独立董事能否为收购公司股东创造财富——来自中国上市公司并购的证据

国外的实证研究结果表明，独立董事在并购中能给收购公司的股东创造财富。我们依据Harford研究方法，对我国的独立董事进行进一步的划分，并利用沪深A股285家上市公司的并购数据进行实证研究。研究结果表明：在我国设立独立董事并不能有效地为收购公司股东创造财富；但有一些证据显示，在关联方并购交易中，独立董事为收购公司股东创造了财富，尽管统计结果并不显著；在并购交易过程中，收购公司管理层的股权激励效果并不理想。     

The Impact of Acquisitions on Operating Performance: Some Australian Evidence

This study investigates the impact of acquisitions on the operating performance of Australian firms. For a sample of 36 Australian acquisitions occurring between 1986 to 1991 inclusive, and using matched firms to control for industry and economy-wide factors, the results based on four accrual and four cash flow performance measures show that corporate acquisitions do not lead to significant improvements in post-acquisition operating performance. The consistency of the results with the agency, the hubris and the financial motivation hypotheses suggests that corporate acquisitions in Australia may be undertaken for other than synergistic reasons. The results assist in explaining inconsistent findings reported in the literature.     

法国公开要约收购制度的最新改革——以2006年《公开要约收购法》为中心

2006年3月31日，依欧盟转化《要约收购指令》之要求，法国颁布了《公开要约收购法》，对现有的公开要约收购制度进行了多方位、深层次的改革。从宏观上看，此次改革主要涉及四个方面，即金融证券管理局监管范围的改革、强制要约收购制度的改革、要约透明机制的改革以及反要约收购防御措施的改革。尽管改革的效果仍有待评估，但法国在此次改革中所体现的提高欧盟范围内企业竞争力的决心和表率作用无疑为欧盟经济一体化注入了新的活力。     

Abnormal Returns from Takeover Prediction Modelling: Challenges and Suggested Investment Strategies

While takeover targets earn significant abnormal returns, studies tend to find no abnormal returns from investing in predicted takeover targets. In this study, we show that the difficulty of correctly identifying targets ex ante does not fully explain the below‐expected returns to target portfolios. Target prediction models’ inability to optimally time impending takeovers, by taking account of pre‐bid target underperformance and the anticipation of potential targets by other market participants, diminishes but does not eliminate the potential profitability of investing in predicted targets. Importantly, we find that target portfolios are predisposed to underperform, as targets and distressed firms share common firm characteristics, resulting in the misclassification of a disproportionately high number of distressed firms as potential targets. We show that this problem can be mitigated, and significant risk‐adjusted returns can be earned, by screening firms in target portfolios for size, leverage and liquidity.     

Rhetoric, argument and impression management in hostile takeover defence documents

This exploratory study extends the analysis of narrative disclosures from routine reporting contexts such as annual reports and press releases to non-routine takeover documents where the financial consequences of narrative disclosures can be substantial. Rhetoric and argument in the form of impression management techniques in narrative disclosures are examined. Prior thematic content analysis methods for analysing good and bad news disclosures are adapted to the attacking and defensive themes in the defence documents of target companies subject to hostile takeover bids. The paper examines the incidence, extent and implications of impression management in ten hostile takeover defence documents issued by target companies listed on the London Stock Exchange between 1 January 2006 and 30 June 2008. Three impression management strategies – thematic, visual and rhetorical manipulation – are investigated using content analysis methodologies. The findings of the research indicate that thematic, visual and rhetorical manipulation is evident in hostile takeover defence documents. Attacking and defensive sentences were found to comprise the majority of the defence documents analysed. Such sentences exhibited varying degrees of visual and rhetorical emphasis, which served to award greater or lesser degrees of prominence to the information conveyed by target company management.While exploratory in nature, this paper concludes with suggestions for future more systematic research allowing for greater generalisations from the findings.     

Compensation System of Land Takeover in USA and Its Enlightenment to Our Country

According to the amendment to the U.S. Constitution, the 5^th article stipulates governmental entities expropriation of private property in particular land for public purposes, must pay reasonable compensation, and with due process of law. This paper analyzes features of the USA＇s fair compensation system of land takeover, discusses governmental actual process of land takeover and compensation approaching to specific issues. Finally, comparing with serious loss of farmland in our country, four onlightenments are drawn from USA＇s compensation system of land takeover.     

接管壁垒缺失与国有企业经营者低效更替的发生

接管壁垒是治理结构的一个重要环节,它在维护企业家职位稳定性的同时,可以防止和减少低效率更替的发生。本文的分析表明,在以行政干预下的“内部人”控制为特征的国有企业治理结构中,接管壁垒的缺失使企业经营者的更替陷入“低壁垒,高更替,低效率”的恶性循环。因此,解决领导班子问题必须从治理结构的源头－产权改革开始,并为企业家阶层的形成提供金融制度的支持。     

欧盟证券强制要约收购规则及启示

本文以2004年5月20日生效的《欧盟要约收购指令》为基础，对欧盟及其各成员国有关强制要约收购的临界点、强制要约收购的价格以及强制要约收购的豁免制度进行了重点分析，对如何完善我国上市公司强制要约收购制度作了探讨。该指令的研究对完善我国证券法律制度具有重要的现实意义。     

论刘少奇对石家庄的解放和城市接管所做出的杰出贡献

石家庄是人民解放战争转入战略进攻阶段华北首获解放的重要城市。就伟大的解放战争而言，石家庄之战算不上大仗、恶仗；就作战的规模和投入的兵力而言，石家庄之战也是微不足道的。但是，就其在整个解放战争乃至新中国成立过程中的意义和作用来说，解放石家庄的影响超越了战争本身，也超越了石家庄本身。因为此刻正是中国历史的伟大转折时期，中国共产党要从武装夺取政权转向经济建设和治理国家。然而中国共产党人对革命斗争是非常熟悉的，但对如何管理经济和治理国家是缺乏经验的。以刘少奇为书记的中央工委直接指挥和领导了石家庄的解放和城市的接管，并取得了十分宝贵的城市工作经验。文章从3个方面阐述了刘少奇对石家庄的解放和城市接管所做出的杰出贡献。     

中国制造业并购目标的财务特征及预测

并购目标的选择关系到并购事件的成败,制造业是中国经济的重要组成部分,也是并购发生最频繁的行业,识别制造业目标公司的财务特征并对其进行预测具有很大的理论及现实意义。以2013年中国A股市场制造业并购目标为研究对象,选取代表企业各方面能力的20个财务变量,通过单因素方差分析将其与股本规模类似的制造业非目标公司和非制造业并购目标进行比较,实证分析结果表明制造业目标公司具有负债水平高、收益水平低、每股获利能力强、现金短缺、股权集中度低等特点。另外,制造业目标公司和非制造业目标公司在财务特征上不存在显著差异。采用多重共线性诊断并构建Logit回归模型以预测制造业并购目标,模型总体准确率为70.4%,表明对制造业并购目标进行预测在很大程度上是可行的。