首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
考研
Companies have embarked on what looks like the beginnings of a re-run of the mergers and acquisitions (M&A) wave that defined th
Companies have embarked on what looks like the beginnings of a re-run of the mergers and acquisitions (M&A) wave that defined th
admin
2019-05-30
41
问题
Companies have embarked on what looks like the beginnings of a re-run of the mergers and acquisitions (M&A) wave that defined the second bubbly half of the 1990s. That period, readers might recall, was characterized by a collective splurge that saw the creation of some of the most indebted companies in history, many of which later went bankrupt or were themselves broken up. Wild bidding for telecoms, internet and media assets, not to mention the madness that was Daimler’s $40 billion motoring takeover in 1998-1999 of Chrysler or the Time-Warner/AOL mega-merger in 2000, helped to give mergers a thoroughly bad name. A consensus emerged that M&A was a great way for investment banks to reap rich fees, and a sure way for ambitious managers to betray investors by trashing the value of their shares.
Now M&A is back. Its return is a global phenomenon, but it is perhaps most striking in Europe, where so far this year there has been a stream of deals worth more than $ 600 billion in total, around 40% higher than in the same period of 2004. The latest effort came this week when France’ s Saint-Gobain, a building-materials firm, unveiled the details of its £ 3.6 billion ($ 6.5 billion) hostile bid for BPB, a British rival. In the first half of the year, cross-border activity was up threefold over the same period last year. Even France Telecom, which was left almost bankrupt at the end of the last merger wave, recently bought Amena, a Spanish mobile operator.
Shareholder’ s approval of all these deals raises an interesting question for companies everywhere; are investors right to think that these mergers are more likely to succeed than earlier ones? There are two answers. The first is that past mergers may have been judged too harshly. The second is that the present rash of European deals does look more rational, but — and the caveat is crucial—only so far. The pattern may not hold.
M&A’ s poor reputation stems not only from the string of spectacular failures in the 1990s, but also from studies that showed value destruction for acquiring shareholders in 80% of deals. But more recent studies by economists have introduced a note of caution. Investors should look at the number of deals that succeed or fail (typically measured by the impact on the share price) , rather than (as you might think) weighing them by size. For example, no one doubts that the Daimler-Chrysler merger destroyed value. The combined market value of the two firms is still below that of Daimler alone before the deal. This single deal accounted for half of all German M&A activity by value in 1998 and 1999, and probably dominated people’ s thinking about mergers to the same degree. Throw in a few other such monsters and it is no wonder that broad studies have tended to find that mergers are a bad idea. The true picture is more complicated.
The case of Daimler-Chrysler is employed in the text as______.
选项
A、an illustration of an evaluation criterion
B、an explanation of a spectacular failure
C、a discussion of a mobile operator
D、a guarantee of a harsh judgement
答案
A
解析
这是一道细节题,测试考生识别和理解上下句之间关系的能力。本题的答案信息来源在尾段,尤其是尾段的第三、四句,关键在于第三句,其大意是:“投资者不要只考虑合并和收购的规模,相反应该考虑合并和收购成功或失败的次数。”此句主要阐述投资者的权衡标准,故本题的正确选项应该是A“an illustration of an evaluation criterion”(举例说明评估的标准)。考生在阅读时要重视上下句之间的关系,以免造成答题时间的浪费。
转载请注明原文地址:https://kaotiyun.com/show/4FnZ777K
0
考研英语一
相关试题推荐
Companieshaveembarkedonwhatlookslikethebeginningsofare-runofthemergersandacquisitions(M&A)wavethatdefinedth
Anaturalresourceorresourceisusuallydefinedasanythingobtainedfromthephysicalenvironmenttomeethumanneeds.Somer
ThereisgrowinginterestinEastJapanRailwayCo.ltd.,oneofthesixcompanies,createdoutoftheprivatizednationalrailw
ThereisgrowinginterestinEastJapanRailwayCo.ltd.,oneofthesixcompanies,createdoutoftheprivatizednationalrailw
ThereisgrowinginterestinEastJapanRailwayCo.ltd.,oneofthesixcompanies,createdoutoftheprivatizednationalrailw
Sevenyearsago,agroupoffemalescientistsattheMassachusettsInstituteofTechnologyproducedapieceofresearchwhichsh
Sevenyearsago,agroupoffemalescientistsattheMassachusettsInstituteofTechnologyproducedapieceofresearchwhichsh
Weallknow(orshouldknow)bynowthatthecarbondioxideweproducewhenweburnfossilfuelsandcutdownforestsisthepla
Weallknow(orshouldknow)bynowthatthecarbondioxideweproducewhenweburnfossilfuelsandcutdownforestsisthepla
Parenthoodisn’tacareer-killer.Infact,economistswithtwoormorekidstendtoproducemoreresearch,notless,thantheir
随机试题
社会发展和变革的先导是()。
下面有关Access中表的叙述正确的是()
女性,25岁,左膝外上方逐渐隆起包块伴酸痛半年,X线平片提示左股骨下端外侧有一病灶,边缘膨胀,中央有肥皂泡样改变,无明显的骨膜反应。其诊断考虑为
下列哪项不是卫生法的基本原则
县张某系艾滋病患者,在B市传染病医院隔离治疗期间,擅自逃出医院回到A县,脱离隔离治疗。为防止艾滋病传播,可以协助传染病医院追回张某采取强制隔离治疗措施的是
根据我国《建设工程勘察设计企业资质管理规定》,工程勘察综合资质()。
一家名为“豪城”的饭店是由主楼和副楼两幢建筑构成。在星级评定中,该饭店主楼被评为三星级,而副楼则被评为二星级。在这种情况下,评定二星级的副楼()使用“豪城”饭店名称,否则“豪城”饭店的三星级无效。
十八届三中全会指出,公有制为主体、多种所有制经济共同发展的基本经济制度,是中国特色社会主义制度的重要支柱,也是社会主义市场经济体制的根基。公有制经济和非公有制经济都是社会主义市场经济的重要组成部分,都是我国经济社会发展的重要基础。必须毫不动摇巩固和发展公有
WhilewewererestingatamarketsquareinOldDelhi,we【B1】asnake--charmerandhis【B2】.The【B3】hadalongpipeandtwolarg
BonAppetiteA)Wealllovethefoodwegrowupon,butwealsoseekadventureinthefoodwehavenevertasted.Ahugelypopular
最新回复
(
0
)