Organization,technology and management innovations through acquisition in China’s pork value chains: The case of the Smithfield acquisition by Shuanghui

This paper reviews the changes in Shuanghui’s operations after the Smithfield acquisition as well as transformations in China’s pork industries. As income grows and diets change, there has been an increasing demand for high-quality pork and more processed pork products. However, China’s swine and pork industries are still at an early stage of development as evidenced by the low market concentration, intensive use of labour, a proliferation of intermediaries, and low levels of technology. Bounded by the established consumer preferences for freshness and the status quo in the midstream and upstream segments, Shuanghui is in a slow process of upgrading its domestic operations with Smithfield’s leading brands, import of chilled and frozen pork, advanced technologies, and the vertically integrated business model after this acquisition. In particular, it remains unclear whether Shuanghui can follow Smithfield’s experience to establish stable and safe hog supplies by multiplying self-owned hog farms, maintain and expand its current contracts with large-scale commercial hog farms, or rely more on global sourcing of pork primarily from the U.S.     

刑事涉财产执行中的案外人权益救济——以案外人权益救济程序的当事人构造为视角

刑事涉财产执行程序因采取移送执行模式而被误认为不存在申请执行人，使得刑事涉财产执行程序及其衍生的案外人权益救济程序过分依赖执行法院的职权主义。在刑事附带民事诉讼裁判、追缴或责令退赔违法所得并返还被害人判项、责令被免予刑事处罚的被告人赔偿被害人损失判项的执行程序中，案外人权益救济程序原则上应以被害人为申请执行人，并参照适用民事强制执行程序中的案外人权益救济制度。其他刑事涉财产执行程序应以检察机关为申请执行人。除非出现被执行人逃避执行或者案外人对执行标的提出排除执行请求等特殊情形，作为申请执行人的检察机关通常无须现实参加执行程序。     

基于“消亡模式”的并购企业文化整合

并购企业的文化整合方式有多种模式选择。在论述“消亡模式”文化整合及其适应条件下,对并购企业采取“消亡模式”文化整合的过程和方法进行了探讨;提出了从全新的心智模式上升为企业的规章制度,并形成新的企业文化过程中,管理职能所起的特定作用;结合联想并购IBM全球PC业务案例,进行了应用分析。     

Testing the fire-sale FDI hypothesis for the European financial crisis

Using a panel of corporate transactions in 27 EU countries from 1999 to 2012, we investigate the impact of the financial crisis on the market for corporate assets. In particular, we test the ‘fire-sale FDI’ hypothesis by analyzing the number of cross-border transactions, the price of corporate assets and the impact of credit and macroeconomic conditions. According to the fire-sale FDI hypothesis, countries affected by a crisis attract foreign buyers selling assets at a discount. We find a dampening effect of the crisis on cross-border transactions in all EU countries. Although countries with higher sovereign default risk and lower economic demand attracted more foreign buyers in the crisis, lower domestic credit is associated with less cross-border transactions. Corporate assets in crisis countries are cheaper, particularly if domestic credit is low; however, these findings are not limited to the crisis period. This pattern is strikingly different from the East Asian and Latin American financial crises. Overall, we find little evidence for ‘fire-sale FDI’ suggesting an integrated European market without significant frictions.     

Mergers and acquisitions in the hotel industry: A comprehensive review

This study aims to evaluate the current status of merger and acquisition (M&A) studies in the hotel industry and propose directions for future research. Forty-six articles were identified from ScienceDirect, Scopus, and EBSCOhost including 31 empirical and 15 conceptual articles. We review these articles from five perspectives, namely, journal/year distribution, methodology, research context, theoretical foundation and major topics. Findings reveal most studies on M&As in the hotel industry (hotel M&As) focus on performance, motivation and objectives. Developed economies (DEs) are the major research contexts and quantitative approach is the dominant research method. To this end, we propose seven research directions that cover outstanding themes as follows: 1) exploring M&A process, 2) M&A performance assessment, 3) identifying M&A impacts on stakeholders, 4) examining cross-border M&As, 5) examining emerging economies (EE)-based M&As, 6) investigating macro environment impacts, and 7) premium determinants and their impacts on hotel M&As.     

股票市场驱动并购研究述评

并购动机理论是并购研究的中心问题之一.从行为金融的角度出发,学者们提出了股票市场驱动并购(SMDA)的并购动机理论模型,这个模型回答了诸如"谁收购谁"、"现金收购还是换股收购"、 "并购浪潮怎么产生"等等问题.本文比较全面地总结了SMDA的理论模型和实证研究两个方面的成果,并做了简要的评述.     

注册制下完善A股分拆上市对策研究

分拆上市作为证券市场优化资源配置和促进市场化并购重组的重要手段,在境外市场被广泛运用,但A股市场的分拆案例相对较少。2019年12月,证监会发布了《上市公司分拆所属子公司境内上市试点若干规定》(以下简称《若干规定》),为引导和规范上市公司分拆所属子公司在境内上市奠定了政策基础。由于我国分拆上市制度还刚刚起步,仍需在加强监管、完善配套制度、确立有关业务规则等方面开展持续研究。为厘清成熟市场分拆上市的实践,本文重点研究美国和中国香港市场,对其分拆上市的相关规则、有益经验以及最新案例进行梳理和归纳,在此基础上提出相应的政策建议,以期为后续细则制定提供参考。     

企业并购的财务风险评价研究

首先对企业并购中存在的对目标企业定价、并购融资、并购价值支付及在并购后对于目标企业的财务整合风险等财务风险进行了概述,在此基础上提出了企业并购决策中财务风险评价指标体系,然后构建了企业并购中财务风险评价的二级模糊综合评价模型。最后对运用一案例对财务风险评价模型进行了实证研究,验证了模型的可行性。     

论我国土地征收制度的缺陷及其完善

现行土地征收制度的缺陷是引发征地矛盾和冲突的根本原因,为此,文章基于制度的视角,重新审视中国的土地征收制度,分析制度的缺陷情况,指出完善中国土地征收制度,应理顺农村土地产权和使用权,保证所有者、经营者的权利和利益,给予农民合理公平的补偿,以土地资源配置的市场化为目标,构建长效的安置与保障机制。     

Which institutional investors matter for firm survival and performance?

Using data that spans three decades, we assess the diverse roles of institutional investors in impacting survival and performance of chronically underperforming firms and contrast the results for consistently overperforming firms. We find material differences in investor roles and investment returns between these samples. Differentiating among institutional types, controlling for prior performance and attrition bias provides insights unattainable by examining aggregated holdings. For underperformers, results are negative for activist pension funds and long-term institutions, positive for activist hedge funds and short-term institutions, and mixed for institutional blockholders.