铅锌冶炼企业的购并决策

本文重点讨论铅锌冶炼企业的购并决策问题。购并决策是一个过程，它包括对企业自身特点的了解，目标企业的选择、决策等问题。     

浅谈企业购并的财务分析

经济的全球化和激烈的市场竞争,使越来越多的企业采用购并其他企业的方式实现资本的扩张,从而提高企业的市场竞争能力,促使企业得到快速的发展,企业购并是一项复杂的市场经济行为,而购并时的财务分析是企业购并决策过程的重要环节,因此做好企业购并的财务分析,对企业购并的成功与否起着至关重要的作用。     

谈企业购并中对几个财务问题的处理

企业购并这一经营决策的引入对于激活资本的增值潜能,促进企业改制、改组、改造具有积极意义.购并行为说到底是实施企业的一项投资战略,涉及面广,操作复杂.本文就购并企业在实施购并计划时面临的几项财务问题的处理谈谈看法.     

企业购并的决策和风险分析

１引言进入９０年代以来,西方发达国家企业购并一浪高过一浪,记录一个接着一个刷新。据统计,１９９４年全球企业兼并成交额达３４８５亿美元,打破了８０年代３３６０亿美元的最高记录。１９９５年,交易额再创新高,达到４４００亿美元。在我国随着经济体制改革的深化,企业自发的购并案例逐渐增多。在这些案例中,有的企业购并是成功的,但相当一部分企业购并从效果看并不理想,其中不少企业购并不同程度的受挫。影响企业兼并效果的因素有很多,由于对这些影响因素的可行性分析不足,而做出不利的决策;有的是因为购并潜在的各种风险所造成的,其中以…     

企业购并战略行为框架研究——顾客价值创新视角

在传统竞争观念指导下,企业主要关注于如何比竞争对手做得更好。因此,购并战略行为容易带有三方面的局限性:战略上丧失市场敏感性、反应性的购并行为以及由激烈竞争导致的市场零和博弈。而基于顾客价值创新分析视角的企业购并战略行为框架,为购并战略分析提供了一个新的思考模式。它由顾客价值分析、价值创新机会识别、创新所需资源分析、外部资源购并决策、购并后资源整合及购并价值创造/竞争优势生成等环节组成,是一个不断演进增强的循环过程。在复杂多变的动态竞争环境中,我国大企业、企业集团要保持持续高速成长与发展,需要进一步研究顾客价值问题,并以此为基点进行购并战略设计与实施。     

公司购并之价值评估

公司购并的价值评估是一项重要而复杂的工程,会受到购并前后很多特殊因素的影响。为了减少价值评估的偏差和避免购并决策失误,尤其应重视对公司购并的预期效应价值、协调效应价值、管理模式变更的附加价值及杠杆收购的价值等进行评估。     

国有企业购并问题的探讨

购并在企业发展中具有重要的作用,它是增强企业核心竞争能力,实现规模经济效应的有效途径。企业要综合考虑购并所带来的正面和负面影响,否则有可能使企业陷入经营困境。本文从企业并购实例谈谈购并企业适度规模以及对购并风险问题进行探讨。     

有形之手主导购并

我国特殊的体制背景,使政府成为事实上的企业购并主导者。政府是企业购并的准主体.并没有被《分司法》赋予企业法人地位,却以所有者身份对上市分司企业购并的有关重大问题,如目标分司选择、购并价格等拥有最终的决定权,因而处于事实上的主体地位。企业购并是近两年来我国经济改革和发展过程中出现的一种势不可挡的潮流,尽管理论界关于企业购并的内涵界定莫衷一是,争论不休,但企业购并却在实践中轰轰烈烈地开展着。一切经济现象的发生都有其深刻的经济背景和内在原因,企业购并也不例外。之所以要进行企业购并,就是因为以前的资产配…     

企业购并以后的整合问题探讨

企业购并具有多种经济意义,但现实的企业购并整合中又存在诸多问题,本文就如何加强企业购并以后的整合问题提出了建议。     

企业购并:文献综述和案例

一、企业购并理论的文献综述企业购并包括任何一项由两个或更多个实体形成一个经济单位的交易。购并分为几种不同的方式:横向型购并涉及到两个从事同类业务活动的企业;纵向型购并涉及到某项生产活动的不同阶段;混合型购并涉及到从事不相关类型经营活动的企业。混合型购并又分为     

Gaining from disorder: Making the case for antifragility in purchasing and supply chain management

The purchasing and supply chain management (P&SCM) discipline assumes that supply chains are fragile systems, hence taking a “negative” approach toward disorder. Building on Taleb’s concept of antifragility—the ability to gain from disorder rather than avoiding it—, we challenge this traditional assumption. The COVID-19 pandemic has revealed that some companies were indeed able to gain from disorder, whereas some of those that focused too much on robustness and resilience lost ground. Building robust and resilient supply chains may no longer be enough to thrive in today’s highly volatile business world. This article sparks a new debate by introducing antifragility to the P&SCM literature and provides new directions for future research.     

Collaborative planning, forecasting, and replenishment

This article highlights Procter & Gamble's (P&G's) current success and future direction of creating consumer value and improving trading partner relationships through electronic data communication, including the future vision of the company's ultimate supply system and CPFR--Collaborative Planning, Forecasting, and Replenishment.     

Rekursionsformeln für die zentralen Momente derPólya- und der Beta-Verteilung

Zusammenfassung In der vorliegenden Arbeit werden insbesondere explizite Darstellungen der gewöhnlichen Momente und Rekursionsformeln für die zentralen Momente derPólya- und Beta-Verteilung hergeleitet. Dazu werden gewisse positive lineare Polynom-Operatoren der Approximationstheorie benutzt, die speziell auch die bekannten Bernstein-Polynome enthalten. Die Sätze sind deshalb sehr allgemein formuliert, um sie auch in der Approximationstheorie anwenden zu können.

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Summary In this paper some explicit representations of the moments about zero and recurrence formulas of the central moments for thePólya- and Beta-distribution are given. For this purpose certain positive linear polynomial operators of approximation theory are used. These operators contain in particular the well-known Bernstein-polynomials. The theorems are formulated in a general way to use them in approximation theory.

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Die Vorbereitung dieses Artikels wurde unterstützt von der Deutschen Forschungs-Gemeinschaft.     

An analysis of process industry production and inventory management systems

The process industries — those firms that add value by mixing, separating, forming and/or chemical reactions by either batch or continuous mode — continue to lag behind the discrete industries in the identification and implementation of effective production and inventory management (P&IM) techniques. A contributing factor is that the process industries have traditionally been lumped together and contrasted from the discrete industries as a whole, thus leading to misunderstandings regarding individual process industries. From site interviews and the literature, we identified four critical dimensions — planning resource requirements (for materials and capacity), tracking resource consumption, control of work-in-process (WIP), and degree of computerization — represented by seven variables by which to contrast and analyze process industries. Based on in-depth field studies of 19 diverse process plants, we find that there exist at least four distinct types of process industry P&IM systems: (1) simple, (2) common, (3) WIP-controlled, and (4) computerized.     

Organisational Supplying Behaviour: Understanding supplier needs,wants and preferences

The purpose of this article is to enhance understanding in the P&SM field of supplier behaviour by exploring their needs, wants and preferences. The characteristics of customers that suppliers need, want and prefer have been conceptualised as ‘Sources of Supplier Value’ (SOSV) and the article seeks to establish a vocabulary for describing supplier needs, wants and preferences and their impact on buyer attractiveness. To achieve this a pilot study was conducted using face-to-face interviews with key account managers and Managing Directors in 14 SMEs supplying UK supermarket buyers. The research identifies 49 elements in buyers’ purchase offerings, behaviours and characteristics that suppliers regard as important. The practical implication of this research is to improve the P&SM field's understanding of the behaviour of suppliers with a longer term view to improving the ability of all buyers to influence the behaviour of suppliers in ways that match the buyers’ requirements and preferences. Furthermore, in view of the current paucity of research and understanding in this subject area, the article presents a coherent theoretical framework, terminology and rationale for investigations into the phenomenon of Organisational Supplying Behaviour.     

The behaviour of the Lagrangian multiplier test in testing the orders of an ARMA-model

Summary The Lagrange multiplier test for testing the order of an ARMA-model is investigated. It is shown that it exhibits some pathologies stemming from the special properties of parameter spaces of ARMA-models. As a consequence one has to be careful in using the LM-test in this context. Furthermore results of this paper are used in a subsequent paper [Pötscher, 1983], to show the consistency of an order estimation procedure based on Lagrange multiplier tests, described there.     

Eine zweifache Verallgemeinerung der Pólya-Verteilung und ihre verschiedenen Deutungen

Zusammenfassung Die erste Verallgemeinerung der Pólya-Verteilung durch Ziehungen aus einer Urne, die Kugeln ins verschiedenen Farben enthält, wird aufr Ziehungsgruppen verallgemeinert und entspricht damit einer Überschreitungswahrscheinlichkeit beir+1 Serien von Stichproben und einer Wartezeitverteilung (Gruppe vons–1 Warteperioden) bei einer geeignet gefüllten Urne mit Kugeln inr Farben sowie der Transponierungswahrscheinlichkeit bei einem Kugelziehungsproblem und weiteren Deutungen; die interessierenden Varianzen und Kovarianzen werden angegeben und mit denen einer verallgemeinerten hypergeometrischen Verteilung verglichen.

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Summary The first generalization ofPólya's distribution by taking balls from an urn with balls ins colours is generalized tor series of takings and thus corresponds to a generalized distribution of exceendances, a certain waiting-problem, to a law of succession and certain other interpretations. Variances and covariances are calculated and compared with those of a generalized hypergeometric distribution.

     

Reject and renegotiate: The Shapley value in multilateral bargaining

This paper investigates three distinctive and intuitive renegotiation bargaining protocols that all yield the Shapley value as the unique subgame perfect equilibrium outcome. These protocols, built on the multi-bidding procedure of Pérez-Castrillo and Wettstein (2001), allow more freedom in multilateral bargaining where rejected players can further negotiate and form coalitions. The self-duality of the Shapley value plays a key role in the second and third results. Moreover, these renegotiation protocols allow an actual play along the equilibrium path to restore the Shapley value in case of a ‘mistake’ made before.     

Semi-nonparametric estimation of the call-option price surface under strike and time-to-expiry no-arbitrage constraints

We suggest a semi-nonparametric estimator for the call-option price surface. The estimator is a bivariate tensor-product B-spline. To enforce no-arbitrage constraints across strikes and expiry dates, we establish sufficient no-arbitrage conditions on the control net of the B-spline surface. The conditions are linear and therefore allow for an implementation of the estimator by means of standard quadratic programming techniques. The consistency of the estimator is proved. By means of simulations, we explore the statistical efficiency benefits that are associated with estimating option price surfaces and state-price densities under the full set of no-arbitrage constraints. We estimate a call-option price surface, families of first-order strike derivatives, and state-price densities for S&P 500 option data.     

The Employment Interview: A Review of Recent Research and Recommendations for Future Research

The past decade has seen continued interest in the employment interview, with several changes in research emphasis. The present review is a comprehensive examination of interview research conducted since Harris last reviewed this literature. We begin with a review of the traditional areas of interview research: reliability, validity, structured interviews, interviewer differences, equal employment opportunity issues, impression management, and decision-making processes. Next, we review and discuss more recent developments in interview research such as the use of the interview as a means of assessing person–organization (P–O) fit and applicant reactions to the employment interview. Throughout the review, suggested topics for future research are discussed.