2. 外语
  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 author of the passage mentions the effect of acquisitions on national economies most probably in order to
选项 A、provide an explanation for the mergers and acquisitions of the 1970s and 1980s overlooked by the findings discussed in the passage
B、suggest that national economic interests played an important role in the mergers and acquisitions of the 1970s and 1980s
C、support a noneconomic explanation for the mergers and acquisitions of the 1970s and 1980s that was cited earlier in the passage
D、cite and point out the inadequacy of one possible explanation for the prevalence of mergers and acquisitions during the 1970s and 1980s
答案D
解析 本文作者提到收购对民族经济的影响很可能是为了引证和指出，在20世纪70和80年代收购和合并公司非常盛行，一个可能的解释有其不足之处。从第六句至第八句可以看出，尽管收购公司对民族经济有良好的影响，但经济利益以外的一些因素，如激励性地补偿管理人员以及董事会监管不力，会驱使管理人员合并和收购公司。
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