英语翻译The results of this analysis confirm that stock-ba

英语翻译
The results of this analysis confirm that stock-based acquirers have relatively high-advertising expenditures prior to the merger,whereascash-based acquirers do not.Finally,although we are largely agnostic about the meansby which advertising may increase stock prices,and therefore benefit the pre-mergerowners,we do attempt to provide some preliminary evidence that may shed some lighton this issue[3].
First,we attempt to relate insider stock OWN with advertising ctivities prior to the stock-based acquisition.If managers attempt to increase stockprices through increased advertising for selfish reasons,they are more likely to do sowhen they have more OWN in their firm[4].The evidence we present in the paper isindeed consistent with this notion.Surprisingly,when we attempt to link the deal ratio(DR; defined as the ratio of the deal value (price paid to the target for the acquisition)divided by the acquirer’s immediate past fiscal-year-end market value of the equity) with advertising expenses prior to the acquisition we do not find any evidence thatsuggests that increased advertising is linked with DRs that are beneficial to themanagers of the acquiring firms.

The results ofthis analysis confirm that stock-based acquirers have relativelyhigh-advertising expenditures prior to the merger,whereas cash-based acquirersdo not.Finally,although we are largely agnostic about the means by whichadvertising may increase stock prices,and therefore benefit the pre-merger owners,we do attempt to provide some preliminary evidence that may shed some light onthis issue[3].
本分析证实,以股权交换的收购者花费在并购前的宣传开销要比使用现金的收购者相对较高.最后,尽管我们根本不可知道通过哪种宣传手段能够提升股价,从而使并购前的业主获益,但我们试图针对此课题提供一些初步证据.
First,we attempt to relate insider stock OWN with advertising activities priorto the stock-based acquisition.If managers attempt to increase stock pricesthrough increased advertising for selfish reasons,they are more likely to do sowhen they have more OWN in their firm [4].The evidence we present in the paperis indeed consistent with this notion.Surprisingly,when we attempt to linkthe deal ratio(DR; defined as the ratio of the deal value (price paid to thetarget for the acquisition)divided by the acquirer’s immediate pastfiscal-year-end market value of the equity) with advertising expenses prior tothe acquisition we do not find anyevidence that suggests that increased advertising is linked with DRs that arebeneficial to the managers of the acquiring firms.
首先,以股权交换的收购前期,我们试图将OWN的内部股票与广告宣传活动联系起来.如果管理者是为了私利而加强宣传来提升股价的话,他们很有可能会这样做如果当时他们的公司已拥有更多的OWN股票.本文所显示的证据确实与这个观念是一致的.出乎意料的是,当我们试图将并购交易比率（即是将支付给被收购方的并购交易价值,除于收购方在刚过去的财政年度结束时的市场价值）与收购前的广告宣传开销联系起来时,我们未发现任何证据可以表明加强宣传能够改变并购交易比率使收购公司的管理者获益.