在合并的欲望涌动：并购趋势与分析外文翻译(编辑修改稿)

在合并的欲望涌动：并购趋势与分析外文翻译(编辑修改稿)内容摘要：

pressures motivate the late movers to focus on social cues. As a result, they assume other panies have superior information and plunge into deals without fully considering the strategic implications. Bandwagon pressures also help explain why returns improve late in the wave. Te pressures subside as the Mamp。 A boom simmers out, allowing frms to plete more rational assessments of acquisition targets and their values. Even so, the latest movers still generate shareholder returns that lag those made by early movers. Finally, the form of financing plays a role in determining shareholder returns for acquirers later in the cycle. Companies that finance their deals primarily with cash see smaller declines in their shares than panies that use their own equity. Setting the Stage There are two basic types of acquirers: strategic and financial. Strategic buyers are panies that use Mamp。 A as a tool to implement corporate objectives. The most mon rationales for doing deals include industry capacity reduction, product or market line extension, geographic rollup, industry convergence, and Mamp。 A as research and buyers generally assume that they can realize significant operational synergies, which justifes the premium they pay for their targets. Financial buyers are typically private equity frms that acquire panies, business units, or assets and seek to improve their operating performance. Te substantial use of debt— private equity frms typically use $34 dollars of debt for every $1 of equity they contribute— allows them to enhance their cashoncash returns. Further, there is a perception that private equity frms, because less susceptible to pressure from the public markets, can make more optimal capital allocation decisions. (While I acknowledge this perception, I strongly disagree that public panies are prevented by their shareholders from making the best long term capital allocation decisions.) Companies generally pursue strategic deals to expand their core strengths. This may involve plans to extend their product or geographic scope. Recent instances of this horizontal expansion include Kraft and Cadbury, Stanley Works and Black amp。 Decker, and Disney and Marvel. While horizontal expansion may be the most popular rationale for doing a deal, there has been a notable increase in deals based on vertical integration. A vertically integrated pany controls a product or service throughout the value chain, from raw materials to the end product. In recent decades the trend has been toward greater specialization,as panies have increasingly focused on one part of the value chain. In the last two years— perhaps spurred by the economic downturn— some prominent panies have done deals to bee more vertically integrated. These include Oracle and Sun Microsystems, PepsiCo and Pepsi Bottling Group, and Live Nation and Ticketmaster. One factor slowing the pace of deals is that banks have been hesitant to fund them. In the ., bank loans for Mamp。 A fell sharply in 2020 to approximately $100 billion, about onethird of 2020’s volume and only onesixth of the volume of a brutal period in 2020 and early 2020, there are encouraging signs in the credit markets. Deal financing is picking up, interest rates are falling, credit spreads are。