我国上市公司关联重组报表性的动态对比研究

我国上市公司资产重组中关联重组占相当比例，故关联重组的规范与监管将直接影响到资本市场的运作效率。对公司重组前后的财务数据采用主成分分析法结合T检验，按相关规范与制度的完善程度，分两阶段对关联重组与非关联重组的报表性进行了动态对比实证分析。得出结论：非关联重组已由报表性向实质性转变，而关联重组具有较强的报表性；相关规范、制度在对关联重组的规制方面尚未发挥应有的作用。     

The effect of repeat restructuring charges on analysts’ forecast revisions and accuracy

The primary objective of this study is to examine the effect of prior restructuring charges on analyst forecast revisions and accuracy. We find evidence that analysts respond differently to first-time restructuring firms than to repeat restructuring firms. Analysts revise their forecasts of both one-year-ahead earnings and five-year long-term growth in earnings more negatively for first-time restructuring firms than for firms with prior charges. When we examine forecast errors in the year subsequent to the restructuring, we find that current charges complicate analysts’ earnings forecast task. We further find that the decline in analyst forecast accuracy is mitigated by prior charges within past two years.     

Longevity and the life-cycle of management buy-outs

The longevity debate about buy-outs has hitherto been restricted. By focusing on large highly leveraged transactions, existing research has taken only a partial view of how long buy-outs last and the factors influencing longevity. This paper develops and tests hypotheses concerning the influences on buy-out longevity across the whole spectrum of management buy-out applications. Both quantitative and case study evidence from the U. K. is presented. A heterogeneity view of buy-outs is supported. Tests using quantitative data show that earlier exit is associated with larger buy-outs, and buy-outs arising on privatization from the public sector and from non-U. K. parents. Case study evidence principally supports hypotheses that earlier exit is associated with financing institutions being in a relatively stronger position than management and with more rapidly changing market conditions for the firm.     

我国保险营销渠道低碳发展问题探讨

我国保险营销渠道的高投入、高成本、高消耗、低效率、粗放式的发展方式不利于保险业可持续发展。当前保险专业中介渠道发展不足,营销效率不高,营销员队伍建设存在制度瓶颈,兼业代理市场不规范的问题依然突出。随着技术创新日新月异,制度创新的时机和条件日益成熟,国内各大险企充分发挥行业优势探索营销渠道低碳发展之路。本文从新制度经济学的角度探讨我国保险营销渠道的低碳发展的具体对策,即以低碳理念为指引,以完善的法律法规为保障,以技术创新为依托,以制度创新为切入点,以人才培养为核心。     

转型经济背景下信任对新创企业资源获取的影响

转型经济背景下,新创企业需要面对复杂的不确定性和机会主义行为,这使得企业获取资源更加困难。信任是一种理想的非正式的市场治理机制,有助于新创企业在法律、法规等正式制度不能完全发挥作用的转型经济环境下,减少不确定性和机会主义行为的影响,获取更多关键性资源。     

农业产业链“公司+农户”组织模式再造

针对农业产业链“公司＋农户”组织模式存在的利益冲突和由利益关系引发质量难以控制的问题,借鉴国外先进的农业产业链组织经验,从产业链纵向组织结构分析入手,将“公司＋农户”组织模式改造为“公司＋农业产业工人”、“品牌＋农户＋市场”、“供销合作社＋品牌＋农户”三种新模式。通过典型实例分析了新模式的战略优势、实施障碍与风险。     

90年代广东省产业结构变动趋向时空差异分析

本文通过对90年代广东产业结构变动的时空形态进行分析研究,揭示了广东产业结构变动趋向的时空差异,探讨形成这种差异的原因,并对广东今后产业结构走向及产业结构在地区间的协调发展提出建议。     

The restructuring of winter sports resorts in the French Alps: problems,processes and policies

In the French Alps the last decade has been dominated by efforts to regenerate winter sports resorts. This follows an extended period of rapid growth, resulting in the demographic and economic revival of many alpine communities. However, flaws in the process of development were exposed in the late 1980s. Given the huge scale of investment in tourist facilities and the numerous livelihoods dependent on winter sports, restructuring became vital. The present paper analyses the causes of recent problems and evaluates related remedial policies, showing how implementing change can be complicated by the numerous actors involved and their frequently divergent strategies. Copyright © 2000 John Wiley & Sons, Ltd.     

IMF Bank-Restructuring Efficiency Outcomes: Evidence from East Asia

We report new findings on bank efficiency in East Asian countries for the pre- and post-IMF restructuring periods. We find that bank efficiency has improved, but only to the pre-IMF intervention level, and that restructured banks are not more efficient than their unrestructured counterparts. Different restructuring measures have different effects. Bank closures are economically justified, but mergers show short-term efficiency losses. Recapitalization and reprivatization of badly performing banks lead to efficiency improvement, but also increase government ownership. Ease of entry that has allowed for more foreign bank participation results in slightly improved performance of badly performing banks.

Predicting divestiture of unrelated acquisitions: an integrative model of ex ante conditions

The majority of unrelated acquisitions are divested shortly after their purchase. Often, those acquisitions-turned-divestitures result in strategic, organizational, and financial losses for both the acquiring and the acquired companies. To consider how such divestitures can be avoided, this study examined some of the differences between divested and retained unrelated acquisitions. The study integrated four explanations for why unrelated acquisitions occur and related them to the fates of such acquisitions. Unrelated acquisitions were hypothesized to be divested when they fail to realize some motives and expectations that prevailed at the time of acquisition. Two samples of unrelated acquisitions (135 from 1977 and 140 from 1987) were tracked over 5-year periods. The results indicate that motives and conditions at the time of acquisition, and changes in those motives and conditions, were related to the fates of the acquisitions. In addition, the relative importance of those factors varied across the periods studied. Discriminant analyses further demonstrate that most divestitures could be predicted correctly on the basis of those motivations and conditions. The implications of the findings are discussed. © 1997 John Wiley & Sons, Ltd.