2015年跨国收购外文翻译--英国收购者的跨境收购和金融杠杆（节选）

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1、3200 英文单词， 1.9 万英文字符 ，中文 5500 字 文献出处： Agyei-Boapeah H. Cross-border acquisitions and financial leverage of UK acquirersC/Accounting Forum. Elsevier, 2015, 39(2): 97-108. Cross-border acquisitions and nancial leverage of UK acquirers Henry Agyei-Boapeah Based on a sample of 782 acquisitions by UK rms

2、 during 19822009, this paper examines the impact of cross-border acquisitions on nancial leverage. The paper shows that cross-border acquisitions have a negative impact on the nancial leverage of acquiring rms. However, the negative impact of cross-border acquisitions disappears when acquirers choos

3、e targets from developed countries, and also when the acquisitions are undertaken by multinational rms. Collectively, the ndings imply that exposure to foreign markets reduces the borrowing ability of acquiring rms especially when they choose targets from developing countries, and when they have no

4、previous experience in foreign markets. Keywords: Financial leverage; Cross-border acquisitions; Internationalisation; M&A ;UK 1. Introduction Recent years have witnessed a tremendous growth in cross-border mergers and acquisitions (M&As). Erel, Liao, and Weisbach (2012) report that the share of cro

5、ss-border acquisitions in the total volume of M&As increased from around 23% in 1998 to about 45% in 2007, and UK corporations have played a prominent role in this global trend. The UK alone accounted for 31% of worldwide cross-border M&As by the end of year 2000, making her the largest acquiring co

6、untry globally (UNCTAD, 2000). Agyei-Boapeah (2014) shows that a salient feature of recent M&As in the UK is the growing importance of cross-border acquisitions. He reports that during the period 20022011, while the value of domestic acquisitions by UK rms declined by about 70% (i.e. from 25.2 billion in 2002 to 7.6 billion in 2011), there was a surge in the value of cross-border acquisitions from 26.6 billion in 2002 to 50.8 billion in 2011, representing an increase of over 9