跨国公司在华并购动机及其阶段性演进

从企业资源基础观的视角,对跨国公司在华并购的资源获取战略演化进行分析表明:在开放初期,外资并购主要在于获取与生产经营相关的当地市场政策法规、经营规则等知识以及与政府管理部门交往的关系资源,快速进入中国市场。中国市场日臻成熟后,则转变为主要获取品牌、营销网络、特许经营权等企业特质资源,谋求主导、控制中国市场。跨国公司并购中资源获取战略的演化,是基于市场对资源要求取向以及国内企业资源禀赋的变化,为追求资源获取战略改变带来的竞争优势提高所进行的一种决策过程和决策结果。     

Learning, hubris and corporate serial acquisitions

Recent empirical research has shown that, from deal to deal, serial acquirers' cumulative abnormal returns (CAR) are declining. This has been most often attributed to CEOs hubris. We question this interpretation. Our theoretical analysis shows that (i) a declining CAR from deal to deal is not sufficient to reveal the presence of hubris, (ii) if CEOs are learning, economically motivated and rational, a declining CAR from deal to deal should be observed, (iii) predictions can be derived about the impact of learning and hubris on the time between successive deals and, finally, (iv) predictions about the CAR and about the time between successive deal trends lead to testable empirical hypotheses.     

并购失败：管理者利益保护还是经济安全威胁解除？——凯雷收购徐工案例研究

凯雷集团并购徐工机械是国内第一起由国际私人股权基金获得大型国有企业绝对控股权的案例。文章采用事件研究法,以徐工机械控股的上市公司徐工科技为研究对象,分析了此次并购过程中的五个事件：首次签署并购协议,博客门事件,修订并购协议,二次修订并购协议,协议到期。研究表明上市公司股东在前两个事件中获得了显著的正超常收益,而在后两个事件中的超常收益显著为负,至协议到期并购失败后又获得显著为正的超常收益。从并购过程中的市场反应来看,支持经济安全威胁的证据比支持管理者利益保护的证据更强。     

Management under Stress and Cultural Differences

With cultural differences in perceptions of stressors and coping skills, how do managers make the job sound appealing to different types of workers？ This subject has been explorative investigated in Western countries, particularly in the United States. Very little work has been carded out in Asia. This Study has shown that there are specific job stressors and job stress effects in each culture. In addition, there is evidence of differences in stress strategy to face job stress attributed to culture. So, this context is the basis to research on the nature and magnitude of job stress experiences by people from different cultural backgrounds, and taking into account all the previous arguments. This study compares stress perception, stressful experiences and stress management strategies in studies of both Chinese and western managers.     

试析全球企业并购潮

九十年代以来 ,随着世界经济全球化和信息化的发展 ,跨国集团的并购之风愈演愈烈。本文分析了企业并购的原因和目的 ,以及企业并购对世界经济格局可能带来的影响 ,提出企业并购是跨国公司面向 2 1世纪而进行企业经营战略和管理结构的全面改革 ,是企业在日趋激烈的竞争环境中作出的新的战略选择     

装备采购项目效益评价模型研究

随着政府采购制度的逐步推进和装备采购制度改革的深入,怎样对装备采购项目的效益进行评价一直是难以解决的问题。论文拟对装备采购效益建立评价指标,进而建立模糊综合评价模型,试图为评价装备采购效益提供一个新的方法。     

Food Scares and Trust: A European Study

The complex interactions between the determinants of food purchase under risk are explored using the SPARTA model, based on the theory of planned behaviour, and estimated through a combination of multivariate statistical techniques. The application investigates chicken consumption choices in two scenarios: (a) a ‘standard’ purchasing situation; and (b) following a hypothetical Salmonella scare. The data are from a nationally representative survey of 2,725 respondents from five European countries: France, Germany, Italy, the Netherlands and the United Kingdom. Results show that the effects and interactions of behavioural determinants vary significantly within Europe. Only in the case of a food scare do risk perceptions and trust come into play. The policy priority should be on building and maintaining trust in food and health authorities and research institutions, while food chain actors could mitigate the consequences of a food scare through public trust. No relationship is found between socio‐demographic variables and consumer trust in food safety information.     

低信噪比环境下短扩频码捕获性能的改善

介绍了低信噪比环境下基于FFT的扩频码捕获技术,提出了在相同累加段数情况下提高性能的方案。作为提高相干增益的两种方式,相干累加和非相干累加各有优缺点,在一定的数据长度内合理地设计累加方式对提高捕获性能大有帮助。基于两种累加方式的性能介绍了一种两路非相干积分的累加方式。对于GPS信号,在低信噪比的环境下的仿真证明,在一定长度下优化后的累加方式相比非相干累加和普通混合累加方式能够得到更好的捕获效果(更高的检测概率)。     

The Methodology of Risk Perception Research

Risk perception is not strictly a matter ofsensory perception, but of attitudesand expectations. As such, it can be studied byreasonably well developed methods of attitudemeasurement and psychological scaling. Suchmeasurement needs to be applied in a pragmaticfashion, however, since the discussions of fundamentalmeasurement and requirements of scale levelsappropriate for various types of statistical analysis hasfailed in establishing a useful basis for empiricalresearch. The paper also discuses samplingprocedures and the response rateproblem. In risk perception work, there is usually abias involving too many respondents withan above average level ofeducation, but that variable tends to be weaklyrelated to risk perception variables. Finally,post-modern claims and their rejection ofquantitative methods are critically discussed.     

How anticipated employee mobility affects acquisition likelihood: Evidence from a natural experiment

This study draws on strategic factor market theory and argues that acquirers' decisions regarding whether to bid for a firm reflect their expectations about employee departure from the firm post‐acquisition, suggesting a negative relationship between the anticipated employee departure from a firm and the likelihood of the firm becoming an acquisition target. Using a natural experiment and a difference‐in‐differences approach, we find causal evidence that constraints on employee mobility raise the likelihood of a firm becoming an acquisition target. The causal effect is stronger when a firm employs more knowledge workers in its workforce and when it faces greater in‐state competition; by contrast, the effect is weaker when a firm is protected by a stronger intellectual property regime that mitigates the consequences of employee mobility. Copyright © 2014 John Wiley & Sons, Ltd.