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  3. Findings from several studies on corporate mergers and acquisitions during the 1970s and 1980s raise questions about why firms i

Findings from several studies on corporate mergers and acquisitions during the 1970s and 1980s raise questions about why firms i

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问题     Findings from several studies on corporate mergers and acquisitions during the 1970s and 1980s raise questions about why firms initiate and consummate such transactions. One study showed, for example, that acquiring firms were on average unable to maintain acquired firms’ pre-merger levels of profitability. A second study concluded that post-acquisition gains to most acquiring firms were not adequate to cover the premiums paid to obtain acquired firms. A third demonstrated that, 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. Yet mergers and acquisitions remain common, and bidders continue to assert that their objectives are economic ones. Acquisitions may well have the desirable effect of channeling a nation’s resources efficiently from less to more efficient sectors of its economy, but the individual acquisitions executives arranging these deals must see them as advancing either their own or their companies’ private economic interests. It seems that factors having little to do with corporate economic interests explain acquisitions. These factors may include the incentive 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 bidders may derive from modeling: a manager does what other managers do.
The findings cited in the passage suggest which of the following about the outcomes of corporate mergers and acquisitions with respect to acquiring firms?
选项 A、They include a decrease in value of many aquiring firms’ stocks.
B、They tend to be more beneficial for small firms than for large firms.
C、They do not fulfill the professed goals of most aquiring firms.
D、They tend to be beneficial to such firms in the long term even though apparently detrimental in the short term
答案C
解析 就收购公司的合并和收购的结果而青，短文引用的结果暗示了以下哪种观点?它们没有实现大多数收购公司公开承认的目标。短文开头引用的三项研究表明收购和合并往往有害于收购公司的经济目标。然而本文还表明投标公司继续声明它们的目标是经济目标(见本文第五句)，暗示收购其他公司并未实现这些公司的目标。
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