Acquiring firm shareholders lost 0.12 dollar on average for the dollar spent.

收购方的股东损平均每花出一美元损失0.12美元。

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These measures above are the basic measures to ensure an acquiring firm to avoid the financial risks in M&A.

这些措施包括三方面的内容：其一，对并购风险的财务估测，在此提供了两个基本的风险估计模型。

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Most often, the target company's assets serve as security for the loans taken out by the acquiring firm, which repays the loans out of cash flow of the acquired company.

通常情况下，被收购公司的资产会被作为收购公司所借贷款的抵押物且其周转资金也会被用于还贷。

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Put differently, despite their popularity, the average take-over destroys value for the acquiring firm.

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Takeovers happen and the acquiring firm has a natural bias toward keeping its own people.

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These short-term "announcement studies" are often cited as evidence that acquisitions destroy value for the acquiring firm.

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