题目

英语翻译
6
Acquisitions and the
Management Process
Effective due diligence is fundamental
to making good acquisitions.
－Emerson axiom
Acquisitions have been central to Emerson's growth and success for decades.They are a vital component of our financial model (see exhibit 2-1 in chapter 2):we cannot consistently reach our target of double-digit annual earnings growth without doing deals.The organic growth of our existing businesses,even with our ability to improve operating margins,won't get us there.
Beyond their contribution to our financial performance,acquisitions generate additional valuable benefits:they help us diversify and reposition our portfolio and gain access to new technology,markets,capabilities,and people.For all these reasons,then,it is essential that we do acquisitions well.
Over time,we've learned how to do deals.Between 1973 and 2000,we completed more than two hundred acquisitions for a cumulative investment of more than $ 10 billion.For companies owned more than five years,Emerson achieved an average internal rate of return of approximately 15 percent,with more than 80 percent of the dollars invested exceeding our cost of capital (see
exhibit 6-1).This success rate is unusually high.Numerous academic studies have found that acquisitions are a risky way to generate growth and on average generate returns significantly below the cost of capital.
The Emerson management process has been the key to our success in this area,just as it was pivotal in our becoming a technology leader.The process helps us select good candidates and manage postmerger integration effectively.At the same time,it helps us achieve strong results quickly in the companies we acquire.

提问时间：2020-12-29

答案

6 收购、 管理程序
根本原因是勤奋有效
为取得良好的收购.
昨天电气行
索罗中心已收购的成长和成功,为十年.这是我国经济的重要组成部分模型(见第二章第2-1展出):我们始终无法达成我们的目标两位数增长,每年收入做交易.我国现有企业的有机增长,即使我们有能力改善经营利润,不能帮助我们.以后他们对我们的金融服务,取得了宝贵的额外好处:我们帮助他们多样化组合和调整,我国进入新的技术、市场的能力,具有重大意义.基于上述理由,那么,我们就必须做收购.
随着时间的推移,我们已经学会了交易.1973年至2000年间,我们完成了两百多家收购累计投资超过$10亿美元.公司拥有五年以上,实现电气内部收益率平均约15%,80%以上的美元资金成本投入超过我们(见 展品六).这个成功率非常高.众多学者的研究发现,有一种危险的方式来获取可观的增长,大大低于平均创造利润的资金成本.索罗的过程管理是我们成功的关键在这方面,同样重要的是我们成为技术的领导者.在选拔过程中有美、善管理候选人postmerger有效整合.同时,大力帮助我们实现我们公司取得的成果迅速.