????研究報(bào)告發(fā)布之時(shí)正值并購交易顯著放緩之際。數(shù)據(jù)提供商Dealogic的數(shù)據(jù)顯示，今年年初，企業(yè)并購活動(dòng)處于近年來的低點(diǎn)。2009年年初的情況更差一些，但也相差無幾（2009年是7,770億美元，今年是8,000億美元），而且2009年正值信貸危機(jī)最嚴(yán)重的時(shí)期。因此，這是不是意味著首席執(zhí)行官們終于認(rèn)識(shí)到，并購沖動(dòng)可能并不會(huì)帶來什么好處？不太可能。

????“高管們總是認(rèn)為，這次情況不一樣。”《以退為進(jìn)》的合著作者之一瑪門迪爾稱。“沒錯(cuò)，過去其他人都失敗了，但我能做得更漂亮。”因此，似乎真正的問題是過度自信。不幸的是，CEO們從來不欠缺自信。

????譯者：老榆木

????All this comes at a time when M&A deals have slowed considerably. According to Dealogic, this year has had one of the slowest starts for corporate combinations in recent history. The first few months of 2009 were slightly worse, but only slightly ($777 billion then vs. $800 billion today) and that was during the height of the credit crunch. So is there a hope that CEOs have finally learn that the urge to merge doesn't pay? Not likely.

????"Executives always think this time will be different," says co-author Malmendier. "Yes, others have failed in the past, but I can do better." The real problem it seems is overconfidence. Unfortunately, that's a quality that is in high supply among CEOs.