全球化与跨国并购的盈利能力【外文翻译】

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1、外文翻译原文Globalizationandprofitabilityofcross-bordermergersandacquisitionsMaterialSource:EconomicTheory(2008)35:241–266Author:Pehr-JohanNorbäck·LarsPerssonAbstractThispaperstudieshowthesurplusgeneratedbytheglobalizationprocessisdividedbetweenMNEsandownersofdomesticassets.Weconstructanoligopolymo

2、delwherethequilibriumacquisitionpattern,theacquisitionpriceandfirms’greenfieldinvestmentsareendogenouslydetermined.Acquisitionentryisshowntobemorelikelywhenthecomplementaritybetweendomesticandforeignassetsishigh.However,weshowthatsuchacquisitionsmighthavealowprofitability,sincethebiddingcompe

3、titionoverthedomesticassetsisthensofiercethatthefirmsinvolvedwouldbebetteroffnotstartingabiddingwar.Risksassociatedwithdifferententrymodesarealsoexamined.KeywordsFDI.Mergersandacquisitions.Greenfieldinvestments.InvestmentliberalizationIntroductionOneofthemostprominentfeaturesoftheglobalizatio

4、nprocessistheemergenceofnewinvestmentopportunitiesindevelopingandtransitioncountriesforleadingfirmsindevelopedcountries,referredtoasMultinationalEnterprises(MNEs),duetolargeprivatizationsandderegulationprograms1andtheincreaseinlocaldemand.Indeed,theincreaseinforeigndirectinvestment,bothinthef

5、ormofcross-borderacquisitionsanddenovoentry(greenfield),hasbeenstronginthelastdecade:intheearly1990s,thevalueofinwardFDIindevelopingcountrieswasabout$50billionandintheearly2000s,itexceeded$200billion.2ItisexpectedtoincreaseevenfurtherduetotheopeningofhugemarketsinChina,IndiaandtheformerSoviet

6、Union.Forinstance,inChina,twothirdsofthe$400billionmarketvalueofthecompanieslistedontheShanghaiandShenzhenstockexchangesareheldbyprovinces,citiesorthecentralgovernment.OnMay1,2005,theChinaSecuritiesRegulatoryCommissionissuedguidelinesforhowtosellthesestocks.Aspartofatrialprogram,thestatewills

7、tartsellingsharesinasmallnumberoflistedcompanies.ThisdevelopmentisexpectedtoleadtoalargeincreaseinprofitflowsforMNEs.ThepurposeofthispaperistostudyhowthesurplusesgeneratedbythispartoftheglobalizationprocessaredividedbetweenMNEsandownersofdome