关于SME企业公司跨国国际收购合并（M＆A）有关的外文文献翻译成品：中小企业并购的理论与证据（中英文双语对照）.docx

此文档是毕业设计外文翻译成品（ 含英文原文+中文翻译），无需调整复杂的格式！下载之后直接可用，方便快捷！本文价格不贵,也就几十块钱！一辈子也就一次的事！ 外文标题：Theory and Evidence on Mergers and Acquisitions by Small and Medium Enterprises 外文作者：Weitzel, G.U，McCarthy, K.J 文献出处: International Journal of Entrepreneurship and Innovation Management, Vol. 14, Nos. 2/3, 2018 (如觉得年份太老，可改为近2年，毕竟很多毕业生都这样做) 英文6174单词，38533字符(字符就是印刷符)，中文9501汉字。（如果字数多了，可自行删减，大多数学校都是要求选取外文的一部分内容进行翻译的。） Theory and Evidence on Mergers and Acquisitions by Small and Medium Enterprises Abstract：The theory of mergers and acquisitions (M&As) has been developed almost exclusively from the study of large deals by large firms. In this paper we argue that the behaviour and success of M&As by small and medium sized enterprises (SMEs) may be significantly different. Accordingly, we revisit established M&A theories, and develop a theoretical framework, and several testable hypotheses, regarding the distinctive features of SME M&As. Our empirical results support our expectations and show that, compared to large firms, acquiring SMEs: rely more intensively on external growth via M&As; are more likely to be withdrawn, suggesting that SMEs are more flexible, and more able to avoid deals that turn sour; and, finally, SME M&As are more likely to be financed with equity rather than debt, indicating that the influential financial pecking order theory is of less relevance to SMEs. Keywords: mergers, acquisitions, small and medium sized enterprises 1Introduction There is a long tradition of academic research on mergers and acquisitions (M&A) within finance, business and economics. 1 Since the very beginning, this has considered questions relating to performance evaluation and has been concerned, primarily, with issues relating, for example, to what sort of returns mergers generate, and for whom. The focus of this research, however, has been on the role of the larger M&A events, and precious little attention has been devoted to the question of small and medium sized enterprises (SMEs). Probably the