ch7战略管理

Chapter 7 — Acquisiti on and Restructuri ng StrategiesTRUE/FALSE1. A merger is defi ned as a tra nsact ionin which one firm purchases con troll ingin terest in ano ther firm. ANS: FPTS: 1DIF: MediumREF: 1842. Most acquisitions that are designed to achieve greater market power entail buying acompetitor, a supplier, a distributor, or a bus in ess in a highly related in dustry. ANS: TPTS: 1DIF: Medium REF: 184-1853. An acquisition of a firm in a highly related industry is referred to as a horiz on tal acquisition. ANS: FPTS: 1DIF: Medium REF: 1864. In most nations, regulations limiting acquisition activity has been stre ngthe ned.5. The reasons why a firm would overpay for a company that it acquires include in adequatedue dilige nee. ANS: TPTS: 1DIF: EasyREF: 192-1936. Synergy is created by the efficiencies derived from economies of scale and econo miesof scope and by shari ng resources across the bus in esses in the merged firm. ANS: T PTS: 1DIF: Easy7. Acquisitions can becomea substitute for innovation future rounds of acquisiti ons.ANS: TPTS: 1DIF: Medium8. Restructuring refers to changes in the composition of a firm' s set ofbus in esses or its finan cial structure.MULTIPLE CHOICE1. Cross-border acquisitions involvea. acquisiti ons by firms from develop ing coun tries of firms in developed coun tries.b. acquisiti ons by firms from developed coun tries of firms in develop ing coun tries.c. acquisitionsmade by firms both within and between developed and developingcoun tries. d. none of the above. ANS: C PTS: 1DIF: Medium REF: 181-1822. In a mergera. two firms agree to integrate their operations on a relatively coequal basis.b. one firm buys controlling interest in another firm.c. two firms combine to create a third separate entity.d. one firm breaks into two firms. ANS: A PTS: 1 DIF: Easy REF: 1843. A(an) ___ occurs when one firm buys a controlling, or 100% interest, inanother firm. a. mergerANS: F PTS: 1 DIF: Hard REF: 187-188REF: 194in somefirms and trigger REF: 195-196ANS: T PTS: 1 DIF: Medium REF: 198b. acquisitionc. spin-offd. restructuring ANS: B PTS: 1 DIF: Medium REF: 1844. When the target firm ' s managers oppose an acquisition, it is referred to as a(an)a. stealth raid.b. adversarial acquisition.c. leveraged buyout.d. hostile takeover.ANS: D PTS: 1 DIF: Easy REF: 1845. When a firm acquires its supplier, it is engaging in a(an)a. merger.b. unrelated acquisition.c. vertical acquisition.d. hostile takeover.ANS: C PTS: 1 DIF: Medium REF: 185-1866. Cross-border acquisitions are typically made toa. incr ease a firm ' s market power.b. reduce the cost of new product development.c. take advantage of higher education levels of labor in developed countries.d. circumvent barriers to entry in another country.ANS: D PTS: 1 DIF: Medium REF: 187 | 181-1827. Entering new markets through acquisitions of companies with new products is not risk-free,especially if acquisition becomes a substitute fora. innovation.b. market discipline.c. risk analysis.d. international diversification.ANS: A PTS: 1 DIF: Medium REF: 1898. Without effective due diligence thea. acquiring firm is likely to overpay for an acquisition.b. firm may miss its opportunity to buy a well-matched company.c. acquisition may deteriorate into a hostile takeover, reducing the value creating potential ofthe action.d. firm may be unable to act quickly and decisively in purchasing the target firm.9. Due diligence includes all of the following activities EXCEPT assessing a. differences in firm cultures.b. the level of private synergy between the two firms.c. tax consequences of the acquisition.d. the appropriate purchase price. ANS: C PTS: 1 DIF: Medium REF: 192-19310. The use of high levels of debt in acquisitions has contributed to a. the increase in above-average returns earned by acquiring firms. b. an increased risk of bankruptcy for acquiring firms.c. the confidence of the stock market in firms issuing junk bonds.d. an increase in investments that have long-term payoffs. ANS: B PTS: 1 DIF: Hard REF: 19311. One problem with becoming too large is that large firmsa. become excessively diverse and have difficulty focusing on strategicb. usually increase bureaucratic controls.c. become attractive takeover targets.d. tend to have inadequate financial controls. ANS: B PTS: 1 DIF: Medium REF: 196 12. A friendly acquisitiona. facilitates the integration of the acquired and acquiring firms.b. enhances the complementarity of the two firms ' assets.c. raises the price that has to be paid for a firm.d. allows joint ventures to be developed. ANS: A PTS: 1 DIF: Medium REF: 197ANS: A PTS: 1 DIF: Medium REF: 192-193 goals.。