【OG24-549题】The primary purpose of the passage is 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 primary purpose of the passage is to

review research demonstrating the benefits of corporate mergers and acquisitions and examine some of the drawbacks that acquisition behavior entails contrast the effects of corporate mergers and acquisitions on acquiring firms and on firms that are acquired report findings that raise questions about a reason for corporate mergers and acquisitions and suggest possible alternative reasons explain changes in attitude on the part of acquiring firms toward corporate mergers and acquisitions account for a recent decline in the rate of corporate mergers and acquisitions

正确答案： C

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文章大意逻辑
文章开篇指出20世纪70 80年代企业并购的多项研究结果引发了关于企业发起和完成并购交易原因的疑问。接着列举三项研究结果表明并购企业在盈利等方面存在问题。尽管如此，并购依然常见，且收购方称目标是经济目的，但个体收购交易中高管可能并非出于公司经济利益。似乎有与企业经济利益无关的因素能解释收购，并列举了如高管激励薪酬、董事会监督缺失、管理层估值错误等因素，还提到模仿行为也可能是原因。 文章类型及逻辑简图
文章类型：提出问题分析问题。逻辑简图： Findings from studies raise questions about why firms initiate and consummate mergers and acquisitions. Study 1: Acquiring firms can't maintain pre merger profitability. Study 2: Post acquisition gains not enough to cover premiums. Study 3: Stock of prospective acquiring firm increases less in value. Mergers remain common, bidders claim economic objectives, but individual acquisitions may not be for economic interests. Possible non economic factors: executive incentive compensation, lack of monitoring, managerial error, modeling. 问题类型及做题方法
问题类型为主旨题。做题方法是通过梳理文章整体内容，把握文章围绕企业并购研究发现提出疑问，并探讨可能原因这一核心。 选项分析
A选项：文章重点不是展示并购的好处及缺点，而是探讨并购的原因，A选项错误。 B选项：文章未对比并购对收购方和被收购方的影响，B选项错误。 C选项：文章先是报告研究发现引发对企业并购原因的疑问，然后提出可能的替代原因，C选项正确。 D选项：文章未提及收购公司对并购态度的变化，D选项错误。 E选项：文章没说并购率近期下降，E选项错误。

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