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1、本科畢業(yè)論文外文翻譯外文題目：MergersandAcquisitions出處：TheNationalInterest—Summer200作者：RichardRosecrance原文：MergersandAcquisitions.------------------------------------RichardRosecranceTalkaboutempirehasbecomeacliche.HistoriansandeconomistsbusythemselvescomparingAmerica'sco
2、ntemporaryrolewithRome,NapoleonicEranceandimperialBritain.Theyassumethatempireistheonlymodelforastateseekingtoprojectpowerandinfluence—ignoringalternativesfromthebusinessworld.Afterall,businessesconfrontmanyofthesamedifficultiesthatstatesface.Whencompetitor
3、semerge,firmsundergopressure.Acorporationmayreducethecostofitsproductsbycuttingthecostsofrawmaterialsandlabor,increasingsalesandfindingnewtechnologicalfixes—justasastatemighttrytoincreaseeconomicgrowth,enhanceproductivityordevelopnewweaponssystems.Butifacom
4、panyreachestheHmitsofitseconomicmarket,itmayconsideramergerwithlike-mindedcompaniestocopewithacompetitor.Statesreachingthelimitsoftheirviabilityasself-sufficientactorscanadoptmergerstrategies,too.Indeed,topreserveitsglobalinfluencethroughoutthecourseofthe21
5、stcentury,thisisapaththeUnitedStatesmustconsider.Whydocompaniespursuemergers?Mergersgivecompaniesgreaterflexibility.Theyachievegreaterscalewithoutincreasingproduction.Ifnewproductsareinvolvedinthemerger,acombinedfirmcanavoidanti-trustproblems.Largerscaleall
6、owsacompanytomaintainitspositionintheindustry.Usuallyitcaninvestinnewproducts,runhigheradvertisingbudgetsandsometimesachievelowerprices.Alargeproducercangetrawmaterialsatreducedcost.Wal-Mart,thecontemporaryexemplarofcorporateexpansion,hasnotshrunkfromplungi
7、ngintonewmarketsandcuttingprices—therebyforcingthemergerbetweenK-MartandSears.NowGilletteiscombiningwithProctorandGambletooffsetWal-Mart'sdominationinthehouseholdsector.Verizon'ssuccessincommunicationsisprovokingaconnectionbetweenNextelandSprint,andVerizoni
8、sinturnseekingtoacquireMCI.OracleandPeopleSoftaremergingtocounterSAPinenterprisesoftware.Hewlettt-PackardmergedwithCompaqtomatchDellComputer'sgainsandisopentonewmergerstrategies.Mergersgivenationssimil
