基于兼并成本和协同效应的横向并购研究

进入新世纪后,中国企业的并购活动越来越频繁。本文基于SSR模型,引入兼并成本和协同效应,研究并购厂商的并购动机以及并购行为对社会福利的影响,分析协同效应与兼并成本之间的关系。得出结论:当协同效应使厂商增加的利润大于兼并成本时,并购厂商总是愿意并购;并购后,福利在消费者和非并购厂商之间转移。当协同效应和兼并成本满足一定条件时,横向并购才可以增加社会福利。     

基于变分不等式的物流服务网络业务分配均衡问题研究

物流外包下的多层级物流服务网络业务分配的均衡优化, 有助于整合优势资源, 提升物流服务效率和服务水平。为解决物流服务网络中物流需求市场以及各层级物流服务商之间非合作博弈下的业务分配均衡问题, 本文建立了基于变分不等式的物流服务网络业务分配均衡优化模型, 求得了物流需求市场费用最小化、物流服务商利润最大化条件下, 多级服务网络中的业务分配量和分包价格。通过算例验证了模型的有效性和可行性。     

央企并购中文化融合的实践和思考

近几年来,国资委一直在积极稳妥推进中央企业并购重组整合、做大做强,高度重视做好文化融合工作,以保证和促进企业并购重组的顺利。企业并购的成功与文化融合有着紧密的联系,如何选择合适的融合机制、模式和策略,尽可能避免文化融合的冲突,从而实现并购后的协同效应成为企业并购需要研究的问题。本文以中国海洋石油总公司并购中国化工建设总公司的实践为例,对文化融合模式和策略及文化融合冲突进行探讨和研究,并提出相应的建议。     

基于不同市场圈定策略下的垂直整合与创新激励研究

垂直整合策略已成为企业整合渠道资源和优化产业结构的重要竞争性战略决策。本文以纵向质量差异化模型为研究框架, 考察连续双寡头纵向市场结构中质量差异化厂商在实施不同市场圈定策略前后的变化。研究结果表明, 在低质量厂商进行垂直整合的情况下, 任何一方的质量提升均会降低其竞争对手的创新激励; 高、低质量厂商的垂直整合策略能够消除双重加价效应, 降低最终产品价格, 并将这种成本节约传递给消费者。对于下游两家高、低质量厂商而言, 垂直整合策略下的市场销量和利润收益均有所提高, 其中完全纵向市场圈定下的市场销量明显高于部分纵向市场圈定策略下的市场销量; 部分纵向市场圈定策略下的厂商利润高于完全纵向市场圈定策略下的厂商利润。     

石油石化企业供应链整合与优化初探

当前石油石化企业油气供应链管理存在专业化程度不高、效率效益显性化不够、资源共享不够、拓展能力不强、支撑能力不强等问题,中国石油、中国石化的供应链物流成本具有巨大的整合优化提升空间。运用供应链整合与优化理论,借鉴国家军改、行业企业等整合与优化的成功经验,针对石油石化行业供应链存在的问题,创新性提出“集团管总、专业主供、区域主销”供应链整合与优化思路和模型,从体系优化、专业协同、资源共享、过程管理、数据增值、生态打造、联盟构建、绿色发展等维度提出具体措施,推动供应链由垂直独立运营向专业化一体化运营转变,为促进石油石化企业供应链管理效能提升、成本降低及竞争实力增强进行有益探索。     

企业跨国并购的风险与规避

随着全球经济一体化程度的加深与完善,国际竞争的不断加剧,以及计算机软硬件技术和国际网络技术的蓬勃发展,全球跨国并购浪潮借此以强劲的态势席卷全球,现已成为国际直接投资的主要形式,并必将成为今后国际直接投资迅速增长的主要动力.企业并购是现代经济生活中企业自我发展的一个重要内容,是市场经济条件下企业资本经营的重要方面.通过并购,企业可以有效实现资源合理配置,扩大生产经营规模,实现纵向整合效应与协同效应,降低交易成本,达到盈利最大化的目的.     

公平关切下供应链协同创新中的知识共享行为博弈

供应链协同创新中的知识共享行为能实现知识资源在不同企业的优化配置, 能提升成员企业协同创新效率, 节约知识获取和再利用成本。本文考虑供应链成员企业公平偏好行为, 构建一个制造商和两个零售商组成的供应链协同创新中的知识共享博弈模型, 以零售商均为公平中性时供应链协同创新中的知识共享均衡策略为基准, 对比研究零售商的横向公平偏好和纵向公平偏好对供应链知识共享协同创新均衡策略的影响, 并对结论进行数值模拟。分析结果表明： 知识溢出效应能够提升零售商的知识共享努力水平; 零售商的横向公平偏好和纵向公平偏好对零售商的知识共享努力水平、销售努力水平、批发价格以及制造商的知识共享努力水平的影响不尽相同; 零售商的横向公平偏好和纵向公平偏好对零售商的协同创新效用和制造商的协同创新利润并不总是起到积极作用。     

对中国石油行业供应链亚健康状态的诊断与治理

目前我国的石油产品供应链存在不少问题，可以说显现的是一种“亚健康状态”。采用现代供应链管理思想，从“纵向一体化”管理向“横向一体化”转变，通过整合企业内外部资源来降低市场风险与成本，提高快速响应市场变化的能力，为顾客提供最佳服务，是提升企业竞争力的重要手段。供应链管理是现代企业组织与管理的发展趋势。美国供应链管理专家Martin Christopher指出：     

石油公司并购与协同效应的实现

1887年以来，世界已经历了五次公司兼并与收购的浪潮。其中20世纪80年代以来的第四次和第五次并购浪潮及其特点非常值得注意。出于公司增长和追求长期整体利益最大化的需要，并购(M＆A)已成为石油公司进入新地区和新业务领域的一条快捷和低风险的途径。石油公司并购后的优势主要来源于两个方面：一是运营方面的协同效应，诸如由勘探区块的互补、各种资产的优化配置和利用、下游产品销售网络的完善、市场风险的分散等带来的效益的提高以及成本下降所带来的收益；二是由资金筹措、成本节约以及资本运营效率的提高而带来的财务方面的协同效应。成功的石油公司并购必须在六个方面做好工作，即目标选择、建立领导及运作系统、“协同效应”管理、文化管理、沟通以及风险管理，这六个因素是实现协同效应的关键。     

跨国企业本地化与非市场策略——兼论中国供应链本质

随着跨国企业全球本地化将全球生产网络和全球社会网络延伸拓展到更具挑战的非市场环境之中,中国供应链概念越来越清晰并受到了世人所关注。本文采用结构主义分析方法,运用全球生产网络理论和非市场策略理论,在剖析跨国企业全球生产网络构成基础上,总结了跨国企业全球本地化的非市场化影响因素、低成本制造——选择核心服务伙伴——完善供应链演进路径及其政治、公众及社会责任等非市场策略机理,提出了跨国企业市场—非市场策略模型,为中国供应链整合提供了一个崭新的实践视角。     

价值网络重构、分工演进与产业结构优化

中国的产业结构优化在全球化背景下面临如何冲破"瀑布效应"的难题。本文建立了一个价值网络分工深化模型,认为发展中国家和发达国家的不同分工水平是产生瀑布效应的根本原因。发展中国家要突破瀑布效应实现产业结构优化,必须通过产业链、供应链和价值链重组建立自主发展型的价值网络,推进分工深化,才能摆脱价值链被俘获的处境,掌握产业结构优化的主导权。本土的产业链系统集成商在产业结构优化过程中起到关键作用,它需要根据企业的内外部环境选择具有一定分工迂回程度的产品,发挥分工带来的新比较优势,才能逐步实现资源和能力的积累,最终获得竞争优势。在产业结构优化过程中,政府政策与企业战略的协同非常重要。     

河北省企业并购重组研究——基于价值链优化的视角

近日,河北省出台了《河北省人民政府关于促进企业兼并重组的实施意见》,企业增强核心能力、优化产业结构成为并购的主要目的,这些并购就是对价值链的优化和整合.价值链管理理论为企业并购提供了新的视角.本文运用价值链管理理论,对河北省企业的并购重组进行研究,分析了河北省并购重组的现状,从价值链管理理论的角度提出了建议和指导.     

模糊随机环境下考虑碳限额和碳交易机制的库存配送问题研究

本文以高端物流服务集成商与库存配送服务商为研究对象,以集成商的供应链网络成本最小、服务商的运营成本最小且准时制供应为目标,深入研究考虑碳限额、碳交易机制以及残次品处理的多供应商选择多产品多阶段库存配送问题,构建了基于动态规划的双层库存配送模型。利用双层全局--局部--邻域粒子群算法 (Bi-GLNPSO) 设计了模型求解方案,并通过算例验证了模型和算法的有效性和合理性。探讨了碳限额和碳交易机制对总成本和库存配送决策的影响。     

零售商主导的创新成本共担期权契约研究

本文在不确定市场环境中,考虑期权契约在零售商主导的单周期二级供应链成员间创新投入的协调,分别讨论在是否允许期权信用违约情形下,要实现供应链协调各决策主体的决策模型。研究发现单纯的期权契约难以实现供应商单方面创新投入行为,为此引入创新投入成本共担机制,对原契约加以修正则可以实现供应链协调。研究表明在创新成本共担下的期权契约机制可以满足零售商主导的供应链协调,能够提高供应商和零售商的期望收益,实现帕累托改进。     

The effect of the Telefonica–BellSouth merger on the Argentine cellular telephone market

The aim of this paper is to evaluate the effects of the merger between Telefonica and BellSouth, which took place in December 2004, in the Argentine cellular telephone market. In this market the merger under analysis is horizontal. The evaluation is carried out by performing a demand estimation, using the PCAIDS model, and a marginal cost estimation, using supply prices and the elasticities inferred from the previously estimated demands. With those results, a merger simulation is run under different hypotheses related to possible marginal cost reductions. The merger is found to be able to lower supply prices for relatively small marginal cost reductions. This is basically due to the fact that the individual firms’ demands are highly elastic, and that the cross elasticity between the brands affected by the merger is relatively small.     

基于Adaboost-DPSO-SVM模型的供应链金融信用风险评价研究

数字化赋能供应链金融创新是推动我国产业链、供应链持续稳定优化升级的重要内容,在全球金融风险急剧增加的背景下,供应链金融与大数据、区块链、物联网、人工智能等技术相融合,成为解决我国中小企业融资授信问题的有效方式之一。本文在对供应链金融信用风险评价指标进行特征选择的基础上,采用一种动态变异的粒子群算法(DPSO)和AdaBoost算法对SVM进行协同优化和集成,建立了Adaboost-DPSO-SVM模型,并将该模型应用于我国新能源汽车行业供应链金融信用风险评价中,实验结果表明所建立的模型相对其他评价模型具有更好的分类识别性能。     

Efficient versus Responsive Supply Chain Choice: An Empirical Examination of Influential Factors

Contemporary strategies in operations management suggest that successful firms align supply chain assets with product demand characteristics in order to exploit the profit potential of product lines fully. However, observation suggests that supply chain assets often are longer lived than product line decisions. This suggests that alignment between supply chain assets and demand characteristics is most likely to occur at the time of initial market entry. This article examines the association between product demand characteristics and the initial investment in a supply chain at the time of market entry. We characterize supply chains as responsive or efficient. A responsive supply chain is distinguished by short production lead‐times, low set‐up costs, and small batch sizes that allow the responsive firm to adapt quickly to market demand, but often at a higher unit cost. An efficient supply chain is distinguished by longer production lead‐times, high set‐up costs, and larger batch sizes that allow the efficient firm to produce at a low unit cost, but often at the expense of market responsiveness. We hypothesize that a firm's choice of responsive supply chain will be associated with lower industry growth rates, higher contribution margins, higher product variety, and higher demand or technological uncertainty. We further hypothesize that interactions among these variables either can reinforce or can temper the main effects. We report that lower industry growth rates are associated with responsive market entry, but this effect is offset if growth occurs during periods of high variety and high demand uncertainty. We report that higher contribution margins are associated with responsive market entry and that this effect is more pronounced when occurring with periods of high variety. Finally, we report that responsive market entry also is correlated positively with higher technological demand uncertainty. These results are found using data from the North American mountain bike industry.     

Structuring and contracting in competing supply chains

This paper considers two competing supply chains, each with multiple upstream suppliers producing complementary products and selling to a single buyer (e.g., assembler or retailer), who then sells the finished assembled product to a market that involves both demand uncertainty and competition. Our main research questions focus on what supply chain structure (integration vs. decentralization) and which contracting strategy a business should choose. We find that supply chains that decentralize perform better under strong market competition (i.e., high degree of product substitution between supply chains). However, when a large number of suppliers exist, supply chains that integrate perform better. When decentralized structures are used for both supply chains, a consignment with revenue sharing contract generally outperforms a wholesale price contract from the downstream retailer's point of view. Interestingly, for a supplier, a wholesale price contract, which pushes all demand risks to the downstream retailer, might not be preferred. For the entire supply chain, one contract strategy can outperform another depending on the degree of competition, the cost share of the buyer, and the number of suppliers.     

Optimization of a vendor managed inventory supply chain with guaranteed stability and robustness

In this work we address the steady state optimization of a supply chain model that belongs to the class of vendor managed inventory, automatic pipeline, inventory and order based production control systems (VMI-APIOBPCS). The supply chain is optimized with the so-called normal vector method, which has specifically been developed for the economic optimization of uncertain dynamical systems with constraints on dynamics. We demonstrate that the normal vector method provides robust optimal points of operation for a number of scenarios. Since the method strictly distinguishes economic optimality, which is treated as the optimization objective, from dynamical requirements, which are incorporate by appropriate constraints, it provides a measure for the cost of stability and robustness as a desired side-effect.     

A hub-and-spoke model for multi-dimensional integration of green marketing and sustainable supply chain management

Since the concept of sustainability was transformed into business mainstream, both sustainable supply chain management and green marketing have become key topics of academic research and managerial practices. Great advances have been made in the two areas in parallel. It has been recognized that green marketing and sustainable supply chain management should be seamlessly integrated so that green customer's needs can be better met by the supply chain capabilities. Existing research has explored point-to-point integration approach. This paper proposes a new hub-and-spoke integration model to integrate green marketing and sustainable supply chain management from six dimensions: product, promotion, planning, process, people and project (called the 6Ps). Empirical study has been undertaken with industries to test the 6Ps integration model. Results from the empirical study on integration dimensions, integration strategies, and drivers and obstacles for multi-dimensional integration are presented together with managerial implications. The new integration model allows the flows of resources such as information, materials and funds between green marketing and sustainable supply chain management through multiple direct pathways. It has the potential to achieve better overall business performance against the triple bottom line objectives.