论连续并购与间隔并购样本的差异

在已有对并购的研究中,学者们没有细分连续并购样本和间隔并购样本。他们大多数采取两种方式:一种是把连续并购剔除在外,另一种是把连续并购和间隔并购放在一起,致使我们的并购研究无法突破。本研究选取四大类别熵,即:支持型熵、压力型熵、还原型熵、氧化型熵作为变量,利用参数和非参数检验进行样本的差异检验。最后发现:连续并购和间隔并购有实质性的区别。这给我们今后做并购研究的样本选取提供了有利的支持。     

中国上市公司并购绩效实证研究述评

经过5次并购浪潮之后,关于企业并购的效果以及如何来评价企业的绩效,国内外学者做了大量的实证研究。国内目前采用较多的是事件研究法、会计指标法和EVA法。通过对国内上市公司并购绩效的实证文献梳理,分析现有评价方法存在的局限性,为正确评价并购绩效指明方向。     

企业并购中的马太效应分析

在竞争日益激烈的经济环境中,并购已成为企业发展战略的重要选择熏文章旨在通过分析企业并购中的马太效应,探究并购成败之因,以期给企业的并购实践提供一些有意义的启示。     

“互联网+”背景下我国传统传媒企业并购绩效分析--以中文天地传媒并购北京智明星通为例

近年来,我国文化传媒产业逐渐进入产业结构调整转型的关键时期,国家接连出台的利好政策,为文化传媒产业实现转型升级提供了历史性机遇。2014年,中文天地出版传媒集团股份有限公司通过发行股份和支付现金的方式并购北京智明星通科技有限公司,并在并购后实现迅猛发展。论文通过4个维度对企业并购前后的财务数据进行分析,以更好地分析并购绩效,在总结中文天地传媒并购北京智明星通成功经验的基础上,为传统的传媒企业并购互联网企业进而实现“互联网+”背景下的战略转型升级提供有益借鉴。     

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。     

企业合并中税务和会计处理差异研究

社会经济发展条件下,企业合并已经成为企业扩大规模、提高竞争优势的重要途径。由于会计与税务在服务对象、工作目标中存在差异,导致企业控制成本与事务处理难度加大。论文结合实际情况,根据企业合并的概念解析,遵循企业合并中的税会处理原则,提出税会差异产生的问题与涉税风险,最终提出有效解决建议,以期为企业成功合并提供帮助。     

浅析联想并购的技巧

联想并购IBMPC业务后良好的市场表现表明了联想并购的初步成功。探析联想并购成功的原因,可以发现从并购前的聘请国际级中介机构到进行公关游说消除政治化责问,从设法留住管理层和员工队伍到提早实施文化整合,从吸引战略投资到采取灵活的并购策略都表现了联想高超的并购技巧,这些技巧可以为中国企业跨国并购提供借鉴。     

The impact of access to consumer data on the competitive effects of horizontal mergers and exclusive dealing

We examine the influence of firms’ ability to employ individualized pricing on the welfare consequences of horizontal mergers. In a two‐to‐one merger, the merger reduces consumer surplus more when firms can price discriminate based on individual preferences compared to when they cannot. However, the opposite holds true in a three‐to‐two merger, in which the reduction in consumer surplus is substantially lower with individualized pricing than with uniform pricing. Further, the merger requires an even smaller marginal cost reduction to justify when an upstream data provider can make exclusive offers for its data to downstream firms. We also show that exclusive contracts for consumer data pose significant antitrust concerns independent of merger considerations. Implications for vertical integration and data mergers are drawn.     

银行并购动因的理论研究综述

西方学者长期以来一直试图去解释银行合并和收购行为的动因,并形成了许多有价值的理论。文章通过对西方学者可以用来解释银行并购动因的协同效应假说、信息假说、低效率管理理论假说、管理自利原则假说以及过度自信假说的相关研究进行系统地梳理,可以发现不同的并购活动背后的动机常常无法用单一的理论来解释。     

Stock market perceptions of the motives for mergers in cases reviewed by the UK competition authorities: an empirical analysis

A number of studies have considered the motivation of managers to follow a merger strategy. However, as far as we are aware none has looked at the influence of competition regulation on merger motives using stock market data and event study techniques. Data drawn from 63 merger cases in the UK between 1989 and 2003 are examined for the stock market's perceptions of what motivated managers to pursue their initial merger bid. The findings suggest that the Synergy and Hubris dominate as motivations for mergers and that, unintentionally, competition policy may help to reduce the number of mergers motivated by Managerialism. Copyright © 2008 John Wiley & Sons, Ltd.     

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.     

中国企业海外并购风险的研究思路探析

在中国企业走出国门的必然趋势下,探讨中国企业海外并购的风险因素意义重大。通过引入了模糊分析法和层次分析法对风险因素进行量化和排序,并根据风险因素提出了海外并购风险控制的原则和方法。从而为中国企业今后的海外并购提供了一种可供借鉴的研究思路。     

CPA-Firm Merger: An Investigation of Audit Quality

It would be interesting to know how the theories and hypotheses in auditing developed for a mature economy work in an emerging market. This paper uses the merger of Diwan, Ernst & Young and J.T. Lai & Co., CPAs in Taiwan in 2000 as a target to study the effects of a CPA-firm merger on audit quality, measured by discretionary accruals. Diwan, Ernst & Young and J.T. Lai & Co., CPAs belonged to Big 5 and non-Big 5 CPA firms in Taiwan, respectively, before they merged. The magnitudes of the increased size and reputation caused by the merger are different between the two firms. Therefore, we also analyse whether the merger has different effects on audit quality of these two firms. The empirical evidence shows that after the merger, the discretionary accruals of the two firms' clients significantly decrease. In addition, the magnitude of the change is greater for the clients of J.T. Lai & Co., CPAs than for those of Diwan, Ernst & Young. The results are consistent with predictions of both size and reputation effect hypotheses.     

国有企业并购整合过程中管控能力与方式的匹配研究——以延长石油为例

在国有企业并购整合过程中,企业集团总部能够结合自身管控能力采取恰当的管控方式,对并购整合绩效的优劣有着关键的影响。本研究以延长石油为案例,采用单案例研究方法,探讨国有企业集团并购整合阶段母公司管控能力与方式的动态匹配过程。研究表明,中国国有企业在重组并购整合过程中,集团母公司的管控能力在不断提升,对子公司的管控方式也随之动态变化,且在整合的不同阶段会经历财务型管控和混合型管控两种管控方式。     

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.     

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.     

并购中的业绩承诺条款与股价崩盘风险

本文以2008—2016年有业绩承诺的A股上市公司为样本,研究了并购中业绩补偿承诺条款的设置与兑现对并购业绩的影响,以及并购业绩未达预期产生的经济后果。研究发现,设定高增长率的业绩目标对并购业绩完成具有负面作用,采用股份补偿、非累计补偿、减值测试补偿以及双向业绩对赌对并购业绩实现具有积极作用。在承诺兑现过程中,承诺后期业绩目标压力更大,业绩完成率更低。在业绩承诺完成的经济后果方面,本文发现,未完成业绩承诺的并购相对于完成承诺的并购具有更高的股价崩盘风险,进行盈余管理的并购相对于未进行盈余管理的并购具有更高的股价崩盘风险。     

合并商誉减值测试计量的比较研究

财政部新颁布的《企业会计准则第8号——资产减值》,首次对合并商誉的减值测试作出了相关的规定。合并商誉减值的计量取决于三个关键因素:减值测试的测试单元、减值测试的计量基础以及减值测试的测试方法。本文拟结合合并商誉的特点,将我国准则与国际会计准则委员会以及美国关于这方面的相关规定进行比较,并提出我们的建议。     

民营银行并购国有银行的动机、成本与风险探析

当前,在世界范围内特别是在发展中国家,掀起了一股民营银行并购国有银行的浪潮。这种并购容易产生现金流风险、信息不对称风险、政策诱导性风险、管理效率风险、并购失败风险。民营银行应通过以下措施和方法将风险消除,从而实现并购成功:结合银行实际,选用适合自身发展的并购方式;努力消除信息不对称;优化决策程序;妥善处理好与政府的关系。