内地企业“走出去”高潮后的反思与前瞻

内地企业长期在相对封闭的市场环境下营运，经过20年左右的发展和积累之后，似乎在一夜之间冲上了海外并购的潮头——由TCL和联想的大胆之举激起的舆论热潮，在中海油和海尔的竞争性并购中达到了沸点；随着中海油和海尔退出并购、TCL并购业务的巨额亏损，以及联想并购后的首个季度业绩出炉，一切都开始退潮，国际并购被有意无意掩盖的本来面目开始浮出水面。     

中海油“增肥”,“三桶油”进入深度博弈

收购尼克森,海外产量翻番7年,151亿美元。2月26日,中国第三大国有石油公司——中国海洋石油有限公司(下称中海油,00883.HK)宣布完成收购加拿大油气公司尼克森的交易,收购尼克森的普通股和优先股的总对价约为151亿美元。这桩耗时7年,被尼克森称为中国有史以来最大一笔海外并购生意终     

海外并购要有战略顾问

中海油并购事件已经尘埃落定，可是其中的思考没有停止。对于中海油来说，在这次流产的并购行动中，体会最深的莫过于下面的事实：中国企业在海外并购时，作为中介的投资银行顾问是必不可少的，但是为防止被外国投资银行牵着鼻子走，企业家应该拥有投资银行顾问之外的专为企业服务的核心顾问班底。补充强调的是：这个班底应该包括熟悉对方国对华战略的专家。     

期待浦东新突破

最近一段时期,谈及中国企业海外并购的文章很多,各种理论文章也充斥各大报章。贵刊上一期的封面文章《海外并购冲动》,对近期的海外并购现象,通过解读不同的案例,作了一个很好的归纳和分析,读了很有收获。贵刊的并购报道,锁定国有企业作为走出海外的并购主体,以案例剖析为主要形式,深入剖析了上工申贝、罗孚并购以及中海油并购     

SEC指控中国富豪涉嫌内幕交易：中海油并购尼克森或被殃及？

老毛病又犯了？距加拿大石油企业尼克森召开股东大会表决中海油收购请求不到两个月，中海油主导的这起规模庞大的收购案再起波澜。近日，一家中国商人控制的公司，被美国证券交易委员会（SEC）指控，在中海油海外并购事件中参与进行了内幕交易。要知道，中国公司海外并购出现内幕交易并非首次。     

中国勿学日本的“泡沫收购”

中国今日“钱多”状态跟上世纪80年代的日本何其相似，有的海外并购其实存在泡沫，China Money需要体现其价值内涵。 新年刚过，不断听到中国企业海外并购的消息，中海油以151亿美元收购加拿大尼克森公司，创下国内企业最大海外并购案；东风汽车集团和吉利控股竟购美国豪华电动车制造商费斯科，抄底美电动车产业链……另外，春节期间，全球奢侈品有1／3的消费来自中国客源……似乎在世界各地都能看到中国强大的经济和购买实力，这种现象被海外媒体“誉”为China Money。     

海外并购迎候"中国世纪"

从TCL、联想到不久以前的海尔、中海油,当这些中国企业勇敢地投身到海外并购战中历练的时候,他们的气魄一度让有些人欢欣鼓舞地认为,海外并购的"中国世纪"已经到来了.姑且不论这种"中国世纪"的说法是否精准,但有一个事实却是毋庸置疑的,那就是中国企业海外并购的舞步正渐渐移到全球并购舞台的中央.     

基于EVA的中国国有企业海外并购绩效评估——以中海油田服务公司海外并购为例

针对国有企业的海外并购如何在不损害股东价值的情况下,使企业的规模得以扩大、行业地位和竞争力得以提升,文章提出了交易阶段的EVA评估模型,以帮助企业制定正确的并购战略,寻找对企业更有利的目标企业,摒弃不正确的目标企业的选择。文章应用修正后的EVA模型,评估中海油服海外并购绩效,分析该企业海外并购的经验和教训,给出提升国有企业海外并购绩效的建议。     

从“中海油”并购“尼克森”论跨国企业并购

本文以中海油并购加拿大石油公司尼克森这个具体的跨国并购案例为蓝本,阐述了跨国企业并购的概念及类型,分析了企业并购前后的财务状况,探讨了跨国企业并购的实施方法.首先要明确并购的原因及目的;其次,做好并购的前期准备工作;第三,进行谈判及宣告;第四,提请并购审批;第五,进行公告及交接;第六,搞好并购后的市场扩充工作.     

收购尼克森，海外产量翻番中海油“增肥”，“三桶油”进入深度博弈

7年，151亿美元。 2月26日，中国第三大国有石油公司——中国海洋石油有限公司（下称中海油，00883．HK）宣布完成收购加拿大油气公司尼克森的交易，收购尼克森的普通股和优先股的总对价约为151亿美元。这桩耗时7年，被尼克森称为中国有史以来最大一笔海外并购生意终于签字画押。有外电评价说，这只是一家中国公司全球布局的开端，此举不仅会让中海油拥有更大的海外资源，更有望t提升这家中国国有公司在国内同行业的地位。     

地方保护主义与中国省际贸易

根据地方政府的财政收支、各地区的企业所有制结构以及地区间劳动力市场分割等三类指标,本文分析了地方保护主义如何影响中国的省际贸易。基于边界效应模型,本文的大多数实证结果表明：省际贸易的边界效应较低,地方财政收支和劳动力市场分割并没有显著的影响省际贸易,但是地方政府仍然出于保护本地国有企业的目的阻碍地区间贸易。地方保护主义作为一种贸易壁垒确实阻碍了全国市场的一体化。     

沿边经济增长的驱动机制——基于PVAR模型研究

中国沿边地区具有较大的开放潜力和发展空间,是解决中国区域发展不平衡的关键,有助于中国形成对外开放新格局.文章基于2013-2018年沿边106个边境县市的经济数据,对沿边地区经济增长的驱动因素进行向量自回归模型(PVAR模型)实证分析,并将沿边开发开放政策实施前后的驱动因素变化进行对比,探索产业转型升级、消费、财政、固定资产投资等内在因素以及政策环境的外部因素对沿边地区经济增长驱动机制的影响,提出相应的政策建议.     

Labor Mobility within China： Border Effects on Interregional Wage Differentials

Labor migration is institutionally restricted within China under the hukou system, China registration system. However, what is the pecuniary impact of labor immobility on interregional wage inequality？ To answer this question, we derive a simple wage gap equation including educational attainment, market potential and provincial border indicators. The regressions based on city and sector-level data show that, other things being equal, the wage dispersions within Chinese provincial borders are significantly less pronounced than those among provinces. Such border effects on spatial wage differentials, which have been shown to pervasively exist in all sectors considered in the present paper, reflect the distortions generated by migration controls. Finally, we show that despite the recent hukou reforms aimed at relaxing the restrictions on population movement, border effects appear to persisted over the period 2003-2005.     

China's Belt and Road Initiative: Can Europe Expect Trade Gains?

The Belt and Road Initiative (BRI) aims to improve cross‐border infrastructure to reduce transportation costs across a massive geographical area between China and Europe. We estimate how much trade might be created among Belt and Road (B&R) countries as a consequence of the reduction in transportation costs (both railway and maritime) and find that European Union countries, especially landlocked countries, will benefit considerably. This is also true for Eastern Europe and Central Asia and, to a lesser extent, South‐East Asia. In contrast, if China were to seek to establish a free trade area within the B&R region, EU member states would benefit less, while Asia would benefit more. Xi Jinping's current vision for the B&R, centered on improving transport infrastructure, is advantageous for Europe as far as trade creation is concerned.     

Border pollution reduction in China: The role of livestock environmental regulations

This paper studies the effect of environmental regulations on border pollution reduction in developing countries' rural areas by taking livestock environmental regulations (LERs) in China as a quasi-natural experiment. Applying the generalized difference-in-difference-in-differences (DDD) method, we find that LERs are effective in reducing border pollution: the chemical oxygen demand (COD) and ammonia nitrogen (NH₃−N) of the border counties are 21.78% and 39.51%, less than that of the interior counties. We document that the effectiveness of LERs in reducing border pollution can be attributed to the fact that LERs require local governments to make collective decisions in fighting livestock pollution. Further heterogeneity analysis finds that the reduction effect of LERs on border pollution is greater in the downstream border and underdeveloped areas. Our paper implies that the externality of border pollution can be internalized through collective decision-making between local governments.     

The effectiveness and costs of nonpharmaceutical interventions for COVID-19 containment: A border discontinuous difference-in-difference approach

We examine the effectiveness and costs of alternative nonpharmaceutical interventions (NPIs) for COVID-19 containment. Using a border discontinuous difference-in-difference approach, we find that the enforcement of rigid NPIs reduces the number of new COVID-19 cases by 10.8% in China, comparied with cities with less NPIs. Among the three NPIs, contact tracing is much more effective than the other two NPIs, namely, public information provision and social distancing. The connections of mayors to the upper-level politicians reinforce the city's implementation of rigid NPIs. These networks also serve as an informal signaling channel to the neighboring cities, encouraging the adjacent cities to impose strict NPIs to curb the spread of COVID-19. We further estimate the long-term costs of the NPIs – a net present value of 2153 yuan per child in the human capital loss attributed to more prolonged school closure alone.     

浅析中印边界问题

中印边界问题是历史遗留问题,中印边界战争结束后,两国关系长期处于僵局状态。近来,印度在中印边界动作连连,导致中印关系局势越发紧张。2009年8月中印两国举行的第13次边界会晤,谈判虽取得了一定的进展但仍然未有实质性突破,中印边界谈判任重道远。     

Distortions at the Border; Integration Inland: Assessing the Effect of WTO Accession on China's Agriculture

The main goal of the paper is to address the impact of the WTO on China's agricultural sector. To accomplish this goal we address two sets of issues. First, we seek to provide measures of the distortions in China's agricultural sector at a time prior to the nation's accession to WTO. This is accomplished by estimating the nominal rates of protection (NPRs) of the agricultural sector's major commodities using a new methodology to account for grain quality differences within China and between China and the world market. Second, we seek to assess how well integrated China's markets are in order to understand which areas of the country and which segments of the farming population will likely be isolated from, or affected by, the changes that WTO will bring. We find that NPRs differ among commodities. Some of China's agricultural commodities are well above and others are well below world market prices. We also find that if increased imports or exports affect China's domestic price at the border, its own domestic markets are mostly integrated so that price shifts in one area will affect prices in most of the rest of China. Our analysis finds, however, that a number of policy and structural factors limit the overall size of the shock.     

中国经济中的私人产权保护和经济增长:资源配置视角

既然中国一直缺少保护私人产权的正式制度,为什么私营企业和外商敢于在中国大规模投资而不担心产权会遭受侵犯?本文建立了一个政府、官员、百姓和外商之间的动态博弈模型,在一个一般均衡框架内考察了国内资源分配格局与产权保护以及均衡产出之间的内生关系,并尝试性的解释了:(1)中国为什么要维持一个低效率而庞大的国有部门;(2)私有部门是如何陷入"融资困境"的;(3)中国的外资部门为什么这么庞大;(4)中国独特的经济结构是如何造就二十多年的高速经济增长的。     

边境贸易与口岸对接:重构内蒙古发展新模式

以"地缘要素"为基础的地缘经济学,从根本上改变了边境相邻国家和地区之间的利益诉求、政策制定以及经济行为。基于内蒙古地缘优势、区位优势,中国与俄蒙合作主要表现在内蒙古与俄蒙的合作。本文在综合考虑内蒙古地缘、口岸等方面的基础上,从多视角、多层次构建出内蒙古以口岸为核心,以边境线为轴,跨边境两侧,运用多种发展手段的综合发展模式。