英语翻译1.Method of payments and misvaluationPrior literature do

英语翻译
1.Method of payments and misvaluation
Prior literature documents that merger activity occurs in waves and that high market-to- book ratios are a common phenomenon duringthesewaves,whichmayexplainwhythe predominant method of payment during these waves is stock (Rhodes-Kropf et al.,2005; Maksimovic and Phillips,2001; Jovanovic and Rousseau,2001).Several theoretical explanations exist that suggest that valuation plays a role during these merger waves.

1 支付方式和评估失误
之前的文献证明了并购活动是成波段的,在每一段波动过程中出现较高的市值帐面比是一件司空见惯的事情.这就解释了为什么股票会成为这个特定阶段的支付最佳方式（引文）.一些存在的理论则表明了评估的重要性.