1、本科毕业论文（设计）外文翻译原文ACTIVEINVESTINGINSTRATEGICACQUIRERSUSINGANEVASTYLEANALYSISDURINGTHE1990SANDBEYOND,LARGEUSINDUSTRIALFIRMSHAVEDEPLOYEDSUBSTANTIALCAPITALRESOURCESINPURSUITOFSTRATEGICACQUISITIONSTHEAGGREGATEAVERAGERESULTOFTHESEACQUISITIONSISTHATTHEYDESTROYSHAREHOLDERVALUEFORTHEOWNERSOFTHEACQUIRINGFIRMST
2、HEREIS,HOWEVER,SUBSTANTIALCROSSSECTIONALVARIATIONINTHEANNOUNCEMENTPERIODRETURNSOFTHESEACQUIRINGFIRMSTHATBEINGSAID,WEARGUETHATACTIVEINVESTORSSUCHASHEDGEFUNDSANDOTHERLONGSHORTINVESTORSMAYBEABLETODEVELOPORFINETUNEALPHAGENERATINGSTRATEGIESIFTHEYCANDISTINGUISH“GOOD“BIDDERSFROM“BAD“BIDDERSINSTRATEGICACQUI
3、SITIONSALONGTHISLINE,WEARGUETHATACQUIRERSWITHADEMONSTRATEDRECORDOFCREATINGSHAREHOLDERVALUEAREMORELIKELYTOGENERATEVALUECREATINGTOVALUENEUTRALACQUISITIONRETURNSTHANACQUIRERSWITHNEGATIVEECONOMICEARNINGSANDAHISTORYOFDESTROYINGSHAREHOLDERVALUEIFCORRECT,THISIMPLIESTHATTHEPOTENTIALFORGENERATINGALPHAAROUNDS
4、TRATEGICACQUISITIONSISLINKEDTOTHEFUNDAMENTALSOFWEALTHCREATIONINTHISCONTEXT,WEPRESENTAFRAMEWORKFORCLASSIFYINGACQUIRINGFIRMSINTOWEALTHCREATORSANDWEALTHDESTROYERSWEEMPLOYTHEEVASTYLEANALYSISDEVELOPEDBYABATE,GRANT,ANDSTEWART2004TOCLASSIFYLARGEACQUIRERSCOMPLETINGACQUISITIONSDURINGTHEPERIOD19902007INTOONEO
5、FFOUREVASTYLEQUADRANTSBASEDONTHEIRPREACQUISITIONSTYLEWETHENEXAMINETHEWEALTHEFFECTSTHATBIDDINGANDTARGETFIRMSEXPERIENCEUPONACQUISITIONANNOUNCEMENTSANDANALYZETHESEWEALTHEFFECTSBYEVASTYLECATEGORYOVERALL,WEFINDTHATTHEANNOUNCEMENTSWEALTHEFFECTSOFSTRATEGICACQUISITIONSVARYBYEVENTWINDOWANDEVASTYLE,SUGGESTING
6、THATHEDGEFUNDSANDOTHERLONGSHORTINVESTORSWILLBENEFITTOVARYINGDEGREESFROMAPOLICYOFSHORTINGACQUIRERSACCORDINGTOEVASTYLECHARACTERISTICS,WITHAGREATERAVERAGEPOTENTIALFORECONOMICGAINSFROMSHORTINGWEALTHDESTROYERSCOMPAREDWITHWEALTHCREATORSEVASTYLEOFINVESTINGECONOMICVALUEADDEDEVAISAMETRICTHATMEASURESTHEFUNDAM
7、ENTALABILITYORLACKTHEREOFOFACOMPANYTOCREATESHAREHOLDERVALUEEVAISARESIDUALINCOMEMEASURETHATISPOSITIVEIFACOMPANYEARNSMORETHANTHEREQUIREDRETURNONITSINVESTEDCAPITALSTEWART1991ANDCRANT2003PROVIDEATHOROUGHDESCRIPTIONOFEVAINTHEIRVIEW,COMPANIESAREFRAMEDINTERMSOFWHETHERTHEYAREWEALTHCREATORSORWEALTHDESTROYERS
8、,MEANINGCOMPANIESWITHPOSITIVEORNEGATIVEECONOMICEARNINGS,RESPECTIVELYABATE,GRANT,ANDSTEWART2004REFINETHETWOGENERALEVACLASSIFICATIONSINTO1TWOCATEGORIESOFWEALTHCREATINGCOMPANIESWITHPOSITIVEEVASPREADS,AND2TWOCATEGORIESOFWEALTHDESTROYINGCOMPANIESHAVINGNEGATIVEEVASPREADSTHEFIRSTTYPEOFWEALTHCREATORINCLUDES
9、FIRMSWITHPOSITIVEEVASPREADSANDZEROTONEGATIVECAPITALGROWTHCHARACTERISTICSNOTSURPRISINGLY,THESEFIRMSINCLUDETHETRADITIONAL“CASHCOW“COMPANIESWITHLIMITEDFUTUREGROWTHOPPORTUNITIESINEVASTYLEANALYSIS,THECASHCOWSPOPULATEQUADRANT1,THESOCALLED“UNDERINVESTMENT“REGIONTHESECONDTYPEOFWEALTHCREATORISPOPULATEDBYCOMP
10、ANIESWITHBOTHPOSITIVEEVASPREADSANDCAPITALGROWTHCHARACTERISTICSTHESECOMPANIESARETHETRUEORONGOINGVALUECREATORSTHATPOPULATEQUADRANT2,THE“WEALTHCREATINGGROWTH“REGIONQUADRANT2COMPANIESARESEENASTHETRUEVALUECREATORSWITHPOSITIVEEVAMOMENTUMACCORDINGTOABATE,GRANT,ANDSTEWART,THEREARETWOTYPESOFNEGATIVEEVACOMPAN
11、IESTHEFIRSTTYPEOFNEGATIVEEVACOMPANIESINCLUDESTHOSEFIRMSWITHNEGATIVEEVASPREADSANDPOSITIVECAPITALGROWTHCHARACTERISTICSCOMPANIESTHATMISGUIDEDLYEXPANDANEGATIVEEVASPREADBUSINESSPOPULATEQUADRANT3,THE“WEALTHDESTROYINGGROWTH“REGIONQUADRANT3COMPANIESAREPOPULATEDBYTHETRUEORONGOINGVALUEDESTROYERSINTURN,THESECO
12、NDTYPEOFNEGATIVEEVACOMPANIESINCLUDESFIRMSTHATHAVENEGATIVEEVASPREADSANDNEGATIVECAPITALGROWTHCHARACTERISTICSTHESEAREPRESUMABLYTROUBLEDCOMPANIESTHATARESHEDDINGUNPROFITABLEASSETSTOTURNANEGATIVEEVASITUATIONAROUNDTROUBLEDBUTPOTENTIALLYTURNAROUNDCOMPANIESPOPULATEQUADRANT4,THESOCALLED“POSITIVERESTRUCTURING“
13、QUADRANTMORESPECIFICALLY,EXHIBIT1SHOWSTHEQUADRANTSTHATDEFINETHEEVASTYLEOFINVESTINGTHEYAXISSHOWSTHEEVASPREADWHILETHEXAXISSHOWSTHEGROWTHININVESTEDCAPITALTHEEVASPREADISMEASUREDBYTHERETURNONINVESTEDCAPITALLESSTHECOSTOFCAPITALEMPLOYINGTHISFRAMEWORK,WEAPPLYEVASTYLEANALYSISTOEXAMINETHREEQUESTIONSSHOWNBELOW
14、RELATEDTOSTRATEGICACQUISITIONSBYLARGEACQUIRERS1DOFIRMSCLASSIFIEDASWEALTHCREATORSENGAGEINVALUECREATINGACQUISITIONS2DOFIRMSCLASSIFIEDASWEALTHDESTROYERSENGAGEINVALUEDESTROYINGACQUISITIONS3CANEVASTYLECLASSIFICATIONSOFACQUIRERSANDTARGETSBEUSEDTODISCERNVARYINGDEGREESOFINVESTMENTREWARDALPHAEVAFRAMEWORKASNO
15、TED,ECONOMICVALUEADDEDEVAISAWELLKNOWNMEASUREOFECONOMICPROFITORRESIDUALINCOMEPOSITIVEEVASUGGESTSTHATAFIRMISFUNDAMENTALLYCREATINGVALUEBYEARNINGMORETHANITSCOSTOFCAPITALAFIRMSMARKETVALUEADDEDMVAREPRESENTSTHEDIFFERENCEBETWEENITSMARKETVALUEOFCAPITALANDITSBOOKVALUEOFCAPITALINPRINCIPLE,MVAISTHEPRESENTVALUEO
16、FFUTUREEVADISCOUNTEDATTHEWACCBUILDINGONEARLIERRESEARCHBYGRANT1996,ABATE,GRANT,ANDSTEWART2004FINDTHAT80OFWEALTHCREATINGFIRMSHAVEJOINTLYPOSITIVEMVAANDEVATOCAPITALRATIOS,SUGGESTINGTHATAFIRMSCURRENTEVAMAKESACONTRIBUTIONTOITSMARKETVALUETHEYALSOFINDTHAT92OFWEALTHDESTROYINGFIRMSHAVEJOINTLYNEGATIVEMVAANDEVA
17、TOCAPITALRATIOS,AGAINSUGGESTINGARELATIONBETWEENCURRENTEVAANDMARKETVALUETHESEMVAANDEVARELATIONSHIPSAREROBUSTOVEROTHERYEARSTHUS,EVACANBETAKENASREASONABLEPROXYFORWEALTHCREATIONEVACANBECALCULATEDASAFIRMSNETOPERATINGPROFITAFTERTAXNOPATMINUSITSINVESTEDCAPITALICTIMESITSWEIGHTEDAVERAGECOSTOFCAPITALWACC,OREV
18、ANOPATICXWACC1REARRANGING,EQUATION1CANBEEXPRESSEDASEVANOPAT/ICWACCXIC2ANDDENOTINGNOPAT/ICASTHERETURNONINVESTEDCAPITALROICASEVAROICWACCXIC2ANOTETHATROICWACCSHOWSTHERELATIONBETWEENRETURNONCAPITALANDTHECOSTOFCAPITAL,ORTHEEVASPREADRECOGNIZINGTHATTHECHANGEININVESTEDCAPITALOVERATIMEPERIODISAFIRMSINVESTMEN
19、TFORTHATPERIOD,THECHANGEINEVADUETOINVESTMENTASSUMINGSPREADCONSTANCYMAYBEEXPRESSEDASEVAROICWACCXIC3EVAISPOSITIVENEGATIVEWHENAFIRMSRETURNONINVESTEDCAPITALEXCEEDSISLESSTHANITSCOSTOFCAPITAL,IE,WHENTHEEVASPREADISPOSITIVENEGATIVEINTERMSOFEVAMOMENTUM,FIRMSWITHPOSITIVEEVASPREADSCREATEDESTROYVALUEWHENTHEYHAV
20、EPOSITIVENEGATIVEINVESTMENTINTURN,FIRMSWITHNEGATIVEEVASPREADSDESTROYCREATEVALUEWHENTHEYHAVEPOSITIVENEGATIVEINVESTMENTCHARACTERISTICSUSINGTHISFRAMEWORK,WECLASSIFYACQUIRINGFIRMSINTOFOURQUADRANTSBASEDONTHEIREVASTYLECHARACTERISTICS,FOLLOWINGTHEEVASTYLEMETHODOLOGYINABATE,GRANT,ANDSTEWART2004FIRMSARECHARA
21、CTERIZEDASEXHIBITINGEITHER1UNDERINVESTMENTPOSITIVEEVASPREADANDNEGATIVETOZEROCHANGEININVESTEDCAPITAL,2WEALTHCREATINGGROWTHPOSITIVEEVASPREADANDPOSITIVECHANGEININVESTEDCAPITAL,3WEALTHDESTROYINGGROWTHNEGATIVEEVASPREADANDPOSITIVECHANGEININVESTEDCAPITAL,OR4POSITIVERESTRUCTURINGNEGATIVEEVASPREADANDNEGATIVE
22、CHANGEININVESTEDCAPITALEVASTYLECLASSIFICATIONSAREBASEDONVALUESFORTHEYEARPRIORTOACQUISITIONIMPLICATIONSFORACTIVEINVESTORSWHENASSESSINGTHELIKELYGAINSFROMACQUISITIONS,STRATEGICOROTHERWISE,INVESTORSMUSTFIRSTHAVEANUNDERSTANDINGOFTHEABILITYORINABILITYOFACQUIRINGCOMPANIESTORATIONALIZECAPITALTHISISWHEREEVAS
23、TYLEANALYSISGOESTOTHEHEADOFTHECLASSFORASSESSINGTHELIKELYGAINSFROMSHORTINGACQUIRERSANDLONGINGTHEIRTARGETSSINCEPRECLASSIFIEDWEALTHCREATORSHAVEADEMONSTRATEDRECORDOFCREATINGSHAREHOLDERVALUE,WEARGUETHATITISMORELIKELYTHEYWILLBEBETTERABLETORATIONALIZEACQUISITIONCAPITALCOMPAREDWITHWEALTHDESTROYERSHAVINGADEM
24、ONSTRATEDRECORDOFDESTROYINGSHAREHOLDERVALUEINTERMSOFEVASTYLEANALYSIS,THISIMPLIESTHATACTIVEINVESTORSWOULDBEBETTERSERVEDBYSHORTINGTHESTOCKSOFTHEPRECLASSIFIEDWEALTHDESTROYERS,NAMELYTHEWEALTHDESTROYINGGROWTHANDTHEPOSITIVERESTRUCTURINGCOMPANIES,COMPAREDWITHTHESHORTINGANDINSOMECASESTHELONGINGOPPORTUNITIES
25、THATMIGHTBEPRESENTINTHEWEALTHCREATORS,NAMELYTHEUNDERINVESTMENTANDWEALTHCREATINGGROWTHCOMPANIESMOREPOINTEDLY,ANDCONSISTENTWITHTHEEVASTYLETOINVESTING,THEWEALTHCREATINGGROWTHCOMPANIESARETHELEASTLIKELYCANDIDATEFORSHORTINGINTHEPOSTACQUISITIONANNOUNCEMENTPERIODONAVERAGE,EVASTYLEANALYSISREVEALSTHATSHORTING
26、OPPORTUNITIESARETHEHIGHESTAMONGWEALTHDESTROYINGGROWTHANDPOSITIVERESTRUCTURINGCOMPANIES,ASTHEIRCUMULATIVERESIDUALSARENOTONLYNEGATIVEATTHETIMEOFTHEACQUISITIONANNOUNCEMENTBUTTHEYFALLPRECIPITOUSLYDURINGTHE30TRADINGDAYSFOLLOWINGTHEANNOUNCEMENTTHISSUGGESTSTHATINVESTORSUNDERESTIMATETHEEXTENTOFVALUEDESTRUCT
27、IONINNEGATIVEEVACOMPANIESINTHEIRINITIALASSESSMENTATTHEANNOUNCEMENTDATEASWEWOULDEXPECT,SHORTINGOPPORTUNITIESARELEASTAVAILABLEAMONGTHEPOSITIVEEVACOMPANIES,PARTICULARLYTHEWEALTHCREATINGGROWTHFIRMS,ASTHEIRCUMULATIVEABNORMALRETURNSARENEGATIVEATTHEACQUISITIONANNOUNCEMENTDATE,BUTTHEYSOMETIMESRISEINTHEPOSTA
28、NNOUNCEMENTPERIODCOMPAREDTOWEALTHDESTROYERS,THISREVEALSTHATLIMITEDSHORTINGOPPORTUNITIESAREAVAILABLEFORACTIVEINVESTORSAROUNDACQUISITIONANNOUNCEMENTSBYWEALTHCREATINGFIRMSWITHRESPECTTOTARGETS,OURRESULTSSHOWACONTINUINGPOSITIVEEFFECTINTHEPOSTANNOUNCEMENTRETURNS,AGAINVARYINGINMAGNITUDEBYEVASTYLECLASSIFICA
29、TIONSSPECIFICALLY,DURINGTHE30DAYTRADINGWINDOWFOLLOWINGTHEACQUISITIONANNOUNCEMENT,LONGINGOPPORTUNITIESONTARGETFIRMSAREECONOMICALLYAVAILABLEACROSSALLEVASTYLECATEGORIESTHISISPARTICULARLYTHECASEFORTHETARGETSOFWEALTHCREATINGGROWTHACQUIRERS,WHERETHEPOTENTIALFORSIGNIFICANTVALUECREATIONGOESDIRECTLYTOTARGETF
30、IRMSHAREHOLDERS,ANDTHETARGETSOFUNDERINVESTMENTACQUIRERSWHERE,DUETOLIMITEDTODECLININGORGANICGROWTHOPPORTUNITIESTHESEFIRMSMAYBEFORCEDTOPAYUPINANATTEMPTTORECAPTURETHEGROWTHGLORYDAYSALTHOUGHTHEREASONSMAYDIFFERASTOWHYFIRMSBECOMEACQUIRERS,THECARRESULTSSHOWVARYINGECONOMICGAINSTOTARGETFIRMSHAREHOLDERSANDACT
31、IVEINVESTORSSUCHASHEDGEFUNDSWHODISTINGUISHTARGETSBYEVASTYLESUMMARYANDCONCLUSIONWHILENUMEROUSPRIORSTUDIESHAVEEXAMINEDRETURNSTOACQUIRINGFIRMSHAREHOLDERSUPONTHEANNOUNCEMENTOFACQUISITIONS,INCLUDINGTHERECENTWAVEOFSTRATEGICACQUISITIONS,THENEGATIVEWEALTHEFFECTSTOTHESEFIRMSREMAINAPUZZLEASWITHOTHERS,WEARELEF
32、TWITHTHEMOREFUNDAMENTALQUESTIONOFWHYCORPORATEBIDDERSSTRATEGICOROTHERWISEBECOME“BIDDERS“INTHEFIRSTPLACETHATBEINGSAID,OURSTUDYSUGGESTSTHATACTIVEINVESTORSSUCHASHEDGEFUNDSSEEKINGTODEVELOPALPHAGENERATINGINVESTINGSTRATEGIESFROMSHORTINGACQUIRINGFIRMSANDLONGINGTARGETFIRMSCANBENEFITFROMMETHODSTHATDISTINGUISH
33、WEALTHCREATINGFROMWEALTHDESTROYINGFIRMSWEEMPLOYTHEEVASTYLEANALYSISDEVELOPEDBYABATE,GRANT,ANDSTEWART2004TOCLASSIFYACQUIRERSINTOONEOFFOUREVASTYLEQUADRANTSBASEDONTHESOURCESOFPREACQUISITIONWEALTHCREATIONORDESTRUCTIONWETHENEXAMINETHEWEALTHEFFECTSFORLARGESTRATEGICACQUIRERS,SEEKINGTODISTINGUISH“GOOD“FROM“B
34、AD“ACQUIRERSBASEDONTHEPREACQUISITIONSTYLECLASSIFICATIONSOURCONTRIBUTIONSHOWSTHATSHORTINGOPPORTUNITIESONLARGESTRATEGICACQUIRERSVARYINMAGNITUDEBYEVASTYLE,WHEREASTHEALPHAOPPORTUNITIESFROMSHORTINGTHESTOCKSOFWEALTHCREATINGCOMPANIES,PARTICULARLYWEALTHCREATINGGROWTHACQUIRERS,FOLLOWINGACQUISITIONANNOUNCEMEN
35、TSARELOWERCOMPAREDWITHTHEPOTENTIALFOREARNINGALPHAONTHESTOCKSOFPRECLASSIFIEDWEALTHDESTROYERSTHERESULTSREPORTEDOVERTHE18YEARS19902007ANDTHESUBPERIODANALYSESFOR19901999AND20002007REINFORCEOURVIEWTHATTHEFUNDAMENTALSOFWEALTHCREATIONMATTERNOTONLYFORSHAREHOLDERSWHENASSESSINGTHEMAGNITUDEOFVALUEDESTRUCTIONIN
36、ACQUIRINGFIRMSBUTALSOFORACTIVEINVESTORSSEEKINGPROFITABLETRADINGOPPORTUNITIESAROUNDTHEANNOUNCEMENTOFCORPORATEACQUISITIONSMOREOVER,WEFINDTHATTHEECONOMICPOTENTIALFORLONGINGOPPORTUNITIESINTARGETSOFSTRATEGICACQUIRERSISALSOCAPTUREDBYTHEEVASTYLECHARACTERISTICSOF“WEALTHCREATORANDWEALTHDESTROYERACQUIRERSREGA
37、RDINGTHETHREEQUESTIONSTHATWERAISEDATTHEOUTSET,THEJOININGOFEVASTYLEANALYSISWITHTHEMORETRADITIONALEVENTSTUDYANALYSISLEADSUSTOSAY“NO“TOTHEFIRSTQUESTION,WHILEANSWERINGTHESECONDANDTHIRDQUESTIONSINTHEAFFIRMATIVEWEFINDTHAT1WEALTHCREATINGFIRMSWITHPRIORPOSITIVEEVADONOTCREATEVALUETHROUGHSTRATEGICACQUISITIONSA
38、LTHOUGHTHEYAPPEARTODESTROYTHELEASTAMOUNTOFSHAREHOLDERVALUE,2WEALTHDESTROYINGFIRMSHAVINGPRIORNEGATIVEEVADESTROYVALUEVIACORPORATEACQUISITIONS,WHEREBYANEGATIVESTOCKMARKETANOMALYCONSISTENTWITHTHATOBSERVEDBYGRANT1996ISPRESENTINTHEPRICINGOFRESTRUCTURINGACQUIRERSTHATARETRYINGTOTURNANEGATIVEEVASITUATIONAROU
39、ND,AND3VARYINGDEGREESOFSHORTINGANDLONGINGOPPORTUNITIESONLARGESTRATEGICACQUIRERSANDTARGETSAREPOTENTIALLYECONOMICALLYAVAILABLETOACTIVEINVESTORSUSINGTHEEVASTYLEOFANALYSISFINALLY,THEBESTOPPORTUNITYFORSHORTINGSTOCKSOFLARGESTRATEGICACQUIRERSISPRESENTINTHESTOCKSOFNEGATIVEEVACOMPANIESASREPRESENTEDBYTHEWEALT
40、HDESTROYINGGROWTHANDPOSITIVERESTRUCTURINGCOMPANIES,WHILEPOSITIVEYETVARYINGECONOMICGAINSBYEVASTYLEAREAVAILABLEFROMLONGINGTHESTOCKSOFTARGETSINTHE30DAYTRADINGWINDOWFOLLOWINGTHEACQUISITIONANNOUNCEMENTEXHIBIT1QUADRANT1UNDERINVESTMENTQUADRANT11WEALTHCREATINGGROWTHQUADRANT111WEALTHDESTROYINGGROWTHQUADRANTIVPOSITIVERESTRUCTURINGEVASPREADRETURNONINVESTEDCAPITALMINUSWEIGHTEDAVERAGECOSTOFCAPITAL000000000第一象限投资不足第二象限创造财富增长第三象限摧毁财富增长第四象限积极重组净投资资本增长EVA利差出处詹姆斯格兰特，艾米亚川海，使用EVA风格分析战略收购方的活跃投资,另类投资期刊2009722
