业绩衰退企业实现反转研究综述

多年来,学术界对于企业衰退之后的反转问题进行了大量研究,也形成了丰富的研究成果。本文围绕反转的界定、反转的背景、反转的过程、反转的战略这四个方面,对有关反转研究及其成果进行了梳理,并对该领域的未来研究进行了展望。     

Enterprise Restructuring and Turnaround Management in Russia

Summary

After the wave of privatization has swept Russia, the crucial stage of enterprise restructuring begins. According to various circulating estimates, about half of large enterprises need to be reorganized if they are to prosper in the new market economy of Russia. Some of other enterprises need to be closed immediately so that they cease to drag the Russian economy down by subtracting value from it. On the other hand, there is evidence of fraudulent bankruptcies orchestrated by Russia's powerful managers and designed to strip existing enterprises of valuable assets which are then transferred to private pockets illegally or semi-legally. The Russian Government is trying to cope with these challenges under very difficult conditions of inadequate human and financial resources, unclear market structures (e.g., financial-industrial groups), underdeveloped markets for assets, and social-political pressures to maintain status quo which is not sustainable in the longer term. Legislative and other actions need to be taken to adopt decentralized, imaginative solutions which can bring results under Russia's particular circumstances. No ready-made solutions exist but the Russian Government sees quite a lot of good analogies in the new German Lacnder. Other potential solutions, like debt-for-equity swaps, vulture funds, etc., stem from the Anglo-Saxon or American traditions. All these solutions should be considered carefully. Some of them should be used domestically; others should give Western capital opportunities to assist in the enterprise restructuring and other transition processes in Russia.     

Stakeholders' Impact on Turnaround Performance: The Case of German Savings Banks

This study explores how savings banks as powerful stakeholders of SMEs in Germany assess turnaround performance. It tests the impact of the support provided by German savings banks and distressed SMEs' actions with survey data from corporate advisors. The results show that structural and continuing support foster turnaround performance. This support is conducive in the initial stage of turnaround but negligible in the recovery stage. Contributing to stakeholder theory and turnaround management, the findings shed light on the factors that motivate a selected stakeholder's involvement and SMEs' ability to engage in actions fostering this stakeholder's support for a turnaround.     

British Steel: a Turnaround under Public Ownership

This case history of British Steel Corporation (BSC) is based on personal experience: the author was advisor to the Chairmen between 1976 and 1981 - the period when the company, still publicly owned, adopted the critical measures on which the turnaround was founded. BSC has been a model for a successful heavy industry turnaround and subsequent privatisation, even if some of its circumstances were unique. This article argues that it was the management rather than government which created the framework for change and that the steel strike of 1980, seen at the time as a disaster, became the watershed for fundamental change. Several of the principal actors achieved effects which were the opposite of what they intended: the article is about irony as well as steel.     

Turnaround Strategy at the Oaklands Golf Club 1993/1995 – The Implications for Business Ethics

Teaching Business Ethics -     

Turnaround and failure: Resource weaknesses and the rise and fall of Jarvis

Research employing the resource-based view (RBV) has overwhelming focused on the upside of resources, namely those that provide benefit to the firm. However, an emerging research stream suggests that the downside of resources, namely resource weaknesses, may be crucial in gaining a greater understanding of the key factors that contribute to firm performance and the ability to turnaround failing companies. We examine the infamous case of Jarvis, a firm that achieved a turnaround, but then experienced catastrophic failure. In so doing we explore the emergence of resource weaknesses, their nature and ability to combine to create a fatal organisational outcome.     

化石能源价格下跌对能源转型的挑战与应对政策

化石能源价格下跌降低了可再生能源的投资预期,挤压了可再生能源的利润空间和竞争优势,延缓了能源转型的均衡时间,甚至导致化石能源对可再生能源的反替代,不利于我国可再生能源中长期规划目标的实现和全球温室气体减排.应对化石能源价格下跌,建议开征能源税,建立气候补偿性能源价格体系,减少化石能源补贴,以稳定化石能源价格,并通过发展能源互联网、提高可再生能源金融支持效率和积极推进“配额+绿证”制度来促进能源转型发展.     

分布式能源系统的发展

本文通过对分布式能源系统的概念、特点及其发展趋势的阐述,强调分布式能源的重要作用,指出分布式能源系统发展的主要方向之一为冷热电三联产技术,可再生能源为分布式能源的发展提供了更广阔的前景。     

国际能源比价分析

研究各国能源比价有利于推动建立合理的能源比价关系和价格水平,对协调我国能源产业发展、优化能源消费结构、促进节能减排等具有重要的意义。基于热值、终端等效和完全成本三种方法研究了国内能源比价和国际能源比价的关系,对我国能源价格水平进行了评估。基于热值的比价分析结果显示,我国工业电价总体相对较低。基于终端等效的比价分析显示,我国能源比价与国际水平的差距更大,我国工业电价相对较低,居民气价与居民电价更低。基于完全成本的比价分析结果显示,气、电与煤炭的比价低于国际平均水平。我国能源比价可以参考国际水平进行适当调整。     

The Growth Implications of Energy Controls

Beijing officially aims to cut the energy intensity （EI） of China＇s economy by 20% by end- 2010 compared with the level at end-2005. ＂Ibis creates a big challenge for the final four months of 2010. If one assumes that most genuine efficiency gains take time to implement,     

Turnaround, Corruption and Mediocrity: Leadership and Governance in Three State Owned Enterprises in Mainland China

We focus on moral climates through case studies of three state owned enterprises (SOEs) in a South China City. In Company A, a shipbuilding company, the general manager persuaded the supervisory bureau to allow him to replace the old top management team with managers chosen on merit, and who supported his desire for reforms. He exercised transformational leadership, established internal rule of law, cultivated a spirited moral climate, and achieved turnaround. At Company B, a financial services conglomerate, the general manager exploited strong political connections, enfeebled the governance structures, and with two subsidiary barons proceeded to milk company resources. That, and a large contingent of sleeping incumbents (idle protégés), bred a moral climate overrun by corruption, dereliction of duty and hubris. Bankruptcy was not averted. Hotel X, a subsidiary of company B, was a partial machine bureaucracy; its moral climate characterised by punishment avoidance and lack of spirit. A headquarters power bloc and the sleeping incumbents whom they protected prevented a law abiding, equity sensitive general manager from improving performance, and he lost heart. From these cases, we build a model of the relationship between moral leadership, institutional superstructure, internal governance and control systems, enterprise moral atmosphere, and performance.     

低碳经济中的能源市场化

如果是一个成熟的市场经济国家,如果没有从计划经济到市场经济转变,这个效率没有,只有提高能源效率和提高碳排放效应,这个是制度内效应,这些年,这两个项目加一块,这是一个显著的变化,一旦这个过程结束了,只剩下了对内效应。     

基于AT89C52的太阳能热水器智能控制系统设计

本文设计了一种以AT89C52为核心的太阳能集热智能控制系统,采用振荡器测水位,改进了压力传感器测水位的缺点,采用DS18820替代负阻传感器。其水位显示、温度显示、温度控制、自动上水、手动上水、电加热、根据昼夜变化控制上水等功能都通过AT89C52直接控制。与传统的太阳能集热智能控制系统相比,本设计性价比和稳定性更高,应有一定的实用前景。     

肠道菌群在能量代谢中的作用

肥胖症的典型特征是一系列的代谢紊乱。越来越多的证据表明,肠道菌群与能量代谢的调节有关,如从饮食中获得能量以及脂肪储存的调节。肠道菌群在控制宿主能量代谢中起重要的作用。本文通过综述肠道菌群调节脂肪储存与肥胖关系,分析肠道菌群在能量代谢中的作用,旨在更好地应用于治疗代谢性疾病。     

新能源与能源设备

概况Profile Recently, the new energy equipment manufacturing industry in Baoding has boomed rapidly with a new energy industrial cluster led by TianWei YingLi New Energy Resources Co., Ltd., and ZhongHang (Baoding) Huiteng Wind Power Equipment Co., Ltd. In 2003, Baoding was awarded "National New Energy and Energy Equipment Industrial Base"by the Ministry of Science and Technology and "National Export Innovation Base for Rejuvenating Trade through Science and Technology (New Energy Equipment)"jointly by the Ministry of Science and Technology and Ministry of Commerce in 2006.     

企业节能量计算方法探讨

<正>目前全国都在深入开展节能降耗工作,各级政府将企业的节能工作也纳入了考核序列之中,在对企业进行节能考核的众多指标中,其中"节能量"指标是一项衡量企业节能效果的重要指标。目前这一指标的计算办法主要     

福建三大产业能源效率与节能潜力核算分析

通过建立随机前沿分析模型,本文对福建三大产业能源效率、节能潜力进行测算。结果发现国企产值在第一产业中比重越大,该产业能源效率越低;对于二、三产业而言,国企反而能源效率更高;对外开放程度能够改善第一、二产业的能源效率,而不利于第三产业的能源效率提高;第三产业的可行能源效率提高潜力最大,第一产业次之,最差是第二产业,但是第二产业依然是福建省节能的关键着力点。