The Wealth Effect of Domestic Joint Ventures: Evidence from Taiwan

This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms' investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment-of-interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment-of-interests in explaining the wealth effect of domestic joint ventures     

Motives in the Acquisitions of NASDAQ Targets during the Aftermath of the 1987 Crash

After the crash of 1987, the Nasdaq composite index stayed below the precrash level for nearly two years. Takeover activity surged in this after‐crash period. We compare the motives in the acquisitions of Nasdaq targets during the after‐crash period with those in the ten‐year period before the crash. We find that the announcement period return to acquirers and the proportion of acquirers with positive gains declines in the after‐crash period. For both the periods, agency is the motive for takeovers that have negative total gains (acquirer + target), but synergy and hubris are comotives for takeovers that have positive total gains. The proportion of takeovers in which the managers of acquirers act against the interest of the shareholders increases after the crash.     

供应链剩余与并购协同效益

供应链协调机制是介于企业外部的市场交易机制和企业内部的行政权威机制之间的一种中间机制。具有完全独立自主权的单个企业以牺牲一定的独立性和控制权加入供应链并遵循供应链的协调。必然要求获得某种额外的补偿。超出供应链形成前的单个企业收益总和的供应链剩余的形成并在参与企业间的合理分配。是供应链合作关系形成的前提。收入上升、成本下降、税负减少和资本成本的降低是企业并购产生协同效益的四个主要来源。这四个来源同样是供应链剩余的主要来源。但并购协同效益与供应链剩余在四个来源的具体实现方式上存在不同。这种不同正好体现了一体化的内部协同与供应链成员企业之间的合作协同之间的差异。     

关于产业创新协同战略框架的构想

创新正在成为影响产业竞争力的重要因素。提高一国的创新能力必须有系统化的方向和运行方式，只有把创新提高到产业层次才会对产业竞争力产生决定性的影响。由于产业协同能力是产业创新的重要保障，两者存在着很强的良性互动关系。因此，必须把围绕主导产业而设立的技术主线和技术标准体系作为凝聚产业创新资源的核心，把建立产业协同共享技术平台和消除分割的体制性障碍作为产业协同的基本条件。为此，应研究国家层面突出产业创新作用的产业协同战略。     

先进制造技术与生产流程的协同性研究

制造系统的有效性需要通过先进制造技术与生产流程的合理匹配来体现。在分析各种先进制造技术与生产流程相互关系的基础上,提出了协同度的概念,并给出了其计算方法。     

基于功能耦合的供应链系统研究

论述了供应链研究的现状与存在的不足,分析了供应链协同运作的体制障碍及供应链系统协同运作的必要性,最后建立了一个基于协同运作的供应链耦合系统。     

企业追求内部协同向外部协同转变的动因分析

本文从界定协同内涵出发,把协同分为内部协同与外部协同两种,并对两者的区别、内涵、外在表现形式及其转变现象等进行了简要的说明,然后就企业由追求内部协同向外部协同转变的动因进行了分析,主要包括经营环境的复杂性和动荡性、政府政策管制的放松、消费者需求的多样化与个性化以及企业的异质性等因素。     

Equities of scope as merger incentives under capital regulation: narrow versus synergy banking valuation

The call options theory of corporate security valuation is applied to narrow-banking contingent claims of one bank, while the cap options theory is applied to synergy-banking contingent claims of another bank. This article investigates efficiency gains specified as equities of scope associated with the likelihood of the two banks involved in merger under capital regulation. We find that merger incentives are encouraged when the narrowing banking is conducted by the consolidated bank, whereas discouraged when the synergy banking is conducted. Raising bank capital requirement leads to an increased interest margin of the consolidated bank with the narrow banking valuation; however, to a decreased margin of the consolidated bank with the synergy banking valuation. An increase in the capital regulation reduces the merger incentives in the narrow banking valuation whereas increases the merger disincentive in the synergy banking valuation. These findings are consistent with the organizational theory that predicts a comparative advantage of narrow banking proposals in bank mergers.     

基于多智能代理的供应链协同管理

供应链是由供应商、制造商、分销商等企业实体组成的一个复杂网络,其中企业之间的协作问题是供应链管理的关键。近年来,人工智能领域的多代理技术开始应用到供应链管理中,该技术将供应链看作是由一组智能代理组成的系统,其中每个智能代理负责一项或多项任务,并在任务执行过程中不断与其它代理进行交互。     

产业协同集聚影响全要素能源效率的“U”型关系再检验——基于集聚质量和深度的双重视角

利用2003—2019年省际面板数据,从集聚质量和深度的视角探究了产业协同集聚对地区全要素能源效率的影响,研究发现:产业协同集聚与地区全要素能源效率呈显著的"U"型关系;但相对于集聚深度而言,集聚质量的提高能够显著推动全要素能源效率较早越过拐点从而进入上升阶段。机制检验表明,当集聚质量和集聚深度均较低时,产业集聚会通过规模效应显著抑制全要素能源效率提升;而当集聚质量和深度均较高时,产业集聚则通过技术效应显著促进全要素能源效率提升。此外,对于不同地区而言,东部地区全要素能源效率能够率先摆脱产业协同集聚的抑制作用而进入上升阶段,中西部地区则需要在更高的集聚水平上实现全要素能源效率的攀升。