我国外资并购换股支付法律困境与破解

外资并购换股支付为公司的资产重组提供了一种全新方式。该支付技术可以灵活运用到上市公司之间、上市公司与非上市公司之间、外国投资者与境内公司之间。作为国外通行的一种支付方式,换股并购在我国的出现预示着巨额并购活动中支付瓶颈的突破,换股支付必将以其特有的方式在我国并购市场活动中得到大规模的运用。但是这种新兴的方式在我国还存在许多法律困境,需要进行综合的制度设计予以破解。     

并购支付成本的财务比率分析

本文阐述了并购支付成本的含义与构成,构建和分析了并购支付成本合理性的财务比率评价体系,并在此基础上提出了选用财务比率的若干建议。     

并购支付成本的财务比率分析

本文阐述了并购支付成本的含义与构成,构建和分析了并购支付成本合理性的财务比率评价体系,并在此基础上提出了选用财务比率的若干建议.     

外资并购浪潮初探

在经济发展的大背景下，中国政治经济的稳定发展和日益发展壮大的消费市场，使境外资本不断流入境内。外资并购形成席卷我国企业的一股新浪潮。吸收外资成为我国中小企业融资的新通道。境外资本的进入给我国企业带来了新的活力，改善了结构，提高了规模经济和知名度。同时，外资并购也带来了新问题，法律环境急需完善，收购与反收购正在进行。     

外资并购国有股权法律分析

由于中国国有企业所具有的得天独厚的优势,外资并购国有股权成为外资并购中常见的并购种类。根据对外资并购及国有股权转让的特别要求,从实务操作的角度对外资并购国有股权应遵循的程序,以及各种程序中涉及的法律问题进行分析,从而使外资并购国有股权的运作更加规范。     

对并购支付成本构成以及财务比率选用的分析

基于并购支付成本的含义与构成，对构建并购支付成本合理性的财务比率评价体系进行分析，并提出了财务比率选用的方法和建议。     

从外资并购支付方式分析苏泊尔并购案

一、案例回顾 2007年12月20日，SEB国际股份有限公司（以下简称“SEB”）完成对苏泊尔股票部分要约收购。由于要约收购完成后，社会公众持有的股份只占苏泊尔总股本的11．20％，不符合《深圳证券交易所股票上市规则》相关上市条件规定，苏泊尔股票自2008年1月18日起停牌，2008年3月20日股东大会审议通过了以资本公积转增股本的方案，并于2008年3月24日公布了关于资本公积转增股本的实施公告，本次转增股本后新增可流通股份上市日为2008年3月28日。至此，这场耗时一年零七个月的外资并购案，终于圆满落幕。     

外资并购的反垄断规制

90年代以来,我国兴起了外资并购热潮,在为我国经济带来了资金、技术及管理经验的同时,也产生了垄断市场、妨碍有序竞争甚至威胁国家安全的不良影响。我国外资并购反垄断制度存在诸多不足之处,完善该法律制度具有重要的现实和理论意义。     

Determinants of the method of payment in mergers and acquisitions

We empirically investigate the determinants of the payment form in mergers and acquisitions and introduce new variables on the target and acquirer investment characteristics to evaluate whether the concerns of target and acquirer shareholders are taken into account. Our sample encompasses mergers between publicly listed US companies from 1985 to 2004. Similarly we also consider the determinants of announcement returns using the same set of variables. We establish the relevance of a previously unreported variable for the determination of the payment form, the correlation of returns between target and acquirer, besides the more established determinants hostile takeovers, and defence mechanisms; weak evidence is found for the significance of budget constraints and no evidence for asymmetric information or tax considerations being a relevant factor. We do not find that announcement returns are explained by the variables considered.     

浅谈企业采购与付款业务内部控制测评

采购与付款业务是指企业支付货币取得物品或劳务的过程,是企业生产经营管理中的一个重要环节,也是一个薄弱环节。由于采购与付款业务涉及资金与存货的进出,极易产生错弊。在市场经济大潮的冲击下,缺乏透明度的采购过程,又产生了“以权谋私,暗箱操作,弄虚作假,收受回扣,跑冒滴漏”等问题,导致企业资金流失,采购物品质次价高,资金使用效益低下,影响了企业的生产经营效益的提高。因此,企业应建立采购与付款业务内部控制,对请购、审批、签约、采购、验收、审核和付款等环节建立标准化的业务处理程序,健全以采购申请、经济合同、结算凭证、验收入…     

The effect of non-rural hospital mergers and acquisitions: An examination of cost and price outcomes

This paper examines the direct impact of urban horizontal hospital consolidations on hospital efficiency and prices. Specifically, we measure the extent of cost savings resulting from these consolidations and the extent to which these gains are passed on to consumers. A fixed effects model is tested with data consisting of 4160 unique hospitals, 125 of which were involved in mergers and 1040 in system acquisitions, for over a 10-year time period. We find that hospital consolidation may generate efficiency in some circumstances and some of these gains may be passed on to consumers, but the results are very sensitive to hospital ownership and governance and the structure of the market following the consolidation.     

热加工企业成本管控的实践与思考

自进入21世纪,我国逐步成为世界制造加工中心,热加工行业也因此成为制造业至关重要的组成部分,无论是交通运输、房屋建筑、能源开发等均离不开热加工。所以热加工往往成为一个国家的工业制造业的基础。同时,日趋激烈的市场竞争对于工业企业的生存带来了很大的挑战,如何抓住时代的机遇,持续经营,是现今工业企业乃至热加工企业的首要任务。从技术发展到降本增效均是工业企业的发展关键,没有先进技术无法发展,没有成本管控难以生存。成本管控对制造企业,特别是热加工企业有着至关重要的作用。     

成人高校师资队伍建设的理性思考

师资队伍建设关系到成人高校长远的生存和发展 ,其质量决定成人高校的办学品位。本文论述了成人高校师资队伍建设的作用、遵循的原则、方向以及师资队伍建设中应着力解决的问题     

Vertical mergers and the balance of trade

This paper examines the relationship between the vertical merger and the balance of trade. Our results show that the effects of the vertical merger on the trade balance and consumers' welfare depend on the production technology adopted by the final good manufacturers. The vertical merger will improve both the trade balance and consumers' welfare when fixed-coefficient technology is adopted. However, these positive effects could not be held when variable-coefficient technology is used to produce the final good.     

Horizontal mergers and the balance of trade

This paper explores the relationship between market structure and the balance of trade in a dominant firm/competitive fringe model. It is shown that, absent efficiency effects, a horizontal merger between the dominant producer and a domestic fringe firm leads to a deterioration in the balance of trade, but, where efficiencies arise, this effect may be reversed. A sufficient condition for such reversal to occur is derived.     

Unison and the people side of mergers

This article examines the merger of public service unions which resulted in the creation of Unison, the largest trade union in the UK. It examines the Unison merger from the perspective of the strategic capability of union management(s) to influence the success or otherwise of the merger process. Models and frameworks arising from research into for‐profit organisations are used, in particular those of Buono and Bowditch (1989). Use is also made of the more recent work of Cartwright and Cooper (1996). Both studies highlight the importance of the cultural aspects of the merger process. The article concludes that the chosen models illuminate the process and demonstrate the importance of further research to enable a better understanding of the management of trade unions.     

Nonprofit mergers: Assessing the motivations and means

As nonprofit organizations seek to remain viable in an increasingly competitive environment, merger is an attractive (albeit complicated) option. This case study of the largest nonprofit association merger in U.S. history, involving three bowling associations, demonstrates the critical role of leadership in consummating a merger. The case illustrates a number of factors necessary to merger success: existence of a catalyst leader and a nucleus of like‐minded individuals who can serve as the impetus for change, sufficient time to accommodate the psychological and practical aspects of merging, opportunities for building social capital among the people involved in the merger, and preservation of cultural remnants that are carried over from the predecessor organizations to the newly merged entity.     

Abandoned mergers and the market for corporate control

This paper investigates the financial performance cf a sample of UK firms involved in abandoned mergers during the period 1977–81. Predictions derived from a broadly neoclassical theory of merger activity are tested empirically and implications for the theory of the firm are discussed. Using an extension of discriminant analysis for firms in our samples we cannot find any evidence to suggest that the market for corporate control exercises discipline in completed mergers or in abandoned ones. In the latter case we suggest that the motives for takeovers tend to reflect managerial rather than shareholder interests.