The Impact of Acquisitions on Operating Performance: Some Australian Evidence

This study investigates the impact of acquisitions on the operating performance of Australian firms. For a sample of 36 Australian acquisitions occurring between 1986 to 1991 inclusive, and using matched firms to control for industry and economy-wide factors, the results based on four accrual and four cash flow performance measures show that corporate acquisitions do not lead to significant improvements in post-acquisition operating performance. The consistency of the results with the agency, the hubris and the financial motivation hypotheses suggests that corporate acquisitions in Australia may be undertaken for other than synergistic reasons. The results assist in explaining inconsistent findings reported in the literature.     

中国金融市场分割问题探源

银行的不良贷款问题得到了学术界的广泛关注,而金融体系中另一个潜在的缺陷,资本的低效率使用问题却没有引起足够的重视。金融理论告诉我们分割的金融市场是阻碍资本自由流动的原因, 本文的目的在于对我国金融市场分割的原因进行探讨。     

可持续增长率与财务管理目标相关性分析

可持续增长率是企业现有财务资源所能够支持的销售收入的最大增长率,代表企业最适宜的增长速度。企业的财务管理目标是企业价值最大化,而决定企业价值的重要因素是由销售收入增长所带来的未来现金流量。企业以可持续增长率作为销售增长目标,有利于企业价值的持续增加;而将企业价值最大化作为财务管理目标又有利于企业的可持续增长,可持续增长率与财务管理目标密切相关。本文将以可持续增长率与财务管理目标的相关性作为研究起点,试图从财务管理目标的角度来进一步认识可持续长率。     

构建有价值的企业预算管理框架

企业实施预算管理不仅具有企业层面的价值,而且具有政府层面的价值.要发挥预算管理的作用,关键是构建有价值的预算管理框架.本文分别从企业预算目标的确立、预算管理信息系统的建立、现金流管理、内部控制制度以及综合性方面,提出了构建有价值的企业预算管理框架的思路.     

自由软件开发的模块化理论解释与启示

本文以GNU/Linux为例讨论了源代码的内部结构在自由软件开发中所起的重要作用。为此,我们考虑了源代码的模块化属性。源代码的模块化将直接影响开发者是否参与对自由软件的开发。基于模块化的自由软件开发不仅实现了劳动的分工,同时也实现了劳动价值的分割,在自由软件的开发过程中较好地解决了搭便车问题。同时,模块化理论对我国发展软件产业也有一定的借鉴作用。     

The raw material basis of global value chains: allocating environmental responsibility based on value generation

A new approach to allocate environmental responsibility, the ‘value added-based responsibility’ allocation, is presented in this article. This metric allocates total environmental pressures occurring along an international supply chain to the participating sectors and countries according to the share of value added they generate within that specific supply chain. We show that – due to their position in global value chains – certain sectors (e.g. services) and countries (e.g. Germany) receive significantly greater responsibility compared to other allocation approaches. This adds a new perspective to the discussions concerning a fair distribution of mitigation costs among nations, companies and consumers.     

Country asymmetry,trade agreements,and transfers

Using a standard 2 × 2 trade agreement model, I show that the welfare effects of a free trade agreement (FTA) depend on the asymmetry on supply and demand functions. When countries are sufficiently asymmetric with respect to the size or the demand functions, the small country tends to be better off, while the large country is worse off. Thus, the small country must compensate the large country for the FTA to be incentive‐compatible. However, in the presence of sufficient asymmetry in the supply functions, the small country is worse off, while the bigger is better off. In this case, the transfer must flow from the large to the small country. This last finding helps explain why some FTAs between rich and poor countries provide for adjustment transfers to the latter.     

The determinants of FTA use in Southeast Asia: A firm-level analysis

The spread of free trade agreements (FTAs) in Southeast Asia has ignited a debate about their impact on enterprises including the business costs from the Asian ‘noodle bowl’ effect. This paper undertakes a comparative and firm-level analysis of the determinants of FTA use in Indonesia, Malaysia and the Philippines. The likelihood of firms using important ASEAN+1 FTAs (e.g. the ASEAN-China FTA, the ASEAN-Japan FTA and ASEAN-Korea FTA) is positively associated with acquiring knowledge about FTAs, building technological capabilities, and membership in industrial clusters. Non-use of FTAs is explained by a lack of information about FTAs and the absence of FTAs with major trading partners. Key policy implications are the need to improve business support for FTAs, to conclude FTAs with major trading partners, and to create a database on FTA preference use.     

新国际经济背景下的上海自由贸易区

以国际经济视角解读上海自由贸易区建立的时代背景、历史使命,阐述上海自贸区的制度创新点以及由此可能带来的连锁反应,并对相关社会、经济问题该如何解决提出建议.     

基于多情景的景区自然灾害风险评价方法研究——以九寨沟树正寨为例

文章采用参与式地理信息系统(PGIS)技术,模拟景区未来典型自然灾害风险情景,建立典型致灾因子强度与灾害风险情景对应关系;对旅游资源、旅游设施进行分类,分析游客居民景区内时空分布特征,建立致灾因子强度与景区承载体的脆弱性对应关系;最后通过拟合风险曲线,建立景区综合灾损模型并预测出多情景年均损失。综合景区利益相关方可接受风险,基于灾损和防灾成本进行风险决策。案例研究以九寨沟树正景群为例,模拟九寨沟在分别遭遇20、50、100、200、500、1000年一遇6种暴雨情景下引发泥石流的流速、流量和冲击力,建立6种情景泥石流与树正景群脆弱性关系;预测6种情景潜在损失和人员伤亡;结合可接受风险,提出九寨沟树正寨未来自然灾害防灾降险措施。