高校问答佐菲和贝利亚谁更邪恶:一个关于经济英语方面的问题（帮忙翻译下吧，谢谢）
来源：百度文库 编辑：高校问答 时间：2024/05/15 16:17:36
Greenfield investment refers to investment in new facilities and the establishment of new entities through entry as well as expansion, while M&As refer to acquisitions of, or mergers with, existing local firms.
b. Modes of FDI entry
Firms may enter host economies through greenfield investments or M&As.The choice of mode is influenced by industry-specific factors. For example, greenfield investment is more likely to be used as a mode of entry in industries in which technological skills and production technology are key. The choice may also be influenced by institutional, cultural and transaction cost factors , in particular, the attitude towards takeovers, conditions in capital markets, liberalization policies, privatization, regional integration, currency risks and the role played by intermediaries (e.g. investment bankers) actively seeking acquisition opportunities and taking initiatives in making deals.
In 2004, cross-border M&As rose by 28%, to $381 billion, amidst an overall expansion of total (cross-border plus domestic) M&As by nearly 50%, to over $2 trillion. The number of cross-border deals reached some 5,100 – 12% higher than the previous year.
An increase in the number of mega cross-border deals (with transaction values exceeding $1 billion) contributed to the growth in the value of cross-border M&As . The largest deal in 2004 was the acquisition of Abbey National (United Kingdom) by Santander Central Hispano (Spain) for $15.8 billion , almost the same value as that of the largest deal in 2003 but only one-thirteenth of the largest deal ever (the Vodafone-Mannesmann deal in 2000).
Cross-border M&As rose more markedly at the domestic and regional levels than at the global level. For instance, between companies of the EU-15 such deals increased in value by 57% to $99 billion, accounting for 57% of the value of all cross-border deals in that region in 2004 (as compared with 52% in 2003).
In addition to low interest rates in major economies and rising corporate profits, the recovery of asset prices since 2003 (as reflected in the rise in stock exchange indices) contributed to the rise in M&As. Indeed, partly as a result of increased stock prices, the number of crossborder deals using stock swaps rose from 123 to 161 in 2004 (close to the number of such deals in 1999), accounting for 16% of the total value of cross-border M&As.
The growth in the value and number of cross-border M&As in 2004 was largely due to transactions taking place among developed country firms: their value rose by 29%.
b. Modes of FDI entry
Firms may enter host economies through greenfield investments or M&As.The choice of mode is influenced by industry-specific factors. For example, greenfield investment is more likely to be used as a mode of entry in industries in which technological skills and production technology are key. The choice may also be influenced by institutional, cultural and transaction cost factors , in particular, the attitude towards takeovers, conditions in capital markets, liberalization policies, privatization, regional integration, currency risks and the role played by intermediaries (e.g. investment bankers) actively seeking acquisition opportunities and taking initiatives in making deals.
In 2004, cross-border M&As rose by 28%, to $381 billion, amidst an overall expansion of total (cross-border plus domestic) M&As by nearly 50%, to over $2 trillion. The number of cross-border deals reached some 5,100 – 12% higher than the previous year.
An increase in the number of mega cross-border deals (with transaction values exceeding $1 billion) contributed to the growth in the value of cross-border M&As . The largest deal in 2004 was the acquisition of Abbey National (United Kingdom) by Santander Central Hispano (Spain) for $15.8 billion , almost the same value as that of the largest deal in 2003 but only one-thirteenth of the largest deal ever (the Vodafone-Mannesmann deal in 2000).
Cross-border M&As rose more markedly at the domestic and regional levels than at the global level. For instance, between companies of the EU-15 such deals increased in value by 57% to $99 billion, accounting for 57% of the value of all cross-border deals in that region in 2004 (as compared with 52% in 2003).
In addition to low interest rates in major economies and rising corporate profits, the recovery of asset prices since 2003 (as reflected in the rise in stock exchange indices) contributed to the rise in M&As. Indeed, partly as a result of increased stock prices, the number of crossborder deals using stock swaps rose from 123 to 161 in 2004 (close to the number of such deals in 1999), accounting for 16% of the total value of cross-border M&As.
The growth in the value and number of cross-border M&As in 2004 was largely due to transactions taking place among developed country firms: their value rose by 29%.