企业并购的风险分析外文翻译

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2024年3月22日发(作者：)

有关企业并购的毕业论文外文翻译

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Security Vendors Say MergerWill Give Them More Financial Heft

LAST MONTH, Secure Computing Corp agreed to acquire messaging security vendor

Cipher Trust Inc. For $273.6 million. The merged company will sell a range of enterprise

gateway security appliances handle threats at the network edge and at the application

level .

John McNulty，CEO of San Jose-based secure computing and Jay Chaudhry, founder

and CEO of Alpharetta, Ga.-based Cipher Trust, spoke with Computerworld about their

plans. Excerpts follow:

Why did Secure Computing and Cipher Trust join forces?

McNULTY: We just see a great opportunity to establish an enterprise gateway security

company.[And] the senior team at Secure had been stretched as the company has grown.

CHAUDHRY: There are some 800 security start-ups. Most of them are doing point pr-

oducts, and customers are getting tired of it.

These companies bring a lot of innovation because of their focus. But they don’t quite

have the financial strength or scale to be viable players. Cipher Trust and Secure Computi-

ng combined will keep the focus and innovation of a start-up, but our size and financial st-

rength is that of a large company.

How do you expect Microsoft’s entry into the security tools business to affect your

plans?

McNULTY: Microsoft clearly is a huge factor. But Microsoft’s expertise is at the

desktop.

That is not an area we play in. It’s where you see the likes of Symantec, McAfee and Trend

Micro. That is where Microsoft is going to have the biggest impact. Microsoft doesn’t sell

Appliances. So this is not something that we fear.

What about the moves by network equipment vendors like Cisco to get into the

security business?

CHAUDHRY: If you look at where the Ciscos of the world are playing, it’s at the

network level. But if you look at the application gateway level, that is a newly emerging

ma

rket—and so is the Web gateway market.

Our belief is that with our focus and with our innovation, we are going to be moving

forward with some leading-edge solutions.

DO you agree with analysts who say users now will be more interested in

integrated products than best-of-breed tools?

CHAUDHRY: In the last six or seven years, there has been a debate over best-of

breed vs. integrated products . [Some companies] have been making a big deal about best

of breed. I think both approaches have issues.

We’re seeing customers out there who have 10 to 15 boxes doing just the enterprise

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e-mail gateway. So they do want an integrated solution, but they aren’t willing to take

chances with second-and third-tier solutions. Where the market is moving is where you

need the best-of breed technology. But if you can deliver it in an integrated solution, that is

when you win.

How have the threats that users face changed in recent years?

McNULTY: Most of the things we are intensely worried about today didn’t exist 10

years ago. The threat has changed from the kid in the basement trying to impress his

friends by defacing a Web site to organized crime and to very competent computer experts

trying to steal and to commit crimes.

The FBI’s most recent report said that the cost of fraud on the Internet to American

businesses was $67 billion. That’s just the tip of the iceberg, because it’s only the amount

that people want to own up to. Signature-based defenses designed to prevent [trouble] after

the horse has escaped the barn are ancient technology.

Jaikumar Vijayan，Security Vendors Say Merger Will Give Them More Financial

Heft[J]，Computerworld，2006(22)

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：

Introduction

Real estate finance institutions as well as the mortgage banking landscape have undergone

a profound restructuring since the late 1980s. The industry continues tochange rapidly. This

change is driven by technological innovation, deregulation, and an increasing competition

within the sector triggered by non-bank financial intermediaries (see Bank for International

Settlements, 2001; Belaisch et al., 2001;Smith and Walter, 1998)). Individual real estate

institutions have increasingly responded to these developments by climbing aboard the

mergers and acquisitions (M&A) treadmill. Consolidation activity among mortgage banks

and other real estate The current issue and full text archive of this journal is available at

finance institutions has increased significantly during the last decade, and particularly

within the last three years. Despite the consolidation, hardly any empirical research

analyses the value implications of M&A activity in the real estate finance sector up to

uncover the capital markets’ reaction to the announcements of M&A transactions

in the real estate finance industry, we study a data set of 69 international transactions that

occurred between 1995 and 2002. Our findings suggest that mergers and acquisitions

between real estate finance institutions create value on average. Significant positive

cumulated abnormal returns can be observed for the target firms, while shareholder value

is neither created nor significantly destroyed on the part of the acquiring companies. This

result contrasts with empirical evidence from US bank M&A during the 1990s.

We start our analysis by providing a short review of the extensive prior research on M&A

in the related financial institutions sector. Section three presents the data sample and the

statistical methodology that we employed. In section four we discuss the results. Section

five summarizes the findings and draws conclusions.

Prior research

Evidence on the wealth effects of real estate finance mergers is very limited. In a sample of

real estate investment trust (REIT) transactions that took place between 1977 and 1983

Allen and Sirmans (1987) found an increase in shareholder wealth upon the announcement

of a merger both for the acquired and acquiring firms. However, this positive assessment

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