生物制药项目价值评估方法研究

本文研究通过比较传统的净现值法、风险调整的净现值法以及实物期权法,研究在生物制药业项目开发阶段的价值评估的方法,说明风险调整的净现值法以及实物期权法是较好的研究生物制药项目价值评估的方法。     

基于价值星系的战略成本管理研究——一个企业间的战略视角

随着网络经济的出现,价值创造的基本逻辑已经开始从价值链转向价值星系。新的企业组织形态与价值创造机制对战略成本管理提出了新的要求。本文对比价值链理论的局限性分析了价值星系的基本特征及其对战略成本管理的影响,提出了价值星系条件下的战略成本管理模式,指出战略成本管理应以价值星系全面成本合理化为目标导向,以企业间关系管理作为战略成本管理重点,以建立星系内有效企业间市场为根本途径,实施高参与型成本管理战略,对价值星系整体成本实施源流管理。     

基于战略期权分析的战略转换--一种新的战略风险规避方法

战略风险是任何一个企业在战略活动中都是无法回避和消除的风险,本文在分析战略风险的基本内涵和战略转换的基本内涵的基础上,通过对战略期权的研究和分析提出了通过战略转换进行战略风险规避的理论方法。     

价值管理与财务战略

现代企业的所有管理活动都是价值管理活动,追求企业价值最大化是企业经营的真谛。本文通过研究价值管理对财务管理活动带来的影响,重新审视传统的财务战略,提出了价值管理实践下的财务战略——‘成为业务—的最佳合作伙伴’。这对新时期的财务战略进行探索研究非常有意义,对财务管理转型、更好地指导企业财务实际工作大有裨益。     

以企业价值为导向的战略管理创新

一、21世纪战略管理的新思路 20世纪六七十年代的企业战略强调的是以市场为导向、通过市场引力的分析,确定企业的发展方向;八九十年代强调的是以企业资源为导向,通过核心能力的培育,建立企业的竞争优势;90年代以来企业战略理论的一个新的发展趋势,则是强调如何实现价值化的战略管理.     

人力资本价值的实物期权分析

实物期权是在不确定条件下。与金融期权类似的实物资产投资的选择权。实物期权理论是管理不确定性与风险的重要工具，它是关于实物资产的合约，期权所有者能延迟选择是否对这些资产进一步投资，使资产贬值的风险最小化和资产升值的机会最大化，并因此保持实物资产收益的稳定。实物期权方法适合于投资周期长、投资成本高、投资风险大的投资决策。根据实物期权定价模型，可以较为准确地估算决策时所面临的机会或灵活性（期权），而且还可以根据这些机会或灵活性的因素（或杠杆）来主动调节、控制或增加机会或灵活性的价值，以尽可能降低风险，改善投资的战略决策。     

战略投资决策中实物期权与情景分析的整合研究

随着市场经济的发展,企业面临着愈来愈多的不确定性,如何利用这些不确定性进行战略投资,就成为企业成败的关键。文章针对实物期权、情景分析两种方法的特点,将他们整合在一起来分析投资决策,形成一个可以指导企业进行战略投资决策的总体方法。     

从标的资产价值运动看投资项目的价值和风险--兼论ROA评估准则

时间使得投资项目面临的不确定性得以暴露,这种暴露体现在标的资产的价值运动中。如果投资时间具有可安排性,等待相当于持有了对不确定性暴露的选择权,可能意味着价值。面对投资机会到底应该等待、立即投资还是放弃?本文从标的资产价值运动的角度给出了一个计算准则。并指出在NPV≥0时,存在两类ROA评估准则,基于潜在损失和基于机会成本,二者意义不同,视角不同,大小通常也不同。最后,对ROA评估准则下基准折现率的选取进行了说明。     

论战略管理会计的战略管理方法

1981年,英国学者西蒙斯(Simmonds)最早将管理会计与战略管理联系起来,提出“战略管理会计”,即:”对企业及其竞争对手的管理会计数据进行收集和分析,由此来发展和控制企业战略的会计”。之后,在吸收行为学思想、全球化战略、制造战略、收购战略等经济管理思想后,战略管理会计已发展成为一种从战略高度,收集、加工与企业相关的各方面经济信息,带动企业战略审视,对外作出战略决策,最大限度地协调企业现实与经济环境之间关系,使企业长期保持竞争优势。目前,尽管战略管理会计的定义尚未达成共识,但这种先进的管理理念和方法早已被西方发达国家所接收并应用于企业管理之中,不仅拓展了管理会计范围,更重要的是促进了企业管理思想的进步。     

实物期权方法在房地产开发中的应用——用B-S模型计算等待期权的价值

实物期权作为一种指导投资决策的思维方法，在国外发展的较为成熟，尤其是用于资源开发型企业，本对如何将这种方法应用于房地产开发企业做一简单的介绍，在介绍实物期权的概念后先后从定性和定量的角度说明这个方法的应用。     

企业经营的价值构成与战略权衡

企业为顾客所提供的产品或服务的总价值由顾客价值与企业价值构成。相对于同业中的竞争者或历史上的企业自身，如果企业更能创造顾客价值，则可认为企业有当下经营优势；如果企业更能创造顾客价值与企业价值，则可认为企业有持续经营优势。顾客价值与企业价值是企业经营过程中既对立又统一的两个方面。如何跨期考虑顾客价值与企业价值之间的比例关系，是企业应该而且必须做出的战略权衡。     

新形势下的房地产企业的战略转型

面对新形势和房地产宏观调控政策,房地产企业应该尽快调整战略目标。完成战略转型,以此提高核心竞争力。在新形势下房地产企业应该从经营理念、赢利模式和产品结构上尽快完成企业的战略转型。     

Strategic decision-making processes: the role of management and context

This paper investigates the relationship between the process of strategic decision-making and management and contextual factors. First, drawing on a sample of strategic decisions, it analyzes the process through which they are taken, into seven dimensions: comprehensiveness/rationality, financial reporting, rule formalization, hierarchical decentralization, lateral communication, politicization, problem-solving dissension. Second, these process dimensions are related to (1) decision-specific characteristics, both perceived characteristics and objective typologies of strategic decisions, (2) top management characteristics, and (3) contextual factors referring to external corporate environment and internal firm characteristics. Overall, the results support the view that strategic decision processes are shaped by a multiplicity of factors, in all these categories. But the most striking finding is that decision-specific characteristics appear to have the most important influence on the strategic decision-making process, as decisions with different decision-specific characteristics are handled through different processes. The evident dominance of decision-specific characteristics over management and contextual factors enriches the traditional ‘external control’ vs. ‘strategic choice’ debate in the area of strategic management. An interpretation of results is attempted and policy implications are derived. © 1998 John Wiley & Sons, Ltd.     

供应链管理环境下的战略采购

近几年来，随着供应链管理的不断发展，采购供应管理已经成为企业实现柔性化经营，有效应对市场的重要手段。本文全面分析了供应链管理环境下，采购供应管理的特点、趋势，并且提出现代战略采购管理只有打破单一界面、站在企业整体最优和供应链最优基础上，实现供应细分管理，才能真正为企业取得生存和发展的空间。     

The first twenty years of the Strategic Management Journal

The Strategic Management Journal (SMJ) has now entered its third decade of publication and consistently ranks among the most influential journals in management. While several authors have examined the impact of SMJ vis‐à‐vis other management publications, few studies have examined the internal changes in the publication over time, particularly with regard to the diversity and content of the journal. The current study finds that there has been a significant shift in the number of authors, publication lags, reference lists, and page lengths in SMJ over the past 20 years, while the diversity of authorship has stayed relatively constant. There has also been a marked rise in the proportion of empirical papers being published. The implications of these results are discussed. Copyright © 2002 John Wiley & Sons, Ltd.     

Strategic interaction in alliances

Research summary: This article studies strategic interactions between firms that form alliances to exploit synergistic benefits. Firms cooperate to create value, but they can also compete to capture value. Fundamental questions rarely addressed by strategy scholars relate to how the configuration of control over resources influences firms' strategies, the potential for termination, and the emergence of cooperation and trust. The formal results reveal crucial aspects of the interorganizational rent‐generating process and yield testable implications. With greater synergistic benefits, firms invest more, but they also compete more intensively to capture more value. With symmetric control, more value gets created, which limits the potential for termination, but also exacerbates the competition for value; from a relational perspective, this form of control augments the calculative rationale of cooperation and trust . Managerial summary: When forming an alliance to exploit synergies, firms engage in a complicated strategic interaction that is part cooperation and part competition. What happens when partner firms cooperate and invest to create value while competing and using costly adversarial tactics to capture value? The analysis reveals that with greater synergistic benefits, firms invest more in value creation, but the fear of opportunism pushes them to waste more resources on value capture tactics. The balance between value creation and value capture, and the possibility that the alliance is terminated depend on the configuration of control over resources. The analysis further reveals under what conditions there can be trust between the partners, such that they focus on value creation and avoid wasting resources in the competition for value . Copyright © 2016 John Wiley & Sons, Ltd.     

煤炭企业战略管理中存在的问题及其对策

针对目前我国煤炭企业在战略管理过程中存在的问题进行了分析,并提出要制定切实可行的发展战略、积极推进企业考核管理机制改革等相关对策,以加强煤炭企业战略管理。     

The relationship between portfolio diversification and firm value: The evidence from corporate venture capital activity

Corporate venture capital (CVC) activity exposes firms to new technologies and markets. An important but as yet unexplored question is the relationship of the industry diversification profile of the portfolio of venture companies to corporate value creation. Insights from options and diversification perspectives support our hypothesis that diversification of a corporate investor's portfolio of venture companies is related to corporate wealth creation in a U‐shaped relationship. We also propose that a corporate investor's financial constraints moderate the relationship between the diversification profile of its CVC portfolio and value creation. When we tested our hypotheses using a sample of CVC investments across multiple industries, we found support for them, and these findings may inform the CVC activities of corporate investors. Copyright © 2013 John Wiley & Sons, Ltd.     

Strategic change and termination of interfirm partnerships

An evolutionary perspective of the resource‐based view is adopted to understand how changes in a partner firm's overall strategy may influence the firm's interfirm partnerships over time. We contend that changes in a partner firm's overall resource deployment strategy and partnering strategy influence the value and uniqueness of partnership resources. These changes alter the competitive advantage associated with partnership resources, affecting the propensity of partnership termination. An event history analysis is employed with 150 joint ventures over the period 1990 to 2001 to examine partnership termination within a longitudinal dataset. With initial partnership conditions controlled for, the results indicate significant influences of various changes in partner firm overall resource deployment strategy and partnering strategy on the propensity of termination. Further, competitor imitative activities are found to increase the propensity of termination as they reduce the uniqueness of partnership resources. This study provides support for an evolutionary perspective of resource value and competitive advantage that incorporates strategic change over time. Copyright © 2010 John Wiley & Sons, Ltd.