【OG24-552题】The author of the passage implies that which of the following is a possible partial explanation for acquisition behavior during the 1970's and 1980's?_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 implies that which of the following is a possible partial explanation for acquisition behavior during the 1970's and 1980's?

Managers wished to imitate other managers primarily because they saw how financially beneficial other firms' acquisitions were. Managers miscalculated the value of firms that were to be acquired. Lack of consensus within boards of directors resulted in their imposing conflicting goals on managers. Total compensation packages for managers increased during that period. The value of bidding firms' stock increased significantly when prospective mergers were announced.

正确答案： B

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文章大意逻辑
文章开篇指出20世纪70 80年代关于企业并购的研究结果引发了对企业发起和完成此类交易原因的疑问。接着通过三项研究具体说明并购在经济上似乎并不划算。然而并购依然常见，竞标者声称目标是经济方面的。然后作者指出可能是一些与企业经济利益无关的因素导致并购，比如高管的激励薪酬、董事会监督缺失、管理者对目标企业估值错误，或者管理者的模仿行为。 文章类型及逻辑简图
文章类型：问题解释型。逻辑简图： Findings from studies raise questions about why firms initiate and consummate mergers and acquisitions. Three studies show mergers are not economically beneficial. Yet mergers remain common, bidders claim economic objectives. Factors not related to corporate economic interests may explain acquisitions: executive incentive compensation, lack of board monitoring, managerial error in valuation, or modeling. 做题方法及问题类型
这是一道推断题，通过题干中“a possible partial explanation for acquisition behavior during the 1970's and 1980's”定位到文章中关于并购行为非经济因素解释的部分。 选项分析
A选项：管理者主要因为看到其他公司并购的财务利益而模仿其他管理者。文章提到模仿行为，但不是因为看到财务利益，与原文不符，排除。 B选项：管理者对要收购的公司价值计算错误。对应文中“managerial error in estimating the value of firms targeted for acquisition”，是可能的部分解释，当选。 C选项：董事会内部缺乏共识导致他们给管理者施加相互冲突的目标。文中未提及此内容，排除。 D选项：那个时期管理者的总薪酬方案增加。虽然提到高管激励薪酬是因素之一，但不是总薪酬方案增加，排除。 E选项：当潜在并购被宣布时，竞标公司的股票大幅增值。这与文中研究结果不符，且不是并购行为的解释，排除。

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