企业并购后的财务整合

企业发展壮大的途径一般有两条：一是靠企业内部资本的积累，实现渐进式的发展；二是通过企业并购，迅速扩展资本规模．实现跳跃式发展。从某种意义而言．并购容易整合难。在并购企业所实施的战略整合、组织与制度整合、人力资源与文化整合、财务整合等管理整合中．财务整合是企业并购行为最为核心的内容和重要环节。现就企业重组过程中并购企业的财务整合问题，谈几点看法。     

企业并购融资方式研究

院并购作为产业整合的重要手段,对经济发展具有重要意义.但是产业整合需要巨额资本,资本从何而来这就涉及到并购融资问题.本文主要从并购融资的特点出发,对企业并购的四种融资方式进行比较分析,同时从企业并购动机、融资成本等四个方面对影响企业并购融资方式选择的因素进行了研究     

智力资本的协同效应:企业并购成败的关键

<正>自20世纪初以来,世界经济经历了5次大的企业并购浪潮,每一次企业并购浪潮都反映出不同的趋势和特征。近10年发生的波及全球多个国家的企业并购高潮,其主要特征是智力资本及其产生的协同效应在企业并购中发挥了越来越重要的作用。企业并购成败的关键不再取决于设备、厂房等有形资产,而是更多地依赖于知识、技术、创新能力等无形资产。因此,企业并购中关注的焦点更多地集中到了并购后企业智力资本价值的变化上。     

中国汽车企业跨国并购整合风险分析基于吉利并购沃尔沃的案例研究

汽车行业作为一个资本与技术密集型的产业,在进行并购活动时涉及到的资金、技术、品牌都比一般的企业并购要复杂,并购的整合风险更高,加强对汽车企业并购整合的风险研究具有重要的现实意义.文章基于吉利并购沃尔沃的案例,研完了我国汽车企业跨国并购存在的整合风险,以期为中国汽车企业的跨国并购提供合理的决策依据.     

浅谈我国企业并购融资的创新方式

并购是企业实现资本扩张和战略整合的重要手段,而并购融资是企业并购能否成功实施的关键因素.     

跨国并购风险及有效防范 ——基于G集团并购WTM的案例分析

近年来,随着资本市场的放开,企业并购活动频繁发生,跨国并购成为备受瞩目的企业活动,同时由此带来的跨国并购风险也成为企业管理者面临的重要问题.因此,要求企业在并购前合理识别估价风险及财务风险,并购后关注企业内部的整合风险.以G集团并购英国WTM为例,针对此类并购风险提出了防范跨国并购风险的有效策略,为企业进行跨国并购时降低风险,进而不断完善我国资本市场.     

我国企业并购融资的几种创新方式

并购是企业实现资本扩张和战略整合的重要手段,并购融资是企业并购能否成功实施的关键因素。本文介绍我国企业并购融资的几种创新方式。     

企业并购后财务整合研究——蒙牛集团并购君乐宝公司案例

大企业、大集团大多是通过资本并购、重组、收购等资本运作手段而发展起来的,企业并购后的整合是决定并购成败的关键因素,其中财务整合更是并购整合的重要环节.本文以蒙牛集团并购君乐宝公司的实践作为案例研究对象,提出一套并购后财务整合新思路——财务整合要以公司价值最大化为目标,选择的整合时机分融合和协同两个阶段,有重点地逐步推进,印“一个目标、两个阶段、六项重点”的财务整合思路.明确了各项重点财务整合内容的具体措施及实施要点,使公司财务整合过程更加易于操作、有章可循.同时也为其他公司在财务整合以及其他方面的整合提供参考.     

企业横向并购中供应链的整合

并购是当代企业经营管理的重要内容,尤其是横向并购已经成为企业快速扩张形成规模经济的有效手段.然而,对并购的研究往往集中在资本的运作方面,而对并购后供应链的整合缺乏深入研究,导致企业的发展不尽如人意.如何对并购双方企业所处的供应链进行进一步的整合才是实现企业横向并购后成功发展的关键.     

智力资本对企业业绩的影响

自1969年经济学家Galbrait首h次提出智力资本这一概念以来,学术界和实务界对智力资本的研究越来越多。近10年来,不同的学者从不同的角度对智力资本进行了阐述,但都未能全面反映智力资本的真正内涵。本文认为,凡是可以增加企业价值、为企业创造竞争优势、整合员工素质与能力从而获得超出企业账面价值的无形资产都是企业的智力资本。同样,目前对智力资本的分类也尚未有统一意见,但主流观点认为智力资本由人力资本、顾客资本及结构资本三种形式组成,其中结构资本又分为创新资本和流程资本。本文采用这种观点并将智力资本分为人力资本、顾客资…     

基于技术寻求型跨国并购整合研究——以上汽并购罗孚为例

跨国并购的成功主要在于并购整合过程,而针对新兴市场参与跨国并购整合的研究还极缺乏。本文以上海汽车集团并购罗孚的知识产权和技术平台核心技术以及Ricardo 2010研发中心为案例,分析了其并购整合所采取的区域制组织结构及其产品策略。通过并购整合,上汽有效吸收和消化了罗孚的技术,实现了本土汽车自主品牌的跨越式发展。     

Post-acquisition Integration as Sensemaking: Glimpses of Ambiguity, Confusion, Hypocrisy, and Politicization

ABSTRACT   Though many studies have examined post-acquisition integration challenges, they have mainly focused on rationalistic explanations for the difficulties encountered in post-acquisition integration. There remains little knowledge of how the 'irrational' features of post-acquisition decision-making may impede organizational integration. This study attempts to bridge that gap by examining post-acquisition decision-making from a sensemaking perspective. The paper presents an in-depth analysis of a merger between a large Finnish furniture manufacturer and three smaller Swedish furniture companies. By focusing on the sensemaking processes surrounding integration issues, we uncover four interrelated tendencies that illuminate why the frequent problem of slow progress during post-acquisition integration occurs: inherent ambiguity concerning integration issues; cultural confusion in social interaction and communication; organizational hypocrisy in integration decision-making; and the politicization of integration issues.     

区域创新网络要素间协同能力的测度——基于知识资本扩张路径

在世界经济发展出现信息化、知识化、全球化和区域化的背景下,Ⅸ域知识资本优势成为区域核心竞争优势的根本,区域内知识资本的整合和培育是通过知识资本的扩张完成的,区域创新网络成为知识资本扩张的现实载体。因此,实现区域创新、增强Ⅸ域竞争力关键是依靠区域创新网络内各要素间的协同合作,对区域创新网络各要素之间协同能力进行测度,也就变得至关重要。文章通过对知识资本的扩张路径进行分析,从中发现测度Ⅸ域创新网络要素间协同能力的有关内容,并在此基础上分配具体评价指标,构建了一套较完整的评价指标体系。     

企业智力资本价值创造行为研究——兼论智力资本与企业价值的相关性

从智力资本投资和资本累计的视角,对智力资本及其各要素的价值创造行为进行分析,构建企业智力资本价值创造的会计度量模式,并对智力资本与企业价值的相关性进行实证检验,结果显示：智力资本是企业价值创造中的核心要素;企业智力资本的形成是企业长期投资不断累积的结果;以现金流量作为企业价值度量指标可以很好地解释智力资本的价值创造性,在企业价值创造过程中智力资本各要素的作用各不相同。     

The impact of cultural differences and acculturation factors on post-acquisition conflict

The importance of cultural factors as antecedents of post-acquisition conflict has been recognized in previous research. Nevertheless, this recognition has translated itself into relatively little wide-scale empirical research. Therefore, this paper empirically examines the impact of cultural differences and acculturation factors on post-acquisition conflict. It proposes that post-acquisition conflict can be explained by cultural differences and acculturation factors. The sample is based on domestic and international acquisitions carried out by Finnish corporations during the period 2001–2004. The results show that organizational cultural differences and organizational cultural preservation increase conflict, partner attractiveness decreases conflict, while national cultural differences have no influence on the level of conflict. These findings confirm that both organizational cultural differences and acculturation factors are needed to explain the essential dynamics of post-acquisition integration.     

智力增值系数(VAIC)的真正含义研究

本文通过分析Pulic模型、智力增值系数(VAIC)和其与其他业绩衡量指标之间的关系深入剖析了智力增值系数的真正含义。结果表明智力增值系数中的智力资本、人力资本和结构资本与Skandia导航仪和智力资本研究界一般所定义的含义不同,并且VAIC不是用来量度智力资本的价值,而是量度智力资本所创造的价值,是一种从利益相关者角度来衡量价值创造的业绩衡量指标,是对现有的业绩衡量方法的补充。     

Clarifying the effect of organization learning on service innovation: the mediating role of intellectual capital

Abstract

The study of intellectual capital has gained interest in today’s highly competitive landscape. Using intellectual capital as a mediator, this paper developed an integrated model to examine whether organization learning affects and increases the capacity for new service development (NSD). The results from the study of 598 hotel managers support this model across multi-dimensions of intellectual capital and show that intellectual capital plays a mediating role between organizational learning and NSD. This paper also finds exploitative organization learning enhances the positive effect of organization capital because it fosters a positive link between relational capital and human capital. The study also discusses how this intriguing pattern of mediation could be explained by using theory and research with a regulatory focus.     

Experience of Canadian and Chinese acquisitions in Kazakhstan

Our intention is to explore and describe the nature and the role of social integration mechanisms that moderate relationships between cultural distance and social integration. We followed one company, currently named KazOil, over 10 years and during two consecutive acquisitions by very different MNCs (Hurricane and CNPC) from two different national cultures (Canada and China, respectively). We found differences in the levels of post-acquisition social integration of the two acquisitions. Surprisingly, a more culturally distant MNC from a national culture perspective was more successful in achieving post-acquisition social integration than a culturally close one. We ascribe this to the fact that although both acquirers made extensive use of both formal and informal social integration mechanisms, they favored different types. We also specify other contextual variables which may explain the above findings.     

智力资本对中国高新技术企业的绩效影响研究

知识经济时代,知识的创造、积累、共享和整合是高新技术企业创造价值的主要动力。利用回归分析对2008─2010年间沪深两市高新技术企业的智力资本与企业绩效的相关性进行实证分析。研究发现:客户资本和结构资本与企业绩效显著相关,而人力资本并未充分发挥自身优势,与企业绩效的相关度较弱,故高新技术企业在发展的过程中应特别关注与企业绩效显著相关的智力资本,如人力资本,从而提升企业绩效。     

企业智力资本价值网络的分析

知识经济时代,智力资本作为企业价值创造的源泉,对于企业建立持久的竞争优势至关重要。从知识视角出发提出了智力资本价值网络的概念,分析了网络中的知识转移和知识转化,并构建了智力资本价值网络内的知识转化模型。