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1、外文翻譯并購支付方式在歐洲的選擇!姓名：主力軍學(xué)號(hào)：120107246原文：ThechoiceofpaymentmethodinEuropeanM&AGlobalM&Aactivityhasgrowndramaticallyoverthelasttenyears,bringingwithitmajorchangesintheorganizationandcontrolofeconomicactivityaroundtheworld.Yet,thereismuchabouttheM&Aprocessthatwedonotfullyunde
2、rstand,includingthechoiceofpaymentmethod.GiventhelargesizeofmanyM&Atransactions,thefinancingdecisioncanhaveasignificantimpactonanacquirer’sownershipstructure,financialleverage,andsubsequentfinancingdecisions.Thefinancingdecisioncanalsohaveseriouscorporatecontrol,riskbear
3、ing,taxandcashflowimplicationsforthebuyingandsellingfirmsandshareholders.InmakinganM&Acurrencydecision,abidderisfacedwithachoicebetweenusingcashandstockasdealconsideration.Giventhatmostbiddershavelimitedcashandliquidassets,cashoffersgenerallyrequiredebtfinancing.Asaconse
4、quence,abidderimplicitlyfacesthechoiceofdebtorequityfinancing,whichcaninvolveatradeoffbetweencorporatecontrolconcernsofissuingequityandrisingfinancialdistresscostsofissuingdebt.Thus,abidder’sM&Acurrencydecisioncanbestronglyinfluencedbyitsdebtcapacityandexistingleverage.I
5、tcanalsobestronglyinfluencedbymanagement’sdesiretomaintaintheexistingcorporategovernancestructure.Incontrast,asellercanbefacedwithatradeoffbetweenthetaxbenefitsofstockandtheliquidityandriskminimizingbenefitsofcashconsideration.Forexample,sellersmaybewillingtoacceptstocki
6、ftheyhavealowtaxbasisinthetargetstockandcandefertheirtaxliabilitiesbyacceptingbidderstockaspayment.Ontheotherhand,sellerscanprefercashconsiderationtosidesteptheriskofbecomingaminorityshareholderinabidderwithconcentratedownership,therebyavoidingtheassociatedmoralhazardpro
7、blems.Unfortunately,duetodatalimitations,thissellertradeoffcannotbeeasilymeasured.Underexistingtheoriesofcapitalstructure,debtcapacityisapositivefunctionoftangibleassets,earningsgrowthandassetdiversificationandanegativefunctionofassetvolatility.Firmswithgreatertangibleas
8、setscanborrowmoreprivatelyfrombanksandpubliclyinthebondmarket.Sincelargerfirmsaregenerallymorediversifi
