上市公司并购效应实证分析

本文应用实证分析的方法对我国上市公司的并购模式和并购效应进行了分析和研究，结论是：通过并购虽然企业的经营效益没有特别明显的增强，但是在股东资本增值的前提下实现了企业规模的快速扩张，产业结构得到了优化。     

银行并购微观效应分析

银行并购微观效应是指并购对交易双方及其股东所带来的影响,即银行并购能否实现对银行效率和股东价值的提升。本文在分析研究银行并购微观效应及分析方法的基础上,归纳分析了现有文献对银行并购微观效应的实证结果,并对这一结果———并购未能带来预期的、令人满意的绩效提高,从不同的角度进行了阐释分析,为人们全面认识银行并购效应进行了有益探索。     

沪深两市上市公司并购房地产企业的财富效应实证研究

近年来,上市公司作为我国优秀企业的代表,凭借其雄厚的资金实力和多方位的融资渠道展开了对房地产企业的并购。上市公司并购房地产企业的财富效应如何？上市公司并购房地产企业后是增加还是减少了上市公司股东的财富？本文以2003～2005年发生并购房地产企业的上市公司为研究对象,通过实证分析,解答以上问题。     

企业并购的财务效应分析

企业并购是兼并和收购的统称,企业并购具有多方面的效应,它不仅可以提高企业管理效率,分散企业经营风险,还能通过并购达到一定的规模,增加企业市场占有率。并购犹如一把双刃剑,对我国经济产生积极影响的同时也有其不利的一面,产生的财务效应也分为正向效应和负向效应。本文阐述了企业并购的理论以及动因。结合具体案例从正、负两方面分析企业并购的财务效应。分析企业并购中存在的问题以及解决措施。     

我国上市公司并购方式效应分析

并购可以增加企业的价值，优化社会资源的配置。但是，在我国上市公司的企业并购是否真的优化了资源配置，要结合中国市场的实际进行分析。本文以2001年我国上市公司（沪市）控股权发生转移的全部71家公司的并购为样本，以公司每股收益、主营业务收入、净利润和净资产收益率为指标，以2001年和2002年的数据为基础，分析并购效应通过实证分析形成结论：在我国上市公司并购中，采取横向并购的公司业绩较好，且在并购中占主导地位。     

同行业企业并购决策的同伴效应及内在机制

并购是当前国内外企业常用的发展战略之一,是提升企业竞争力、增加经济效益的重要手段。本文从非理性行为视角出发,采集2010—2018年间A股市场中重大资产并购重组数据作为研究样本进行实证分析。研究发现,上市企业并购决策存在同伴效应;信息传输、软件和信息技术服务等新兴行业的企业同行并购频率对企业并购概率产生的影响小于制造业等传统行业;民营企业之间的并购同伴效应强于国有企业,但同伴效应在不同权属企业之间不具有传递性;高管联结程度高的企业并购同伴效应大于低联结程度企业。因此,建议加强对民营企业、传统行业、高管高联结企业并购非理性行为的监管,避免由于企业盲目跟风给企业绩效带来损失。     

当代企业并购效应理论研究述评

西方学者对并购动因和效应的研究是与西方并购浪潮相互联系的,并进行财务经济学解释。在20世纪80年代以前的三次并购浪潮中,西方学者主要是研究并购动因,自第四次并购浪潮发生以来,从研究动因转向更多地用实证方法研究并购效果或效应。西方研究并购效应常用事件研究法(Event Study)和会计研究方法(Accounting Study)两种方法。事件研究法就是研究并购前后参与并购双方股价在特定期间内的变化情况,计算股东取得的累计非正常收益以说明并购效应;会计研究方法则是研究并购前后的企业财务指标的变化,主要用总资产报酬率、净资产收益率以及企业…     

高新技术上市公司连续并购的同伴效应研究——企业研发的调节作用

利用2010—2019年中国A股高新技术上市公司数据,实证检验高新技术上市公司连续并购是否存在同伴效应,并探讨企业研发在连续并购同伴效应中的作用机制。研究发现,高新技术上市公司的连续并购行为受行业同伴效应和地域同伴效应的显著正向影响,企业研发对连续并购的同伴效应具有调节作用,具体表现为研发投入对连续并购同伴效应的正向调节,以及研发产出对连续并购同伴效应的负向调节。进一步研究发现,不同经济政策环境下,行业同伴效应和地域同伴效应存在强度差异;连续并购次数不同的高新技术公司,其研发投入和研发产出的调节作用表现出非对称性。     

企业并购的社会福利效应分析

本在综合考虑企业并购可造成的潜在垄断及其产生的效率优势基础上,对发生并购的几种可能情况进行了局部均衡分析,以阐明并购的社会福利效应,并得出结论：对于企业并购后由于市场垄断力增强而使产品价格上升的情况,若效率优势达到一定程度,仍可增进社会福利;而对于并购后价格下降的情况,并购是无条件地增进了社会福利。这一结论对于我国改革企业产权制度和完善资本市场,推进企业并购市场化、社会化和规范化发展提供了有益的启示。     

1998年中国上市公司并购实践的效应分析

对上市公司的收购是中国股市近些年出现的新现象 ,本文以 1 998年深沪两市发生的全部 67家公司的并购为样本 ,以公司净资产收益率 (NROA)和主业利润率(CROA)为指标 ,将所有样本根据并购原因划分为 6类 ,以并购前 2年和并购后 3年的数据为基础 ,系统分析了并购的效应与得失。在此基础上 ,还讨论了国有企业与民营企业作为收购方的并购效应和并购的有偿转让与无偿划拨方式的不同结果。文章的结论是 :业绩较差的公司较愿出让控股权 ;多数并购是战略性的 ,获上市地位是主要的并购动力 ;并购后主业得到明显加强 ;市场化的战略性并购效果较好 ,有偿并购的效果也较好。     

A Rich Vein for “Reality Mining”北大核心CSSCISSCI

Arik Hesseldahl In the aftermath of the September 11 attacks, U.S. officials quickly turned their attention to other potential targets, including California's Golden Gate Bridge. What would happen if terrorists took down the bridge between San Francisco and Marin County? How much of the region would be affected and for how long?     

John Stuart Mill's Theory Of Justice

John Stuart Mill has traditionally been portrayed as self-contradictory and failing to construct a unified social theory. Recent scholarship, however, has challenged this view, finding Mill's work to be creatively synthetic in bridging the antinomies inherent in liberal democratic thought. This revisionist interpretation of Mill is advanced by an understanding of his theory of justice and its role in shaping his policy positions on issues such as welfare, education, voting rights, property rights, taxation, government intervention, and the future of capitalism.     

中国养活自己能力的长期预测:技术和政策分析

中国拥有世界五分之一强的人口 ,收入又在迅速增长。因此 ,国际上很自然地会考虑或推测她在今后的几十年是否有能力养活自己。中国的人口预计将从 2 0 0 0年的 1 2 8亿增长到 2 0 2 0年的 1 4 6亿 ,和 2 0 3 0年的 1 4 9亿。与此同时 ,人均收入的增长将导致对家畜和鱼类产品更大的需求 ,因而对饲料的需求也将有很大的增长     

John Stuart Mill's Theories of Wealth and Income Distribution

Although he was much influenced by David Ricardo when he wrote the classical part of his Principles , John Stuart Mill was not a Ricardian when he penned his theories of wealth and distribution. They are based on a triple foundation. First, a belief that economics is a moral discipline. Second a theory of custom-driven human behavior. Third, an empirically formed conviction that the institutions of state, education and business cooperate to structure the distribution of income. On the basis of these presuppositions, Mill formulated 1) an institutional theory of the formation of human and non-human wealth and 2) an even more institutional theory of distribution demonstrating how the aforementioned institutions malignantly skew the distribution of income to the advantage of the propertied classes and to the extreme disadvantage of the working class. As a social economist, Mill recommended institutional reforms designed to eradicate the poverty of the working class.     

Toward a Phylogenetic Reconstruction of Organizational Life

Synopsis Classification is an important activity that facilitates theory development in many academic disciplines. Scholars in fields such as organizational science, management science and economics and have long recognized that classification offers an approach for ordering and understanding the diversity of organizational taxa (groups of one or more similar organizational entities). However, even the most prominent organizational classifications have limited utility, as they tend to be shaped by a specific research bias, inadequate units of analysis and a standard neoclassical economic view that does not naturally accommodate the disequilibrium dynamics of modern competition. The result is a relatively large number of individual and unconnected organizational classifications, which tend to ignore the processes of change responsible for organizational diversity. Collectively they fail to provide any sort of universal system for ordering, compiling and presenting knowledge on organizational diversity. This paper has two purposes. First, it reviews the general status of the major theoretical approaches to biological and organizational classification and compares the methods and resulting classifications derived from each approach. Definitions of key terms and a discussion on the three principal schools of biological classification (evolutionary systematics, phenetics and cladistics) are included in this review. Second, this paper aims to encourage critical thinking and debate about the use of the cladistic classification approach for inferring and representing the historical relationships underpinning organizational diversity. This involves examining the feasibility of applying the logic of common ancestry to populations of organizations. Consequently, this paper is exploratory and preparatory in style, with illustrations and assertions concerning the study and classification of organizational diversity.     

Nonlinearity in Stock Exchange Markets: The Case of Bist 100 Indices

In this paper,using data for the Bist 100 index,we investigate the presence of nonlinearities by employing several nonlinearity tests.The Brock,Dechert,and Sche...     

Solidified Branding Function: How the Urban Brand Affects a Small Town’s Development? Case Study of Wangqingtuo,Tianjin, China

Chinese small towns are usually developed with single core industry,and the urban brand is the identity of a town that formed with the development of its indust...     

Information infrastructure: Who builds broadband networks?

This paper examines the essential difference between the U.S. and Japan, when one considers information infrastructure. There are seven perception gaps between the U.S. and Japan concerning Information Infrastructure policies. These gaps must be understood in order to compare the countries' governmental policies in this area. In looking at the present circumstances, the essential question to answer concerns who is to build, own and operate the network(s) of the infrastructure. Liberalization is certain to be a central factor in the ongoing telecommunications debates. Now that customers have had a taste of the liberalized market-place, the movement toward more open markets will be difficult to stop. When considering options, it is necessary to pay close attention to standardized network access and the increasingly important role software plays. These issues are causing us to take a new approach to the traditional role played by regulators. They also force a closer look at the appropriate structure of utility companies. This paper addresses the above issues in hopes of stimulating dialog on the new telecommunications infrastructure paradigm.     

海岛地区产业演替及资源基础分析--以舟山群岛为例

改革开放以来,舟山市产业构成发生了显著变化,其经济发展过程可以划分为三个阶段。1992年前,是以产业结构渔业占绝对地位的单一结构阶段;1993—1998年,以旅游业为主的第三产业快速发展阶段;上世纪末以来,又进入了新一轮的经济发展时期,即工业产值比重快速增加阶段。根据海岛的自然资源基础和特点,在新世纪的经济发展过程中,舟山市应定位为生态型的港口旅游城市。以港口及临港工业为主导,以海岛旅游和海洋经济为特色,大力发展第二产业和第三产业。海岛地区的主导产业应体现海岛资源优势及区位优势,以集群性环保型产业为主。同时由于海岛地区淡水资源缺乏,主导产业也应着重选择低耗水型产业。