战略管理第七章作业.doc

本文档系作者精心整理编辑，实用价值高。Chapter 7Acquisition and Restructuring StrategiesTRUE/FALSE1.Evidence suggests that acquisitions usually lead to favorable financial outcomes, especially for the acquiring firm.5.Takeovers are unsolicited and unwanted acquisitions which are uniformly hostile.6.An acquisition occurs when one firm buys a controlling interest in another firm and the acquired firm becomes a subsidiary business.7.Most acquisitions that are designed to achieve greater market power entail buying a competitor, a supplier, a distributor, or a business in a highly related industry.9.An acquisition of a firm in a highly related industry is referred to as a horizontal acquisition.12.A related acquisition involves two firms in the same industry.14.The lower the barriers to entry, the more likely firms will use acquisition as a means to enter a market.17.Firms can increase their speed to market for new products by pursuing an internal product development strategy rather than an acquisition strategy.19.The quickest and easiest way for a firm to diversify its portfolio of businesses is to make acquisitions.26.Junk bonds are financial instruments commonly used to finance risky acquisitions that provide potential high returns for the bondholders.27.Synergy is created by the efficiencies derived from economies of scale and economies of scope and by sharing resources across the businesses in the merged firm.30.Transaction costs resulting from an acquisition refer to the direct and indirect costs resulting from the use of acquisition strategies to create synergies.33.Top managers typically become overly focused on acquisitions because only they can perform most of the tasks involved, such as performing due diligence on the target firm.36.One of the potential problems associated with acquisitions is that the size of the firm may exceed the economies of scale generated by the acquisition.37.One of the most effective ways to test the feasibility of a future merger or acquisition is for the firms to first engage in a strategic alliance.45.Downscoping makes management of the firm more effective because it allows the top management team to better understand the remaining businesses.MULTIPLE CHOICE1.Cross-border acquisitions involvea.acquisitions by firms from developing countries of firms in developed countries.b.acquisitions by firms from developed countries of firms in developing countries.c.acquisitions made by firms both within and between developed and developing countries.d.none of the above.5.Currently, the rationale for making an acquisition includes each of the following EXCEPTa.to increase market power.b.to decrease taxes paid by shareholders.c.to increase financial performance.d.to shift a core business into different market.7.In a mergera.one firm buys controlling interest in another firm.b.two firms agree to integrate their operations on a relatively coequal basis.c.two firms combine to create a third separate entity.d.one firm breaks into two firms.8.There are few true mergers becausea.few firms have complementary egration problems are more severe than in outright acquisitions.c.one firm usually dominates in terms of market share or firm size.d.of managerial resistance. True mergers result in significant managerial-level layoffs.9.A(an) _ occurs when one firm buys a controlling, or 100% interest, in another firm.a.mergerb.acquisitionc.spin-offd.restructuring12.Two existing U.S. airlines, American West Airlines and U.S. Airways, have merged. The purpose of this merger is most likely to _ and constitutes _ action.a.increased diversification; verticalb.increase market power; horizontalc.overcome entry barriers; verticald.increase speed to market; related14.When a firm acquires its supplier, it is engaging in a(an)a.merger.b.unrelated acquisition.c.hostile takeover.d.vertical acquisition.19.Cross-border acquisitions are typically made toa.increase a firms market power.b.reduce the cost of new product development.c.take advantage of higher education levels of labor in developed countries.d.circumvent barriers to entry in another country.27.Entering new markets through acquisitions of companies with new products is not risk-free, especially if acquisition becomes a substitute fora.market discipline.b.innovation.c.risk ernational diversification.28.Compared to internal product development, acquisitions allowa.immediate access to innovations in mature product markets.b.more accurate prediction of return on investment.c.slower market entry.d.more effective use of company core competencies.30.When a firm is overly dependent on one or more products or markets, and the intensity of rivalry in that market is intense, the firm may wish to _ by making an acquisition.a.increase new product speed to marketb.broaden its competitive scopec.increase its economies of scaled.overcome entry barriers33.Each of the following is a rationale for acquisitions EXCEPTa.achieving greater market power.b.overcoming significant barriers to entry.c.increasing speed of market entry.d.positioning the firm for a tactical competitive move.36.The factors that lead to poor long-term performance by acquisitions include all of the following EXCEPT firmsa.with insufficient diversification.b.having too much debt.c.being unable to achieve synergy.d.growing too large.42._ are unsecured obligations that are not tied to specific assets for collateral.a.Bearer bondsb.No-load stocksc.Penny stocksd.Junk bonds46.The expenses incurred by firms trying to create synergy through acquisition are called _ eraction50.When managers become overly focused on making acquisitions, it isa.because the skills of top executives are better used in making acquisitions than they are in daily organization operations.b.because it is more fun to do deals than to run the company.c.due to pressure from major stakeholders to diversify the firm.d.because acquisitions are a quick way to improve the financial standing of the firm.53.One problem with becoming too large is that large firmsa.become excessively diverse and have difficulty focusing on strategic goals.b.tend to have inadequate financial controls.c.become attractive takeover targets.d.usually increase bureaucratic controls.55.A friendly acquisitiona.raises the price that has to be paid for a firm.b.enhances the complementarity of the two firms assets.c.facilitates the integration of the acquired and acquiring firms.d.allows joint ventures to be developed.56._ allows the acquiring firm to keep valuable human resources in the acquired firm from leaving.a.Financial slackb.Private synergyc.Effective integrationd.High compensation58.Typically, in a failed acquisition, the organization willa.restructure.b.go into bankruptcy.c.focus on building private synergy.d.increase integration.62.Which of the following is NOT one of the three main restructuring strategies?a.realigningb.downsizingc.downscopingd.leveraged buyouts66.Firms use downsizing as a restructuring strategy for different reasons, but the major tacti