文档介绍：原文
Mitigating risks in cross-border acquisitions
In the past 20 years, the volume of cross-border acquisitions for corporate assets has increased nearly three times faster than the volume of domestic acquisitions. Compared to domestic acquisitions, cross-border acquisitions present greater challenges for a buyer because of institutions and cultural values that are unfamiliar to a foreign corporation. Firms acquiring assets in a foreign country may face different accounting practices and disclosure requirements, which hamper the due diligence process. The internalization of assets into the buyer operational structure is plicated by cultural peculiarities that determine how strategies are formulated and business is conducted. Acquiring firms may also encounter legal systems with different protection of property rights, a factor that adds uncertainty to future cash flows. The greater level of uncertainty in cross-border acquisitions reduces the value of the assets being exchanged (Akerlof 1970; Stiglitz, 2000) and appears as an explanation to the poor performance of acquirers in cross-border acquisitions (Denis et al., 2002; Moeller and Schlingemann, 2005). In this article, I will analyze different alternatives in which buyers can ameliorate the risks inherent in these transactions. This analysis is important for understanding the optimal entry strategies for firms that want to