英语翻译6AcquisitionsandtheManagementProcessEffectiveduediligenceisfundamentaltomakinggoodacquisitions.－EmersonaxiomAcquisitionshavebeencentraltoEmerson'sgrowthandsuccessfordecades.Theyareavitalcomponentofourfinancia|小学英语问答-字典翻译问答网

问题标题：

英语翻译6AcquisitionsandtheManagementProcessEffectiveduediligenceisfundamentaltomakinggoodacquisitions.－EmersonaxiomAcquisitionshavebeencentraltoEmerson'sgrowthandsuccessfordecades.Theyareavitalcomponentofourfinancia

问题描述：

英语翻译

Acquisitionsandthe

ManagementProcess

Effectiveduediligenceisfundamental

tomakinggoodacquisitions.

－Emersonaxiom

AcquisitionshavebeencentraltoEmerson'sgrowthandsuccessfordecades.Theyareavitalcomponentofourfinancialmodel(seeexhibit2-1inchapter2):wecannotconsistentlyreachourtargetofdouble-digitannualearningsgrowthwithoutdoingdeals.Theorganicgrowthofourexistingbusinesses,evenwithourabilitytoimproveoperatingmargins,won'tgetusthere.

Beyondtheircontributiontoourfinancialperformance,acquisitionsgenerateadditionalvaluablebenefits:theyhelpusdiversifyandrepositionourportfolioandgainaccesstonewtechnology,markets,capabilities,andpeople.Forallthesereasons,then,itisessentialthatwedoacquisitionswell.

Overtime,we'velearnedhowtododeals.Between1973and2000,wecompletedmorethantwohundredacquisitionsforacumulativeinvestmentofmorethan$10billion.Forcompaniesownedmorethanfiveyears,Emersonachievedanaverageinternalrateofreturnofapproximately15percent,withmorethan80percentofthedollarsinvestedexceedingourcostofcapital(see

exhibit6-1).Thissuccessrateisunusuallyhigh.Numerousacademicstudieshavefoundthatacquisitionsareariskywaytogenerategrowthandonaveragegeneratereturnssignificantlybelowthecostofcapital.

TheEmersonmanagementprocesshasbeenthekeytooursuccessinthisarea,justasitwaspivotalinourbecomingatechnologyleader.Theprocesshelpsusselectgoodcandidatesandmanagepostmergerintegrationeffectively.Atthesametime,ithelpsusachievestrongresultsquicklyinthecompaniesweacquire.

汪承藻回答：

　　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.