Growing through the merger and acquisition

The paper studies with an endogenous growth model how the merger and acquisition (M&A) affects the aggregate growth rate. We model the M&A as a capital reallocation process, which can increase both productivity and growth rates of firms. The model is tractable and greatly consistent with patterns observed in the M&A at the micro level. Matching our model to the data, we find that prohibiting the M&A would lead to the reduction of the aggregate growth rate of US economy by 0.1% and the reduction of the aggregate TFP by 5%.     

类似于企业合并的业务合并

根据新企业会计准则的规定，业务合并是企业合并的一种特殊形式，其被合并方不是企业法人，而是企业的某一组成部分。进行业务合并的会计处理时，既要依据一般企业合并会计处理的基本原则和方法，又要充分考虑业务合并有别于一般企业合并的特点。本文介绍在同一控制和非同一控制下，业务合并分别采用吸收合并和类似于控股合并的合计处理。     

Corporate merger and collective bargaining in the UK

Corporate merger since the war has transformed the private sector of the economy in Britain. This has had significant effects on collective bargaining arrangements and outcomes. In this article the authors review these effects and consider their implications for trade union organisation.     

Fighting the symptoms of merger mania

Hospital mergers and acquisitions create uncertainty and confusion among philanthropists. How can we reassure them about the future use of their gifts?     

试析并购价格与协同效应

协同效应是两个企业合并后的价值大于单个企业的价值之和的一种经济现象.过高的收购价格会损害股东的权益,企业应在计算目标企业与本企业协同价值的基础上确定恰当的收购价格.本文拟就企业并购定价中的相关价值概念及获取并购协同效应的并购定价策略进行探讨.     

企业并购风险问题研究

从20世纪90年代并购在我国发展很快,并购不再是企业扭亏为盈的手段,已经成为企业资本运营的重要手段。但并购是一把“双刃剑”并购也存在着很多风险,本文从并购风险的形成动因,并购风险的种类,衡量并对其进行了实证研究,最后提出了风险防范的措施。以期为并购者提供借鉴,在并购中做出正确的决策,做好各风险的防范,达到并购的效果。     

Specialty products: the next challenge for alliances

As group purchasing matures, alliances and GPOs will need to expand their contract portfolio to include specialty products. As groups and manufacturers negotiate successful specialty products agreements and hospitals actively support those contracts, the industry as a whole stands to benefit. If alliance and manufacturers do not attempt to negotiate specialty products agreements that bring value to both parties, hospitals will miss out on savings, and suppliers will lose market share opportunities.     

The migration function and the Todaro paradox

"The purpose of this paper is to present a microeconomic foundation of the migration function and to discuss the impact of an increase in the job creation rate on migration and urban unemployment. Each rural worker must estimate his expected urban income on the basis of his own expected numbers of both newly created jobs and migrants during the coming period. Workers whose expected urban income is greater than the rural one decide to migrate, while those who estimate smaller urban income stay on." The geographical focus is on developing countries.     

Efficiency in pre‐merger and post‐merger non‐bank financial institutions

A two‐part process is employed to analyse the role of efficiency in merger and acquisition (M&A) activity in Australian credit unions during the period 1993–1997. The measures of efficiency are derived using the non‐parametric technique of data envelopment analysis. The first part uses panel data in the probit model to relate pure technical efficiency, along with other managerial, regulatory and financial factors, to the probability of merger activity, either as an acquiring or acquired entity. The results indicate that loan portfolio diversification, management ability, earnings and asset size are a significant influence on the probability of acquisition, though the primary determinant of being acquired is smaller asset size. The second part uses a tobit model adapted to a panel framework to analyse post‐merger efficiency. Mergers appear to have improved both pure technical efficiency and scale efficiency in the credit union industry. Copyright © 2001 John Wiley & Sons, Ltd.     

Effects of a merger on the human organization

With the formation of the new company, management is in an excellent position to define and build the kind of climate that will result in organizational excellence. And the creation of a climate for excellence may be the key to profits in the future.     

Gender segregation in the making of a merger

Although recent literature on mergers and acquisitions (M&A) has looked exhaustively at a variety of issues embracing organizational systems, practices and people, it has ignored the gendered nature of merging. The aim in this article is twofold. First, to demonstrate how segregation according to gender is determined in the merger process by the organizational histories of the two merger partners. Second, to specify how gender operates in connection with certain integrative mechanisms developed by top management to coordinate and control the merger as it unfolds. A longitudinal, in-depth analysis of the making of the Merita Bank in Finland suggests that mergers represent a particularly well-defined arena for the reproduction of gender segregation, due to a complicated weave of intended and unintended consequences of managerial actions during its formulation and implementation. It is suggested that the gendered career implications of mergers represent a particularly timely theme for further research.     

Determinants of bank merger premiums

This study examines the merger premiums paid for a sample of 320 bank acquisitions consummated during the period January 1982 through October 1990. The results of the research indicate that higher merger premiums were paid for, (a) smaller size targets, (b) targets with higher return on common equity ratios (pre-merger), (c) targets with higher leverage as measured by the percentage of primary capital to total capital, (d) targets in a different state than the bidder, and (e) transactions carried out through exchange of stock as opposed to a cash purchase.     

企业并购的财务效应分析

作为一项重要的资本经营活动,并购的直接动力源于追求资本的最大增值,即财务协同效应。不同的并购形式,产生不同的并购效应,导致不同的并购结果。文章从财务角度对企业并购实务中的财务效应做了正反两方面的探讨,对提高企业并购成效具有一定现实意义。     

大学战略联盟价值链及其效应分析

大学之间的合作与联盟是当前高等教育领域的热点教育现象之一。大学战略联盟围绕大学价值链,建立和发展三种类型联盟价值链,即:知识创新联盟价值链、知识转化联盟价值链和资源管理创新价值链。通过合理的大学战略联盟制度安排和有效的管理,大学战略联盟能产生共生态价值链效应、创造大学(人才培养、知识创新、师资管理等)核心价值成长和发展的价值链效应。     

Information markets, product markets and vertical merger

In many markets, firms have the option of advertising at price comparison sites to broaden their market reach. Such sites are often controlled by profit-maximizing “information gatekeepers” charging advertising fees. This paper considers vertical merger between such a monopoly information gatekeeper and a firm in the product market. We find that: (i) If the integrated firm can act as a price leader before independent firms make advertising and pricing decisions, then the merger is profitable. (ii) If the integrated firm cannot move first, then the merger is unprofitable, or divestiture is optimal in the case where the firm has already created the gatekeeper. As a result, the merged entity has an incentive to invest in technologies to support a price leader.     

The entropy paradox and the distribution of urban population

This paper presents an empirical application of an information theoretic approach to spatial hypothesis testing. Following the lead of Batty [1] this study employs the concept of expected information to test hypotheses concerning the distribution of urban population and population density in San Antonio for the years 1960 and 1970. Cast for the first time in a longitudinal context, major concerns of this work are the relative advantages, both theoretical and methodological, of certain entropy measures. Specifically, comparisons are made between the Shannon and the Kullback formulations. In this context of comparison, problems closely linked to what has been called the “entropy paradox” are identified and explained, suggesting important qualitative differences between these two measures.     

浅析我国公司制企业合并

企业合并是资本运营的高级形式,但在我国成功的案例还不多,同时也存在许多问题,文章通过对我国企业合并现状的分析,重点提出企业合并的主要问题———企业合并后的资源整合问题,并就此提出了几点建议。