【OG24-550题】It can inferred from the passage that the author would be most likely to agree with which of the following statements about corporate acquisitions?_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.

It can inferred from the passage that the author would be most likely to agree with which of the following statements about corporate acquisitions?

Their known benefits to national economies explain their appeal to individual firms during the 1970's and 1980's. Despite 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. They are as likely to occur because of poor monitoring by boards of directors as to be caused by incentive compensation for managers. They will be less prevalent in the future, since their actual effects will gain wider recognition. Factors other than economic benefit to the acquiring firm help to explain the frequency with which they occur.

正确答案： E

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文章大意逻辑
文章开篇指出20世纪70 80年代企业并购研究发现引发关于企业发起并购原因的疑问。接着列举三项研究，表明并购企业平均难以维持被并购企业并购前的盈利水平、并购后收益不足以及并购方股票增值不如被并购方。尽管如此，并购仍很常见且并购方称目标是经济方面的。并购可能对国家资源配置有好处，但对安排交易的高管来说可能是为了个人或公司私利。似乎与企业经济利益无关的因素能解释并购，如高管激励薪酬、董事会缺乏监督、管理层估值失误，或者模仿其他管理者的行为。 文章类型及逻辑简图
文章类型：问题解释型 逻辑简图： Findings raise questions about why firms initiate mergers and acquisitions Studies show negative economic results of mergers Mergers remain common, objectives claimed to be economic But non economic factors may explain acquisitions （incentive compensation, lack of monitoring, managerial error, modeling） 做题方法及问题类型
这是一道推断题，通过定位文章中关于作者对企业并购观点的相关表述，来推断作者可能认同的陈述。定位提示句子为“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.” 选项分析
A选项：文章未提及企业并购对国家经济的已知好处能解释其对个别企业的吸引力，属于无中生有，排除。 B选项：文中没有提到并购是将资源从低效部门转移到高效部门的最佳方式，过于绝对，排除。 C选项：文中没有将董事会监督不力和管理者激励薪酬对并购的影响进行比较，排除。 D选项：文章未表明未来并购会因实际效果被更广泛认知而减少，排除。 E选项：与文中“似乎与企业经济利益无关的因素能解释并购”相符，当选。

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