广告业资本并购的战略思考

随着当前社会经济的进步,我国广告行业发展极为迅速,整体规模逐年扩张;大部分广告企业通过股权融资、上市融资等方式,在广告企业上市后通过资本并购方式不断发展壮大。这种广告业资本并购战略模式,已经成为当前我国广告行业的基本发展模式,但与此同时在并购过程中由于其受各方因素影响,所存在问题风险也相对较多,如果只是单一的、模式化的向并购方向发展,未能结合实际进行针对性的并购战略设定,便会导致广告企业发展受限,对整个广告行业发展造成极为负面的影响,因此注重广告业资本并购的战略思考便显得必要。     

企业并购中融资方式和资金支付方式的比较分析

<正>在公司并购中,融资方式和支付方式对收购者及被收购者企业的股东权益会产生影响,并且影响并购后公司的财务整合效果。本文对企业并购的融资和支付的各种方式进行了比较分析,以期为企业在并购时设计出最佳的企业并购的融资方案和支付方案提供帮助。     

Z公司并购项目方案研究

随着我国企业改制的深化和市场经济的进一步发展,企业面临的竞争越来越激烈,企业自身内部缺陷和市场环境不完善等也使我国企业面临着更严峻的挑战,在这种情况下市场调控和竞争的结果往往以企业并购来实现资源的最佳配置,可以预见为适应市场经济迅猛发展的需要,为应对全球化的市场竞争,我国企业并购重组将愈演愈烈,涉及的企业数量和资金规模将远远超过过去,并购范围的国际化,并购手段的全球化、并购行为市场化将是我国并购重组的发展趋势.如何优化企业并购重组运作以此来提高企业并购效率是将来研究的一个重要课题.本文并购项目的主体Z公司具有资源、能源、产业链、技术等方面的优势,与我院(长沙矿冶研究院有限责任公司)的战略匹配和业务协同,对此本文将进一步就Z公司的并购方案进行深入研究.     

基于财务视角的横向并购协同效应研究——以优酷并购土豆为例

本文从财务的角度出发,以优酷并购土豆为例,分别从经营、管理和财务三个方面对横向并购协同效应进行研究,通过财务指标分析对并购后的企业运行进行深入探讨。为并购目标企业是否产生协同效应提供有益的参考,以更好地为公司并购相关研究提供理论和数据支持,为企业并购战略的制定与执行提供指导。     

企业技术并购、自主研发投资与创新效率——来自技术密集型行业的实证

以沪深两市技术密集型行业企业为样本,研究主并企业并购前自主研发投资形成的研发资本存量和对外技术并购获取技术知识两方面对其并购后创新效率产生的混合作用,再进一步检验并购双方技术重叠在主并企业并购前自主研发投资和并购后创新效率之间关系的调节作用.研究表明:企业并购前自主研发投资形成的知识储备量会促进其并购后创新效率的提升.技术并购及并购双方的技术重叠进一步放大了这种正向促进作用,说明技术并购及技术重叠会加强主并企业内部自主研发对外来创新能量的内化、吸收速度,并改善和提升内部研发投资效率.同时,在并购前持续追加研发投资的主并企业中,这种现象和作用也会更为明显.     

企业并购中的融资策略探讨

在当前市场经济的发展形势下,各企业之间的竞争日益激烈,很多企业开始选择运用并购的方式提高市场地位,实现企业发展战略,而并购中的融资问题,也成为了企业目前亟待解决的问题.企业应加强对这一问题的研究,并根据自身实际情况及市场趋势,制定相应的融资策略,从而为企业并购的成功提供重要保障.本文就企业并购中的融资策略进行了研究探讨.     

我国企业跨国并购现状分析

近年来,在经济全球化深入发展的国际背景下,随着我国"走出去"开放战略的实施和成功加入世贸组织,跨国并购逐渐成为中国企业进入海外市场和开展国际化经营的重要战略方式。通过跨国并购获取外国企业的技术、品牌及客户渠道等资源,进而增强企业国际竞争力和扩张经营规模是中国企业开展跨国并购的主要动因。那么,中国企业从已实施的跨国并购中获得了什么?存在哪些问题?中国企业又该如何有效利用这一战略手段?本文通过对我国企业对外并购的历史和现状分析,就企业海外并购遇到的问题进行总结概括,探讨了相关答案和解决措施,促进我国企业对外并购能更加健康、有效的开展。     

当前形势下中资金融机构国际并购的策略

内生式增长和并购是企业发展的两种方式。在当前国际金融形势下,中资金融机构开展国际并购要贯彻科学发展观,以企业长远战略为基石,在扎扎实实办好自己的事情的同时,审慎把握国际并购的机会及节奏,积极研究、主动参与、力争取得国际并购的成功。同时,中资金融机构国际并购,离不开监管理机构的支持、指导和规范。     

市场化进程、管理者权力与公司并购绩效

在信息不对称情况下,作为自利的管理者具有为获取私人收益而采取有损于股东利益的并购动机,管理者权力又是实现其动机的主要影响因素。本文以2007-2010年我国非金融上市公司扩张性并购事件为研究样本,结合公司产权性质与市场化进程的制度背景,实证检验了管理者权力对公司并购绩效的影响。研究结果发现,管理者权力与并购绩效显著负相关;与非国有企业相比,管理者权力对并购绩效的负面影响在国有企业中更显著;市场化进程能够抑制管理者权力对并购绩效的负面影响,但公司的国有控制性质又弱化了市场化进程的这种抑制作用。     

企业并购的风险与防范

近年来,我国一直在努力推动国有企业的并购重组,以此为企业的长远发展提供更多机遇。企业并购的成功能够扩大生产规模、提高竞争力、开发新的市场领域、资源能够得到高效率配置。但是,在企业进行并购的过程中,会存在各类风险。本文在介绍企业并购含义的基础上,对企业并购存在的风险进行了分类别分析,并针对所存在风险提出了相应的防范对策。     

Local corruption and corporate cash holdings: Sheltering assets or agency conflict?

This study investigates the impact of corruption on corporate cash holdings in China. The political extraction argument predicts that firms might shelter liquid assets to avoid extraction by corrupt officials. Using data on A-shared listed firms between 2007 and 2012, we find that firms located in more corrupt regions hold less cash, supporting this hypothesis. Political resources help to diminish the risk of exploitation, reducing the extent to which liquid assets are sheltered. We find that the negative association between corruption and cash holding is more significant for non-state-owned enterprises (Non-SOEs) than for state-owned enterprises (SOEs). Moreover, the cash holdings of Non-SOEs without political connections are more sensitive to corruption than those of Non-SOEs with political connections. These findings demonstrate that expropriation by corrupt officials is an important factor driving firms to manage liquidity.     

An analysis of the implications of uncertainty and agency problems on the wealth effects to acquirers of private firms

Extensive empirical work shows that bidders do not gain from the acquisition of publicly traded targets but experience positive excess returns in the acquisition of privately held firms. This study investigates how two important differences between private and public firms, namely, informational uncertainty and ownership characteristics, impact the returns to acquirers. A sample of targets that were acquired shortly after filing for an IPO was collected to circumvent the lack of information on private firms. In spite of the special characteristics of these targets, the listing effect is still prevalent in this sample. The results of the analysis are consistent with the hypothesis that acquirers gain in the acquisition of private firms because these targets have a relatively weaker bargaining position due to informational and agency problems and costly access to external capital markets to finance growth opportunities.     

Grabbing hand or financial constraint mitigation effect? A reexamination of the relationship between institutional development and cash holdings

This study reexamines the impact of institutional development on corporate cash holdings. Our findings confirm that institutional development has a negative effect on corporate cash holdings, which may be partially explained by the financial constraint mitigation effect of institutional development. Our empirical evidence also shows that the corruption index, used as a proxy for the grabbing hand effect, does not mediate the negative effect of institutional development on corporate cash holdings. Furthermore, the impact of institutional development on corporate cash holdings is not significant for large firms and state-owned enterprises. These results are robust to different measures of cash holdings.     

Slack heterogeneity and firm performance: Investigating the relationship in Indian context

The present study aims to investigate the impact of diverse forms of slack on firm performance in the Indian context: By investigating a panel data set of 426 non-financial Indian firms over a period of 5 years, the empirical results of both fixed effects model and generalized method of moments (GMM) reveal that different forms of slack have a negative impact on firm performance in Indian firms. The results of the study provide support for the agency view of the negative impact of slack resources on firm performance Moreover, the results remain robustly negative across alternative specifications and sub-samples.     

Does acquisition lead to the growth of high-tech scale-ups? Evidence from Europe

The post-acquisition growth of high-tech scaleups has received relatively little research attention. This is surprising since buyers are known to target these firms for growth opportunities whilst sellers increasingly seek strategic partners to access resources to scale their ventures. We examine the post-acquisition revenue and employment growth of high-tech scaleups in a multi-country setting, comprising five European economies. Using a propensity-score matching approach and difference-in-differences regression, for a sample of 2187 high-tech scaleups, we demonstrate that acquisition has a positive effect on target firms equivalent to cumulative growth of revenue (employment) of 9–13 (6−10) percent after five (four) years, relative to control firms. We find that nationality matters such that the targets of foreign-owned acquirers exhibit significantly higher cumulative revenue and employment growth than their domestic counterparts. Taking a longer-term perspective, we show that growth dips in the first year, then stabilizes and accelerates in the years following acquisition, indicating a period of adjustment.     

The Dark Side of International Cross‐Listing: Effects on Rival Firms at Home

We analyse the stock price impact of firms' US cross‐listing on home‐market rival firms. Using an empirical event study approach we find negative cumulative average abnormal returns for the rival firms around both the listing and announcement of listing dates. The evidence suggests both positive and negative spillover effects on rival firms, where the dominant effect is that investors see rivals at a relative disadvantage to the cross‐listing firm. As firms cross‐list in the US and commit to the increased disclosure and investor protection associated with the US listing, they are better able to take advantage of growth opportunities relative to their non cross‐listing counterparts, and this results in negative spillover effects on rival firms. Our results are consistent with the idea that firms cross‐list as a means to reduce agency costs of controlling shareholders and thus are able to exploit growth opportunities as they have better access to external finance.     

产业政策促进全球价值链升级的有效性研究——基于出口加工区的准自然实验

本文利用我国出口加工区(EPZs)成立之初所实施的“主导产业”扶持政策构造“准自然实验”,实证检验了该政策对于企业全球价值链(GVC)升级的效果并进一步探讨政府实施产业政策的有效性,发现:(1)EPZs的“主导产业”政策对我国出口企业GVC升级存在负向影响,而这种负向影响在多重稳健性检验下均成立;(2)异质企业视角下考察产业政策对GVC升级的影响发现在国有资本份额较大的企业和重工业企业中产业政策对GVC升级的负向影响尤为明显;(3)对EPZs的“主导产业”政策发挥作用的前提进行检验,发现在比较优势较强的行业,产业政策对GVC升级的负向影响不明显甚至存在正向影响;同时,在错配程度较低的行业负向影响也不明显。由此本文认为,政府在推动GVC升级方面应当“有所作为”,但也不能“无所限制”,即产业政策要针对比较优势“精准定位”,但也应当以不造成资源严重错配为前提。     

The impact of M&A and joint ventures on the value of IT and non-IT firms

This paper aims to study and provide empirical evidence on the impact of mergers and acquisitions (M&A) and joint ventures on the value of IT and non-IT firms. Using the event study methodology, we investigate the effect of such strategic alliance announcements on firm value in a sample of 170 firms. The results show that such strategic alliance announcements create significant gains in firm value. When the sample is divided into IT and non-IT firms, we find stronger support for positive impact on gains in firm value among non-IT firms than among IT firms. We also find that the smaller strategic alliance partners perform better than their larger partners. However, we fail to find any significant difference in impact on firm value between merger/acquisition and joint venture announcements. This work was supported by the research fund of Hanyang University (HY-2004). JEL Classification L1 · G14 · G34     

The impact of leverage on firm investment: Canadian evidence

This study examines the impact of financial leverage on the firms' investment decisions using information on Canadian publicly traded companies. It shows that leverage is negatively related to investment and that this negative effect is significantly stronger for firms with low growth opportunities than those with high growth opportunities. The paper tests the robustness of these results using alternative empirical models and, in addition, uses the instrumental variable approach to deal with the endogeneity problem inherent in the relationship between leverage and investment. The results provide support to agency theories of corporate leverage, and especially the theory that leverage has a disciplining role for firms with low growth opportunities.     

Assessing the impact of export processing zones on economic growth in Ghana

The study examines the impact of free zones exports and investments on economic growth in Ghana. A vector error correction model (VECM) was employed to ascertain the impact of the Free Zones Programme on economic growth in Ghana on a quarterly time series data spanning 1998–2015. The results show that both free zones exports and free zones investments have significant negative relationship with economic growth. Trade openness also has a significant negative relationship with economic growth but insignificant positive relationship with investment and export. The study concludes that the Free Zones Programme has not served its purpose of promoting economic growth in Ghana. It is universally known that the concept of free zones is actually a second best option and as such is not meant be a lasting policy for promoting economic growth. For this reason, given the negative effect the programme has had on economic growth, the Government of Ghana should scrap it and possibly look at opening up the whole country, especially in terms of infrastructure and other incentives for all firms, so that economic activity can freely take place in every corner of the country to realise balanced and more sustainable growth of the economy.