Findings from several studies on 为何公司搞合并？
corporate mergers and acquisitions
during the 1970’s and 1980’s raise
Line questions about why firms initiate and
(5) consummate such transactions. One 后果1，收购公司不能维持被购
study showed, for example, that acquir- 公司的利润。
ing firms were on average unable to
maintain acquired firms’ pre-merger
levels of profitability. A second study 后果2，收购后的收益不能弥
(10) concluded that post-acquisition gains 补收购成本。
to most acquiring firms were not ade-
quate to cover the premiums paid
to obtain acquired firms. A third 后果3，收购公司股价上升放缓
demonstrated that, following the
(15) announcement of a prospective
merger, the stock of the prospective
acquiring firm tends to increase in
value much less than does that of
the firm for which it bids. Yet merg- 但收购仍然普遍，说为了经济。
(20) ers and acquisitions remain common,
and bidders continue to assert that
their objectives are economic ones.
Acquisitions may well have the desir- 收购可能优化国家资源，但其
able effect of channeling a nation’s 实是执行者出于自身或公司利
(25) resources efficiently from less to 益。
more efficient sectors of its economy,
but the individual acquisitions execu-
tives arranging these deals must see
them as advancing either their own or
(30) their companies’ private economic
interests. It seems that factors hav- 似乎收购原因是一些非经济
ing little to do with corporate economic 利益因素。
interests explain acquisitions. These
factors may include the incentive 因素列举。
(35) compensation of executives, lack
of monitoring by boards of directors,
and managerial error in estimating the
value of firms targeted for acquisition.
Alternatively, the acquisition acts of 或者是经理们相互效仿。
(40) bidders may derive from modeling:
a manager does what other man-
agers do.
对于这种开头就是提出问题的文章，在读文章的过程中一定要牢牢想着问题是如何回答的。
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Q11:e
According to the passage, during the 1970’s and 1980’s bidding firms differed from the firms for which they bid in that bidding firms
A. tended to be more profitable before a merger than after a merger
B. were more often concerned about the impact of acquisitions on national economies
C. were run by managers whose actions were modeled on those of other managers
D. anticipated greater economic advantages from prospective mergers
E. experienced less of an increase in stock value when a prospective merger was announced
following the announcement of a prospective merger, the stock of the prospective acquiring firm tends to increase in value much less than does that of the firm for which it bids. 定位第三个factor
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Q12:e
It can inferred from the passage that the author would be most likely to agree with which of the following statements about corporate acquisitions?
A. Their known benefits to national economies explain their appeal to individual firms during the 1970’s and 1980’s.
B. Despite their adverse impact on some firms, they are the best way to channel resources from less to more productive sectors of a nation’s economy.
C. They are as likely to occur because of poor monitoring by boards of directors as to be caused by incentive compensation for managers.
D. They will be less prevalent in the future, since their actual effects will gain wider recognition.
E. Factors other than economic benefit to the acquiring firm help to explain the frequency with which they occur.
最后一句话
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Q13:b
The author of the passage implies that which of the following is a possible partial explanation for acquisition behavior during the 1970’s and 1980’s?
A. Managers wished to imitate other managers primarily because they saw how financially beneficial other firms’ acquisitions were.
B. Managers miscalculated the value of firms that were to be acquired.
C. Lack of consensus within boards of directors resulted in their imposing conflicting goals on managers.
D. Total compensation packages for managers increased during that period.
E. The value of bidding firms’ stock increased significantly when prospective mergers were announced.
本题要小心，很容易误选A，但是A后面的how..是文章从来没有提过的，不能随便推理。而B从文章中间说的追求个人利益等等，和前面说的合并后的不利因素可以推理出来。
-- by 会员 edwardelric (2010/3/8 9:48:39)
看来阅读能力还有差距啊