Prior performance characteristics of related and unrelated acquirers

In the diversification literature, studies, particularly those using accounting‐based performance measures, have found that related diversifiers are more profitable and that related diversifiers are in more profitable industries than unrelated diversifiers. Due to the very nature of these studies based on cross‐sectional data, however, the causal relationship between diversification strategy and performance was not clear. This paper focuses on a single event of a large acquisition, which enables us to better identify the sequential relationships between prior firm profitability, prior industry profitability, and subsequent acquisition strategies. By doing so, this paper makes clearer the causal relationships between firm profitability, industry profitability, and acquisition strategies. Copyright © 2003 John Wiley & Sons, Ltd.     

应对能源安全挑战 构建能源安全体系

当前的能源安全问题是包括能源供应安全、能源需求安全、能源价格安全、能源使用安全在内的综合性风险与威胁。中国能源安全将面临:产业结构重型化趋势下能源需求增加的挑战;能源结构不合理,环境压力增大的挑战;争夺能源定价权的能源金融市场发展不足的挑战;能源价格倒挂下过度消费的挑战。为此,应从以下方面着手寻求应对策略:降低对石油能源的依存度,实施能源供应多元化战略;降低对中东石油的依存度,实施石油能源来源多元化;实施石油运输通道多元化战略,规避石油运输主要依靠水路,主要依靠马六甲海峡所带来的风险;增加话语权,力争定价权;促进各国能源合作,共建全球能源安全体系。     

我国石油上游市场壁垒分析与对策研究

从国内陆上与海洋勘探开发市场主体、国内资本和国际资本角度和产业组织理论来看,我国石油上游市场产业存在着政策性、技术性、资本性和规模性四大产业进入壁垒。针对此种状况,我国石油上游市场应引入竞争机制放开进入壁垒、制定非歧视性的市场准入政策,以形成投资主体多元化的局面。     

我国水利多种经营发展的SWOT分析

经过20多年的发展，我国水利多种经营取得了显著的成绩，但在新的历史条件下，水利多种经营也面临着新的问题和挑战。基于对水利多种经营的优势、劣势、机会、威胁的全面分析，得出了水利多种经营发展的各种策略组合和战略方向。     

研究制定后续政策 巩固退耕还林成果

退耕还林补助政策到期后,将有10%左右的退耕农户基本生活可能出现困难,30%的农户收入水平可能出现较大下降。少数困难退耕农户有可能出现复耕和新开垦荒地。有必要、也有条件及时制定退耕还林后续政策。其后续政策目标是解决补助期满后对退耕地林木的有效管护和退耕农户基本生活及收入下降问题。退耕还林后续政策的基本原则,现有补助政策到期后不再延长,用新政策替代原政策。建议区别情况,突出重点,对困难地区适当安排粮食补助资金;增加投入、推进改革、建立退耕地林木长效管护机制。     

生态文明建设背景下农户生计策略的转型研究——以湖南省桑植县L乡为例

本文通过对湖南省桑植县L乡的调查,利用国际流行的SLA分析框架,将不同类型农户的五大生计资本指数化,采取定量与定性相结合的方式,发现生计资本的变化状况,从而得出了湘西北农户生计策略的选择受生计资本的影响较大,而生计资本越来越倚重生态环境政策体系构建的结论。     

财政支出结构的优化路径:以改善民生为基调

近年来虽然我国的财政支出结构不断优化,经济事务支出占财政支出的比重持续下降,与此同时财政用于教育、社会保障、医疗卫生和住房保障等民生领域的支出相应增加,但与世界其他国家的财政支出结构相比较,我国财政用于教育、医疗卫生、社会保障、住房保障等民生领域方面的支出仍然偏少。因此,为更好地保障和改善民生,必须优化财政支出结构,把压缩的公共服务支出和减少竞争性领域投资后增加的财政资金的一定比例用于民生领域,加大对民生的投入力度。     

The effects of managerial ownership on international and business diversification: Balancing incentives and risks

Research has examined the effects of managerial share ownership on business diversification, typically from the incentive alignment perspective. Yet, share ownership also shifts risk to managers (the efficient managerial contracting perspective). Furthermore, the effects of managerial ownership on international diversification are unexplored. We examine how managerial ownership influences both international and business diversification in light of the trade‐off between incentive alignment and risk bearing. Based on the differing risk profiles of the two types of diversification, we argue that incentive contracts with higher levels of managerial ownership will be inefficient, i.e., counter to shareholder interests—reducing international diversification and increasing business diversification. Our findings support our arguments for international diversification. We find no significant effect for business diversification after accounting for endogeneity and serial correlation. Copyright © 2013 John Wiley & Sons, Ltd.     

The relationship between portfolio diversification and firm value: The evidence from corporate venture capital activity

Corporate venture capital (CVC) activity exposes firms to new technologies and markets. An important but as yet unexplored question is the relationship of the industry diversification profile of the portfolio of venture companies to corporate value creation. Insights from options and diversification perspectives support our hypothesis that diversification of a corporate investor's portfolio of venture companies is related to corporate wealth creation in a U‐shaped relationship. We also propose that a corporate investor's financial constraints moderate the relationship between the diversification profile of its CVC portfolio and value creation. When we tested our hypotheses using a sample of CVC investments across multiple industries, we found support for them, and these findings may inform the CVC activities of corporate investors. Copyright © 2013 John Wiley & Sons, Ltd.     

基于匹配性评价矩阵对太原钢铁（集团）有限公司多元化战略分析——以资源类多元化为例

运用波士顿矩阵、GE矩阵和匹配性评价矩阵,选取太原钢铁集团,以资源类多元化为例,分析该公司多元化战略。寻找出集团中的核心业务,以此制定具体多元化发展战略提升集团经营业绩。