Industry Concentration and Strategic Trade Policy in Successive Oligopoly

We study a policy game between exporting and importing countries in vertically linked industries. In a successive international Cournot oligopoly, we analyse incentives for using tax instruments strategically to shift rents vertically, between exporting and importing countries, and horizontally, between exporting countries. We show that the equilibrium outcome depends crucially on the relative degree of competitiveness in the upstream and downstream parts of the industry. With respect to national welfare, a more competitive upstream industry may benefit an exporting (upstream) country and harm an importing (downstream) country. On the other hand, a more competitive downstream industry may harm exporting countries.     

How Do Innovations Affect Mergers and Acquisitions—Evidence from Finland?

We have analysed whether innovations in a firm's possession increase a firm's propensity to buy other firms and, on the other hand, whether this possession attracts other firms so that they buy the firm concerned. Our results suggest that in the heavily investing processing industries high entry costs and the incumbency of all the firms make more efficient firms—the possessors of innovations—acquire inefficient firms. On the other hand, in the non-processing industries innovators become, according to our findings, easily purchased by the other firms whose strength obviously lies in other areas than in innovative activity. JEL classification  G34, O31, O32     

上市公司并购的博弈方法研究

上市公司并购是我国经济发展的必然要求,企业实施并购策略时面临极其复杂和动态的环境,是否并购及如何并购是摆在决策者面前非常重要的问题。博弈论是进行战略分析的有效工具,借助于博弈论的思想可以建立并购实施的基本模型,模型有利于企业设计科学的决策方案,充分考虑竞争对手和目标企业的影响,为成功并购奠定基础。     

以并购重组为目标的投资策略探析

并购重组投资策略具有较广的运用空间。做好这一工作的策略是:发掘公司并购信息提前介入;根据股价对重组信息反应考虑投资策略等。     

技术溢出情况下寡头垄断企业合作创新效率的博弈分析

合作创新是典型的合作博弈,有关合作经济组织效率的研究是主流经济学家最有兴趣的主题之一。构造一个两阶段博弈模型对寡头垄断企业合作创新效率进行分析,旨在比较成本节约型寡头垄断企业合作创新与非合作创新的过程及绩效差异,包括市场产出、社会福利的变化,为企业合作创新过程中组织模式的选择提供理论依据     

企业跨国并购中的人力资源整合研究

人力资源整合的成功是保证企业跨国并购成功的关键因素,因此着力分析企业跨国并购中人力资源整合的现状和存在的问题,并从熟悉东道国的劳动人事政策和工会组织、进行跨文化整合、对东道国企业员工进行有效激励和建立新的员工心理契约等方面提出了解决问题的对策。     

金融危机下的中国企业跨国并购

由于目前金融危机的国际经济环境特点,我国企业在跨国并购过程中要注意存在的问题和障碍,特别是金融危机所带来的更为严重的跨国并购风险：政治法律风险、战略决策风险和资本筹集风险。为防止风险,跨国并购要分析东道国的政治法律环境,选好目标企业,发挥行业协会和中介机构的作用,作好人力资源、技术文化整合等。     

饭店并购的财务问题及风险规避

并购是现代饭店常见的一种资本运作,能有效地实现饭店的快速扩张。并购能够提高饭店的规模经济效率,降低交易费用,使饭店多元化发展。但饭店在并购中会出现并购目标饭店价值评估、并购饭店的支付方式、并购饭店的融资等一系列的财务问题。正确认识饭店并购的价值评估风险、流动性风险、融资风险和汇率风险等财务风险并进行合理规避十分重要。     

中国企业海外并购中的风险控制

随着海外业务的拓展和直接投资规模的扩大,中国企业海外并购的风险也逐渐暴露出来,应引起足够的重视。在海外并购中,前期的战略选择阶段、中期的评估实施阶段和后期的并购整合阶段都存在着相应的风险,控制各个阶段的风险应制定明确的海外并购战略规划,深入评估并购目标的真实价值,选择有利的并购方式和并购方案,重视并购后的文化整合,加强国际化管理人才的培养和使用以及加强政府的作用。通过对风险的控制和化解,达到促进我国企业积极拓展海外业务、提高我国企业国际知名度的目的。     

Mergers and Acquisitions in Ownership Restructuring of Chinese Firms

This paper investigates mergers and acquisitions (M&A) in the context of firm ownership restructuring in China, via several theoretical lenses including organizational learning and population ecology theories. It highlights the effect of organizational learning on the choice of M&A in ownership restructuring, based on the assumption that the choice might be favored by poor-performing firms. By employing a hierarchical linear regression model, this article examines the cross-level moderating effects of the density of ownership restructuring patterns on the performance-M&A relationship. Several key findings have been revealed. At the individual firm level, performance is negatively related to its choice of M&A. The ownership restructuring pattern that firms adopted is positively associated with its choice of M&A. Moreover, at the industry level, the density of patterns in an industry positively moderates the performance-M&A relationship.     

美国银行并购的反垄断规制及对中国的启示

1963年拉开了美国银行并购的反垄断规制的序幕。到目前为止,美国已建立起了较为完善的银行并购的反垄断规制体系。文章通过分析美国银行并购的反垄断规制的缘起、方法与其特征,指出中国应借鉴美国的经验,构建自身的银行并购的反垄断规制体系,包括：（1）以＂合理原则＂为反垄断分析的核心原则;（2）民族金融竞争力的提高作为银行并购的反垄断目标;（3）高效的组织管理体系和合作有序的管制协调机制;（4）制订《银行并购法》作为银行并购的指引;（5）科学合理的对竞争效果的经济分析体系;（6）激励性和约束性相容的反垄断规制政策;（7）规制政策应具有前瞻性和灵活性。     

论美国银行并购反垄断的相关市场界定

银行并购中相关市场的界定是对其进行反垄断规制的前提,也是其中难点和最具争议的方面。目前银行并购反垄断中的相关地区市场仍然沿用“本地市场”假设．但对相关产品市场的界定有逐渐脱离“群服务”假设,而分离为各个单独的商业线的趋势。美国相关市场的界定及其变化对中国建立自身的银行并购反垄断规制政策具有重要的参考价值。     

New Zealand Bank Mergers and Efficiency Gains

ABSTRACT

This paper uses accounting ratios and DEA (Data Envelopment Analysis) to explore the efficiency impacts of 6 bank mergers in New Zealand between 1989 and 1998. The paper is the first reported application of DEA to the New Zealand banking sector, and its methodology is based around that used by Avkiran in his study published in the Journal of Banking and Finance in 1999 (Avkiran, 1999b).

Consistent with earlier research, acquiring banks were found to be generally larger than their targets, although they were not consistently more efficient. In a majority of cases the merger led to an increase in efficiency, consistent with a trend observed for the banking sector as a whole. No clear conclusions could be drawn on possible public benefits from the mergers.     

Ethical Aspects in Nordic Business Mergers: The Case of Electro-Business

Postmerger integration is a highly challenging and demanding task. Its success depends not only on economic factors but also on the organisational members' feelings and their personal contribution to the new entity. Mergers are usually made for the sake of profitability in the first place, whereas less attention is paid to employees in such situations. This article describes various ethical observations made in our study on corporate mergers in the Nordic Electro-business industry. We examine how the organisational change was experienced by personnel, what kinds of ethical reflections surfaced in different phases of the process, and what conclusions might be drawn from them. The main focus is on the ethical meanings that emerged in our interviewees' stories spontaneously, without the topic of ethics having been separately brought up in the interview situation. The organisational members: we interviewed 35 electro-business employees who were either transferred from Vattenfall's contracting unit to the acquiring company or were already working there at the time of the merger. These persons were interviewed twice: first in 2001, the year of the initial merger, and again in 2005, 4 years from the start of the process and 1 year from the final ownership change. The merger process seemed to lead to decreased responsibility among the organisational members, which highlights the discrepancy between genuine ethical thinking and executive talk. Our study also revealed a dramatic shift in the moral attitudes of the managers who fell from power in the turmoil of organisational change. This moral dimension is evident in their sharply critical argumentation against the new operating model and new corporate management, as well as in their eventual indifference and non-commitment to the organisation. The ethical meanings of 'the good life' and a happy work community slowly disintegrated and were replaced by a longing for the earlier communality and sense of togetherness in their old organisation. This meant that 'the good life' would have to be sought elsewhere.     

寡头垄断:全面建设小康时期我国产业市场结构的新选择

长期以来,人们从微观经济理论出发,认为竞争是有效的,垄断是无效的。但从世界范围内的产业发展来看,寡头垄断是当今国际市场结构发展的主流。作为一种极具效率的市场结构,寡头垄断的优势有助于推进我国全面小康建设的顺利进行。     

连续性统计调查方法及其在我国的应用研究

社会经济研究需要及时获取研究总体不断变化和发展的信息.连续性统计调查是获取研究总体不断变化和发展信息的基本方法,文章研究和比较了各种连续性调查方法,并总结西方发达国家在使用连续性调查方法过程中的成功经验,然后针对我国统计调查体制中存在的问题和不足,提出在我国建立一套连续性抽样调查体系,并进行规范化、制度化管理,以便更好地反映研究总体的不断变化和发展的情况,提高统计调查数据的准确性.     

Are Mergers Beneficial or Detrimental? Evidence from Advertising Agencies1

We study 33 pairs of advertising agencies that merged between 1947 and 1985, comparing each merging pair against two controls: (a) a pair of agencies with combined merger-date billings close to the total billings of the merged unit, and (b) a single agency with similar total merger-date billings. Gross revenues are the dependent variable. Results: Merging firms do worse in the short run than controls. Assuming similar subsequent rates of growth for merging and non-merging firms, a loss of 16 percent of firm value due to merging is implied.     

跨国并购引发因素数量模型研究

企业选择跨国并购作为跨国直接投资方式是受到多种引发因素作用而产生的。而引发因素是由需要产生的,需要是引发因素的动力。但是并不是任何需要都触成为引发因素,只有和需要相适应的外部条件和内部相关条件出现时,需要才能成为跨国并购的引发因素。对跨国并购引发因素进行定量分析,建立跨国并购引发因素模型,有助于跨国公司对收益成本的预期和对风险的分析。     

What Do We Know about Success and Failure of Mergers?

Collecting the most important results of about 80 empirical merger studies, this study condenses the bewildering spectrum of results to 18 stylized facts. Most important, no more than a quarter of the mergers increase consumer welfare; another quarter increase profits at the cost of consumers; half of the mergers reduce the value of the firm. Targets' shareholders win, while bidders' shareholders break even upon the announcement of a merger, but lose significantly in the long run. Seen relatively, horizontal mergers fare best, especially if they are focus-increasing. Cash-financed mergers fare better than stock-financed and strategic mergers fare better than financial ones. Confronting the stylized facts with existing merger theory reveals some major paradoxes; confronting them with existing competition policy reveals the need for a modification and intensification, as mergers increase concentration, and corporate policy strives towards still higher concentration. As a summary ten lessons are extracted on what we may have learnt, and on what is still open.     

中国制造企业跨国并购后的整合模式研究

文章采用案例分析法系统研究了迄今为止中国制造企业跨国并购后的整合内容与模式,认为除了加强并购的系统性、进行详细的并购前调查外,中国企业要正确分析研究并购双方的资源特征,充分考虑组织文化差异、民族文化差异,正确选择合理、有效、及时、适度与适合自身企业的并购后资源整合模式,提高跨国并购的成功率.