket,undertakejointstrategicopportunitiesandhedgingagainstbusinessrisk.Theacquiringcompanyperformsacapitalbudgetinganalysistoensurethatitwillearntherequiredrateofreturn,andbeyondthat,specialconsiderationsforlegal,tax,accountingandfinancialissuesar
3、ebroughtintoperspectivewhendeterminingvaluethatwillbeadded.MergersandacquisitionsareanintegralpartofSouthAfricancorporatelife,anditisthereforerelevantforustoanalyzethereasonsforfailureinM&A's,andhowtosetthetermsforasuccessfulmergeroracquisition.Asthesametim
4、e,aspartofduediligence,howthesetermsgetwronglyappliedormisjudgedintheeventofabusinessdealcomingtofailure.Insummary,mergersandacquisitionsareprimarilyaimedatfacilitatingcorporateexpansions,allowformarketdominanceandbusinessriskdiversification.Mergersandacqui
5、sitionsaremotivatedbythedesiretoacquiremoreopportunitiesthattheacquiringcompanydoesnotpossessinfullorinpartthroughdirectorindirectparticipationintheacquiredbusiness.Failureattributabletoanyoftheopportunitiesdrivingthebusinessacquisitiondecisioncanresultinan
6、investmentbecomingnon-viableandfailingtorealizeexpectedsynergiesformaximizingpost-acquisitionreturns.Reasonsformergersandacquisitionsarethefollowing:Operatingeconomies,managerialskills,andtaxconsiderations-assessedlosses,useofexcessliquidity,diversification
7、,lowerfinancingcosts,replacementcostsandtechnologyintegration.Someofthesefactorsareexplainedinthisresearchcontextwheredeemedrelevanttothecontentofthisresearch.Theneedtocontributesomeanalyticalthinkingandcriticaljudgmenttowardsthestudyonmaximizationofcorpora
8、tereturnsthroughdiversificationofinvestmentrisk,toenablethespreadofriskbetweendiversifiedbusinessinterestshasbeenthekeymotivatorforthisstudyonMergersandacquisitions.Theproblemassociatedwithfailuretoach
