GMAT 07套-Q12 考题|阅读|RC|博森|王可达
来源:
|
作者:passion
|
发布时间: 2015-06-03
|
5903 次浏览
|
分享到:
GMAT
07套 –
Q11-13
1Findings 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. 2One
study showed, for example, that acquiring firms were on average unable to
maintain acquired firms' pre-merger levels of profitability. 3A
second study concluded that post-acquisition gains to most acquiring firms were
not adequate to cover the premiums paid to obtain acquired firms. 4A
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. 5Yet
mergers and acquisitions remain common, and bidders continue to assert that
their objectives are economic ones. 6Acquisitions
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. 7It
seems that factors having little to do with corporate economic interests
explain acquisitions. 8These 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. 9Alternatively,
the acquisition acts of bidders may derive from modeling: a manager does what
other managers do.
Q12
It
can inferred from the passage that the author would be most likely to agree
with which of the following statements about corporate acquisitions?
A) Their known benefits to national
economies explain their appeal to individual firms during the 1970's and
1980's.
B) 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.
C) They are as likely to occur because
of poor monitoring by boards of directors as to be caused by incentive
compensation for managers.
D) They will be less prevalent in the
future, since their actual effects will gain wider recognition.
E) Factors other than economic benefit
to the acquiring firm help to explain the frequency with which they occur.
