题目材料
Findings from several studies on corporate mergers
and acquisitions during the 1970's and 1980's 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.
It can be inferred from the passage that the author would be most likely to agree with which of the following statements about corporate acquisitions?
- ATheir known benefits to national economies explain their appeal to individual firms during the 1970's and 1980's.
- BDespite their adverse impact on some firms, they are the best way to channel resources from less to more productive sectors of a nation's economy.
- CThey are as likely to occur because of poor
monitoring by boards of directors as to be caused by incentive compensation for managers.
- DThey will be less prevalent in the future, since
their actual effects will gain wider recognition.
- EFactors other than economic benefit to the acquiring firm help to explain the frequency with which they occur.
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正确答案: E