企业并购失败原因及防范对策

随着改革的深入和市场化进程的加快,企业并购作为一种资源配置的重要方式,正在广泛被企业所应用,但理论和实践都表明,并购失败可能性较大。文章试图寻找我国企业并购失败的原因,进而提出一些提高并购成功率的对策。     

企业并购失败的原因

在第五轮并购浪潮来临之际，如何避免并购的失败？从分析并购过程中政府的干预入手，谈并购中双方信息的不对称、从并购方案筹划不足，到并购后的文化冲突、人力资源冲突，比较全面的阐述了导致企业并购失败的原因。     

企业并购中的文化整合

文化不是一种个体特征,而是许多人共有的心理程序。当并购发生并给目标企业的文化带来威胁时,人们立即会产生一种对自身企业文化的强烈认同,保护自己的文化,以抵制的心态来反击文化的入侵,从而直接导致了文化的冲突。并购中出现文化冲突是不可避免的,但是如果处理不好,它就会侵蚀企业的发展,最终导致企业的经营失败。因此,企业在并购中要努力寻求化解文化冲突,实现文化整合的方法。一、企业并购中的文化冲突并购中企业文化冲突是指企业并购过程中两个不同特质的文化在相互接触、交流过程中产生的对抗和竞争。并购中的文化冲突主要表现在以下…     

我国企业海外并购失败的原因与对策分析

海外并购效率低是个普遍问题,麦肯锡公司的＂企业领导中心＂经过连续几年的对116家大公司的调查,结果表明海外并购失败的占61%,未知前途的占16%,而成功的只占23%。在影响并购成败的因素分析上,国内的研究还比较分散,没有形成完整的体系,大部分还停留在理论探讨阶段。     

并购管理能力——解释企业并购失败的新视角

本文从朴素的逻辑分析角度出发,认为并购失败的根本原因是企业缺乏并购管理能力。在此基础上,本文基于企业知识观界定了并购管理能力的概念内涵,即并购管理能力是企业为获取、传播、共享和利用并购相关知识而建立的学习机制;提炼了并购管理能力构成要素,即并购职能部门、并购专职人员和并购知识管理程序。最后,以我国2007年发生并购的49家企业为样本,对上述理论进行了实证检验,结果表明：并购管理能力越强,并购绩效越好;并购知识管理程序越完善,并购绩效越好;并购专职人员越合适,并购绩效越好。     

企业并购失败的原因分析

企业并购失败的原因多种多样.其中并购目的不正确是前提,目标企业选择不当是祸根,并购后整合不到位是关键,从某种意义上说,目标企业选择不当决定了并购的成与败.     

企业并购失败的原因分析

企业并购失败的原因多种多样。其中并购目的不正确是前提,目标企业选择不当是祸根,并购后整合不到位是关键,从某种意义上说,目标企业选择不当决定了并购的成与败。     

浅析企业并购风险

从我国并购案例中来看,并购失败屡见不鲜。并购企业对并购中的风险没有引起足够的重视,甚至忽视相关分析。并购的程序较为复杂,本文按照并购活动发展顺序：并购前期、并购中期、并购后期,分别匹配为并购前期决策风险、并购过程中操作风险、并购后整合风险。每一个阶段企业会面临不同的风险,忽略任何一个风险,都会导致并购活动的失败或失效。本文将并购三个环节中企业所面临的风险一一阐述,并加以定性描述分斩以及案例结合分析,为企业经营者并购决策提供参考建议。     

企业并购财务风险的产生原因及措施

财务风险管理是并购风险管理的核心与重量。只有建立科学的财务风险管理机制对企业并购的财务风险进行有效防范与控制,才能降低财务风险所造成的损失,实现趋利避害提高并购效益的目的。     

"啤酒花"为何这样香

本文重点介绍了我院啤酒酿造专业在全国率先实行“双元制”教学的基本做法,总结了十八年来“双元制”教学的基本特色以及培养啤酒行业技能型人才的成功经验。     

外资并购中国企业的立法问题研究

随着经济全球化的发展,企业跨国并购已成为外国直接投资的主要方式.其中外资对并购中国的企业产生了极大的兴趣,跨国并购成为了外资进入我国市场的一种方式.外资并购在发挥其积极作用的同时,也会带来一些负面影响.本文将重点从相关法律层面详细分析外资并购我国企业存在的问题,结合我国具体的历史与现实情况,提出对有关法律制度的清理、修改、完善的意见和一些初步的立法构想和建议.     

Why are saving rates in East Asia so high? Reviving the life cycle hypothesis

Empirical Economics - Why are saving rates in the East Asian countries so high? This paper represents an attempt to provide an explanation in terms of rapid income growth rates linked to the life...     

Why you should use high frequency data to test the impact of exchange rate on trade

This study suggests that testing the impact of exchange rate on trade should be done using high-frequency data. Using different data frequencies for identical periods and specifications between the US and Canada, we show that low-frequency data might suppress and distort the evidence of the impact of exchange rate on trade in the short run and the long run.     

对企业视觉要素的管理功能探讨

依托企业视觉要素进行企业的视觉化管理,对企业管理水平及管理效率的提高有着非常重要的作用。本文在阐述视觉化管理内涵的基础上,着重从企业视觉要素对行为的直接约束机制形成;对"间接型与非强制化"管理形态的形成;对企业管理激励机制的推动;以及形成市场经济体系下的有序化管理几个方面所表现出的管理功效进行了理论性的分析。本文对此问题论证的目的主要在于:在对企业视觉要素所具有的识别、传播、表现等功能广泛认识与使用的基础上,对其所具有的其他功能,特别是企业管理功能进行深入挖掘,使企业视觉要素在推动企业发展上发挥其更多与更大的作用。同时,本文对此问题予以论述还在于引发我们对企业管理的其他形态,尤其是通过企业形象塑造所形成的"约束式"管理形态予以重视,并使这种管理形态在企业管理中有更大的发挥作用。     

Why is the corporate tax rate lower than the personal tax rate?: The role of new firms

In many OECD countries, statutory corporate tax rates are lower than personal income tax rates. This tax rate difference is often particularly large for small firms. The present paper argues that a reduction of the corporate tax rate below the personal tax rate is an optimal tax policy if there are problems of asymmetric information between investors and firms in the capital market. The reduction of the corporate tax rate below the personal tax rate encourages equity financing and thus mitigates the excessive use of debt financing induced by asymmetric information. Our main theoretical result stands in marked contrast to the traditional view of corporate taxation and corporate finance theory, according to which there is a tax disadvantage to equity financing. More recent empirical evidence on this issue, however, is in line with our result.     

The failure of foresight in crisis management: A secondary analysis of the Mari disaster

Foresight the ability to plan and think systematically about future scenarios in order to inform decision-making in the present has been applied extensively by corporations and governments alike in crisis management. Foresight can be complicated because dispersed groups have diverse, non-overlapping pieces of information that affects an organization's ability to detect, mitigate, and recover from failures. This paper explores the failure of foresight in crisis management by drawing on data on events that preceded and followed the Mari disaster in a naval base in Cyprus in July 2011, where a large explosion killed 13 people and injured 62 others, while completely destroying the major power plant of the island. The paper examines how foresight into crisis management decisions was compromised because of a conscious effort by high ranking decision-makers to minimize emergent danger and avoid responsibility for the crisis, in joint with red tape, bureaucracy, and poor coordination and information flows. The paper explores the notion of operational and political responsibility of individual decision-makers and discusses an alternative approach to foresight in crisis management, one that is built on multiple layers of decision-making.     

The failure of the monetary model of exchange rate determination

In this article, we test three popular versions of the monetary model (flexible price, forward-looking and real interest differential models) for the OECD member countries by applying Johansen cointegration technique. Based on country-by-country analysis, we conclude that monetary models do not provide the expected results. We reveal several shortcomings of the models and examine the building blocks of the fundamental version. Although researchers always blame the deviations from purchasing power parity as the reason for the failure of the monetary model, our analysis indicates that invalidity of Keynesian money demand function is also responsible for unfavourable results.     

美国缘何反对国际货币基金组织扩大援助贷款规模

20世纪90年代以来，发展中国家成了国际金融危机的多发中心(尽管危机的源头不一定全在这些国家)，危机不仅给发展中国家带来了巨大的经济损失，也给整个国际经济环境增添了许多变数，因此，国际金融体系的重构，尤其是国际货币基金组织(IMF)改革问题，便成了近20年来国际社会普遍关心的话题。在IMF贷款问题上，主张取消IMF的长期贷款业务，不主张扩大国际金融危机救助规模，是目前美国的主流观点。由于美国是当今国际金融体系中的“霸主”，其意见将直接左右着国际金融体制的改革走向，所以美国在国际金融机构改革上的一些观点值得发展中国家关注。     

Persistent high ambition and substance abuse: a rationalization of a vicious circle

While the current use of some mind-altering substances alleviates current level of depression, it facilitates future depression. Our analysis incorporates this intertemporal tradeoff and shows that the stationary status of a consistently overly ambitious sophisticated user is improved by impatience, and that this improvement is amplified by the ratio of the instantaneous depression-relief effect to the status-degradation effect of the mind-altering substance. The analysis also shows that the existence of a supportive personal community leads to permanent cyclical use of mind-altering substances.