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
2019-04-19
51
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/C76Z777K
0
考研英语一
相关试题推荐
FormostpeopleBritain’sbouncingeconomy,nowgrowingatitsfastestforthreeyears,iscauseforcheer.Not,【C1】______forth
Americaisoneofmanycountrieswherethestategivesaleg-uptomembersofcertainracial,ethnic,orothergroups【C1】______h
Americaisoneofmanycountrieswherethestategivesaleg-uptomembersofcertainracial,ethnic,orothergroups【C1】______h
Americaisoneofmanycountrieswherethestategivesaleg-uptomembersofcertainracial,ethnic,orothergroups【C1】______h
Americaisoneofmanycountrieswherethestategivesaleg-uptomembersofcertainracial,ethnic,orothergroups【C1】______h
Prewritingreferstostrategiesyoucanusetogenerateideasbeforestartingthefirstdraftofapaper.Prewritingtechniques
IntheUnitedStates,thefirstdaynursery,wasopenedin1854.Nurserieswereestablishedinvariousareasduringthe【C1】_____
Companieshaveembarkedonwhatlookslikethebeginningsofare-runofthemergersandacquisitions(M&A)wavethatdefinedth
ThereisgrowinginterestinEastJapanRailwayCo.ltd.,oneofthesixcompanies,createdoutoftheprivatizednationalrailw
ThedecisionoftheNewYorkPhilharmonictohireAlanGilbertasitsnextmusicdirectorhasbeenthetalkoftheclassical-mus
随机试题
第一类精神药品的处方应当至少保存()
怠速不良指发动机怠速时_______或转速_______,发动机转速运转_______、_______。
DNA复制不需要的酶是
A.1kcalB.4kcalC.7kcalD.9kcalE.11kcal每克糖类能产热量为
妊娠期生殖系统的变化错误的是()
甲企业为一家大型商业流通企业,主要经销家电产品,其账务处理使用汇总记账凭证账务处理程序。下列各项中,属于甲企业月末登记总账依据的是()。
反映了一国国际收支的综合情况,可以衡量国际收支对一国储备压力的国际收支局部差额是()。
你是单位的材料审核员,有同志材料没带够请你开绿灯。你怎么办?
请结合相关认知发展或智力发展理论,评述当前儿童教育实践中强调早期智力开发的做法。
Isxpositive?(1)x2-1=0(2)x3+1=0
最新回复
(
0
)