【OG24-551题】The author of the passage mentions the effect of acquisitions on national economies most probably in order to_mofa留学圈mofaGRE在线题库系统_GRE在线搜题_GRE题库解析_GRE真题机经_GRE课程_GRE培训机构

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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.

The author of the passage mentions the effect of acquisitions on national economies most probably in order to

provide an explanation for the mergers and acquisitions of the 1970’s and 1980’s overlooked by the findings discussed in the passage suggest that national economic interests played an important role in the mergers and acquisitions of the 1970’s and 1980’s support a noneconomic explanation for the mergers and acquisitions of the 1970’s and 1980’s that was cited earlier in the passage cite and point out the inadequacy of one possible explanation for the prevalence of mergers and acquisitions during the 1970’s and 1980’s explain how modeling affected the decisions made by managers involved in mergers and acquisitions during the 1970’s and 1980’s

正确答案： D

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文章大意逻辑
文章开篇指出20世纪70 80年代企业并购研究结果引发对企业发起并购原因的疑问，接着通过三项研究说明并购在经济层面效果不佳，但并购仍很常见且收购方声称目标是经济的。然后提出并购可能受非经济因素影响，如高管激励补偿、董事会监督缺失、估值错误或模仿行为等。 文章类型及逻辑简图
文章类型：现象解释型 逻辑简图： Findings on M&A in 70s 80s raise questions Study 1: Acquiring firms can't maintain profitability Study 2: Post acquisition gains < premiums Study 3: Acquirer's stock value increases less Yet M&A remain common, bidders claim economic objectives Acquisitions may have economic effect, but non economic factors may explain (incentive, lack of monitoring, managerial error, modeling) 做题方法及问题类型
这是一道目的题，通过定位文中“acquisitions on national economies”相关表述，结合上下文判断作者提及该内容的目的。 选项分析
A选项：文中未提及此内容是对并购发现的遗漏解释，无中生有，排除。 B选项：文章没有表明国家经济利益在并购中起重要作用，属于过度推断，排除。 C选项：前文没有提到过非经济解释，不存在支持前文非经济解释的情况，排除。 D选项：作者提及并购对国家经济的影响，是为了指出从国家层面看并购有好处，但从企业个体看存在问题，从而说明仅从经济角度难以解释并购盛行，即指出了一种可能解释的不足，该选项正确。 E选项：文中没有涉及建模如何影响管理者决策，排除。

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